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Published by Repro Graphics, 2017-08-20 18:31:52

Regen Annual Report 2015-16

a) Cash credit from banks and short term loans from banks are secured against first charge on fixed deposits, inventories and book debts present and future on paripassu basis and by a second charge on fixed assets both present and future on pari passu basis. The cash credit is repayable on demand and carry varying rates of interest, depending on the nature of the loans, with the rate of interest ranging from 12% p.a and going upto 16% p.a.
b) The fund and non-fund facilities granted by State Bank of India are also secured by pledge of certain shares held by NSL Power Equipment Trading Private Limited in the Company.
c) Acceptances represent short term credit from suppliers repayable within 180 days and carry varying rates of interest ranging from 10% p.a and going upto 12% p.a.
d) Short term loans from others is repayable in 9 equal monthly installments starting from the end of 4 months from the drawdown date, viz., (March 6, 2014). The loan was secured against a first exclusive charge on Petshivpur project
receivables. The rate of interest is 16% p.a. The same was fully repaid during the current period.
10. Trade payables
Dues to Micro and Small Enterprises (refer note 41) Dues to others
11. Other current liabilities
Current maturities of long term borrowings (includes current maturities of finance lease obligations)
Interest accrued and not due on borrowings
Billing in excess of revenue
Advance from customers
Statutory liabilities (including TDS, sales tax and service tax) Forward contract payable, net
12. Short-term provisions
Other Provisions
Provision for taxes (net of advance taxes and tax deducted at source - current
period-Rs. 246.08 lakhs) previous period-Rs.6895.85 lakhs)
Provision for operation and maintenance & warranty (Refer note 34A) Provision for performance guarantee (Refer note 34A)
Provision for employee benefits
- Leave salary
- Gratuity (Refer note 38)
Provision for Contract Compensation (refer note 32)
As at September 30, 2014
1,125.22 60,593.08 61,718.30
13,715.41
166.39 1,382.84 22,017.01 1,324.10 - 38,605.75
5,913.79
1,735.75 735.64
724.15 22.60 - 9,131.93
1. Standalone Financial Statements
2.
As at March 31, 2016
2,174.19
53,751.96
55,926.15
2,434.16
-
2,874.48
6,316.78
368.82
94.00
12,088.24
100.00
265.42
251.46
462.18
152.06
2,723.00
3,954.12
Annual Report 2016 51


Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
52 Regen Powertech Private Limited
13. Tangible and Intangible Assets
Particulars Land Cost or valuation
Buildings Plant and equipments
Office equipments
Computers
Furniture and fixtures
Leasehold Improvements
Vehicles (owned assets)
Vehicles Total License Computer
Total
At 1 April 4,525.55 2013
9,546.03 14,060.29
313.09
908.78
534.30
432.46
124.05
744.61 31,189.16
919.63
503.21
,422.84
Additions 144.01
885.07 - 0,431.10
1,944.38 (146.86) 5,857.81
21.83
320.39
21.27 (52.75) 502.82
-
10.05
51.78 3,398.78 (270.45) (537.05)
-
40.80
40.80
Disposals -
(9.15)
(48.94)
-
(8.90)
-
(0.24)
(0.24)
At 30 Septem- 4,669.56 ber 2014
325.77
1,180.23
432.46
125.20
525.94
34,050.89
919.63
543.77
1,463.40
Additions 60.18
2,307.35 - 2,738.45
3,975.79 - 9,833.60
4.17 (8.93) 321.01
365.50 (0.36) 1,545.37
0.00 (15.63) 487.19
201.08 (2.61) 630.93
67.58 (17.33) 175.45
56.84 (174.38) 408.40
7,038.49 (219.24) 0,870.14
2,905.45 - 3,825.08
7.59 - 551.36
2,913.04 - 4,376.44
Disposals
-
At 31 March 2016
4,729.74
Depreciation
At 1 April 2013
-
551.56
2,017.61
121.16
455.92
215.69
229.52
64.50
208.12
3,864.08
781.70
295.13
1,076.83
Charge for the period
481.18
2,200.68
71.65
398.27
118.78
162.45
29.91
213.51 (118.56)
3,676.43
137.93
168.98
306.91
- Disposals -
-
(13.02)
(4.62)
(40.75)
(20.09)
-
(4.35)
(201.39)
-
(0.22)
(0.22)
At 30 Septem- - ber 2014
1,032.74
4,205.27
188.19
813.44
314.38
391.97
90.06
303.07
7,339.12
919.63
463.89
1,383.52
Charge for the - period
512.14 -
2,575.27 367.38
64.99 -
373.10 -
105.44 -
68.57 -
30.65 -
168.36 -
3,898.53 367.38
1.59 -
75.03 -
76.62 -
Chargeper- - taining to prior
period
Disposals -
-
-
(8.11)
(0.01)
(0.83)
-
(17.33) (128.46)
(154.74)
-
-
-
At 31 March 2016
-
1,544.88
7,147.92
245.07 1,186.53
418.99
460.54
103.38
342.98 11,450.29
921.22
538.92
1,460.14
Net Block
At 30 Septem- ber 2014
4,669.56
9,398.36
11,652.54
137.58 366.79 75.94 358.84
188.44 68.20
40.49 170.39
35.14
222.87 6,711.77
65.42 29,419.85 2,903.86
79.88
79.88 2,916.30
At 31 March 2016
4,729.74 11,193.57
12,685.68
72.07
12.44
Packing materials procured during the
prior years with book value of Rs.1239.62 lakhs has been reclassifed from Inventory to Plant and equipments in the current period been recorded as depreciation relating to such prior years.
and an amount of Rs.367.38 lakhs has
(leased assets)
fee
software
-


14. Non-current investments
Trade investments (valued at cost unless otherwise stated)
Unquoted equity instruments
Investment in subsidiaries
Regen Infrastructure and Services Private Limited ("RISPL") 7,32,91,496(Previousperiod-3,19,58,163) equitysharesofRs.10eachfullypaidup*
Regen Renewable Energy Generation Global Limited ("RREGGL")
1,377,750 (Previous period- 1,377,750) equity shares of Euro 1 each fully paid up Regen O&M Services Limited ("ROMSL")
49,500 (Previous period - 49,500) equity shares of Rs. 10 each fully paid up
* includes 10 shares held by the nominee.
As at September 30, 2014
4,155.00
3,739.79
4.95 7,899.74
1. Standalone Financial Statements
2.
As at March 31, 2016
35,155.00
3,739.79
4.95
38,899.74
During the previous period, the Company entered into an agreement to sell its O&M Business to its wholly owned subsidiary Regen Infrastructure and Services Private Limited ("RISPL") on a slump sale basis with effect from March 31, 2014 for a consideration of Rs.31,000 lakhs, which was ratified and approved by the Board of Directors on January 12, 2015. . During the period 413,33,333 equity share of Rs.10/- each was allotted towards consideration receivable on O&M sale. These shares are pledged with IDBI Trusteeship Services Limited towards issue of Debentures by RISPL.
RREGGL is a wholly owned subsidiary of the Company and is engaged in the business of development and sub-licensing of intellectual property. The accumulated losses of RREGGL along with that of its step down subsidiary have substantially eroded the net-worth as at March 31, 2016. Management believes that such losses are due to the entity being in its start up stage and based on business plans, believes that the diminution in the value of the investment in RREGGL is not other than temporary.
15. Long-term loans and advances
Unsecured, considered good
Capital advances
Loans and advances to related parties - to RISPL
- to ROMSL
Security Deposits
MAT Credit
Other loans and advances
16. Other non-current assets
Incentive receivable from government
Ancillary borrowing costs
Receivable towards transfer of business from related party (refer note 31 & 14) Reimbursement receivable from state electricity boards against evacuation
infrastructure
Less: Current portion of ancillary borrowing costs
3,223.11
38,671.58 0.79 74.60 428.70 609.41 43,008.19
6,385.61 118.03 31,000.00
2,882.55
(40.08) 40,346.11
36.99
-
-
105.39
1,118.62
804.80
2,065.80
1,272.30
-
-
-
-
1,272.30
Annual Report 2016 53


Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
17. Current Investments (Valued at lower of cost or net realisable value)
Investment in Mutual Fund- SIP [Canara Robeco Capital protection oriented fund - FV - Rs.11.81 per unit]
360,832.154 units (Previous period 108,169.923 units)
NAV of unquoted investments
18.Inventories (Valued at lower of cost or net realisable value)
Raw materials and components (includes stock with subcontractors - Rs.2597.40 lakhs (previous period - Rs.3,417.73 lakhs))
Work-in-progress
Finished Wind Energy Converter parts
Loose tools
Details of Inventory of raw materials:-
a) Steel
b) Blades
c) Electrical items
d) Mechanical items e) Others
19. Trade receivables
Outstanding for a period exceeding six months from the date they are due for payment
Unsecured, considered good
Unsecured, considered doubtful
Provision for doubtful receivables
Other receivables
Unsecured, considered good
Trade receivables include amounts due from :
Particulars
Private companies in which any director is a director or member NSL Wind Power Company (Kayathar) Pvt Ltd
NSL Wind Power Company (Sayamalai) Pvt Ltd
NSL Wind Power Company (Satara) Pvt Ltd
Kalsubai Power Private Limited
As at September 30, 2014
19.44
19.44 20.19
25,929.19
147.33 4,280.28 343.09 30,699.89
2,685.30 3,074.24 1,877.06 8,091.87
10,200.72 25,929.19
2,828.89 881.25 3,710.14 (881.25) 2,828.89
43,263.05 46,091.94
As at September 30, 2014
323.25
160.00 4,595.76 (2,079.00)
3,000.01
As at March 31, 2016
42.61
42.61
44.72
27,601.02
111.99
9,125.47
142.46
36,980.94
1,185.73
6,756.37
1,984.31
6,994.49
10,680.12
27,601.02
12,203.49
3,377.05
15,580.54
(3,377.05)
12,203.49
49,889.99
62,093.48
As at March 31, 2016
795.54
-
(4.16)
944.97
1,736.35
54
Regen Powertech Private Limited


20. Cash and bank balances
Cash and cash equivalents Cash on hand
Balances with banks:
In current account
In deposit accounts (with original maturity of more than 3 months)
Notes :
(a) Of the above the balances that meet the definition of Cash and cash equivalents
as per AS 3 Cash Flow Statements is
(b) Deposits under lien for short term borrowings from banks
21. Short-term loans and advances
Advances recoverable in cash or in kind Unsecured considered good
Other loans and advances
Balances with statutory/government authorities Loans and advances to related parties
- to RISPL Prepaid expenses Security deposits
22. Other current assets
Unamortized expenditure
Unamortized premium on forward contract Others
Interest accrued on fixed deposits
Export Incentive receivable
Forward contract receivable, net
Other receivables
Current portion of ancillary borrowing costs
23. Revenue from operations (net)
Sale of products
Sale of WEC and finished WEC components
Rendering of operation and maintenance services (refer note 31) Other operating revenue
Scrap sales
Sale of power
Sale of raw materials, net
Revenue from operations (net)
As at September 30, 2014
16.78
814.23 11,644.74
12,475.75
831.01 11,644.74
7,470.08 2,527.62
- 1,443.11 1,650.45 13,091.26
17.49
- 250.80 1.95 5,017.82 40.08 5,328.14
Period from April 1, 2013 to September 30, 2014
224,366.28 1,539.95
1,569.12 300.74 655.26 228,431.35
1. Standalone Financial Statements
2.
As at March 31, 2016
40.15
2,706.02
11,656.76
14,402.93
2,746.17
11,656.76
8,838.04
2,143.87
21,619.97
2,407.30
-
35,009.18
48.54
309.09
-
-
4,166.84
-
4,524.47
Period from October 1, 2014 to March 31, 2016
267,598.94
-
1,631.40
190.21
11.79
269,432.34
Annual Report 2016 55


Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
24. a. Other Income
Period from October 1, 2014 to March 31, 2016
30.27
11.35
-
403.88
-
153.18
598.68
Period from April 1, 2013 to September 30, 2014
Government Incentive 1,085.54 Export incentive 255.56 Insurance claims 647.73 Provision no longer required, written back
- Provision for Storage Rent -
- Provision for clearing and forwarding 304.20 Miscellaneous income 21.92
2,314.95
24. b. Interest Income
Interest on Bank deposits 1,084.75 Interest on others - 1,084.75
25. Prior period Revenue (Net)
a) Substation Revenue (refer Note below) -
Less : Prior period Expenses
b) Bank Guarantee Commission - c) Tools amortisation - d) Packing materials amortisation - e) Operation, maintenance and warranty
-
a) Consequent to transfer of O&M business division along with contracts to its subsidiary in the previous period, Company's obligation to those customers no longer exits. Revenue recognition from out of Billing in excess of revenue on account of Sub-station connectivity in Rajasthan state with respect to cessation of Company's obligations towards Rajasthan Customer on transfer of O&M business division along with Contracts to its subsidiary now recognized in the current period.
b) Bank Guarantee Commission of earlier accounting periods treated as prepaid expenses now recognized as an expense in the current period.
c) Cost of certain tools purchased in earlier periods which has shorter estimated useful life not recorded as capital item in the earlier periods now amortized fully in the current period based on the management's estimate of useful life of these tools.
d) Certain packing materials used but not amortised in prior years, amortised during the current period.
e) Recognition of operation and maintenance liability payable to subsidiary for WEC's commissioned till September 30, 2014.
1,598.33
77.50
1,675.83
5,371.87
923.24
367.38
305.44
2,037.84
1,737.97
56
Regen Powertech Private Limited


26. Cost of materials consumed
Inventory at the begnning 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. Standalone Financial Statements
2.
25,929.19
186,426.87
212,356.06
27,601.02
184,755.04
800.14
185,555.18
29,817.87 161,005.91 190,823.78
25,929.19 164,894.59
762.06 165,656.65
99,294.68
29,838.31
36,264.05
20,158.14
185,555.18
Details of raw materials and components consumed
WEC parts
Blades
Steel and related materials for towers Others
91,188.95 30,207.24 35,189.66
9,070.80 165,656.65
27. (Increase)/decrease in inventories of finished goods, work-in-progress and traded goods
Period from October 1, 2014 to March 31, 2016
111.99
9,125.47
147.33
4,280.28
(4,809.85)
Inventories at the end of the year - Work in progress
- Finished WEC parts
Inventories at the begnning of the year - Work in progress
- Finished WEC parts
28. Employee benefits expense
Salaries, wages and bonus
Contribution to provident fund (refer note 38) Employee stock options cost
Gratuity expenses (refer note 38)
Workmen and staff welfare expenses
Period from April 1, 2013 to September 30, 2014
147.33 4,280.28
133.14 6,130.02 1,835.55
9,857.95 406.73 (44.39) 109.54 908.43 11,238.26
8,561.21
393.62
(72.63)
129.46
730.03
9,741.69
Annual Report 2016 57


Financial Statements
Notes to 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 and equipment hire charges
Evacuation charges and Infrastructure Development charges Freight, Clearing and forwarding expenses
Royalty
Generation guarantee
Operation, maintenance and warranty
Grid availability compensation
Power and fuel
Rent
Rates and taxes
Repairs and maintenance
- Plant and Machinery - Building
- Others
Legal and professional fees (refer note - a below) Advertisement, sales promotion and marketing expenses Travel and conveyance
Insurance
Loss on sale of asset(net)
Director's sitting fees
Provision for doubtful debts
Foreign exchange loss, net
Bank charges
Contract compensation
Miscellaneous expenses
Administrative Expenses
CSR Expenses (refer Notes 43)
Communication Cost
Printing & Stationery
Processing fees, Approvals & Clearances
Testing & Calibration Charges
Civil foundation, erection and commisioning charges
Note a - Payment to auditors
For Statutory Audit
30. Finance costs
Interest
- on long term loans / debentures
- on short term loans / acceptances
- others (includes Rs.174.07 lakhs towards interest on delayed payment of taxes
(previous period - Rs.32.45 lakhs)) Other borrowing costs
Period from October 1, 2014 to March 31, 2016
2,027.46
11,391.05
15,130.90
3,255.36
226.53
2,865.45
1,500.00
528.84
683.97
311.22
226.60
91.04
199.76
1,234.61
381.66
1,275.51
1,866.12
7.56
3.23
-
157.57
86.21
3,342.60
1,012.51
21.21
199.04
61.01
255.13
610.13
29.30
48,981.58
Period from April 1, 2013 to September 30, 2014
1,401.46
3,806.70
12,885.93
5,974.77
554.45
1,954.90
2,250.00
573.40
1,628.82
316.17
163.05
44.47
366.07
1,290.15
3,128.30
1,485.52
1,522.64
48.93
1.54
372.35
2,448.48
284.52
620.00
1,353.33
38.65
243.78
57.01
140.03
158.28
160.06
45,273.76
90.00 90.00
5,122.68 12,268.68
3,035.50
5,270.34 25,697.20
90.00
90.00
1,898.06
11,113.39
3,849.33
5,716.24
22,577.02
58
Regen Powertech Private Limited


31. Discontinuing Operation - Sale of Operation and Maintenance (O&M) Business
Based on the Memorandum of Understanding (‘MOU’) dated January 31, 2014 and Business Transfer Agreement (‘BTA’) executed on March 5, 2014, the Company had entered into to sell its O&M Business to its wholly owned subsidiary Regen Infrastructure and Services Private Limited (‘RISPL’), 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 RISPL based on a valuation carried out by independent valuers. The above sale of business (including the MOU and BTA) has been ratified and approved by the Board of directors of the Company on January 12, 2015. The above sale process was successfully completed during the previous financial period. The profit on such transfer amounting to Rs.28,939.90 lakhs, was shown as an exceptional item in the previous period.
The amount receivable as consideration to the tune of Rs.31,000 lakhs was shown under “Non-current assets” in the balance sheet in the previous period (refer note 14) and was settled in the current period by issue of 413,33,333 equity share of Rs.10/- each in RISPL, at a premium of Rs. 65 per share.
Further, as the sale of the O&M business undertaking of the Company qualifies as a discontinuing operation under Accounting Standard – 24(AS 24), the disclosures as required under AS 24 in respect of the undertaking included in the financial statements till the date of sale are as follows:
Summary of statement of profit and loss pertaining to O&M operation upto the date of sales is given below:
1. Standalone Financial Statements
2.
October 1, 2014 to March 31, 2016
-
-
-
-
-
-
-
-
Particulars
Revenue
Expenses
Profit/(Loss) from operating activities Finance costs
Depreciation
Profit/(Loss) before tax
Income-tax expense
Profit/(Loss) after tax
Summary of assets and liabilities pertaining to discontinued operation
Particulars
Total assets Total liabilities Net assets
Summary of cash flow pertaining to discontinued operation
Particulars
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities
32. Projects on hold
April 1, 2013 to March 31, 2014 1,539.95 375.23 1,164.72 - 26.33 1,138.39 386.94 751.45
31-Mar-14 2,303.00
242.90 2,060.10
31-Mar-14 777.78
- -
31-Mar-16
-
-
-
31-Mar-16
-
-
-
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.
Annual Report 2016 59


Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
b. Exceptional item – Expenses
During the current period, the Company has made provision for contract compensation of Rs.4,337 lakhs (previous period – NIL) for the projects as explained above, which have been considered as an exceptional item.
33. Employee stock option plans
The Company 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
The details of activity under the scheme have been summarized 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%
60
Regen Powertech Private Limited


34. 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 Company 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:
1. Standalone Financial Statements
2.
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 Company 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.
B) Commitments
Pariculars
Commitments
Capital contracts yet to be executed
Other commitments related to evacuation cost Corporate guarantee to subsidiary *
As at September 30, 2014
1,999.04 3,496.38 3,500.00
As at March 31, 2016
1,460.48
4,671.72
3,500.00
*RPPL has issued a Corporate Guarantee on behalf of RISPL in favour of IDBI Trusteeship Services Limited for securing all the amounts payable under the Debenture Trust deed.
Annual Report 2016 61


62
Regen Powertech Private Limited
Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
C) Contingent Liabilities
i)
During the previous period in respect of certain trade arrangements accounted for by the Company based on their substance, the Company 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 with respect to the ITC claim on purchases made from these dealers and the matter had been remanded back to the authority. Consequent to the High court order, the department had issued revised orders dated April 29, 2015 for financial year 2012- 13 and financial year 2013-14 in favour of the company accepting the ITC claim and hence no further amount is payable to the department w.r.t the demand raised.
Other VAT 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].
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.1.05 lakhs) [Previous period – Rs.74.41 lakhs].
• raised by Sales tax Department, Maharastra for 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].
ii)
iii)
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 financial year 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, Company has filed an application before the “Dispute Resolution Panel (‘DRP’)” for necessary directions to the Assessing Officer. Company 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 Assessing Officer.
The Company 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 company not acknowledged as debts – Rs.77 lakhs [As at September 30, 2014 – Rs.77 lakhs].


35. 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
For the period ended September 30, 2014
224,366.28 161,994.09
19,405.94
14,925.05
46,091.76 -
1. Standalone Financial Statements
2.
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
Amount of customer advances outstanding for contract in period end
Amount of retentions due from customers for contract in period end
Gross amount due from customers for contract work (asset) Gross amount due to customers for contract work (liability)
36. Leases
a) Operating lease
The Company has entered into operating lease related to
cancellable operating lease agreement for a period of three
during the year is Rs. 294.61 (previous period Rs. 356.32)
operating lease payable as per rentals stated in respective agreements are as follows :-
Pariculars
progress as at the progress as at the
office premises, certain office premises are under non- years (previous year five years). The lease rental charged and maximum obligations on long-term non-cancellable
As at March 31, 2016
66.88
293.71
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 Company 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:
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
As at September 30, 2014
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
Minimum Payments
125.30
93.40
-
218.70
16.57
202.13
Present value
of MLP
109.99
92.14
-
202.13
-
202.13
37. Derivative Instruments and un-hedged exposure in foreign currency
The Company uses forward contracts to hedge its foreign currency exposures related to import of materials. The Company had contracts of USD 67.19 lakhs outstanding as at March 31, 2016 (previous period Euro 2.90 lacs and USD 48.93 lacs) to hedge the settlement of creditors.
The Company has also taken a principal only swap to cover its exposure on the long term foreign currency loan taken for USD 100 lacs at a fixed rate of Rs.50.95 per USD.
Annual Report 2016 63


Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
The details of foreign currency balances which are not hedged as at the balance sheet date are as follows:
As at March 31, 2016
Foreign currency
Amount in FC in lakhs
Amount in INR in lakhs
USD
46.34
3,093.92
EURO
62.71
4,752.09
GBP
2.34
225.01
USD
2.20
146.68
EURO
0.16
12.19
Particulars
Payables, net of advances Debtors, net of customer advances
38. Employee Benefit Plans
a. Defined contribution plans
Amount in FC in lakhs
100.68
98.73
0.01
20.96
Amount in INR in lakhs
6,241.15
7,803.62
1.08
1,299.31
As at September 30, 2014
--
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 Group recognised Rs. 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 been funded with an insurance company in 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)
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 March 31, 2016
114.99
26.79
(23.35)
11.03
129.46
As at March 31, 2016
448.53
296.47
(152.06)
64
Regen Powertech Private Limited


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
Closing defined benefit obligation
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
For the period ended September 30, 2014
211.19 52.78 30.14 59.76
(14.35) 339.52
For the period ended September 30, 2014
235.62 62.49 (14.35) 32.95 0.21 316.92
1. Standalone Financial Statements
2.
For the period ended March 31, 2016
339.52
114.99
26.79
27.92
(60.69)
448.53
For the period ended March 31, 2016
316.92
14.82
(60.69)
23.35
2.07
296.47
The company's gratuity fund are managed by an insurance company and therefore the compositon of the fund assets is not available with the company.
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
8.25%
8.00% 12.00% 20.00%
For the period ended March 31, 2016
8.00%
8.00%
12.00%
14.00%
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.
Estimate amount of contribution in the immediate next year is Rs. 152.06 Lakhs (Rs.22.06 Lakhs)
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
448.53
296.47
152.06
27.92
(2.05)
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
September 30,2014
339.52
316.92
22.60
59.76
0.21
March March 31,2013 31,2012
211.19 123.72
235.62 149.86
(24.43) (26.14)
9.34 17.19
(1.36) 0.09
March 31,2011
48.56
-
48.56
9.29
-
Annual Report 2016
65


