IMP Powers Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

2.15. Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or
all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a
separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented
in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pretax rate that reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

2.16. Employee benefits

a) Short Term Employee Benefits

A liability is recognised for benefits accruing to employees in respect of salaries and wages at the undiscounted
amount of the benefits expected to be paid wholly within twelve months of rendering the service.

Short-term employee benefit obligations are recognised at an undiscounted amount in the statement of profit
and loss for the reporting period in which the related services are received.

b) Post Employment Benefits
Defined Contribution plan

Retirement benefit in the form of Provident Fund is defined contribution scheme. The Company has no
obligation, other than the contribution payable to the above mentioned funds. The Company recognizes
contribution payable to the provident fund scheme as an expense, when an employee renders the related
service. If the contribution payable to the scheme for service received before the balance sheet date exceeds
the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the
contribution already paid. If the contribution already paid exceeds the contribution due for services received
before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead
to, for example, a reduction in future payment or a cash refund.

Defined benefit plan

The Company has a defined benefit gratuity plan, which requires contribution to be made to a separately
administered fund. The Company''s liability towards this benefit is determined on the basis of actuarial valuation
using Projected Unit Credit Method at the date of balance sheet.

Remeasurement, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability), are recognized immediately in the balance sheet
with a corresponding debit or credit to retained earnings through OCI in the period in which they occur.
Remeasurement is not reclassified to statement of profit and loss in subsequent periods.

Past service costs are recognized in statement of profit and loss on the earlier of:

• The date of the plan amendment or curtailment and

• The date that the Company recognizes related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognizes the following changes in the net defined benefit obligation as an expense in
statement of profit and loss:

• Service costs comprising current service costs, past service costs, gains and losses on curtailments and non¬
routine settlements; and

• Net interest expense or income

Compensated absences

Accumulated leave, which is expected to be utilized within the next 12 months, is treated as short-term employee benefit
and this is shown under short term provision in the Balance Sheet. The Company measures the expected cost of such
absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at
the reporting date.

The Company treats accumulated leave expected to be carried forward beyond twelve months, as long-term employee
benefit for measurement purposes and this is shown under long term provisions in the Balance Sheet. Such long-term
compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the year
end. Actuarial gains/losses are immediately taken to the Statement of Other Comprehensive Income and are not deferred.
The Company presents the leave as a current liability in the balance sheet; to the extent it does not have an unconditional
right to defer its settlement for 12-month sifter the reporting dates. Where the Company has the unconditional legal and
contractual right to defer the settlement for a period beyond 12 months, the same is presented as non-current liability.

Termination benefits

The Company recognizes termination benefit as a liability and an expense when the Company has a present obligation as
a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. If the termination benefit falls due for
more than 12-month sifter the balance sheet date, they are measured at present value of the future cash flows using the
discount rate determined by reference to market yields at the balance sheet date on the government bonds.

2.17 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with in
original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as
defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company''s cash
management.

2.18. Other Financial Assets

The Company classifies its financial assets in the following measurement categories:

(1) Those to be measured subsequently at fair value (either through other comprehensive income, or through the
Statement of Profit and Loss), and

(2) Those measured at amortized cost.

The classification depends on the Company''s business model for managing the financial assets and the
contractual terms of the cash flows.

At initial recognition, the Company measures a financial asset at its fair value. Transaction costs of financial assets
carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.

The Company measures the expected credit loss associated with its assets based on historical trend, industry
practices and the business environment in which the entity operates or any other appropriate basis. The
impairment methodology applied depends on whether there has been a significant increase in credit risk.

2.19Foreign currencies

The Company''s financial statements are presented in which is also the Company''s functional currency. Transactions
in foreign currencies are initially recorded by the Company at ''spot rate'' at the date the transaction first qualifies
for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional
currency spot rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognized in statement of profit and
loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the rates of the initial transactions. On-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the rate when the fair value is determined. The gain or loss arising on
translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on
the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognized in
OCI or statement of profit and loss are also recognized in OCI or statement of profit and loss, respectively).

2.20. Earnings per Share
Basic Earnings per share

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the company by
the weighted average number of equity shares outstanding during the year.

Diluted Earnings per share

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the company after
adjusting impact of dilution shares by the weighted average number of equity shares outstanding during the year
plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential
equity shares into equity shares.

2.21. Contingent liabilities and assets

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 not wholly within the control of the
Company 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 Company does not recognize a contingent liability
but discloses its existence in the financial statements.

A contingent asset is not recognized unless it becomes virtually certain that an inflow of economic benefits will
arise. When an inflow of economic benefits is probable, contingent assets are disclosed in the financial statements.
Contingent liabilities and contingent assets are reviewed at each balance sheet date.

2.22 Significant accounting judgments, estimates and assumptions

The preparation of the financial statements requires management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and
the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes
that require an adjustment to the carrying amount of assets or liabilities in future periods. Difference between actual
results and estimates are recognized in the periods in which the results are known / materialized.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company has based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of
the Company. Such changes are reflected in the assumptions when they occur.

Information about the critical judgment in applying accounting policies, as well as estimated and assumption that
have not most that have the most significant effect to the carrying amount of assets and liabilities which the net
financial year, are included in the following notes:

a) Measurement of defined benefits obligations - note no. 19

b) Measurement and likelihood of occurrence of provision note no. 24

c) Recognition of current tax and deferred tax assets note no.7

d) Key assumption uses in fair valuation note no. 37

e) Measurement of lease liabilities and right-of-assets note no. 5

2.23 non-current assets (or disposal groups) classified as held for sale:

To classify any asset or disposal groups (comprising assets and liabilities) as "Asset / Disposal groups held for sale" they
must be available for immediate sale and its sale must be highly probable. Such assets or group of assets / liabilities
are presented separately in the Balance Sheet, in the line "Assets / Disposal groups held for sale" and "Liabilities
included in disposal group held for sale" respectively. Once classified as held for sale, intangible assets and PPE are
no longer amortized or depreciated. Such assets or disposal groups held for sale are stated at the lower of carrying
amount and fair value less costs to sell.

a) Terms /right attached to equity shares

The Company has only one class of equity shares having face value of Rs.10 per share. Each holder of equity share is
entitled to one vote per equity share.Dividend if recommended by the Board of Directors subject to the approval of
the members at the ensuing Annual General Meeting except interim dividend. The Board of Directors have a right to
deduct from the dividend payable to any member, any sum due from him to the Company.

In the event of winding-up, the holders of equity shall 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 share held by
shareholders. The share holders have all other rights as available to equity shareholders as per the provision of the
Companies Act, applicable in India read together with the Memorandam and Articles of Association of the company
as applicable.

f) Company went into Liquidation vide NCLT order dated 19th December 2023 ("Liquidation Commencement Date"),
pursuant to the said liquidation order ,Hon''ble NCLT Ahmedabad Bench appointed Mr. Ravindra Kumar Goyal as
liquidator for the company. In view of the ongoing liquidation order the powers of Board of Directors immediately
suspended and vested with RP/Liquidator.

