Mar 31, 2015
1 Rights, Preferences & Restrictions attaching to each class of shares
i) Equity Shares Share holding of Promoter's Group aggregating to
45,24,113 shares are pledged to the consortium of Bankers led by the
State bank of India.
ii) The Preference shares are Convertible Redeemable Preference shares
(CRPS) issued to the Consortium of bankers to the Company under a
Master Restructuring Agreement dated March 2010 by way of conversion of
Funded Interest Term Loans. The CRPS shall carry a coupon rate of 6.75%
p.a. CRPS shall be redeemed after 12 years ( ie. on 31st December
2024).
2. The Company does not have any holding company or ultimate holding
company.
3. No Equity Shares have been reserved for issue under options and
contracts/commitments for the sale of shares / disinvestment as at
the Balance Sheet date
4. No Equity Shares have been bought back by the company during the
period of 5 years preceding the date as at which the Balance Sheet is
prepared.
5. Corporate Debt Restructuring (CDR)- Loan Recovery & OTS :
The Company could not execute the CDR package due to various reasons
already explained in the previous years and the Banks have initiated
steps for recovery of the debt including issuance of notice under
SARFAESI Act as well as filing the OA with the DRT. However, the
Company has submitted an OTS proposal for settling the debt with all
the banks under the leadership of the State Bank of India with
financial assistance from an Asset Reconstruction Company. The banks
are negotiating the OTS proposal and settlement is expected to be made
at the earliest. Interest on all banks outstanding has not been
provided as the company is confident that the OTS proposal with support
from the ARC companies will be acceptable to the banks.
6. The net worth of the Company suffered further depletion during the
year due to substantial reduction in revenues of the company and the
consequent losses suffered. However, considering the early settlement
with the banks through the OTS and also the various measures taken by
the Company to gain and accumulate orders and also taking into
consideration the business potential in solar power space and future
business prospects of the company, the accounts are stated on going
concern basis.
7. Contingent and disputed liabilities not provided for:
( Rs.in Lakhs)
Particulars As at As at
31.03.2015 31.03.2014
a) Guarantee / Counter Guarantees
given on sale of contracts to
1) Sukhbir Solar Energy Pvt. Ltd - 121.10 121.10
BG against performance Guarantee
2) BSNL - BG against Sales Contract 234.33 234.33
Performance guarantee
3) BSNL - BG against AMC Contract 158.68 164.88
Guarantee
4) BSNL - BG against Sales Contract 105.22 105.22
Performance guarantee
5) MTNL, New Delhi - BG against Sales 37.24 79.24
Contract Performance guarantee
6) Govt of India - Excise Bond for - 6.00
Export shipment
Total Bank Guarantees Contingent 656.58 710.77
liability
b) Disputed income tax liability
relating to a demand notice from the
Income Tax department for levy of
penalty and interest on tax dues for 319.68 319.68
the AY.2005-06, AY.2006-07, AY.
2007-08 & AY 2008-09. The company
had filed an appeal with the department
seeking waiver of penalties imposed on
the company since the delays in remittance
of dues were due to circumstances beyond
the control of the company. The company
is confident of winning the appeals.
8. Foreign Currency Convertible Bonds
As against the outstanding balance of Foreign Currency Convertible
Bonds of USD 4.20 million which had matured for repayment in October
2012, the company was unable to repay the FCCB's as the company's
financial position had deteriorated over the years. However, the
company has not received any claim from the FCCB holders till date. At
the same time the company is trying to contact the FCCB holders and
negotiate with them for rollover of the FCCB for a further period.
9.ent Reports
The Company was in the business of Solar Power Plant & Equipment in
addition to Telecom business of manufacturing CDMA handsets, JKits &
OFC, SMPS and also manufacture of Ethanol. However, all operations
under Telecom and Ethanol business have stopped and the company is now
only in Solar business. Hence, the segment reports are not provided.
