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Financial Report 2015-16

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Published by Repro Graphics, 2017-08-15 07:18:34

Wind World

Financial Report 2015-16

NCIAL REPORT 2015-16
FINA
Building a Sustainable Future


Building a Sustainable Future
Climate change is threatening the well-being of humanity and the use of non-renewable resources for generating energy is unsustainable. The need of the hour is to find alternative environmentally friendly ways to meet India's growing energy needs. Windworld India Limited (WWIL) is at the forefront of this endeavour.
Over the years, we have emerged as a mainstream, eco-friendly, renewable energy producer having generated more than 51,700 mn units of energy by harnessing the infinite power of the wind. Our carbon footprint offset exceeds 132 mn metric tonnes.
Our concern for future generations drives us towards building a sustainable future, while meeting a national need.
2 Wind World (India) Ltd.


CONTENTS
4 Our Vision & Mission
6 Highlights
8 Our Strengths
10 World-class Technology
12 End-to-End Solutions
14 Highly skilled & Committed People
16 Industry - India and the World
17 Accounts
Financial Report 2015-16 3


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Our Vision
Wind World (India) Ltd. shall forge ahead with courage and innovation to be an exemplary organization. We will synergise ourselves for continued enhanced performance. We shall foster a culture of care for our stakeholders and channelise our efforts with integrity to build their trust.
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Our
Mission
Wind World (India) Ltd's mission is to deliver projects from concept to commissioning to care, using state-of-the-art grid friendly wind power plants to generate clean and cost effective energy for our customers.
We will be a motivated and a responsive partner, committed to quality and timely performance.
We shall actively promote and propagate the use of wind energy as an environment friendly resource.
We shall relentlessly pursue growth by constantly challenging ourselves.
Wind World (India) Ltd. will work towards being the most trusted wind energy company.
Financial Report 2015-16 5


Highlights
1460
turnover in INR cr
23%
domestic market share
4779+
total installed capacity
6 6
6 Wind World (India) Ltd.


6477
Wind Energy Turbines Commissioned
30.6%
Increase in Revenue
Financial Report 2015-16 7


End-to-End Solutions
8 Wind World (India) Ltd.
Our Strengths
Experience & Successful Track
Record
Proven Technology
Strong Vendor Chain


Development Rights Across Various
Windy States
Highly Skilled & Committed People
Financial Strength
Mature, Loyal & Stable Client Base
Financial Report 2015-16 9


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World-Class Technology
Tower
What makes our towers outstanding?
• Towers are held together by
pre-stressed cables for stability in extreme load
conditions
• Sturdy design; final 2 sections are of steel.
• Towers are made from M55 grade concrete.
• Superior resonance.
• Better corrosion resistance; virtually mainte-
nance free.
• Superior seismic stability.
• Concrete towers are maintenance free, for their
entire life span.
Revolutionary Blade Design Blade With Lightning-Proof & Noise-Reduction Technology
• Lightening protection through lightning conductor mechanism provides protection for blades that other manufacturers seldom offer.
• The new Rotor Blades are specially designed for optimization of power generation at low and medium wind speeds also, unlike conventional rotor blades.
• Independent battery power back-up in case no grid power is available to turn the blade.
• No need for hydraulic brakes thereby reducing the stress and the wear and tear associated with the hydraulic brake system.
• Higher energy generated compared to other WECs, at lower wind speeds.
• Our blades can bear any type of cyclone, high wind etc, resulting in negligible downtime, thus substantially improving generation.
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Drive System
The drive system has fewer rotating components thereby reducing mechanical stress and increasing the technical service life of the equipment.
Operating costs (maintenance and service) are lower.
Grid Integration
• Our installations feature a
grid feed system that meets the latest grid connection requirements, and comply with latest statutory and regulatory norms. Therefore they can be easily integrated to any state grid network.
• Frequent interruptions in the grid will have no bearing on the generator in the case of Windworld WEG.
.• Our technology ensures that output power is regulated according to grid specifications.
• The equipments used in our lines and substations are the latest and coupled with all protective devices to ensure trouble free operations.
Annular Generator
• Low machine stress due to slow machine rotation & low level of speed variability.
• Unique gearless design, using advanced, state- of-the-art-technology that substantially reduces maintenance.
• Yield-optimized control.
• High level of grid compatibility.
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End to End Solutions
WWIL provides end to end solutions to customers, right from identification of good potential wind sites, manufacturing Wind Turbine Generators and other components to developing electrical infrastructure, installing and commissioning Wind Turbine Generators. We also undertake operation and maintenance of the Wind Turbine Generators for 20 years of life span.
We provide holistic wind energy solutions with the key value drivers being wind mapping and monitoring, project development, manufacture of WECs, EPC services and 365 x 24 x 7 operation and maintenance.
Additional value-drivers are: arranging for project finance, assistance in power billing and collections, CDM services and regulatory advisory services, including REC trading and GBI registration.
Wind mapping and monitoring
• Selection of potential sites and analysis
• Micro Siting and Computation of Probable
Energy Outputs
Project Development
• Contour and plain table survey and Acquisition of Land
• Project feasibility – legal/ commercial/financial
• All related governmental and legal clearances. Liaising
with Nodal Agencies for
getting different approvals regarding Land, evacuation, etc.
12 Wind World (India) Ltd.


Engineering, Procurement, Construction and Commissioning
• Manufacturing of complete WECs
• Construction of evacuation systems
• Infrastructure development - Roads, Foundations, Transmission Lines, etc. at construction site
• Erection of windmill at site
• Commissioning of WEC and interfacing
• Execution of Agreement with nodal agencies (i.e. Power Purchase Agreement)
• SCADA systems for remote monitoring
Life time operations and maintenance
• 24X7 Operation and Maintenance of WECs. No man power required from customer end.
• Comprehensive all inclusive fixed contracts
• Daily Generation Monitoring
of windmill anywhere in the world. A unique ID and password provided to each customer
for his own monitoring.
• Power marketing,
• Monthly billing to Electricity
Board against energy generated from a windmill on behalf of the customer
• Collection of cheques from Electricity boards and deposit into customer's accounts
• Annual electrical inspection, metering and calibration
• Online performance reporting
• Regulatory compliances
• Relationship Management
• Break down insurance provided
by Wind World (India) Ltd. even after commissioning
Financial Report 2015-16 13


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Highly Skilled Employees
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The WWIL Training Academy at Daman is a world class institution, providing exhaustive training on the specifics and technicalities of our operations, maintenance and asset management support. Established on a sprawling picturesque campus, it has an ambience conducive to all round personality development of individuals and of course the domain knowledge of acquiring technical know-how of mechanical and electrical parts of the windmills.
The WWIL Training Academy is among the rst in the world in the wind energy sector
to attain an ISO 9001:2008 Certi cation.
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Wind Industry - India & The World Highlights of Wind Power Development
• There was a revival in global wind installations in 2014 of a record 51.2 GW, representing 42% growth over 2013 installations, compared to a 20% fall in 2013.
• Cummulative installed capacity climbed to 372 GW by the end of 2014.
• Asia's extraordinary growth, propelled by China, made it the region with the most
cumulative capacity, followed by Europe and then the Americas.
• Offshore wind grid connection and weather-related delays halved new offshore
installations from 1,712 MW in 2013 to 852 MW in 2014.
• Direct drive turbine installations grew 30% and took 27% of the global market, a slight
decline in market share compared to 2013 despite good overall performance.
• Wind power delivered at least 3.4% of the world's electricity in 2014, a figure expected to
grow to 5.3% in 2019.
Policy Support for Wind Power in India
India's wind energy market experienced volatility in 2012 and 2013 due to the ending of certain incentive schemes viz. Generation Based Incentive and Accelerated Depreciation. However, these were reinstated in February 2013 and July 2014 respectively, which resulted in a surge of installed wind power in 2014 totalling 1,333 MW. The main policy support for wind power in India is as follows:
• System of Preferential Fixed Feed-in Tariffs (FIT) is available in 13 states, ranging from INR 3.2/lWh to INR 6.14/kWh.
• Generation Based Incentive (GBI) is a scheme where a wind power producer will get INR 0.5/kWh for power fed into the grid, over and above wind tariff.
• Accelerated Depreciation scheme allows wind plant owners to depreciate 80% of the value of their investment in wind plants in the first year of operation, reducing tax burden.
• India also enacts a program of Renewable Energy Certificates (RECs), wherein 1 certificate is issued for every 1 MWh of electricity fed into the grid from a renewable source.
16 Wind World (India) Ltd.
Source: BTM Navigant Wind Report 2015


EWnIeNrDcoWn O(IRnLdDia()ILNiDmIiAte)dL(INMoIwTEKDnown As Wind World (India) Limited) (formerly known as ENERCON (INDIA) LIMITED)
AUDITED FINANCIALS 2015-16
CIN No : U31200DD2003PLC003236
Financial Report 20115-126 17


18
Financial Report 20115-162
EWnIeNrDcoWn O(IRnLdDia()ILNiDmIiAte)dL(INMoIwTEKDnown As Wind World (India) Limited) (formerly known as ENERCON (INDIA) LIMITED)
FORM 3CB
[See Rule 6G(1)(b)]
Audit Report under section 44AB of the Income-tax Act, 1961,
in the case of a person referred to in clause (b) of sub-rule (1) of Rule 6G
1. We have examined the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date (“the financial statements”), attached herewith, of Wind World (India) Limited having its registered office at, Plot No. 33, Daman Patalia Road, Bhimpore, Daman - 396210 (Permanent Account Number – AAACE0319D) and corporate office at Wind World Tower, Plot no. A-9, Veera Industrial Estate, Veera Desai Road, Andheri (West), Mumbai – 400 053, hereinafter referred to as “the Company” or “assessee” as the case may be.
2. These financial statements have been prepared by the Company’s Management for the sole purpose of compliance with the requirements of the Income-tax Act, 1961 and are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.
3. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
4. We certify that the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement are in agreement with the books of account maintained by the Assessee at the above mentioned addresses.
5. Without qualifying our report, we draw attention to the following: (i) Note 29 of the financial statements regarding Enercon GmbH, the majority shareholder of the Company and the Indian shareholders of the Company filing petitions with Company Law Board (‘CLB’) in terms of sections 397/398 of the Companies Act, 1956 (‘Act’) for relief against oppression
6.
and mismanagement in the conduct of the affairs of the Company; CLB, through its interim orders granting some relief, inter alia, directing maintenance of status quo in all matters pending final outcome, CLB in its final order dismissing the petition filed by Enercon GmbH and allowing the petition filed by Indian shareholders, directing Enercon GmbH to sell its stake to Indian Shareholder, Enercon Gmbh challenging the order of the CLB in the Bombay High Court and said court quashing and setting aside the Order of the CLB, continuing with its interim order, restoring the petition of Enercon GmbH and the Indian shareholders and remanding the matter back to CLB to be disposed-off on merits.
(ii) Pendingthefinaloutcomeoftheabovementionedappeal,the statutory financial statements of the Company for the previous financial years ended March 31, 2007, March 31, 2008, March 31, 2009, March 31, 2010, March 31, 2011, March 31, 2012, March 31, 2013, March 31, 2014 and March 31, 2015 have not been approved by the Board of Directors of the Company and accordingly have not been adopted by the Members of the Company under the provisions of the Companies Act, 1956. The opening balances as on April 1, 2015 for the purposes of these financial statements have been considered based on the financial statements for the year ended March 31, 2015, prepared for the purposes of compliance with the Income-tax Act, 1961. (Refer Note 29 of financial statements).
(iii) In respect of validity of appointment of Managing Director / Whole Time Director, and payment of remuneration to such Directors, beyond their initial term of appointment, as was fixed by the shareholders at their meeting held on March 25, 2004, the Company has been legally advised that the failure of the Company to re-appoint its Managing Director / Whole Time Director is a direct consequence of the compliance with the directions contained in the interim orders passed by the Honourable Board with regard to maintaining status quo and not changing the managerial setup of the Company and accordingly does not result in any non-compliance under the Companies Act, 1956. (Refer Note 30 of financial statements).
(iv) Note 31 of the financial statements regarding non - disqualification of the Directors u/s 164 (2) of the Companies Act, 2013 for the reasons stated in the note.
(v) Note 46 of the financial statements regarding non-appointment of Independent Directors and a Woman Director u/s 149 of the Companies Act, 2013 and non-constitution of an Audit Committee u/s177 of the Companies Act, 2013, for the reasons stated in the note.
Attention is invited to the following:
(i) During the financial year ended March 31, 2013, the Company
based on legal advice received in respect of the matter, had written back the existing provision in respect of Royalty payable on sale of Wind energy Convertors for the period from January 1, 2009 to March 31, 2011 which was provided for based on the “Agreed principles” agreed between Enercon GmbH and the Company and outstanding in the books aggregating to Rs. 9,736.74 Lakhs. The Company has been legally advised that all the patents belonging to Enercon GmbH for which