In the Said Liquidation Process (as a going concern), the Liquidator Prompted e-auction Proceedings , inviting Bidders
For Their express of interest (EOI) and further to take over company under Liquidation (as going Concern),where in
new management and his bidders namely Electrify Energy Pvt Ltd in Consortium with Mr. Rakesh R Shah have been
declared as Highest Bidder by Liquidator and Committee of Creditors (CoC).

Upholding process of issuance of sale certificate and possession letter by Liquidator in fever of new management by
Hon''ble NCLT and to acquire seamlessly to offers of company, Hon''ble NCLT awarded necessary Relief & Concession
by way Of Separate Order to Successful Auction Purchaser and New management on 5/11/2024.The Hon''ble NCLT
vide order no. IA/965(AHM)2024 dated 20.08.2024 has approved acquisition of company through Regulation 32 (e)
of IBBI (Liquidation Process) Regulation 2016 i.e. ''Sale as Going Concern'' as per the E-Auction held on 21.05.2024
Consequently, Liquidator issued certificate of sale on 21-08-2024 to successful bidder. Bidder had to pay Rs. 78 crore
for acquisition of the company. Company has paid Entire Bidding amount on money on 17.05.2024 and 19.06.2024
and assumed control of company upon issuance of Certificate of sale by liquidator.

Pursuant to the order from Hon''ble NCLT vide order no IA/1387(AHM)2024 dated 05.11.2024 the existing share capital
of the Company has been extinguished. In accordance with the terms of the order, the Company has to 3.23 Crore
new equity shares of ?10 each to the successful bidder and 17 Lakh shares to existing shareholders in proportion to
existing shareholding. Necessary steps for effecting this allotment have been initiated as per applicable laws. However,
the procedure for extinguishment and issue of new shares has not yet been completed, as the necessary filings with
the Registrar of Companies (ROC) are pending. On account of pending formnalities, the Company has disclosed an
amount of ?78 crore received from successful bidder as current liability in the financial statements.

(a) Secured by first pari-pasu charge on entire fixed assets of the Company both present & future along with STCI Finance
Limited.

(b) Secured by pledge of equity shares of erstwhile Promoter Group Company and Personal Guarantee of Erstwhile
Managing Director.

* (c) During the current year the Company has defaulted in the repayment of the secured and unsecured loan and interst
there on availed from Banks and Financial Institutions , Non banking Financial Companies. The lender had classified all the
accounts as Non performing assets hence the Company has not provided interest on the borrowings .

Notes

i) Term loan from Banks and Non Banking Financial Institution are secured by way of first charge on all Fixed Assets of
the Company both present & future on pari-passu basis with member banks of consortium and Second charge on
all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and
personal guarantee of erstwhile promoter Directors shri Ajay R Dhoot and Aditya R Dhoot.

ii) Vehicle Loans are secured by hypothecation of vehicles.

a) Working Capital loan from Banks are secured against first charge on all current assets of the Company, present &
future, on pari passu basis with banks in the consortium and Second charge on all Fixed Assets of the company, both
present & future, on pari-passu basis with one member bank of consortium, and personal guarantee of erstwhile
promoter Directors Shri Ajay R Dhoot and Shri Aaditya R Dhoot.

b) * During the year the Company has defaulted in the repayment of the secured loan and interst there on. The lender

had classified all the bank accounts as Non performing assets hence the Company has not provided interest on the
secured borrowings.

Fair value hierarchy

Level 1: hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments
and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock
exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the
closing NAV and listed equity instruments are being valued at the closing prices on recognised stock exchange.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-
the counter derivatives) is determined using valuation techniques which maximize the use of observable market
data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in
level 3. The Company''s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the
end of the reporting period.

Note 38: Financial risk management objectives and policies

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk.
The Company''s primary risk management focus is to minimize potential adverse effects of market risk on its financial
performance. The Company''s risk management assessment and policies and processes are established to identify
and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and
compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect
changes in market conditions and the Company''s activities. The Board of Directors and the Audit Committee is responsible
for overseeing the Company''s risk assessment and management policies and processes.

The Company''s financial risk management policy is set by the management. Market risk is the risk of loss of future earnings,
fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial
instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and
other market changes that affect market risk sensitive instruments. The Company manages market risk which evaluates
and exercises independent control over the entire process of market risk management. The management recommend risk
management objectives and policies, which are approved by Senior Management and the Audit Committee.

a. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers.
Credit risk arises from cash held with banks as well as credit exposure to clients, including outstanding accounts
receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective
of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality
of the counterparties, taking into account their financial position, past experience and other factors. The Company
establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect
of trade and other receivables and investments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The demographics of the customer, including the default risk of the industry and country in which the customer
operates, also has an influence on credit risk assessment. Credit risk is managed through continuously monitoring
the creditworthiness of customers to which the Company grants credit terms in the normal course of business. An
impairment analysis is performed at each reporting date on an individual basis for major customers. The Company
also hold security deposits for outstanding trade receivables. The history of trade receivables shows a negligible
provision for bad and doubtful debts.

b. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due.

Maturitiesof financial liabilities

The tables below analyze the company''s financial liabilities into relevant maturity groupings based on their
contractual maturities:

c. Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes
in market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the
price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk
is attributable to all market risk-sensitive financial instruments and all short term and long-term debt. The Company
is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of its
investments. Thus, the Company''s exposure to market risk is a function of investing and borrowing activities.

Note 39 Capital Management:

Risk Management:

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to
optimise returns to our shareholders and benefits for other stakeholders and maintain an optimal capital structure to
reduce the cost of capital.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in
order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the
capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain
investor, creditors and market confidence and to sustain future development and growth of its business. The Company will
take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

Note 40 Liquidation Process under Section 33 of the Insolvency and Bankruptcy Code, 2016 had been admitted
against the Company vide Honourable National Company Law Tribunal, Ahmedabad bench vide Order dated

19.12.2023 and Mr. Ravindra Kumar Goyal (having registration no. IBBI/ IPA-001 / IP-P-02019/2020-2021/13098}
had been appointed as Liquidator of the company under section 34 of the Insolvency and Bankruptcy Code,
2016 and Resolution Professional has been discharged. Upon the order of Hon''ble NCLT, all the powers of board
of directors ceased to have effect and be vested in the Liquidator.

Note 41 I n the Said Liquidation Process (as a going concern), the Liquidator Prompted e-auction Proceedings , inviting
Bidders For Their express of interest (EOI) and further to take over company under Liquidation (as going
Concern),where in new management and his bidders namely Electrify Energy Pvt Ltd in Consortium with Mr.
Rakesh R Shah have been declared as Highest Bidder by Liquidator and Committee of Creditors (CoC).