10. Related Party Transactions:
Information relating to Related Party transactions as per Accounting
Standard! 8, issued by The Institute of Chartered Accountants of India,
specified under Section 133 of the Companies Act, 2013 read with Rule 7
of the Companies (Accounts) Rules, 2014 is as under: a) Names of
related parties and the nature of relationships:
Name Relationship
i. Saptashva Solar Ltd. Joint Venture Company (48.97% )
ii. Saptashva Solar SA Wholly owned subsidiary Company
iii. Sree Sahasya Enterprises Common Directors
Pvt. Ltd.
iv. Saptashva Solar SRL, Italy Subsidiary of Saptashva
Solar SA, Spain
v. Key Management Personnel:
Mr Dinesh Kumar Managing Director
Mr Aneesh Mittal Whole time Director
Mr K Surender Reddy Chief Financial Officer
Ms Bhargavi Maheshuni Company Secretary
11. Details of Finished Goods stock: NIL
12. There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 45 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
13. Balances appearing under other long term liabilities, short term
borrowings, trade payables, other current liabilities, long term loans
and advances, CWIP advances, trade receivables, short term loans and
advance and other current assets are subject to confirmation and / or
reconciliation, if any.
14. Previous year figures have been regrouped / reclassified wherever
necessary.
Mar 31, 2014
1.1 Contingent liabilities not provided for in respect of:
(Rs. in Lakhs)
Particulars As at As at
31.03.2014 31.03.2013
a) Guarantee / Counter Guarantees given
on sale of contracts 710.77 597.26
b) Letter of credits by Banks NIL NIL
c) Estimated amount of contracts remaining
to be executed on capital account (net of
advances) not provided for Nil 762.91
All the loans are secured by,
- Mortgage and first charge on immovable properties, both present and
future situated at Plot No. 198 A&B, IDA Cherlapally, Hyderabad
- Mortgage and first charge on the fixed assets of Ethanol Division
situated at Plot No. B 8-10, MIDC, Kushnoor, Nanded, Maharashtra
- Mortgage and first charge on lease hold rights on land admeasuring
2,02,350 sq. mts. Approximately and fixed assets both present and
future, situated at survey nos. 50,66,68,69,70,84,85,86 & 87 situated
at Fabcity, Raviryal village, Maheswaram Mandal, Rangareddy District,
Telangana.
- First charge on immovable properties, present and future situated at
Shed nos. 30, 31 and 32, IDA, Mallapur, Hyderabad.
- Hypothecation of all tangible, movable properties and Assets, both
present and future including raw materials, goods in process, finished
goods and book debts.
- Personal guarantee of Directors of the Company - Mr. Dinesh Kumar,
Mr. Aneesh Mittal and Mrs. Ritulal Kumar.
1.2 Segment Reports
The company considers Solar business segment as the primary segment. In
addition to Solar business, the company involved in Telecom business of
manufacturing CDMA handsets, JKits & OFC, SMPS and manufacture of
Enthanol. However, during the year there was negligible business in
these segments. Hence, the segment reports are not provided
1.3 Related Party Transactions:
Information relating to Related Party transactions as per Accounting
Standard18, issued by The Institute of Chartered Accountants of India,
notified under Section 211(3C) of the Companies Act, 1956 is as under:
a) Names of related parties and the nature of relationships: Name
Relationship
i. Khandoba Distilleries Ltd Subsidiary Company
ii. Saptashva Solar Ltd Joint Venture Company (48.97% )
iii. Saptashva Solar SA Wholly owned subsidiary Company
iv. Saptashva Solar SRL Subsidiary of Saptashva Solar SA
v. Digrun Grun SL Subsidiary of Saptashva Solar SA
vi. Apulia Solar SRL Subsidiary of Saptashva Solar SRL
vii. Sree Sahasya Enterprises Pvt Ltd Associate Company viii. Key
Management Personnel:
Shri Dinesh Kumar Managing Director
Smt Ritu lal Kumar Director
1.4 a) Earnings in Foreign Currency:
XL ENERGY LTD.
