Mar 31, 2015
1.Company overview:
Gita Renewable Energy Limited (the company) incorporated under the
Companies Act, 1956, in the year 2010, is engaged in power generation.
The company's shares are listed on the Bombay Stock Exchange Limited
and the shares are traded regularly.
2.Movement of Shares
Authorised Capital, Issued, Subscribed and fully paid up Capital
There is no movement of shares outstanding at the beginning and at the
end of the reporting period.
3. Terms / rights attached to equity shares:
The company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity share is entitled to one vote
per share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive the assets of the company, in
proportion to the number of equity shares held by the shareholders.
4.Terms of repayment and rate of interest:
Rupee Term Loan of Rs.68489966/- is repayable in 8 quarterly
instalments of Rs.8572000 each and it carries interest @12% pa.
Security
(Term Loan from Bank is secured by equitable mortgage of Land and
Building including Plant and Machinery)
5. Additional Information to the Financial Statements
i) Contingent liability not provided for:
(a) Counter Guarantees furnished to the bank Nil (Previous year Rs.
Nil).
(b) Towards outstanding Letter of Credit Rs Nil (Previous year Rs. Nil)
on account of import of raw materials.
ii) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for Rs. Nil (Previous year Rs. Nil).
iii) Claims against the Company not acknowledged as Debt Rs. Nil.
Contingent liabilities not provided for Rs. Nil.
iv) Employee / Retirement Benefits: No provision for Retirement
Benefits / gratuity to employees has been made since there are no
employees eligible for the same.
v) There are no dues to enterprises as defined under Micro, Small and
Medium Enterprises Development Act, 2006, as at March 31, 2015 which is
on the basis of such parties having been identified by the management
and relied upon by the auditors.
vi) As on the closing date, Company has circularized/sought
confirmation of balance letters to/from sundry debtors and Loans and
Advance paid to parties / sundry creditors. In the absence of negation,
the balances appearing the books are taken as correct.
vii) Value of Imported & Indigenous Raw Materials, Spare Parts
Components consumed Rs. Nil (previous year Rs. Nil).
viii) CIF Value of Imports: Rs. Nil
ix) Remittance in Foreign Currency towards Dividend - Rs. Nil.
x) Earnings in Foreign Currency Rs. Nil (Previous year Rs. Nil)
Expenditure in Foreign Currency Rs. Nil (Previous year Rs. Nil)
xi) Licence Agreement:
The company has entered into a License Agreement on 26-04-2008 to give
on license the 10MW power plant to OPG Renewable Energy Private Limited
(OPGREPL) on the understanding that OPGREPL shall pay lease rent of
Rs.2,50,000/- p.m. plus applicable taxes to the company an interest
free deposit of Rs.44,40,00,000/- and The Interest free deposit is
grouped under unsecured loan.
xiii) SEGMENT INFORMATION FOR THE YEAR ENDED 31st MARCH 2015.
Business Segment:
(a) The Company operates in Single Business Segment of 'Generation and
distribution of power'. Therefore, the Company is of the view that the
disclosure requirement of Accounting Standard AS-17 issued by the
Institute of Chartered Accountants of India is not applicable to the
Company.
xv) Previous year figures:
Previous year's figures have been regrouped/ reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2014
A) Movement of Shares
Authorsied Capital, Issued, Subscribed and fully paid up Capital There
is no movement in of shares during the reporting period.
b) Terms / rights attached to equity shares:
The company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity share is entitled to one vote
per share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive the assets of the company, in
proportion to the number of equity shares held by the shareholders.
Terms of repayment and rate of interest :
Rupee Term Loan of Rs.109,590,962/- is repayable in 13 quarterly
instalments of Rs.8,572,000/- each and it carries an interest @12% pa.
Security :
Term Loan from Bank are secured by equitable mortgage of Land and
Building including Plant and Mahchinery and also by hypothecation of
Raw materials, Stock in process and Finished Goods. Corporate guarantee
by M/s. Tamilnadu Property Developers Limited and also personally
guaranteed by the CMD of the demerged company.
Notes attached to and forming part of the Balance Sheet as at 31-3-2014
and the Profit and Loss account for the period ended on that date:
1. CORPORATE INFORMATION:
Gita Renewable Energy Limited (the company) incorporated under the
Companies Act, 1956, in the year 2010, is engaged in power generation
through wind mills and waste heat recovery plant. The company is in the
process of listing its shares in Bombay Stock Exchange Limited. Gita
Renewable Energy Limited was one of the resulting companies of demerged
Kanishk Steel Industries Limited.
2. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS
i) Contingent liability not provided for:
(a) Counter Guarantees furnished to the bank Nil (Previous year Nil)
(b) Towards outstanding Letter of Credit Rs Nil (Previous year Nil) on
account of import of raw materials.
ii) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for Rs. Nil (Previous year Rs. Nil pertaining
to resulting company) and for others is nil.
iii) Claims against the Company not acknowledged as Debt Rs. Nil.
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil. Contingent liabilities not
provided for: Nil
iv) Employee Benefits - There are no employees during the year 2013-14
v) There are no dues to enterprises as defined under Micro, Small and
Medium Enterprises Development Act, 2006, as at March 31, 2014 which is
on the basis of such parties having been identified by the management
and relied upon by the auditors.
vi) Company has circularized/sought confirmation of balance letters
to/from sundry debtors & advance parties / sundry creditors. In the
absence of negation, the balances appearing the books are taken as
confirmed.
vii) During the year the company has written back an amount of Rs.
2,98,56,569/- as liabilities no longer required & written off to the
extent of Rs. 2,62,83,910/- from advances given to parties (Net
35,72,659/- Credit)
viii) Value of Imported & Indigenous Raw Materials, Spare Parts
Components consumed Nil (previous year Nil)
ix) CIF Value of Imports: Nil
x) Remittance in Foreign Currency towards Dividend - Nil.
xi) Earnings in Foreign Currency Rs. Nil (Previous year Rs. Nil)
Expenditure in Foreign Currency Rs. Nil (Previous year Nil)
Note : Related party relationship is as identified by the Company and
relied upon by the Auditors
xiii) Licence Agreement :
Demerged Company(Kanishk Steel Industries Limited) has entered into a
License Agreement on 26-04-2008 to give on license the 10MW power plant
to OPG renewable Energy Private limited (OPGREPL) on the understanding
that OPGREPL shall provide power to the company an interest free
deposit of Rs.44,40,00,000/- accordingly it is grouped under unsecured
loan.
xiv) SEGMENT INFORMATION FOR THE YEAR ENDED 31st MARCH 2014.
Business Segment:
(a) The Company operates in Single Business Segment of ''Generation and
distribution of power''. Therefore, the Company is of the view that the
disclosure requirement of Accounting Standard AS-17 issued by the
Institute of Chartered Accountants of India is not applicable to the
Company
(b) The Company has not yet been successful in its efforts to appoint a
Company Secretary to fulfill the requirements of Section 383A of the
Companies Act, 1956.
xvi) Previous year figures :
Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2013
A) Movement of Shares Authorised Capital
Consequent to Scheme of Arrangement approved by the Honourable High
Court of Judicature at Madras, the authorised capital increased from
Rs. 500,000/- to Rs.42,500,000/-.
Issued, Subscribed and fully Paid up Capital
4062296 Number of shares of Rs.10/- each (fully paid-up) has been
issued on 19.04.2013 to the Shareholders of Demerged Company as
follows:
One equity share in company of face value of Rs.10/- each as fully paid
up for Seven Equity shares of Rs.10/- each fully paid up held in the
Demerged Company.
b) Terms / rights attached to equity shares:
The company has only one class of Equity share at face value of Rs.10/-
per share. Every shareholder is entitled to one vote per share.
At the event of liquidation of the company, such shareholders will be
entitled to receive the assets of the company, in proportion to the
number of equity shares held by them in the Capital of the Company.
Terms of repayment and rate of interest:
Rupee Term Loan of Rs.240,006,951/- is repayable in 28 quarterly
instalments of Rs.8,572,000/- each and it carries an interest @12% pa.
Security:
Term Loan from Bank is secured by equitable mortgage of Land and
Building including Plant and Mahchinery and also by hypothecation of
Raw materials, Stock in process and Finished Goods. Corporate guarantee
by M/s. Tamilnadu Property Developers Limited and also personally
guaranteed by the CMD of the demerged company.
2. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS
i) Contingent liability not provided for:
(a) Counter Guarantees furnished to the bank Nil (Previous year Nil)
(b) Towards outstanding Letter of Credit Rs Nil (Previous year Nil) on
account of import of raw materials.
ii) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for Rs. Nil (Previous year Rs. Nil pertaining
to resulting company) and for others is nil.
iii) Claims against the Company not acknowledged as Debt Rs. Nil.