Upholding process of issuance of sale certificate and possession letter by Liquidator in fever of new management
by Hon''ble NCLT and to acquire seamlessly to offers of company, Hon''ble NCLT awarded necessary Relief &
Concession by way Of Separate Order to Successful Auction Purchaser and New management on 5/11/2024.The
Hon''ble NCLT vide order no. IA/965(AHM)2024 dated 20.08.2024 has approved acquisition of company through
Regulation 32 (e) of IBBI (Liquidation Process) Regulation 2016 i.e. ''Sale as Going Concern'' as per the E-Auction
held on 21.05.2024 Consequently, Liquidator issued certificate of sale on 21-08-2024 to successful bidder. Bidder
had to pay ''. 78 crore for acquisition of the company. Company has paid Entire Bidding amount on money on

17.05.2024 and 19.06.2024 and assumed control of company upon issuance of Certificate of sale by liquidator

Note 42 Approval of Finacial statement. The powers of theformer board of directors were suspended on account of
the ongoing corporate insolvency resolution process/ liquidation. During the year, Hon''ble NCLT vide order
no. IA/965(AHM)2024 dated 20.08.2024 has approved acquisition of company through Regulation 32 (e) of
IBBI (Liquidation Process) Regulation 2016 i.e. ''Sale as Going Concern'' as per the E-Auction held on 21.05.2024
Consequently, Liquidator issued certificate of sale on 21-08-2024 to successful bidder. Bidder paid ''. 78 crore for
acquisition of the company and assumed control of company upon issuance of Certificate of sale by liquidator.
The Financial statements have been signed by the new management

Note 43 The liabilities and assets for the period is classified as a "Current" wherever considered appropriate, as the
Company had been admitted into the Corporate Insolvency Resolution Process / Liquidation process by the
order of NCLT as on 29^th March 2022 and 19^th December 2023. While new management has taken over during
the year, company is yet to receive final distribution order quantifying amount to be paid to secured financial
creditors and other unsecured financial creditors/operational creditors including workmen. Due to absence of
clarity, company has not been able to give appropriate accounting treatment of write back/write off of these
dues in books of accounts.

Note 44 The Company has been unable to disburse the amounts payable to the secured financial creditor or any other
creditor due to pendency of final distribution order Accordingly, as at the date of approval of these financial
statements, the charges created on the Company''s assets in favour of the secured financial creditor have not
yet been marked as satisfied in the records of the Registrar of Companies (ROC) or other relevant statutory
authorities

Note 45 Finance Cost

On account of borrowings being classified as Non-Performing Assets (NPA) as per direction issued by Reserve Bank of
India all lenders has not provided interest in the books of account for the year ended on 31^st March ,2025 on the financial
facilities availed from the Banks and financial institutions.

Note 46 Trade Payable, receivables. Loans and advance balance are subject to conformation and reconcilation.

Note 47 Due to negative avarage net profit of the Company provision related with S 135 of the Companies Act are not
applicable to the Company.

Note 48 The networth of Company has been completely eroded, however the financial statements have been prepared
on going concern basis due to takeover of company by new management.

Note 49 The Company is primarily engaged in the business of Electrical products like Power & Distribution Transformers,
its parts and Hydro projects which together constitute a single segment accordance with in the Accounting
Standard on "Segment Reporting (Ind AS 108)"

Note 50 Previous year figures have been regrouped/ reclassified, where necessary, to conform to this year''s classification.
Refer note 2.24 for accounting policy on Amendments to Schedule III of the Companies Act, 2013.

In terms of our report annexed

For B J S AND Associates For and on behalf of Board of Directors

Chartered Accountants

(FRN : 113268W) Rakesh Shah Tanuj Shah

Director Director

DIN 00421920 DIN 08575039

CA Niket Modi Naveen Kumar Singh

Partner Chief Executive Officer

Membership No.: 181785
Place:- Ahmedabad
Date :- 30/05/2025

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Mar 31, 2024

2. 15. Provisions

Provisions are recognized when the Company
has a present obligation (legal or constructive)
as a result of a past event, it is probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation. When the Company
expects some or all of a provision to be reim¬
bursed, for example, under an insurance con¬
tract, the reimbursement is recognized as a
separate asset, but only when the reimburse¬
ment is virtually certain. The expense relating
toa provision is presented in the statement of
profit and loss net of any reimbursement. If the
effect of the time value of money is material,
provisions are discounted using a current pre -
tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting
is used, the increase in the provision due to the
passage of time is recognized as a finance cost.

2.16. Retirement and other employee benefits

Defined Contribution plan

Retirement benefit in the form of Provident
Fund is defined contribution scheme. The Com¬
pany has no obligation, other than the contribu¬
tion payable to the abovementioned funds. The
Company recognizes contribution payable to the
provident fund scheme as an expense, when an
employee renders the related service. If the
contribution payable to the scheme for service
received before the balance sheet date exceeds
the contribution already paid, the deficit paya¬
ble to the scheme is recognized as a liability
after deducting the contribution already paid. If
the contribution already paid exceeds the con¬
tribution due for services received before the
balance sheet date, then excess is recognized
as an asset to the extent that the pre-payment
will lead to, for example, a reduction in future
payment or a cash refund.

Defined benefit plan

The Company has a defined benefit gratuity
plan, which requires contribution to be made to
a separately administered fund. The Company''s
liability towards this benefit is determined on

the basis of actuarial valuation using Projected
Unit Credit Method at the date of balance
sheet.

Remeasurement, comprising of actuarial gains
and losses, the effect of the asset ceiling, ex¬
cluding amounts included in net interest on the
net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognized immediately in the balance sheet
with a corresponding debit or credit to retained
earnings through OCI in the period in which
they occur. Remeasurement is not reclassified
to statement of profit and loss in subsequent
periods.

Past service costs are recognized in statement
of profit and loss on the earlier of:

• The date of the plan amendment or curtail¬
ment and

• The date that the Company recognizes related
restructuring costs

Net interest is calculated by applying the dis¬
count rate to the net defined benefit liability or
asset. The Company recognizes the following
changes in the net defined benefit obligation as
an expense in statement of profit and loss:

• Service costs comprising current service
costs, past service costs, gains and losses on
curtailments and non - routine settlements; and

• Net interest expense or income
Compensated absences

Accumulated leave, which is expected to be
utilized within the next 12 months, is treated as
short-term employee benefit and this is shown
under short term provision in the Balance
Sheet. The Company measures the expected
cost of such absences as the additional amount
that it expects to pay as a result of the unused
entitlement that has accumulated at the report¬
ing date.

The Company treats accumulated leave ex¬
pected to be carried forward beyond twelve
months, as long-term employee benefit for
measurement purposes and this is shown under
long term provisions in the Balance Sheet.
Such long-term compensated absences are pro¬
vided for based on the actuarial valuation using
the projected unit credit method at the year-
end. Actuarial gains/losses are immediately
taken to the Statement of Other Comprehensive
Income and are not deferred. The Company
presents the leave as a current liability in the
balance sheet; to the extent it does not have
an unconditional right to defer its settlement
for 1 2-month sifter the reporting dates. Where
the Company has the unconditional legal and
contractual right to defer the settlement for a
period beyond 12 months, the same is present¬
ed as non-current liability.

Termination benefits

The Company recognizes termination bene¬
fit as a liability and an expense when the
Company has a present obligation as a re¬
sult of past event, it is probable that an out¬
flow of resources embodying economic ben¬
efits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation. If the termination
benefit falls due for more than 12 - month
sifter the balance sheet date, they are
measured at present value of the future
cash flows using the discount rate deter¬
mined by reference to market yields at the
balance sheet date on the government
bonds.

