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Notes to Accounts of Ujaas Energy Ltd.

Mar 31, 2015

1. General Company Information

The Company is engaged in manufacturing / servicing of transfer , Generation of solar power and manufacturing , sales and services of Solar Power Plants/ Projects. Six Solar Parks are situated at Ichhawar dist. Sehore,Gagorni at dist. Rajgarh, Susner-Barod-Rojhani at dist. Agar , and Bercha at dist. Shajapur in the state of Madhya Pradesh. The company is a Public Limited Company and its shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange( NSE).

1.1 The company has only one class of equity shares having a par value of Re. 1 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 The details of Shareholders holding more than 5% Equity shares:

1.3 For the period of five years immediately preceeding the date at which the Balance Sheet is prepared i.e.31st March 2015. The Company has:

(i) alloted 9440970 equity shares as fully paid up bonus shares during the year 2010-11.

(ii) not allotted any shares pursuant to contract(s) without payment being received in cash.

(iii) not bought back any shares/class of shares.

NOTE :

1. a) i. Term loan from SBI, sanctioned limit Rs. 500 lacs, outstanding as at the year end NIL (Pre.Yr Rs. 144.15 lacs) is secured by first charge over entire fixed assets of Transformer Division of the company by way of equitable mortgage of land building and other immovable assets situated at D/2, Sector -D and freehold industrial land at Survey no 211/1, Opposite sector "C" & Metalman, Sanwer Road Industrial Area Indore (M.P.) and second charge over the entire current assets of the company and personally guaranteed by promoter directors of the company.

ii. Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra Shri Anurag Mundra Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South T ukoganj Indore owned by Shri Shyam Sunder Mundra.

b) (i) Term loan from BOB, sanctioned limit of Rs. 2250 lacs, Outstanding as at the year end Rs. 1687.01 lacs (Pre.Yr. Rs. 1853.93 lacs) for Solar Power Project is secured by exclusive first charge by way of EM of land and Buliding Suitated at survey No. 13/1/1 of Khata No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh and plant and machinery and other movable fixed assets of the company's proposed solar power unit both present and future and secured by hypothecation of stores & spares book debts and all other current assets of the company pertains to solar power project unit II located at survey No. 13/1/1 of Khata No.18/2(56) Vill. Gagorni Tehsil & District Rajgarh.

(ii) Term loan is further secured by lien on Fixed Deposits with bank of Rs 50 lacs and personally guaranteed by promoter directors.

(iii) The Term loan repayable in 48 quarterly installments comprising of 47 equal quarterly installment of Rs. 46.87 lacs each starting from quarter ending June 2012 and last installment of Rs. 47.11 lacs due in the quarter ending March 2024.Rate of interest 13% p.a. as at he year end (Previous year 13% p.a.)

c) Term Loan from Union Bank of India, sanctioned limit of Rs 5880.00 lacs outstanding as at the year end Rs. 5390.00 lacs (Pre.Yr. 5872.19) is secured by EM of Land situated at survey No. 32,33,34,1223/5, Dabla Soundhya, Jaisinghpura, BarodTehsil, Madhya Pradesh and first charge by way of mortgage of all immovable properties and assets of proposed 7MW power project at Barod and hypothecation of all movable assets including plant & machinery, vehicle and all other movable assets of the Project, present and future and book debts and all other current assets of the company and lien on fixed deposit with bank of Rs.50 lacs and personally guaranteed by promoter directors.

The Term loan repayable in 48 quarterly installments of Rs. 122.5 lacs each starting from April 2014 and last installment due in January 2026. Rate of interest 12% p.a. as at the year end (Previous year 12.50% p.a.)

d) (i) Term Loan from Indian Overseas Bank, sanctioned limit of Rs 4325.00 lacs, Oustanding as at the year end Rs 3874.50 lacs (Pre.Yr. 4324.81 lacs) is secured by EM followed by registration of memorandum of free hold barren land and measuring 8 hectare to village Dabla, Barod Tehsil, Madhya Pradesh and exclusive charge by way of hypothecation of plant & machinery created for 5MW solar power plant and on Building / other fixed assets etc to be created thereon where project is proposed to be erected and lien on fixed deposit with bank of Rs. 105 lacs and personally guaranteed by promoter directors.

