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Lanco Infratech Ltd. Notes to Accounts
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Year End :2016-03 

* 1. During the Year, 2.17 ( March 31, 2015 :5.46) Crores Equity Shares of Rs, 1/- each were allotted to ICICI Bank Limited at a Price of Rs, 6.23/- per Equity Share (premium of Rs, 5.23/- per share), by conversion of Rs, 13.56 (March 31, 2015 : Rs, 34) Crores Funded Interest Term Loan into Equity Share Capital of the Company.

2. During the Year, 26.52 (March 31, 2015 :NIL) Crores Equity Shares of Rs, 1/- each were allotted to Lanco Group Limited at a Price of Rs, 6.30/- per Equity Share (premium of Rs, 5.30/- per share), by conversion of Rs, 167.06 (March 31, 2015 : NIL) Crores Inter Corporate Loan into Equity Share Capital of the Company

3. Terms / Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs, 1/- Per share. Each Holder of equity shares 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 remaining assets of the company, after distribution of all preferential amounts in the proportion to the number of equity shares held by the shareholders.

The above information is as per register of share holders / members.

4. Details of Shares Reserved for issue under Options

For details of shares reserved for issue under Employee Stock Options (ESOP) plan of the Company, refer note 36.

During the year ended March 31, 2014 the Company's proposal to restructure the debt has been approved by the Corporate Debt Restructuring Empowered Group (CDR EG) vide letter of approval dated December 20, 2013. The company executed Master Restructuring Agreement (MRA) on December 27, 2013. As a result of this the lenders of CDR have a right to convert restructured debt into equity shares at the sole discretion and on demand as per the agreed terms in the MRA.

In relation to the loans restructured by the CDR lenders a total amount to Rs, 3,431.45 (March 31, 2015 : Rs, 2,894.41) Crores would qualify for the conversion of 563.60 (March 31, 2015 : 473.29) Crores shares at the sole discretion and on demand of the CDR lenders.

In relation to the promoters contribution a total amount to Rs, NIL( March 31, 2015 : Rs, 167.06) Crores would qualify for the conversion of NIL(March 31, 2015 :26.82) Crores shares at the sole discretion of the promoters.

During the year, Debentures of Rs, 321.45 ( March 31, 2015 : NIL) Crores have been alloted to Non-CDR lender after conversion of term Loan and interest payable on term loan up to March 10, 2016 and would qualify for the conversion into equity shares at the end of 12 months ( i.e. March 14, 2017) from the date of allotment along with outstanding interest at the SEBI determined price or price applicable to CDR lenders whichever is higher.

The Board of Directors of LITL in its meeting held on July 27, 2013 had accorded its approval for restructure of the debts of the Company under Corporate Debt Restructuring (CDR) Mechanism of the Reserve Bank of India. CDR Empowered Group ( CDR EG) in its meeting held on December 11, 2013 has approved the CDR scheme submitted by the Company and issued letter of approval on December 20, 2013.

The details of securities and terms of repayment are as follows: a) Debentures

32.15 Crores 10.5% cumulative compulsory convertible debentures of Rs, 10 each, Rs, 321.45 ( March 31, 2015 : Rs, Nil) Crores have been alloted to Non-CDR lender after conversion of term Loan and interest payable on term loan up to March 10, 2016. These debentures are unsecured. However, collateral securities have been provided by way of pledge of shares of a subsidiary held by another subsidiary and also by pledge of shares of the Company held by one of the Promoters. Debentures are convertible into equity shares at the end of 12 months ( i.e. March 14, 2017) from the date of allotment along with outstanding interest at the SEBI determined price or price applicable to CDR lenders whichever is higher.