(Rs. in Lakhs)
Particulars 2013-14 2012-13
FOB value of exports during the year Nil Nil
b) Expenditure in Foreign Currency:
(Rs. in Lakhs)
Particulars 2013-14 2012-13
Travelling Expenses Nil Nil
Import of Raw material (CIF Value) Nil Nil
1.5 Details of Finis hed Goods stock: NIL
1.6 There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 45 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
1.7 Balances appearing under other long term liabilities, short term
borrowings, trade payables, other current liabilities, long term loans
and advances, CWIP advances, trade receivables, short term loans and
advance and other current assets are subject to confirmation and / or
reconciliation, if any.
1.8 Previous year figures have been regrouped / reclassified wherever
necessary.
Mar 31, 2013
Corporate Information
XL Energy Limited (formerly XL Telecom & Energy Limited) is listed
company having its shares listed in BSE and NSE. The company is engaged
in manufacturing/trading/production and sale of Solar Photo voltaic
Modules as its main business. In addition to this the company is
engaged in the business of manufacture of equipment for Telecom
Industry and manufacture of Ethanol. However at present this business
conducted in this segment has become negligible. The company caters to
both international and domestic market in Solar PV Business.
1.1 Corporate Debt Restructuring (CDR)- Loan Repayments & Interest:
The company could not execute the CDR package due to various reasons
already explained in the previous year and the situation remains the
same. The company has submitted an OTS proposal to the banks with
financial assistance from an ARC company. It is assumed that the banks
will accept and negotiate the proposal in 2-3 months time. Interest on
all banks outstanding has not been provided as the Company is confident
that the OTS proposal will be acceptable to the banks and an early
settlement with the banks will be completed within 2-3 months time.
1.2 The net worth of the Company suffered further depletion due to
substantial reduction in revenues of the company and the consequent
losses suffered during the period. However, considering the early
settlement with the banks through the OTS and also the various measures
taken by the Company to gain and accumulate orders and also taking into
consideration the business potential in solar power space and future
business prospects of the company, the accounts are stated on going
concern basis.
1.3 Foreign Currency Convertible Bonds:
As against the outstanding balance of Foreign Currency Convertible
Bonds (FCCB''s) of USD 4.2 Million as at the beginning of the year which
was issued in October 2007 having a maturity period of 5 years and one
day has matured and is due for redemption in October 2012. The company
is in negotiations with the Bond holder for rollover of the same for a
further period at the same terms and conditions and hence classified
the same in the balance sheet as long term funds available with the
company since the company is confident of getting the FCCB''s rolled
over for a further long term period.
1.4 Contingent liabilities not provided for in respect of:
(Rs.in Lakhs)
Particulars As at 31.03.2013 As at
31.03.2012
a) Guarantee / Counter Guarantees
given on sale of contracts 597.26 597.26
b) Letter of credits by Banks Nil NIL
c) Estimated amount of contracts
remaining to be executed on capital
account (net of advances) not 762.91 762.91
provided for
1.5 Segment Reports
The company considers Solar business segment as a primary segment. In
addition to Solar business, the company was involved in Telecom
business of manufacturing CDMA handsets, JKits & OFC, SMPS and
manufacture of Ethanol. However, during the year there was negligible
business in these segments. Hence, the segment reports are not
provided.
1.6 Details of Finished Goods stock: NIL
1.7 There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 45 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
1.8 Balances appearing under other long term liabilities, short term
borrowings, trade payables, other current liabilities, long term loans
and advances, CWIP advances, trade receivables, short term loans and
advance and other current assets are subject to confirmation and / or
reconciliation, if any.
1.9 Previous year figures have been regrouped / reclassified wherever
necessary.
