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Birla Power Solutions
BSE: 517001|NSE: BIRLAPOWER|ISIN: INE224B01024|SECTOR: Electric Equipment
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Birla Power Solutions is not traded in the last 30 days
Mar 12
Notes to Accounts Year End : Mar '13
Contingent Liabilities
 
 I The outflow of resources in respect of pending matters with respect
 to Sales Tax & Excise Duty would depend on the ultimate outcome of the
 dispute lying before various Authorities amounting to Rs. 318.71 Lacs
 (Previous Year Rs. 696.14 Lacs). The Company has taken legal & other
 steps necessary to protect its position in respect of these claims.
 
 II. The Company has recoverable aggregating Rs.489.48 Lacs (Previous
 Year Rs.472.22 Lacs) from Birla TransAsia Carpets Limited (BTCL), a sick
 industrial undertaking. BTCL has made a reference to the Board for
 Industrial and Financial Reconstruction (BIFR).
 
 The management relies on the estimations made by an independent valuer
 in respect of the realizable values of assets viz. land, buildings and
 plant and machinery of BTCL and accordingly considers its exposures to
 be good and adequately covered and expects full realisability of the
 same in future.
 
 III.  Trade receivables include Rs.. 410.09 Lacs (Previous years
 Rs.843.00Lacs) for which the company has entered into agreements of
 assignment for transfer of debts outstanding and receivable by the
 company, to the purchaser of the debts.
 
 IV.  The Company during March, 2006 had a public issue of Equity
 Shares, which was oversubscribed. As per SEBI rules, refund orders were
 issued to the subscribers in respect of the excess amounts. An amount
 of Rs..14.41 (Previous Year Rs. 14.41 Lacs) is pending for encashment as at
 31st March, 2013
 
 V A. Earnings Per Share (Basic and Diluted)
 
 V B. Other payable under Note 9 Other Current Liabilities includes
 statutory dues of Rs.. 610.58 Lacs (Previous Year Rs. 558.11 Lacs) & other
 payable against Acceptances of Rs. 3451.91Lacs (Previous Year Rs. 3737.80
 Lacs).
 
 V C. In accordance with Accounting Standard  17 Segment Reporting,
 segment information has been given in the consolidated financial
 statement of the Company and therefore, no separate disclosure on
 segment information is given in these financial statements.
 
 V D. Expenses incurred amounting to Rs. Nil (Rs. 1240.45 lacs), as GDR
 Issue Expenses, on issuance of Global Depository Receipts in the year
 2010-2011 have been adjusted against Securities Premium received
 against these GDR''s.
 
 VI Balances with banks includes Rs. 9, 92,745.00 with a bank for which
 statement of account / confirmation of balance as on 31.03.2013 is
 awaited.
 
 VII Party balances are subject to confirmation / reconciliation.
 
 VIII In the opinion of the management, the current assets, loans &
 advances and current liabilities are approximately of the value stated,
 if realized / paid in the ordinary course of business. The provision
 for all known liabilities are adequate and is not in excess of the
 amounts considered reasonably.
 
 IX On 09.06.2011 the Company issued and allotted 213,519,690
 convertible share warrants to Promoter Group Companies at a price of
 Rs. 2.10 per share. 25% of the issue price amounting to Rs.
 11,20,97,837.26 due on allotment was received at the time of allotment.
 The balance 75% was due at the time of conversion on or before
 08.12.2012. As the warrant holders have not exercised the option of
 conversion, the Company has forfeited the amount received on allotment
 of the warrants.
 
 X Previous year figures have been regrouped and re-arranged wherever
 considered necessary.
 
 XI The Company has incurred expenditure aggregating to Rs. 4148.62
 lacs towards capital work in progress. There has been delayed in the
 implementation of the project and accordingly the advances made to the
 suppliers have not been entirely appropriated towards the supplies. No
 provision for impairment is considered necessary by the management at
 this stage.
 
 XII The Company has not be able to service the repayment of deposits
 to the deposit holders as well as interest on the deposit due for
 payment and comply with the order of the Company Law Board for refund
 of deposits, due to cash flow limitation and the extent of the
 outstanding as of 31.03.2013 is interest of Rs. 1,26,02,594/- and
 principal amount of Rs. 11,91,80,000/- on the Fixed Deposits matured
 and presented for repayments.
 
 However, the company is paying the amounts in staggered manner and
 hopes to clear the outstanding in due course of time.
Source : Dion Global Solutions Limited
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