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A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Notes to Accounts of Advance Metering Technology Ltd.

Mar 31, 2024

k. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized for present obligation (legal or constructive) of uncertain timing or amount arising as a result of past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

When it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably the obligation is disclosed as a contingent liability unless the possibility of outflow of resources embodying economic benefit is remote.

Possible obligations, whose existence will only be confirmed by the occurrence or nonoccurrence of one or more uncertain future events, not wholly with in the control of entity, are also disclosed as contingent liabilities. Contingent assets are not recognized in financial statement. However, when the realization of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognized as an asset.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets. Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

l. Segment reporting

The Companyâs operating segments are established on the basis of those components of the group that are evaluated regularly by the Board of Directors (the âChief Operating Decision Makerâ as defined in Ind AS 108 -âOperating Segmentsâ), in deciding how to allocate resources and in assessing performance. Segment performance is evaluated based on profit or loss and is measured consistently with the profit or loss in the financial statements

The Operating Segments have been identified on the basis of the nature of products/services

a) Segment revenue includes sales and other income directly identifiable with/allocable to the segment including intersegment transfers.

b) Expenses that are directly identifiable with/allocable to segments are considered for determining the

segment results. Expenses which relate to the Company as a whole and not allocable to segments are included under unallocable expenditure.

c) Income which relates to the Company as a whole and not allocable to segments is included in unallocable income.

Segment assets & liabilities include those directly identifiable with the respective segments. Assets & liabilities that relate to the Company as a whole and not allocable to any segment on direct and/or are reasonable basis have been disclosed as unallocable.

m. Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus issue, bonus element in a rights issue and shares split that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating Diluted Earnings per share, the net profit or loss for the period attributable to the equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

n. Cash flow statement

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash and cash equivalents.

o. Borrowing

Borrowings are initially recognized at net of transaction costs incurred and measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Profit and Loss over the period of the borrowings using the effective interest method.

Preference shares, which are mandatorily redeemable on a specific date are classified as liabilities. The dividend on these preference shares is recognized in Statement of Profit and Loss as finance costs.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of the assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

All other borrowing costs are recognized in Statement of profit and loss in the period in which they are incurred.

p. Fair Value Measurement

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

a) In the principal market for the asset or liability, or

b) In the absence of a principal market, in most advantageous market for the asset or liability, and The Company has access to the principal or the most advantageous market.

The Company has access to the principal or the most advantageous market.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participantâs ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets & liabilities on the basis of the nature, characteristics and the risks of the asset or liability and the level of the fair value hierarchy as explained above. This note summarizes accounting policy for fair value.

In these financial statements is determined on such a basis as explained above, except for share-based payment transactions that are within the scope of Ind AS 102, leasing transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 or value in use in Ind AS 36.

q. Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

r. Non-current assets held for sale

Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset (or disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset (or disposal group) and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

The Company treats sale/distribution of the asset or disposal group to be highly probable when:

a) The appropriate level of management is committed to a plan to sell the asset (or disposal group),

b) An active program to locate a buyer and complete the plan has been initiated (if applicable),

c) The assets or disposal group is being actively marketed for sale at a price that is reasonable in relation to its

current fair value,

d) The sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and

e) Action required completing the plan indicated that is unlikely that significant change to plan will be made or that the plan will be withdrawn.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell

s. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

o Financial assets

Initial recognition and measurement

All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Trade receivables that do not contain a significant financing component (determined in accordance with IND AS 115 - Revenue Recognition) are initially measured at their transaction price and not at fair value.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

a) Financial assets carried at amortised cost (AC)

A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

b) Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income for these financial assets is included in other income using the effective interest rate method.

c) Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is measured at FVTPL o Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. Where the company decided to make an irrevocable election to present the fair value gain and loss (excluding dividend) on non-current equity investments in other comprehensive income, there is no subsequent reclassification of fair value gain and loss to profit and loss even on sale of investments. However, the company may transfer the cumulative gain or loss within equity. The company makes such election on an instrument-by-instrument basis.

The company elected to measure the investment in subsidiary, associate and joint venture at cost. o Impairment of financial assets

The company assesses on a forward-looking basis the expected credit losses (ECL) associated with the assets carried at amortized cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. If credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognizing impairment loss allowance based on 12-month ECL.

For trade receivables, the company applies the simplified approach permitted by Ind AS 109 âFinancial Instrumentsâ which requires expected life time losses to be recognized from initial recognition of receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analyzed.

o Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost. Subsequent measurement

Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments o Derecognition of financial instruments:

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Companyâs Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires. o Reclassification of financial assets

The company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The companyâs senior management determines change in the business model as a result of external or internal changes which are significant to the companyâs operations. Such changes are evident to external parties. A change in the business model occurs when the company either begins or ceases to perform an activity that is significant to its operations. If the company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The company does not restate any previously recognized gains, losses (including impairment gains or losses) or interest. o Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

t. Use of estimates

The preparation of the financial statement in conformity with Ind AS requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and current and / or future periods are affected.

u. Key Source of estimation uncertainty

Key source of estimation uncertainty at the date of the financial statements, which may cause a material

adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of impairment of investments, provisions and contingent liabilities.