Financial Statements
c. Actuarial assumptions for long term compensated absences
Particulars
Discount rate
Expected return on plan assets Salary escalation
Employee turnover
39. 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 after tax for Basic EPS
Profit after tax for Dilutive EPS
EPS on Continuing Operations
Basic EPS
Dilutive EPS
EPS on Total Operations
Profit after tax for Basic EPS
Profit after tax for Dilutive EPS
Basic EPS
Dilutive EPS
Period ended March 31, 2016
22,667,479
597,014
23,264,493
23,102,166
38,249
1,611,453
-
24,751,868
4,190.10
4,190.10
18.14
16.93
4,190.10
4,190.10
18.14
16.93
For the period ended September 30, 2014
8.25%
8.00% 12.00% 20.00%
Period ended September 30, 2014
22,667,479
-
22,667,479
22,667,479
50,343
1,611,453
61,009
24,390,284
3,482.38
3,482.38
15.36
14.28
4,233.83
4,233.83
18.68
17.36
For the period ended March 31, 2016
8.00%
8.00%
12.00%
14.00%
66
Regen Powertech Private Limited


40. Segment reporting
i) Primary segment information (By Business Segment)
The Company is involved only in manufacturing of Wind Energy conveters (WECs') amd related accessories and equipment. Thus it operates in a single primay segment
ii) Secondary segment information (By Geographical Segment)
The following table shows the distribution of the Company's sales by geographical market.
1. Standalone Financial Statements
2.
Particulars
Revenue from operations
Additions to fixed assets, including intangibles
Segment assets
Particulars
Revenue from operations
Additions to fixed assets, including intangibles
Segment assets
For the period ended March 31, 2016
India
268,727.22
5,916.84
193,153.34
Outside India
705.12
-
158.86
Total
269,432.34
5,916.84
193,312.20
For the period ended September 30, 2014
India
214,758.87
3,439.58
184,182.94
Outside India
13,672.48
-
1,233.26
Total
228,431.35
3,439.58
185,416.20
41. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006
As at March 31, 2016
1854.46 319.73
NIL
319.73
NIL
Particulars
"The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier as at the end of each accounting year
- Principal
- Interest
The amount of interest paid by the buyer in terms of section 16, of the Micro Small and
Medium Enterprise Development Act, 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year
The amount of interest accrued and remaining unpaid at the end of each accounting year The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under section 23 of the Micro Small and Medium Enterprise Development Act, 2006
Rs. in Lakhs As at September
30, 2014
865.79 259.43
NIL 259.43
NIL
The dues to Micro Enterprises and Small Enterprises as on 31 March 2016 are as identified by the management and relied upon by the auditors.
Annual Report 2016 67


Financial Statements
42. Research and development activities.
The Company has capitalised assets and incurred expenses towards research and development activities as follows:
For the period ended March 31, 2016
1.31
-
1.31
445.07
26.15
10.11
17.64
-
-
5.29
504.26
Particulars
Software
Others
Total
Expenses
Salaries, wages and bonus
Contribution to provident and other funds Materials, spares & consumables
Travel
Communication expenes
Consultancy charges
Miscellaneous expenses (training, testing & calibration charges) Total
43.
44.
For the period ended September 30, 2014
- 6.05 6.05
439.32 25.90 16.61 10.25
0.03 24.53 - 516.64
CSR Expenditure
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.
Related Party Transactions
i) The list of related parties as identified by the management and relied upon by the auditors is as under:
Nature of relationship
Individual exercising control / significant influence (‘Promoters’)
Holding Company and Ultimate Holding Company (‘Promoters’)
Enterprise of which the Company is an associate
Subsidiaries
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. Regen Infrastructure and Services Private Limited (RISPL)
2 Regen Renewable Energy Generation Global Limited, Cyprus (RREGGL)
3. Wind-Direct Gmbh, Germany (Subsidiary of RREGGL)
4. Regen O&M Services Limited
Subsidiaries of RISPL :
5. Renewable Harness Energy Private Limited
6. Puto Energy Infrastructure Private Limited
7. Saastha Energy Infrastructure Private Limited
8. Renewable Energy (Vagarai) Private Limited
9. Renewable Energy (Phoolwadi) Private Limited
10. Mandsaur Wind Energy Private Limited
11. Marthanda Wind Power AP Private Limited (refer note-a below)
12. Varshini Wind Power Private Limited (refer note-a below)
68
Regen Powertech Private Limited


1. Standalone Financial Statements
2.
Nature of relationship
Fellow subsidiaries
Key management personnel
Related Party
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) Pvt. Ltd.
5. Kalsubai Power Private Limited.
6. NSL Wind Power (Sayamalai) Private Limited.
7. NSL Wind Power (Kayathar) Private Limited.
1. Mr. Madhusudan Khemka
2. Mr. R. Sundaresh
3. Mr. K. Varahala Rao
Note - a - Marathanda Wind Power AP Private Limited was acquired during the current period and Varshini Wind Power Private Limited was incorporated during the current period.
Related Party Transactions for the period October 01,2014 to March 31, 2016
Particulars
Issue of equity shares incl securities premium
NSL PET
Investment
Subsidiaries
Mar-16 Sep-14
2,999.99 -
Fellow Subsidiaries KMP
RISPL 548.00 3,000.00
Mar-16 Sep-14
- -
- -
- -
- -
- -
- -
1.03 0.34
- -
- -
- -
- -
- -
- -
160.06 461.91
- -
(19.05) 3,473.87
793.11 16,493.05
- (2,416.27)
6134.77 227.90
32.44 -
Mar-16 Sep-14
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
RREGGL (Advance against equity converted into equity shares)
- 1,327.30
Regen O&M Services Limited - 3.95
Advances / (Repayments) made
RISPL (9,716.72) 18,601.24
Regen O&M Services Limited - 0.20
NSL Power - -
RREGGL - 0.28
PEIPL 0.24 0.01
RHEPL 0.61 0.01
SEIPL 0.31 0.01
REVPL 0.35 0.01
Wind Direct
Contract revenues
NRPPL
NSL Wind
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
- 0.17
- -
- -
- -
- -
- -
- -
- -
Annual Report 2016 69


Financial Statements
Particulars
Mandsaur Wind Energy Private Limited
Transfer of business
Subsidiaries
Fellow Subsidiaries
KMP
Mar-16
6489.19
Sep-14 Mar-16
-
31,000.00
34,364.89
39,905.23
125.68
5,317.53
-
152.50
738.67
247.79
795.07
426.46
21.92
875.53
46.62
- -
-
Sep-14
Mar-16
Sep-14
RISPL -
Sale of trading material
RISPL 3293.25
Purchase of raw material
RISPL 5,590.38
Wind Direct -
Royalty paid, net of taxes
RREGGL 562.63
Operation and Maintenance charges
RISPL 5,703.81
Crane hire charges paid
RISPL 251.76
Transmission Charges paid
RISPL 202.41
Reimbursement of interest received
RISPL -
Deputation salary received
RISPL 1,051.65
Reimbursement of substation exp. Paid
RISPL -
Rental Income on O&M Buildings
RISPL 68.58
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- -
-
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- 271.65 292.72
- 183.00 192.94
- 90.07 88.40
License fee progress payments
Wind-direct Gmbh
Consultancy charges paid
Wind-direct Gmbh
Managerial remuneration
Mr. Madhusudan Khemka Mr. R Sundaresh
Mr. Varahala Rao
849.28
25.82
- -
-
70
Regen Powertech Private Limited


Balances with related parties:
Nature of relationship
Subsidiaries
Advances to RISPL
Receivable towards sale of business from RISPL
Liability to RREGGL
Advance to ROMSL
Advance to PEIPL
Advance to RHEPL
Advance to SEIPL
Advance to REVPL
Liability to Wind Direct
Accounts receivable from Mandsaur Wind Energy Private Limited
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 Limited
45. Supplementary statutory information
i) Imported and indigenous consumption of Raw material and tools
Due from / (due to)
1. Standalone Financial Statements
2.
Mar-16
21,619.97
-
(3,551.31)
-
0.25
0.62
0.32
0.36
(30.97)
6,498.60
12.35
795.54
-
(4.16)
944.97
Value in Rs.
Sep-14
38,671.60
31,000.00
(6,219.33)
0.59
0.01
0.01
0.01
0.01
(24.08)
-
1.50
323.25
160.00
4,595.76
(2,079.00)
%
Period from October 1, 2014 to March 31, 2016
22%
78%
100%
Particulars
Imported Indigenously obtained
Period from April 1, 2013 to September 30, 2014
22%
78%
100%
Period from October 1, 2014 to March 31, 2016
40,615.47
144,939.71
185,555.18
Period from April 1, 2013 to September 30, 2014
37,164.23
128,492.42
165,656.65
Period from April 1, 2013 to September 30, 2014
38,199.81 328.98 38,528.79
Period from April 1, 2013 to September 30, 2014
13,672.48 13,672.48
ii)
iii)
CIF Value of imports
Particulars
Raw materials and components Fixed assets
Earnings in foreign currency
Particulars
Sale of Wind energy converters
Period from October 1, 2014 to March 31, 2016
32,481.65
295.87
32,777.52
Period from October 1, 2014 to March 31, 2016
705.12
705.12
Annual Report 2016 71


Financial Statements
Notes to financial statements Continued as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated ) iv) Expenditure in foreign currency
Particulars
Travel
Legal and professional fees Royalty
Interest and finance charges Freight
License Fees Payment Others
Period from April 1, 2013 to September 30, 2014
14.57 434.55 5,317.53 427.47 333.55 875.53 215.47 7,618.67
Period from October 1, 2014 to March 31, 2016
35.72
201.79
2,340.34
228.63
93.33
796.38
236.81
3,933.00
72
Regen Powertech Private Limited
46. The company 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, particularly on the amount of tax expense and the provision for taxation.
47. The Company had entered into certain trade arrangement 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. 5017.82 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.
48. Prior period comparatives
Previous period figures have been regrouped / reclassified where necessary, to conform to this period’s classification
For and on behalf of the Board of Directors
Sd/-
Madhusudan Khemka
Managing Director DIN No. 00757115
Place : Chennai Date : July 20, 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


INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF REGEN POWERTECH PRIVATE LIMITED
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of REGEN POWERTECH PRIVATE LIMITED (hereinafter referred to as “the Holding Company”) and its subsidiaries including sub-subsidiaries (together referred to as “Subsidiaries”), (the Holding Company and its subsidiaries together referred to as “the Group”), comprising of the Consolidated Balance Sheet as at March 31, 2016, the Consolidated Statement of Profit and Loss, the Consolidated Cash Flow Statement for the eighteen months period(“period”) then ended, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated financial statements”).
Management’s Responsibility for the Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, as applicable. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding Company’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Holding Company has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Holding Company’s Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditor in terms of their report referred to in Other Matters paragraph below, is sufficient and appropriate to provide a basis for our qualified audit opinion on the consolidated financial statements.
1.
2. Consolidated Financial Statements
Annual Report 2016 73


74
Regen Powertech Private Limited
Financial Statements
Basis for Qualified Opinion
(a) Attention is invited to Note 43 to the consolidated financial statements on certain trade arrangements entered into by the Company for purchase and sale of raw materials. In the absence of sufficient and appropriate audit evidences supporting the amounts recorded, we are unable to comment on the appropriateness or otherwise of recording of such receivables and the arrangement on a net basis in the Statement of Profit and Loss in these consolidated financial statements. Also considering the nature of the arrangement, the ultimate shortfall, if any, on recoverability of these amounts cannotbe presently determined and we are unable to express an opinion on this matter. This matter was also qualified in the report of the predecessor auditors in the consolidated financial statements for the eighteen month period ended September 30, 2014.
(b) As more fully described in note 2(b), the accompanying consolidated financial statements includes the unaudited financial statements of 3 subsidiaries (Previous year 3 subsidiaries), whose financial statements reflect total assets of Rs. 2,930.92 lakhs as at March 31, 2016 (Previous year Rs. 4,496.43 lakhs), total revenues of Rs. 90.28lakhs(Previous year Rs. 7.85 lakhs) and net cash flows amounting to Rs. 19.52 lakhs (Previous year (Rs. 90.61 lakhs)) for the period from October 01, 2014 to March 31, 2016, as considered in these consolidated financial statements. Our opinion, in so far as it relates to the amounts included in respect of these subsidiaries, is based solely on such unaudited financial statements. We are unable to comment on the accompanying consolidated financial statements had such financial information of the said subsidiaries been consolidated based on audited financial statements for the period ended March 31, 2016. This matter was also qualified in the report of the predecessor auditors in the financial statements for the eighteen month period ended September 30, 2014.
Qualified Opinion
In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph above, the aforesaid consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2016 and their consolidated profit and their consolidated cash flows for the period ended on that date.
Other Matters
We did not audit the financial statements of ten subsidiary companies, whose financial statements reflect total assets of Rs. 76,674.22lakhs as at March 31, 2016, total revenues of Rs. 38,836.39 lakhs and net cash flows amounting to Rs. 1,866.87 lakhs for the period ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiary companies, is based solely on the report of the other auditors.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory requirements below is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government in terms of sub-section (11) of Section 143 of the Act, based on the comments in the auditors’ reports of the Holding company and ten subsidiary companies(including sub- subsidiaries) we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.


