Mar 31, 2018
Notes to Financial Account
Note 25 : Revenue from operations
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
(a) Sales |
4,499,094,321 |
4,237,729,589 |
(b) Erection & Commissioning services |
3,898,983 |
9,413,732 |
Total |
4,502,993,304 |
4,247,143,321 |
Note 26 : Other income
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
(a) Interest Income |
8,843,056 |
8,162,507 |
(b) Other non-operating income (net) |
1,661 |
223,462 |
(c) Interest Received from security deposit |
351482 |
298477 |
Total |
9,196,199 |
8,684,446 |
Note 27 (a) : Cost of materials consumed
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
Opening stock |
268,508,537 |
230,362,822 |
Add: Purchases |
3,856,757,821 |
3,311,751,969 |
4,125,266,358 |
3,542,114,791 |
|
Less: Closing stock |
232,325,753 |
268,508,537 |
Cost of material consumed |
3,892,940,605 |
3,273,606,254 |
Material consumed comprises: |
||
Copper wire & Strips |
1,359,414,859 |
1,139,175,040 |
Transformer oil |
448,466,758 |
374,730,116 |
Lamination |
1,009,439,499 |
847,084,663 |
Others |
1,075,619,489 |
912,616,436 |
Total |
3,892,940,605 |
3,273,606,254 |
Note 27(b) : Changes in inventories of finished goods, work-in-progress and stock-in-trade
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
Inventories at the end of the vear: |
||
Finished goods |
481,918,617 |
349,907,789 |
Work-in-progress |
479,435,141 |
315,981,421 |
961,353,758 |
665,889,210 |
|
Inventories at the beginning of the year: |
||
Finished goods |
349,907,789 |
435,940,475 |
Work-in-progress |
315,981,421 |
148,307,302 |
665,889,210 |
584,247,777 |
|
Net (increase) / decrease |
(295,464,548) |
(81,641,433) |
Note 28: Excise Duty Sale of Goods
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
Excise duty |
46,592,960 |
316,611,573 |
Total Excise Duty on Sale of Goods |
46,592,960 |
316,611,573 |
Note 29: Employee benefits expense
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
Salaries and wages |
144,017,315 |
136,625,166 |
Contributions to provident and other funds |
4,002,234 |
3,665,186 |
Gratuity |
1,931,084 |
907,368 |
Staff welfare expenses |
4,727,442 |
6,519,611 |
Total |
154,678,075 |
147,717,331 |
Note 30: Finance costs
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
(a) Interest expense on: Borrowings |
215,128,025 |
194,176,356 |
(b) Other borrowing costs Bank Commission.Bank Guarantee & other Charges |
53,445,033 |
49,524,549 |
Total |
268,573,058 |
243,700,905 |
Note 31: Depreciation and Amoritisation Expenses
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
(a) Depreciation on Property, Plant and Equipments |
63,895,054 |
61,717,062 |
(b) Amoritisation of Intangible Assets |
119,338 |
62,350 |
Less: Utilised from revaluation reserve |
- |
1,331,456 |
Add:- Utilised from revaluation reserve reversed |
1,842,992 |
- |
65,857,384 |
60,447,956 |
Note 32 : Other expenses
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
Power and fuel |
23,142,211 |
22,455,788 |
Rent including lease rentals (Net) |
9,545,520 |
9,545,520 |
Repairs and maintenance - Buildings |
523,677 |
72,930 |
Repairs and maintenance - Others |
2,426,052 |
2,391,142 |
Insurance |
9,839,373 |
7,588,676 |
Rates and taxes |
2,726,810 |
4,474,332 |
Communication |
2,505,089 |
2,901,687 |
Travelling and conveyance |
28,388,931 |
27,430,607 |
Printing and stationery |
2,145,043 |
1,814,696 |
Motor Car Expenses |
7,658,553 |
6,644,887 |
Office Expenses & Electricity Charges |
2,248,800 |
2,989,603 |
Freight and forwarding |
133,975,754 |
100,696,810 |
Loading & Unloading Charges |
3,898,924 |
4,055,986 |
Commission & Brokerage |
1,347,501 |
824,213 |
Donations and contributions |
68,200 |
150,000 |
Legal and professional |
12,629,784 |
10,877,798 |
Elecrama Expenses |
5,476,058 |
- |
Payments to auditors (Refer Note (i) below) |
500,000 |
500,000 |
Net loss on foreign currency transactions |
3,490,742 |
279,318 |
Loss on fixed assets sold / scrapped / written off |
- |
35,180 |
Miscellaneous expenses |
49,247,520 |
38,977,902 |
Total |
301,784,543 |
244,707,073 |
Notes:
Particulars |
2017-18 |
2016-17 |
Rs |
Rs |
|
(i) Payments to the auditors comprises (net of service tax input credit, where applicable): |
||
As auditors - statutory audit |
325,000 |
325,000 |
For taxation matters |
75,000 |
75,000 |
Company law Matter |
100,000 |
100,000 |
Total |
500,000 |
500,000 |
CSR as per section 135 of the Companies act 2013 are not applicable to the Company for the year ended March, 2018 hence it has not been provided.
