Home  »  Company  »  XL Energy Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of XL Energy Ltd.

Mar 31, 2015

1 Rights, Preferences & Restrictions attaching to each class of shares

i) Equity Shares Share holding of Promoter's Group aggregating to 45,24,113 shares are pledged to the consortium of Bankers led by the State bank of India.

ii) The Preference shares are Convertible Redeemable Preference shares (CRPS) issued to the Consortium of bankers to the Company under a Master Restructuring Agreement dated March 2010 by way of conversion of Funded Interest Term Loans. The CRPS shall carry a coupon rate of 6.75% p.a. CRPS shall be redeemed after 12 years ( ie. on 31st December 2024).

2. The Company does not have any holding company or ultimate holding company.

3. No Equity Shares have been reserved for issue under options and contracts/commitments for the sale of shares / disinvestment as at the Balance Sheet date

4. No Equity Shares have been bought back by the company during the period of 5 years preceding the date as at which the Balance Sheet is prepared.

5. Corporate Debt Restructuring (CDR)- Loan Recovery & OTS :

The Company could not execute the CDR package due to various reasons already explained in the previous years and the Banks have initiated steps for recovery of the debt including issuance of notice under SARFAESI Act as well as filing the OA with the DRT. However, the Company has submitted an OTS proposal for settling the debt with all the banks under the leadership of the State Bank of India with financial assistance from an Asset Reconstruction Company. The banks are negotiating the OTS proposal and settlement is expected to be made at the earliest. Interest on all banks outstanding has not been provided as the company is confident that the OTS proposal with support from the ARC companies will be acceptable to the banks.

6. The net worth of the Company suffered further depletion during the year due to substantial reduction in revenues of the company and the consequent losses suffered. However, considering the early settlement with the banks through the OTS and also the various measures taken by the Company to gain and accumulate orders and also taking into consideration the business potential in solar power space and future business prospects of the company, the accounts are stated on going concern basis.

7. Contingent and disputed liabilities not provided for:

( Rs.in Lakhs)

Particulars As at As at 31.03.2015 31.03.2014

a) Guarantee / Counter Guarantees given on sale of contracts to

1) Sukhbir Solar Energy Pvt. Ltd - 121.10 121.10 BG against performance Guarantee

2) BSNL - BG against Sales Contract 234.33 234.33 Performance guarantee

3) BSNL - BG against AMC Contract 158.68 164.88 Guarantee

4) BSNL - BG against Sales Contract 105.22 105.22 Performance guarantee

5) MTNL, New Delhi - BG against Sales 37.24 79.24 Contract Performance guarantee

6) Govt of India - Excise Bond for - 6.00 Export shipment

Total Bank Guarantees Contingent 656.58 710.77 liability

b) Disputed income tax liability relating to a demand notice from the Income Tax department for levy of penalty and interest on tax dues for 319.68 319.68 the AY.2005-06, AY.2006-07, AY. 2007-08 & AY 2008-09. The company had filed an appeal with the department seeking waiver of penalties imposed on the company since the delays in remittance of dues were due to circumstances beyond the control of the company. The company is confident of winning the appeals.

8. Foreign Currency Convertible Bonds

As against the outstanding balance of Foreign Currency Convertible Bonds of USD 4.20 million which had matured for repayment in October 2012, the company was unable to repay the FCCB's as the company's financial position had deteriorated over the years. However, the company has not received any claim from the FCCB holders till date. At the same time the company is trying to contact the FCCB holders and negotiate with them for rollover of the FCCB for a further period.

9.ent Reports

The Company was in the business of Solar Power Plant & Equipment in addition to Telecom business of manufacturing CDMA handsets, JKits & OFC, SMPS and also manufacture of Ethanol. However, all operations under Telecom and Ethanol business have stopped and the company is now only in Solar business. Hence, the segment reports are not provided.