2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and, except for the matters described in the Basis for Qualified Opinion paragraph above, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid
consolidated financial statements.
b) In our Opinion, except for the possible effects
of the matters described in the Basis for Qualified Opinion paragraph above,proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditor.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
d) In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph above, the aforesaid consolidated financial statements comply with the Accounting Standards prescribed under Section 133 of the Actas applicable.
e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2016 taken on record by the Board of Directors of the Holding Company and the reports of the other statutory auditors of its subsidiary companies incorporated in India none of the other directors of the Group’s companies incorporated in India is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164(2) of the Act.
f) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion paragraph above.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, except for the possible effect of the matter (b) described in Basis of Qualified Opinion paragraph above, in our opinion and to the best of our information and according to the explanations given to us:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group.
ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, on long-term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company, and its subsidiary companies incorporated in India.
For Deloitte Haskins & Sells LLP Chartered Accountants (Registration Number: 117366W/W-100018)
Geetha Suryanarayanan
Partner (Membership No. 29519)
Chennai, August 31, 2016
1.
2. Consolidated Financial Statements
Annual Report 2016 75


76
Regen Powertech Private Limited
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
(Referred to in paragraph (1) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Our reporting on the Order includes ten subsidiary companies (including sub-subsidiaries) incorporated in India, to which the Order is applicable, which have been audited by other auditors and our report in respect of these entities is based solely on the reports of the other auditors, to the extent considered applicable for reporting under the Order in the case of the consolidated financial statements.
(i) In respect of fixed assets of the Holding Company and subsidiary companies incorporated in India:
(a) The respective entities have maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) Some of the fixed assets were physically verified during the period by the Management of the respective entities in accordance with a programme of verification which, in our opinion and the opinion of the other auditors provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us and the other auditors, no material discrepancies were noticed on such verification.
(ii) In respect of inventories of the Holding Company and subsidiary companies incorporated in India:
(a) As explained to us and the other auditors, the inventories were physically verified during the period (other than those held by sub-contractors) by the Management of the respective entities, at reasonable intervals. In case of inventories with sub-contractors, confirmation of balances have been obtained.
(b) In our opinion and the opinion of the other auditors according to the information and explanations given to us and the other auditors, the procedures of physical verification of inventories followed by the Management of the respective entities were reasonable and adequate in relation to the size of the respective entities and the nature of their business.
(c) Inouropinionandtheopinionoftheotherauditors and according to the information and explanations given to us and the other auditors, the respective entities have maintained proper records of their inventories and no material discrepancies were noticed on physical verification.
(iii) As certified by the Management and on consideration of the audit report of the other auditors, the Holding Company and subsidiary companies incorporated in India, have not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013 by the respective entities.
(iv) In our opinion and the opinion of the other auditors according to the information and explanations given to us and the other auditors, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system in the Holding Company and the subsidiary companies incorporated in India commensurate with the size of the respective entities and the nature of their businesses with regard to purchases of inventory and fixed assets and for the sale of goods, power and services. During the course of our audit and the other auditor’s audit, no major weakness in such internal control system have been observed.
(v) According to the information and explanations given to us and the other auditors, the Holding Company and the subsidiary companies incorporated in India have not accepted any deposits during the period.
(vi) According to the information and explanations given to us and the other auditors, in our opinion and the opinion of the other auditors, having regard to the nature of the Company’s / subsidiary’s business / activities, the maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013 and hence reporting under clause 3 (vi) of the Order is not applicable.
(vii) Accordingtotheinformationandexplanationsgivento us and the other auditors, in respect of statutory dues of the Holding Company and the subsidiary companies incorporated in India:
(a) Therespectiveentitieshavegenerallybeenregular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income-tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Cess and other material statutory dues applicable to the respective entities with the appropriate authorities.
(b) There were no undisputed amounts payable by the respective entities in respect of Provident Fund, Employees’ State Insurance, Income-tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Cess and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.
(c) Details of dues of Income Tax, Value Added Tax and Central Sales Tax which have not been deposited as at March 31, 2016 on account of disputes are given below:


1.
2. Consolidated Financial Statements
Name of the Statute
Nature of Dues
Forum where Dispute is pending
Period to which the amount relates
Amount unpaid (net of amounts paid under protest)(Rs. in Lakhs)
Maharashtra Value Added Tax 2002
Value Added Tax Including Interest and Penalty
Joint Commissioner of Appeals, Maharashtra
Financial Year 2008 -09
Rs. 86.00
Joint Commissioner of Appeals, Maharashtra
Joint Commissioner, Maharashtra
Financial Year 2009 -10
Rs. 107.86
Financial Year 2008 -09
86.00
Financial year 2010-11
Rs.70.32
Maharashtra Value Added Tax 2002
Value Added Tax
Joint Commissioner, Maharashtra
Financial year 2013-14
Rs.7.86
Financial Year 2009 -10
107.86
Financial Year 2010-11
Rs. 430.13
Central Sales Tax 1956
Central Sales Tax
Joint Commissioner of Sales Tax
Financial year 2010-11
70.32
Tamil Nadu Value Added Tax, 2006
Value Added Tax Including Interest and Penalty
Deputy Commissioner, Tamil Nadu
Financial year 2013-14
7.86
Income Tax Act, 61
Income Tax including interest
Deputy Commissioner of Income Tax, Chennai
Financial Year 2010-11
430.13
(d) There are no amounts that are due to be transferred by the Holding Company and the subsidiary companies incorporated in India to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 2013 and Rules made thereunder.
(viii) Without considering the possible effects of our audit qualification reported in Basis of Qualified Opinion of our Audit Report which is not quantifiable, the Group does not have accumulated losses at the end of the period and the Group has not incurred cash losses during the period covered by our audit and in the immediately preceding period.
(ix) In our opinion and the opinion of the other auditors and according to the information and explanations given to us and the other auditors, the Holding Company and the subsidiary companies incorporated in India have not defaulted in the repayment of dues to financial institutions, banks and debenture holders except for certain delays in repayment of dues related to letters of credit during the period.
(x) According to the information and explanations given to us and the other auditors, the Holding Company and the subsidiary companies incorporated in India have not given guarantees for loans taken by others from banks and financial institutions.
(xi) In our opinion and the opinion of the other auditors and according to the information and explanations given to us and the other auditors, the Holding Company and the subsidiary companies incorporated in India have not taken any term loans during the period.
(xii) To the best of our knowledge and according to the information and explanations given to us and the other auditors, no fraud by the Holding Company and the subsidiary companies incorporated in India and no material fraud on the Holding Company and the subsidiary companies incorporated in India have been noticed or reported during the period.
For Deloitte Haskins & Sells LLP Chartered Accountants (Registration Number: 117366W/W-100018)
Chennai, August 31, 2016
Geetha Suryanarayanan
Partner (Membership No. 29519)
Annual Report 2016 77


Financial Statements
Consolidated Balance Sheet as at March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated)
Particulars
EQUITY AND LIABILITIES Shareholders' funds
Share capital
Reserves and surplus
Non-Current Liabilities
Long-term borrowings Other long-term liabilities Long-term provisions
Current liabilities
Short-term borrowings
Trade and other payables
(i) Total Outstanding dues of micro enterprises and small enterprises
(ii) Total Outstanding dues of creditors other than micro enterprises and small enterprises Other current liabilities
Short-term provisions
Total
ASSETS Non-current assets Fixed assets
Tangible assets
Intangible assets
Capital work-in-progress
Intangible assets under development Goodwill
Deferred tax assets (net) Long-term loans and advances Other non-current assets
Current assets
Current Investments Inventories
Trade receivables
Cash and bank balances Short-term loans and advances Other current assets
Total
Summary of significant accounting policies
The accompanying notes are an integral part of the financial statements As per our report of even date
Note No.
As at March 31, 2016
As at September 30,2014
3 2,487.59 2,427.89
4 36,327.26 23,383.61
38,814.85 25,811.50
5 19,729.69 4,623.95
6 11,688.62 7,571.24
7 7,052.91 479.84
38,471.22 12,675.03
8 79,361.81 56,841.74
9 2,174.19 1,125.22
9 66,453.78 71,271.81
10 12,982.56 38,978.49
11 6,982.52 9,131.93
167,954.86 177,349.19
245,240.93 215,835.72
12 47,269.59 40,669.02
13 5,436.03 2,826.08
5,956.21 6,538.41
4,668.36 1,889.28
319.00 -
14 5,866.98 881.76
15 4,297.41 4,411.24
16 1,272.30 9,931.08
75,085.88 67,146.87
17 42.61 19.44
18 45,824.54 38,739.52
19 73,412.83 56,963.10
20 16,911.57 12,810.82
21 29,433.32 34,550.58
22 4,530.18 5,605.39
170,155.05 148,688.85
245,240.93 215,835.72
For DELOITTE HASKINS & SELLS LLP CHARTERED ACCOUNTANTS
Sd/-
Geetha Suryanarayanan
Partner
Place : Chennai
Date : August 31, 2016
For and on behalf of the Board of Directors
2
Sd/-
78 Regen Powertech Private Limited
Sd/-
Madhusudan Khemka
Managing Director DIN No. 00757115
Place : Chennai
Date : August 31, 2016
Sd/-
R. Sundaresh
K. Varahala Rao
Sd/-
B.S. Bhaskar
Company Secretary
Joint Managing Director Whole time Director DIN No. 00207427 DIN No. 01869380