Note 33 : Additional information to the financial statements
33.2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
Particulars |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
Rs |
|
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year |
. |
250,477 |
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year |
Nil |
Nil |
(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day |
Nil |
Nil |
(iv) The amount of interest due and payable for the year |
||
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year |
Nil |
Nil |
(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid |
Nil |
Nil |
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.
33.3 |
Value of imports calculated on CIF basis @: |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
Rs |
||
Raw materials including Spares |
91,672,550 |
169,823,172 |
|
33.4 |
Expenditure in foreign currency |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
Rs |
||
Travelling |
- |
68,744 |
Note |
Particulars |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
Rs |
||
33.1 |
Contingent liabilities and commitments (to the extent not provided for) |
||
(i) |
Contingent liabilities |
||
(a) Claims against the Company not acknowledged as debt |
15,990,900 |
15,990,900 |
|
(b) Income Tax Matters |
2,164,160 |
2,164,160 |
|
(c) Performance, Counter& Advance Guarantees EMD |
1,602,935,494 |
1,500,337,494 |
|
(d) Corporate guarantees given to the Banks on behalf of related Party- IMP Energy Ltd. |
220,000,000 |
220,000,000 |
|
(e) Other money for which the Company is contingently liable |
Nil |
Nil |
Note 34 : Disclosures under IND Accounting Standards 24 "Related Party Disclosures" |
|
34.a Details of related parties: |
|
Description of relationship |
Names of related parties |
Subsidiaries Companies in which Directors are interested |
IMP Energy Limited |
Raga Organics P. Ltd |
|
Advance Transformers & Equipments Pvt. Ltd |
|
Shree Kishoriju Trading & Investment Pvt. Ltd |
|
Shree Rasbihari Electricals Pvt. Ltd |
|
Shree & Sons. |
|
Universal Transformers Pvt. Ltd |
|
Shree Rasbihari Trading and Investment Pvt. Ltd |
|
Raj Exports Pvt. Ltd. |
|
Mangalam Laboratories Pvt. Ltd. |
|
Ramniwas R Dhoot (HUF) |
|
Shri J B Pharma LLP |
|
Mangalam Drugs & Organics Limited |
|
Directors its Relatives |
Chairman : Shri Ramniwas R Dhoot |
Vice Chairman : Shri Ajay R Dhoot |
|
Managing Director : Shri Aaditya R Dhoot |
|
Director : Priyanjali Malpani |
|
Mrs. Rajkumari R Dhoot (wife of Shri R. R. Dhoot), (up to August 22, 2017) |
|
Mrs. Smita A Dhoot (wife of Shri Aaditya. R. Dhoot), |
|
Mrs. Radhika A Dhoot (wife of Shri Ajay R. Dhoot), |
|
Key Management Personnel (KMP) |
Mr.Bakul K Desai (CFO) |
Ms. Priya Shah (Company Secretary) |
|
Note: Related parties have been identified by the Management. |
33.5 Details of consumption of imported and indigenous items * |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
% |
|
Imported |
||
Raw materials |
109,959,610 |
