2. Terms/Rights attached to equity shares

The company has issued only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2015 amount per share of dividend recognised as distributions to equity shareholders was Rs. Nil ( P.Y. Rs. Nil) 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. The distribution will be in proportion to the numbers of equity shares held by shareholders.

3. Details of shresholders holding more than 5% of the total shares

4. Terms of repayment of Term Loan:

a) The Loan is to be repayable in 18 equal quarterly installments of Rs. 27.78 Lacs starting from 01/11/2011.

b) Nature of security for Term Loan from Bank :

Term loan is secured by exclusive charge on "HAEFELY" make Impulse Generator at Pali Unit.

c) Rate of Interest of Term Loan:

The initial interest rate is 13.50% (Base Rate 4.25% fixed per annum with reset after 2 years) p.a with monthly rest.

d) The Company has Common Loan Agreement with Dhanlaxmi Bank Ltd. Rupee Term Loan amount Rs. 500.00 Lacs sanctioned during FY2011-12 by Dhanlaxmi Bank Ltd.

e) The Company has defaulted in repayment of quarterly installment of Rs. 27.78 Lacs each since the quarter ended March 2015 and interest accrued thereon remains unpaid since April 2013 onwards. Amount of interest accrued and due on term loan up to 31/03/2015 is Rs. 43.11 Lacs remain unpaid.

5. Working Capital facilities is secured by Hypothecation of all Current Assets of the Company. The facilities are further collaterally Secured by equitable Mortgage of Land and Building at Boisar Unit and Hypothecation of all Fixed Assets of Boisar Unit.

6. The Company has defaulted in repayment of dues including interest and principal to Canara Bank, on its various fund facilities availed, outstanding amounting to Rs. 40.26 Crores.

7. The lender bank has issued a Legal Notice dated 22/12/2014, to the Compnay asking them to pay outstanding dues of Rs. 37.05 Crores within 7 days, failing which Lender Bank will intiate legal action against the Company. In view of Legal Notice and based on the Legal advice received by the Company it has been decide not to provide any interest on outstanding liability of Canara Bank w.e.f. 01/04/2014. The Company has not provided interest payable to Canara Bank on Working Capital Loan amounting to Rs. 6.68 Crores during the year.

8. Interest Rate-base rate 4.50% currently 14.75% per annum with monthly rest.

9. Other unsecured loan received from related party Bilpower Limited Rs. 216.93 Lacs (P.Y. Rs. 217.23 Lacs), Bil Energy Systems Limited Rs. NIL (P.Y.Rs. 58.72 Lacs)

10. Trade Payables includes following related parties :-

Rs 7.25 Lacs (P.Y. Rs 6.24 Lacs ) payable to Related Party Choudhary Stamping , Rs 76.38 Lacs (P.Y. Rs 76.38 Lacs) payable to Related Party Bilpower Limited Rs Nil (P.Y. Rs 18.91 Lacs) payable to Related Party Bil Energy Systems Limited, Rs 186.66 Lacs ( P.Y. Rs 207.33 Lacs ) payable to Related Party Niksan Engineering Co Limited.

11. The Company has not received any intimation from the suppliers under the Micro, Small & Medium Enterprises Development Act 2006 & therefore disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said act have not been given.

12.Stores and Spares Expenses includes Rs. 0.23 Lacs (P.Y. Nil) pertaining to prior period, Office and General Expenses includes Rs 0.005 Lacs (P.Y.Nil) pertaining to prior period.

13. Contingent Liabilities (Rs in Lacs)

Sr. No. Particulars As at 31st March, 2015 As at 31st March, 2014

(A) Guarantees outstanding                231.71                 365.86

(B) Sales Tax Demands pending             136.49                      -
in appeals

(D) Custom duty on pending export obligation against import of machinery 144.85 144.85

14. Segment Reporting

The company primarily deals in the business of Manufacturing, Repair, Refurbishment and Upliftment of transformers and there are no material exports hence there is no Primary reportable segment, either product wise or geographical, in the context of Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

15. Related Party Disclosures

(A) Name and relation of The Relative Parties:-

i) Associates Company

 Bilpower Limited                           Bil Energy Systems Limited

Rajendra Kumar Choudhary

iii) Company of Relative of KMP & Company of KMP

Niksan Engineering Co Limited Viniyog Mercantile Pvt Ltd

iv) Proprietory concern of relative of KMP

Choudhary Stamping

Disclosure in respect of Material Related Party Transactions During the year:-

16. Purchase of Goods/Expenses includes: Niksan Engineering Company Limited Rs. 1302.22 Lacs (P.Y. Rs. 319.56 Lacs), Bil Energy Systems Limited Rs. NIL (P.Y. Rs. 18.91 Lacs).

