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Notes to Accounts of IMP Powers Ltd.

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 “ Industrial Meters Private Limited Gratuity Fund” 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 Fund” 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 –

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.

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