2.82 |
Note: Figures / percentages in brackets relates to the previous year |
(177,022,263) |
(5.41) |
Indigenous |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
% |
|
Raw materials |
3,782,980,996 |
97.18 |
(3,096,583,992) |
94.59 |
34.b Details of related party transactions during the Year ended 31st March, 2018 and balances outstanding As at 31st March, 2018
Subsidiaries |
Associates |
KMP |
Relatives of KMP |
Entities in which KMP/ relatives of KMP have significant influence |
Total |
|
Related party transactions |
||||||
Purchase of goods |
100,447,137 |
- |
- |
- |
- |
100,447,137 |
(185,933,166) |
- |
- |
- |
- |
(185,933,166) |
|
Sales of goods |
- |
15,004,880 |
- |
- |
- |
15,004,880 |
- |
- |
- |
- |
- |
- |
|
Remuneration |
- |
- |
- |
- |
- |
- |
Shri Ramniwas R Dhoot |
- |
- |
5,340,000 |
- |
- |
5,340,000 |
- |
- |
(4,740,000) |
- |
- |
(4,740,000) |
|
Shri Ajay R Dhoot |
- |
- |
5,190,000 |
- |
- |
5,190,000 |
- |
- |
(4,680,000) |
- |
- |
(4,680,000) |
|
Shri Aaditya R Dhoot |
- |
- |
5,040,000 |
- |
- |
5,040,000 |
- |
- |
(4,560,000) |
- |
- |
(4,560,000) |
|
Mrs Priyanjali Malpani |
- |
- |
- |
607,000 |
- |
607,000 |
- |
- |
- |
(600,000) |
- |
(600,000) |
|
Mr Bakul K Desai (Chief Financial Officer) |
1,655,716 |
|||||
w.e.f 01.07.2016 to 31.03.2017 |
(1,173,037) |
|||||
Mr Deepak Shah (Chief Financial Officer) |
- |
|||||
w.e.f 01.04.2016 to 30.06.2016 |
(505,500) |
|||||
Miss Priya Shah (Company Secretary) |
458,860 |
|||||
w.e.f 14.02.2017 to 31.03.2017 |
(58,968) |
|||||
Miss Srita Parwani (Company Secretary) |
- |
|||||
w.e.f 19.09.2016 to 30.01.2017 |
(157,234) |
|||||
Mrs Parvati Nair (Company Secretary) |
- |
|||||
w.e.f 01.04.2016 to 30.07.2016 |
(156,242) |
|||||
Leasing or hire purchase arrangements |
||||||
Shri Ramniwas R Dhoot (HUF) |
- |
- |
95,000 |
- |
- |
95,000 |
- |
- |
(120,000) |
- |
- |
(120,000) |
|
Shri Ajay R Dhoot |
- |
- |
420,000 |
- |
- |
420,000 |
- |
- |
(420,000) |
- |
- |
(420,000) |
|
Shri Aaditya R Dhoot |
- |
- |
390,000 |
- |
- |
390,000 |
- |
- |
(390,000) |
- |
- |
(390,000) |
|
Interest |
- |
- |
- |
|||
Shri Ramniwas R Dhoot |
_ |
_ |
618,634 |
_ |
_ |
618,634 |
- |
- |
- |
- |
- |
- |
|
Shri Ajay R Dhoot |
6,892 |
_ |
_ |
6,892 |
||
- |
- |
- |
- |
- |
- |
|
Shri Aaditya R Dhoot |
- |
- |
79,245 |
- |
- |
79,245 |
- |
- |
(797,260) |
- |
- |
(797,260) |
|
Mrs Priyanjali Malpani |
- |
- |
- |
527,104 |
527,104 |
|
- |
- |
- |
- |
- |
- |
|
Balances outstanding at the end of the vear |
||||||
Trade receivables |
- |
- |
- |
- |
- |
- |
Loans and advances |
_ |
7,000,000 |
_ |
_ |
_ |
7,000,000 |
- |
(7,000,000) |
(7,000,000) |
||||
Trade payables |
31,406,336 |
- |
- |
- |
- |
31,406,336 |
(81,607,768) |
- |
- |
(81,607,768) |
Note: Figures in bracket pertains to the previous year
Note 37 : Previous year''s figures
Previous year''s figures have been regrouped / reclassified wherever necessary to confirm with the current year''s classification.