Mar 31, 2012
1. Corporate Debt Restructuring (CDR)- Loan Repayments & Interest :
The company could not execute the CDR package due to various reasons
already explained in the previous year and the continuation of the same
situation, the company''s operations have substantially come down with
both revenues and cash flows drying up, the company was unable to pay
either interest or installments due to the banks as per the CDR
package. Interest charged by the banks during the current year has been
accounted by the company on the basis of statements received from the
bank. However, SBI and its subsidiaries which are SBH, SBJM, SBM have
not charged interest on the outstanding amounts due to them and have
not been accounted by the company. The company is in dialogue with the
bank for an OTS solution and is also looking for a strategic partner
who can fund the OTS and is expected to close on this proposal within
March 2013, hence, the company has not provided for the interest on
those loans on which the banks have not charged interest.
1.1 The net worth of the Company suffered further depletion due
substantial reduction in revenues of the company and the consequent
losses suffered during the period. However, considering the extension
of time granted to the Company under CDR (Corporate Debt Restructuring)
scheme and also the various measures taken by the Company and taking
into consideration such business potential in solar power space and
future business prospects of the company, the accounts are stated on
going concern basis.
1.2 Previous Figures are not comparable as current year consists of 12
months (ie. 01.04.2011 to 31.03.2012) as against the 15months period
(01.01.2010 to 31.03.2011) of previous year.
1.3 Foreign Currency Convertible Bonds:
As against the outstanding balance of Foreign Currency Convertible
Bonds (FCCB) of USD 4.2 Million as at the beginning of the year which
was issued in October 2007 having a maturity period of 5 years and one
day has matured and is due for redemption in October 2012. However, the
FCCB''s are not redeemed as on the date of signing of this balance sheet
and the company is in negotiations with the Bond holder for rollover of
the same for a further period at the same terms and conditions and
hence classified the same in the balance sheet as long term funds
available with the company since the company is confident of getting
the FCCB''s rolled over for a further long term period.
Contingent liabilities not provided for in respect of:
Amount in Rs. Lacs
Particulars As at 15 Month ended
31.03.2012 31.03.2011
a) Guarantee / Counter Guarantees
given on sale of contracts 597.26 1954.50
b) Letter of credits by Banks NIL NIL
c) Estimated amount of contracts
remaining to be executed
on capital account (net of advances)
not provided for 762.91 2476.42
- Mortgage and first charges on immovable properties, both present and
future situated at Plot No. 198 A&B, IDA Cherlapally, Hyderabad
- Mortgage and first charges on the fixed assets of Ethanol Division
situated at Plot No. B 8-10, MIDC, Kushnoor, Nanded, Maharashtra
- Mortgage and first charges on lease hold rights on land admeasuring
2,02,350 sq. mts. Approximately and fixed assets both present and
future, situated at survey nos. 50,66,68,69,70,84,85,86 & 87 situated
at Fabcity, Raviryal village, Maheswaram mandal, Rangareddy district,
Andhra Pradesh
- First charge on immovable properties, present and future situated at
Shed nos. 30, 31 and 32, IDA, Mallapur, Hyderabad.
- Hypothecation of all tangible, movable properties and Assets, both
present and future including raw materials, goods in process, finished
goods and book debts.
- Personal guarantee of Directors of the Company - Mr. Dinesh Kumar,
Mr. Aneesh Mittal and Mrs. Ritulal Kumar.
1.4 Segment Reports
The company considers Solar business segment as the primary segment. In
addition to Solar business, the company was involved in Telecom
business of manufacturing CDMA handsets, JKits & OFC, SMPS and
manufacture of Enthanol. However, during the year there was negligible
business in these segments. Hence, the segment reports are not provided
1.5 Related Party Transactions:
2.43 There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 45 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
1.6 Balances appearing under other long term liabilities, short term
borrowings, trade payables, other current liabilities, long term loans
and advances, CWIP advances, trade receivables, short term loans and
advance and other current assets are subject to confirmation and / or
reconciliation, if any.