EWnIeNrDcoWn O(IRnLdDia()ILNiDmIiAte)dL(INMoIwTEKDnown As Wind World (India) Limited) (formerly known as ENERCON (INDIA) LIMITED)
revocation application had been filed by the Company have been revoked by the Intellectual Property Appellate Board (IPAB) and are no longer in existence, Enercon GmbH has also committed the first breach of the contract by non- supply of raw materials, parts and components from May 23, 2008; and hence no royalty is payable to Enercon GmbH.
The above matters are currently being litigated by the parties at various Courts and other regulatory forums. As these matters are sub-judice, the outcome of which is not known at this stage, we are unable to comment on the same. (Refer Note 36A of financial statements)
(ii) DuringthefinancialyearendedMarch31,2013,theCompany based on legal advice received in the matter, had written back its existing liability to Enercon GmbH amounting to Rs 12,667.12 Lakhs in respect of supplies of material and components. The Company contends that Enercon GmbH had deliberately and unlawfully decided to stop supplies resulting in a complete halt of production and that such supplies were resumed only on the orders of the Honourable High Court of Judicature at Bombay. Further, the Company contends that such supplies when resumed were mismatched and were not as per the Company’s requirements and has assessed the impact of such sudden stoppage / mismatch of supplies leading to a contribution loss of Rs. 47,272.86 Lakhs, based on a certification obtained from an independent Cost Accountant. The Company has filed a suit for the recovery of the said contribution loss in the High Court of Judicature at Bombay. In view of the above, and based on legal advice received in the matter, the management is of the view that the said sum of Rs. 12,667.12 Lakhs towards supplies of materials and components was not payable and had accordingly written back the said liability in the books of account of the said financial year.
The above matters are currently being litigated by the parties at the Honourable High Court of Judicature at Bombay. As these matters are sub-judice, the outcome of which is not known at this stage, we are unable to comment on the same. (Refer Note 36B of financial statements).
(iii)The Company, based on a Purchase Order received from a wholly owned subsidiary, for sale of its Sub-stations, having a net book value of Rs. 3,252.71 Lakhs as on the date of sale, and other sub-stations and infrastructure lines which were expensed out in earlier years in accordance with the practice followed in those years, has booked an aggregate amount of Rs. 14,874.08 Lakhs as “Other Income” (refer note 22 of the financial statements) in 2014-15. As informed by the Company and disclosed in Note 45 of the financial statements, approval of the Joint Lenders Forum (JLF) in respect of this transaction has been received in this year.
(iv) The related party transactions entered into by the Company with its subsidiaries and other related parties (refer Note 40 of the Financial statements) in respect of interest on sub-debt loans, unsecured loans, operations & maintenance income, liquidated damages, sale of goods and sale of sub-station,
requiring approval under sections177(4) of the Companies Act, 2013, of the Audit Committee / the Board of Directors / the Members, as the case may be, have not been so approved for the reasons stated in Note 46 of the Financial statements. Consequently, we are unable to comment on the implications of such non-compliance on the financial statements.
7. We report that:
In our opinion and the best of our information and according to the explanations given to us, the said accounts, read with the notes thereon, give a true and fair view:
(a) in the case of the Balance Sheet, of the state of affairs of the assessee as at March 31, 2016;
(b) in the case of the Statement of Profit and Loss, of the loss of the assessee for the year ended on that date; and
(c) inthecaseoftheCashFlowStatement,ofthecashflowsfor the year ended on that date.
8. The statement of particulars required to be furnished under Section 44AB is annexed herewith in Form No. 3CD, including the Annexures thereto (“the said particulars”).The said particulars have been furnished based on the records, documents and information available with the assessee and produced to us. We have examined the said particulars in accordance with the Generally Accepted Auditing Standards in India which include test checks and the concept of materiality, our interpretations of the law and related pronouncements and as per the Guidance Note on Tax Audit under Section 44 AB of the Income-tax Act, 1961 issued by the Institute of the Chartered Accountants of India.
9. In our opinion and to the best of information and according to our examination of the books of account including other relevant documents and explanations given to us, the said particulars, read together with the effects / possible effects of the matters referred to in Paragraph 6 above, and read together with the notes thereon, are true and correct.
10. This report in Form 3CB is intended only for the Company and the Income Tax department for the sole purpose of compliance with the requirements of the Income-tax Act, 1961.
Place: Mumbai Dated: July 20, 2016
For MAHESH KUMAR JAIN & CO Chartered Accountants (Registration Number:114179W)
Mahesh Kumar Jain
Proprietor (Membership No. 47473)
Financial Report 20151-126 19


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
BALANCE SHEET AS AT 31ST MARCH 2016
Particulars
I. EQUITY AND LIABILITIES
(1) SHAREHOLDERS' FUNDS
(a) Share Capital
(b) Reserves and Surplus
(2) NON-CURRENT LIABILITIES
(a) Long-Term Borrowings
(b) Deferred Tax Liabilities (net) (c) Other Long-Term Liabilities (d) Long-Term Provisions
(3) CURRENT LIABILITIES
(a) Short-Term Borrowings (b) Trade Payables
(i) Total outstanding dues of Micro Enterprises and Small Enterprises
(ii) Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises
(c) Other Current Liabilities (d) Short-Term Provisions
T O T A L
II. ASSETS
(1) NON-CURRENT ASSETS
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work-in-Progress
(b) Non-Current Investments
(c) Long-Term Loans and Advances
(2) CURRENT ASSETS
(a) Inventories
(b) Trade Receivables
(c) Cash and Bank balances
(d) Short-term Loans and Advances (e) Other Current Assets
See Accompanying Notes forming part of the financial statements
T O T A L
In terms of our report in Form 3CB attached
For MAHESH KUMAR JAIN & CO CHARTERED ACCOUNTANTS
( Firm Registration No. 114179W ) MAHESH KUMAR JAIN
Proprietor Membership No.47473
Place : Mumbai Date : 20.07.2016
As at 31st March, 2016
As at 31st March, 2015
(Fig. in Rs.)
5,829,051,922
12,308,928,234
28,452,166,460 46,590,146,616
7,081,943,961 6,514,322,055
32,993,880,600 46,590,146,616
KAUSHIK KHONA
CFO & Company Secretary
(Fig. in Rs.) (Fig. in Rs.) (Fig. in Rs.)
3
72,000,000 72,000,000
4,795,303,068 5,757,051,922
4
4,867,303,068
5
6,440,845,679 7,442,463,515
6
- 175,036,020
7
5,278,482,997 4,434,674,176
239,573,015 256,754,523
8
11,958,901,691
9
5,014,571,238 4,987,614,946
10
- 16,168,347
8,172,553,942 9,984,373,839
8,172,553,942 10,000,542,186
11
16,345,825,645 13,233,530,834
232,380,820 230,478,494
12
29,765,331,645
46,591,536,404
13
6,548,016,769 6,897,358,057
23,009,496 33,682,174
150,204,918 150,903,730
6,721,231,183
14
4,942,138,544 4,847,449,610
15
1,818,416,050 1,666,872,445
6,760,554,594
16
14,341,430,225 11,411,155,319
17
14,373,775,538 14,696,712,756
18
19
133,556,870 689,828,636
4,008,617,666 5,839,387,036
20
252,370,328 356,796,853
33,109,750,627
1 to 49
46,591,536,404
20
Financial Report 2015-16
Note No.
WIND WORLD (INDIA) LIMITED
YOGESH MEHRA
Managing Director DIN: 00296579
Place : Mumbai Date : 20.07.2016
AJAY MEHRA
Director
DIN: 00296668


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED 31ST MARCH, 2016
Particulars
I. REVENUE FROM OPERATIONS (NET) II. OTHER INCOME
III. TOTAL REVENUE ( I + II )
IV. EXPENSES
Cost of Materials Consumed
Purchases of Stock-in-Trade (Traded goods)
Changes in Inventories of Finished Goods, Work-in Progress and Stock-in-Trade and Self generated Development Rights "
Employee Benefits Expense Finance Costs
Depreciation and amortization expense
Other Expenses
Total Expenses
V. PROFIT / ( LOSS ) BEFORE TAX ( III – IV )
VI. TAX EXPENSE:
(1) Current tax
(2) Less: MAT Credit Entitlement
(3) Short / (Excess) provision for tax relating to prior years (4) Deferred tax (credit) / charge (net)
Net tax expense
VII. (LOSS) / PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS ( V - VI )
(Fig. in Rs.)
13,186,070,223
Note No.
For the year ended For the year ended 31st March, 2016 31st March, 2015
(Fig. in Rs.) (Fig. in Rs.) (Fig. in Rs.)
21
14,605,945,063 11,185,496,773
22
186,667,097 2,000,573,450
14,792,612,160
23
7,098,872,547 5,215,988,520
24
2,350,112,988 3,108,339,350
25
(2,202,366,820) (135,841,436)
26
2,730,392,514 2,621,355,856
27
2,369,188,233 2,826,324,855
13
442,134,579 541,380,247
28
3,141,062,993 3,570,555,059
15,929,397,034
(1,136,784,874)
--
--
--
(175,036,020) (1,507,308,228)
(175,036,020)
(961,748,854)
VIII. EARNINGS PER EQUITY SHARE:
Basic and Diluted
See Accompanying Notes forming part of the financial statements
17,748,102,451
(4,562,032,228)
(1,507,308,228)
(3,054,724,000)
(424)
37
(134)
1to49
In terms of our report in Form 3CB attached
For MAHESH KUMAR JAIN & CO CHARTERED ACCOUNTANTS
( Firm Registration No. 114179W ) MAHESH KUMAR JAIN
Proprietor Membership No.47473
Place : Mumbai Date : 20.07.2016
WIND WORLD (INDIA) LIMITED
YOGESH MEHRA
Managing Director DIN: 00296579
Place : Mumbai Date : 20.07.2016
AJAY MEHRA
Director
DIN: 00296668
KAUSHIK KHONA
CFO & Company Secretary
Financial Report 2015-16 21


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2016
Particulars
For the year ended 31st March, 2016
For the year ended 31st March, 2015
(Fig in Rs.) (4,562,032,228)
A
Adjustments for :
Depreciation / Amortisation
442,134,579 541,380,247
(Profit) / Loss on Sale / Scrapping of Fixed Asset (Net)
(176,186) (310,121,827)
Provision for Gratuity
29,802,598 51,261,543
Provision for Compensated Absences
(14,749,632) 5,952,539
Doubtful Debts, Advances and Bad Debts written off
2,370 42,803,538
Dividend, Interest Income
(8,394,266) (155,952,629)
Interest Expenses
2,369,188,233 2,826,324,855
Gain on Foreign Exchange
40,177,011 (8,697,421)
Deferred Income from apportionment of Government Grant
- (6,396)
Sundry Balance Written Back (Net)
(555,627)
(9,590,844)
B
2,983,353,605 (1,578,678,623)
699,358,599 (879,320,024) (229,279,079)
(1,108,599,103)
22,854,485 205,180,278
635,400,000 (133,712,886) 424,718,544
321,713,694 464,528 146,639,505 1,623,258,148
22
Financial Report 2015-16
(Fig in Rs.) (Fig in Rs.) (Fig in Rs.)
Cash flow from Operating Activities
Profit Before Tax
(1,136,784,874)
2,857,429,440
Operating Profit before changes in Working Capital
1,720,644,566
Adjustments for (increase) / decrease in operating assets and liabilities :
Inventories
(2,930,274,907) (24,357,955)
Trade & Other Receivables (Long - term and Short - term)
(694,642,528) (2,668,256,185)
Trade Payables, Current Liabilities & Provisions (Long - term and Short - term)
1,408,736,831 3,391,972,739
(2,216,180,604)
Cash Generated from Operations
(495,536,038)
Income Taxes paid (Net)
(108,159,983)
Net Cash (used in) / from Operating Activities
(603,696,022)
Cash flow from Investing Activities
Purchase of Long - term Investments
(94,688,934)
Purchase of Fixed Assets (Net)
Proceeds from Sale of Fixed Assets
(83,022,062)
245,111
Maturity of Fixed Deposits (Net)
168,842,627
Advances to Related parties (Net)
2,823,177,431
Interest Received
- Subsidiaries
- Associates
- Others
100,364,438
2,914,918,611
Net Cash generated from / (used in) Investing Activities