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil. Contingent liabilities not
provided for: Nil
iv) Employee Benefits - There are no eligible employees during the year
2012-13
v) There are no dues to enterprises as defined under Micro, Small and
Medium Enterprises Development Act, 2006, as at March 31,2013 which is
on the basis of such parties having been identified by the management
and relied upon by the auditors.
vi) Company has circularized/sought confirmation of balance letters
to/from sundry debtors & advance parties / sundry creditors. In the
absence of negation, the balances appearing the books are taken as
confirmed.
vii) Value of Imported & Indigenous Raw Materials, Spare Parts
Components consumed Nil (previous year Nil)
viii) CIF Value of Imports: Nil
ix) Remittance in Foreign Currency towards Dividend
x) Earnings in Foreign Currency Rs. Nil (Previous year Rs. Nil)
Expenditure in Foreign Currency Rs. Nil (Previous year Nil).
3. RELATED PARTY DISCLOSURES
Details of related parties including summary of transactions entered
into by the Branch during the year ended 31 March 2013 are summarized
below:
Names of related parties and description of relationship:
Key management personnel Rajesh Kumar Gupta
Ravi Kumar Gupta
Avantika Gupta
Other Related Parties Kanishk Steel Industries Limited
Chennai Ferrous Industries Limited
OPG Renewable Energy Private Limited
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
4. SCHEME OF ARRANGEMENT
a) Pursuant to the scheme of arrangement ("the scheme") between Kanishk
Steel Industries Limited (Demerged Company) and the company as
sanctioned by the Hon''ble High Court of Judicature at Madras, vide its
order dated 04-01-2013, the entire assets & liabilities, and duties &
obligations of its power division pertaining to the demerged Company,
were transferred to and vested in the company with effect from
01-07-2010 (Appointed date). The scheme became effective on 28-02-2013
and accordingly has been given effect to these financial statements.
b) Details of Assets and Liabilities acquired pursuant to the Scheme of
Arrangement (Demerger) and treatment of the difference between the net
assets acquired and cost of investment by the Company in the Demerged
Company together with the shares issued to the share holders of the
Company.
Balance as at 01-07-2010
5. LICENCE AGREEMENT:
The Company has entered into a License Agreement on 26-04-2008 to give
on license the 10MW power plant to OPG Renewable Energy Private Limited
(OPGREPL) on the understanding that OPGREPL shall provide power to the
company an interest free deposit of Rs.439,770,000/-. Accordingly it is
grouped under unsecured loan.
6. SEGMENT INFORMATION FOR THE YEAR ENDED 31st MARCH 2013.
Business Segment:
(a) The Company operates in Single Business Segment of ''Generation and
distribution of power''. Therefore, the Company is of the view that the
disclosure requirement of Accounting Standard AS-17 issued by the
Institute of Chartered Accountants of India is not applicable to the
Company.
(b) The Company has not yet been successful in its efforts to appoint a
Company Secretary to fulfill the requirements of Section 383A of the
Companies Act, 1956.
7. PREVIOUS YEAR FIGURES:
The financial statements for the current year include the figures
relating to Power Division of Kanishk Steel Industries Limited whose
assets and liabilities have been transferred to and vested with the
Company with effect from 01.07.2010 pursuant to a scheme of
arrangement. Hence the current year figures are not comparable with
that of the previous year. Previous year''s figures have been
regrouped/reclassified wherever necessary to correspond with the
current year''s classification/ disclosure.
Mar 31, 2012
1. The company is yet to commence commercial operations.
2. Earnings in foreign exchange: Nil. Expenditure in
foreign exchange is Rs. Nil.
3. The company did not owe any amount to micro and smal1 enterprises as
defined under the Micro, Small and Medium Enterprises Development Act,
4. Claims against the Company not acknowledged as Debt Rs. Nil.
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil. Contingent liabilities not
Drovided for Rs Nil contiingent liablities not provided for NIl
5.Related Party Disclosures
Details of realted parties including summary of transcation entere into
by the branch during the ended 31st march 22012 are suuuarized below
Note . Related party realtionship is as identified by the company and
relied u0pon by the Auditors
Related party trasactions :
During the year no transactions were entered by the company with the
related parties
6.Information with regard to the other matters specified in paragraph
of part 11 of schedule vi of the Companies Act 1956 are eithter nil
or not applicable to the company for the financial year
7. previous year are regrouped rerranged wherever necessary.
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