Consolidated Statement of Profit and Loss Account for the period from October 1,2014 to March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
Particulars
Revenue
Revenue from operations (net)
Total Revenue
Expenses
Cost of materials consumed
Purchase of traded goods
Increase in inventories of finished goods, work-in-progress and traded goods Employee benefits expenses
Operating and other expenses
Total Expenses
Earnings before exceptional items, interest, tax, depreciation and amortisation
Less: Finance costs
Less: Depreciation and amortization expense
Add: Other Income
Add: Interest income
Add: Prior period Revenue (net)
Profit/(Loss) before Exceptional items and tax
Exceptional Item - Expenses (Refer Note 31.b)
Profit/(Loss) before tax
Tax expense/(benefit) :
- Current tax expense
- MAT credit
- Adjustment of tax relating to earlier periods - Deferred tax credit
Total tax (benefit)/expense
Profit/(Loss) after tax
Earnings per equity share [nominal value of share Rs.10]
Basic (in Rs.) Diluted (in Rs.)
Period from Note October1,
No. 2014toMarch 31, 2016
Period from April 1, 2013 to September 30, 2014
23 302,790.38 246,141.67
302,790.38 246,141.67
26 178,264.33 131,517.89
3,127.62 36,565.76
27 (3,796.05) (2,451.97)
28 11,894.81 12,160.88
29 78,358.95 60,625.46
267,849.66 238,418.02
34,940.72 7,723.65
30 24,997.30 26,123.09
12& 13
6,634.92 5,008.19
24.a 530.33 2,293.99
24.b 1,780.43 1,103.69
25 3,775.81 -
9,395.07 (20,009.95)
4,337.00 -
5,058.07 (20,009.95)
1,006.46 3,806.67
(689.92) (428.70)
(356.01) (220.65)
(4,978.44) (520.39)
(5,017.91) 2,636.93
10,075.98 (22,646.88)
37
43.61 (99.91)
40.71 (99.91)
Summary of significant accounting policies 2 The accompanying notes are an integral part of the financial statements
As per our report of even date
For DELOITTE HASKINS & SELLS LLP CHARTERED ACCOUNTANTS
Sd/-
Geetha Suryanarayanan
Partner
Place : Chennai
Date : August 31, 2016
For and on behalf of the Board of Directors
Sd/- Sd/- Sd/- Sd/-
Madhusudan Khemka
Managing Director DIN No. 00757115
Place : Chennai
Date : August 31, 2016
R. Sundaresh K. Varahala Rao B.S. Bhaskar
Joint Managing Director Whole time Director Company Secretary DIN No. 00207427 DIN No. 01869380
Annual Report 2016 79


Financial Statements
Consolidated Cash Flow Statement
for the period from October 1, 2014 to March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
A
Particulars
Cash Flow from Operating Activities
Net profit / (loss) before tax as per profit and loss account
Add : Exceptional item
Less : Prior period items, net
Adjustments for :
Depreciation and amortization expense
Unrealised exchange loss
Employee stock option expense
Provision for doubtful debts
Provision for performance guarantee
Provision for O and M
Provision for grid availability
Provision no longer required written back
Loss on sale of assets
Interest expense
Interest income
Operating profit before working capital changes
Movement in working capital:
(Decrease) / Increase in other long term liabilities
Decrease in trade and other payables and other liabilities
Increase in long-term provisions
Increase in short-term provisions
Decrease / (Increase) in loans and advances
(Increase) / decrease in inventories
(Increase) / decrease in trade receivables
Decrease in other current assets
Cash generated from operating activities
Direct taxes paid (net of refunds)
Net cash generated from operating activities
Cash Flow from Investing Activities
Proceeds from sale of fixed assets
Investments in Mutual fund
Purchase consideration for acquisition of a step down subsidiary
Capital expenditure including capital advances
Bank balances not considered as Cash and cash equivalents
Interest received
Net cash from investing activities
Cash Flow from Financing Activities
Proceeds from / (repayments of) long term borrowings, net
Proceeds / (Repayments)of short term borrowings
Interest paid
Net cash generated from / (used in) financing activities
Nat cash flows for the period (A+B+C)
Period from
October 1, 2014 to March 31, 2016
5,058.07
4,337.00
(3,775.81)
6,634.92
51.53
(72.63)
881.80
226.53
1,611.10
2,774.81
(403.88)
7.56
19,278.02
(1,780.43)
34,828.59
1,423.67
(13,589.95)
(635.14)
529.36
5,002.51
(8,630.08)
(18,932.53)
9,877.28
9,873.71
(1,911.47)
7,962.24
56.94
(23.17)
(325.00)
(15,894.08)
(255.29)
1,488.12
(14,952.48)
7,772.58
22,463.94
(19,444.41)
10,792.11
3,801.87
Period from April 1, 2013 to September 30, 2014
(20,009.95)
-
-
5,008.19
1,012.99
(44.39)
372.35
329.47
88.45
2,250.00
(304.20)
48.93
20,813.27
(1,103.69)
8,461.42
5,554.58
(1,696.18)
5,904.97
(30.62)
(6,474.33)
5,379.72
13,544.15
27,160.52
57,804.23
(7,338.79)
50,465.44
286.75
(19.44)
-
(14,036.88)
1,246.21
1,504.86
(11,018.50)
(7,932.88)
(12,385.65)
(21,252.07)
(41,570.60)
(2,123.66)
B
C
80
Regen Powertech Private Limited


Period from
October 1, 2014 to March 31, 2016
1,142.87
43.91
(0.32)
4,988.33
16,911.57
11,923.24
4,988.33
Particulars
Cash and cash equivalents at the beginning of the period
Cash balance of subsidiaries acquired during the period
Effect of foreign exchange differences on restatement of cash and cash
equivalents of foreign subsidiaries
Cash and cash equivalents at the end of the period
Note :
The reconciliation to the Cash and Cash Equivalents as given in Note 20 is as follows : Cash and Cash Equivalents as per Note 20
Less : Lien marked Deposits
Cash and Cash Equivalents (as defined in AS 3 - Cash flow statements) as at the end of the period
Period from April 1, 2013 to September 30, 2014
3,265.87 -
0.66 1,142.87
12,810.82 11,667.95
1,142.87
Non cash transaction
1. Allotment of Equity Shares on conversion of CCDs - as detailed in Note 5 A As per our report of even date
Summary of significant accounting policies
The accompanying notes are an integral part of the financial statements As per our report of even date
2
Sd/-
K. Varahala Rao
For DELOITTE HASKINS & SELLS LLP CHARTERED ACCOUNTANTS
Sd/-
Geetha Suryanarayanan
Partner
Place : Chennai
Date : August 31, 2016
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
Sd/-
Joint Managing Director Whole time Director DIN No. 00207427 DIN No. 01869380
B.S. Bhaskar
Company Secretary
Annual Report 2016 81


82
Regen Powertech Private Limited
Financial Statements
Notes to the consolidated financial statements
as at and for the period ended March 31, 2016
(All amounts are in Rupees Lakhs unless otherwise stated )
1. Corporate information
Regen Powertech Private Limited (‘Regen’ or ‘the Company’), a subsidiary of NSL Power Equipment Trading Private Limited, was incorporated on December 27, 2006 in the State of Andhra Pradesh, India. The Company is engaged in the manufacture, supply of Wind Energy Converters (‘WECs’) and related accessories and equipments.The Company’s manufacturing facilities are located in Tada, Andhra Pradesh and Udaipur, Rajasthan.
The Company has twelve subsidiaries - Regen Infrastructure and Services Private Limited (RISPL) (formerly known as Renewable Energy Generation Private Limited (REGPL)), Regen O&M Services Limited (ROMSL), Renewable Energy (Vagarai) Private Limited (REVPL), Renewable Harness Energy Private Limited (RHEPL), Puto Energy Infrastructure Private Limited (PEIPL), Saastha Energy Infrastructure Private Limited (SEIPL), Renewable Energy (Phoolawadi) Private Limited (REPPL), Mandsaur Wind Energy Private Limited, Marthanda Wind Power AP Private Limited (acquired during the period) and Varshini Wind Power Private Limited which are incorporated in India; Regen Renewable Energy Generation Global Limited (RREGGL) which is incorporated in Cyprus and Wind- Direct GmbH (WD), which is incorporated in Germany. The twelve subsidiaries are collectively referred to as “Subsidiaries” and the Company along with the Subsidiaries is collectively referred to as “group”.
Regen Infrastructure and Services Private Limited (RISPL), a wholly owned subsidiary of ‘Regen’, was incorporated on January 4, 2008. It is engaged in project management and execution of erection and commissioning of WECs and related accessories and equipments.
Regen Renewable Energy Generation Global Limited (RREGGL), a wholly owned subsidiary of ‘Regen’, was incorporated on October 23, 2007 in Cyprus. It is engaged in licensing of its intellectual property rights.
Wind-Direct GmbH (WD), a wholly owned subsidiary of ‘Regen’ (100% beneficial interest under trust agreement), held through RREGGL, was incorporated on September 11, 2008 in Germany. It is engaged in research and development of WECs and licensing of its intellectual property rights. RREGGL has an option
under a conditional purchase agreement to cause the transfer of such shares from the holder to its name in future, solely at its option, subject to the grant / issue of certain shares in WD to the trustee of WD.
Regen O&M Services Limited (ROMSL), a subsidiary of ‘Regen’, was incorporated on September 01, 2008 in India. It was incorporated to engage in the business of development and promotion of energy resources for developing infrastructure and such other facilities and providing operation and maintenance facilities relating to power generation plants of all kinds.
Renewable Harness Energy Private Limited (RHEPL) was incorporated on June 14, 2012 in India and Puto Energy Infrastructure Private Limited (PEIPL), Saastha Energy Infrastructure Private Limited (SEIPL), Renewable Energy (Vagarai) Private Limited (REVPL), were incorporated on June 21, 2012 in India. Renewable Energy (Phoolawadi) Private Limited (REPPL) was incorporated on July 19,2013, Mandsaur Wind Energy Private Limited was incorporated on November 20, 2013, Marthanda Wind Power AP Private Limited was acquired on October 9, 2015 and Varshini Wind Power Private Limited was also acquired on October 9, 2015.RHEPL, PEIPL, SEIPL REVPL, REPPL, Mandsaur, Marthanda and Varshini are wholly owned subsidiaries of RISPL and are engaged in the business of promotion of infrastructure relating to energy including acquisition/lease of lands for promotion of energy resources and to carry on the business of power evacuation, erection of transmission towers and building sub-stations.
The Consolidated Financial Statements relate to Regen Powertech Private Limited (the Company) and its subsidiaries (Regen Group). These Consolidated Financial Statements have been prepared in accordance withthe Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the relevant provisions of the Companies Act, 2013 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.


The companies considered in these consolidated financial statements are:
1.
2. Consolidated Financial Statements
Regen Infrastructure and Services Private Limited (RISPL) Regen Renewable Energy Generation Global Limited (RREGGL)
Wind-Direct GmbH (WD)
Regen O&M Services Limited (ROMSL)
Renewable Harness Energy Private Limited (RHEPL)*
Puto Energy Infrastructure Private Limited (PEIPL)* Saastha Energy Infrastructure Private Limited (SEIPL)* Renewable Energy (Vagarai) Private Limited (REVPL)* Renewable Energy(Phoolawadi) Private Limited (REPPL)* Mandsaur Wind Energy Private Limited (MWEPL)* MarthandaWind Power AP Private Limited (MWPAPPL)** VarshiniWind Power Private Limited (VWPPL)**
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
India 100%
Cyprus 100%
Germany
100%#
India 100%
India 100%
India 100%
India 100%
India 100%
India 100%
India 100%
India 100%
India 100%
*Subsidiary of Regen Infrastructure and Services Private Limited (RISPL).
#Represents beneficial holding under the trust agreement
** Subsidiaries of Regen Infrastructure and Services Private Limited (RISPL) added during the year.
2. Statement of significant accounting policies
a) Basis of preparation of financial statements
The Consolidated Financial Statements (‘CFS’) of the Group has been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, and the relevant provisions of the Companies Act, 2013 ("the 2013 Act") as applicable. The consolidated financial statements have been pre pared 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) Principles of consolidation
• The consolidated financial statements of the Group have been prepared based on a line-by-line consolidation of the Balance Sheet, as at March 31, 2016 and Statement of profit and loss and cash flows of the Group and its Subsidiaries for the period ended March 31, 2016.
• The financial statements of the Subsidiaries used for consolidation are drawn for the same reporting period as that of the Group i.e. period ended March 31, 2016.
• All material inter-company transactions and balances
between the entities included in the consolidated financial statements have been eliminated.
• The CFS have been prepared using uniform accounting policies, except stated otherwise, for similar transactions and are presented to the extent possible, in the same manner as the Company’s standalone financial statements.
• The difference between the cost of investment in the subsidiaries and the Company’s share of Net assets at the time of acquisition of shares in the subsidiaries is recognized in the Consolidated Financial Statements as Goodwill or Capital Reserve as the case may be. The ‘Goodwill’ / ‘Capital Reserve’ is determined separately for each subsidiary Company/jointly controlled entity and such amounts are not set off between different entities.
• The consolidated financial statements include the financial statements of the foreign subsidiaries WD and RREGGL and Indian subsidiaries RISPL, ROMSL, RHEPL, PEIPL, SEIPL, REVPL, REPPL, MWEPL, MWPAPPL and VWPPL (acquiredduring the period). The financial statements of Wind Direct, GmbH, RREGGL and ROMSL as at and for the period ended March 31, 2016 have been consolidated based on Management Accounts. Consolidated financial statements of RISPL have been audited by independent auditors as at March 31, 2016.
Annual Report 2016 83