2.17 Cash and cash equivalents

Cash and cash equivalent in the balance
sheet comprise cash at banks and on hand
and short-term deposits within original ma¬
turity of three months or less, which are
subject to an insignificant risk of changes in
va l u e .

For the purpose of the statement of cash
flows, cash and cash equivalents consist of
cash and short-term deposits, as defined
above, net of outstanding bank overdrafts
as they are considered an integral part of
the Company''s cash management.

2.18. Other Financial Assets:

The Company classifies its financial assets
in the following measurement categories:

(1) Those to be measured subsequently at
fair value (either through other comprehen¬
sive income, or through the Statement of
Profit and Loss), and

(2) Those measured at amortized cost.

The classification depends on the Compa¬
ny''s business model for managing the finan¬
cial assets and the contractual terms of the
cash flows.

At initial recognition, the Company
measures a financial asset at its fair value.
Transaction costs of financial assets carried
at fair value through the Profit and Loss are
expensed in the Statement of Profit and
Loss.

The Company measures the expected credit
loss associated with its assets based on
historical trend, industry practices and the
business environment in which the entity
operates or any other appropriate basis.
The impairment methodology applied de¬
pends on whether there has been a signifi¬
cant increase in credit risk.

2.19 Foreign currencies

The Company''s financial statements are pre¬
sented in which is also the Company''s function¬
al currency. Transactions in foreign currencies
are initially recorded by the Company at '' spot
rate'' at the date the transaction first qualifies
for recognition. Monetary assets and liabilities
denominated in foreign currencies are translated
at the functional currency spot rates of ex¬
change at the reporting date.

Exchange differences arising on settlement or
translation of monetary items are recognized in
statement of profit and loss.

Non - monetary items that are measured in terms
of historical cost in a foreign currency are trans¬
lated using the exchange rates at the rates of
the initial transactions. On - monetary items
measured at fair value in a foreign currency are
translated using the exchange rates at the rate
when the fair value is determined. The gain or
loss arising on translation of non-monetary
items measured at fair value is treated in line
with the recognition of the gain or loss on the
change in fair value of the item (i.e. translation
differences on items whose fair value gain or
loss is recognized in OCI or statement of profit
and loss are also recognized in OCI or state¬
ment of profit and loss, respectively).

2.20. Earnings per Share

Basic Earnings per share (EPS) amounts are
calculated by dividing the profit for the year at¬
tributable to equity holders of the company by
the weighted average number of equity shares
outstanding during the year.

Diluted EPS amounts are calculated by dividing
the profit attributable to equity holders of the
company after adjusting impact of dilution
shares by the weighted average number of equi¬
ty shares outstanding during the year plus the
weighted average number of equity shares that
would be issued on conversion of all the dilutive
potential equity shares into equity shares.

2.21. Contingent liabilities and assets

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 not wholly within the control of the Com¬
pany or a present obligation that is not recog¬
nized because it is not probable that an outflow
of resources will be required to settle the obli¬
gation. A contingent liability also arises in ex¬
tremely rare cases where there is a liability that
cannot be recognized because it cannot be
measured reliably. The Company does not rec¬
ognize a contingent liability but discloses its
existence in the financial statements.

A contingent asset is not recognized unless
it becomes virtually certain that an inflow of
economic benefits will arise. When an inflow
of economic benefits is probable, contingent
assets are disclosed in the financial state¬
ments. Contingent liabilities and contingent
assets are reviewed at each balance sheet
date.

2.22 Significant accounting judgments,
estimates and assumptions

The preparation of the financial statements
requires management to make judgments,
estimates and assumptions that affect the
reported amounts of revenues, expenses,
assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assump¬
tions and estimates could result in outcomes
that require an adjustment to the carrying
amount of assets or liabilities in future peri¬
ods. Difference between actual results and
estimates are recognized in the periods in
which the results are known / materialized.

Estimates and assumptions

The key assumptions concerning the future
and other key sources of estimation uncer¬
tainty at the reporting date, that have a sig¬
nificant risk of causing a material adjustment
to the carrying amounts of assets and liabili¬
ties within the next financial year, are de¬
scribed below. The Company has based its
assumptions and estimates on parameters
available when the financial statements were
prepared. Existing circumstances and as¬
sumptions about future developments, how¬
ever, may change due to market changes or
circumstances arising that are beyond the
control of the Company. Such changes are
reflected in the assumptions when they oc¬
cur.

Information about the critical judgment in
applying accounting policies, as well as esti¬
mated and assumption that have not most
that have the most significant effect to the
carrying amount of assets and liabilities
which the net financial year, are included in
the following notes:

a) Measurement of defined benefits obli¬
gations - note no. 19

b) Measurement and likelihood of occur¬
rence of provision note no. 24

c) Recognition of current tax and de¬
ferred tax assets note no.7

d) Key assumption uses in fair valuation
note no. 37

e) Measurement of lease liabilities and
right - of-assets note no. 5

f) Estimation of uncertainties relating to
the global health pandemic for COVID -
1 9 note no. 52

2.23 non - current assets (or disposal
groups) classified as held for sale:

To classify any asset or disposal groups
(comprising assets and liabilities) as
“Asset / Disposal groups held for sale” they
must be available for immediate sale and its
sale must be highly probable. Such assets or
group of assets / liabilities are presented
separately in the Balance Sheet, in the line
“Assets / Disposal groups held for sale” and
“Liabilities included in disposal group held
for sale” respectively. Once classified as
held for sale, intangible assets and PPE are
no longer amortized or depreciated. Such
assets or disposal groups held for sale are
stated at the lower of carrying amount and
fair value less costs to sell.

2.24 Amendment to schedule III Compa¬
nies Act, 2013

Ministry of Corporate Affairs (MCA) issued
notifications dated March 24,2021 to amend
schedule III of the Companies Act, 2013 to
enhance the disclosures required to be made
by the Company in its financial statements.
These amendments are applicable to the
Company for the financial year starting
April1,2021 and applied to the standalone
financial statements:

a) Lease liabilities separately disclosed
under the head financial liabilities, du¬
ly distinguished as current or non¬
current.

b) Certain additional disclosures in the
standalone statements of change in
equity such as change in equity share
capital due to prior period error and
restated balances at the beginning of
the current reporting period.

c) Additional disclosure for shareholding
or promoters and promoters'' group.

d) Additional disclosure for ageing sched¬
ule of trade receivable and trade paya¬
ble.

e) Specific disclosure on compliance with
approved scheme of arrangement.

f) Additional disclosure relating to Corpo¬
rate Social Responsibility (CSR) and
undisclosed income.