10. Related Party Transactions:

Information relating to Related Party transactions as per Accounting Standard! 8, issued by The Institute of Chartered Accountants of India, specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 is as under: a) Names of related parties and the nature of relationships:

Name Relationship

i. Saptashva Solar Ltd. Joint Venture Company (48.97% )

ii. Saptashva Solar SA Wholly owned subsidiary Company

iii. Sree Sahasya Enterprises Common Directors Pvt. Ltd.

iv. Saptashva Solar SRL, Italy Subsidiary of Saptashva Solar SA, Spain

v. Key Management Personnel:

Mr Dinesh Kumar Managing Director

Mr Aneesh Mittal Whole time Director

Mr K Surender Reddy Chief Financial Officer

Ms Bhargavi Maheshuni Company Secretary

11. Details of Finished Goods stock: NIL

12. There are no dues to Micro, small and medium enterprises under Development Act, 2006, exceeding 45 days. The micro, small and medium industries are determined to the extent such parties have been identified on the basis of the information available with the Company.

13. Balances appearing under other long term liabilities, short term borrowings, trade payables, other current liabilities, long term loans and advances, CWIP advances, trade receivables, short term loans and advance and other current assets are subject to confirmation and / or reconciliation, if any.

14. Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2014

1.1 Contingent liabilities not provided for in respect of:

(Rs. in Lakhs)

Particulars As at As at 31.03.2014 31.03.2013

a) Guarantee / Counter Guarantees given on sale of contracts 710.77 597.26

b) Letter of credits by Banks NIL NIL

c) Estimated amount of contracts remaining to be executed on capital account (net of advances) not provided for Nil 762.91 All the loans are secured by,

- Mortgage and first charge on immovable properties, both present and future situated at Plot No. 198 A&B, IDA Cherlapally, Hyderabad

- Mortgage and first charge on the fixed assets of Ethanol Division situated at Plot No. B 8-10, MIDC, Kushnoor, Nanded, Maharashtra

- Mortgage and first charge on lease hold rights on land admeasuring 2,02,350 sq. mts. Approximately and fixed assets both present and future, situated at survey nos. 50,66,68,69,70,84,85,86 & 87 situated at Fabcity, Raviryal village, Maheswaram Mandal, Rangareddy District, Telangana.

- First charge on immovable properties, present and future situated at Shed nos. 30, 31 and 32, IDA, Mallapur, Hyderabad.

- Hypothecation of all tangible, movable properties and Assets, both present and future including raw materials, goods in process, finished goods and book debts.

- Personal guarantee of Directors of the Company - Mr. Dinesh Kumar, Mr. Aneesh Mittal and Mrs. Ritulal Kumar.

1.2 Segment Reports

The company considers Solar business segment as the primary segment. In addition to Solar business, the company involved in Telecom business of manufacturing CDMA handsets, JKits & OFC, SMPS and manufacture of Enthanol. However, during the year there was negligible business in these segments. Hence, the segment reports are not provided

1.3 Related Party Transactions:

Information relating to Related Party transactions as per Accounting Standard18, issued by The Institute of Chartered Accountants of India, notified under Section 211(3C) of the Companies Act, 1956 is as under: a) Names of related parties and the nature of relationships: Name Relationship

i. Khandoba Distilleries Ltd Subsidiary Company

ii. Saptashva Solar Ltd Joint Venture Company (48.97% )

iii. Saptashva Solar SA Wholly owned subsidiary Company

iv. Saptashva Solar SRL Subsidiary of Saptashva Solar SA

v. Digrun Grun SL Subsidiary of Saptashva Solar SA

vi. Apulia Solar SRL Subsidiary of Saptashva Solar SRL

vii. Sree Sahasya Enterprises Pvt Ltd Associate Company viii. Key Management Personnel:

Shri Dinesh Kumar Managing Director

Smt Ritu lal Kumar Director

1.4 a) Earnings in Foreign Currency:

XL ENERGY LTD.

