1. CORPORATE INFORMATION
High Ground Enterprise Limited (BSE Scrip Code 517080) was incorporated in New Delhi on 15th Jan,1986 as Woo Yang Electronics (India) Limited. The Company was taken over by the current management led by Mr Sandeep R Arora in 2009.The Name of the company was changed from Woo Yang Electronics (India) Limited to High Ground Enterprise Limited in 2010.The registered office of the company was shifted from New Delhi to Mumbai in 2011.The Company is engaged in two business divisions during the year, first being Engineering, Procurement, Construction Management (EPCM). Its second division is Media, Consulting and Allied services.
2.1 OTHER NOTES
a. Managerial Remuneration
Remuneration paid or provided in accordance with Section 197 of Companies Act, 2013 to Managing Director and whole time Director is as under:
b. The company is in the process of reconciling its Input Cenvat Credit from the F.Y 2010-11 onwards. The resultant effect of the said reconciliation process on the Service Tax Liability if any will be given in the books of accounts as and when final assessment is done by the respective authorities.
c. Segment Information:
Primary Segment Information
The Company operates in two primary reportable business segments, i.e. “Engineering, Procurement, Construction Management” and “Media, Consulting and Allied Services” as per Accounting Standard 17-Segment Reporting.
- Geographical segment and its composition are India and Rest of the world.
- The Company has identified India and Rest of the world as Geographical segments for secondary segment reporting. Geographical sales are segregated based on the location of the customer who is invoiced or in relation to which the sale is otherwise recognized.
d. Share Premium & Issue of Bonus Shares:
During the F.Y.2017-18 following bonus shares have been issued through share premium account.
e. The company has paid to Rikvin PTE Ltd. (Singapore) an amount of Rs. 3.86 Lakhs in January 2017as incorporation expenses towards formation of Foreign Subsidiary Company namely HGEL INTERNATIONAL PTE LTD. The company has commenced its operations during current year and hence it has been considered for Consolidation for the year ended 31.03.2018.
f. Corporate Social Responsibility:
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger or malnutrition, promoting education, art and culture, healthcare and rural development projects. The funds were primarily were allocated to a corpus and utilised through the year on these activities which are specified in Schedule VII of Companies Act, 2013.
The company had made CSR provision in F.Y 2016-17for an amount of Rs. 40.35 lakhs. And Rs. 75 Lakhs has been spent by the company on CSR activities during the current year.
For the F.Y 2017-18, the company has provided for an amount of Rs. 35.70 lakhs towards CSR activities and the same has been expensed out during the year.
For the F.Y 2016-17, the company has provided for an amount of Rs. 40.35 lakhs towards CSR activities.
Note:
(i) Provision for CSR activity had been done for the period 01/04/2017 to 31/03/2018 amounting to Rs.35,70,000/- as per the norms suggested by the companies Act, 2013 and the company had fullfilled its provision in full by making Donation to Ram Bajaj Foundation before the year ended as on 31/03/2018 and hence the provision outstanding with respect to CSR activity is NIL as on 31/03/2018
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