The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by Repro Graphics, 2017-08-20 18:31:52

Regen Annual Report 2015-16

26. Cost of materials consumed
Inventory at the beginning of the year Add: Purchases, including stock-in-transit
Less: Inventory at the end of the year
Cost of raw material and components consumed
Tools consumed
Purchases is net of the sale of raw materials on high sea sale basis aggregating to Rs.3,702.93 lakhs (Previous period Rs.34,227.17 lakhs).
1.
2. Consolidated Financial Statements
Period from
October 1, 2014 to March 31, 2016
28,153.91
180,892.37
209,046.28
31,714.63
177,331.65
932.68
178,264.33
Period from April 1, 2013 to September 30, 2014
35,807.83 123,072.22 158,880.05
28,153.91 130,726.14
791.75 131,517.89
99,294.68
29,838.31
36,264.05
12,867.29
178,264.33
Details of raw materials and components consumed
WEC parts
Blades
Steel and related materials for towers Others
27. Increase in inventories of finished goods, work-in-progress and traded goods
Inventories at the end of the year - Work in progress
- Finished WEC parts
- Traded goods
- Land rights and lease rights
Inventories at the beginning of the year - Work in progress
- Finished WEC parts
- Traded goods
- Land rights and lease rights
28. Employee benefits expense
Salaries, wages and bonus
Contribution to provident and other funds Employee stock options cost
Gratuity expenses
Workmen and staff welfare expenses
54,623.19 30,207.24 35,189.66 11,497.80
131,517.89
147.33 4,018.05 2,382.74 3,570.67
153.24 6,041.85 - 1,471.73 (2,451.97)
10,755.34 535.31 (44.39) 109.54 805.08 12,160.88
111.99
9,125.47
203.21
4,474.17
147.33
4,018.05
2,382.74
3,570.67
(3,796.05)
10,549.43
451.45
(72.63)
140.60
825.96
11,894.81
Annual Report 2016 101


Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
29. Operating and other expenses
Crane hire, equipment hire and wind park maintainence Land / lease rights purchased
Civil foundation, erection and commisioning charges Freight, Clearing and forwarding expenses
Period from October 1, 2014 to March 31, 2016
11,558.66
8,310.47
6,328.93
15,540.49
Period from April 1, 2013 to September 30, 2014
8,318.11
3,330.54
5,516.34
12,899.82
4,233.10
554.45
2,052.75
3,387.73
2,250.00
575.06
1,679.95
322.89
165.23
48.17
371.40
1,433.90
3,128.37
1,536.58
1,822.67
48.93
1.54
372.35
2,994.51
296.52
620.00
1,558.32
38.65
246.32
57.79
605.19
158.28
60,625.46
5,370.47 12,333.09 3,109.71 5,309.82
26,123.09
Royalty 3,151.18
Performance guarantee
Operation, maintenance and warranty
Evacuation charges and Infrastructure development charges Grid availability compensation
Power and fuel
Rent
Rates and taxes
Repairs and maintenance
- Plant and Machinery - Building
- Others
Legal and professional fees
Advertisement, sales promotion expenses and marketing expenses Travel and conveyance
Insurance
Loss on sale of asset (net)
Director Sitting fees
Provision for doubtful debts
Foreign exchange loss (net)
Bank Charges
Contract compensation
Miscellaneous expenses
Administrative Expenses
CSR Expenses
Communication costs
Printing & Stationery
Processing fees, Approvals & Clearances
Testing & Calibration charges
30. Finance costs
Interest
- on term loans/debenture - on short term loans/
- others
Other borrowing costs
226.53
1,950.47
10,765.29
2,774.81
563.49
847.61
311.22
250.08
91.44
344.07
1,794.38
381.70
1,706.85
1,980.05
7.56
3.23
-
236.47
197.16
3,342.60
2,009.01
21.21
227.79
68.83
2,757.24
610.13
78,358.95
3,571.15
11,577.99
4,128.87
5,719.29
24,997.30
102
Regen Powertech Private Limited