(Rs. in Lakhs)

Particulars 2013-14 2012-13

FOB value of exports during the year Nil Nil

b) Expenditure in Foreign Currency:

(Rs. in Lakhs)

Particulars 2013-14 2012-13

Travelling Expenses Nil Nil

Import of Raw material (CIF Value) Nil Nil

1.5 Details of Finis hed Goods stock: NIL

1.6 There are no dues to Micro, small and medium enterprises under Development Act, 2006, exceeding 45 days. The micro, small and medium industries are determined to the extent such parties have been identified on the basis of the information available with the Company.

1.7 Balances appearing under other long term liabilities, short term borrowings, trade payables, other current liabilities, long term loans and advances, CWIP advances, trade receivables, short term loans and advance and other current assets are subject to confirmation and / or reconciliation, if any.

1.8 Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2013

Corporate Information

XL Energy Limited (formerly XL Telecom & Energy Limited) is listed company having its shares listed in BSE and NSE. The company is engaged in manufacturing/trading/production and sale of Solar Photo voltaic Modules as its main business. In addition to this the company is engaged in the business of manufacture of equipment for Telecom Industry and manufacture of Ethanol. However at present this business conducted in this segment has become negligible. The company caters to both international and domestic market in Solar PV Business.

1.1 Corporate Debt Restructuring (CDR)- Loan Repayments & Interest:

The company could not execute the CDR package due to various reasons already explained in the previous year and the situation remains the same. The company has submitted an OTS proposal to the banks with financial assistance from an ARC company. It is assumed that the banks will accept and negotiate the proposal in 2-3 months time. Interest on all banks outstanding has not been provided as the Company is confident that the OTS proposal will be acceptable to the banks and an early settlement with the banks will be completed within 2-3 months time.

1.2 The net worth of the Company suffered further depletion due to substantial reduction in revenues of the company and the consequent losses suffered during the period. However, considering the early settlement with the banks through the OTS and also the various measures taken by the Company to gain and accumulate orders and also taking into consideration the business potential in solar power space and future business prospects of the company, the accounts are stated on going concern basis.

1.3 Foreign Currency Convertible Bonds:

As against the outstanding balance of Foreign Currency Convertible Bonds (FCCB''s) of USD 4.2 Million as at the beginning of the year which was issued in October 2007 having a maturity period of 5 years and one day has matured and is due for redemption in October 2012. The company is in negotiations with the Bond holder for rollover of the same for a further period at the same terms and conditions and hence classified the same in the balance sheet as long term funds available with the company since the company is confident of getting the FCCB''s rolled over for a further long term period.

1.4 Contingent liabilities not provided for in respect of: (Rs.in Lakhs)

Particulars As at 31.03.2013 As at 31.03.2012

a) Guarantee / Counter Guarantees given on sale of contracts 597.26 597.26

b) Letter of credits by Banks Nil NIL

c) Estimated amount of contracts remaining to be executed on capital account (net of advances) not 762.91 762.91 provided for

1.5 Segment Reports

The company considers Solar business segment as a primary segment. In addition to Solar business, the company was involved in Telecom business of manufacturing CDMA handsets, JKits & OFC, SMPS and manufacture of Ethanol. However, during the year there was negligible business in these segments. Hence, the segment reports are not provided.

1.6 Details of Finished Goods stock: NIL

1.7 There are no dues to Micro, small and medium enterprises under Development Act, 2006, exceeding 45 days. The micro, small and medium industries are determined to the extent such parties have been identified on the basis of the information available with the Company.

1.8 Balances appearing under other long term liabilities, short term borrowings, trade payables, other current liabilities, long term loans and advances, CWIP advances, trade receivables, short term loans and advance and other current assets are subject to confirmation and / or reconciliation, if any.