1.7 Previous year figures have been regrouped / reclassified wherever
necessary.
Mar 31, 2011
1. Note on Corporate Debt Restructuring (CDR):
The Company has approached the consortium of Banks for restructuring of
debts under the CDR (Corporate Debt Restructuring) scheme of RBI during
the previous accounting year 2008-09. The detailed note of the same has
been given in the previous Balance Sheet.
However,during the current financial year despite reconstructing of
loans given by Banks, the Company could not perform as per projections
of CDR scheme for reasons like:
(a) The selling price of modules detoriated furtherto the level of EURO
1.1 per WP as against the projected figure of EURO 2 per WP.
(b) For various reasons internal to the Banks, the consortium could not
come up wih the working capital limits to support the execution of
orders resulting in drop in revenues & cancellation of orders.
In view of significant drop in selling prices, the Company has to
dispose of inventories at much lower price than estimated in the CDR
scheme, resulting in further loss in M to M.
In view of above reasons, the Company could not meet its obligations
for repayment of loans as per CDR scheme.Further the promoters also
could not bring in necessary capital committed by them.
The company is persuing with the Banks the Second restructuring of its
loans, taking current situation in to Account.
2. The net worth of the Company suffered substantial erosion due to
the losses suffered during the period. However, considering the
restructuring package granted to the Company under CDR (Corporate Debt
Restructuring) scheme and also the various measures taken by the
Company for increasing the net worth and the business prospects, the
accounts are stated on going concern basis.
3. Previous Figures are not comparable as current year consists of
15months period (01.01.2010 to 31.03.2011) as against the 18 months
period (01.07.2008 to 31.12.2009) of previous year.
4. Foreign Currency Convertible Bonds:
Pursuant to the approval accorded by the members on 26.09.2007, the
Company had made allotment of Foreign Currency Convertible Bonds (FCCB)
of USD 40 Million in October 2007 having a maturity period of 5 years
and one day.
During the year upon , conversion of US$ 8.04 million FCCBs the Company
issued and allotted 19,99,447 equity shares of Rs. 10/- each at a
premium of Rs. 150/- per share during the current year. The
outstanding balance of FCCBs as on 31.03.2011 is USD 4.2 million.
Consequent to the above,the paid up equity share capital of the company
was increased to 2,27,74,397 equity shares of Rs.10/- each.
5. Contingent liabilities not provided for in respect of:
(Rupees in Lakhs)
Particulars As at As at
31.03.2011 31.12.2009
a) Guarantee / Counter
Guarantees given on
sale of contracts 1954.50 2007.88
b) Letter of credits by Banks NIL NIL
c) Estimated amount of
contracts remaining to
be executed on capital
account (net of 2476.42 2476.42
advances) not provided for
All the loans are secured by,
- Mortgage and first charges on immovable properties, both present and
future situated at Plot No. 198 A&.B, IDA Cherlapally, Hyderabad
- Mortgage and first charges on the fixed assets of Ethanol Division
situated at Plot No. B 8-10, MIDC, Kushnoor, Nanded, Maharashtra
- Mortgage and first charges on lease hold rights on land admeasuring
2,02,350 sq. mts. Approximately and fixed assets both present and
future, situated at survey nos. 50,66,68,69,70,84,85,86 & 87 situated
at Fabcity, Raviryal village, Maheswaram mandal, Rangareddy district,
Andhra Pradesh
- First charge on immovable properties, present and future situated at
Shed nos. 30, 31 and 32, IDA, Mallapur, Hyderabad.
- Hypothecation of all tangible, movable properties and Assets, both
present and future including raw materials, goods in process, finished
goods and book debts.
- Personal guarantee of Mr. Dinesh Kumar, Mr. Aneesh Mittal and Mrs.
Ritulal Kumar.
- Hire Purchase loans are secured by hypothecation of specific
vehicles.