(ii) The Term loan repayable in 48 quarterly installment comprising of 47 equal quarterly installments of Rs 90.10 lacs each starting from April 2014 and last instalment of Rs. 90.30 lacs due in the Jan 2026 .Rate of interest 14.50% p.a. as at the year end (Previous year 14.50% p.a.)

e) (i) Term loans from Axis Bank, sanctioned limit Rs 34.40 lacs, outstanding as at the year end Rs 21.93 lacs ( Pre Yr. 28.09 lacs) are secured by exclusive charge on assets purchased against the loans.

The term loan repayable in 60 equal monthly installment of Rs 0.72 lacs each (including interest) starting from April 2013 and last installment due in February 2018. Rate of interest 10.00% p.a. as at the year end (Previous Year 10.00% p.a.)

f) Term loans from Axis Bank, sanctioned limit Rs 21.85 lacs, outstanding as at the year end Rs 12.88 Lacs (Pre. Yr. Rs 16.89 lacs) are secured by exclusive charge on assets purchased against the loans.

The term loan repayable in 60 equal monthly installment of Rs 0.46 lacs each (including interest) starting from January 2013 and last installment due in November 2017. Rate of interest 10.09% p.a. as at the year end (Previous Year 10.09% p.a.)

2. Secured long term borrowings aggregating to Rs.10953.27 lacs(Previous year Rs.12270.83 lacs) [including interest accrued and due Rs.1.76 lacs(Previous year Rs.77.53 lacs) are secured by personal guarantee of promoter director.

Note:

(a) Working capital loans from bank is secured by first pari-passu charge by way of hypothecation of stocks of raw materials finished goods stock in process at the company's premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment outstanding monies book-debts receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory land building and fixed assets of the company and personally guaranteed by promoter director.

Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra Shri Anurag Mundra Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South Tukoganj Indore owned by Shri Shyam Sunder Mundra.

(b) The short term borrowings aggregating to Rs. 6.63 lacs ( Previous year Rs. 913.05 lacs ) are further secured by personal guarantee of promoter director.

Disclosures as required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

a. Trade Payables includes Rs. 22.20 lacs (Previous Year Rs. 535.41 lacs) amount payable to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME), as identified by the company based on information available.

b. The details of amount outstanding to Micro, Small and Medium Enterprises are as under :

(Rs in Lacs)

2. Contingent liabilities and commitments (to the extent not provided for)

Particulars As at 31 As at 31 March, 2015 March, 2014

A. Contingent liabilities for Income Tax Demand disputed 109.80 109.80

{Amount deposited against demand Rs. 98.53 lacs (Previous year Rs. 98.53 lacs)}

B. Commitments Nil Nil

3. Disclosure as per AS-15 -Employee Benefits

i. The liability in respect of gratuity is determined using actuarial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) as at balance sheet date. Actuarial gain and losses are recognized in full in statement of Profit and Loss.

The estimates of total costs and total revenue in respect of construction contracts entered in accordance with AS-7 (Revised) Construction Contracts are reviewed and updated periodically to ascertain the percentage completion for revenue recognition. However, it is impracticable to quantify the impact of changes in estimates.

4. Pursuant to enactment of new Companies Act 2013 and as per the Schedule II of the Companies Act 2013; with effect from 1st April 2014 Company has revised the useful life of fixed Assets for providing depreciation on it. Accordingly, carrying amount as on 1st April 2014 has been depreciated over the remaining revised useful life of the fixed assets. Due to this change the depreciation for the year ended 31st March, 2015 is lower by Rs. 140.10 lacs and profit before tax for the year ended 31st March, 2015 is higher to the extent of Rs. 140.10 lacs. In accordance with transitional provision in respect of assets whose useful life is already exhausted as on 1st April 2014, depreciation Rs. 2.28 lacs (Net of deferred tax Rs.1.17 lacs) has been recognized in the opening balance of retained earnings in accordance with the requirements of Schedule II of the Act.

5. Borrowing Costs

Borrowing Cost capitalized during the year on funds attributable to construction set-up of Plant and Machinery at village Dabla, Tehsil Barod (M.P.) was nil (previous year Rs. 576.34 lacs).

6. Leases- Where company is lessee

The Company has taken office premises under operating lease agreements. These are renewable/cancellable on periodic basis at the option of both lessor and lessee. The company has not recognized any contingent rent as expense in the statement of profit and loss.