1.9 Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2012

1. Corporate Debt Restructuring (CDR)- Loan Repayments & Interest :

The company could not execute the CDR package due to various reasons already explained in the previous year and the continuation of the same situation, the company''s operations have substantially come down with both revenues and cash flows drying up, the company was unable to pay either interest or installments due to the banks as per the CDR package. Interest charged by the banks during the current year has been accounted by the company on the basis of statements received from the bank. However, SBI and its subsidiaries which are SBH, SBJM, SBM have not charged interest on the outstanding amounts due to them and have not been accounted by the company. The company is in dialogue with the bank for an OTS solution and is also looking for a strategic partner who can fund the OTS and is expected to close on this proposal within March 2013, hence, the company has not provided for the interest on those loans on which the banks have not charged interest.

1.1 The net worth of the Company suffered further depletion due substantial reduction in revenues of the company and the consequent losses suffered during the period. However, considering the extension of time granted to the Company under CDR (Corporate Debt Restructuring) scheme and also the various measures taken by the Company and taking into consideration such business potential in solar power space and future business prospects of the company, the accounts are stated on going concern basis.

1.2 Previous Figures are not comparable as current year consists of 12 months (ie. 01.04.2011 to 31.03.2012) as against the 15months period (01.01.2010 to 31.03.2011) of previous year.

1.3 Foreign Currency Convertible Bonds:

As against the outstanding balance of Foreign Currency Convertible Bonds (FCCB) of USD 4.2 Million as at the beginning of the year which was issued in October 2007 having a maturity period of 5 years and one day has matured and is due for redemption in October 2012. However, the FCCB''s are not redeemed as on the date of signing of this balance sheet and the company is in negotiations with the Bond holder for rollover of the same for a further period at the same terms and conditions and hence classified the same in the balance sheet as long term funds available with the company since the company is confident of getting the FCCB''s rolled over for a further long term period.

Contingent liabilities not provided for in respect of:

Amount in Rs. Lacs

Particulars As at 15 Month ended 31.03.2012 31.03.2011

a) Guarantee / Counter Guarantees given on sale of contracts 597.26 1954.50

b) Letter of credits by Banks NIL NIL

c) Estimated amount of contracts remaining to be executed on capital account (net of advances) not provided for 762.91 2476.42

- Mortgage and first charges on immovable properties, both present and future situated at Plot No. 198 A&B, IDA Cherlapally, Hyderabad

- Mortgage and first charges on the fixed assets of Ethanol Division situated at Plot No. B 8-10, MIDC, Kushnoor, Nanded, Maharashtra

- Mortgage and first charges on lease hold rights on land admeasuring 2,02,350 sq. mts. Approximately and fixed assets both present and future, situated at survey nos. 50,66,68,69,70,84,85,86 & 87 situated at Fabcity, Raviryal village, Maheswaram mandal, Rangareddy district, Andhra Pradesh

- First charge on immovable properties, present and future situated at Shed nos. 30, 31 and 32, IDA, Mallapur, Hyderabad.

- Hypothecation of all tangible, movable properties and Assets, both present and future including raw materials, goods in process, finished goods and book debts.

- Personal guarantee of Directors of the Company - Mr. Dinesh Kumar, Mr. Aneesh Mittal and Mrs. Ritulal Kumar.

1.4 Segment Reports

The company considers Solar business segment as the primary segment. In addition to Solar business, the company was involved in Telecom business of manufacturing CDMA handsets, JKits & OFC, SMPS and manufacture of Enthanol. However, during the year there was negligible business in these segments. Hence, the segment reports are not provided

1.5 Related Party Transactions:

2.43 There are no dues to Micro, small and medium enterprises under Development Act, 2006, exceeding 45 days. The micro, small and medium industries are determined to the extent such parties have been identified on the basis of the information available with the Company.

1.6 Balances appearing under other long term liabilities, short term borrowings, trade payables, other current liabilities, long term loans and advances, CWIP advances, trade receivables, short term loans and advance and other current assets are subject to confirmation and / or reconciliation, if any.

