1. Contingent liabilities not provided for: - (Rs. in Lacs)
Nature of Liability As at 31st
March, 2011 As at 31st
(i) Disputed Sales Tax liabilities 1021.82 1088.16
(ii) Claims against the Company not
acknowledged as debts 164.58 164.58
Total: 1186.40 1252.74
Note: The Company has contested the above demands and claims at various
levels. Future cash outflows in respect of these are determinable only
upon judgments/decisions at various forums.
2. The Company has other recoverables aggregating Rs. 471.67 Lacs
(Previous Year Rs. 721.76 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.
3(a) The Company had entered into an agreement with Blue Bird India
Limited, to recover its debts amounting to Rs. 4318.68 Lacs, under an
arrangement, during the accounting year 2007-08. The Company has
recovered Rs. 4095.19 Lacs up to the period 31 -03-11. The balance
outstanding amount of Rs. 223.49 Lacs is expected to be recovered by
end of the Current Financial Year 2011-12.
(b) The Company had entered into an agreement with Dee Square
Technologies Pvt. Ltd., to recover its debts amounting to ^ 1158.52
Lacs, under an arrangement during the Accounting Year 2009-10. The
Company has recovered Rs. 365.36 lacs during the Year 2010-11. The
Balance outstanding amounts of Rs. 793.16 lacs are expected to be
recovered by March, 2013, as per the Agreement.
4. The Company had entered into an agreement with Mona Futuristic
Telecom Private Limited, to recover its advances amounting to Rs.
3205.22 Lacs, under an arrangement during the Accounting Year 2009-10.
The Company has recovered the entire amount during the Year 2010-11.
5. The Company has, during the year, given Loans amounting to * 760.00
lacs to M/s Shearson Investment & Trading Company Pvt. Ltd. and Rs.
1011.00 lacs M/s Godavari Corporation Pvt. Ltd. in which Directors are
interested. The Company had not sought permission from the Central
Government as required under section 295 ( 1 ) of the Companies Act,
1956 for these transactions. Accordingly, the Company has filed suomoto
compounding application with the Registrar of Companies, Mumbai.
6. The Company during March, 2006 had a public issue of Equity Shares,
which was over subscribed. As per SEBI rules, refund orders were issued
to the subscribers in respect of the excess amounts. An amount of Rs.
14.41 Lacs (Previous Year Rs. 14.41 Lacs) is pending for encashment as
at 31st March, 2011.
(b) Defined Contribution Plan:
An amount of Rs. 140.07 Lacs (Previous Year Rs. 131.58 Lacs) is
recognized as an expense and included in Schedule 18 Contribution to
Provident and other Funds to the Profit and Loss Account.
1. The Primary Segment identifiable is as follows:
(i) Power and Allied Products: Manufacturing HKVA and Portable
Generators, Engines, Pumps, Power Tillers, Inverters and Trading of
(ii) Power Generating Equipment / Spares: Trading of Power Generating
Equipment and Spares, Electrical appliances & Miscellaneous Components.
(Hi) Others: Wind Mill energy Generation.
(iv) Previous year figures have been regrouped/ rearranged wherever
2. Company''s major revenue are from Domestic Market so disclosure of
Secondary Segment Information as per geographical customers has not
been considered necessary.
3. Previous year figures have been regrouped/rearranged wherever
considered necessary. ,
4. The figures in brackets indicate the previous year figures.
(a) Provision for Income Tax for the current year has been made under
normal provision of the Income Tax Act, 1961.
8. Micro, Small and Medium Enterprise Dues:
Sundry Creditors includes Rs. 42.58 Lacs (Previous Year Rs. 94.88 Lacs)
due to Micro, Small and Medium Enterprises.
9. The Company has issued and allotted 1,062,192,350 Equity Shares of
the face value of Re 1 per Share at a premium ofRs. 1.35 per Share
under the GDR Offer aggregating Rs. 24961.52 lacs on 9th.July, 2010.
The proceeds are intended to be utilized for General Corporate Purpose
and long term Working Capital requirements. Pending utilization, the
amounts are held in deposit account with a bank.
10. The figures of the previous year have been rearranged and/ or
regrouped wherever considered necessary to facilitate comparisons.