In terms of our report of even date |
||
For V.S. SOMANI AND Co., |
For and on behalf of the Board of Directors |
|
Chartered Accountants |
||
(CA. VIDYADHAR S. SOMANI ) |
AJAY R DHOOT |
AADITYA R DHOOT |
Proprietor |
Vice Chairman |
Managing Director |
Place:- Mumbai |
BAKUL K DESAI |
PRIYA SHAH |
Date:- May 11, 2018 |
Chief Financial Officer |
Company Secretary |
Note 36: Disclosures under Accountinq Standards 20 " Earninqs Per Share"
Note |
Particulars |
As at 31st March, 2018 |
As at 31st March, 2017 |
Rs |
Rs |
||
36 |
Earnings per share |
||
Weighted average number of equity shares outstanding |
8,636,563 |
8,636,563 |
|
36.a |
Profit (Loss) after taxation as per Profit & Loss account attributable to Equity Shareholders after adjusting dividend on preference shares before extraordinary items |
54,620,823 |
33,897,607 |
36.b |
Earning Per Share (Basic & Diluted) Before Extra-Ordinary item Profit (Loss) after taxation as per Profit & Loss account attributable to Equity Shareholders after adjusting dividend on preference shares after extraordinary items |
6.32 |
3.92 |
54,620,823 |
33,897,607 |
||
Earning Per Share (Basic & Diluted) |
6.32 |
3.92 |
|
Nominal Value per share |
10.00 |
10.00 |
Note 35: Disclosures under Accounting Standards 19 "Leases"
Note |
Particulars |
For the year ended 31st March, 2018 |
For the year ended 31st March, 2017 |
Rs |
Rs |
||
27 |
Details of leasing arrangements |
||
As Lessee |
|||
The Company has entered into operating lease arrangements for its office premises at Tardeo Mumbai. The leases are non-cancellable and are for a period of 3 years and may be renewed for a further period as mutual agreement of the parties. |
|||
Future minimum lease payments |
|||
not later than one year |
9,545,520 |
9,545,520 |
|
later than one year and not later than five years |
9,333,928 |
9,333,928 |
|
later than five years |
|||
Lease payments recognised in the Statement of Profit and Loss Contingent rents recognised as expense during the year (state basis) |
9,853,155 |
9,853,155 |
Mar 31, 2016
1) Equity Shares includes 11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by Capitalization of Revaluation Reserve.
2) Final installment of 4% Redeemable Preference Shares along with dividend has been redeemed during the current financial year.
3) Company has issued during the year 500000 Equity Shares of Rs. 10 each along with premium of Rs. 70/- to the promoters group of Companies.
4) The Authorized Share Capital was reclassified and subsequently clause V substituted vide Ordinary Resolution passed by the Shareholders of the company at their Extra ordinary General Meeting held on Monday,19th September 2011 at the Registered Office of the Company.
5) The Company had not received the balance 90% amount on 450000 warrants, thus the Company has forfeited Warrant Application money of '' 74,45,000 of these Warrants and transferred to Capital Reserve.
6) Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory Lease Hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to '' 67.70 million was transferred to Revaluation Reserve account.
7) Provision of proposed dividend included Rs. 2,50000/- of short provision made in the previous financial year.
8) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with member banks of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and personal guarantee of promoter Directors shriAjay R Dhoot and Aaditya R Dhoot.
9) Non Convertible Redeemable Bonds including interest redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which '' 18552433/- to be redeemed in the next 12 months considered under current liabilities.
10) Vehicle Loan are secured by hypothecation of vehicles.
(111) The Company and the Greater Bombay Co. Op. Bank Ltd. Filed their consent term with the Hon''ble High Court of jurisdiction at Mumbai on 2nd September, 2014. Based on the Consent terns and as per the order of the High Court of Mumbai dated 2nd September, 2014, the Company has been paying to the Greater Bombay Co-op. Bank Ltd., the principal amount with interest will fully repaid during the financial year 2016-17
Defined Benefits Plans :
12. Contribution to Gratuity Fund -
The Company regularly contributes to the gratuity fund called the â Industrial Meters Private Limited Gratuity Fundâ framed under the Payment of Gratuity Act, 1972, which is a defined benefit plan.