b) Rupee Term Loans from Banks*

1. Term Loan of Rs, 657.68 (March 31, 2015 : Rs, 666.45) Crores out of which Rs, 104.34 (March 31, 2015 : Rs, 13.33) Crores is current, WCTL- I of Rs, 985.62 ( March 31, 2015 : Rs, 998.01) Crores out of which Rs, 157.28 (March 31, 2015 :Rs, 19.96) Crores is current, WCTL- II of Rs, 552.28 ( March 31, 2015 : Rs, 556.56) Crores out of which Rs, 90.33 (March 31, 2015: Rs, 11.13) Crores is current, FITL of Rs, 517.15 ( March 31, 2015 : Rs, 532.16) Crores out of which Rs, 81.92 (March 31, 2015 : Rs, 10.64) Crores is current as per the CDR package approved by CDR EG and MRA dated December 27, 2013. These loans are having charge on the TRA of the Company and first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge. Further, this loan is secured by pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters , subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, Company and its step down subsidiaries and associates. These loans are having moratorium period of 2 years from the cutoff date of April 1, 2013 and are repayable in 30 quarterly installments starting from June 30, 2015. Further Land admeasuring 924 acres (approx.) held by one of the step down subsidiary is offered as collateral security for Rs, 394.00 Crores of the Term Loan and shares of subsidiary held by another subsidiary are offered as collateral security for Rs, 213.43 Crores of the Term Loan.

2. Priority Loan of Rs, 2284.14 (March 31, 2015 : Rs, 1,678.17) Crores out of which Rs, 625.16 (March 31, 2015: Rs, 33.94) Crores is current classified as long term borrowings as per the CDR package approved by CDR EG and MRA dated December 27, 2013. These loans are having priority charge on the Trust and Retention Account (TRA) of the company and first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge. Further, this loan is secured by pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters, subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, Company and its step down subsidiaries and associates. These loans are having moratorium period of 2 years from the cutoff date of April 1, 2013 and are repayable in 18 quarterly installments starting from June 30, 2015.

3. Long Term Working Capital Loan of Rs, 432.16 (March 31, 2015 : NIL) Crores, All Non - Current classified as long term borrowings as per proposal appraised by the lead bank, IDBI and respective sanctions of the banks. These loans are having first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge. Further, this loan is secured by pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters, subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, Company and its step down subsidiaries and associates. These loans are having moratorium period of 2 years from the cutoff date of April 1, 2015 and are repayable in 24 quarterly installments starting from June 30, 2017 to March 31,2023.

4. Rs, 35.41 (March 31, 2015 : Rs, 40.76) Crores, Term Loan availed from Non-CDR lender, out of which Rs, 5.35 (March 31, 2015: Rs, 5.36) Crores is Current is secured by way of mortgage on immovable assets pertaining to solar projects and hypothecation of movable assets both present and future of the solar project of company on first charge basis and is being repaid in 48 quarterly installments ending on September 30, 2023.

5. Rs, 400.35 (March 31, 2015 : Rs, Nil) Crores, Term Loan availed from Non-CDR lender, out of which Rs, 30.81 (March 31, 2015 : Rs, Nil) Crores is Current are secured by way of first Charge on the cash flows, project documents pertaining to the solar projects and all accounts including TRA, DSRA for the solar projects, mortgage on the immovable assets pertaining to the solar power projects and hypothecation of movable assets both present & future of those projects on first charge basis and is being repaid in 82 structured quarterly installments starting from October 1, 2015 and ending on March 31, 2036. Further Land admeasuring 572.29 acres held by one of the associate company and personal guarantee of promoter of the company are offered as collateral security for this Term Loan.

6. Rs, Nil (March 31, 2015 : Rs, 255.39) Crores, Term Loan availed from Non-CDR lender, out of which Rs, Nil (March 31, 2015 : Rs, 22.17) Crores is Current are secured by way of mortgage on the immovable assets pertaining to the solar power projects and hypothecation of movable assets both present & future of those projects on first charge basis.

c) Rupee Term Loans from Financial Institutions4

1. Rs, 63.32 (March 31, 2015 : Rs, 64.29) Crores, out of which Rs, 9.96 (March 31, 2015 : Rs, 1.29) Crores is current, This Loan is having charge on the TRA of the Company and first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge. Further, this loan is secured by pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters, subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, Company and its step down subsidiaries and associates. This loan is having moratorium period of 2 years from the cutoff date i.e. April 1, 2013 and is repayable in 30 structured quarterly installments starting from June 30, 2015.