17. Sales of Goods includes: Niksan Engineering Company Limited Rs. 32.63 Lacs (P.Y. Rs. NIL )

18. Rent Income : Viniyog Mercantile Pvt. Ltd Rs. 0.30 Lacs (P.Y. Nil ). Bil Energy Systems Limited Rs. 0.60 Lacs (P.Y. Nil)

19. Receiving of Services

A) Labour Charges (Expenses) includes:- Choudhary Stamping Rs. 5.33 Lacs (P.Y. Rs. 2.79 Lacs)

B) Rent Expenses includes:- Niksan Engineering Company Limited Rs. 0.60 Lacs (P.Y. Rs. 3.60 Lacs)

20. Finance (Including Loans & Equity Contributions on Cash or Kind)

A) Loans &Advances Received includes:- Bilpower Limited Rs. 0.06 Lacs (P.Y.Rs. 10.73 Lacs), Bil Energy Systems Limited Rs. NIL (P.Y. Rs. 88.78 Lacs), Rajendra Kumar Choudhary Rs. NIL (P.Y. Rs. 26.68 Lacs).

B) Loans & Advances Given includes:- Bil Energy Systems Limited Rs. NIL (P.Y. Rs. 3.55 Lacs).

21. Purchase of Investment (Shares) includes :- Bilpower Limited Rs. 0.001 Lacs (P.Y. Rs. NIL ), Bil Energy Systemes Limited Rs. 0.001 Lacs (P.Y. Rs. NIL )

22. Outstanding as at 31st March, 2015.

a) Loans &Advance Received includes:- Bilpower Limited Rs. 216.93 Lacs (P.Y. Rs. 217.23 Lacs), Bil Energy Systems Limited Rs. NIL (P.Y. Rs. 58.72 Lacs),

b) Trade Receivable includes :- Viniyog Mercantile Pvt. Ltd. Rs. 0.30 Lacs (P.Y. Rs. NIL

c) Trade Payables includes:- Nik-San Engineering Co Limited Rs. 186.66 (P.Y. Rs 207.33 Lacs), Bilpower Limited Rs. 76.38 Lacs (P.Y. Rs. 76.38 Lacs), Bil Energy Systems Limited Rs. NIL (P.Y. Rs. 18.91 Lacs),Choudhary Stamping Rs. 7.25 Lacs (P.Y. Rs.6.24 Lacs).

23. Raw Material Consumed:-

The material purchases have been applied towards manufacturing as well as repairs of transformers. Since the material has been used in common facilities towards both and since the requirement of law is to show consumption of Raw Material for Manufacturing, the same has not been given.

24. Term Deposit Receipts wherever obtained are endorsed in favor of Banks and Government Departments against Bank Guarantee, L/C Facility etc.

25. Disclosure pursuant to adoption of accounting standard 15 Gratuity liability for the year is determined on actuarial valuation by the Life Insurance Co of India with whom the company has taken a policy for the settlement of future liability.

26. Some of the Creditors / Debtors / Loans / Advances are subject to Confirmations and resultant reconciliation, if any.

27. The Company has not received any intimation from the suppliers under the Micro, Small & Medium Enterprises Development Act 2006 & therefore disclosures, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

28. In terms of the requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period by the management based on present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value thereof has been considered necessary, by the management.

29. As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities & Contingent Assets" as notified by the companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.

30. As at 31st March, 2015, IPO proceeds have been utilised as stated below. The utilisation of fund was as amended and ratified by the shareholder in the AGM held on 30th August, 2011.

As on 31st March, 2011 unutilized funds have been invested in liquid mutual fund schemes, Bank Fixed deposits and repayment of term loan to bank.

41. Sundry Debtors as on the date of Balance Sheet are net of amounts received after discounting of Letter of Credits.

42. Previous Year Figures have been regrouped / Re cast wherever necessary.