13) Working Capital loan from Banks are secured against first charge on all current assets of the company, present & future, on pari passu basis with banks in the consortium and Second charge on all Fixed Assets of the company, both present & future, on pari-passu basis with member banks of consortium, and personal guarantee of promoter Directors Shri Ajay R Dhoot & Shri Aaditya R Dhoot.
14) The Company has undertaken export & deemed exports of its products, by using indigenous raw materials. Against such exports the Company has received Quantity/value Based Advance Licenses entitling the company to import certain raw materials at Nil Custom duty. The Utilized portion of these licenses amounting to Rs.41.36 million (previous Rs.32.62 million) has been valued as prevailing Customs Duty rates 31st March,2016 and taken credit in the books of accounts in accordance with the matching principle of accountancy.
(15) CSR as per section 135 of the Companies act 2013 are not applicable to the Company for the year ended March, 2016 hence it is not provided.
16 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year.
Mar 31, 2015
1. The Company and the Greater Bombay Co. Op. Bank Ltd. Filed their
consent term with the Hon'ble High Court of juridiction at Mumbai on
2nd September, 2014. Based on the Consent terns and as per the order of
the High Court of Mumbai dated 2nd September, 2014 both the parties
have withdrawn the cases filed against each others for various matters.
The Company has agreed to repay The Greater Bombay Co-op. Bank Ltd.,
the principal amount in 24 Monthly equal installments with interest
starting from September, 2014 as per the consent terms.
2. Contingent liabilities and commitments (to the extent not provided
for)
(i) Contingent liabilities
(a) Claims against the Company not
acknowledged as debt 1,21,05,657 2,62,13,817
(b) Performance ,Counter &
Advance Guarantees EMD 1,23,05,01,048 97,88,16,626
(c) Corporate guarantees given to
the Banks on behalf of related Party
- IMP Energy Ltd. 22,00,00,000 22,00,00,000
(d) Other money for which the Company
is contingently liable Nil Nil
3. Disclosures under Accounting Standards 18 " Related Party
Disclosures"
Note Particulars
1. Details of related parties:
Description of relationship Names of related parties
Subsidiaries IMP Energy Limited
Other Related Parties Raga Organics
P. Ltd
Advance Transformers &
Equipments Pvt. Ltd
Shree Kishoriju Trading &
Investments Pvt. Ltd
Shree Rasbihari Electricals
Pvt. Ltd
Shree & Sons.
Universal Transformers
Pvt. Ltd
Shree Rasbihari Trading and
Investments Pvt. Ltd
Raj Exports Pvt. Ltd.
Mangalam Laboratories
Pvt. Ltd.
Ramniwas R Dhoot (HUF)
Key Management Personnel (KMP) Chairman : Shri Ramniwas
R Dhoot
Vice-Chairman : Shri
Ajay
R Dhoot
Managing Director : Shri
Aaditya
R Dhoot
Director Marketing : Shri
Rajendra
mimani
(Resigned
with w.e.f.
2.03.2015)
Relatives of KMP Mrs. Rajkumari R Dhoot (wife
of Shri R. R. Dhoot),
Mrs. Smita A Dhoot (wife of
Shri Aaditya. R. Dhoot),
Mrs. Radhika A Dhoot (wife
of Shri Ajay R. Dhoot),
Mrs. Saroj Mimani (wife of
Shri Rajendra MImani),
Note: Related parties have been identified by the Management.
4. Previous year's figures
5. Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year.S
Mar 31, 2014
1. Note:-
1) Equity Shares includes 11,27,000 shares issued as fully paid up
Bonus Shares during 1994-95 by Capitalisation of Revaluation Reserve.
2) 4% Redeemable Preference Shares along with dividend will be redeemed
from 1st April 2013 to 31st March 2016 in twelve quarterly equal
installments.
3) Corporate Debt Restructuring (CDR CELL) approved the recompense
amount towards interest liabilities amounting to Rs. 443.50 lacs for
the Company to exit from CDR scheme in the September 2011. Pursuant to
terms & conditions of the CDR cell, 25% of the total amount was paid by
the company in cash & for balance 75%, the Company has issued 1%
Cumulative Redeemable Preference Shares, which were redeemable in 3
half yearly equal installments beginning from April 2012 To April 2013.