2. Rs, NIL ( March 31, 2015 : Rs, 283.45) Crores, term Loan availed from Non-CDR lender, out of which Rs, NIL (March 31, 2015: Rs, 84.16) Crores is Current were unsecured. However, collateral securities have been provided by way of pledge of shares of a subsidiary held by another subsidiary and also by pledge of shares of the Company held by one of the Promoters.

d) Foreign Currency Term Loans*

1. Foreign Currency Non - Resident (FCNR) Loan from banks of Rs, 432.61 (March 31, 2015: Rs, 416.52) Crores out of which Rs, 66.22 (March 31, 2015 :Rs, 8.33) Crores is current is having first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge. Further, this loan is secured by pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters, subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, Company and its step down subsidiaries and associates. These loans are having moratorium period of 2 years from the cutoff date i.e. April 1, 2013 and are repayable in 30 quarterly installments starting from June 30, 2015.

e) Other loans and advances are Inter Corporate Loans, Interest free unsecured loan of Rs, NIL (March 31, 2015 : Rs, 152.00) Crores

received from Promoter Company as Promoter's contribution as per terms and conditions of CDR package with conversion option into equity and repayable at the end of 10 years after approval of the CDR lenders.

a) Cash Credits and Working Capital Demand Loans from Banks*:Rs, 1,116.34 (March 31, 2015: Rs, 1,071.97) Crores is having first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge as per the CDR scheme approved by CDR EG. Further, this loan is secured by pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters, subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, Company and its step down subsidiaries and associates.

b)* Rs, 127.31 (March 31, 2015: 1.04) Crores, Foreign Currency Term Loans (Buyers Credit) from banks is secured by hypothecation of movable assets both present and future of the project were having first pari passu charge on fixed assets and current assets (present and future) of the Company except assets with exclusive charge along with pledge of equity shares of the Company held by its Promoters, Corporate Guarantee given by Promoter Company, Personal Guarantee of Promoters, subservient charge on the asset of 7 SPVs / Subsidiaries and unencumbered shares of 8 SPVs held by Promoters, company and its step down subsidiaries and associates.

c) Unsecured Loans and Advances includes:-

i. Rs, 15.00 (March 31, 2015 : Rs, 67.11) Crores, Inter Corporate Loans from one subsidiary bearing interest rate of 13% p.a. to be repayable on or before March 31, 2017. (March 31, 2015 : Rs, 67.11 Crores, Inter Corporate Loans from two subsidiaries bearing interest rate of 13% p.a. and 12% p.a. to be repayable on or before March 31, 2016).

ii. Interest free unsecured loan of Rs, NIL (March 31, 2015 : Rs, 15.06) Crores from holding company is repayable on or before March 31, 2016 and having an option to lenders to convert in to equity at price to be arrived as per SEBI guidelines.

* Rate of interest on the above borrowings is as per the agreement with the respective banks i.e. bank rate ( /-) spread as applicable

#Includes amount of Rs, NIL (March 31, 2015 : Rs, 438.00) Crores payable to one of its subsidiaries pursuant to novation of EPC agreement.

Defined Contribution Plans

In respect of the defined contribution plan (Provident Fund), an amount of Rs, 6.85 (March 31, 2015: Rs, 5.65) Crores has been recognized as expenditure in the Statement of Profit and Loss.

In respect of the State Plans (Employee State Insurance), an amount of Rs, NIL (March 31, 2015: Rs, 0.00078) Crores has been recognized as expenditure in the Statement of Profit and Loss.

Other Employee Benefits

During the year the Company has provided / (reversed) retention bonus of Rs, (1.73) (March 31, 2015: Rs, 0.30) Crores.

The provision for compensated absences as per actuarial valuation as at March 31, 2016 is Rs, 31.03 (March 31, 2015 is Rs, 28.41) Crores.