1.7 Previous year figures have been regrouped / reclassified wherever necessary.


Mar 31, 2011

1. Note on Corporate Debt Restructuring (CDR):

The Company has approached the consortium of Banks for restructuring of debts under the CDR (Corporate Debt Restructuring) scheme of RBI during the previous accounting year 2008-09. The detailed note of the same has been given in the previous Balance Sheet.

However,during the current financial year despite reconstructing of loans given by Banks, the Company could not perform as per projections of CDR scheme for reasons like:

(a) The selling price of modules detoriated furtherto the level of EURO 1.1 per WP as against the projected figure of EURO 2 per WP.

(b) For various reasons internal to the Banks, the consortium could not come up wih the working capital limits to support the execution of orders resulting in drop in revenues & cancellation of orders.

In view of significant drop in selling prices, the Company has to dispose of inventories at much lower price than estimated in the CDR scheme, resulting in further loss in M to M.

In view of above reasons, the Company could not meet its obligations for repayment of loans as per CDR scheme.Further the promoters also could not bring in necessary capital committed by them.

The company is persuing with the Banks the Second restructuring of its loans, taking current situation in to Account.

2. The net worth of the Company suffered substantial erosion due to the losses suffered during the period. However, considering the restructuring package granted to the Company under CDR (Corporate Debt Restructuring) scheme and also the various measures taken by the Company for increasing the net worth and the business prospects, the accounts are stated on going concern basis.

3. Previous Figures are not comparable as current year consists of 15months period (01.01.2010 to 31.03.2011) as against the 18 months period (01.07.2008 to 31.12.2009) of previous year.

4. Foreign Currency Convertible Bonds:

Pursuant to the approval accorded by the members on 26.09.2007, the Company had made allotment of Foreign Currency Convertible Bonds (FCCB) of USD 40 Million in October 2007 having a maturity period of 5 years and one day.

During the year upon , conversion of US$ 8.04 million FCCBs the Company issued and allotted 19,99,447 equity shares of Rs. 10/- each at a premium of Rs. 150/- per share during the current year. The outstanding balance of FCCBs as on 31.03.2011 is USD 4.2 million.

Consequent to the above,the paid up equity share capital of the company was increased to 2,27,74,397 equity shares of Rs.10/- each.

5. Contingent liabilities not provided for in respect of:

(Rupees in Lakhs)

Particulars As at As at 31.03.2011 31.12.2009

a) Guarantee / Counter Guarantees given on sale of contracts 1954.50 2007.88

b) Letter of credits by Banks NIL NIL

c) Estimated amount of contracts remaining to be executed on capital account (net of 2476.42 2476.42

advances) not provided for

All the loans are secured by,

- Mortgage and first charges on immovable properties, both present and future situated at Plot No. 198 A&.B, IDA Cherlapally, Hyderabad

- Mortgage and first charges on the fixed assets of Ethanol Division situated at Plot No. B 8-10, MIDC, Kushnoor, Nanded, Maharashtra

- Mortgage and first charges on lease hold rights on land admeasuring 2,02,350 sq. mts. Approximately and fixed assets both present and future, situated at survey nos. 50,66,68,69,70,84,85,86 & 87 situated at Fabcity, Raviryal village, Maheswaram mandal, Rangareddy district, Andhra Pradesh

- First charge on immovable properties, present and future situated at Shed nos. 30, 31 and 32, IDA, Mallapur, Hyderabad.

- Hypothecation of all tangible, movable properties and Assets, both present and future including raw materials, goods in process, finished goods and book debts.

- Personal guarantee of Mr. Dinesh Kumar, Mr. Aneesh Mittal and Mrs. Ritulal Kumar.

- Hire Purchase loans are secured by hypothecation of specific vehicles.

6. The company considers Solar business segment as the primary segment. The primary segment information is provided as Schedule-15.

