| 1.Company overview:
Gita Renewable Energy Limited (the company) incorporated under the
Companies Act, 1956, in the year 2010, is engaged in power generation.
The company's shares are listed on the Bombay Stock Exchange Limited
and the shares are traded regularly.
2.Movement of Shares
Authorised Capital, Issued, Subscribed and fully paid up Capital
There is no movement of shares outstanding at the beginning and at the
end of the reporting period.
3. Terms / rights attached to equity shares:
The company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity share is entitled to one vote
per share.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive the assets of the company, in
proportion to the number of equity shares held by the shareholders.
4.Terms of repayment and rate of interest:
Rupee Term Loan of Rs.68489966/- is repayable in 8 quarterly
instalments of Rs.8572000 each and it carries interest @12% pa.
Security
(Term Loan from Bank is secured by equitable mortgage of Land and
Building including Plant and Machinery)
5. Additional Information to the Financial Statements
i) Contingent liability not provided for:
(a) Counter Guarantees furnished to the bank Nil (Previous year Rs.
Nil).
(b) Towards outstanding Letter of Credit Rs Nil (Previous year Rs. Nil)
on account of import of raw materials.
ii) Estimated amount of contracts remaining to be executed on capital
accounts and not provided for Rs. Nil (Previous year Rs. Nil).
iii) Claims against the Company not acknowledged as Debt Rs. Nil.
Contingent liabilities not provided for Rs. Nil.
iv) Employee / Retirement Benefits: No provision for Retirement
Benefits / gratuity to employees has been made since there are no
employees eligible for the same.
v) There are no dues to enterprises as defined under Micro, Small and
Medium Enterprises Development Act, 2006, as at March 31, 2015 which is
on the basis of such parties having been identified by the management
and relied upon by the auditors.
vi) As on the closing date, Company has circularized/sought
confirmation of balance letters to/from sundry debtors and Loans and
Advance paid to parties / sundry creditors. In the absence of negation,
the balances appearing the books are taken as correct.
vii) Value of Imported & Indigenous Raw Materials, Spare Parts
Components consumed Rs. Nil (previous year Rs. Nil).
viii) CIF Value of Imports: Rs. Nil
ix) Remittance in Foreign Currency towards Dividend - Rs. Nil.
x) Earnings in Foreign Currency Rs. Nil (Previous year Rs. Nil)
Expenditure in Foreign Currency Rs. Nil (Previous year Rs. Nil)
xi) Licence Agreement:
The company has entered into a License Agreement on 26-04-2008 to give
on license the 10MW power plant to OPG Renewable Energy Private Limited
(OPGREPL) on the understanding that OPGREPL shall pay lease rent of
Rs.2,50,000/- p.m. plus applicable taxes to the company an interest
free deposit of Rs.44,40,00,000/- and The Interest free deposit is
grouped under unsecured loan.
xiii) SEGMENT INFORMATION FOR THE YEAR ENDED 31st MARCH 2015.
Business Segment:
(a) The Company operates in Single Business Segment of 'Generation and
distribution of power'. Therefore, the Company is of the view that the
disclosure requirement of Accounting Standard AS-17 issued by the
Institute of Chartered Accountants of India is not applicable to the
Company.
xv) Previous year figures:
Previous year's figures have been regrouped/ reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
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