31. Projects on hold
a. During the current period, WEC components earlier supplied to few customers were returned as the project was put on hold due to site conditions. The value of such sales return during the current period is Rs.19,090 lakhs. The cost of the components returned, included in Finished Wind Energy Converter parts is Rs.8,170 lakhs and in raw materials and components is Rs.4,637 lakhs. Of the evacuation costs of Rs.1,683 lakhs incurred for this project, the cost relating to materials of Rs.1,318 lakhs is included in raw materials and the balance amount of Rs.365 lakhs is charged to statement of profit and loss.
b. Exceptional item – Expenses
During the current period contract compensation expensesof Rs.4,337 lakhs (previous period – NIL) pertaining to projects as explained above, which have been considered as an exceptional item.
32. Employee stock option plans
The Group has provided share-based payment schemes to its employees. During the period ended March 31, 2016, the ReGen ESOP 2010 scheme was in operation. The relevant details of the scheme and the grant are as below.
Date of grant
Date of Board Approval
Number of options granted Method of settlement (Cash/Equity) Exercise price
Vesting period
Vesting Conditions Exercise period
October 25, 2010 June 15, 2010 113,350
Equity
Rs. 100 /-
Graded vesting over a 3 year period in the following manner: - 40 % two years from the date of grant
- 30 % three years from the date of grant
- 30 % four years from the date of grant
Employment
Ninety days from date of vesting or IPO date with ever is later
1.
2. Consolidated Financial Statements
The details of activity under the scheme have been summarizied below:
Particulars
Outstanding at the beginning of the year Granted during the year
Forfeited during the year
Excercised during the year
Expired during the year
Outstanding at the end of the year
Excercisable at the end of the year
Weighted average fair value of options granted on the date of grant
Average Risk free Int Rate
As at September 30, 2014
No of Shares Exc.Price
87,675 100
- -
(24,825) -
- -
- -
62,850 100
43,995 -
458 -
8.15%
As at March 31, 2016
No of Shares
Exc. Price
62,850
100
-
-
(16,250)
-
-
-
-
-
46,600
100
46,600
458
-
8.15%
The weighted average fair value of stock options granted above was Rs.458. The simple average of fair values under Discounted Cash Flow method and Peer Multiple method has been used for computing the weighted average fair value of option considering the following inputs:
Exercise Price Rs. 100 Average risk-free interest rate 8.15%
Annual Report 2016 103


Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
33. Provisions, commitments and contingencies
A) Provisions
Provisions for performance guarantee represent the expected outflow of resources against claims for performance shortfall expected in future over the life of the guarantee assured. The key assumptions in arriving at the provision are wind velocity, plant load factor, grid availability, historical data, machine availability etc.
Provisions for warranty represents expected liability on account of field failure of parts of WEC and expected expenditure of servicing the WECs over the period of warranty, which varies according to each sales order.Provision for the estimated liability in respect of operation, maintenance and warranty costs is made in the period in which the contract is substantially completed, based on technical evaluation.
The Group has taken an insurance policy with Oriental Insurance for one year against the warranty obligation for 1 year for all WEC. Provision is created for WEC’s under warranty.
The details of the provisions made for generation guarantee, operation, maintenance and warranty are as below:
Performance guarantee
For the period ended
Operation, maintenance and warranty
For the period ended
September
30, 2014 2,128.13
2,461.15 (2,373.69) - 2,215.59
1,735.75 479.84
March 31, 2016
September 30, 2014
March 31, 2016
735.64
674.60
2,215.59
251.46
591.77
2,961.77
(19.34)
(493.42)
(4,101.66)
(5.60)
(37.31)
-
962.16
735.64
1,075.70
251.46
735.64
265.42
710.70
-
810.28
Particulars
At the beginning of the year Created during the year Utilised during the year Amounts reversed
At the end of the year Of the above
- Current portion
- Non-current portion
In respect of the customer contracts performed during the year and earlier years, the Group does not anticipate any claims from the customers for liquidated damages or such other penalty for the performance of the contract, other than those disclosed in the financial statements.
As at March 31, 2016
1,572.00
5753.68
Pariculars
Commitments
Capital contracts yet to be executed
Other commitments related to evacuation cost
C) Contingent Liabilities
As at September 30, 2014
4,384.17 3,496.38
104
Regen Powertech Private Limited
i) During the previous period in respect of certain trade arrangements accounted for by the Group based on their substance, the Group had availed certain VAT credits aggregating to Rs. 2,235.79 lacs upto September 2014 out of which credits aggregating to Rs. 1,028.12 lacs upto October 2013 had been denied by VAT authorities who had further demanded a sum of Rs. 1,028.12 lacs towards penalty. The High court of Madras had admitted a writ against the said demand. These amounts had been disclosed as contingent liabilities for the period ended 30th September 2014. Subsequently, during the current period High Court had allowed the Writ Petition w.r.t the ITC claim on purchases made from these dealers and the matters had been remanded back to the authority. Consequent to the High court order, the department had issued revised orders dated April 29, 2015 for FY 2012-13 and FY 2013-14 in favour of the Group accepting the ITC claim and hence no further amount is payable to the department w.r.t the demand raised.