7.There are no dues to Micro, small and medium enterprises under Development Act, 2006, exceeding 45 days. The micro, small and medium industries are determined to the extent such parties have been identified on the basis of the information available with the Company.

8. Balances appearing under unsecured loans, sundry creditors, Capital WIP, Loans and advances and debtors are subject to confirmation and / or reconciliation, if any.

9. Previous year figures have been regrouped / reclassified wherever necessary.


Dec 31, 2009

1. Note on Corporate Debt Restructuring (CDR):

The Company has approached the consortium of Banks for restructuring of debts under the CDR (Corporate Debt Restructuring) scheme of RBI. The brief details are as under:

With a mandatory legislation change brought out by European Union in 2007 by making the compulsory usage of solar power for entire demand coupled with encouragement by way of subsidies from the local governments, the company has received export orders from Spain for supply of Solar panels during 2008.

With the overwhelming and unexpected response received by the Spanish government, they kept the subsidies on hold for a rework on their internal polices and this coupled with the global economic scenario in September, 2008 led to sudden cancellation of orders to the tune of 21MW, by the Spanish entrepreneurs before execution and not extending the LCs issued to the Company. This resulted in huge pile up of stocks and adding to that the subsequent reduction of the raw material prices in the international market due to global economic scenario resulted in a huge MTM loss to the Company.

In view of this, the Company has no other option except to seek a suitable restructuring under CDR scheme of RBI and thus the Company has approached the consortium banks for deep restructuring of our existing debts. Accordingly, our banker SBI have worked out a restructuring package and referred the same to the CDR Cell and for approval. Accordingly the same has been approved by CDR cell in their CDR EC meeting held on 30th Dec09 on the following lines viz.,

o to restructuring all the outstanding debts as on 30th June2009 to be repaid over 32 quarterly installments (on ballooning basis) commencing from quarter ending September 2011.

o To reduce the rate of interest applicable on all loans to 9% p.a. payable monthly for the first three years FY 2009 to FY 2011 and stepped up by 1 % every alternate year with a cap of 13% p.a. over the period of the loan to ensure minimum yield of 10.33% p.a. payable monthly.

o To convert future interest on STL, WCTL, TL and FITL -TL etc from 1stJuly09 to 31st Dec2010 into a CRPS facility, this will carry a dividend coupon rate of 6.75% p.a. (tax free) payable semi-annually every year from the date of issue. The CRPS will be redeemed after 12 years from 31st Dec2012. The lenders/holders of CRPS would have a put option for redemption of 1 /3rd CRPS each in 8*, 9th and 10th year from cut-off date i.e.30th June2009 along with accumulated dividend. All penal and liquidated damages up to the date of implementation of scheme to be waived.

o Total sacrifice of all lenders connected with this restructuring has been worked out to Rs.137.73 crores in terms of economic loss and Rs.96.91 crores in terms of funding of interest for 1 V2 years thus totaling to Rs.234.64 crores. An amount of Rs.40 crores would be brought in by promoter in two equal installments in FY 2010 and FY 2011.

o To liquidate part of SPVM inventory to its 100% step down subsidiary "Sapthasva Solar S.r.l." for setting up of 8 MW Solar Power Plant.

o To sell of investments in Khandoba Distilleries Ltd (wholly owned subsidiary of XL TEL) in FY 2010.

o To sell of Ethanol Division of XL Telecom & Energy Ltd in FY 2010.

o For sale of Ethanol Division and Divestment in Khandoba Distillery Ltd, Asset Sale Committee (ASC) comprising of SBI, Canara Bank, IDBI Bank, ICICI Bank and the company may be constituted.

2. The net worth of the Company suffered substantial erosion due to the losses suffered during the period. However, considering the restructuring package granted to the Company under CDR (Corporate Debt Restructuring) scheme and also the various measures taken by the Company for increasing the net worth and the business prospects, the accounts are stated on going concern basis.