7 Employee Stock Option Scheme

The Company has till March 31, 2016 allotted 1.11 (March 31, 2015: 1.11) Crores equity shares of Rs, 10 each to LCL Foundation (ESOP -Trust) towards the Employee Stock Option Plan 2006 (The plan) which was formulated by the Company. The plan provides for grant of stock options of equity shares of the Company to employees of the Company and its subsidiaries subject to continued employment with the Company or group.

Each option comprises of one equity share which will vest on annual basis at 20% each over five years and shall be capable of being exercised within a period of ten years from the date of first annual vesting.

Each option granted under the above plans entitles the holder to one equity share of the Company at an exercise price, which is approved by the compensation committee.

The plan is in accordance with the Securities and Exchange Board of India (Employee Stock Option Scheme and Stock Purchase Scheme) Guidelines, 1999.

Consequent to the splitting of Equity Share of Rs, 10 each into 10 equity shares of ' 1 each in the year 2009-10, the number of shares allotted to the trust and the options granted, forfeited, exercised are disclosed at ' 1 each.

The Company has calculated the compensation cost based on the intrinsic value method i.e. the excess of previous closing price of underlying equity shares on the date of the grant of options over the exercise price of the options given to employees under the employee stock option schemes of the Company and is recognized as deferred stock compensation cost and is amortised on a straight line basis over the vesting period of the options. Company is using Black Sholes Model for calculating fair values of ESOP granted for determining impact of the fair value method of accounting of employee compensation in financial statement, the impact on net income and earnings per share is provided below:

8 Segment Reporting

Segment information under Accounting Standard- 17 " Segment Reporting" has not been presented in these financial statements as the same has been presented in the Consolidated Financial Statements of the Company.

9 Related Party Transactions

a) Names of Related Parties and description of relationship.

i. Names of related parties by or over which control exists S.No Holding Company

1 Lanco Group Limited (LGL)

S. No. Subsidiary Companies

1 Amrutha Power Private Limited (APPL) 24 Lanco Holding Netherlands B.V

2 Arneb Power Private Limited (ArPPL) 25 Lanco Hoskote Highway Limited (LHHL)

3 Bhanu Solar Projects Private Limited (BSPPL) 26 Lanco Hydro Power Limited (LHPL)

4 Bhola Electricity (Pvt) Limited (BEPL) 27 Lanco Infratech (Mauritius) Limited (LIML)

5 Carpenter Mine Management PTY Ltd 28 Lanco Infratech Nepal Private Limited

6 Coral Orchids Private Limited (COPL) 29 Lanco International Pte Limited (LInPL)

7 Cordelia Properties Private Limited 30 Lanco IT P. V. Investments B. V.

8 Cressida Properties Private Limited 31 Lanco Kanpur Highways Limited (LKHL)

9 Deimos Properties Private Limited (DPPL) 32 Lanco Kanpur Power Limited (LKaPL)

10 Dione Properties Private Limited 33 Lanco Kondapalli Power Limited (LKPL)

11 Diwakar Solar Projects Limited (DSPL) 34 Lanco Mandakini Hydro Energy Private Limited

(LMHEPL)

12 Emerald Orchids Private Limited 35 Lanco Power International Pte. Limited (LPIPL)

13 Green Solar SRL 36 Lanco Power Limited (LPL)

14 Helene Power Private Limited 37 Lanco Rambara Hydro Power Private Limited

15 JH Patel Power Project Private Limited (JhPL) 38 Lanco Resources Australia Pty. Limited (LRAPL)

16 Jupiter Infratech Private Limited (JIPL) 39 Lanco Resources International Pte. Limited (LRIPL)

17 Khaya Solar Projects Private Limited (KSPPL) 40 Lanco Solar Energy Private Limited (LSEPL)

18 Lanco Amarkantak Power Limited (LAPL) 41 Lanco Property Management Company Pvt. Ltd.

(LPMCPL) (from 30.05.2015)