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
Particulars
C
D
E F
Notes to Cash Flow Statements for the Year Ended 31st March, 2016
1
For the year ended 31st March, 2015
(Fig in Rs.)
6,861,613,823 (2,108,368,523) (33,385,070) (2,235,860,061) (2,691,371,107) (207,370,938)
307,288,107
114,673,194 421,961,301
As at 31st March, 2015
(Fig in Rs.)
437,293,799
(15,332,498) 421,961,301
Repayment of Term Loans
Interest Paid
(Fig in Rs.)
Cash flow from Financing Activities
Proceeds of Term Loans
(339,021,982)
Repayment of Lease Obligation
(814,012)
Proceeds of other short term borrowings (Net)
26,956,292
(2,345,595,014)
Net Cash generated from / (used in) Financing Activities
(2,658,474,716)
Net (Decrease) / Increase in Cash & Cash Equivalents (A+B+C)
(347,252,126)
Cash & Cash Equivalents at the beginning of the year
421,961,301
Cash & Cash Equivalents at the end of the year
74,709,175
Particulars
As at 31st March, 2016
(Fig in Rs.)
Cash & Cash Equivalents include :
Cash and Cash equivalents at the end of the year (Refer Note 18)
49,864,660
Unrealised Exchange (Gain) / Loss
24,844,513
Cash & Cash Equivalents at the end of the year
74,709,173
2 The above Cash Flow Statement has been prepared under the ' Indirect Method ' as set out in Accounting Standard - 3 on Cash Flow Statements.
See Accompanying Note 1 to 49 forming part of financial statements
In terms of our report in Form 3CB attached
For MAHESH KUMAR JAIN & CO CHARTERED ACCOUNTANTS
( Firm Registration No. 114179W ) MAHESH KUMAR JAIN
Proprietor Membership No.47473
Place : Mumbai Date : 20.07.2016
WIND WORLD (INDIA) LIMITED
YOGESH MEHRA
Managing Director DIN: 00296579
Place : Mumbai Date : 20.07.2016
AJAY MEHRA
Director
DIN: 00296668
KAUSHIK KHONA
CFO & Company Secretary
For the year ended 31st March, 2016
Financial Report 2015-16 23


24
Financial Report 2015-16
WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1. Corporate Information:
Wind World (India) Limited (“WWIL”, “the Company”) was incorporated under the Companies Act, 1956 on May 10, 1993 to carry on the business as manufacturers, sellers, suppliers, importers, exporters, lessors, lessees, dealers of all kinds of power generation equipments including Wind Mills, Wind Turbine generators and their components. The Company has its manufacturing facility located at Daman and also has Concrete Tower Facilities in the states of Gujarat, Karnataka, Tamilnadu and Rajasthan. The Company has installed Wind Turbine Generators for generation and transmission of power in Satara and Sangli districts of Maharashtra, Gadag district of Karnataka and Jaisalmer district of Rajasthan with installed capacity of 21MW, 22.8MW and 20MW respectively.
Based on a shareholding agreement dated January 12, 1994 (and subsequent amendments thereto) between the Indian Promoters and Enercon GmbH, a majority stake in the Company was obtained by Enercon GmbH, thereby making it the Holding Company.
Pursuant to approval dated January 1, 2013, granted by the Registrar of Companies, the name of the Company has been changed from Enercon (India) Limited to Wind World (India) Limited.
2. Significant Accounting Policies
a. Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 133 of Companies Act, 2013 (“the 2013 Act”) read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the 2013 Act/Companies Act, 1956 (“the 1956 Act”), as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.
b. Use of Estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.
c. Business Operating Cycle
The Company is engaged in the business of development of wind farms and providing related services to end customers.The commissioning of a project involves development of the entire site and installation of components. The business of setting-up of wind energy converters, assigning development rights to the ultimate customer and commissioning of the wind energy convertors has a long gestation period of two to three years and involves various activities, including:
• Acquisition of the site which may include Forest lands, Revenue land, Private land, Waste lands etc
• Obtaining all regulatory approvals from various state agencies for setting up wind power project;
• Development of common infrastructure at the site (example - approach roads, transmission line, sub-stations etc)
• Production and manufacturing of Wind Energy Converters and Components required for the assembling at sites.
• Construction of the foundation
• Installation of Wind Energy Converters and Components
• Carrying out other conditions precedent as may be agreed with individual Customers like and including Power Curve study,
getting Power Purchase Agreement signed, getting land documentation and perfection of security for the lender of Customers.
The Company engages in development of project sites ranging from 50MW to 300/400 MW. In each such site customers with a order of 1 WTG to 150 WTGs are signed up.
To complete the entire process, a time even excluding the procurement of Development rights (Government Approvals), of more than 2 years to 3 years is required.
Hence, considering the above typical attributes of the business, the Company has estimated a Business cycle of 2 to 3 years. To arrive at classification of assets and liabilities into current and non-current the length of business cycle is considered.


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
d. Revenue Recognition
Sale of Wind Energy Convertors (WEC) and components / services are recognized when the risk and reward of ownership is passed on to the customers on the basis of terms stated in the contracts entered into with the customers. Sales are stated net of sales returns, sales tax and trade discount.
Sale of Development rights are recognised on the basis of transfer of risk and reward of ownership, in accordance with the terms and conditions of the agreement entered with the customers.
Revenue from annual service and maintenance contracts is recognised net of taxes on a proportionate basis for the period for which the service is provided.
Revenue from the sale of power is accounted when electricity generated is delivered at the metering points in terms of Power Purchase Agreements with the consumers.
Revenue from Renewable Energy Certificate Units (REC Units) is recognised in respect of REC Units generated from the own Wind farm projects on the basis of quantum of power injected into the grid, at the floor price prescribed by the Central Electricity Regulatory Commission (CERC).
Interest Income is recognised on accrual basis.
Income from the sale of Carbon Credit units is recognised on the basis of transfer of all legal title to the Emission Reductions and as per the terms stated in the contracts entered into with the parties.
Dividend Income is recognized when the right to receive the dividend is established.
e. Commodity Futures
i) Initial Margin – Commodity Futures, representing the initial margin paid, and Margin Deposits representing additional margin paid over and above the initial margin, for entering into a contract for Commodity Futures which are released on final settlement / squaring-up of the underlying contract, are disclosed under Loans and Advances.
ii) Commodity Futures are marked-to-market on a daily basis. Debit or credit balance disclosed under Loans and Advances or Current Liabilities, respectively, in the Mark-to-Market Margin – Commodity Futures Account, represents the net amount paid or received on the basis of movement in the prices of Commodity Futures till the balance sheet date.
iii) As on the balance sheet date, profit/loss on open positions in Commodity Futures is accounted for as follows:
• Credit balance in the Mark-to-Market Margin – Commodity Futures Account, being the anticipated profit, is ignored and no credit
for the same is taken in the Statement of Profit and Loss.
• Debit balance in the Mark-to-Market Margin – Commodity Futures Account, being the anticipated loss is adjusted in the Statement
of Profit and Loss.
iv) On final settlement or squaring-up of contracts for Commodity Futures, the profit or loss is calculated as the difference between the settlement/squaring-up price and the contract price. Accordingly, debit or credit balance pertaining to the settled/squared-up contract in “Mark-to-Market Margin – Commodity Futures Account” after adjustment of the provision for anticipated losses of earlier period is recognized in the Statement of Profit and Loss. When more than one contract in respect of the relevant series of Commodity Futures contract to which the squared-up contract pertains is outstanding at the time of the squaring-up of the contract, the contract price of the contract so squared-up is determined using the weighted average cost method for calculating the profit/loss on squaring-up.
f. Tangible Fixed Assets
Fixed assets except freehold land are stated at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets includes cost of acquisition net of any trade discounts and rebates, any import duty and other taxes (other than those subsequently recoverable from the tax authorities), interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date. Exchange differences arising on restatement / settlement of long-term foreign currency borrowings relating to acquisition of depreciable fixed assets are adjusted to the cost of the respective assets and depreciated over the remaining useful life of such assets. Machinery spares which can be used only in connection with an item of fixed
Financial Report 2015-16 25


26
Financial Report 2015-16
WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
asset and whose use is expected to be irregular are capitalised and depreciated over the useful life of the principal item of the relevant assets.
Subsequent expenditure relating to fixed assets after its purchase/ completion is capitalised only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.
g. Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.
h. Government Grants
Government grants and subsidies are recognised when there is a reasonable assurance that the Company will comply with the conditions attached to them and the grants / subsidy will be received. Government Grant received towards the Wind Farms (WECs), being a depreciable asset, is treated as a deferred income and is recognized in the statement of profit and loss on a systematic and rational basis over the useful life of the asset.
i. Leases
Assets leased by the Company in its capacity as lessee where substantially all the risks and rewards of ownership vest in the Company are classified as finance leases. Such leases are capitalised at the inception of the lease at the lower of the fair value and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.
j. Capital work-in-progress
Projects under which assets are not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest.
k. Depreciation / Amortisation
Depreciable amount of assets is the cost of an asset or other amount substituted for cost, less its estimated residual value. Asset costing less than Rs.5,000/- has been fully depreciated in the year of purchase.
l. Tangible Financial Assets
Depreciation on tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013 except as follows:
1. Wind Energy Converter (WEC): The useful life has been assessed as 25 years considering the commercial life of WEC based on
the actual operating wind farms, whose operations are continuing beyond the certified life and where based on the re-assessment, the extended commercial life of 25 years has been an acceptable norm. The above life of 25 years has been determined on the basis of reassessed commercial life as also the commercial terms and conditions prevalent for the contracts including O&M Contracts and also taking in to account the nature of asset, the estimated usage, the operating conditions, anticipated technological changes, and maintenance support.
2. Plant and Machinery: In whose case the useful life of 20 years is taken, taking in to account the nature of assets, the estimated usage, the operating conditions, and past experience on maintenance of machineries etc.
3. Leasehold Improvements taken under finance lease: Provided over the primary period of lease.
4. Moulds used for the manufacture of Blades for Wind Energy Converters (WECs): Based on usage of such moulds (included in
plant and machinery) over its estimated useful life determined in number of Blades that can be manufactured from mould.
5. Sub Stations: In whose case the useful life of 30 years is taken, taking in to account the overall industry trend, periodical technical
improvements and past experience on maintenance of substations.
6. Office Equipments: In whose case the useful life of 10 years is taken, taking in to account the past experience on maintenance of
such office equipments.