---

Mar 31, 2018

Notes to Financial Account

Note 25 : Revenue from operations

Particulars	2017-18	2016-17
	Rs	Rs
(a) Sales	4,499,094,321	4,237,729,589
(b) Erection & Commissioning services	3,898,983	9,413,732
Total	4,502,993,304	4,247,143,321

Note 26 : Other income

Particulars	2017-18	2016-17
	Rs	Rs
(a) Interest Income	8,843,056	8,162,507
(b) Other non-operating income (net)	1,661	223,462
(c) Interest Received from security deposit	351482	298477
Total	9,196,199	8,684,446

Note 27 (a) : Cost of materials consumed

Particulars	2017-18	2016-17
	Rs	Rs
Opening stock	268,508,537	230,362,822
Add: Purchases	3,856,757,821	3,311,751,969
	4,125,266,358	3,542,114,791
Less: Closing stock	232,325,753	268,508,537
Cost of material consumed	3,892,940,605	3,273,606,254
Material consumed comprises:
Copper wire & Strips	1,359,414,859	1,139,175,040
Transformer oil	448,466,758	374,730,116
Lamination	1,009,439,499	847,084,663
Others	1,075,619,489	912,616,436
Total	3,892,940,605	3,273,606,254

Note 27(b) : Changes in inventories of finished goods, work-in-progress and stock-in-trade

Particulars	2017-18	2016-17
	Rs	Rs
Inventories at the end of the vear:
Finished goods	481,918,617	349,907,789
Work-in-progress	479,435,141	315,981,421
	961,353,758	665,889,210
Inventories at the beginning of the year:
Finished goods	349,907,789	435,940,475
Work-in-progress	315,981,421	148,307,302
	665,889,210	584,247,777
Net (increase) / decrease	(295,464,548)	(81,641,433)

Note 28: Excise Duty Sale of Goods

Particulars	2017-18	2016-17
	Rs	Rs
Excise duty	46,592,960	316,611,573
Total Excise Duty on Sale of Goods	46,592,960	316,611,573

Note 29: Employee benefits expense

Particulars	2017-18	2016-17
	Rs	Rs
Salaries and wages	144,017,315	136,625,166
Contributions to provident and other funds	4,002,234	3,665,186
Gratuity	1,931,084	907,368
Staff welfare expenses	4,727,442	6,519,611
Total	154,678,075	147,717,331

Note 30: Finance costs

Particulars	2017-18	2016-17
	Rs	Rs
(a) Interest expense on: Borrowings	215,128,025	194,176,356
(b) Other borrowing costs Bank Commission.Bank Guarantee & other Charges	53,445,033	49,524,549
Total	268,573,058	243,700,905

Note 31: Depreciation and Amoritisation Expenses

Particulars	2017-18	2016-17
	Rs	Rs
(a) Depreciation on Property, Plant and Equipments	63,895,054	61,717,062
(b) Amoritisation of Intangible Assets	119,338	62,350
Less: Utilised from revaluation reserve	-	1,331,456
Add:- Utilised from revaluation reserve reversed	1,842,992	-
	65,857,384	60,447,956

Note 32 : Other expenses

Particulars	2017-18	2016-17
	Rs	Rs
Power and fuel	23,142,211	22,455,788
Rent including lease rentals (Net)	9,545,520	9,545,520
Repairs and maintenance - Buildings	523,677	72,930
Repairs and maintenance - Others	2,426,052	2,391,142
Insurance	9,839,373	7,588,676
Rates and taxes	2,726,810	4,474,332
Communication	2,505,089	2,901,687
Travelling and conveyance	28,388,931	27,430,607
Printing and stationery	2,145,043	1,814,696
Motor Car Expenses	7,658,553	6,644,887
Office Expenses & Electricity Charges	2,248,800	2,989,603
Freight and forwarding	133,975,754	100,696,810
Loading & Unloading Charges	3,898,924	4,055,986
Commission & Brokerage	1,347,501	824,213
Donations and contributions	68,200	150,000
Legal and professional	12,629,784	10,877,798
Elecrama Expenses	5,476,058	-
Payments to auditors (Refer Note (i) below)	500,000	500,000
Net loss on foreign currency transactions	3,490,742	279,318
Loss on fixed assets sold / scrapped / written off	-	35,180
Miscellaneous expenses	49,247,520	38,977,902
Total	301,784,543	244,707,073

Notes:

Particulars	2017-18	2016-17
	Rs	Rs
(i) Payments to the auditors comprises (net of service tax input credit, where applicable):
As auditors - statutory audit	325,000	325,000
For taxation matters	75,000	75,000
Company law Matter	100,000	100,000
Total	500,000	500,000

CSR as per section 135 of the Companies act 2013 are not applicable to the Company for the year ended March, 2018 hence it has not been provided.

Note 33 : Additional information to the financial statements

33.2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Particulars	For the year ended 31st March, 2018	For the year ended 31st March, 2017
	Rs	Rs
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year	.	250,477
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year	Nil	Nil
(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day	Nil	Nil
(iv) The amount of interest due and payable for the year
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year	Nil	Nil
(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid	Nil	Nil

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

33.3	Value of imports calculated on CIF basis @:	For the year ended 31st March, 2018	For the year ended 31st March, 2017
		Rs	Rs
	Raw materials including Spares	91,672,550	169,823,172
33.4	Expenditure in foreign currency	For the year ended 31st March, 2018	For the year ended 31st March, 2017
		Rs	Rs
Travelling		-	68,744

Note	Particulars	For the year ended 31st March, 2018	For the year ended 31st March, 2017
		Rs	Rs
33.1	Contingent liabilities and commitments (to the extent not provided for)
(i)	Contingent liabilities
	(a) Claims against the Company not acknowledged as debt	15,990,900	15,990,900
	(b) Income Tax Matters	2,164,160	2,164,160
	(c) Performance, Counter& Advance Guarantees EMD	1,602,935,494	1,500,337,494
	(d) Corporate guarantees given to the Banks on behalf of related Party- IMP Energy Ltd.	220,000,000	220,000,000
	(e) Other money for which the Company is contingently liable	Nil	Nil

Note 34 : Disclosures under IND Accounting Standards 24 "Related Party Disclosures"
34.a Details of related parties:
Description of relationship	Names of related parties
Subsidiaries Companies in which Directors are interested	IMP Energy Limited
	Raga Organics P. Ltd
	Advance Transformers & Equipments Pvt. Ltd
	Shree Kishoriju Trading & Investment Pvt. Ltd
	Shree Rasbihari Electricals Pvt. Ltd
	Shree & Sons.
	Universal Transformers Pvt. Ltd
	Shree Rasbihari Trading and Investment Pvt. Ltd
	Raj Exports Pvt. Ltd.
	Mangalam Laboratories Pvt. Ltd.
	Ramniwas R Dhoot (HUF)
	Shri J B Pharma LLP
	Mangalam Drugs & Organics Limited
Directors its Relatives	Chairman : Shri Ramniwas R Dhoot
	Vice Chairman : Shri Ajay R Dhoot
	Managing Director : Shri Aaditya R Dhoot
	Director : Priyanjali Malpani
	Mrs. Rajkumari R Dhoot (wife of Shri R. R. Dhoot), (up to August 22, 2017)
	Mrs. Smita A Dhoot (wife of Shri Aaditya. R. Dhoot),
	Mrs. Radhika A Dhoot (wife of Shri Ajay R. Dhoot),
Key Management Personnel (KMP)	Mr.Bakul K Desai (CFO)
	Ms. Priya Shah (Company Secretary)
Note: Related parties have been identified by the Management.