6. The company considers Solar business segment as the primary
segment. The primary segment information is provided as Schedule-15.
7.There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 45 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
8. Balances appearing under unsecured loans, sundry creditors,
Capital WIP, Loans and advances and debtors are subject to confirmation
and / or reconciliation, if any.
9. Previous year figures have been regrouped / reclassified wherever
necessary.
Dec 31, 2009
1. Note on Corporate Debt Restructuring (CDR):
The Company has approached the consortium of Banks for restructuring of
debts under the CDR (Corporate Debt Restructuring) scheme of RBI. The
brief details are as under:
With a mandatory legislation change brought out by European Union in
2007 by making the compulsory usage of solar power for entire demand
coupled with encouragement by way of subsidies from the local
governments, the company has received export orders from Spain for
supply of Solar panels during 2008.
With the overwhelming and unexpected response received by the Spanish
government, they kept the subsidies on hold for a rework on their
internal polices and this coupled with the global economic scenario in
September, 2008 led to sudden cancellation of orders to the tune of
21MW, by the Spanish entrepreneurs before execution and not extending
the LCs issued to the Company. This resulted in huge pile up of stocks
and adding to that the subsequent reduction of the raw material prices
in the international market due to global economic scenario resulted in
a huge MTM loss to the Company.
In view of this, the Company has no other option except to seek a
suitable restructuring under CDR scheme of RBI and thus the Company has
approached the consortium banks for deep restructuring of our existing
debts. Accordingly, our banker SBI have worked out a restructuring
package and referred the same to the CDR Cell and for approval.
Accordingly the same has been approved by CDR cell in their CDR EC
meeting held on 30th Dec09 on the following lines viz.,
o to restructuring all the outstanding debts as on 30th June2009 to be
repaid over 32 quarterly installments (on ballooning basis) commencing
from quarter ending September 2011.
o To reduce the rate of interest applicable on all loans to 9% p.a.
payable monthly for the first three years FY 2009 to FY 2011 and
stepped up by 1 % every alternate year with a cap of 13% p.a. over the
period of the loan to ensure minimum yield of 10.33% p.a. payable
monthly.
o To convert future interest on STL, WCTL, TL and FITL -TL etc from
1stJuly09 to 31st Dec2010 into a CRPS facility, this will carry a
dividend coupon rate of 6.75% p.a. (tax free) payable semi-annually
every year from the date of issue. The CRPS will be redeemed after 12
years from 31st Dec2012. The lenders/holders of CRPS would have a put
option for redemption of 1 /3rd CRPS each in 8*, 9th and 10th year from
cut-off date i.e.30th June2009 along with accumulated dividend. All
penal and liquidated damages up to the date of implementation of scheme
to be waived.
o Total sacrifice of all lenders connected with this restructuring has
been worked out to Rs.137.73 crores in terms of economic loss and
Rs.96.91 crores in terms of funding of interest for 1 V2 years thus
totaling to Rs.234.64 crores. An amount of Rs.40 crores would be
brought in by promoter in two equal installments in FY 2010 and FY
2011.
o To liquidate part of SPVM inventory to its 100% step down subsidiary
"Sapthasva Solar S.r.l." for setting up of 8 MW Solar Power Plant.
o To sell of investments in Khandoba Distilleries Ltd (wholly owned
subsidiary of XL TEL) in FY 2010.
o To sell of Ethanol Division of XL Telecom & Energy Ltd in FY 2010.
o For sale of Ethanol Division and Divestment in Khandoba Distillery
Ltd, Asset Sale Committee (ASC) comprising of SBI, Canara Bank, IDBI
Bank, ICICI Bank and the company may be constituted.
2. The net worth of the Company suffered substantial erosion due to
the losses suffered during the period. However, considering the
restructuring package granted to the Company under CDR (Corporate Debt
Restructuring) scheme and also the various measures taken by the
Company for increasing the net worth and the business prospects, the
accounts are stated on going concern basis.