ii) OtherVAT related demands
• raised by Sales tax Department, Tamil Nadu for the financial years 2007-08 to 2013-14 – Rs.274.56lakhs (including interest & penalty of Rs.15.70lakhs) [Previous period – Rs.330.87 lakhs (including interest & penalty of Rs.42.23 lakhs)].
• raised by Sales tax Department, Maharashtra for the financial years 2008-09 and 2009-10 – Rs.209.01lakhs (including interest & penalty of Rs.120.77lakhs) [Previous period – Rs.198.48 lakhs (including interest & penalty of Rs.121.88 lakhs)]
• raised by Sales tax Department, Karnataka for the financial year 2009-10 – Rs.68.59 lakhs (including interest & penalty of Rs.35.59 lakhs) [Previous period – NIL].
iii) Other CST related demands
• raised by Sales tax Department, Tamil Nadu for the financial year 2012-13 – Rs.75.46lakhs (including interest & penalty of Rs.1.05lakhs) [Previous period – Rs.74.41 lakhs].
• raised by Sales tax Department, Maharastrafor the financial year 2010-11 – Rs.97.32 lakhs [Previous period – NIL].
• raised by Sales tax Department, Karnataka for the financial year 2012-13 – Rs.222.12 lakhs (including interest & penalty of Rs.83.61 lakhs) [Previous period – NIL].
iv) Income tax related demands
• raised by DCIT Company ward – Rs.430.13 lakhs for FY 2010-11 (AY 2011-12) towards certain disallowances.
• For FY 2011-12 (AY 2012-13), Jurisdictional assessing officer (AO) has passed draft assessment order proposing disallowances on various issues to tune of Rs.107.72 Crores, aggrieved by the draft proposals, Group has filed an application before the “Dispute Resolution Panel (‘DRP’)” for necessary directions to the AO. Group believes that it has a very good case before the DRP and hence no provision has been made in the financial statements for such draft proposals of the AO.
The Group has filed an appeal against such demands. Pending final outcome on the matter and based on opinion obtained from Company’s legal counsel, no provision has been made in the financial statements for such demands.
v) Claims against Group not acknowledged as debts – Rs.77lakhs[ As at 30 September 2014 – Rs.77 lakhs].
34. Disclosure pursuant to Accounting Standard -7(AS-7) ‘Construction Contracts’
Particulars
Contract revenue recognized as revenue for the period ended
Aggregate amount of contract costs incurred and recognized profits
(less recognized losses) upto period end for all the contracts in progress Amount of customer advances outstanding for contract in progress as at the period end
Amount of retentions due from customers for contract in progress as at the period end
Gross amount due from customers for contract work (asset)
Gross amount due to customers for contract work (liability)
For the period ended September 30, 2014
224,366.28 161,994.09
19,405.94
14,925.05
46,091.76 -
1.
2. Consolidated Financial Statements
For the period ended March 31, 2016
267,598.94
35,694.49
14,135.03
11,778.13
59,136.35
2,723.00
Annual Report 2016 105


Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
35. Leases
a) Operating lease
Office premises are obtained on operating lease.The Group has also taken certain office premises under non- cancellable operating lease agreement for a period of three years (previous period – five years). The lease rental charged during the period is Rs. 294.61 (previous year Rs. 356.32) and maximum obligations on long-term non- cancellable operating lease payable as per rentals stated in respective agreements are as follows:-
As at March 31, 2016
66.88
293.71
Pariculars
As at September 30, 2014
Not later than one year 171.50 Later than one year and non later than 5 years 8.18
b) Finance leases
The Group has taken cars on finance lease. These leases involve an upfront lease payment and have a purchase option in the hands of the respective employee at the end of the lease term. There are no escalation clauses. Future minimum lease payments (MLP) under finance leases together with the present value of the net MLP are as follows:
Rs. Lakhs
As at September 30 2014
As at March 31 2016
Minimum Payments
Present value of MLP
42.37
35.63
60.70
52.79
-
-
103.07
88.42
14.65
-
88.42
88.42
Particulars
Within One Year
After One Year but not more than 5 years More than 5 years
Total Minimum lease payments
Less: Amount representing finance charges Present value of minimum lease payments
36. Employee Benefit Plans
a. Defined contribution plans
Minimum Payments
125.30
93.40
-
218.70
16.57
202.13
Present value of MLP
109.99
92.14
-
202.13
-
202.13
106
Regen Powertech Private Limited
The Group makes Provident Fund, Superannuation Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Group is required to contribute a specified percentage of the payroll costs to fund the benefits. The GrouprecognisedRs. 461.73 lakhs (previous period Rs. 444.38 lakhs ) for Provident Fund contributions and Rs. 86.37 lakhs ( previous period Rs. 84.27 lakhs) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Group are at rates specified in the rules of the schemes.
b. Defined benefit plans – Gratuity
The Group has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.The scheme has beenfunded with an insurance companyin the form of a qualifying insurance policy.
The following tables summarize the components of net benefit expense recognized in the profit and loss account and amounts recognized in the balance sheet for gratuity.


Expenses recognized in the statement of Profit and Loss account:
Particulars
Current Service cost
Interest Cost
Expected return on plan assets
Net Actuarial (gain)/loss recognized in the year Net benefit expense
Details of Provision for gratuity:
Particulars
Defined benefit obligation Fair value of plan assets Plan (liability)
Changes in the present value of the defined benefit obligation are as follows:
Particulars
Opening defined benefit obligation Current service cost
Interest cost
Actuarial (gains) / losses on obligation Benefits Paid
Acquisitions / Divestures
Closing defined benefit obligation Experience adjustments on plan liabilities
Changes in the present value of the plan assets are as follows:
Particulars
Opening fair value of plan assets Contributions
Benefits paid
Expected return on plan assets Actuarial gains / (losses)
Closing fair value of plan assets Experience adjustments on plan assets
The principal assumptions used in determining gratuity for the Group’s plans are shown below:
Particulars
Discount rate
Expected return on plan assets Salary escalation
Employee turnover
For the period ended September 30, 2014
52.78
30.14 (32.95) 59.57 109.54
As at September 30, 2014
339.52 316.92 (22.60)
For the period ended September 30, 2014
211.19 52.78 30.14 59.76
(14.35) - 339.52 59.76
For the period ended September 30, 2014
235.62 62.49 (14.35) 32.95 0.21 316.92 0.21
For the period ended September 30, 2014
8.25%
8.00% 12.00% 20.00%
1.
2. Consolidated Financial Statements
For the period ended March 31, 2016
127.46
26.76
(24.57)
10.95
140.60
As at March 31, 2016
496.20
328.91
(167.29)
For the period ended March 31, 2016
339.52
127.46
26.76
13.78
(46.46)
35.14
496.20
25.79
For the period ended March 31, 2016
316.92
31.06
(46.46)
24.57
2.83
328.91
(2.06)
For the period ended March 31, 2016
8.00%
8.00%
12.00%
14.00%
Annual Report 2016 107


Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The experience adjustments on plan liabilities and net surplus / deficit for the periods ended March 31,2016 and September 30, 2014 and years ended March 31, 2013, March 31, 2012 and March 31, 2011 are as follows:
March 31,2016
496.20
328.91
167.29
25.79
(2.06)
Particulars
Defined benefit obligation at the end of the period Plan assets at the end of the period
Net deficit / (surplus)
Experience adjustments on plan liabilities Experience adjustments on plan assets
37. Earnings Per Share (‘EPS’)
Total Operation for the period
Number of equity shares outstanding at the beginning of the period Number of equity shares issued
Number of equity shares outstanding at the end of the period
Weighted average number of shares
a) Basic
b) Effect of dilutive equity shares on account of : - Employee stock option plans
- Issue of preference shares
- Issue of equity shares against CCD
c) Diluted
Profit / (loss) after tax for Basic EPS Profit / (loss) after tax for Dilutive EPS
EPS on Continuing Operations
Basic earnings / (loss) per share (Rs.) Dilutive earnings / (loss) per share (Rs.) Nominal value per share (Rs.)
September 30,2014
339.52
316.92
22.60
59.76
0.21
March 31,2013
211.19
235.62
(24.43)
9.34
March 31,2012
123.72
149.86
(26.14)
17.19
March 31,2011
48.56
-
48.56
9.29
-
(1.36) 0.09
Period ended March 31, 2016
22,667,479
597,014
23,264,493
23,102,166
38,249
1,611,453
-
24,751,868
10,075.98
10,075.98
43.61
40.71
10.00
Period ended September 30, 2014
22,667,479 - 22,667,479
22,667,479
50,343 1,611,453 61,009
24,390,284
(22,646.88) (22,646.88)
(99.91) (99.91) 10.00
108
Regen Powertech Private Limited


38. Segment reporting
i) Primary segment information (By Business Segment)
Segment information
During the period the Group has identified business segments as its primary segment and geographic segments as its secondary segment. Business segments are primarily Supply of WEC's, Project Development,Operations & Maintainence and Others. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably amongst segments are not allocated to primary and secondary segments. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are India and Outside India.
1.
2. Consolidated Financial Statements
For the period ended 31 March, 2016
Business segments
Particulars
Revenue
Inter-segment revenue
Total
Segment result
Unallocable expenses (net)
Operating income
Other income (net)
Profit before exceptional items and taxes
Exceptional items
Profit before taxes
Tax benefits
Net profit for the period
Supply of Project WEC's Development
263,968.31 30,682.84
5,464.03 202.41
O&M
8,040.00
2,952.82
Others
99.23
7,028.11
Eliminations
(15,647.37)
Total
302,790.38
-
269,432.34 30,885.25 10,992.82 7,127.34 (15,647.37) 302,790.38
5,149.54
36.55 4,370.71
921.06 (43.48)
10,434.38
3,350.07
7,084.31
2,310.76
9,395.07
4,337.00
5,058.07
5,017.91
10,075.98
Annual Report 2016 109


Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
Particulars
Segment assets
Unallocable assets
Total assets
Segment liabilities
Unallocable liabilities
Total liabilities
Other information
Capital expenditure
Depreciation and amortisation
For the period ended 31 March, 2016
Business segments
Supply of Project WEC's Development
O&M
2,668.13
2,750.99
47.75
286.08
Others
3,082.15
3,094.22
-
35.82
Total
235,906.04
9,334.89
245,240.93
178,671.29
27,754.79
206,426.08
15,894.08
6,634.92
164,474.56
163,797.27
3,022.79
3,973.57
65,681.20
9,028.81
12,823.54
2,339.45
ii) Secondary segment information (By Geographical Segment)
The following table shows the distribution of the Group’s consolidated sales by geographical market, regardless of where the goods were produced:
110
Regen Powertech Private Limited
39.
Geographic Segment
India
Outside India Total
CSR Expenditure
Revenues For the period ended 31 March, 2016
301,374.39 1,415.99 302,790.38
Revenues For the period ended
30 September, 2014
Segment assets as at 31 March, 2016
Segment assets
as at
30 September, 2014
211,698.17 4,137.55 215,835.72
Capital expenditure incurred during the period ended 31 March, 2016
16,213.08 - 16,213.08
Capital expenditure incurred during the period ended 30 September, 2014
14,018.19 18.69 14,036.88
231,989.90 241,810.21 14,151.77 3,430.72 246,141.67 245,240.93
The Group has spent Rs.21.21 lakhs towards CSR expenses during the current period (previous period spent – Rs.38.65 lakhs). As per the requirements of the Companies Act 2013, the Company has to spend 2% of the average net profits of the last 3 periods which is Rs.242.37 lakhs.