The areas involving critical estimates are:

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments

Useful lives and residual values of property, plant and equipment

Useful life and residual value of property, plant and equipment are based on managementâs estimate of the expected life and residual value of those assets. These estimates are reviewed at the end of each reporting period. Any reassessment of these may result in change in depreciation expense for future years. .

Impairment of Property Plant and Equipment

The recoverable amount of the assets has been determined on the basis of their value in use. For estimating the value in use, it is necessary to project the future cash flow of assets over its estimated useful life. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for in statement of profit or loss.

Valuation of Deferred tax assets

Deferred tax assets are recognized only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those deferred tax assets are likely to reverse and a judgment as to whether or not there will be sufficient taxable profits available to offset the tax assets when they do reverse. The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. Any change in the estimates of future taxable income may impact the recoverability of deferred tax assets

Provisions and contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of resources embodying economic benefits resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstance.

v. Recent pronouncements

Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

Note 34: Segment Reporting

The Company is currently organized into two operating segments: Power generation and Meter & others. The Companyâs operating segments offer different products and require different technology and marketing strategies.

The business groups comprise the following:

Meter and Others: Sale of energy meters and others, Rental Income, Installations services , estate management services and EPC work.

Power Generation: Sale of electricity generation through Wind.

Identification of Segments

The Board of Directors of the Company has been identified as Chief Operation Decision Maker who monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Accounting policy in respect of segments is in conformity with accounting policy of the company as a whole.

Intersegment Transfer

Segment revenue resulting from transactions with other business segment is accounted for on basis of transfer price agreed between the segments. Transfer prices between operating segments are on armâs length basis in a manner similar to transactions with third parties.

Segment Revenue & Results

The Revenue and Expenditures in relation to the respective segments have been identified and allocated to the extent possible. Other revenue and expenditures non allocable to specific segments are disclosed separately as unallocated and adjusted directly against total income of the Company.

Segment Assets & Liabilities

Segment Assets includes all operating assets used by the operating segment and mainly consisting property, plant & equipment, trade receivables, cash and cash equivalents and inventory etc. Segment Liabilities primarily include trade paybles and other libilities. Common assets & liabilities which can not be allocated to specific segments are

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The Company manages its capital to ensure that the entities in the Company will be able to continue as going concern while maximizing the return to shareholders and also complying with the ratios stipulated in the loan agreements through the optimization of the debt and equity balance.

The capital structure of the Company consists of net debt (borrowings as detailed in note 15A & 15B offset by cash and bank balances as detailed in note 11 and 12) and total equity of the Company.

The Company monitors capital on the basis of following gearing ratio, which is net debt divided by total equity Loan Covenants

In order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to call loans and borrowings or charge some penal interest. There have been no breaches in the financial covenants of any interestbearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the current years and previous years.

(i) Fair Value Hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (A) recognised and measured at fair value and (B) measured at amortised cost and for which fair values are disclosed in financial statements. To provide an indication about the reliability of inputs used in determining fair values, the group has classified its financial instruments into three levels prescribed under the accounting standards.

The following table provides the fair value measurement hierarchy of Companyâs asset and liabilities, grouped into Level 1 to Level 3 as described below

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement

is directly or indirectly observable.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement

is unobservable.

(ii) Valuation techniques used to determine Fair value

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Specific valuation technique used to value financial instrument includes:

> the use of quoted market prices or dealer quotes for similar financial instruments.

> the fair value of financial assets and liabilities at amortised cost is determined using discounted cash flow analysis The following method and assumptions are used to estimate fair values:

The Carrying amounts of trade receivables, trade payables, capital creditors, cash and cash equivalents, short term deposits etc. are considered to be their fair value , due to their short term nature

Long-term fixed-rate and variable-rate receivables / borrowings are evaluated by the Company based on parameters such as interest rates, specific country risk factors, credit risk and other risk characteristics. For borrowing fair value is determined by using the discounted cash flow (DCF) method using discount rate that reflects the issuerâs borrowings rate. Risk of non-performance for the company is considered to be insignificant in valuation.

Financial assets and liabilities measured at fair value and the carrying amount is the the fair value.

The Companyâs activities expose it to a variety of financial risks which includes market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Companyâs focus is to ensure liquidity which is sufficient to meet the Companyâs operational requirements. The Company monitors and manages key financial risks so as to minimise potential adverse effects on its financial performance. The Company has a risk management policy which covers the risks associated with the financial assets and liabilities. The details for managing each of these risks are summarised ahead.

38.1 Market risk

Market risk is the risk that the expected cash flows or fair value of a financial instrument could change owing to changes in market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial instruments.