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 )
c) Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
d) Tangible Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation and impairment losses if any.Cost comprises the purchase price and any other cost attributable to bring the asset to its working condition for its intended use.
Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.
Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is de-recognized.
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 in respect of the following categories of assets, in which case the life of the assets have been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturer’s warranties and maintenance support, etc.
Years
Plant and Machinery 10-20
Computers 2-3
Furniture and fixtures 6
Office equipment 6
Vehicles 5
Vehicles – employee car scheme 4
Leasehold improvements are amortized over the estimated useful lives of 3 years or the remaining primary lease period, whichever is less. Assets individually costing Rs. 5,000 /- or less are fully depreciated in the year of purchase.
e) Intangible assets and amortization
Intangible assets are acquired separately are measured on initial recognition at cost. Intangible assets are amortized using straight line basis over the estimated useful economic life of the asset. The Group uses a rebuttable presumption that the useful life of intangible asset will not exceed ten years from the date when the asset is available for use. If the persuasive evidence exists to affect the useful life exceeds ten years, the Group amortizes the intangible assets over the best estimate of useful life. The amortization period and methods are reviewed at least at each financial end. If the expected useful life of the asset is significantly different from previous estimates, the amortization period is changed accordingly.
License fees
Regen Renewable Energy Generation Global Limited (RREGGL) acquired the exclusive rights of license to knowhow for the production, marketing, sale, installation and maintenance or gearless WEC. The Group amortizes lump sum license fees as and when WECs are commissioned over the first 400 WECs. In respect of WECs, where supply and commissioning are in progress, equivalent cost of amortization of lump sum license fees is not charged to the Profit and loss account.
A summary of amortization policies applied to the Group’s intangible assets is as below:
Intangible Asset
Computer Software
License Fee
Estimated useful life
3 Years
First 400 WECs
84
Regen Powertech Private Limited
Pathway rights/Right of way are amortized over the period of usage of such rights.


Research and development costs
Research costs are expensed as incurred. Development expenditure incurred on an individual project is recognized as an intangible asset when the Group can demonstrate all the following:
• The technical feasibility of completing the intangible asset so that it will be available for use or sale
• Its intention to complete the asset
• Its ability to use or sell the asset
• How the asset will generate future economic benefits
• The availability of adequate resources to complete the
development and to use or sell the asset
• The ability to measure reliably the expenditure attributable to the intangible asset during development.
Following the initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment loses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized on a straight line basis over the period of expected future benefit from the related project, i.e., the estimated useful life of ten years. Amortization is recognized in the statement of profit and loss. During the period of development, the asset is tested for impairment annually.
f) Impairment
• The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset’s net selling price and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.
• After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
• A previously recognized impairment loss is increased or reversed depending on changes in circumstances. However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.
g) Borrowing Costs
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange difference arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.
Borrowing cost directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.
h) Leases
Finance leases, which effectively transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the lower of the fair value and present value of the minimum lease payments at the inception of the lease term and disclosed as leased assets. Lease payments are apportioned between the finance charges and reduction of the lease liability based on the implicit rate of return. Finance charges are charged directly against income. Lease management fees, legal charges and other initial direct costs are capitalized.
Leases where the lessor effectively retains, substantially, all the risks and benefits of ownership of the leased term, are classified as operating leases. Operating lease payments are recognized as an expense in the Profit and Loss account on a straight-line basis over the lease term.
i) Inventories
Raw materials
Inventories of raw materials are valued at lower of the cost and estimated net realizable value. Cost is determined on a weighted average basis.
Work-in-progress and finished goods
Work in progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and includes, where appropriate, labour and a proportion of manufacturing overheads. Cost is determined on a weighted average basis.
Loose tools and Frames
Tools are valued at cost and amortized over the estimated useful life of 2 years.
1.
2. Consolidated Financial Statements
Annual Report 2016 85


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 )
Inventories of land rights and land lease rights are valued at lower of the cost and estimated net realizable value. Cost is determined on specific identification basis. Net realisable value is determined by management using technical estimates.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
j) Provisions
A provision is recognized when an enterprise has a present obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present values and are determined based on 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.
k) Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenues are stated net of sales tax, VAT, service tax and sales returns.
Wind EnergyConverter (‘WEC’) sales
Revenue from fixed price contracts to deliver WEC are recognized based on the percentage of completion method. The stage of completion is measured by reference to cost incurred to date, as a percentage of the total estimated cost for each contract. Materials produced specifically for the projects and / or identifiable to the project are considered as part of contract costs. The relevant cost is recognized in the financial statements in the period of recognition of revenues.
Recognition of profit is adjusted to ensure that it does not exceed the estimated overall contract margin during the execution of the contract. Further, if it is expected that the contract would be onerous, the estimated loss is provided for in the books of account.
Progress billing made in accordance with the terms of the contract is disclosed as trade receivable. Contract revenue earned in excess of billing has been reflected under “Other
Current Assets” and billings in excess of contract revenue have been reflected under “Other Current Liabilities” in the balance sheet.
Revenue towards charges to the extent not matched by corresponding costs is appropriately deferred. Such revenues would be recognized in the subsequent years, on a matching principle, when corresponding costs are recognized.
Revenue from supply-only projects is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer as per terms of the respective sale contract.
Land rights and land lease rights
Revenue is recognized when the significant risks and rewards of ownership of the land rights and land lease rights have passed to the buyer. Price is determined as per terms of the agreement between Group and the buyer.
Erection, Commissioning and Project management Income
Revenue from fixed price contracts for Erection and Commissioning are recognized on the basis of completed service contract method and determined on completion of all activities relating to erection and commissioning of WTGs. The relevant cost is recognized in the financial statements in the period of recognition of revenues.
Income from services
Revenues from operation and maintenance contracts are recognized pro-rata over the period of the contract as and when services are rendered. The Group collects service tax on behalf of the government and, therefore, it is not an economic benefit flowing to the Group. Hence, it is excluded from revenue.
Interest
Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
l) Grants and incentives
Government grants and incentives / subsidies are recognized when there is reasonable assurance that i) the Group will comply with the conditions attached to them and ii) the grant / incentive will be received.
86
Regen Powertech Private Limited


m) Foreign currency transactions
Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction.
Exchange differences
Exchange differences arising on the settlement of monetary items or on reporting Group's monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognized as income or as expenses in the year in which they arise.
Forward Exchange Contracts not intended for trading or speculation purposes
The premium or discount arising at the inception of forward exchange contracts is amortized as expense or income over the life of the contract. Exchange differences on such contracts are recognized in the statement of profit and loss in the year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognized as income or as expense for the year.
Overseas Operations
The financial operations of Wind Direct and RREGGL are considered as integral financial operations as defined under AS-11 ‘Effects of changes in foreign exchange’. Integral foreign operations are translated as if the transactions of the foreign operation have been those of the Group itself. The resulting difference on account of translation is recorded in the statement of profit and loss account.
n) Investments
Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long- term investments. Current investments are carried at
lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. Provision for diminution in value is made to recognize a decline other than temporary in the value of long term investments.
o) Derivatives
As per the Institute of Chartered Accountants of India (‘ICAI’) announcement, derivative contracts, other than those covered under AS-11, are marked to market on a portfolio basis and the net loss after considering the offsetting effect on the underlying hedge items is charged to the statement of profit and loss. Net gains on marked to market basis are not recognized.
p) Retirement and other employee benefits
Retirement benefit in the form of provident fund is a defined contribution scheme and the contributions are charged to the statement of Profit and Loss of the year when the contributions to the fundis due. There are no other obligations other than the contribution payable to the fund.
Gratuity liabilityis defined benefit obligations and is provided for on the basis of an actuarial valuation on projected unit credit methodmade at the end of each financial year.
Short term compensated absences are provided for based on estimates. Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method.
Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.
q) Income Taxes
Tax expense comprises current and deferred income taxes. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-Tax Act, 1961.
Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the reporting date.
Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized only to
1.
2. Consolidated Financial Statements
Annual Report 2016 87


88
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 )
the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. If the Group has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.
At each balance sheet date the Group re-assesses unrecognizeddeferredtaxassets. Itrecognizesunrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient future taxable income will be available against which such deferred tax assets can be realized.
The carrying amount of deferred tax assets are reviewed at each balance sheet date. The Group writes-down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.
Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Group will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement. The Group reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Group will pay normal Income Tax during the specified period.
r) Employee Stock Compensation Cost
Measurement and disclosure of the employee share-based payment plans is done in accordance with the Guidance Note on Accounting for Employee Share-based Payments, issued by the Institute of Chartered Accountants of India.
s)
The Group measures compensation cost relating to employee stock options using the fair value method. Compensation expense is amortized over the vesting period of the option on a straight line basis.
Earnings per share
The earnings considered in ascertaining the Group’s earnings per share comprise the net profit after tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year. The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving basic earnings per share and also the weighted average number of shares, if any, which would have been issued on the conversion of all dilutive potential equity shares.
Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in the financial statements unless the possibility of an outflow is remote.
Cash and cash equivalents
Cash and cash equivalents for the purpose of the cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
Measurement of EBITDA
As permitted by the guidance note on the Revised Schedule II to the Companies Act, 2013, the Group has elected to present earnings before interest, tax, depreciation and amortization (EBITDA) as a separate line item on the face of the statement of profit and loss. The Group measures EBITDA on the basis of profit / (loss) from continuing operations. In its measurement, the Group does not include depreciation and amortization expense, interest income, finance cost and tax expense.
t)
u)
v)


3. Share Capital
Authorised
250,00,000 (Previous year 25,000,000) equity shares of Rs.10 each 5,000,000 (Previous year 5,000,000) 0% compulsorily convertible preference
shares of Rs.10 each
Issued, Subscribed and Paid-up 23,264,493(Previousperiod22,667,479)equitysharesof Rs.10/-eachfullypaidup
1,611,453 (Previous period 1,611,453) 0% compulsorily convertible preference shares (CCPS) of Rs.10 each fully paid up
a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
As at September 30, 2014
2,500.00 500.00
2,266.74 161.15
2,427.89
1.
2. Consolidated Financial Statements
As at March 31, 2016
2,500.00
500.00
2,326.44
161.15
2,487.59
Equity shares
At the beginning of the period
Issued during the period Outstanding at the end of the period
0% Compulsorily convertible Preference shares
At the beginning of the period
Issued during the period Outstanding at the end of the period
b. Terms/rights attached to equity shares
For the period ended September 30, 2014
Amount 2,266.74 - 2,266.74
For the period ended September 30, 2014
For the period ended March 31, 2016
No. of shares
22,667,479
-
22,667,479
No. of shares
Amount
22,667,479
2,266.74
597,014
59.70
23,264,493
2,326.44
For the period ended March 31, 2016
No. of shares
Amount
No. of shares
1,611,453
-
1,611,453
Amount
161.15
-
161.15
1,611,453
161.15
-
-
1,611,453
161.15
The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the board of directors is subject to approval of the share holders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Terms of conversion of 0% Compulsorily Convertible Preference Shares ('CCPS')
0% CCPS shall be converted into fully paid equity shares on the conversion date in the ratio of 1 equity share per CCPS. The conversion date shall be 24 months from date of issue of CCPS (issued during the financial years 2011-12 and 2012- 13) or any other date as may be mutually agreed between the shareholders and the company.
The CCPS shareholders have the same right to dividend as extended to the equity shareholders of the Company.
d. Shares held by holding/ultimate holding company and/or their subsidiaries/associates
Out of equity shares issued by the Company, shares held by its holding company, ultimate holding company and their subsidiaries/associates are as below:
Particulars
NSL Power Equipment Trading Private Limited, the holding company
14,765,014 (Previous year 14,168,000) equity shares of Rs.10 each fully paid
As at September 30, 2014
1,416.80
As at March 31, 2016
1,476.50
Annual Report 2016 89