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
ii) Intangible Assets
Intangible assets (Computer Software) are amortised over the estimated useful life of five years.
m. Impairment of Asset
The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets. In case of revalued assets such reversal is not recognised.
n. Foreign Currency Transactions and Translations
Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the transaction or at rates that closely approximate the rate at the date of the transaction.
Monetary items (other than Derivative contracts) denominated in foreign currency at the year-end are stated at the closing exchange rates.
Non-monetary items carried in terms of historical cost denominated in foreign currency are reported using the exchange rate at the date of transaction and non-monetary items carried at fair value are reported using the exchange rate that existed when the values were determined.
Exchange difference on long-term foreign currency monetary items: The exchange differences arising on settlement / restatement of long-term foreign currency monetary items are capitalised as part of the depreciable fixed assets to which the monetary item relates and depreciated over the remaining useful life of such assets. If such monetary items do not relate to acquisition of depreciable fixed assets, the exchange difference is amortised over the maturity period / upto the date of settlement of such monetary items, whichever is earlier, and charged to the Statement of Profit and Loss.
In case of Forward exchange contracts, premium / discount on forward exchange contracts, which are not intended for trading or speculation purposes, are amortised over the period of the contracts if such contracts relate to monetary items as at the balance sheet date. Any profit/ loss arising on cancellation or renewal of forward contract is recognized as income or expenses for the period. The Company recognises, gain / loss arising out of revaluation of outstanding forward contracts to the Statement of Profit and Loss.
Derivative Contracts
The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities and forecasted cash flows denominated in foreign currency. The Company has entered into various foreign currency derivative contracts to hedge their assets / liabilities. The various contracts entered by the Company include Option Contract and Swap Contract.
The underlying liabilities, against which Swap is taken, are revalued at the Swap rate as at the year end and the difference is charged off to statement of profit and loss.
The Company on a prudent basis only recognises, the mark to market loss if any, on all the other derivative contracts and ignores the gains.
o. Inventories
Raw materials (except Land), Stock-in trade (except Development Rights), Stores and Spares and packing materials are valued at lower of cost and net realisable value. Cost is determined on moving average basis.
Finished goods produced and purchased for sale and semi finished goods are valued at lower of cost and net realisable value. Cost includes material cost, cost of conversion and other overheads for bringing the inventories to their present location and condition.
Land is valued at cost of acquisition plus development cost, if any.
Development Rights acquired are valued on specific identification method.
In case of Development Rights which are self generated, the cost comprises of all direct, indirect and pro-rata overheads absorbed.
Financial Report 2015-16 27


28
Financial Report 2015-16
WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
p. Units not yet billed
Units of electricity generated from Wind Farms owned by the Company which are not yet billed as at the Balance Sheet date, have been valued at the net rate per unit charged to the customers for the last month or net realizable value as per the State Electricity Board tariff, whichever is less.
Renewable Energy Certificate Units (REC Units) generated from Wind farms owned by the Company which are not yet billed as at the Balance Sheet date, have been valued at the floor price prescribed by the Central Electricity Regulatory Commission (CERC).
q. Investments
Long term investments are stated at cost less provision, if any, for other than temporary diminution in value of such investment. Current Investments are stated at lower of cost and fair value. Cost of acquisition includes acquisition charges such as brokerage, fees and duties if any.
r. Employee Benefits :
Employee benefits include provident fund, gratuity fund and compensated absences.
(a) Defined Contribution Plans:
The Company’s contribution to Provident Fund and Group Medical Insurance Scheme are considered as Defined Contribution plans and are charged as an expense in the Statement of Profit and Loss based on the amount of contribution required to be made.
(b) Defined Benefit Plans:
Funded Plan: The Company has a Defined Benefit Plan for post employment benefits in the form of gratuity for all employees
administered through a trust, funded with the Life Insurance Corporation of India.
Unfunded Plan: The Company has an unfunded Defined Benefit Plan in the form of Compensated Absences (CA) as per Company policy.
Liability for the above Defined Benefit Plans is provided on the basis of actuarial valuation, as at the Balance Sheet date, carried out by an independent actuary. The actuarial method used for measuring the liability is the Projected Unit Credit method.
The Actuarial gains and losses arising during the year are recognized in the Statement of Profit and Loss.
Short-term employee benefits:
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised during the year when the employees render the service. These benefits include performance incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service.
Long-term employee benefits:
Employee benefits which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance Sheet date less the fair value of the plan assets (if any) out of which the obligations are expected to be settled.
s. Borrowing Cost
Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Costs in connection with the borrowing of funds to the extent not directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the date of capitalisation of such asset is added to the cost of the assets. Capitalisation of borrowing costs is suspended during extended periods in which active development activity on the qualifying assets is interrupted.
t. Taxes on Income
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the Balance Sheet when it is highly probable that future economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax liabilities are recognised for all timing differences of items other than unabsorbed depreciation and carried forward losses only to the extent of existence of reasonable certainty that sufficient future taxable income will be available against which these can be realized. However, if there are unabsorbed depreciation and carried forward of losses, and items related to capital losses, deferred tax assets are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realize the assets. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.
u. Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent assets are neither recognised nor disclosed in the Financial Statements.
v. Segment reporting
The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit / loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on reasonable basis have been included under “unallocated revenue / expenses / assets / liabilities”.
w. Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
x. Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
Financial Report 2015-16 29


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note No.
3
As at 31st March, 2015
(Fig in Rs.)
90,000,000 150,000,000
72,000,000 72,000,000
Particulars
As at 31st March, 2016
(Fig in Rs.)
SHARE CAPITAL
AUTHORISED :
9,000,000 ( Previous Year - 9,000,000 ) Equity Shares of Rs.10/- each
90,000,000
1,500,000 ( Previous Year - 1,500,000 ) 9 % Non Convertible
Cumulative Redeemable Preference Shares of Rs 100/- each
150,000,000
ISSUED, SUBSCRIBED AND PAID-UP :
7,200,000 ( Previous Year - 7,200,000 ) Equity Shares of Rs.10/- each fully paid-up
72,000,000
T OT A L
72,000,000
3.1
3.2
3.3
Reconciliation of the number of Equity Shares and amount outstanding at the beginning and at the end of the reporting period:
Particulars
As at 31st March, 2016
As at 31st March, 2015
No. of Shares held
Fig in Rs.
No. of Shares held
Fig in Rs.
Equity shares at the beginning of the year
7,200,000
72,000,000
7,200,000
Equity shares at the end of the year
7,200,000
72,000,000
7,200,000
Details of Shares held by the holding Company:
Details of Shares held by each Shareholder holding more than 5% shares:
72,000,000 72,000,000
Fig in Rs. 40,320,000
% of Holding
56.00% 12.44% 11.56%
9.44% 6.00%
Particulars
Holding Company - Enercon GmbH
As at 31st March, 2016
As at 31st March, 2015
No. of Shares held
Fig in Rs.
No. of Shares held
4,032,000
40,320,000
4,032,000
Name of the Shareholder
As at 31st March, 2016
As at 31st March, 2015
No. of Shares held
% of Holding
No. of Shares held
Enercon GmbH
4,032,000
56.00%
4,032,000
Mrs.Sudarshan Mehra
896,000
12.44%
896,000
Mr.Yogesh Mehra
832,000
11.56%
832,000
Mr.Ajay Mehra
680,000
9.44%
680,000
Mrs.Meenakshi Mehra
432,000
6.00%
432,000
30
Financial Report 2015-16


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
3.4
Note No.
4
Rights/preferences, restrictions attached to the Equity shares
(i) (ii)
(iii)
Right to receive dividend as may be approved by the Board of Directors / Annual General Meeting.
The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 1956.
Every member of the Company holding equity shares has a right to attend the General Meeting of the Company and has a right to speak and on a show of hands, has one vote if he is present and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the Company.
Particulars
As at 31st March, 2016
(Fig in Rs.)
RESERVES AND SURPLUS
As at 31st March, 2015
(Fig in Rs.)
135,000,000
18,000,000
1,243,961,793
7,423,701,107
8,886,978 7,414,814,129 (3,054,724,000)
-
4,360,090,129 5,757,051,922
6,904,084,273
538,379,242
- 7,442,463,515
- 7,442,463,515
(a) Capital Redemption Reserve
Balance as per last balance sheet
135,000,000
(b) Securities Premium Reserve
Balance as per last balance sheet
18,000,000
(c) General Reserve
Balance as per last balance sheet
1,243,961,793
(d) Surplus in the Statement of Profit and Loss
Opening Balance
4,360,090,129
Less: Depreciation on transition to Schedule II to the Companies Act, 2013 on tangible fixed assets with nil remaining useful life (net of deferred tax) (Refer Note 13)
-
4,360,090,129
Add: Net (Loss) / Profit for the year
(961,748,854)
Add: Provision for Proposed Corporate Dividend on Preference Shares and Dividend Distribution Tax written back
-
Closing Balance
3,398,341,275
T OT A L
4,795,303,068
Long Term Borrowings
(a) Term Loans
i) From Banks:
Secured
Long Term Indian Currency Loans
5,997,474,564
ii) From Other Parties:
Secured
Long Term Indian Currency Loans
443,371,115
Unsecured
Long Term Indian Currency Loans
-
6,440,845,679
(b) Long term maturities of finance lease obligations
Secured
From Other Parties
-
T OT A L
6,440,845,679
5 5.1
Financial Report 2015-16 31


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
5.2 As at the balance sheet date the Company has delayed in repayment of loans and interest there on. The details of delays as at 31st March, 2016 are as under:
i )
ii )
iii)
a) In respect of Principal installments of loan from other parties :
Rs. 38,25,676 (Previous Year Rs.10,827,754 ) for period upto 30 days and Rs. 5,21,51,351 (Previous Year Rs..69,987,919) for period beyond 30 days
b) In respect of interest accrued and due from other parties:
Rs. 1,31,734/-(Previous Year Rs.1,533,337) for period upto 30 days and Rs 10,49,756/-(Previous Year Rs.5,227,993 ) for period beyond 30 days
c) In respect of interest accrued but not due from other parties:
Rs. 30,80,893/- (Previous Year Rs..4,094,289) for period upto 30 days.
a) In respect of Principal installments of loans from Banks:
Rs. NIL (Previous Year Rs.62,500,000) for period upto 30 days and Rs. 1,56,16,000 (Previous Year Rs.NIL) for period beyond
30 days
b) In respect of interest accrued and due from Banks:
Rs. 6,84,33,073 (Previous Year 62,949,831) for period upto 30 days
a) In respect of Principal installments of finance lease obligations: Rs.Nil (Previous Year Rs.4,061,264) for period upto 30 days
b) In respect of interest on finance lease obligations: Rs.Nil (Previous Year Rs. NIL ) for period upto 30 days
All the above amounts have been paid subsequent to the balance sheet except Rs.5,03,52,536/- in respect of principal installments and Rs.11,18,819/- in respect of interest accrued from other parties.
5.3 "During the financial year 2013-14, the Company had taken a long term Secured loan of Rs.2,193,000 from Magma Fincorp Limited, the outstanding amount as at 31st March, 2016, is Rs.1,050,219 (Previous Year Rs.1,586,151) for which charge has not been registered with the Registrar of Companies as at 31st March, 2016.
During the financial year 2014-15, the Company has taken a long term Secured loan of Rs.4,382,000 from Reliance Capital Limited, the outstanding amount as at 31st March, 2016, is Rs.10,445,752 (Previous Year Rs.4,382,000), From Tata Capital Financial Services Ltd Rs. 915,000/- (Previous Year Rs. NIL) for which charge has not been registered with the Registrar of Companies as
at 31st March, 2016.
5.4 During the previous year, pursuant to RBI Guidelines, a Joint Lenders Forum (JLF) was formed with IDBI Bank Limited as the Lead Lender. The lenders have approved the Enhancement and Restructuring of the Existing Working Capital facility of the company as per the scheme approved by the JLF which is collectively referred as “Restructuring Scheme”.
The Master Restructuring Agreement (MRA) between the company and JLF lenders has been executed, by virtue of which the restructured facilities are governed by the provisions specified in the MRA having cut-off date of 1st July, 2014.
The Restructuring scheme provides for:
(i) Conversion of a portion of existing working capital facilities i.e Rs.3,200,000,000 to Working Capital Term Loan-I (WCTL-I)
(ii) Conversion of a portion of existing working capital facilities i.e Rs.3,657,231,823 to Working Capital Term Loan-II (WCTL-II) and enhancement of non fund based limits by Rs.200 crores.
This resulted in to a total working capital facilities (fund based and non fund based) aggregating to Rs.2942 crores from the existing of Rs.2377 crores allowing the Company to accelerate the execution of its strong order book.
The Restructuring Scheme includes a 21 months moratorium from July 1, 2014 on principal payments of WCTL-I and WCTL-II
32
Financial Report 2015-16


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Financial Report 2015-16 33
Note No. 5.5 (Refer Note 5 & 11)
1
Oriental Bank of Commerce
Bank Rate Yes + 4%
Specific first charge over company’s entire movable and immovable assets including Blade moulds and Company’s proposed project at Rajasthan (Concrete Segment Precasting Yard-4)andTamilNadu(ConcreteSegmentPrecastingYard-03).
20equalquarterly instalments after 6 months of moratorium period.
October/16
62,468,450
109,316,450
2
Axis bank Ltd
Bank Rate
+ 4% Yes
First Pari passu charge on all fixed assets of the company excludingConcreteTowerFacility,Jamnager,GIWindFarmand Kappatguda Wind Farm, Tinwari Wind Farm and Concrete Tower Facility factories in Tamilnadu and Rajasthan.
8equalquarterly instalments starting from the 15th month from the date of first disbursement.
March/15
-
62,500,000
S. No
Personal Guarantee by two of the Directors
Security details
Repayment schedule
Last Instal- ment Due (Month /Year)
Amount As at 31st March, 2016
Amount As at 31st March, 2015
3* 4* 5* 6* 7*
State Bank of India - Term Loan II
12.25% Yes 12.25% Yes 12.25% Yes 12.25% Yes 12.25% Yes
January/23 January/23 January/23 January/23 January/23
222,100,000 202,700,000 164,300,000 427,100,000 447,900,000
222,100,000 202,700,000 164,300,000 427,100,000 447,900,000
Loan Description
Long Term Indian Currency Loans from Banks (Secured)
Central Bank of India - Term Loan II
28 varying quarterly instalments after 21months of moratorium period.
Central Bank of India - Term Loan I
State Bank of Patiala - Term Loan I
State Bank of Patiala - Term Loan II
Interest rate
Second pari passu charge on entire current assets of the company, present and future.
(Fig in Rs.)