4) The Authorised Share Capital was reclassified and subsequently
clause V substituted vide Ordinary Resolution passed by the
Shareholders of the company at their Extra ordinary General Meeting
held on Monday,19th September 2011 at the Registered Office of the
Company.
2. Notes:-
1) The Company had not received the balance 90% amount on 450000
warrants, thus the Company has forfeited Warrant Application money of
Rs. 74,45,000 of these Warrants and transferred to Capital Reserve.
2) The Company had created excess Capital Redemption Reserve from the
profits of earlier year and accordingly has transferred this excess
amount to the General Reserve.
3) Based on valuation report submitted by a professional valuer
appointed for the purpose of valuing Factory Lease Hold Land & Building
at Kandivali works & building Head office, the same have been revalued
as at 31st March, 1994 on current cost basis. The resultant increase in
net book value on such revaluation amounting to Rs. 67.70 million was
transferred to Revaluation Reserve account.
3. Notes
1) Term loan & Bonds from Financial Institutions and Banks are secured
by way of first charge on all Fixed Assets of the Company both present
& future on pari-passu basis with member banks of consortium and Second
charge on all Current Assets of the company both present & future on
pari-passu basis with member banks of consortium and personal guarantee
of promoter Directors Shri Ajay R Dhoot and Shri Aaditya R Dhoot.
2) Non Convertible Redeemable Bonds including interest redeemed from
1st April 2013 to 31st March 2016 in twelve quarterly equal
installment. Out of which Rs. 18552433/- to be redeemed in the next 12
months considered under current liabilities.
3) Vehicle Loan are secured by hypothecation of vehicles.
4. The IMP Powers Ltd filed Company Petition No.395 of 2006 before the
Hon''ble High Court of Judicature at Bombay seeking approval of CDR
Scheme under Section 391 to 394 of the Companies Act, 1956. The said
Petition was allowed by the Hon''ble High Court of Judicature at Bombay.
The Greater Bombay Co- operative Bank Ltd. challenged the said Order by
filing Company Application No.966 of 2007. By an Order dated 22nd
April, 2009 the Hon''ble High Court of Judicature at Bombay allowed the
said Company Application filed by The Greater Bombay Co-operative Bank
Ltd. The said Order is challenged by IMP Powers Ltd by filing an Appeal
being Appeal No.409 of 2009 before the Hon''ble High Court of Judicature
at Bombay. The said Appeal is admitted by the Hon''ble High Court and is
pending for final hearing. In the meanwhile, The Greater Bombay
Co-operative Bank Ltd. sold 380000 shares pledged without notice to
Party. In view of the above, there are multiple litigations pending
among the Parties before DJR, Mumbai, Cooperative Court, Mumbai and
City Civil Court, Mumbai. Apart from the above Appeal, there are claims
and counter claims which are yet to be adjudicated between the Parties.
Therefore, as an abundant caution the Company has provided provision
for interest as well as balance principle amount on the basis of CDR
Scheme approved by the Hon''ble High Court of Judicature at Bombay
subject to the final outcome of all pending litigations. The above
amount is provided without prejudice to IMP Powers Limited''s right and
contentions in all pending matters and also without admitting that
there is any debt admittedly due and payable to The Greater Bombay
Co-operative Bank Ltd.
5. Note : Additional information to the financial statements
Particulars For the year ended For the year ended
31st March, 2014 31st March, 2013
Rs. Rs.
5.1 Contingent liabilities
and commitments(to the extent
not provided for)
(i) Contingent liabilities
(a) Claims against the
Company not acknowledged
as debt
Crogat Electronics Pvt. Ltd.
was supplying raw materials
and there was delay in
supplying the material and
there were rejections and
several complaints from IMP''s
Customers due to substandard
materials and non compliance
of technical norms. IMP had
to procure materials from
other sources resulting in
loss , IMP held back payment
and Crogat filed suit. 474,731 474,731
Asea Brown Boveri Ltd. Filed
by ABB Recovery as Counter
suit against IMP. 14,108,160 14,108,160
(b) Performance, Counter &
Advance Guarantees EMD 1,174,581,697 978,816,626
(c) Corporate guarantee given
to the banks on behalf of
related party - IMP Engery
Ltd. 220,000,000 220,000,000
(d) Other money for which the
Company is contingently liable
(i) Income Tax Demands
(A.Y 2008-2009) Nil 18,789,885
6. Note : Previous year''s figures
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure. Figures are not comparable to Previous year figures as the
Previous financial year is for a period of 9 months.