19 Lanco Anpara Power Limited (LAnPL) 42 Lanco Solar Holding Netherlands B.V.

20 Lanco Babandh Power Limited (LBPL) (from 43 Lanco Solar International Limited (LSIL)

03.06.2015)

21 Lanco Devihalli Highways Limited (LDHL) 44 Lanco Solar International Pte Limited (LSIPL)

22 Lanco Enterprise Pte. Ltd, China (LEPL) 45 Lanco Solar International USA Inc.

23 Lanco Hills Technology Park Private Limited (LHTPPL) 46 Lanco Solar Power Projects Private Limited (LSPPPL)

S. No. Subsidiary Companies

47 Lanco Solar Private Limited (LSPL) 65 Orion Solar Projects Private Limited

48 Lanco Solar Services Private Limited (LSSPL) 66 P. T Lanco Indonesia Energy (LInE)

49 Lanco SP P.V. Investments B.V. (till 25.11.2014) 67 Pasiphae Power Private Limited

50 Lanco Tanjore Power Company Limited (LTPCL) 68 Pearl Farms Private Limited (PFPL)

51 Lanco Teesta Hydro Power Limited (LTHPL) (till 69 Portia Properties Private Limited (PPPL)

19.10.2015)

52 Lanco Thermal Power Limited (LTPL) 70 Sabitha Solar Projects Private Limited

53 Lanco US P. V. Investments B. V. (till 09.01.2015) 71 Sirajganj Electric (Pvt.) Limited (SEPL)

54 Lanco Vidarbha Thermal Power Limited (LVTPL) (from 72 Spire Rotor Private Limited (SRPL)

06.06.2015)

55 Lanco Wind Power Private Limited (LWPPL) 73 Tasra Mining & Energy Company Private Limited

(TMECPL)

56 LE New York - LLC 74 Telesto Properties Private Limited (TePPL)

57 Leda Properties Private Limited (LPPL) 75 The Griffin Coal Mining Company Pty Ltd (GCMCPL)

58 Mahatamil Mining and Thermal Energy Limited 76 Thebe Properties Private Limited (ThPPL)

(MMTEL)

59 Mercury Projects Private Limited (MPPL) 77 Udupi Power Corporation Limited (UPCL) (till 20th

April 2015)

60 National Energy Trading and Services Limited (NETS) 78 Uranus Infratech Private Limited (UIPL)

61 Neptune Projects Private Limited (NPPL) 79 Uranus Projects Private Limited (UPPL)

62 Newton Solar Private Limited (NSPL) (from 28.03.2016) 80 Western Australia Coal Terminal Pty. Ltd

63 Nix Properties Private Limited 81 Lanco Energy Private Limited(LEPL) (from 24.10.2015)

64 Omega Solar Projects Private Limited (till 14.03.2016)__

ii. Name of other related parties with whom transactions were carried out

S.No. Fellow Subsidiary

1 Lanco Babandh Power Limited (LBPL) ( till 02.06.2015)

S.No. Enterprises where Singnificant Influence Exists

1 Ananke Properties Private Limited (AnPPL) 14 Lanco Vidarbha Thermal Power Limited (LVTPL) (till

05.06.2015)

2 Avior Power Private Limited (AvPPL) 15 Mimas Trading Private Limited (MTPL)

3 Basava Power Private Limited (BPPL) 16 Mirach Power Limited (MiPL)

4 Bay of Bengal Gateway Terminal Private Limited 17 Newton Solar Private Limited (NSPL) (till 27.03.2016) (BBGTPL)

5 Belinda Properties Private Limited (BePPL) 18 Phoebe Trading Private Limited (PTPL)

6 Bianca Properties Private Limited (BiPPL) 19 Pragdisa Power Private Limited (PrPPL)

7 Charon Trading Private Limited (CTPL) 20 Regulus Power Private Limited (RPPL)

8 DDE Renewable Energy Private Limited (DREPL) 21 Saidham Overseas Private Limited (SOPL)

9 Electromech Maritech Private Limited (EMPL) 22 Siddheswara Power Private Limited

10 Finehope Allied Engg. Private Limited (FAEPL) 23 Tethys Properties Private Limited (TPPL)

11 Genting Lanco Power (India) Limited 24 Vainateya Power Private Limited (VPPL)

12 Himavat Power Limited (HPL) 25 Vasavi Solar Power Private Limited (VSPPL)

13 KVK Energy Ventures Private Limited (KEVPL) 26 Lanco Teesta Hydro Power Limited (LTHPL) (from

20.10.2015)