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
34 Financial Report 2015-16
S. Loan Description No
Interest rate
Personal Guarantee by two of the Directors
Security details
Repayment schedule
Last Instal- ment Due (Month /Year)
Amount As at 31st March, 2016
Amount As at 31st March, 2015
8* IDBI Bank - Term Loan I
12.25% 12.25%
Yes Yes
January/23 January/23
164,299,998 793,700,000
164,300,000 793,700,000
9* IDBI Bank - Term Loan II
10* Punjab National Bank - Term Loan I
12.25%
Yes
January/23
492,800,000
492,800,000
11* Punjab National Bank - Term Loan II
12.25%
Yes
January/23
673,200,000
673,200,000
12* Vijaya Bank - Term Loan I
12.25% 12.25%
Yes Yes
January/23 January/23
293,096,719 364,400,000
295,700,000 364,400,000
13* Vijaya Bank - Term Loan II
14* Canara Bank - Term Loan I
12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25% 12.25%
Yes Yes Yes Yes Yes Yes Yes Yes Yes
January/23 January/23 January/23 January/23 January/23 January/23 January/23 January/23 January/23
295,700,000 322,500,000 197,100,000 337,000,000 164,300,000 250,600,000 131,400,000
295,700,000 322,500,000 197,100,000 337,000,000 164,300,000 250,600,000 131,400,000
15* Canara Bank - Term Loan II
28 varying quarterly instalments after 21months of moratorium period.
Bank of India - Term 16* Loan I
17* Bank of India - Term Loan II
18* Oriental Bank of Commerce - Term Loan I
19* Oriental Bank of Commerce - Term Loan II
20* Axis bank Ltd - Term Loan I
21* Axis bank Ltd - Term Loan II
13,831,823 440,200,000
13,831,823 440,200,000
22* State Bank of Hyderabad - Term Loan I


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Financial Report 2015-16 35
S. No
Loan Description
Interest rate
Personal Guarantee by two of the Directors
Security details
Repayment schedule
Last Instal- ment Due (Month /Year)
Amount As at 31st March, 2016
Amount As at 31st March, 2015
23* 24*
State Bank of Hyderabad - Term Loan II
12.25% 12.25%
Yes Yes
28 varying quarterly instalments after 21months of moratorium period.
January/23 January/23
29,300,000 427,100,000
29,300,000 427,100,000
State Bank of India - Term Loan I
* Security Details : First charge on pari passu basis of the Concrete Tower factory located at Jamnagar (Gujarat)
Collateral:-
Second charge on pari passu basis on the company’s entire fixed assets including;
1) GI Wind farm project, financed by IDFC, 2) Tinwari Wind farm project, financed by IDFC, 3) Project financed by OBC at Rajasthan (CSPY-4) & at Tamil Nadu (CSPY-03), 4) Kappatgudda Wind farms – presently charged to Rabo.,
Guarantees:-
Personal Guarantees of Shri Ajay Mehra and Shri Yogesh Mehra, Indian promoters., (i) First charge on pari passu basis on entire fixed assets of the Company (except the project-specific fixed assets which are exclusively charged with term lenders. IDFC, Rabo, OBC)., (ii) First charge on pari passu basis Concrete tower factory located at Jamnagar (Gujarat)., (iii) First charge on pari-passu basis on inventory of Development Rights held by the company., (iv) Second charge on the project-specific fixed assets exclusively charged to lenders i.e. IDFC, Rabo, OBC, i.e:-, 1. GI Wind farm project financed by IDFC , 2. Tinwari Wind farm project financed by IDFC , 3. Kapatguda (Tungbhadra) Wind farm project financed by Rabo Bank , 4. Projects financed by OBC at Rajasthan (CSPY – 4) & at Tamilnadu (CSPY -03).
Long Term Indian Currency Loans from Other parties (Secured )
Infrastructure
25 Development Finance
12.75%
Yes
A first charge by way of hypothecation/mortgage over all
the movable and immovable assts ( Including tangible and intangible and present and future ) of erstwhile GI Windfarms , pertaining to Wind Farms
36 equal quarterly instalments from the date of disbursements
September/ - 15
33,890,346
Company td.
Infrastructure
26 Development Finance
Bank Rate + 3%
Yes
First Charge on all immovable properties and Movable properties pertaining to only 20MW wind power project in Jodhpur District in Rajasthan.
40 varying quarterly instalments after 16 months of moratorium period
August/22 475,333,520 528,130,235
Company Ltd
27 SREI Equipment Finance Private Limited (#)
SREI Benchmark No Rate -
4.75%
Primary security of the assets being funded- Transit Mixer.
35 varying monthly instalments from the date of disbursement.
June/14 94,091
94,091
28 SREI Equipment Finance Private Limited (#)
SREI Benchmark No Rate -
3.75%
Primary security of the assets being funded- Crane
60 varying monthly instalments from the date of disbursement.
June/16 16,851,107
76,752,671
6,917,096,990 7,029,048,273


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
36 Financial Report 2015-16
S. Loan Description No
Interest rate
Personal Guarantee by two of the Directors
Security details
Repayment schedule
Last Instal- ment Due (Month /Year)
Amount As at 31st March, 2016
Amount As at 31st March, 2015
29 SREI Equipment Finance Private Limited (#)
SREI Benchmark Rate - 6.00%
No
Primary security of the assets being funded- Used Crane.
57 varying monthly instalments from 15-Dec-12.
August/16
7,381,489
44,197,986
SREI Equipment Finance 30 Private Limited (#)
10.00% 14.50% 14.50% 14.50% 13.51% 13.51% 13.51% 13.51% 13.51%
No No No No No No No No No
Primary security of the assets being funded- New Crane. Primary security of the Vehicles being funded
Primary security of the Vehicles being funded
Primary security of the Vehicles being funded
57 varying monthly instalments from 15-May-12.
January/17 December/17 December/17 December/17
23,642,597 518,627 265,796 265,796 531,065 531,065 531,065 545,644 545,644
76,713,615 783,299 401,426 401,426 626,000 626,000 626,000 626,000 626,000
31 Magma Fincorp Limited
48 varying monthly instalments from the date of disbursement.
32 Magma Fincorp Limited
48 varying monthly instalments from the date of disbursement.
33 Magma Fincorp Limited
48 varying monthly instalments from the date of disbursement.
Reliance Capital Ltd- 34 Loan-I- 297774
Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded
59 varying monthly instalments from 10th May 2015
March/20 March/20 March/20 March/20 March/20
Reliance Capital Ltd-Loan- 35 II-297776
59 varying monthly instalments from 10th May 2015
Reliance Capital Ltd-Loan- 36 III-297781
59 varying monthly instalments from 10th May 2015
Reliance Capital Ltd-Loan- 37 IV-297783
59 varying monthly instalments from 10th May 2015
Reliance Capital Ltd- 38 Loan-V-297787
59 varying monthly instalments from 10th May 2015


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Financial Report 2015-16 37
S. Loan Description No
Interest rate
Personal Guarantee by two of the Directors
Security details
Repayment schedule
Last Instal- ment Due (Month /Year)
Amount As at 31st March, 2016
Amount As at 31st March, 2015
Reliance Capital Ltd-Loan- 39 VI-297791
13.51% 13.51% 13.51% 13.51% 13.51% 13.51% 13.51% 13.51% 13.51% 12.03%
No No No No No No No No No No
Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded Primary security of the Vehicles being funded
59 varying monthly instalments from 10th May 2015
March/20 March/20 July/20 July/20 July/20 July/20 July/20 July/20 July/20 July/20
545,644
626,000
Reliance Capital Ltd-Loan- 40 VII-297796
59 varying monthly instalments from 10th May 2015
545,644 1,249,868 1,312,084
626,000
Reliance Capital Ltd- 41 Loan-I-306714
59 varying monthly instalments from 10th Aug 2015
-
Reliance Capital Ltd-Loan- 42 II-306715
59 varying monthly instalments from 10th Aug 2015
-
Reliance Capital Ltd-Loan- 43 III-30671
59 varying monthly instalments from 10th Aug 2015
876,578
-
Reliance Capital Ltd-Loan- 44 IV-306717
59 varying monthly instalments from 10th Aug 2015
807,862
-
Reliance Capital Ltd- 45 Loan-V-306718
59 varying monthly instalments from 10th Aug 2015
804,155
-
Reliance Capital Ltd-Loan- 46 VI-306720
59 varying monthly instalments from 10th Aug 2015
790,210
-
Reliance Capital Ltd-Loan- 47 VII-306721
59 varying monthly instalments from 10th Aug 2015
829,224
-
TATA CAPITAL FIN SER 48 -Vehicle Loan
59 varying monthly instalments from 3rd Aug 2015
814,090
-
535,612,866 765,747,095


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
38 Financial Report 2015-16
Personal S. Loan Description Interest rate Guarantee
Security details
Last Instal- Repayment schedule ment Due
Amount As at 31st March, 2016
Amount As at 31st March, 2015
No
by two of the Directors
(Month /Year)
Long Term Foreign Currency Loans from Other parties (Secured)
3m LIBOR First Charge on Tungabhadra Project assets and securitisation 49 RABO Bank International + 170 bps No of Receivables.
28 equal quarterly
instalments after 15 months December/14 of moratorium period
50,352,536
44,872,828
Long Term Indian Currency Loans from other parties (Unsecured)
50 IBM India Pvt. Ltd
51 IBM India Pvt. Ltd
52 IBM India Pvt. Ltd
53 IBM India Pvt. Ltd
13.52% No 13.52% No 13.52% No 13.52% No
Unsecured Unsecured Unsecured Unsecured
12 varying quarterly
instalments from the date March/15 of disbursement.
560,117
560,117 1,748,145 1,237,358
Long Term Finance Lease obligations (Secured)
Hewlett Packard Financial 54 Services
12.38% to 13.20% No
Primary security of the Office Equipments being funded Primary security of the Office Equipments being funded
36 varying monthly
instalments from the date June/15 of disbursement.
693,142
55 IBM India Pvt. Ltd
11.02% No
36 varying monthly
instalments from the date September/15 of disbursement.
- -
120,870 814,012
12 varying quarterly
instalments from the date March/15 of disbursement.
1,340
12 varying quarterly
instalments from the date April/15 of disbursement.
1,237,358
12 varying quarterly
instalments from the date June/15 of disbursement.
(193,098) 1,605,717
476,276 4,021,897
50,352,536
44,872,828


