Notes to Accounts of Ravindra Energy Ltd.

Mar 31, 2018

xv. Significant accounting judgments estimates and assumptions

Revaluation of property, plant and equipment

The Company measures land, buildings, plant and machinery classified as property, plant and equipment at revalued amounts with changes in fair value being recognized in Others Comprehensive Income. The Company engaged an independent valuation specialist to assess fair value for the valuation of land. Fair value of land was determined by using the market comparable method and plant & equipment was determined by using resale value method adjusted for specific market factors such as nature, location and condition of the property. The Company has also determined that fair value does not differ materially from the carrying value of assets. Accordingly, the Company has not revalued the property, plant and equipment as at March 31, 2018.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

xvi. Standards issued but not yet effective

The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Group''s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.

The Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Amendment Rules, 2017 and Companies (Indian Accounting Standards) Amendment Rules, 2018 amending the following standard:

Ind AS 115 Revenue from Contracts with Customers

Ind AS 115 was notified on 28 March, 2018 and establishes a five-step model to account for revenue arising from contracts with customers. Under Ind AS 115, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

The new revenue standard will supersede all current revenue recognition requirements under Ind AS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after April 1, 2018. The Company will adopt the new standard on the required effective date using the modified retrospective method. The Company has established an implementation team to implement Ind AS 115 related to the recognition of revenue from contracts with customers and it continues to evaluate the changes to accounting system and processes, and additional disclosure requirements that may be necessary. A reliable estimate of the quantitative impact of Ind AS 115 on the financial statements will only be possible once the implementation project has been completed.

Notes: Miscellaneous expenses are not recognized as asset as per IND AS, amount charged during the year has been transferred.

10. Previous year figures have been regrouped and reclassified wherever necessary.

---

Mar 31, 2016

1. Previous year figures have been regrouped and reclassified wherever necessary.

---

Mar 31, 2015

1. Sundry Debtors, Sundry Creditors and all Advance Accounts are subject to confirmation.

2 Contingent Liability 2014-15 2013-14

Corporate Guarantee 2,559.96 3,500.37

MVAT FY (2009-10) Appeal pending before Sales Tax Tribunal, Mumbai 24.36 7.13

MVAT FY (2008-09) Appeal pending before Sales Tax Tribunal, Mumbai 6.55 6.55

2. RELATED PARTY DISCLOSURES

Subsidiary Companies

i. Vantamuri Trading and Investments Limited

ii. Agri Venture Trading and Investment Private Limited

iii. Damodar Resource Holdings, (FZE) (UAE)

iv. Renuka Energy Resource Holdings, (FZE) (UAE)

v. Pt. Renuka Jambi (Indonesia)

vi. Renuka Resource (Singapore) Pte Ltd (Singapore)

vii. Pt. Nagarta Coal Fields (Indonesia)

viii. Pt.Renuka Coal Indo TBK (Indonesia)

ix. Pt. Jambi Prima Coal (Indonesia)

x. Renuka Global Minerals, (Mauritius)

xi. Mineracao Elefante Ltda (Brazil)

xii. Minerales Elefante S.A.S (Colombia)

xiii. Pt Bandargah Mandiangin Internasional (Indonesia)

xiv. Pt Surya Global Makmur (Indonesia)

xv. Nandur Sugars Limited

Key Management personnel

I. Mr. J. Suresh Kumar

ii. Mr. Sidram Kaluti

iii. Mr. Ramnath Sadekar

Related Parties

i. Shree Renuka Sugars Limited

ii. Murkumbi Investments Private Limited

iii. Khandepar Investments Private Limited

iv. Renuka Commodities DMCC

3. During the year ended 31 st March 2015, the Company has revised the useful life of fixed assets as specified in schedule II of the Companies Act, 2013. Accordingly, the carrying value of fixed assets as on 1st April, 2014, has been depreciated over the revised remaining useful life of such asset. As a result of this change, the net depreciation charge for the year ended 31st March, 2015 is higher by 1,33,243/-. Further, an amount of Rs. 1,05,658/- has been charged to the opening balance of the retained earnings representing carrying value of assets, whose remaining useful life is Nil, as at 1st April, 2014, as per the transitional provision prescribed in note 7(b) of Schedule II of the Companies Act, 2013.

