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Moneycontrol.com India | Notes to Account > Miscellaneous > Notes to Account from K.P. Energy - BSE: 539686, NSE: N.A
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K.P. Energy

BSE: 539686|ISIN: INE127T01013|SECTOR: Miscellaneous
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K.P. Energy is not listed on NSE
Notes to Accounts Year End : Mar '18

1 CORPORATE INFORMATION :

K.P Energy Limited (“the Company”) was incorporated on 08/01/2010 as a Private Limited company and later on converted in Public Limited company domiciled in India. Its shares are listed on BSE SME platform. The company is primarily engaged in Wind Farm development, development of Wind Mills and allied services related to it along with generation of electricity through wind mill.

TERMS / RIGHTS ATTACHED TO EQUITY SHARES

The Company has only one class of equity shares having a par value of Rs 10 each. Each holder of equity shares is entitled to one vote per share.

During the year the company has not declared in interim dividend nor proposed any final dividend.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

DETAILS OF CONVERTIBLE SECURITIES:

The company has not issued any securities convertible into equity or preference shares.

DETAILS OF SHARES RESERVED FOR EMPLOYEES STOCK OPTIONS :

The company has not reserved any shares for employees stock options

SHARE HOLDERS HOLDING MORE THAN 5 % EQUITY SHARES IN THE COMPANY As per records of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

The company has no holding company.

LONG TERM BORROWINGS :

The company has outstanding balance of term loan from SBI Rs. 12.47 Crores (14.30 Crores), and Axis Bank Rs. 7 lakhs (Rs. 28.88 Lakhs) which are secured by first pari passu charge on all fixed assets created out of Bank finance. The loan of SBI is further secured by collateral securities of various flats of KPI Global Infrastructure Ltd., and immovable properties of the director and family members of the Directors, Other fixed assets of the Company including Plant and machineries, lands situated at various places and bank FD. The borrowings are further secured by personal guarantee of Directors and family members of directors along with corporate guarantee of KPI Global infrastructure Ltd. Loans from Axis bank are secured against the respective assets for which the loans were sanctioned by the bank.

Other long term loans from Capital First Ltd., Magma Fincorp Ltd., Tata Capital Finance Services Ltd. are unsecured loans.

Vehicle loan of Rs. 7,85,412 (Rs. 13,30,174) of which Rs. 5,71,356/- (Rs. 5,14,093) classified as Current maturities of long term debt is secured against vehicle under hire purchase contract. During the year company has taken 2 new term loans from SIDBI and outstanding balance is 17.79 Crores (‘ NIL) for setting up wind mills at Sathara, Bhavnagar and Rjnawata, Porbantar.

The amounts of all terms loans are the amounts which are left after classifying the amounts under Current maturities of long term debt.

SHORT TERM BORROWINGS

The company has taken the Cash credit facilities from SBI for Rs. 4.00 Crores (4.00 Crores) which is secured by first pari passu charge on all current assets primarily Stock and Book debts. The rate of interest on the working capital facility from bank is 10 % p.a.(i 0.00% p.a.) calculated on daily products on monthly rests. Till the renewal of the working capital facility by the bank during March, 20 i 8. During the year company has taken Stand by line of Credit (SLC) from SBI for Rs.1.80 Crores (NIL) which is secured by first pari passu charge on all current assets primarily Stock and Book debts. The rate of interest on the working capital facility from bank is ii % p.a.(NIL) calculated on daily products on monthly rests.

The same is further secured by collateral securities of various flats of KPI Global Infrastructure Ltd., and immovable properties of the director and family members of the Directors, Other fixed assets of the Company including Plant and machineries, lands situated at various places and bank FD. The borrowings are further secured by personal guarantee of Directors and family members of directors along with corporate guarantee of KPI Global infrastructure Ltd.

TRADE PAYABLES

As certified and confirmed by the management that there are no entities of trade payables which are Micro Enterprises and small enterprises.

FIXED ASSETS:

a) Amount shown as deduction from Land at Madhiya Rs. 9676 14/- is the amount of advances given for purchase of land which was wrongly included under the head fixed assets in earlier year. Hence the same is shown as deduction from the respective land and included in Short term loans and advances with the name of the person to whom the said advances were given.

b) There is no intent to sale any of the assets held by the company and hence there is no fixed assets held for disposal.

c) All the assets purchased during the year were put to use before 3 1st March 2018. The assets which are not put to use during the year are separately shown under capital work-in-progress at the year end except wind power generation plant at Mahuva, Sathara amounted to Rs. 14,76,04,042/- which is included in total addition in the wind power generation Plant amounted to Rs. 29,12,47,373/-. The power generation plant at Mahuva, Sathara is commissioned on 29/06/2017, however, the commercial production has not been started from the said plant and hence no depreciation has been provided for this plant.

d) There is no lease hold fixed asset held by the company during the year under reporting and in the preceding year.