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 )
e. Details of shareholders in the Company
Equity shares
Equity shares of Rs.10 each fully paid
NSL Power Equipment Trading Private Limited, the holding company
Indivision India Partners, Mauritius(IIP)
TVS Shiram Growth Fund
0% Compulsorily convertible preference shares of Rs.10 each fully paid
Infrastructure Development Finance Corporation Mcap India Private Limited
Summit FVCI
For the period ended September 30, 2014
% holding in the class
62.50 8,021,048 35.39
478,431 2.11
850,497 52.78
566,998 35.19
193,958 12.03
For the period ended March 31, 2016
No. of shares
14,168,000
No. of shares
% holding in the class
14,765,014
63.47
8,021,048
34.48
478,431
2.05
850,497
52.78
566,998
35.19
193,958
12.03
As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
f. Shares reserved for issue under options
i) For details of shares reserved for issue under the employee stock option (ESOP) plan of the company, please refer note 32. ii) For details of shares reserved for issue on conversion of preference shares, please refer note 3(c)
iii) For details of shares reserved for issue on conversion of debentures, please refer note 5(A) regarding terms of conversion.
4. Reserves and surplus
Securities premium account
Opening balance
Add: premium on conversion of compulsorily convertible debentures Closing balance
Employee stock options outstanding
Gross employee stock compensation for options granted in earlier years Add: gross compensation for options granted during the year
Less: Stock options forfeited/cancelled
Less: deferred employee stock compensation
Closing balance
Surplus/(Deficit) in the statement of profit and loss Opening balance
Profit / (loss) for the period
Net surplus / (deficit) in the statement of profit and loss
Total reserves and surplus
As at September 30, 2014
26,624.44 - 26,624.44
401.55 - (113.70) (1.80) 286.05
19,120.00 (22,646.88) (3,526.88)
23,383.61
As at March 31, 2016
26,624.44
2,940.29
29,564.73
286.05
-
(72.62)
-
213.43
(3,526.88)
10,075.98
6,549.10
36,327.26
90
Regen Powertech Private Limited


5. Long-term borrowing
Debentures
Secured
NIL (30 September 2014 -10,000) 16.65% Compulsorily Convertible Debentures
(CCD) of Rs.100,000 each - Refer Note A
2,000 (30 September 2014 - NIL) 16.50% Optionally Convertible Debentures (OCD)
1.
2. Consolidated Financial Statements
As at March 31, 2016
-
20,000.00
1,264.72
485.00
1,273.81
88.42
3,111.95
-
(948.10)
(639.72)
(485.00)
(1,273.81)
(35.63)
(3,382.26)
19,729.69
of Rs.10,00,000 each - Refer Note B
Term loans (Refer Note C)
Secured
Indian rupee loan from bank
Loan from other parties
Foreign currency loan from bank
Finance lease obligations (refer note 35.b)
Less: Current maturities of long term borrowings Compulsorily convertible debentures Optionally convertible debentures
Indian rupee loan from bank
Loan from other parties
Foreign currency loan from bank
Finance lease obligations (refer note 35.b)
A. Compulsorily Convertible Debentures (CCDs)
On 31st October 2011, 10,000 Compulsorily Convertible Debentures (“CCDs”) were issued which were convertible into equity shares after 48 months from the investment date (i.e. 31 October 2011) or such further date as agreed upon mutually between the Company and the debenture holder(s). Each debenture was convertible into such number of fully paid equity shares of the Company so as to provide the investor a return equivalent to the outstanding amount of the CCDs and any unpaid interest at the applicable interest rate on the date of conversion as set out in the Investment Agreement dated September 29, 2011.
The holders of the CCDs had a put option with certain key shareholders of the Company, requiring them to buy such CCDs, on the occurrence of certain identified events. In case the key shareholders were unable to do so, the Company had an obligation to convert such CCDs and buy back the resultant shares in accordance with the terms of the agreements, if such option were exercised by the holders of the
As at September 30, 2014
10,000.00 -
2,161.03 2,791.67 3,184.53
202.13 8,339.36
(10,000.00) - (625.00) (1,706.67) (1,273.75) (109.99) (13,715.41) 4,623.95
CCDs. During the previous period the holder of the CCDs had exercised the put option for portion of the CCDs on key shareholders, pursuant to which NSL Power Equipment Trading Private Limited ('NSL Pet' or 'Holding Company') had bought 30% of the CCDs from the holder of CCDs. NSL Pet had also requested the Company to convert the CCDs to Equity share capital and the conversion has taken place during the current period. Pursuant to the exercise of Put Option by the holder of CCD, NSL Pet acquired 30% of the CCD from the holder.
During the current period :
a. These CCDs were converted into equity shares pursuant to which 597,014 shares were allotted at a face value of Rs. 10 per equity share and with a premium of Rs. 492.50 per equity share as approved by the Board of Directors.
b. The balance 70 % of the CCDs were converted to Optionally Convertible Debentures (OCDs) based on the agreement between holders of the CCD
Annual Report 2016 91


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 )
(Debenture Agreement) and the Company and were subsequently redeemed in full in accordance with the terms of the debenture agreement.
B. Optionally Convertible Debentures (OCDs)
During the period,the Company raised Rs.20,000 lakhs by issuing 2000 nos. of 16.5% secured redeemable optionally convertible debentures (OCD's) of face value of Rs.10,00,000 (Rupees Ten lakh only) each at par.
The OCDs are redeemable over a period of 60 months in half-yearly instalments commencing from March 11, 2017, including interest calculated on monthly rests. However, first two half-yearly instalments, i.e., 11th March and 11th September 2016 only interest is payable.
Details of security
i) The CCDs are secured by exclusive mortgage/ charge over immovable/movable assets of three substations and two wind turbines of total capacity of 3.00 MW located in the state of Tamilnadu and first charge on entire cash flows, receivables, book debts and revenues of the company pertaining to the project assets (stated above) of whatsoever nature and whenever arising, both present and future.
ii) The OCDs are secured by exclusive first charge on the Company's Sub-stations situated at Tamil Nadu & Rajasthan, on all movable assets including Motor Vehicles, Office Equipments, Furniture and Fittings of the Company, present and future situated at varios locations and on all receivables from O&M business and the amount credited to the Company's escrow account. The OCDs are further secured by a second pari passu charge on the current assets of the Company other than setforth in above, exclusive pledge by ReGen Powertech Private Limited over 51% of Equity shares of the Company. Also the Holding Company (i.e., ReGen Powertech Private Limited) has provided Corporate Guarantee to IDBI Trusteeship Company Limited for the OCDs issued.
C. Term Loans
i) Term loan from Axis Bank is repayable in 16 equal quarterly instalments commencing at the end of 15 months from the date of first drawdown, viz, March 28, 2013. The loan is secured against moveable fixed assets located at Udaipur unit at Rajasthan and mortgaged by deposit of title deeds over immoveable fixed assets at Udaipur unit ('the project') at Rajasthan on pari passu basis with other lenders to the project.
ii) Term loan from other parties comprises term loan of Rs. 5,775 lakhs (Current outstanding is NIL) ('Term loan I') and Rs. 4,350 lakhs ('Term loan II') (Current outstanding is Rs.485 lakhs).
- Term loan I had a tenure of 36 months and was repayable in 18 monthly instalments commencing from the 19th month from the date of loan, viz., November 4, 2011. The loan was secured by a first ranking exclusive equitable mortgage in respect of project properties relating to sub-stations in Gujarat. Further, the loan was guaranteed by corporate guarantee from NSL Power Equipment Trading Private Limited, the holding Company. The outstanding Term loan was fully repaid during the current period.
- Term loan II is repayable in 15 equal quarterly instalments commencing from the completion of one year from the date of first drawdown of the facility, viz., March 19, 2012. The loan is secured by a first ranking exclusive equitable mortgage in respect of land and building related to the TADA factory on a pari passu basis and exclusive equitable mortgage in respect of project properties relating to the sub-stations in Gujarat, as specified above.
iii) Foreign currency loan is repayable in 16 equal quarterly instalments commencing at the end of 15 months from the date of first drawdown, viz, March 29, 2012. The loan is secured against moveable fixed assets located at Udaipur unit at Rajasthan and mortgaged by deposit of title deeds over immoveable fixed assets at Udaipur unit
92
Regen Powertech Private Limited


at Rajasthan on pari passu basis. The Company has also taken a principal only swap to cover its exposure on the long term foreign currency loan taken of USD 100 lakhs at a fixed rate of Rs. 50.95 per USD. The Company incurs a cost of 8% per annum on such swap.
iv) Finance lease obligation is secured by way of exclusive hypothecation on the respective vehicles.
6. Other long-term liabilities
Billing in excess of revenue Advance from Customers
7. Long-term provisions
Provision for performance guarantee (Refer Note 33 A)
Provision for operation, maintenance and warranty (refer Note 33 A) Provision for taxes
8. Short-term borrowings
Secured
Cash credit from banks
Short term loan from bank Short term loans from Others
Unsecured
Acceptances
The above term loans, external commercial borrowings and finance lease obligation carry varying rates of interest with the maximum rate of interest going from 12% upto 15% p.a. as at March 31,2016 (previous period - from 12% upto15% p.a.)
The Company has also taken a principal only swap to cover its exposure on the long term foreign currency loan taken for USD 100 lacs at a fixed rate of Rs.50.95 per USD.
As at September 30, 2014
7,571.24 - 7,571.24
-
479.84
- 479.84
32,462.59 6,968.67 2,777.78
14,632.70
56,841.74
1.
2. Consolidated Financial Statements
As at March 31, 2016
3,807.10
7,881.52
11,688.62
710.70
810.28
5,531.93
7,052.91
33,001.84
1,950.00
-
44,409.97
79,361.81
a) Cash Credit from banks and short term loans from banks of the Company are secured against first charge on fixed deposits, inventories and book debts present and future on paripassu basis and by a second charge on fixed assets both present and future on pari passu basis. The cash credit is repayable on demand and carry varying rates of interest, depending on the nature of the loans, with the maximum interest rate going up to 16% p.a.
b) Cash Credit and overdraft from banks of ReGen Infrastructure and Services Private Limited are secured by a first charge on current assets, both present & future.
c) The fund and non-fund facilities granted by State Bank of India are also secured by pledge of certain held by NSL Power Equipment Trading Private Limited in the Company.
d) Acceptances represent short term credit from suppliers repayable within 180 days and carry varying rates of interest with the maximum rate of interest going upto 12% p.a.
e) Short term loans from others was repayable in 9 equal monthly installments starting from the end of 4 months from the drawdown date, viz., (March 6, 2014). The loan was secured against a first exclusive charge on Petshivpur project receivables. The rate of interest was 16% p.a. The same was fully repaid during the current period.
Annual Report 2016 93


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 )
10. Trade payables
Dues to Micro and Small Enterprises Dues to others
10. Other current liabilities
Current maturities of long term borrowings (includes current maturities of finance
lease obligations) (also refer note 5)
Interest accrued and not due on borrowings Others
Statutory liabilities
Billing in excess of revenue Forward contract payable, net
Advance from customers
11. Short-term provisions
Other Provisions
Provision for taxes
Provision for operation, maintenance and warranty (Refer Note 33 A) Provision for performance guarantee (Refer Note 33 A)
Provision for employee benefits
- Compensated absences (Refer Note 36)
- Gratuity (Refer Note 36)
Provision for Contract Compensation (Refer Note 31 B)
As at September 30, 2014
1,125.22 71,271.81
72,397.03
13,715.41 166.39
1,370.56 1,693.48 - 22,032.65
38,978.49
5,913.79 1,735.75 735.64
724.15 22.60 -
9,131.93
As at March 31, 2016
2,174.19
66,453.78
68,627.97
3,382.26
-
878.88
2,118.99
94.00
6,508.43
12,982.56
350.68
3,016.41
251.46
473.68
167.29
2,723.00
6,982.52
94
Regen Powertech Private Limited