4. Previous year figures have been regrouped and reclassified wherever necessary.

---

Mar 31, 2014

1. CURRENT INVESTMENTS

* Note: These companies have applied for voluntary winding-up u/s 560 of the Companies Act'' 1956. As on 31st March 2014, it is pending for strike-off with the respective registrar of companies. The loss on Investment is estimated to be Rs. 0.30 millions and will be wrtten-off against strike-off of name.

2. OTHER NOTES TO ACCOUNTS

i. A Scheme of Amalgamation ("the Scheme"), for the amalgamation of Shree Renuka Energy Limited (SREL) called "the Transferor Company" with Ravindra Energy Limited (the Transferee Company) with effect from April 1, 2012, ("the Appointed Date"), was sanctioned by the Hon''ble High Court of Judicature at Bombay ("the Court’), vide its Order dated March 28, 2014 and certified copies of the Order of the Court sanctioning the Scheme were filed with the Registrar of Companies, Maharashtra on March 31, 2014 (the "Effective Date"). Accordingly, the standalone results of the Company for the year ended March 31, 2014, include the results of the erstwhile SREL for the financial year ended March 31, 2014.

ii. Sundry Debtors, Sundry Creditors and all Advance Accounts are subject to confirmation.

iii. Contingent Liability: 2013-14 2012-13

Corporte Guarantee 3,500.37 3,198.81

MVAT FY (2009-10) Appeal pending before Joint Comm. Kolhapur 7.13 -

MVAT FY (2008-09) Appeal pending before Sales Tax Tribunal, Mumbai 6.55 -

3. RELATED PARTY DISCLOSURES

Subsidiary Companies:

i. Vantamuri Trading and Investments Limited

ii. Agri Venture Trading and Investment Private Limite

iii. Damodar Resource Holdings, (FZE) UAE

iv. Renuka Energy Resource Holdings, (FZE) UAE

v. Pt. Renuka Jambi (Indonesia)

vi. Renuka Resource (Singapore) Pte Ltd

vii. Pt. Nagarta Coal Fields (Indonesia)

viii. Pt. Renuka Coal Indo TBK (Indonesia)

ix. Pt. Jambi Prima Coal (Indonesia)

x. Renuka Global Minerals, Mauritius

xi. Mineracao Elefante Ltda (Brazil)

xii. Minerales Elefante S.A.S (Colombia)

xiii. Shree Renuka Energy Urja Private Limited

xiv. Shree Renuka Ports Pvt. Ltd.

xv. Shree Renuka Resources Pvt. Ltd.

xvi. Shree Renuka Energy Infrastructure Pvt. Ltd.

xvii. Pt. Bandargah Mandiangin Internasional.

xviii. Nandur Sugars Ltd.



Key Management personnel

i. Mr. Vishwanath Mathur

ii. Mr. Sunil Bhide

iii. Mr. Basanagoud G. Patil

Companies coming under same management

i. Shree Renuka Sugars Limited

ii. Murkumbi Investments Private Limited

iii. Khandepar Investments Private Limited

iv. Renuka Commodities DMCC

4. Previous year figures have been regrouped and reclassified whereever necessary.

---

Mar 31, 2013

A. Previous year''s figures have been regrouped /rearranged wherever considered necessary.

B. The Company has not entered into any transactions with entities covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, disclosure of such transactions does notarise.

---

Mar 31, 2012

A. Previous year's figures have been regrouped/rearranged wherever considered necessary.

b. The Company has not entered into any transactions with entities covered under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, disclosure of such transactions does not arise.