The aggregate amount of operating lease payments recognized in the statement of profit and loss is Rs 41,80,062 /- (Previous Year Rs. 41,80,062/- ).

7. a. The Company held 81166 Renewable energy certificates as on 31st March, 2015 which are valued at Net realizable value.

b. Power generated during the year and pending for acceptance by Electricity Distribution Company as at the year-end are shown as Unbilled Power under finished goods inventory.

The above loans given are classified under respective heads and are given at an interest rate higher than rate prevailing yields of government securities. The same are utilized by the recipients for working capital needs (refer note 18).

b. Investments Made

The investments are classified under respective heads for purposes as mentioned in their object clause. Refer Note 11 and 14.

B) Loans and Advances in the nature of loan to Associates, Related Party and parties where directors are interested. NIL

C) i) None of the parties to whom loans were given have made investment in the shares of the Company.

ii) The above Advances fall under the category of loans, which are repayable on demand and interest has been charged on it.

8. Previous year's figures are regrouped or rearranged wherever considered necessary, to make them comparable with current year's figure.


Mar 31, 2014

General company information and statement of significant accounting policies

1. General Company Information

The Company is engaged primarily in manufacturing /servicing of transformer, Generation of solar power and manufacturing, sales and services of Solar Power Plants/Project. The Solar Park is situated at dist. Rajgarh (M.P.). The company is a Public Limited company and its shares are listed on Bombay Stock Exchange (BSE) and National Stock exchange (NSE).


Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(Figures Rs In Lacs)

As at As at 31 March, 2013 31 March, 2012

A Contingent liabilities

(a) Claims against the Company not acknowledged as debt

(b) Guarantees

i Outstanding Bank Guarantee 396 34 588 85

ii Corporate Guarantee on behalf of Others 100 00 100 00

(c) Income Tax Demand disputed (Net of Tax Deposited) 11 27 46 27

B Commitments

(a) Estimated amount of contracts remaining to be executed 542 64 1844 00

on capital account and not provided for (Net of advances)

2 DETAILS OF AMOUNTS UTILIZED OUT OF ISSUE OF SECURITIES MADE FOR SPECIFIC PURPOSE

a The Proceeds of Rs 9300 lacs from the initial Public offer of equity shares have been utilized as per object

stated in Prospectus and revised /modified in the Extra Ordinary General Meeting held on 29 03 2012, as on 31 03 2013 are as under:

*The object of IPO is modified from, to set up 4MW to 20 MW solar Photovoltaic power plant

b Pending utilization Rs 2318 44 lacs, (Pre Yr Rs 2409 71 lacs), being balance proceeds have been invested in

Banks Fixed deposits Rs 1559 lacs (Pre Yr Rs 1230 Lacs) and Rs 759 44 lacs (Pre Yr Rs 946 21 Lacs) deposited to reduce the CC limit from the banks and Nil (Pre Yr Rs 233 50 lacs) in Transformer business

3 DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

a Trade Payables includes Rs 296 74 lacs (Previous Year Rs 52 52 lacs) amount due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME)

b The details of amount outstanding to Micro, Small and Medium Enterprises are as under :

c The information has been determined to the extent such parties have been identified on the basis of information available with the Company This has been relied upon by the Auditors

4 DISCLOSURE AS PER AS 15 EMPLOYEE BENEFITS

The liability in respect of gratuity is determined using actuarial valuation of gratuity using Projected Unit Credit Method as required by Accounting Standard 15 "Employee Benefits" (Revised 2005) as at balance sheet date Actuarial gain and losses are recognized in full in statement of Profit and Loss

5 DISCLOSURES UNDER AS 16 BORROWING COSTS

Borrowing Cost capitalised during the year on funds attributable to constuction/ set up of Plant and Machinery at village Dabla, Tehsil Barod (M P ) was Nil (previous year Rs 135 67 lacs) and included under capital work in progress Rs 1 25 lacs (Previous year Nil)

6 Earnings in foreign currency Nil Nil

7 Expenditure in foreign currency Travelling Expenses 13 96 Nil

8 Value of Import Calculated on C I F basis Raw Materials 3341 54 Nil

9 PROPOSED DIVIDEND

10 The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012 Accordingly, assets and liabilities are classified between current and non current considering 12 month period as operating cycle

11 Previous year''s figures are regrouped or rearranged wherever considered necessary, to make them comparable with current year''s figure