33.5 Details of consumption of imported and indigenous items *	For the year ended 31st March, 2018	For the year ended 31st March, 2017
	Rs	%
Imported
Raw materials	109,959,610	2.82
Note: Figures / percentages in brackets relates to the previous year	(177,022,263)	(5.41)
Indigenous	For the year ended 31st March, 2018	For the year ended 31st March, 2017
	Rs	%
Raw materials	3,782,980,996	97.18
	(3,096,583,992)	94.59

34.b Details of related party transactions during the Year ended 31st March, 2018 and balances outstanding As at 31st March, 2018

	Subsidiaries	Associates	KMP	Relatives of KMP	Entities in which KMP/ relatives of KMP have significant influence	Total
Related party transactions
Purchase of goods	100,447,137	-	-	-	-	100,447,137
	(185,933,166)	-	-	-	-	(185,933,166)
Sales of goods	-	15,004,880	-	-	-	15,004,880
	-	-	-	-	-	-
Remuneration	-	-	-	-	-	-
Shri Ramniwas R Dhoot	-	-	5,340,000	-	-	5,340,000
	-	-	(4,740,000)	-	-	(4,740,000)
Shri Ajay R Dhoot	-	-	5,190,000	-	-	5,190,000
	-	-	(4,680,000)	-	-	(4,680,000)
Shri Aaditya R Dhoot	-	-	5,040,000	-	-	5,040,000
	-	-	(4,560,000)	-	-	(4,560,000)
Mrs Priyanjali Malpani	-	-	-	607,000	-	607,000
	-	-	-	(600,000)	-	(600,000)
Mr Bakul K Desai (Chief Financial Officer)				1,655,716
w.e.f 01.07.2016 to 31.03.2017				(1,173,037)
Mr Deepak Shah (Chief Financial Officer)				-
w.e.f 01.04.2016 to 30.06.2016				(505,500)
Miss Priya Shah (Company Secretary)				458,860
w.e.f 14.02.2017 to 31.03.2017				(58,968)
Miss Srita Parwani (Company Secretary)				-
w.e.f 19.09.2016 to 30.01.2017				(157,234)
Mrs Parvati Nair (Company Secretary)				-
w.e.f 01.04.2016 to 30.07.2016				(156,242)
Leasing or hire purchase arrangements
Shri Ramniwas R Dhoot (HUF)	-	-	95,000	-	-	95,000
	-	-	(120,000)	-	-	(120,000)
Shri Ajay R Dhoot	-	-	420,000	-	-	420,000
	-	-	(420,000)	-	-	(420,000)
Shri Aaditya R Dhoot	-	-	390,000	-	-	390,000
	-	-	(390,000)	-	-	(390,000)
Interest				-	-	-
Shri Ramniwas R Dhoot	_	_	618,634	_	_	618,634
	-	-	-	-	-	-
Shri Ajay R Dhoot			6,892	_	_	6,892
	-	-	-	-	-	-
Shri Aaditya R Dhoot	-	-	79,245	-	-	79,245
	-	-	(797,260)	-	-	(797,260)
Mrs Priyanjali Malpani	-	-	-	527,104		527,104
	-	-	-	-	-	-
Balances outstanding at the end of the vear
Trade receivables	-	-	-	-	-	-
Loans and advances	_	7,000,000	_	_	_	7,000,000
	-	(7,000,000)				(7,000,000)
Trade payables	31,406,336	-	-	-	-	31,406,336
	(81,607,768)	-	-			(81,607,768)

Note: Figures in bracket pertains to the previous year

Note 37 : Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to confirm with the current year''s classification.

In terms of our report of even date
For V.S. SOMANI AND Co.,	For and on behalf of the Board of Directors
Chartered Accountants
(CA. VIDYADHAR S. SOMANI )	AJAY R DHOOT	AADITYA R DHOOT
Proprietor	Vice Chairman	Managing Director
Place:- Mumbai	BAKUL K DESAI	PRIYA SHAH
Date:- May 11, 2018	Chief Financial Officer	Company Secretary

Note 36: Disclosures under Accountinq Standards 20 " Earninqs Per Share"

Note	Particulars	As at 31st March, 2018	As at 31st March, 2017
		Rs	Rs
36	Earnings per share
	Weighted average number of equity shares outstanding	8,636,563	8,636,563
36.a	Profit (Loss) after taxation as per Profit & Loss account attributable to Equity Shareholders after adjusting dividend on preference shares before extraordinary items	54,620,823	33,897,607
36.b	Earning Per Share (Basic & Diluted) Before Extra-Ordinary item Profit (Loss) after taxation as per Profit & Loss account attributable to Equity Shareholders after adjusting dividend on preference shares after extraordinary items	6.32	3.92
		54,620,823	33,897,607
	Earning Per Share (Basic & Diluted)	6.32	3.92
	Nominal Value per share	10.00	10.00

Note 35: Disclosures under Accounting Standards 19 "Leases"

Note	Particulars	For the year ended 31st March, 2018	For the year ended 31st March, 2017
		Rs	Rs
27	Details of leasing arrangements
	As Lessee
	The Company has entered into operating lease arrangements for its office premises at Tardeo Mumbai. The leases are non-cancellable and are for a period of 3 years and may be renewed for a further period as mutual agreement of the parties.
	Future minimum lease payments
	not later than one year	9,545,520	9,545,520
	later than one year and not later than five years	9,333,928	9,333,928
	later than five years
	Lease payments recognised in the Statement of Profit and Loss Contingent rents recognised as expense during the year (state basis)	9,853,155	9,853,155

---

Mar 31, 2016

1) Equity Shares includes 11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by Capitalization of Revaluation Reserve.

2) Final installment of 4% Redeemable Preference Shares along with dividend has been redeemed during the current financial year.

3) Company has issued during the year 500000 Equity Shares of Rs. 10 each along with premium of Rs. 70/- to the promoters group of Companies.

4) The Authorized Share Capital was reclassified and subsequently clause V substituted vide Ordinary Resolution passed by the Shareholders of the company at their Extra ordinary General Meeting held on Monday,19th September 2011 at the Registered Office of the Company.

5) The Company had not received the balance 90% amount on 450000 warrants, thus the Company has forfeited Warrant Application money of '' 74,45,000 of these Warrants and transferred to Capital Reserve.

6) Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory Lease Hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31^st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to '' 67.70 million was transferred to Revaluation Reserve account.

7) Provision of proposed dividend included Rs. 2,50000/- of short provision made in the previous financial year.

8) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with member banks of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and personal guarantee of promoter Directors shriAjay R Dhoot and Aaditya R Dhoot.

9) Non Convertible Redeemable Bonds including interest redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which '' 18552433/- to be redeemed in the next 12 months considered under current liabilities.

10) Vehicle Loan are secured by hypothecation of vehicles.

(111) The Company and the Greater Bombay Co. Op. Bank Ltd. Filed their consent term with the Hon''ble High Court of jurisdiction at Mumbai on 2nd September, 2014. Based on the Consent terns and as per the order of the High Court of Mumbai dated 2nd September, 2014, the Company has been paying to the Greater Bombay Co-op. Bank Ltd., the principal amount with interest will fully repaid during the financial year 2016-17

Defined Benefits Plans :

12. Contribution to Gratuity Fund -

The Company regularly contributes to the gratuity fund called the “ Industrial Meters Private Limited Gratuity Fund” framed under the Payment of Gratuity Act, 1972, which is a defined benefit plan.