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note No.
6
As at 31st March, 2015
(Fig in Rs.)
(1,748,214,637)
1,669,800,846
253,449,811 1,923,250,657
175,036,020
Particulars
As at 31st March, 2016
(Fig in Rs.)
Deferred Tax Liabilities / Assets
(a) Tax effect of items constituting deferred tax liabilities
Difference between Depreciation as per books and Depreciation under the Income Tax Act, 1961
-
(b) Tax effect of items constituting deferred tax assets
Unabsorbed Depreciation carried forward
-
Disallowances under Section 40(a)(i), 43B of the Income Tax Act, 1961
-
-
T OT A L
-
6.1
7
The Company has recognised deferred tax asset on unabsorbed depreciation and accumulated loss based on the virtual certaininity of future year profits. The Deferred Tax (net) of Rs.175,036,020 has been charged back (Previous Year Deferred Tax (net) of Rs.1,507,308,228 has been charged) to Statement of Profit & Loss.
Other Long Term Liabilities
Trade Payables
(a) Other than Acceptances
Others
933,922,814
(b) Other Payables
Statutory dues payable
111,305,146
Advances from Customers
3,130,767,037
Promoters Contribution-Quasi Equity
1,102,488,000
T OT A L
5,278,482,997
7.1 8
963,922,814
324,242,252 2,044,021,110 1,102,488,000 4,434,674,176
During the year, Indian promoters of the Company have infused promoters contribution amounting to Rs.1,102,488,000/- as part of Restructuring and Enhancement of Working Capital Facilities approved by Joint Lenders Forum. (Refer Note 5.4)
53,679,517
57,924,172 111,603,689
114,015,279 31,135,555 145,150,834
256,754,523
Long-Term Provisions
a) Provision for Employee Benefits
(a) Provision for Gratuity
81,422,701
(b) Provision for Compensated Absences
59,140,378
140,563,079
b) Provision - Others
(a) Provision for Power Generation Guarantees
90,704,356
(b) Provision for Liquidated Damages
8,305,580
99,009,936
T OT A L
239,573,015
Financial Report 2015-16 39


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note No.
9
9.1
9.2
9.3
S.
1- -
Particulars
As at 31st March, 2016
(Fig in Rs.)
Short Term Borrowings
Loans Payable on Demand
(a) From Banks (Secured)
(a) Cash Credit Account
4,022,976,838
(b) Buyers Credit
958,090,555
(b) From Other Parties (Unsecured)
Working Capital Demand Loan
33,503,845
T OT A L
5,014,571,238
As at 31st March, 2015
(Fig in Rs.)
4,587,426,800 400,188,146
- 4,987,614,946
The above Cash Credit and Buyers Credit facilities availed from banks under Consortium banking Arrangement are secured by :
(a) Hypothecation of stocks of raw material, semi-finished goods, finished goods, stores and spares, book debts and all other current assets of the Company in the course of manufacturing and/ or in transit on pari-passu basis with other banks under Consortium banking Arrangement.
(b) Pari-passu charge on the company's entire fixed assets excluding certain fixed assets which have been charged with the term loan from certain lenders as is described in note 5.5 and have been guaranteed by two of the directors of the Company.
(c) Cash Credits availed by the Company from various banks carries Interest rates ranging from 12.00% to 12.75% p.a. (d) Buyers Credit availed by the Company from various banks carries Interest rates ranging from 0.06% to 3.87% p.a. As at the balance sheet date the delay in repayment of Buyers credit are as under :-
Rs.Nil (Previous Year Rs.NIL) for period upto 30 days.
Loan Description
Interest rate
Personal Guarantee by two of the Directors
Security details
Repayment schedule
"Last Instalment Due (Month / Year)"
" Amount As at 31st March 2016 "
Working Capital Demand Loan from Other Parties
Indian Renewable Energy Development Agency
11.90%
YES
Project assets (movable & immovable) Wind Farm Project 21 MW state of Maharashtra
12 Equated monthly instalments
March/17
33,503,845
33,503,845
"Amount No Asat
31st March 2015"
Particulars
As at 31st March, 2016
(Fig in Rs.)
Trade Payables
(a) Acceptances
3,332,474,317
(b) Other than Acceptances
Dues to Micro and Small Enterprises
-
Others
4,840,079,625
4,840,079,625
T OT A L
8,172,553,942
Note No.
10
As at 31st March, 2015
(Fig in Rs.)
2,983,793,399
16,168,347
7,000,580,440
7,016,748,787 10,000,542,186
40
Financial Report 2015-16


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
10.1
Total Outstanding dues of Micro and Small Enterprises:
(a) The Principal amount and the interest due thereon (Current year Rs.NIL, Previous year Rs.15,668,963) remaining unpaid to any supplier at the end of each acounting year;
(b) The amount of Interest paid (Current year Rs.Nil, Previous year Rs.Nil), by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, alongwith the amount of the payment made to the supplier beyond the appointed day during each accounting year;
(c) The amount of Interest is due and payable (Current year Rs.Nil, Previous year Rs.Nil) for the period of delay in making payment but without adding the interest specified under Micro, Small and Medium Enterprises Development Act, 2006.
(d) The amount of interest accured and remaining unpaid (Current year Rs.NIL, Previous year Rs.15,652,171), at the end of each accounting year; and
(e) The amount of further interest remaining due and payable (Current year Rs.Nil, Previous year Rs.Nil) even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprises, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.
"As at the balance sheet date the Company has delayed in repayment of Acceptances. The details of delays as at 31st March, 2016 are as under:
a) Rs.156,751,126 (Previous Year Rs.15,800,623) for period upto 30 days and Rs.NIL (Previous Year Rs.2,610,469) for period beyond 30 days. Subsequent to the Balance Sheet date all the said amounts have been paid."
10.2
Note No.
11
For the year ended 31st March, 2015
(Fig in Rs.)
124,964,000
227,367,853 44,872,828
4,021,897 401,226,578
814,012 131,743,017 71,700,723
Particulars
For the year ended 31st March, 2016
(Fig in Rs.)
Other Current Liabilities
(a) Current maturities of Long Term Borrowings
(i) From Banks
Secured
Long Term Indian Currency Loans
919,622,428
(ii) From Other Parties
Secured
Long Term Indian Currency Loans
92,241,751
Long Term Foreign Currency Loans
50,352,536
Unsecured
Long Term Indian Currency Loans
1,605,717
1,063,822,432
(b) Current maturities of Finance Lease Obligations
Secured
From Other Parties
-
(c) Interest accrued but not due on secured borrowings
35,043,650
(d) Interest accrued and due on secured borrowings
191,993,309
Financial Report 2015-16 41


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note No.
For the year ended 31st March, 2015
(Fig in Rs.) -
550,907,164
10,490,313,089 180,890 101,468,864 991,648,760 48,607,008 444,920,729 - 12,077,139,340 13,233,530,834
49,878,368 44,976,929 94,855,297
- -
11,060,629
124,062,568 500,000 135,623,197 230,478,494
Particulars
For the year ended 31st March, 2016
(Fig in Rs.)
(e) Interest accrued and due on Advances received from Group Companies
-
(f) Income billed/received in Advance (Unearned Revenue)
415,971,085
(g) Other Payables
Advances from Customers
11,760,295,673
Temporary Overdrawn Bank Balance as per Books
-
Other current liabilities for expenses accruals
802,679,165
Statutory dues payable
1,464,743,388
Payable on purchase of fixed assets
52,833,624
Dues to Employees
558,443,318
Deferred Government Grant
-
14,638,995,169
T OT A L
16,345,825,645
Short-Term Provisions
a) Provision for Employee Benefits
Provision for Gratuity
51,937,782
Provision for Compensated Absences
29,011,091
80,948,873
12 12.1
12.2
b) Provision for Others
Provision for Liquidated Damages
Provision for Power Generation Guarantees
20,321,725
Provision for Mark to Market and other forex losses (net) - Forward and other derivative contracts
6,547,655
Provision for Taxation (Net of Advance Payment of Tax & MAT Credit)
124,062,567
Provision for Wealth Tax
500,000
151,431,947
T OT A L
232,380,820
12.3
During the financial year ended March 31, 2014, based on the legal opinion obtained in the matter the Company has reversed the provision for Proposed Dividend on Preference Shares amounting to Rs.3,040,274/- and Corporate Dividend Tax on Proposed Dividend on Preference Shares there on amounting to Rs.493,194/-. As the Board meeting and Annual General Meeting for adoption of accounts for the year ended March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, March 31, 2010, March 31, 2009, March 31, 2008 & March 31, 2007 could not be held on account of the reasons as stated in note 31, the said proposed Preference dividend has not been declared by the Board and hence not been approved by the Shareholders. Accordingly the proposed preference dividend and Corporate Dividend Tax thereon has been written back during the year.
42
Financial Report 2015-16


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Financial Report 2015-16 43
Note - 13 FIXED ASSETS PARTICULARS
(Fig in Rs.)
Tangible Assets A) Owned Assets Free Hold Land
-
496,546,987 (496,546,987) Building 2,023,465,726 (2,008,570,187) 5,032,649,861 (5,008,772,539) 3,980,037,361 (4,004,454,639)
- - -
496,546,987 (496,546,987) 2,026,770,505 (2,023,465,725) 5,082,219,886 (5,032,650,864) 3,985,517,069 (3,980,037,361)
58,814,893 (58,814,893) 491,136,587
- - - - - - - - - - - - - - -
58,814,893 (58,814,893) 546,396,575
Plant & Equipment
- - - 3,304,779 - - (14,895,538) - - 49,570,025 - - (22,073,618) (1,804,707) - 5,479,708 - - 24,417,278 - -
(435,987,020) 2,663,209,928 (2,433,651,830) 1,648,800,248 (1,524,821,462)
- 55,259,988 (55,149,567) 185,199,870 (221,756,149) 123,311,416 (123,978,787)
(925,622) (6,877,331) - - - - - - -
(491,136,587) 2,848,409,798 (2,663,210,932) 1,772,111,664 (1,648,800,249)
Wind Energy Converters
(510,266,702) Furniture, Fixture & 483,968,771
- 5,703,150 (10,169,852) 15,091,475 (226,680) 79,149,137 (22,948,410)
1,804,707 (508,461,995) - 97,200 - (11,489) - 2,061,593 - - - 2,158,793 - (508,473,484)
- 489,574,721 (483,967,769) 73,916,869 (60,886,988) 12,154,546,037 (12,077,555,694)
(171,021,805) 272,718,484 (184,331,754) 48,377,346 (37,701,371) 5,183,057,486 (4,846,330,135)
(13,094,466) 60,386,298 (82,709,875) 3,086,497 (9,643,505) 427,244,068 (506,332,349)
925,622 - - - - (5,680,514) - - - (1,032,469) - - - (13,590,314)
(183,190,649) 92,340 (4,662) 1,997,528 - 2,089,868 (183,195,311)
- 333,012,442 (272,717,481) 49,466,314 (48,377,345) 5,608,211,686 (5,183,057,487)
- 156,562,279 (211,250,288) 24,450,555 (12,509,643) 6,546,334,351 (6,894,498,207)
Office Equipments
(473,809,406) Vehicles 60,886,987 (60,660,308) Total (A) 12,077,555,693 Previous Year (12,563,080,768)
"As at 01.04.2015"
Additions "Other Ad- Deductions justments /
"As at 31.03.2016"
"As at 01.04.2015"
For the Year
Transfer / "Other Deductions Adjust- Adjust-
"As at 31.03.2016"
"As at 31.03.2016"
GROSS BLOCK AT COST
DEPRECIATION / AMORTISATION
NET BLOCK
Transition Adjustments
ment ments / Transition Adjust- ments
437,732,094 (437,732,094) 1,480,373,930 (1,532,329,138) 2,233,810,088 (2,369,439,932) 2,213,405,405 (2,331,237,112) SubStations ------------