Mar 31, 2013
1 Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.Figures are not comparable to perivious year figures as the
current financial year is for a period of 9 months.
Jun 30, 2012
Note:-
1) Equity Shares includes 11,27,000 shares issued as fully paid up
Bonus Shares during 1994-95 by Capitalisation of Revaluation Reserve.
2) 4% Redeemable Preference Shares along with dividend will be redeemed
from 1st April 2013 to 31st March 2016 in twelve quarterly equal
installments.
3) Corporate Debt Restructuring (CDR CELL) has approved the recompense
amount towards interest liabilities amounting to ` 443.50 lacs for the
Company to exit from CDR scheme in the previous financial year.
Pursuant to terms & conditions of the CDR cell, 25% of the total amount
has been paid by the company in cash & for balance 75% ,the Company has
issued 1% Cumulative Redeemable Preference Shares, which are redeemable
in 3 half yearly equal installments beginning from March 2012 To March
2013. 1st instalment of ` 1,10,87,380/- was paid during the year.
4) The Authorised Share Capital was reclassified and subsequently
clause V substituted vide Ordinary Resolution passed by the
Shareholders of the Company at their Extra ordinary General Meeting
held on Monday,19th September 2011 at the Registered Office of the
Company.
Notes:- 1) The Company had not received the balance 90% amount on
450000 warrants, thus the Company has forfeited Warrant Application
money of ` 74,45,000 of these Warrants and transferred to Capital
Reserve. 2) Based on valuation report submitted by a professional
valuer appointed for the purpose of valuing Factory Lease Hold Land &
Building at Kandivali works & building Head office, the same have been
revalued as at 31st March, 1994 on current cost basis. The resultant
increase in net book value on such revaluation amounting to ` 67.70
million was transferred to Revaluation Reserve account.
Notes
1) Term loan & Bonds from Financial Institutions and Banks are secured
by way of first charge on all Fixed Assets of the Company both present
& future on pari-passu basis with other member bank of consortium and
Second charge on all Current Assets of the company both present &
future on pari-passu basis with other member bank of consortium and
personal guarantee of promoter Directors.
2) Non Convertible Redeemable Bonds including interest will be redeemed
from 1st April 2013 to 31st March 2016 in twelve quarterly equal
installment. Out of which ` 4638108/- will be redeemed in the next 12
months considered under current liabilities.
3) Vehicle Loan are secured by hypothecation of vehicles.
Defined Benefits Plans :
a. Contribution to Gratuity Fund -
The Company regularly contributes to the gratuity fund called the "
Industrial Meters Private Limited Gratuity Fundà framed under the
Payment of Gratuity Act, 1972, which is a defined benefit plan.
1.1 Contingent liabilities and commitments (to the extent not provided
for) (i) Contingent liabilities
(a) Claims against the Company not acknowledged as debt
Crogat Electronics Pvt. Ltd.was supplying raw materials and there was
delay in supplying the material and there were rejections and several
complaints from IMP's Customers due to substandard materials and non
compliance of technical norms. IMP had to procure materials from other
sources resulting in loss, IMP held back payment and Crogat filed suit.
474,731 474,731 Asea Brown Boveri Ltd. Filed by ABB Recovery as Counter
suit against IMP. 14,108,160 14,108,160
(b) Performance ,Counter & Advance Guarantees 708,418,165 532,830,000
(c) Other money for which the Company is contingently liable
(i) Income Tax Demands (A.Y. 2008-2009) 18,789,885 18,789,885
2 The Revised Schedule VI has become effective from 1 July, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
disclosure.
Jun 30, 2010
1. Estimated amount of contracts (net of advances) remaining to be
executed on capital Account and not provided for Rs. NIL. (Previous
Years. NIL).
