1. Corporate Information
Morgan Ventures Limited is a Public Limited company incorporated under
the provisions of Companies Act, 1956. The Company is a Non - Banking
Financial Company registered with Reserve Bank of India. Equity Shares
of the Company is listed at Bombay Stock Exchange. The Company is also
engaged in power generation from windmills.
Punjab National Bank (Large Corporate Branch) Delhi has first charge on
all moveable and immoveable assets related to 25 Wind Mills known as
Kanyakumari Wind Farm, Erode Wind Farm, Chennai Wind Farm and
Coimbatore Wind Farm situated at Tamilnadu and first charge on all
receivables/payment to be received from Tamil Nadu Electricity Board
Term Loans is repayable is 48 monthly installment spreadover 8 years.
The payment of installment started from 30th April ''2007 and last
installment is payable in 30th September 2015, rate of Interest was
2. OTHER INFORMATION
A. Figures have been rounded off to the nearest rupee and previous
year figures have been regrouped/ rearranged wherever necessary.
B. Share Allotment Money receivable from shareholders is subject to
reconciliation with the share transfer agent.
C. Disclosure as per Accounting Standard-17 on Segment Reporting
(i) Segments have been identified in line with the Accounting
Standard-17 on Segment Reporting.
(ii) Segment Revenue, Results and Capital Employed figures include the
respective amounts identifiable to each of the segments. Unallocable
expenditure includes expenses incurred at a corporate level which
relate to the company as a whole.
D. Related Parties Disclosures are as under: -
I. Names of related party and nature of related party relationship
i) Subsidiary: Satlej Real Estate Pvt. Ltd., Sudama Technologies
Private Limited and Satlej Infotech Private Limited(Subsidiary of
Satlej Real Estate Pvt. Ltd.)
ii) Key Management Personnel & their relatives (also exercising
significant influence over the Company)
Mrs. Meera Goyal, Managing Director
(Relative Mr. S. C. Goyal, Director of the Company)
Enterprise in which the persons referred in (ii) above alongwith their
relative''s exercises significant influence:
Goyal MG Gases Private Limited, Dhamwari Power Company Private Limited,
Hibra Power Private Limited, Peacock Chemicals Private Limited, Morgan
Infrastructures Developers Private Limited and Morgan Signature Towers
E. Contingent Liabilities:
The Company is in litigation relating to termination of Agreement to
Sell with Goldendreams Buildcon Private Limited for sale of a plot at
Aurangabad, part of 5 units of Jhalani Tools India Ltd acquired through
Court Auction. The claim under dispute is for Specific Performance of
agreement to sell and interest accrued. Goldendreams Buildcon Private
Limited has also claimed compensation for alleged loss and damages
suffered by them which has not been quantified by them. The Directors
are of the opinion that the Company can protect its interest
successfully. Contingent Assets are neither recognized nor disclosed
in the Financial Statement.