3. Previous Figures are not comparable as current year consists of 18
months period (01.07.2008 to 31.12.2009) as against the twelve month
period (01.07.2007 to 30.06.2008) of previous year.
4. Foreign Currency Convertible Bonds:
Pursuant to the approval accorded by the members on 26.09.2007, the
Company had made allotment of Foreign Currency Convertible Bonds (FCCB)
of USD 40 Million in October 2007 having a maturity period of 5 years
and one day.
Out of USD 40 million FCCBs, the Bond holders requested for conversion
of USD 19.76 million FCCBs. On conversion the company issued and
allotted 30,24,036 equity shares of Rs.10/- each at a premium of
Rs.250/- per share during the year 2007-08. The outstanding balance of
FCCBs as on 30.06.2008 was USD 20.24 million,
Out of USD 20.24 million FCCBs, the Bond holders requested for
conversion of USD 8 million FCCBs. On conversion, Company issued and
allotted 19,89,498 equity shares of Rs. 10/- each at a premium of Rs.
150/- per share during the current year. The outstanding balance of
FCCBs as on 31.12.2009 is USD 12.24 million.
5. Warrants:
Pursuant to the approval accorded by the members on 26.09.2007, the
Company has issued and allotted 52,50,000 warrants to the promoters and
others in October, 2007. The warrants are to be convertible in to
equity shares with in 18 months.
Out of the above, 12,60,000 warrants were converted and the Company
issued and allotted 12,60,000 equity shares of Rs.10/- each at a
premium of Rs.125A each during the year 2007-08.
During the current year, on the due date, the Company forfeited
39,90,000 share warrants, out of the 52,50,000 warrants issued during
2007-08, due to the non-payment of the balance amount for conversion.
An amount of Rs.5,38,65,000/- is shown as Capital Reserve on this
account.
6. Contingent liabilities not provided for in respect of: (Rs. in
Lakhs)
Particulars As at 31.12.2009 As at 30.06.2008
a) Guarantee / Counter
Guarantees given on sale
of contracts 2007.88 3,637.63
b) Letter of credits by Banks NIL 17,517.32
c) Estimated amount of contracts
remaining to be executed on capital
account (net of advances) not
provided for 2476.42 20,360.27
17. Related Party Transactions:
Information relating to Related Party transactions as per Accounting
Standard 18, issued by The Institute of Chartered Accountants of India,
notified under Section 211 (3C) of the Companies Act, 1956 is as under:
a) Names of related parties and the nature of relationships:
Name Relationship
i. Khandoba Distilleries Ltd Subsidiary Company
ii. Saptashva Solar Ltd Wholly owned subsidiary Company
iii. Saptashva Solar SA Wholly owned subsidiary Company
iv. Saptashva Solar SRL Subsidiary of Saptashva Solar SA
v. Digrun Grun SL Subsidiary of Saptashva Solar SA
vi. Apulia Solar SRL Subsidiary of Saptashva Solar SRL
vii. Sree Sahasya Enteprises
Pvt Ltd Associate Company
viii. Sree Sahasya Entertainments
Pvt Ltd Associate Company
ix. Soft Projex (I) Ltd Associate Company
x. Key Management Personnel:
Shri Dinesh Kumar Managing Director
Smt Ritu Director
18. The extraordinary item of Rs.12,807.96 lakhs in the Profit & Loss
Account for the period ending 31.12.2009 represent the mark to market
loss resulting in the diminution in the value of inventories.
19. The company considers business segment as the primary segment. The
primary segment information is provided as Schedule-15.
20. There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 30 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
21. Balances appearing under unsecured loans, sundry creditors,
Capital WIP, Loans and advances and debtors are subject to confirmation
and / or reconciliation, if any.
22. Previous year figures have been regrouped / reclassified wherever
necessary.