---

Mar 31, 2010

A. Change in Name of the Company:

In accordance with the provisions laid down in Section 21 of the Companies Act, 1956 and other applicable provisions, the name of the Company has accordingly been changed from ‘Ravindra Trading & Agencies Limited to ‘Ravindra Energy Limited.

b. Alteration in the Objects Clause of the Memorandum of Association:

In accordance with the provisions laid down in Section 17 of the Companies Act, 1956 and other applicable provisions, the Company has accordingly altered the Objects Clause (Clause III) of the Memorandum of Association vide a special resolution passed via Postal Ballot dated 19th December, 2009.

Following material amendments/ alterations demand attention in this regard:

* The Main objects of the Company are thereby replaced from, "Investment and Trading in shares, stocks, commodities etc to "Power generation, transmission, distribution and allied activities.

* The Other Objects Clause (Clause III C) of the Memorandum of Association is thereby altered, by addition of new clauses 53, 54 and 55, which consist of activities relating to promotion, establishment, installation, take over and setting up of various types of steel plants and other allied activities.

c. Commencement of business as specified in the Other Objects Clause of the Memorandum of Association:

In accordance with the provisions laid down in Section 149(2A) of the Companies Act, 1956 and other applicable provisions, approval of the shareholders is thereby accorded by the Company for commencement of business, as specified in the aforementioned clauses 53, 54 and 55 of the Other Objects Clause (Clause IIIC) of the Memorandum of Association, vide a special resolution passed via Postal Ballot dated 19th December, 2009.

d. Prior Period Expenses:

Annual Listing Fees amounting to Rs. 399,205/- included under Schedule ‘J - Other Expenses, of the Profit and Loss A/c annexed hereto, relates to expenses arisen in periods prior to the current financial year. Accordingly, losses for the current financial year are overstated to such extent.

e. Segment Reporting:

The Company has not identified any Reportable Segment, as prescribed in Accounting Standard -17, issued by the ‘Institute of Chartered Accountants of India and hence no disclosure is made with regard to the same.

f. Balances appearing under the head loans & advances and unsecured loans are subject to confirmation, adjustments, if any, on the receipt / reconciliation of such accounts.

g. Since the Company has not yet commenced its commercial operations as on the Balance Sheet date, the question of details of transactions carried out with the entities covered under the Micro, Small and Medium Enterprises Development Act, 2006, does not arise.

h. Quantitative Details:

Information pursuant to Paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956 is not furnished, as the Company is yet to commence its commercial operations.

i. Previous years figures:

Previous years figures have been regrouped / rearranged wherever considered necessary.

j. Related Party Disclosures:

iii. Other Related Party Disclosures;

The shareholding of Murkumbi Investments Private Limited, the Holding Company, in Ravindra Energy Limited, as on the Balance Sheet date is as follows:

- 483,110 Equity Shares of Rs. 10/- each (fully paid-up)

---

Mar 31, 2009

1. These are consistent with the generally accepted accounting practices.

2. Balances, in respect of Unsecured Loans, Loans & Advances, Sundry Creditors & Advances Received against Sale of Share are subject to confirmation & reconciliation.

3. In the opinion of the Board, the value of the realisation of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance sheet and all known liabilities is adequate and not in excess of the amount reasonably required.

4. Previous years figures have been reclassified, regrouped wherever necessary. All the figures have been rounded off to the nearest rupee.

5. As per the information available with the company there are no dues outstanding to any Small Scale Industrial undertaking as defined under the interest on Delayed Payment to Small Scale and Ancillary Industrial Undertaking Act, 1993.

6. Additional information pursuant to the provision of Paragraph 3,4C & 4D and other information pursuant to the part of schedule VI of the Companies Act, 1956 to the extent applicable to the company.

7. RELATED PARTY DISCLOSURE : A. List of Related Parties:

Key Management Personnel

- Vishwanath Mathur - Director

- G. A Desai - Director

- B.G. Patil - Director

- B.K. Lohia - Director

8. In view of the time limitations on carry forward of losses and as a matter of prudence deferred tax assets arising on accounts of brought forward losses and deprecation under tax laws has not been recognized.

9. The Company does not have a full time Company Secretary as required under Section 383 of the Companies Act, 1956. However the company has obtained a Compliance Certificate from the full time practicing company Secretary.