| 1 Rights, Preferences & Restrictions attaching to each class of shares
i) Equity Shares Share holding of Promoter's Group aggregating to
45,24,113 shares are pledged to the consortium of Bankers led by the
State bank of India.
ii) The Preference shares are Convertible Redeemable Preference shares
(CRPS) issued to the Consortium of bankers to the Company under a
Master Restructuring Agreement dated March 2010 by way of conversion of
Funded Interest Term Loans. The CRPS shall carry a coupon rate of 6.75%
p.a. CRPS shall be redeemed after 12 years ( ie. on 31st December
2024).
2. The Company does not have any holding company or ultimate holding
company.
3. No Equity Shares have been reserved for issue under options and
contracts/commitments for the sale of shares / disinvestment as at
the Balance Sheet date
4. No Equity Shares have been bought back by the company during the
period of 5 years preceding the date as at which the Balance Sheet is
prepared.
5. Corporate Debt Restructuring (CDR)- Loan Recovery & OTS :
The Company could not execute the CDR package due to various reasons
already explained in the previous years and the Banks have initiated
steps for recovery of the debt including issuance of notice under
SARFAESI Act as well as filing the OA with the DRT. However, the
Company has submitted an OTS proposal for settling the debt with all
the banks under the leadership of the State Bank of India with
financial assistance from an Asset Reconstruction Company. The banks
are negotiating the OTS proposal and settlement is expected to be made
at the earliest. Interest on all banks outstanding has not been
provided as the company is confident that the OTS proposal with support
from the ARC companies will be acceptable to the banks.
6. The net worth of the Company suffered further depletion during the
year due to substantial reduction in revenues of the company and the
consequent losses suffered. However, considering the early settlement
with the banks through the OTS and also the various measures taken by
the Company to gain and accumulate orders and also taking into
consideration the business potential in solar power space and future
business prospects of the company, the accounts are stated on going
concern basis.
7. Contingent and disputed liabilities not provided for:
( Rs.in Lakhs)
Particulars As at As at
31.03.2015 31.03.2014
a) Guarantee / Counter Guarantees
given on sale of contracts to
1) Sukhbir Solar Energy Pvt. Ltd - 121.10 121.10
BG against performance Guarantee
2) BSNL - BG against Sales Contract 234.33 234.33
Performance guarantee
3) BSNL - BG against AMC Contract 158.68 164.88
Guarantee
4) BSNL - BG against Sales Contract 105.22 105.22
Performance guarantee
5) MTNL, New Delhi - BG against Sales 37.24 79.24
Contract Performance guarantee
6) Govt of India - Excise Bond for - 6.00
Export shipment
Total Bank Guarantees Contingent 656.58 710.77
liability
b) Disputed income tax liability
relating to a demand notice from the
Income Tax department for levy of
penalty and interest on tax dues for 319.68 319.68
the AY.2005-06, AY.2006-07, AY.
2007-08 & AY 2008-09. The company
had filed an appeal with the department
seeking waiver of penalties imposed on
the company since the delays in remittance
of dues were due to circumstances beyond
the control of the company. The company
is confident of winning the appeals.
8. Foreign Currency Convertible Bonds
As against the outstanding balance of Foreign Currency Convertible
Bonds of USD 4.20 million which had matured for repayment in October
2012, the company was unable to repay the FCCB's as the company's
financial position had deteriorated over the years. However, the
company has not received any claim from the FCCB holders till date. At
the same time the company is trying to contact the FCCB holders and
negotiate with them for rollover of the FCCB for a further period.
9.ent Reports
The Company was in the business of Solar Power Plant & Equipment in
addition to Telecom business of manufacturing CDMA handsets, JKits &
OFC, SMPS and also manufacture of Ethanol. However, all operations
under Telecom and Ethanol business have stopped and the company is now
only in Solar business. Hence, the segment reports are not provided.
10. Related Party Transactions:
Information relating to Related Party transactions as per Accounting
Standard! 8, issued by The Institute of Chartered Accountants of India,
specified under Section 133 of the Companies Act, 2013 read with Rule 7
of the Companies (Accounts) Rules, 2014 is as under: a) Names of
related parties and the nature of relationships:
Name Relationship
i. Saptashva Solar Ltd. Joint Venture Company (48.97% )
ii. Saptashva Solar SA Wholly owned subsidiary Company
iii. Sree Sahasya Enterprises Common Directors
Pvt. Ltd.
iv. Saptashva Solar SRL, Italy Subsidiary of Saptashva
Solar SA, Spain
v. Key Management Personnel:
Mr Dinesh Kumar Managing Director
Mr Aneesh Mittal Whole time Director
Mr K Surender Reddy Chief Financial Officer
Ms Bhargavi Maheshuni Company Secretary
11. Details of Finished Goods stock: NIL
12. There are no dues to Micro, small and medium enterprises under
Development Act, 2006, exceeding 45 days. The micro, small and medium
industries are determined to the extent such parties have been
identified on the basis of the information available with the Company.
13. Balances appearing under other long term liabilities, short term
borrowings, trade payables, other current liabilities, long term loans
and advances, CWIP advances, trade receivables, short term loans and
advance and other current assets are subject to confirmation and / or
reconciliation, if any.
14. Previous year figures have been regrouped / reclassified wherever
necessary.
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