12 General Company Information

The Comapny is engaged primarily in manufacturing /servicing of transformer, Generation of solar power and manufacturing, sales and services of Solar Power Plants/Project The Solar Park is situated at dist Rajgarh (M P ) The company is a Public Limited company and its shares are listed on Bombay Stock Exchange (BSE) and National Stock exchange (NSE)


Mar 31, 2012

1.1 of the above 9440970 equity shares are allotted as fully paid up Bonus shares by capitalisation of Share premium reserve and balance in profit and loss account

1.2 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. The dividend proposed by the Board of Directors is subject to the approval of Shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1.2 The details of Shareholders holding more than 5% shares:

Note :

a) i. Term loan Rs. 289.18 lacs (Pre.Yr Rs.356.70 lacs ) is secured by first charge over entire fixed assets of the company

by way of equitable mortgage of land building and other immovable assets situated at Survey no 211/1 village sukhlia sector D Sanwer Road Industrial Area Indore and second charge over the entire current assets of the company and personally guaranteed by promoter directors of the company.

ii. Further secured by first pari-passu charge by way of EM of property situated at 191/1,191/2,191/3,191/4 Saket Nagar Indore owned by Smt Geeta Mundra, Shri Anurag Mundra, Shri Vikalp Mundra and Shri S.S. Mundra and flat no. 504 Varsha Apartment 10/1 South Tukoganj Indore in the name of Shri Shyam Sunder Mundra and lien STDR Face Value 0.25 crore in the name of the company.

The Term loan repayable in 27 quarterly instalments of Rs. 17.86 lacs each starting from quarter ending June 2009 and last instalment of Rs. 17.78 lacs in March 2016. Rate of interest 13.50% p.a. as at he year end (Previous year 13.50% p.a.)

b) Term loan of Rs. 1916.66 lacs (Pre.Yr. Rs.Nil ) for Solar Power Project is secured by exclusive first charge by way of EM of land and Buliding Suitated at survey No. 13/1/1 of Khata No.18/2(56) vii, Gagorni Tehsil & District Rajgarh and plant and machinery and other movable fixed assets of the company's proposed solar power unit both present and future and secured by hypotecation of stored & spares, book debts and all other current assets of the company and personally guaranteed by promoter directors.

The Term loan repayable in 48 quarterly instalments of Rs. 46.87 lacs each starting from quarter ending June 2012 and last instalment of Rs. 47.11 lacs date in the quarter ending March 24. Rate of interest 15.25% p.a. as at he year end (Previous year Nil.)

Note:

Working capital loans from bank is secured by first pari-passu charge by hypothecation of stocks of raw materials, finished goods, stock in process at the company's premises / godown or such other places as may be approved by the bank from time to time including goods in transit and shipment, outstanding monies, book-debts, receivables and other current assets of the company and second pari-passu charge by way of equitable mortgage of factory land, building and fixed assets of the company.

2. Amount Rs. In Lacs As at 31 As at 31 March, 2012 March, 2011

Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

(a) Claims against the Company not acknowledged as debt

(b) Guarantees

i. Outstanding Bank Guarantee 588.85 249.91

ii. Corporate Guarantee on behalf of Others 100.00 100.00

Income Tax Demand (Net of Tax Deposited) 46.27 49.48

Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not 1844.00 0 provided for

*The object of IPO is modified from, to set up 4MW to 20 MW solar Photovoltaic power plant.

b. Pending utilization, balance proceeds have been invested in Banks Fixed deposits Rs. 1230 lacs , Rs 946.21 lacs deposited to reduce the CC limit from the banks and Rs. 233.50 lacs in Transformer business.

3. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

a. Trade Payables includes Rs. 110.04 lacs (Previous Year Rs. 52.52 lacs) amount due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

b. No interest is paid / payable during the year to any enterprise registered under MSME.

c. The information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors

4. During the year Solar Power Plant of 2MW has been commenced production, all related costs incurred has been capitalized.

5. The financial statements have been prepared in line with the requirements of Revised Schedule VI of Companies Act, 1956 as introduced by the Ministry of Corporate Affairs from the financial year ended on 31st March 2012. Accordingly, assets and liabilities are classified between current and non-current considering 12 month period as operating cycle. Consequently, the company has re-classified previous year figures to confirm to this year's classification.

6. Significant Accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.

 
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