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
44 Financial Report 2015-16
B) AssetsTakenOnFinanceLease
Furniture, Fixture & Office Equipment
174,624,066 - (174,624,066) - 174,624,066 - (174,624,066) -
- - - - - - - -
174,624,066 (174,624,066) 174,624,066 (174,624,066)
171,764,217 (148,167,649) 171,764,217 (148,167,649)
1,177,431 (23,596,568) 1,177,431 (23,596,568)
- - - - - - - - - - - -
172,941,648 (171,764,217) 172,941,648 (171,764,217)
1,682,418 (2,859,849) 1,682,418 (2,859,849)
Total (B) Previous Year
T O T A L (A) + (B) Previous Year
12,252,179,759 79,149,137 (12,737,704,834) (22,948,410)
- 2,158,793 - (508,473,484)
12,329,170,103 (12,252,179,760)
5,354,821,703 (4,994,497,784)
428,421,499 (529,928,917)
- - 2,089,868 - (13,590,314) (183,195,311)
5,781,153,334 (5,354,821,704)
6,548,016,769 (6,897,358,056)
INTANGIBLE ASSETS
C) OTHER THAN INTERNALLY GENERATED
Computer 68,565,394 3,040,400 Software
- -
71,605,794
34,883,220
13,713,079
- - -
48,596,298
23,009,496
Total (C) Previous Year
(68,565,394) - 68,565,394 3,040,400 (68,565,394) -
- - - - - -
(68,565,394) 71,605,794 (68,565,394)
(23,431,889) 34,883,220 (23,431,889)
(11,451,330) 13,713,079 (11,451,330)
- - - - - - - - -
(34,883,219) 48,596,298 (34,883,219)
(33,682,175) 23,009,496 (33,682,175)
T O T A L (A) + (B) + (C)
12,320,745,154 82,189,537 (12,806,270,228) (22,948,410)
- 2,158,793 - (508,473,484)
12,400,775,897 (12,320,745,154)
5,389,704,923 (5,017,929,673)
442,134,578 (541,380,247)
- - 2,089,868 - (13,590,314) (183,195,311)
5,829,749,632 (5,389,704,923)
6,571,026,265 (6,931,040,231)
PREVIOUS YEAR
D) CAPITAL WORK-IN-PROGRESS
150,204,918 (150,903,730)
Notes:
(a) The exchange loss amounting to Rs. 54,79,708 (Previous Year exchange gain of Rs. 24,417,278 ) in so far as it relates to acquisition of depreciable fixed assets has been adjusted to the cost of Fixed assets during the year and depreciated over the balance life of the asset in pursuant to the notification issued by Ministry of Corporate affairs dated March 31, 2009 amending the Companies (Accounting Standards) Rules 2006.
(b) During the financial year ended March 31, 2014, the Company has discontinued amortising Project Free Hold Land considering the usefulness of such land even after the economic life of Wind Energy Convertors and appreciation in the market value of such portions of land. The impact on Profit and loss on account of non amortisation of land during the year is Rs.16,514,864/-
(c) The Company has Export obligation towards EPCG Licences. On non-fulfillment of Export obligation, the amount saved on import of machinaries are capitalised and the interest amount is charged to Statement of Profit and Loss.
(d) As per requirements of Schedule II to the Companies Act 2013 in case of assets, where the useful life has expired on April 01 2014, carrying amount of assets needs to be charged to opening balance of retained earnings. Considering the applicability of Schedule II, the management has re-estimated useful life and charged off Rs. 13,590,314/-in respect of plant and machinery, furniture fixture and office equipments, and vehicles in the year 14-15.


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note No.
14
Particulars
Non Current Investments - Trade, Unquoted fully paid, At cost (a) Investment in Equity Instruments
In Subsidiary Companies
(i) 56,460,000 ( Previous Year - 56,460,000 ) Equity shares of Rs 10/- each, in Wind World Wind Farms (Krishna) Limited
(ii) 1,000,000 ( Previous Year - 1,000,000 ) Equity shares of Rs 10/- each, in Wind World ( India) Power Development Pvt. Limited
(iii) 10,000 ( Previous Year - 10,000 ) Equity shares of Rs 10/- each, in Wind World Financial Consultancy Pvt. Limited
(iv) 20,400,000 ( Previous Year - 20,400,000 ) Equity shares of Rs 10/- each, in Wind World Wind Farms ( Karnataka ) Limited
(v) 10,995,600 ( Previous Year - 10,995,600 ) Equity shares of Rs 10/- each, in Wind World Wind Farms ( Jaisalmer ) Pvt. Limited
(vi) 10,465,200 ( Previous Year -10,465,200 ) Equity shares of Rs 10/- each, in Wind World Wind Farms ( Rajasthan) Pvt Limited
(vii) 62,303,161 ( Previous Year - 62,303,161 ) Equity share of Rs. 10/- each, in Wind World Wind Farms (Hindustan) Pvt. Limited
(viii) 6,500,000 ( Previous Year - 6,500,000 ) Equity shares of Rs 10/- each, in Wind World Wind Farms ( Prithvi) Pvt Limited
(ix) 9,110,000 ( Previous Year - 9,110,000 ) Equity shares of Rs. 10/- each, in Wind World Wind Farms (Chitradurga) Pvt. Limited
(x) 6,900,000 ( Previous Year - 6,900,000 ) Equity shares of Rs. 10/- each, in Wind World Wind Farms (Nettur) Pvt. Limited
(xi) 356,225 ( Previous Year - 356,225 ) Equity shares of Sri Lankan Rupees 10/- each, in Enercon Lanka Power Development Pvt. Limited.
Less: Provision for diminution in value of Investment
(xii) 3,088 ( Previous Year - 3,088 ) Equity shares of Rand 1000/- each in EIL South Africa Power Development (Proprietary) Limited.
(xiii) 1 (Previous Year - 1) Ordinary B class share of no par value in EIL South Africa Power Development (Proprietary) Limited.
As at 31st March, 2016
(Fig in Rs.)
493,310,000
10,000,000
100,000
204,000,000 109,956,000
104,652,000
623,031,610
65,000,000
91,100,000
69,000,000
1,576,900
As at 31st March, 2015
(Fig in Rs.)
493,310,000
10,000,000
100,000
204,000,000 109,956,000
104,652,000
623,031,610
65,000,000
91,100,000
69,000,000
1,576,900
(1,576,900) --
(xiv)
(xv)
(xvi)
Less: Provision for diminution in value of Investment
37,000,000 ( Previous Year - 37,000,000 ) Equity shares of Rs.10/- each, in Wind World (India) Infrastructure Pvt. Limited
16,000,000 ( Previous Year - 16,000,000 ) Equity Shares of Rs.10/- each, in Wind World Wind Farms (Sai) Pvt. Limited
10,000 ( Previous Year - 10,000 ) Equity Shares of Rs.10/- each, in Wind World Wind Farms (Maharana Pratap) Pvt. Limited
(1,576,900)
20,733,335 2,121,150
(22,854,485) - 370,000,000
160,000,000
100,000 73,000,000 179,700,000 1,000,000 100,000
20,733,335 2,121,150
(22,854,485) - 370,000,000
160,000,000
100,000 73,000,000 179,700,000 1,000,000 100,000
(xvii) 7,300,000(PreviousYear-7,300,000)EquitySharesofRs.10/-each,inWindWorldWindFarms
(MP) Pvt. Limited
(xviii) 17,970,000 ( Previous Year - 17,970,000 ) Equity shares of Rs 10/- each,, in Wind World Wind Farms (Temdarai) Pvt. Limited
(xix) 100,000 ( Previous Year - 100,000 ) Equity shares of Rs 10/- each, in Wind World Wind Resources Development Pvt. Limited
(xx) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms (Cauvery) Pvt. Limited
Financial Report 2015-16 45


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
(xxi) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms (Samana) Pvt. Limited
100,000
(xxii) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms (Gadag) Pvt. Limited
100,000
(xxiii) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms(Kerala) Pvt. Limited
100,000
(xxiv) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms(Tamilnadu)Pvt. Limited
100,000
(xxv) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms (Andhra Pradesh) Pvt. Limited
100,000
(xxvi) 10,000(PreviousYear-10,000)EquitysharesofRs10/-each,inWindWorldWindFarms(Uttar Pradesh) Pvt. Limited
100,000
(xxvii) 10,000 ( Previous Year - 10,000 ) Equity shares of Rs 10/- each, in Wind World Wind Farms (Gujarat) Pvt. Limited
100,000
(xxviii)10,000 ( Previous Year - 10,000 ) Equity shares of Rs 10/- each, in Wind World Wind Farms (Maharashtra) Pvt. Limited
100,000
In Associate Company
(i) 4,160,000 ( Previous Year - 4,160,000 ) Equity shares of Rs 10/- each, in Wind World Wind Farms (India) Limited
41,600,000
2,596,449,610
(b) Investment in Preference Shares
In Subsidiary Companies (Refer Note 14.1)
(i) 5,600,000 ( Previous Year - 5,600,000 ) 9 % Cumulative Redeemable Preference Shares of Rs.100/- each, in Wind World Wind Farms (Hindustan) Pvt. Limited
560,000,000
(ii) 1,643,000 ( Previous Year - 1,643,000 ) 9% Cumulative Redeemable Preference Shares of Rs.100/- each, in Wind World Wind Farms ( Rajasthan) Pvt Limited
164,300,000
(iii) 1,842,000 ( Previous Year - 1,842,000 ) 9% Cumulative Redeemable Preference Shares of Rs.100/- each, in Wind World Wind Farms ( Jaisalmer ) Pvt. Limited
184,200,000
908,500,000
(c) Investment in Debentures
In Subsidiary Companies (Refer Note 14.1)
(i) 132,000 ( Previous Year - 132,000 ) 4% Convertible Debentures of Rs.10,000/- each, in Wind World Wind Farms ( Krishna ) Limited
-
(ii) 2,250 ( Previous Year - 2,250 ) 4% Convertible Debentures of Rs.10,000/- each, in Wind World Wind Farms ( Sai ) Pvt. Limited
-
(i) 141,245 ( Previous Year - 132,000 ) 1% Optionally Convertible Redeemable Debentures of Rs.10,000/- each, in Wind World Wind Farms ( Krishna ) Limited
1,412,450,276
(ii) 2,474 ( Previous Year - 2,250 ) 1% Optionally Convertible Redeemable Debentures of Rs.10,000/- each, in Wind World Wind Farms ( Sai ) Pvt. Limited
24,738,658
1,437,188,934
T OT A L
4,942,138,544
Carrying value of Unquoted Investments
4,942,138,544
14.1 14.2
100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
41,600,000 2,596,449,610
560,000,000 164,300,000
184,200,000 908,500,000
1,320,000,000 22,500,000
1,342,500,000 4,847,449,610
4,847,449,610 24,431,385
Aggregate Provision for Diminution in value of investments
24,431,385
46
Financial Report 2015-16


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
14.3 (# 1)
(# 2)
(# 3)
(# 4)
(# 5)
(# 6)
(# 7)
(# 8)
(# 9)
(# 10)
(# 11)
(# 12) (# 13)
(# 14)
Details of Shares Pledged
The Company’s investment in Equity Shares of Wind World Wind Farms (Krishna) Limited (WWWFKrL), amounting to Rs. 244,600,000 (Previous Year Rs. 244,600,000) is pledged with Infrastructure Development Finance Company Limited as guarantee / security for Term Loan assistance given to WWWFKrL.
The Company’s investment in Equity Shares of Wind World Wind Farms (Karnataka) Limited (WWWFKL), amounting to Rs. 204,000,000 (Previous Year – Rs. 204,000,000 ) is pledged with Infrastructure Development Finance Company Limited as guarantee / security for term loans obtained by the (WWWFKL).
The Company’s investment in Equity Shares of Wind World Wind Farms (Jaisalmer) Pvt. Limited (WWWFJL) amounting to Rs. 109,956,000 (Previous Year – Rs. 109,956,000) is pledged with Power Finance Corporation Limited as additional security / guarantee towards lease assistance given to (WWWFJL).
The Company’s investment in Equity Shares of Wind World Wind Farms (Rajasthan) Pvt. Limited (WWWRPL), amounting to Rs.104,652,000 (Previous year Rs.104,652,000) is pledged as collateral security with Power Finance Corporation Limited towards lease assistance given to (WWWRPL).
The Company’s investment in Equity Shares of Wind World Wind Farms (Hindustan) Pvt. Limited (WWWHPL), amounting to Rs. 36,648,918 (Previous Year – Rs. 623,031,610) is pledged as a primary security with ILFS Trust Co Limited for term loans obtained by (WWWHPL).
The Company’s investment in Equity Shares of Wind World Wind Farms (Prithvi) Pvt. Limited (WWWPPL), amounting to Rs. 33,150,000 (Previous Year Rs. 33,150,000) is pledged with Infrastructure Development Finance Company Limited for Term Loan assistance given to (WWWPPL).
The Company’s investment in Equity Shares of Wind World Wind Farms (Nettur) Pvt. Limited (WWWNPL), amounting to Rs. 35,190,000 (Previous year Rs. 35,190,000) is pledged with Infrastructure Development Finance Company Limited for term loan assistance provided to (WWWNPL).
The Company’s investment in Equity Shares of Wind World (India) Infrastructure Pvt. Limited (WWIIPL), amounting to Rs. Rs.188,700,000 (Previous Year Rs.188,700,000) is pledged with Infrastructure Development Finance Company Limited and amounting to Rs.96,200,000 (Previous Year Rs.96,200,000) is pledged with IDBI Bank Limited for Term Loan assistance given to WWIIPL.
The Company’s investment in Equity Shares of Wind World Wind Farms (Sai) Pvt. Limited (WWWSPL), amounting to Rs. 160,000,000 (PreviousYear–Rs.160,000,000)ispledgedasaprimarysecuritywithIndianRenewableEnergyDevelopmentAgencyLimitedforterm loans obtained by the (WWWSPL) and long term guarantee facility issued to WWIL.
The Company’s investment in Equity Shares of Wind World Wind Farms (MP) Pvt. Limited (WWWMPPL), amounting to Rs.73,000,000 (Previous Year Rs.73,000,000) is pledged with Indian Renewable Energy Development Agency Limited for Term Loan assistance given to (WWWMPPL) and long term guarantee facility issued to WWIL.
The Company’s investment in Equity Shares of Wind World Wind Farms (Temdarai) Pvt. Limited (WWWTPL), amounting to Rs. 179,700,000 (Previous Year Rs. 179,700,000) is pledged with Infrastructure Development Finance Company Limited for Term Loan assistance given to (WWWTPL).
The Company’s investment in Equity Shares of Wind World Wind Farms (India) Limited, amounting to Rs. 41,600,000 (Previous Year Rs. 41,600,000) is pledged with Oriental Bank of Commerce, for Term Loan assistance given to (WWWFIL).
The Company’s investment in Equity Shares of Wind World Wind Farms (Chitradurga) Private Limited (WWWFCPL), amounting to Rs. 9,10,94,000 (Previous Year Rs.Nil) with Infrastructure Development Finance Company Limited for term loan assistance provided to (WWWFCPL).
The Company has offered to pledge its investment of 10,000 Equity Shares of Rs.10 each amounting to Rs.100,000 (Previous Year Rs.100,000) in 100% subsidiary of the Company, i.e Wind World Wind Farms (Andhra Pradesh) Pvt. Limited, as a perfect security in lieu of the sale of Sub-Station and EHV Transmission network to WWWFAPPL in favor of Working Capital Consortium lead by IDBI Bank Limited.
Financial Report 2015-16 47