S.No Key Management Personnel

1 Sri L. Madhusudhan Rao (Chairman) (LMR) 3 Mr. S. C. Manocha (Whole Time Director) (SCM) (till

15.03.2016)

2 Sri G. Bhaskara Rao (Vice Chairman) (GBR) 4 Sri G. Venkatesh Babu (Managing Director) (GVB)

S.No Relatives of Key Management Personnel

1 Sri L. Sridhar (Brother of LMR) (LS) 4 Smt. L. Sirisha (Spouse of LS) (LSi)

2 Smt L. Rajya Lakshmi (Spouse of LMR) (LRL) 5 Sri G. Avinash (Son of GBR) (GA)

3 Smt. G. Padmavathi (Spouse of GBR) (GP)

S.No Enterprises owned or significantly influenced by Key Management Personnel or their relatives

1 Chatari Hydro Power Private Limited (CaPTL) 7 Lanco Foundation (LF)

2 Cygnus Solar Projects Private Limited (Csppl) 8 Lanco Horizon Properties Private Limited (LHrPPL)

3 Himachal Hydro Power Private Limited (HHPPL) 9 Lanco Rani Joint Venture (LR)

4 Lanco Bay Technology Park Private Limited (LBTPL) 10 LCL Foundation (LCL)

5 Lanco Kerala Seaports Private Limited (LKSPL) 11 Ravi Hydro Electric Private Limited (RHEPL)

6 Lanco Transport Network Company Private Limited 12 Nekkar Power Private Limited (NePPL)

(LTNCPL)_|__|_

10 Deferral/capitalization of Exchange Difference

The company has selected the option given in paragraph 46A of the Accounting Standard - 11,"The Effects of Changes in Foreign Exchange Rates" with effect from April 1, 2011. The foreign exchange (gain) / loss arising on revaluation of long term foreign currency monetary items in so far as they relate to the acquisition of depreciable capital assets to be depreciated over the balance life of such assets and in other cases the foreign exchange (gain) / loss to be amortized over the balance period of such long term foreign currency monetary items. On a ailment of option under this notification, foreign exchange difference remains unamortized is Rs, 79.39 Crores (March 31 2015: Rs, 75.67) Crores.

11 'As at March 31, 2016 the Company has not paid principal amount of Rs, 42.33 (March 31, 2015 : Rs, 0.49) Crores and interest amount of Rs, 251.21 (March 31, 2015 : Rs, 52.22) Crores and LC Devolved Amount Rs, 23.17 ((March 31, 2015 : NIL) Crores.

12 (a) On March 30, 2012, the Company has put in place two level power holding company structure wherein Lanco Power Limited (LPL) a wholly owned subsidiary of the Company as the power holding vehicle for the Group. LPL has further two wholly owned subsidiaries namely Lanco Thermal Power Limited(LTPL) and Lanco Hydro Power Limited (LHPL) as thermal power holding company and hydro power holding company respectively.

(b) As approved by the members vide their resolution dated March 19, 2010 the Company has sold its shareholding in some of its Subsidiaries and Associate Companies (hereinafter referred as Rs ,related entities') to its wholly owned step down subsidiaries i.e. Lanco Thermal Power Limited, Lanco Hydro Power Limited and to an associate, Regulus Power Private Limited (an erstwhile subsidiary) on March 30, 2012 for total cash consideration amounting to Rs, 6,815.51 Crores. As of March 31, 2016 Rs, 1,161.52 (March 31, 2015 Rs, 1,385.07) Crores representing the balance amount of consideration for sale of shares is receivable from the above entities and it includes further sale of shares of some of its subsidiaries to LTPL and LHPL .

