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Notes to Accounts of Swan Energy Ltd.

Mar 31, 2016

1. Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results.

2. At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

3. The Company had entered into Development Agreement with Peninsula Land Limited (Formerly Piramal Holdings Ltd) to develop and sale properties at Mumbai and as per the said agreement, they are entitled to 22% of the gross receipt. The transactions and effect thereof are already given in these accounts.

4. Previous Year''s figures are regrouped/rearranged wherever necessary.


Mar 31, 2015

1. Contingent Liabilities

i) Income tax (Rs In Lacs ) - 415.18

ii) Corporate guarantee (rs In Lacs ) 33,910.00 25,910.00

2.Related Party Disclosures, as required by AS-18 are given below:

A List of Related parties

Name of the parties Relationship

i) Cardinal Energy And Infrastructure Private Limited

ii) Pegasus venture Private Limited Subsidiary

iii) Swan LNG Private Limited

iv) Mr. Nikhil v Merchant

v) Mr. Paresh v Merchant Key Management Personnel vi) Mr. Padmanabhan Sugavanam

vii) Mr.vilas A. Gangan

viii) Ms.vinita N. Merchant Relative of key Management Personnel

ix) Ami Tech (India) Private Limited

x) Feltham trading Private Limited

x) Good Earth Commodities (India) enterprise over which key Private Limited Management Personnel is able to exercise significant influence xii) Dave Impex Private Limited

xiii) Dave Leasing and Holdings Private Limited

xiv) Sahajanand Soaps and Chemicals Private Limited

xv) Swan International Limited

3 Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results.

4 At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

5 Membership & Subscription expenses include a sum of rs 11.24 Lacs (2013-2014: Nil) paid to NSCI towards entrance/membership fees.

6 the Company had entered into Development Agreement with Peninsula Land Limited (Formerly Piramal Holdings Ltd) to develop and sale properties at Mumbai and as per the said agreement, they are entitled to 22% of the gross receipt. the transactions and effect thereof are already given in these accounts.

7 Previous Year's figures are regrouped/rearranged wherever necessary.




Mar 31, 2014

Long Term Borrowings

Term loan from banks include:

i) ICICI Bank loan : Rs. 165.00 lacs (2012-2013: Rs. 3,147.39). Secured by unsold property at Mumbai, charge on scheduled receivables, extention of charge on the escrow account of property, exclusive charge on DSR account.

ii) Union Bank of India and Oriental Bank of Commerce : Rs. 64.74 lacs (2012-2013: Rs. 1,301.81 lacs). Secured by mortgage of property at Ahmedabad for Textile project.

iii) Vehicle loan : Secured by hypothication of Vehicle.

Short Term Borrowings

Working Capital and Other Short Term Loans Loan from banks/Financial Institutes and Others include:

i) Union Bank of India and Oriental Bank of Commerce Rs. 2,999.67 lacs (2012-2013: Rs. 2,681.61 lacs), which is secured against 1st pari passu charge on hypothication of Inventories and Book debts of the textiles division.

ii) Yes Bank Rs. 495.84 lacs (2012-2013: Rs. 550.61 lacs), which is secured against subservient charge on the entire current assets of the textile division. Pledge of 8,45,000 shares of Swan Energy Limited held by promoters/group companies.

iii) Sicom loan: Rs. 2,000 Lacs (2012-2013: NIL). Secured by pledge of Equity Shares of Swan Energy Limited held by the promoters/group company(s).

Other Current Liablities

Current maturities of long-term debt includes:

i) ICICI Bank loan: Rs. 2,982.39 lacs (2012-2013: Rs. NIL). Secured by unsold property at Mumbai, charge on scheduled receivables, extention of charge on the escrow account of property, exclusive charge on DSR account.

ii) Union Bank of India and Oriental Bank of Commerce : Rs. 1,500 lacs (2012-2013: Rs. 1,450 lacs) Secured by mortgage of property at Ahmedabad for Textile project.

iii) Sicom loan: NIL (2012-2013: Rs. 2,000 lacs). Secured by pledge of Equity Shares of Swan Energy Limited held by the promoters/group company(s).

iv) TATA Capital: NIL (2012-2013: Rs. 1,400 Lacs). Secured by pledge of Equity Shares of Swan Energy Limited held by the Guarantor/Security provider.

v) Arum Investments: Rs. 4,000Lacs (2012-2013: NIL). Secured by pledge of Equity Shares of Swan Energy Limited held by promoters and mortgage of Kovilambakkam property at Chennai.

vi) Vehicle loan: Secured by hypothication of Vehicle.

Contingent Liabilities 2014 2013

i) Income Tax (Rs. In Lacs) 415.18 1,593.69

ii) Corporate guarantee (Rs. In Lacs) 25,910.00 19,500.00

Segment Reporting

Note:

i) * Others include expenses/ investments made on the projects related to Energy/FSRU

ii) All development and Trading activity have been undertaken in India only, hence Geographical segment reporting is not required.

* Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results.

* At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

* The Company had entered into Development Agreement with Peninsula Land Limited (Formerly Piramal Holdings Ltd) to develop and sale properties at Mumbai and as per the said agreement, they are entitled to 22% of the gross receipt. The transactions and effect thereof are already given in these accounts.