2. Contingent liabilities are not provided in the accounts in respect
of the followings:-
(Rs. in Million)
Particulars Year Ended Year Ended
30.06.2010 30.06.2009
a) Guarantees Given 381.88 224.75
b) Income Tax Demands
( A.Y. 1998-99, 2000-01 & 2007-08 ) NIL 1.52
c) Claims Made against Company not
acknowledged as Debts 18.83 14.14
II. Defind Benefits Plans:
a. Contribution to Gratuity Fund
b. The Company regularly contributes to the gratuity fund called the
"Industrial Meters Private Limited Gratuity Fund" framed under the
Payment of Gratuity Act, 1972, which is a defined benefit plan.
3. The Gross depreciation for the year amounting to Rs. 36.36 million
(Previous year Rs. 27.01 million) from which has been deducted a sum of
Rs. 1.33 million (Previous year Rs. 1.33 million) being the extra
Depreciation arising on Revaluation of some of the Fixed Assets which
has been drawn from Revaluation Reserve Account. The net charge to
Profit & Loss Account towards depreciation for the year amounts to Rs.
35.03 million (Previous year Rs. 25.68 million).
4. The Company has undertaken export & deemed exports of its products,
by using indigenous raw materials. Against such exports the Company has
received Quantity Based Advance Licenses entitling them to import
certain raw materials at NIL customs Duty. The unutilized portion of
these licenses amounting to Rs. 1.57million (Previous year Rs. 6.78
million) has been valued at prevailing Customs Duty rates as on 30th
June, 2010 and taken credit in the books of accounts in accordance with
the matching principle of accountancy.
5. The Company is primarily engaged in the business of Electrical
Products like Power & Distribution Transformers, Meters and its parts,
which together constitute a single Segment in accordance with the
accounting standard on "Segment Reporting" (AS 17). Therefore segment
wise information as required by AS-17 on "Segment Reporting" is not
applicable.
6. Provision for taxation has been made with reference to profit for
the year ended 30th June, 2010 in accordance with provision of Income
Tax Act, 1961 and rules framed there under. The Ultimate tax liability
for the Assessment Year 2010-2011 will be determined on the basis of
total Income for the year ending on 31st March, 2010.
7. The carrying amount of Assets does not exceeds the recoverable
amount of Assets, hence no Provision is required to be made for
impairment of assets as required under the Accounting
Standard-28-Impairment of Assets.
8. Based on valuation report submitted by a professional valuer
appointed for the purpose of valuing Factory free hold Land & Building
at Kandivali works & building Head office, the same have been revalued
as at 31st March, 1994 on current cost basis. The resultant increase in
net book value on such revaluation amounting to Rs. 67.70 million was
transferred to Revaluation Reserve account.
9. The Greater Bombay Co-operative Bank Ltd (GBCB) did not join the
CDR Scheme which was considered and approved by other consortium
bankers/ financial institution in the year 2004-05. GBCB did not work
out on the revised repayment plan. Instead GBCB initiated the legal
actions against the company. The company has filed petition u/s 391 of
the Companies Act in the High court and the matter is pending in the
court. However the company has provided interest in the books of
accounts.
10. Related party Disclosure Ã
A. Associated & Other Parties :
Raga Organics Pvt. Ltd.
Universal Transformers Pvt.Ltd.
Advance Transformers & Equipments Pvt. Ltd.
Shree Rasbihari Trading and Investments Pvt. Ltd.
Shree Kishoriju Trading and Investments Pvt. Ltd.
Raj Exports Pvt. Ltd.
Shree Rasbihari Electricals Pvt. Ltd.
Mangalam Laboratories Pvt. Ltd.
Eco Media Infosystems Pvt. Ltd.
Shree & Sons.
Ramniwas R Dhoot (HUF).
B. Key Management Personnel :
i) Chairman : Shri Ramniwas R Dhoot
ii) Managing Director : Shri Ajay R Dhoot
iii) Jt .Managing Director : Shri Aaditya R Dhoot
C. Relatives of Key Management Personnel:
i) Rajkumari R Dhoot ii) Smita A. Dhoot iii) Radhika A. Dhoot
11. Previous Years figures have been regrouped and rearranged wherever
necessary to make them comparable with the current years figures.