(c) As a result of the above change, one of the associate company on March 30, 2012 namely Lanco Babandh Power Limited, consequent to the sale of its equity shares to an associate i.e. Regulus Power Private Limited, has become an associate of an associate. During the year on further infusion of equity by step down subsidiary in LBPL, LBPL became step down subsidiary to the company.

(d) The aforesaid transfer of shares in various subsidiaries and associates requires lenders / customer approvals. Pending the receipt of approvals, the Company has recorded the sale of investments in related entities in the financial statements. Up to the year ended March 31, 2016, the management has obtained approvals from the most of the lenders and the management is confident of receiving the residual approvals and share transfer is in progress. In case such approvals are not received, the loans given by the lenders to the respective related entities may become due if the Company still wants to pursue transfer of shares, or the sold investments will be purchased back by the company. Based on legal advice, the management is of the opinion that the company complied with relevant laws and regulations.

13 As on March 31, 2016, the Company has loans aggregating Rs, 1,172.26 Crores which includes unpaid principal amount of Rs, 42.33 (March 31, 2015 Rs, 215.41) Crores falling due over next twelve months period and also unpaid interest & devolved letter of credits dues of Rs, 274.38 (March 31, 2015 Rs, 52.22) Crores of the company as at March 31, 2016. Apart from this, the Company has commitments to support the subsidiaries and associates for their various ongoing projects. These matters require the Company to garner such additional cash flows to fund the operations as well as investment obligations to ongoing projects. The management is actively considering the aspects like dilution of stake in subsidiary companies, disposal of non-core assets, additional funding from the lenders and exercising the conversion options available in the loan documents, would reduce the obligations and/or bring in the additional cash flows into the system to meet its obligations.

14 Mahatamil Mining and Thermal Energy Limited (MMTEL), a subsidiary of the company had entered into Coal Mining Services (CMS) agreement with Mahatamil Collieries Limited (MCL) for developing and mining of Gare pelma II Coal block located in the state of Chhattisgarh, the said coal block was cancelled by the Hon'ble Supreme Court's order dated September 24, 2014. As per CMSA, MMTEL has incurred an amount of ' 204.66 Crores till March 31, 2015 towards exploration, infrastructure and earnest money deposit. The amount incurred has been claimed by MMTEL as per terms of CMSA and the provisions of the Coal Mines (Special Provisions) Ordinance, 2014 and the management is confident on recoverability of the claim.

15 Lanco Resources International Pte Limited (LRIPL) along with its subsidiary companies (Griffin Coal Mine Operations, Australia), a subsidiary of the company has en incurring losses from acquisition onwards. The management is taking necessary steps to optimize its mining cost and to improve the coal mining capacity by expanding the associated infrastructure including development of port to scale up the export sales. Upon implementation of long term initiatives, the management is confident of improving the profitability of the business in long period and carrying value of the assets are realizable at the value stated in the books.

16 Lanco Kanpur Highways Limited (LKHL), a subsidiary of the company had entered into concession agreement with NHAI for developing a road project in Uttar Pradesh state under BOOT mechanism. The construction work is delayed due to pending approvals and right of way to be arranged by NHAI. During the previous year LKHL had received notice of termination of concession agreement from NHAI and issued a notice of termination of concession agreement to NHAI. Arbitration proceedings have been initiated to settle the claims and the counter claims associated with the termination as per the Concession Agreement. Based on the expert legal opinion, the management is confident on the recoverability of its claims submitted and is not expecting any liability on counter claims filed by NHAI.

17 Previous year figures have been regrouped / reclassified where ever necessary, to conform to those of the current year.

18 On exercising of the option available under Schedule III to prepare the financials in Crores rounded off to two decimals, the amounts / numbers below fifty thousands in the financials are appearing


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