* Previous Year''s figures are regrouped/rearranged wherever necessary.


Mar 31, 2013

1 Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results.

2 At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

3 The Company had entered into Development Agreement with Peninsula Land Limited (Formerly Piramal Holdings Ltd) to develop and sale properties at Mumbai and as per the said agreement, they are entitled to 22% of the gross receipt. The transactions and effect thereof are already given in these accounts.

4 Previous Year''s figures are regrouped/rearranged wherever necessary.


Mar 31, 2012

1 Subsidiary Information

"Cardinal Energy and Infrastructure Private Limited" is now 100 % Subsidiary of the Company. Though the Company has started its commercial activities during the year, the consolidation of accounts has not been done since there is no income/revenue of the Company. As per Section 212 of the Companies Act, 1956, the final accounts of the Subsidiary company is published separately herewith.

2 Related Party Disclosure

Disclosure as required by the accounting Standard 18 "Related Party Disclosure" are given below:

A List of Related Parties:

I) Cardinal Energy and Infrastructure Private Limited - Subsidiary ii) Ami Tech (India) Private Limited - Associate iii) Feltham Trading Private Limited -

Enterprise over which Key Management Personnel is able to Exercise Significant Influence iv) Mr.Nikhil V Merchant - Key Management Personnel v) Mr.Paresh V Merchant - Key Management Personnel

3 Segment Reporting

The company has identified business segments as primary segments.

The reportable business segments are Textile and Property Development/Others.

4 Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results.

5 At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

6 The Company had entered into Development Agreement with Peninsula Land Ltd (Formerly Piramal Holdings Ltd) to develop and sale properties at Mumbai and as per the said agreement, they are entitled to 22% of the gross receipt. The transactions and effect thereof are already given in this accounts.

7 Previous Year's figures are regrouped/rearranged wherever necessary.


Mar 31, 2011

1. A- TEXTILES

During the year, the Company has started its Process House at Ahmedabad and have capitalized the amount spent towards the project.

B- REAL ESTATE

I. During the year, the construction work of Tower 'C' at Kurla has been completed substantially and the Company has recognized the sales/revenue and the expenses incurred thereon in its books of accounts.

ii. As at Balance sheet date, Stock in trade of Rs.6544.57 lacs includes construction / development expenses for unsold area at Kurla and proportionate additional cost of unsold area at Sewri.

2. Cardinal Energy and Infrastructure Private Limited' is 99.98% Subsidiary of the Company. Since no material transaction / activity has been carried on by the Subsidiary Company during the year, the Consolidated accounts are not considered.

Current Year Previous Year

3. Contingent Liabilities (Rs in lacs)

a) Income Tax 359.70 343.20

All development and Trading activity have been undertaken in India only, hence Geographical segment reporting is not required.

4. All items of income and expenses in the period are included in the determination of net profit for the year. There are no changes in the accounting policies from that of the previous year.

5. Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results. The half yearly results are also subjected to limited review by the auditors as required by SEBI.

6. At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

7. The Miscellaneous expenses includes donation of Rs. 17.66 lacs, interest written off of Rs. 478.67 lacs and entrance/membership fees Rs. 17.10 lacs.

8. The Company had entered into Development Agreement with Peninsula Land Ltd (Formerly Piramal Holdings Ltd) to develop and sale properties at Mumbai and as per the said agreement, they are entitled to 22% of the gross receipt. The transactions and effect thereof are already given in these accounts.

9. Previous Year's figures are regrouped/rearranged wherever necessary.


Mar 31, 2010

1 The Company has completed substantial work of residential project ASHOK GARDEN at Sewree and net sales & revenue thereon have been recognised during the year. As at Balance sheet date, Stock in trade of Rs. 23492.85 lacs includes conversion cost of land & development expenses and cost of unsold area of Ashok Garden, Sewree.

2 Cardinal Energy and Infrastructure Pvt. Ltd. has been taken over by the Company by purchasing 9,998 shares of Rs. 10/ - each at par during this year. Since no material transaction/activity is carried on by the said subsidiary company, the consolidated accounts are not considered.

3 All items of income and expenses in the period are included in the determination of net profit for the year. There are no changes in the accounting policies from that of the previous year.

4 Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results. The half yearly results are also subjected to limited review by the auditors as required by SEBI.

5 At the Balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the fixed assets. No impairment loss is determined.

6 The Miscellaneous expenses includes donation of Rs. 72.19 lacs and scholership fees of Rs. 12 lacs.

7 The Company had entered into Development Agreement with Peninsula Land Ltd (Formerly Piramal Holdings Ltd) to develop and sale of properties at Mumbai and they are entitled to 22% of the gross receipt. The transactions and effect thereof are accordingly given in this accounts.

8 During the year, the Company has redeemed 9250 11 % Cumulative Redeemable Preference Shares and 5,000 11 % Cumulative Preference Shares, each of Rs. 100 each fully paid up, along with arrears of dividend till 31/03/2010.

9 Previous Years figures are regrouped/rearranged wherever necessary.

V. Generic names of three Principal Products/Services of the Company (as per monetary items)

Item Code No. (ITC Code) N. A.

 
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