13) Working Capital loan from Banks are secured against first charge on all current assets of the company, present & future, on pari passu basis with banks in the consortium and Second charge on all Fixed Assets of the company, both present & future, on pari-passu basis with member banks of consortium, and personal guarantee of promoter Directors Shri Ajay R Dhoot & Shri Aaditya R Dhoot.

14) The Company has undertaken export & deemed exports of its products, by using indigenous raw materials. Against such exports the Company has received Quantity/value Based Advance Licenses entitling the company to import certain raw materials at Nil Custom duty. The Utilized portion of these licenses amounting to Rs.41.36 million (previous Rs.32.62 million) has been valued as prevailing Customs Duty rates 31st March,2016 and taken credit in the books of accounts in accordance with the matching principle of accountancy.

(15) CSR as per section 135 of the Companies act 2013 are not applicable to the Company for the year ended March, 2016 hence it is not provided.

16 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year.

---

Mar 31, 2015

1. The Company and the Greater Bombay Co. Op. Bank Ltd. Filed their consent term with the Hon'ble High Court of juridiction at Mumbai on 2nd September, 2014. Based on the Consent terns and as per the order of the High Court of Mumbai dated 2nd September, 2014 both the parties have withdrawn the cases filed against each others for various matters. The Company has agreed to repay The Greater Bombay Co-op. Bank Ltd., the principal amount in 24 Monthly equal installments with interest starting from September, 2014 as per the consent terms.

2. Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt 1,21,05,657 2,62,13,817

(b) Performance ,Counter & Advance Guarantees EMD 1,23,05,01,048 97,88,16,626

(c) Corporate guarantees given to the Banks on behalf of related Party - IMP Energy Ltd. 22,00,00,000 22,00,00,000

(d) Other money for which the Company is contingently liable Nil Nil

3. Disclosures under Accounting Standards 18 " Related Party Disclosures"

Note Particulars

1. Details of related parties:

Description of relationship Names of related parties

Subsidiaries IMP Energy Limited

Other Related Parties Raga Organics P. Ltd

Advance Transformers & Equipments Pvt. Ltd Shree Kishoriju Trading & Investments Pvt. Ltd Shree Rasbihari Electricals Pvt. Ltd Shree & Sons. Universal Transformers Pvt. Ltd Shree Rasbihari Trading and Investments Pvt. Ltd Raj Exports Pvt. Ltd. Mangalam Laboratories Pvt. Ltd. Ramniwas R Dhoot (HUF)

Key Management Personnel (KMP) Chairman : Shri Ramniwas R Dhoot

Vice-Chairman : Shri Ajay R Dhoot

Managing Director : Shri Aaditya R Dhoot

Director Marketing : Shri Rajendra mimani (Resigned with w.e.f. 2.03.2015)

Relatives of KMP Mrs. Rajkumari R Dhoot (wife of Shri R. R. Dhoot),

Mrs. Smita A Dhoot (wife of Shri Aaditya. R. Dhoot),

Mrs. Radhika A Dhoot (wife of Shri Ajay R. Dhoot),

Mrs. Saroj Mimani (wife of Shri Rajendra MImani),

Note: Related parties have been identified by the Management.

4. Previous year's figures

5. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year.S

---

Mar 31, 2014

1. Note:-

1) Equity Shares includes 11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by Capitalisation of Revaluation Reserve.

2) 4% Redeemable Preference Shares along with dividend will be redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installments.

3) Corporate Debt Restructuring (CDR CELL) approved the recompense amount towards interest liabilities amounting to Rs. 443.50 lacs for the Company to exit from CDR scheme in the September 2011. Pursuant to terms & conditions of the CDR cell, 25% of the total amount was paid by the company in cash & for balance 75%, the Company has issued 1% Cumulative Redeemable Preference Shares, which were redeemable in 3 half yearly equal installments beginning from April 2012 To April 2013.

4) The Authorised Share Capital was reclassified and subsequently clause V substituted vide Ordinary Resolution passed by the Shareholders of the company at their Extra ordinary General Meeting held on Monday,19th September 2011 at the Registered Office of the Company.

2. Notes:-

1) The Company had not received the balance 90% amount on 450000 warrants, thus the Company has forfeited Warrant Application money of Rs. 74,45,000 of these Warrants and transferred to Capital Reserve.

2) The Company had created excess Capital Redemption Reserve from the profits of earlier year and accordingly has transferred this excess amount to the General Reserve.

3) Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory Lease Hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to Rs. 67.70 million was transferred to Revaluation Reserve account.

3. Notes

1) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with member banks of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and personal guarantee of promoter Directors Shri Ajay R Dhoot and Shri Aaditya R Dhoot.

2) Non Convertible Redeemable Bonds including interest redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which Rs. 18552433/- to be redeemed in the next 12 months considered under current liabilities.

3) Vehicle Loan are secured by hypothecation of vehicles.

4. The IMP Powers Ltd filed Company Petition No.395 of 2006 before the Hon''ble High Court of Judicature at Bombay seeking approval of CDR Scheme under Section 391 to 394 of the Companies Act, 1956. The said Petition was allowed by the Hon''ble High Court of Judicature at Bombay. The Greater Bombay Co- operative Bank Ltd. challenged the said Order by filing Company Application No.966 of 2007. By an Order dated 22nd April, 2009 the Hon''ble High Court of Judicature at Bombay allowed the said Company Application filed by The Greater Bombay Co-operative Bank Ltd. The said Order is challenged by IMP Powers Ltd by filing an Appeal being Appeal No.409 of 2009 before the Hon''ble High Court of Judicature at Bombay. The said Appeal is admitted by the Hon''ble High Court and is pending for final hearing. In the meanwhile, The Greater Bombay Co-operative Bank Ltd. sold 380000 shares pledged without notice to Party. In view of the above, there are multiple litigations pending among the Parties before DJR, Mumbai, Cooperative Court, Mumbai and City Civil Court, Mumbai. Apart from the above Appeal, there are claims and counter claims which are yet to be adjudicated between the Parties. Therefore, as an abundant caution the Company has provided provision for interest as well as balance principle amount on the basis of CDR Scheme approved by the Hon''ble High Court of Judicature at Bombay subject to the final outcome of all pending litigations. The above amount is provided without prejudice to IMP Powers Limited''s right and contentions in all pending matters and also without admitting that there is any debt admittedly due and payable to The Greater Bombay Co-operative Bank Ltd.

5. Note : Additional information to the financial statements

Particulars For the year ended For the year ended 31st March, 2014 31st March, 2013 Rs. Rs. 5.1 Contingent liabilities and commitments(to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt

Crogat Electronics Pvt. Ltd. was supplying raw materials and there was delay in supplying the material and there were rejections and several complaints from IMP''s Customers due to substandard materials and non compliance of technical norms. IMP had to procure materials from other sources resulting in loss , IMP held back payment and Crogat filed suit. 474,731 474,731

Asea Brown Boveri Ltd. Filed by ABB Recovery as Counter suit against IMP. 14,108,160 14,108,160

(b) Performance, Counter & Advance Guarantees EMD 1,174,581,697 978,816,626

(c) Corporate guarantee given to the banks on behalf of related party - IMP Engery Ltd. 220,000,000 220,000,000

(d) Other money for which the Company is contingently liable

(i) Income Tax Demands (A.Y 2008-2009) Nil 18,789,885

6. Note : Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Figures are not comparable to Previous year figures as the Previous financial year is for a period of 9 months.