NON CUR RENT INVESTMENTS

During the yea r the company has acquired fu rthn r shares of the subsidiary compasiRs and accordingly the total percentage of hoi ding of yhe Company id the su bsidiary compaeins is as follows :

- KP E nnrgy Mahuva Windfarms Peiva’te Limited. 99. 03 % (98.85%)

- Ungarn Renewable E nnrgy 1^r i velIir LimiSed. 98 .20 % (95.55%)

- Windfarm DRvdopRrs Private Limited! 98.77 % (98.33%)

Evergreen Mahuva Windfarms Private Limited 5 i % (NIL)

During the yeaa the com|mny has entered ieto l_l_P as paatn nr and appoinnnd Mr. Fdt uk Patel to acn as Drsgn atnd Partner on behalf tim Com pany. Another IDirn ctor Mn. Ashiish Ml it har is also a designate d partn nr in thnsn LLPs and _Li n (Company/ hold 99% stake in al I thn LLPs whereas Mr. Ashish Mlithani hold s i % stake i n thnsn L LF’s.

Rnfnr Noon No. 3 4

INVENTORIES:

Inventories are valued at cost or net realisable value whichever is lower by following FIFO method. Inventories of leasehold lands are valued at cost. Inventory includes stock of power valued at net realisable value.

TRADE RECEIVABLES:

Sundry debtors are trade receivables which are due in respect of goods sold in the normal course of the business. The debtors outstanding for more than 6 months are those debtors which are outstanding for more than 6 months from the date of Invoice but all of them are good as reviewed by the management and hence no provisions for doubtful debts has been made.

SHORT TERM LOANS AND ADVANCES

Amount shown under the head short term loans and advances are the amounts of current capital contribution to various subsidiary LLPs.

2 Operating Leases

The Company has taken certain premises under cancellable operating leases. However there is no escalation clause. Each renewal is at the option of lessee. There are no restrictions placed upon the company by entering into these leases. The total rental expense under cancellable operating leases during the period was Rs 15,03,777 (Rs. 10,49,823).

3 Earning / (loss) per share

Basic and Dilutive Earnings per Share (“EPS”) computed in accordance with Accounting Standard (AS)

4 Earnings per Share’.

Since the company has not issued any convertible preference shares or convertible debentures, the diluted EPS is same as that of Basic EPS.

5 Segmental Reporting (AS 17):

As permitted by paragraph 4 of Accounting Standard-17 (As-17),”Segment Reporting”, if a single financial report contains both consolidated financial statements and the separate financial statements of the parent, segment information need by presented only on the basis of the consolidated financial statements. Thus, disclosures required by AS-17 are given in consolidated financial statements.

6 Related Party Disclosures

a. List of related parties and nature of relationships where control exists :

a. Other related parties with whom transactions have taken place during the year :

i) Entities where Key Management Personnel (KMP) / relatives of key management personnel (RKMP) have significant influence :

Faaiz Money Changer Private Limited,

KP Sor-Urja Limited,

KP Human Development Foundation,

KPI Global Infrastructure Limited,

KP Buildcon Private Limited.

ii) Key Management Personnel :

Faruk Gulambhai Patel - Managing Director Ashish Ashwin Mithani - Whole Time Director Pravin Singh - Chief Financial Officer Karmit Haribhadrabhai Sheth - Company Secretary

iii) Relatives of key management personnel :

Vahidabanu Faruk Patel,

Aayesha Farukh Patel,

Jolly Ashish Mithani,

Gulambhai Mahamad Ali Patel Rashida Gulambhai Mahamad Patel

Loans given to related parties are repayable on demand. The loans given to related parties are interest free. These loans have been utilized by these related parties for funding their business operations.

Note : No loans have been granted by the Company to any person for the purpose of investing in the shares of K p Energy Limited or any of its Subsidiaries.

7. Cash Flow Statement :

Cash flows are reported using the indirect method, whereby net profits before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, investing and financing activities of the company are segregated.

8. Based on the information available with the company, there are no dues to Micro & Small Enterprises under the Micro, Small and medium Enterprises Development Act, 2006.

9. Disclosure required U/S. 186(4) of The Companies Act, 2013 :

For details of loans and guarantees given to and given by related parties, refer Note No. 34.

For details of securities provided by the related parties, refer Note No. 5 & 34.

For details of Investments made refer Note No. 14.

10. The provisions of sec. 135 of the Companies Act, 2013 related to Corporate Social Responsibility are applicable to the company hence, expenses is made out of profit and expenses were incurred by the company during the reporting period.

11. During the year the company has not entered into any hire purchase agreement with any institutions.

12. Provision for trade guarantees / warrantees :

The company is primarily engaged in Wind Farm development, development of Wind Mills and allied services related to it along with generation of electricity through wind mill and not provided or entered into any service contracts which creates the liability of warranties etc. and therefore, no such liabilities are provided.

13. Capital and other commitments :

There are no contracts remaining to be executed on Capital account and hence no provision has been made on this account.

The Company has no obligation on account of non-fulfilment of export commitments under various advance licenses during the reporting period and hence no provisions have been made.

14. Accounting policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting policies. (GAAP).

15. The previous year’s figures have been regrouped or reclassified wherever necessary to confirm with the current year’s presentation.

Source : Dion Global Solutions Limited
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