40. Related Party Transactions
i) The list of related parties as identified by the management and relied upon by the auditors is as under
1.
2. Consolidated Financial Statements
Nature of relationship
Individual exercising control / significant influence
(‘Promoters’)
Holding Company and Ultimate Holding Company
(‘Promoters’)
Enterprise of which the Company is an associate Fellow subsidiaries
Key management personnel
Related Party
1. M Prabhakar Rao
1. NSL Power Equipment Trading Private Limited (NSL PET)
2. Mandava Holdings Private Limited
1. Indivision India Partners, Mauritius (IIP)
1. NSL Renewable Power Private Limited [formerly
Nuziveedu Seeds Private Limited] (NRPPL)
2. NSL Power Private Limited (NSL Power)
3. NSL Wind Power Company (Phoolwadi) Private
Limited (NSL Wind)
4. NSL Wind Power Company (Satara) Private Limited 5. Kalsubai Power Private Limited
6. NSL Wind Power (Sayamalai) Private Limited.
7. NSL Wind Power (Kayathar) Private Limited.
1. Mr. MadhusudhanKhemka
2. Mr. R. Sundaresh
3. Mr. K. Varahala Rao
ii) The following transactions were carried out with the related parties from October 1, 2014 to March 31, 2016
Particulars
Advances / (Repayments) made
NSL Power
Contract revenues
NRPPL
NSL Wind Power(Sayamalai) Pvt Ltd
NSL Wind Power Company(Kayathar) Pvt Ltd NSL Wind Power Company (Satara) Pvt Ltd Kalsubai Power Private Limited
NSL Wind Power Company (Phoolwadi) Pvt Ltd
Managerial remuneration
Mr. Madhusudhan Khemka Mr. R Sundaresh
Mr. Varahala Rao
Balances with related parties: Nature of relationship
Fellow Subsidiaries
KMP
2016
2014
2016
1.03
0.34
-
493.95
461.91
-
34.35
3,509.47
793.76
17,494.30
12.05
(1,892.95)
-
6,212.32
227.90
391.52
-
-
-
271.65
-
-
183.00
-
-
90.07
2014
- -
-
292.72 192.94 88.40
2016
12.35
1,871.28
1.22
325.13
995.42
Fellow Subsidiary
Advance to NSL Power
Accounts receivable from NSL Wind Power Company(Kayathar) Pvt Ltd Accounts receivable from NSL Wind Power(Sayamalai) Pvt Ltd Accounts receivable from NSL Wind Power Company(Satara) Pvt Ltd Accounts receivable from Kalsubai Power Private Ltd
Due from / (due to)
2014
1.50 1,400.43 200.00 5,175.17 -
Annual Report 2016 111