1.
2. Consolidated Financial Statements
Annual Report 2016 95
12. Tangible assets (Current period)
Total
49,029.73
13,191.98
219.24
62,002.47
8,360.71
6,526.92 154.74
14,732.88
47,269.59
40,669.02
Owned, unless otherwise stated
Description
Gross block
Depreciation
Net block
Land 6,708.58 Buildings 11,854.93 Plant and Machinery * 27,148.50 Office equipment 399.20 Computers 1,280.80
60.18 2,322.45 10,081.53 4.32 392.10 5.90 201.08
(603.00) 603.00 - 8.93 0.36 15.63 2.61
7,371.76 13,574.38 37,230.03
- 1,046.08 5,114.57 205.59 887.42 318.71 391.97
- - 532.25 - 5,128.75 - 71.72 8.11 400.39 0.01 118.49 0.83 68.57 -
- 1,578.33 10,243.32 269.20 1,287.80 436.37 460.54
7,371.76 11,996.05 26,986.71
6,708.58 10,808.85 22,033.93
Furniture and fittings
541.21 432.46
394.59 1,672.54 531.48 630.93
125.39 384.74 95.11 170.39
193.61 393.38 222.50
Leasehold improve- ments
40.49
Vehicles
Leased assets Owned assets
538.85 125.20
56.84 67.58
174.38 17.33
421.31 175.45
307.38 88.99
173.81 128.46 32.94 17.33
352.72 104.60
68.59 70.85
231.47 36.21
* Packing materials procured during the prior years period and an amount of Rs.367.38 lakhs has been
with book value of Rs.1,239.62 lakhs has been reclassifed from Inventory to Plant and equipments in the current recorded as depreciation relating to such prior years.
13. Intangible assets (Current period)
Description
Gross block
Depreciation
Net block
LicenseFees Computer Software Pathway & Right of Way Total
3,783.42 - - 597.08 15.63 - 3,168.51 3,069.70 - 7,549.01 3,085.33 -
3,783.42 612.71 6,238.21 10,634.34
3,783.42 509.65 429.86 4,722.93
- - 84.26 - 391.12 - 475.38 -
3,783.42 - -
As at October 1,2014
Additions
Deletions/ (Adjustments)
As at March 31, 2016
As at October 1, 2014
For the Deletions/ period (Adjustments)
As at March 31, 2016
As at March 31, 2016
As at September 30, 2014
As at October 1, 2014
Additions Deletions/ (Adjustments)
As at March 31, 2016
As at October 1, 2014
For the Deletions/ period (Adjustments)
As at March 31, 2016
As at March As at September 31, 2016 30, 2014
593.91
18.80 5,417.23 5,436.03
87.43 2,738.65 2,826.08
820.98
5,198.31


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 )
96 Regen Powertech Private Limited
12. Tangible assets (Previous period)
Owned, unless otherwise stated
Description
Gross block
Depreciation
Net block
Land 5,619.22 1,089.36 Buildings 9,686.47 2,168.46 Plant and Machinery 16,212.26 11,083.10 Office equipment 382.33 26.02 Computers 1,000.33 329.41
-
6,708.58 11,854.93 27,148.50
- 552.59 2,089.11 131.24 494.77 215.69 229.52
- 493.49 3,038.48 78.97 433.40 123.11 162.45
- -
6,708.58 10,808.85 22,033.93
5,619.22
Furniture and fittings
534.30 59.66 432.46 -
- 146.86 9.15 48.94 52.75 -
399.20 1,280.80 541.21 432.46
- 1,046.08 13.02 5,114.57 4.62 205.59 40.75 887.42 20.09 318.71 - 391.97
193.61 393.38 222.50
9,133.88 14,123.15 251.09 505.56 318.61 202.94
Leasehold improve- ments
40.49
Vehicles
Leased assets Others
744.61 64.69 124.05 10.04
270.45 8.89
538.85 125.20
209.19 63.43
216.75 29.91
118.56 307.38 4.35 88.99
231.47 36.21
535.42 60.62
Total
34,736.03 14,830.74
537.04
49,029.73
3,985.54
4,576.56
201.39 8,360.71
40,669.02
30,750.49
13. Intangible assets (Previous period)
Description
Gross block
Depreciation
Net block
AsatApril1, Additions 2013
Deletions/ (Adjustments)
As at September 30, 2014
As at April 1, 2013
For the period
Deletions/ As at (Adjustments) September
As at September 30, 2014
As at March 31, 2013
AsatApril1, 2013
Additions Deletions/ (Adjustments)
As at September 30, 2014
As at April 1, 2013
For the period
Deletions/ As at (Adjustments) September
As at September 30, 2014
As at March 31, 2013
LicenseFees 3,783.42 - -
3,783.42 597.08 3,168.51 7,549.01
3,770.34 327.63 193.55 4,291.52
13.08 - 3,783.42 182.24 0.22 509.65 236.31 - 429.86 431.63 0.22 4,722.93
- 13.08
Computer Software Pathway & Right of Way Total
555.49 2,532.97 6,871.88
41.83 0.24 635.54 - 677.37 0.24
87.43 2,738.65 2,826.08
227.86 2,339.42 2,580.36
30, 2014
30, 2014


14. Deferred tax
1.
2. Consolidated Financial Statements
As at March 31, 2016
6,606.26
1,276.24
-
1,724.03
-
9,606.53
As at September 30, 2014
a)
b)
Tax effect of items constituting deferred tax assets
Deferred tax asset arising on account of unabsorbed depreciation Effect of billing in excess of revenue
Effect of carried forward losses
On disallowances under Income Tax Act, 1961
1,469.93 2,972.46 180.16 626.33 Others 334.72
Gross deferred tax assets
Tax effect of items constituting deferred tax liabilities
On difference between book balance and tax balance of fixed assets Others - Licence fee payment
Gross deferred tax liabilities
Net Deferred tax Asset
5,583.60
3,744.70 957.14 4,701.84
881.76
1,415.81 428.70 1,340.10 605.43 621.20 4,411.24
6,385.61 3,467.52 118.03 (40.08) 9,931.08
19.44
19.44 20.19
3,739.55
-
3,739.55
5,866.98
15. Long-term loans and advances
Unsecured, considered good Capital advances
MAT credit entitlement Security Deposits
Advance Tax, tax deducted at source net of provision for tax Other loans and advances
16. Other non-current assets
Incentive receivable from government
Reimbursement receivable against evacuation infrastructure Ancillary borrowing costs
Less: Current portion of ancillary borrowing costs
17. Current Investments
Investment in Mutual Fund- SIP [Canara Robeco Capital protection oriented fund -
FV - Rs.11.81 per unit]
360,832.154 units (30 September 2014 - 108,169.923 units)
NAV of unquoted investments
36.99
1,118.62
349.32
1,987.68
804.80
4,297.41
1,272.30
-
-
-
1,272.30
42.61
42.61
44.72
Annual Report 2016 97


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 )
18. Inventories (valued at lower of cost or net realisable value)
Raw materials and components (includes stock with subcontractors - Rs.2,597.40 lakhs (30th September 2014 - Rs.3,417.73 lakhs))*
Land rights and other components
Traded goods
Work-in-progress
Finished Wind Energy Converter parts Loose tools
Details of Inventory of raw materials:-
a) Steel
b) Blades
c) Electrical items
d) Mechanical items e) Others
19. Trade receivables
Outstanding for a period exceeding six months from the date they are due for payment
Unsecured, considered good
Unsecured, considered doubtful
Provision for doubtful debts
Other receivables
Unsecured, considered good
Trade receivables include amounts due from :
Private companies in which any director is a director or member NSL Wind Power Company (Kayathar) Pvt Ltd
NSL Wind Power Company (Sayamalai) Pvt Ltd
NSL Wind Power Company (Satara) Pvt Ltd
Kalsubai Power Private Limited
Total
20. Cash and bank balances
Cash and cash equivalents Cash on hand
Balances with banks:
In current accounts
In deposit accounts (with original maturity of more than 3 months) Balances with foreign banks
Notes :
(a) Of the above the balances that meet the definition of Cash and cash equivalents as per AS 3 Cash Flow Statements is
(b) Deposits under lien for short term borrowings from banks
As at 30 September 2014
28,153.91
3,570.68 2,382.74 147.33 4,018.05 466.81 38,739.52
2,685.30 3,074.24 1,877.06 8,091.87
12,425.44 28,153.91
7,392.83 881.25 8,274.08 (881.25) 7,392.83
49,570.27 56,963.10
1,400.43 200.00 5,175.17 - 6,775.60
293.42
844.11 11,667.95 5.34 12,810.82
1,142.87 11,667.95
As at 31 March, 2016
31,714.63
4,474.17
203.21
111.99
9,125.47
195.07
45,824.54
1,185.73
6,756.37
1,984.31
6,994.49
14,793.73
31,714.63
16,515.39
3,377.05
19,892.44
(3,377.05)
16,515.39
56,897.44
73,412.83
1,871.28
1.22
325.13
995.42
3,193.05
226.75
4,750.07
11,923.24
11.51
16,911.57
4,988.33
11,923.24
98
Regen Powertech Private Limited


21. Short-term loans and advances
Advances recoverable in cash or in kind Unsecured considered good
Other loans and advances
Balances with statutory/government authorities Prepaid expenses
Security deposits
Other employee advances
22. Other current assets
Unamortized expenditure
Unamortized premium on forward contract
Others
Export Incentive receivable
Other receivables
Interest accrued on fixed deposits
Current portion of ancillary borrowing costs Forward contract receivable, net
23. Revenue from operations (net)
Sale of products
Sale of WEC and finished WEC components
Sale of Traded goods
Sale of Services
Rendering of operation and maintenance services Installation of Wind turbines
Royalty on technical know how
Other operating revenue
Scrap sales
Sale of power
Sale of raw materials , net
As at 30 September 2014
27,540.64
2,705.91 2,653.58 1,650.45
- 34,550.58
17.49
250.80 5,272.57 22.50 40.08 1.95
5,605.39
Period from April 1, 2013 to September 30, 2014
184,334.15 40,039.98
3,199.02 16,043.40 -
1,569.12 300.74 655.26
246,141.67
1.
2. Consolidated Financial Statements
As at 31 March, 2016
23,548.27
2,510.23
3,354.20
-
20.62
29,433.32
48.54
-
4,166.84
314.80
-
-
4,530.18
Period from
October 1, 2014 to March 31, 2016
262,225.19
8.95
8,040.00
30,679.49
-
1,634.75
190.21
11.79
302,790.38
Annual Report 2016 99


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 )
24.a. Other Income
Period from
October 1, 2014 to March 31, 2016
30.27
11.35
-
403.88
-
84.83
530.33
Government Incentive 1,085.54 Export incentive 255.56 Insurance claims 648.69 Provision no longer required, written back
- Provision for Storage Rent -
- Provision for clearing and forwarding 304.20 Miscellaneous income - 2,293.99
24. b. Interest Income
Interest on Bank deposits 1,103.69 Interest on others - 1,103.69
25. Prior period Revenue (Net)
a) Substation Revenue (refer Note below) -
Less : Prior period Expenses
b) Bank Guarantee Commission - c) Tools amortisation - d) Packing materials amortisation -
-
a) Consequent to transfer of O&M business division along with contracts to its subsidiary in the previous period, Company's obligation to those customers no longer exits. Revenue recognition from out of Billing in excess of revenue on account of Sub-station connectivity in Rajasthan state with respect to cessation of Company's obligations towards Rajasthan Customer on transfer of O&M business division along with Contracts to its subsidiary now recognized in the current period.
b) Bank Guarantee Commission of earlier accounting periods treated as prepaid expenses now recognized as an expense in the current period.
c) Cost of certain tools purchased in earlier periods which has shorter estimated useful life not recorded as capital item in the earlier periods now amortized fully in the current period based on the management's estimate of useful life of these tools.
d) Certain packing materials used but not amortised in prior years, amortised during the current period.
Period from April 1, 2013 to September 30, 2014
1,702.93
77.50
1,780.43
5,371.87
923.24
367.38
305.44
3,775.81
100
Regen Powertech Private Limited


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