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Mar 31, 2013

1 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.Figures are not comparable to perivious year figures as the current financial year is for a period of 9 months.

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Jun 30, 2012

Note:-

1) Equity Shares includes 11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by Capitalisation of Revaluation Reserve.

2) 4% Redeemable Preference Shares along with dividend will be redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installments.

3) Corporate Debt Restructuring (CDR CELL) has approved the recompense amount towards interest liabilities amounting to ` 443.50 lacs for the Company to exit from CDR scheme in the previous financial year. Pursuant to terms & conditions of the CDR cell, 25% of the total amount has been paid by the company in cash & for balance 75% ,the Company has issued 1% Cumulative Redeemable Preference Shares, which are redeemable in 3 half yearly equal installments beginning from March 2012 To March 2013. 1st instalment of ` 1,10,87,380/- was paid during the year.

4) The Authorised Share Capital was reclassified and subsequently clause V substituted vide Ordinary Resolution passed by the Shareholders of the Company at their Extra ordinary General Meeting held on Monday,19th September 2011 at the Registered Office of the Company.

Notes:- 1) The Company had not received the balance 90% amount on 450000 warrants, thus the Company has forfeited Warrant Application money of ` 74,45,000 of these Warrants and transferred to Capital Reserve. 2) Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory Lease Hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to ` 67.70 million was transferred to Revaluation Reserve account.

Notes

1) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with other member bank of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with other member bank of consortium and personal guarantee of promoter Directors.

2) Non Convertible Redeemable Bonds including interest will be redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which ` 4638108/- will be redeemed in the next 12 months considered under current liabilities.

3) Vehicle Loan are secured by hypothecation of vehicles.

Defined Benefits Plans :

a. Contribution to Gratuity Fund -

The Company regularly contributes to the gratuity fund called the " Industrial Meters Private Limited Gratuity Fund” framed under the Payment of Gratuity Act, 1972, which is a defined benefit plan.

1.1 Contingent liabilities and commitments (to the extent not provided for) (i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt

Crogat Electronics Pvt. Ltd.was supplying raw materials and there was delay in supplying the material and there were rejections and several complaints from IMP's Customers due to substandard materials and non compliance of technical norms. IMP had to procure materials from other sources resulting in loss, IMP held back payment and Crogat filed suit. 474,731 474,731 Asea Brown Boveri Ltd. Filed by ABB Recovery as Counter suit against IMP. 14,108,160 14,108,160

(b) Performance ,Counter & Advance Guarantees 708,418,165 532,830,000

(c) Other money for which the Company is contingently liable

(i) Income Tax Demands (A.Y. 2008-2009) 18,789,885 18,789,885

2 The Revised Schedule VI has become effective from 1 July, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification disclosure.

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Jun 30, 2010

1. Estimated amount of contracts (net of advances) remaining to be executed on capital Account and not provided for Rs. NIL. (Previous Years. NIL).

2. Contingent liabilities are not provided in the accounts in respect of the followings:-

(Rs. in Million)

Particulars Year Ended Year Ended 30.06.2010 30.06.2009

a) Guarantees Given 381.88 224.75

b) Income Tax Demands

( A.Y. 1998-99, 2000-01 & 2007-08 ) NIL 1.52

c) Claims Made against Company not acknowledged as Debts 18.83 14.14

II. Defind Benefits Plans:

a. Contribution to Gratuity Fund

b. The Company regularly contributes to the gratuity fund called the "Industrial Meters Private Limited Gratuity Fund" framed under the Payment of Gratuity Act, 1972, which is a defined benefit plan.

3. The Gross depreciation for the year amounting to Rs. 36.36 million (Previous year Rs. 27.01 million) from which has been deducted a sum of Rs. 1.33 million (Previous year Rs. 1.33 million) being the extra Depreciation arising on Revaluation of some of the Fixed Assets which has been drawn from Revaluation Reserve Account. The net charge to Profit & Loss Account towards depreciation for the year amounts to Rs. 35.03 million (Previous year Rs. 25.68 million).

4. The Company has undertaken export & deemed exports of its products, by using indigenous raw materials. Against such exports the Company has received Quantity Based Advance Licenses entitling them to import certain raw materials at NIL customs Duty. The unutilized portion of these licenses amounting to Rs. 1.57million (Previous year Rs. 6.78 million) has been valued at prevailing Customs Duty rates as on 30th June, 2010 and taken credit in the books of accounts in accordance with the matching principle of accountancy.

5. The Company is primarily engaged in the business of Electrical Products like Power & Distribution Transformers, Meters and its parts, which together constitute a single Segment in accordance with the accounting standard on "Segment Reporting" (AS 17). Therefore segment wise information as required by AS-17 on "Segment Reporting" is not applicable.

6. Provision for taxation has been made with reference to profit for the year ended 30th June, 2010 in accordance with provision of Income Tax Act, 1961 and rules framed there under. The Ultimate tax liability for the Assessment Year 2010-2011 will be determined on the basis of total Income for the year ending on 31st March, 2010.

7. The carrying amount of Assets does not exceeds the recoverable amount of Assets, hence no Provision is required to be made for impairment of assets as required under the Accounting Standard-28-Impairment of Assets.

8. Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory free hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to Rs. 67.70 million was transferred to Revaluation Reserve account.

9. The Greater Bombay Co-operative Bank Ltd (GBCB) did not join the CDR Scheme which was considered and approved by other consortium bankers/ financial institution in the year 2004-05. GBCB did not work out on the revised repayment plan. Instead GBCB initiated the legal actions against the company. The company has filed petition u/s 391 of the Companies Act in the High court and the matter is pending in the court. However the company has provided interest in the books of accounts.

10. Related party Disclosure –

A. Associated & Other Parties :

Raga Organics Pvt. Ltd.

Universal Transformers Pvt.Ltd.

Advance Transformers & Equipments Pvt. Ltd.

Shree Rasbihari Trading and Investments Pvt. Ltd.

Shree Kishoriju Trading and Investments Pvt. Ltd.

Raj Exports Pvt. Ltd.

Shree Rasbihari Electricals Pvt. Ltd.

Mangalam Laboratories Pvt. Ltd.

Eco Media Infosystems Pvt. Ltd.

Shree & Sons.

Ramniwas R Dhoot (HUF).

B. Key Management Personnel :

i) Chairman : Shri Ramniwas R Dhoot

ii) Managing Director : Shri Ajay R Dhoot

iii) Jt .Managing Director : Shri Aaditya R Dhoot

C. Relatives of Key Management Personnel:

i) Rajkumari R Dhoot ii) Smita A. Dhoot iii) Radhika A. Dhoot

11. Previous Years figures have been regrouped and rearranged wherever necessary to make them comparable with the current years figures.