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
14.4 (@ 1)
(@ 2)
(@ 3)
(@ 4)
(@ 5)
(@ 6)
(@ 7)
(@ 8)
Additional Notes on Investments
The Company had invested in Equity Shares of Rs. 20,733,335 (Previous Year Rs. 20,733,335) and Ordinary "B" class Shares of Rs.2,121,150 (Previous Year Rs.2,121,150) in EIL South Africa Power Development (Proprietary) Limited. (ESAPDL), a wholly owned subsidiary of the Company. ESAPDL has a net worth of Rs. 11,995,281 as at March 31, 2015 (Previous Year negative networth of Rs.7,873,511 based on Management accounts). However, considering the investment in ESAPDL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.100,000 (Previous Year Rs. 100,000) and has further advanced a sum of Rs. 18,836,306 (Previous Year Rs. 18,236,306) to Wind World Wind Farms (Maharana Pratap) Pvt.Limited (WWWMPL), a subsidiary of the Company. WWWMPL has a negative net worth of Rs.5,899,428 as at March 31, 2015 (Previous Year Rs. 5,147,943). However, considering the investment in WWWMPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.65,000,000 (Previous Year Rs.65,000,000) and has further advanced a sum of Rs.19,652,392 (Previous Year Rs.14,953,744) to Wind World Wind Farms (Prithvi) Pvt. Limited (WWWFPPL), a subsidiary of the Company. WWWFPPL has a net worth of Rs.8,717,076 as at March 31, 2015 (Previous Year Rs.15,664,695). However, considering the investment in WWWFPPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally & financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.69,000,000 (Previous Year Rs.69,000,000) and has further advanced a sum of Rs.32,572,437 (Previous Year Rs.29,615,933) to Wind World WindFarms (Nettur) Pvt. Limited (WWWFNPL), a subsidiary of the Company. WWWFNPL has a net worth of Rs. 19,617,546 as at March 31, 2015 (Previous Year Rs.25,160,363). However, considering the investment in WWWFNPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.100,000 (Previous Year Rs. 100,000) and has further advanced a sum of Rs.4,219,503 (Previous Year Rs.204,219,503) to Wind World Wind Farms (Cauvery) Pvt. Limited (WWWFCPL), a subsidiary of the Company. WWWFCPL has a negative net worth of Rs.266,225 as at March 31, 2015 (Previous Year Rs.183,082). However, considering the investment in WWWFCPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.100,000 (Previous Year Rs. 100,000) and has further advanced a sum of Rs.11,434,470 (Previous Year Rs.161,363,054) to Wind World Wind Farms (Samana) Pvt. Limited (WWWFSaPL), a subsidiary of the Company. WWWFSaPL has a negative net worth of Rs.182,578 as at March 31, 2015 (Previous Year Rs.99,107). However, considering the investment in WWWFSaPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.100,000 (Previous Year Rs. 100,000) and has further advanced a sum of Rs.4,320,093 (Previous Year Rs.131,193,070 ) to Wind World Wind Farms (Gadag) Pvt. Limited (WWWFGdPL), a subsidiary of the Company. WWWFGdPL has a negative net worth of Rs.265,293 as at March 31, 2015 (Previous Year Rs.187,964). However, considering the investment in WWWFGdPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
TheCompanyhadinvestedinEquitySharesofRs.100,000(PreviousYearRs.100,000)andhasfurtheradvancedasumofRs.16,623,562 (PreviousYearRs.16,608,562)toWindWorldWindFarms(Kerala)Pvt.Limited (WWWFKrPL),asubsidiaryoftheCompany.WWWFKrPL has a net worth of Rs.76,162 as at March 31, 2015 (Previous Year Rs.62,041). However, considering the investment in WWWFKrPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
48
Financial Report 2015-16


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
(@ 9)
(@10)
(@11)
(@ 12)
(@ 13)
(@ 14)
(@ 15)
(@16)
TheCompanyhadinvestedinEquitySharesofRs.100,000(PreviousYearRs.100,000)andhasfurtheradvancedasumofRs.15,247,293 (Previous Year Rs.15,236,293) to Wind World Wind Farms (Tamil Nadu) Pvt. Limited (WWWFTNPL), a subsidiary of the Company. WWWFTNPL has a negative net worth of Rs.1,911,167 as at March 31, 2015 (Previous Year Rs. 1,891,093). However, considering the investment in WWWFTNPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally & financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
TheCompanyhadinvestedinEquitySharesofRs.100,000(PreviousYearRs.100,000)andhasfurtheradvancedasumofRs.8,958,750 (Previous Year Rs.8,953,750) to Wind World Wind Farms (Uttar Pradesh) Pvt. Limited (WWWFUPPL), a subsidiary of the Company. WWWFUPPL has a negative net worth of Rs.8,976 as at March 31, 2015 (Previous Year Rs.36,318). However, considering the investment in WWWFUPPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally & financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
TheCompanyhadinvestedinEquitySharesofRs.100,000(PreviousYearRs.100,000)andhasfurtheradvancedasumofRs.15,293,993 (Previous Year Rs.15,226,577) to Wind World Wind Farms (Maharashtra) Pvt. Limited (WWWFMhPL), a subsidiary of the Company. WWWFMhPL has a negative net worth of Rs.3,973,469 as at March 31, 2015 (Previous Year Rs.3,890,242). However, considering the investment in WWWFMhPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally & financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs. 179,700,000 (Previous Year Rs. 179,700,000) and has further advanced a sum of Rs.151,034,397 (Previous Year Rs. 116,505,186) to Wind World Wind Farms (Temdarai) Pvt. Limited (WWWFTPL), a subsidiary of the Company. WWWFTPL has a negative net worth of Rs.5,314,995 as at March 31, 2015 (Previous Year positive networth Rs. 13,988,357). However, considering the investment in WWWFTPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.109,956,000 (Previous Year Rs.109,956,000), Preference Shares of Rs.184,200,000 (Previous Year Rs.184,200,000),and has further advanced a sum of Rs. 2,638,797,803 (Previous Year Rs.1,171,875) to Wind World Wind Farms (Jaisalmer) Pvt Ltd , a subsidiary of the Company. WWWFJPL has a net worth of Rs.269,094,306 as at March 31, 2015 (Previous Year Rs. 268,768,143). However, considering the investment in WWWFJPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.104,652,000 (Previous Year Rs.104,652,000), Preference Shares of Rs.164,300,000 (Previous Year Rs.164,300,000) and has further advanced a sum of Rs.3,601,549 (Previous Year Rs.1,981,601) to Wind World Wind Farms (Rajasthan) Pvt Ltd (WWWFRPL), a subsidiary of the Company. WWWFRPL has a net worth of Rs.197,957,749 as at March 31, 2015 (Previous Year Rs.190,697,686). However, considering the investment in WWWFRPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.160,000,000 (Previous Year Rs.160,000,000) and has further advanced a sum of Rs.296,105,826 (Previous Year Rs. 280,005,826) to Wind World Wind Farms (Sai) Pvt Ltd. (WWWFSPL), a subsidiary of the Company. WWWFSPL has a net worth of Rs.20,167,536 as at March 31, 2015 (Previous Year Rs. 36,298,298). However, considering the investment in WWWFSPL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
The Company had invested in Equity Shares of Rs.493,310,000 (Previous Year Rs.493,310,000) and has further advanced a sum of Rs.12,278,113 (Previous Year Rs.18,426,113) to Wind World Wind Farms (Krishna) Ltd. (WWWFKrL), a subsidiary of the Company. WWWFKrL has a net worth of Rs.342,766,582 as at March 31, 2015 (Previous Year Rs.463,781,961). However, considering the investment in WWWFKrL being strategic and long term in nature the Company considers the losses suffered by the subsidiary as temporary, and the fact that the Company has also agreed to support its subsidiary operationally and financially, the decline in value of investments as at the Balance Sheet date is considered to be of temporary nature.
Financial Report 2015-16 49


WIND WORLD (INDIA) LIMITED (formerly known as ENERCON (INDIA) LIMITED)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
Note No.
15
Particulars
LONG TERM LOANS AND ADVANCES (Unsecured, considered good) (a) Capital Advances
(b) Security Deposits
Deposits for Generation Guarantee
Deposits with Customs & Excise Authorities Deposits with Others
Advances and Deposits with Regulatory Authorities
(c) Other Loans and Advances
Advances for Purchase of Land for installation and sale of Wind Energy Convertor Balances with Government Authorities - Sales Tax/VAT/WCT refund receivable Balances with Government Authorities - Service Tax receivable
Advances recoverable from Employees
Prepaid Expenses
MAT Credit Entitlement
Advance Income Tax ( Net of Provision for Tax )
T O T A L
INVENTORIES
(At lower of cost and net realisable value)
(a) Raw Materials including packing materials (Including Goods in Transit Rs.310,041,016 (Previous year Rs.348,881,966))
(b) Work-in-Progress
(c) Finished Goods
(d) Stock-in-Trade - Self generated
(e) Stock-in-Trade - Goods acquired for trading
(f) Stores and Spares
(g) Others - Land for Installation and sale of Wind Energy Convertors
T O T A L
Closing Stock-in-Trade comprises of following broad heads.
As at 31st March, 2016
(Fig in Rs.)
22,765,820 22,765,820
277,565,418 21,638,957 25,498,054
5,266,707 329,969,136
705,658,412 233,196,295 45,000,000 1,006,598 15,752,727 92,000,000 373,067,062 1,465,681,094 1,818,416,050
3,480,753,215
3,329,650,721 456,723,088 1,301,892,000 5,525,133,265 152,794,208 94,483,729 14,341,430,226
As at 31st March, 2015
(Fig in Rs.)
17,007,867 17,007,867
277,565,418 21,638,957 25,706,058
5,266,707 330,177,140
695,717,543 189,629,128 45,000,000 928,234 31,505,455 92,000,000 264,907,078 1,319,687,438 1,666,872,445
2,775,403,414
1,182,506,890 416,181,424 1,301,892,000 5,510,451,940 129,871,048 94,848,603 11,411,155,319
5,478,448,613 32,003,327 5,510,451,940
1,301,892,000 1,301,892,000 6,812,343,940
16
16.1
(a) Goods acquired for trading
Development Rights
5,478,448,613
Transformers and Steel Sections
46,684,652
5,525,133,265
(b) Self Generated
Development Rights
1,301,892,000
1,301,892,000
TOTAL
6,827,025,265
50
Financial Report 2015-16


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