3. Previous Figures are not comparable as current year consists of 18 months period (01.07.2008 to 31.12.2009) as against the twelve month period (01.07.2007 to 30.06.2008) of previous year.

4. Foreign Currency Convertible Bonds:

Pursuant to the approval accorded by the members on 26.09.2007, the Company had made allotment of Foreign Currency Convertible Bonds (FCCB) of USD 40 Million in October 2007 having a maturity period of 5 years and one day.

Out of USD 40 million FCCBs, the Bond holders requested for conversion of USD 19.76 million FCCBs. On conversion the company issued and allotted 30,24,036 equity shares of Rs.10/- each at a premium of Rs.250/- per share during the year 2007-08. The outstanding balance of FCCBs as on 30.06.2008 was USD 20.24 million,

Out of USD 20.24 million FCCBs, the Bond holders requested for conversion of USD 8 million FCCBs. On conversion, Company issued and allotted 19,89,498 equity shares of Rs. 10/- each at a premium of Rs. 150/- per share during the current year. The outstanding balance of FCCBs as on 31.12.2009 is USD 12.24 million.

5. Warrants:

Pursuant to the approval accorded by the members on 26.09.2007, the Company has issued and allotted 52,50,000 warrants to the promoters and others in October, 2007. The warrants are to be convertible in to equity shares with in 18 months.

Out of the above, 12,60,000 warrants were converted and the Company issued and allotted 12,60,000 equity shares of Rs.10/- each at a premium of Rs.125A each during the year 2007-08.

During the current year, on the due date, the Company forfeited 39,90,000 share warrants, out of the 52,50,000 warrants issued during 2007-08, due to the non-payment of the balance amount for conversion. An amount of Rs.5,38,65,000/- is shown as Capital Reserve on this account.

6. Contingent liabilities not provided for in respect of: (Rs. in Lakhs)

Particulars As at 31.12.2009 As at 30.06.2008

a) Guarantee / Counter Guarantees given on sale of contracts 2007.88 3,637.63

b) Letter of credits by Banks NIL 17,517.32

c) Estimated amount of contracts remaining to be executed on capital account (net of advances) not provided for 2476.42 20,360.27

17. Related Party Transactions:

Information relating to Related Party transactions as per Accounting Standard 18, issued by The Institute of Chartered Accountants of India, notified under Section 211 (3C) of the Companies Act, 1956 is as under: a) Names of related parties and the nature of relationships:

Name Relationship

i. Khandoba Distilleries Ltd Subsidiary Company

ii. Saptashva Solar Ltd Wholly owned subsidiary Company

iii. Saptashva Solar SA Wholly owned subsidiary Company

iv. Saptashva Solar SRL Subsidiary of Saptashva Solar SA

v. Digrun Grun SL Subsidiary of Saptashva Solar SA

vi. Apulia Solar SRL Subsidiary of Saptashva Solar SRL

vii. Sree Sahasya Enteprises Pvt Ltd Associate Company

viii. Sree Sahasya Entertainments Pvt Ltd Associate Company

ix. Soft Projex (I) Ltd Associate Company

x. Key Management Personnel:

Shri Dinesh Kumar Managing Director

Smt Ritu Director

18. The extraordinary item of Rs.12,807.96 lakhs in the Profit & Loss Account for the period ending 31.12.2009 represent the mark to market loss resulting in the diminution in the value of inventories.

19. The company considers business segment as the primary segment. The primary segment information is provided as Schedule-15.

20. There are no dues to Micro, small and medium enterprises under Development Act, 2006, exceeding 30 days. The micro, small and medium industries are determined to the extent such parties have been identified on the basis of the information available with the Company.

21. Balances appearing under unsecured loans, sundry creditors, Capital WIP, Loans and advances and debtors are subject to confirmation and / or reconciliation, if any.

22. Previous year figures have been regrouped / reclassified wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!