112
Regen Powertech Private Limited
Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
41. The Group has international and domestic transactions with related parties. For the current period, the management confirms that it maintains documents as prescribed by the Income tax Act, 1961 to prove that these transactions are at arms length and the aforesaid legislation will not have any impact on the financial statements, particulary on the amount of tax expense and the provision for taxation.
42. Transfer of Operation & Maintenance business by Regen Powertech Private Limited(RPPL) to RegenInfrastructureand Services Private Limited (RISPL)
On January 31, 2014, Regen Powertech Private Limited entered into a binding Memorandum of Understanding (‘MoU’) to sell its O&M Business to its wholly owned subsidiary Renewable Energy Generation Private Limited ('REGPL') , now called as Regen Infrastructure and Services Private Limited, on a slump sale basis with effect from March 31, 2014(‘Appointed Date’) for a consideration of Rs. 31,000 lakhs, to be settled by issue of equity shares of REGPL based on a valuation carried out by independent valuers. Pursuant to the above, the Company executed a Business Transfer Agreement (“BTA”) on March 5, 2014 with REGPL to execute such sale and detailing the condi- tions and process required to be fulfilled / followed to give effect to the transfer of the business. Such transfer was confirmed by exchange of letters of fulfilment of conditions zprecedent, handover and receipt of possession and title and ownership of the O&M Business on March 31, 2014 thereby becoming effective and binding as at close of the business hours of the aforesaid date.
The above sale of business (including the MOU and BTA) has been ratified and approved by the Board of directors ofthe Company on January 12, 2015.
43. The Company had entered into certain trade arrangements involving purchase and sale of raw material and net profit of Rs.11.79 lakhs ( previous period Rs. 655.26 lakhs ) was earned by the Company. Considering the substance of such arrangements, the same has been disclosed as Profit on Sale of Raw Materials, net as part of Revenue from Operations. An amount of Rs.4,166.84 lakhs ( previous period Rs. 5,017.82 lakhs ) is receivable from such parties on account of such arrangements and based on confirmation of balances obtained and the commitment received from such parties to settle the amounts, the management is of the view that the amount is good and recoverable and no provision is presently considered necessary.


1.
2. Consolidated Financial Statements
Annual Report 2016 113
44. Additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial Statements to Schedule III to the Companies Act, 2013
Parent
Regen Powertech Private Limited
94.72%
266.70%
36,766.69
68,840.06
105.71%
-91.47%
10,652.43
20,715.64
Subsidiaries :
a. Indian
Regen Infrastructure and Services Private
12.67% 0.00%
-137.67% 0.00%
4,918.39 (1.69)
4.88% 0.00%
166.12% 0.00%
491.61 (0.40)
Limited & its subsidiaries Regen O&M Services Limited
(35,534.86) (1.28)
(37,620.09) (0.31)
b. Foreign
Wind-Direct, GmbH, Germany (Subsidiary of RREGGL)
Regen Renewable Energy Generation Global Limited
Total 100.00%
-7.94% 100.00%
(800.25) 10,075.98
Net assets(Total assets less Total liabilities)
Share in Profit As a % Consolidated
As a % of Consolidated Net Assets
Amount in Rs. Lakhs
Profit after tax
Amount in Rs. Lakhs
31-Mar-16
30-Sep-14
31-Mar-16
30-Sep-14
Period from October 1, 2014 to March 31, 2016
Period from April 1, 2013 to September 30, 2014
Period from October 1, 2014 to March 31, 2016
Period from April 1, 2013 to September 30, 2014
0.92% -8.31%
-2.03% -27.00% 100.00%
356.99 (3,225.53) 38,814.85
(523.24) (6,969.18) 25,811.50
-2.65%
2.59% 22.77% 100.00%
(267.41)
(585.59) (5,156.53) (22,646.88)


114
Regen Powertech Private Limited
Financial Statements
Notes to the consolidated financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
45. Prior Period Comparatives
Previous Period Figures have been regrouped/reclassified where necessary, to confirm this period's classification.
For and on behalf of the Board of Directors
Sd/-
Madhusudan Khemka
Managing Director DIN No.00757115
Place : Chennai
Date : August 31, 2016
Sd/-
R. Sundaresh
Joint Managing Director DIN No. 00207427
Sd/-
K. Varahala Rao
Whole time Director DIN No. 01869380
Sd/-
B.S. Bhaskar
Company Secretary


Notes
1.
2. Consolidated Financial Statements
Annual Report 2016 115


Notes
116 Regen Powertech Private Limited




Regen Powertech Private Limited
KRM Plaza, 7th Floor, North Tower, No.2, Harrington Road, Chetpet, Chennai 600 031 Tel. No: 91-44-42966200 • Website: www.regenpowertech.com
Conceptualised, Designed & Printed by Synergy Creations • 9820320994


Click to View FlipBook Version
Previous Book
Design 2
Next Book
colour-bangla