38.2 Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not operates internationally but has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk. Exposure is very limited as compared to the size of the company, thus there is very nominal risk due to foreign currency risk.

The carrying amounts of the companyâs foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows.

38.4 Other price risks

The companyâs exposure to price risk arises from the investment held by the company . To manage its price risk arising from investments in marketable securities, the company diversifies its portfolio and is done in accordance with the company policy. The companyâs major investments are actively traded in markets and are held for short period of time. Therefore no senility is provided for the same.

38.5 Credit risk management

Credit risk arises from the possibility that the counterparty will default on its contractual obligations resulting in financial loss to the company. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial conditions, current economic trends, and analysis of historical bad debts and ageing of accounts receivable.

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risk on an on going basis through each reporting period. To assess whether there is significant increase in credit risk, it considers reasonable and supportive forward looking information such as:

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligation

(iv) Significant increase in credit risk an other financial instruments of the same counterparty

(v) Significant changes in the value of collateral supporting the obligation or in the quality of third party guarantees or credit enhancements

The company major exposure is from trade receivables, which are unsecured and derived from external customers. Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investment in liquid mutual fund units, quoted securities and certificates of deposit which are funds deposited at a bank for a specified time period.

Expected credit loss for trade receivable on simplified approach:

The Company uses a provision matrix to determine impairment loss on portfolio of its trade receivable. The provision matrix is based on its historically observed default data over the expected life of the trade receivable and is adjusted for forward- looking estimates. At every reporting date, the historical observed default rates are updated and changes in forward-looking estimates are analysed. In case of probability of non collection, default rate is 100%

The Company has immovable property which is held in the name of the Company.

ii) Revaluation of Property, Plant & Equipment

The Company has not revalued property, plant and equipment hence clause (ii) is not applicable.

iii) Loans or Advances

The Company has received the complete repayment of loan from Chief Financial Officer of the Company. (Refer note 5B)

iv) Capital Work-in-Progress (CWIP) ageing schedule/ completion schedule

(Refer note 3.1)

v) Intangible assets under development ageing schedule/ completion schedule

The Company does not have any Intangible assets under development, hence clause (v) is not applicable.

vi) Details of Benami Property held

No proceedings have been initiated or are pending against the company under the Benami Transactions (Prohibition) Act,1988.

vii) Security of current assets against borrowings

(Refer note 16.2)

viii) Wilful Defaulter

The company has not been declared as a wilful defaulter by any bank or financial institution or any other lender.

ix) Relationship with Struck off Companies

Details of relationship with struck off Companies are as under;

x) Registration of charges or satisfaction with Registrar of Companies (ROC)

There are no charges or satisfaction that need to be registered with ROC beyond the statutory period.

xi) Compliance with number of layers of companies

The provisions of clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 are not applicable to the company as per Section 2(45) of the Companies Act,2013.

xii) Compliance with approved Scheme(s) of Arrangements

No scheme of Arrangements has been approved by competent authority in terms of sections 230 to 237 of the Companies Act,2013 in respect of the Company.

xiii) Utilisation of Borrowed funds and share premium

The company has not provided nor taken any loan or advance to/from any other person or entity with the understanding that benefit of the transaction will go to a third party, the ultimate beneficiary.

Note 40: Other Additional Information

The following is the other additional information required by Para 5 of the General Instructions for Preparation of Statement of Profit and Loss of Division II of Schedule III of the Companies Act, 2013

i) Disclosure in relation to undisclosed income

The Company records all the transaction in the books of accounts properly and has no undisclosed income during the year or in previous years in the tax assessments under the Income Tax Act, 1961.

ii) Corporate Social Responsibility

The Provisions of section 135 of Companies Act, 2013 is not applicable to the Company.

42. Previous year figures have been regrouped/ rearranged, whenever necessary, in order to make them comparable with those of the current year.

43. Approval of Standalone financial statements

The standalone financial statements for the year ended 31^st March 2024 were approved by the Board of Directors on 24^thMay 2024.

For GSA & Associates LLP For and on behalf of the Board of Directors of

Chartered Accountants Advance Metering Technology Limited

Firm Registration No : 000257N/N500339

Krishan Kant Tulshan Pranav Kumar Ranade Prashant Ranade

Partner Chairman-cum-Executive Director Managing Director

Membership No. 085033 DIN-00005359 DIN-00006024

UDIN: 24085033BKGQGY8905

Hrydesh Jain Rakesh kumar

^{Place: Noida} Chief Financial Officer Company Secretary

^Dated : ^{24th Ma}y ²⁰²⁴ M.No- F12868

Mar 31, 2023

k. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised for present obligation (legal or constructive) of uncertain timing or amount arising as a result of past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.

Contingent assets are not recognized in financial statement. However, when the realization of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an asset.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

l. Segment reporting

The Operating Segments have been identified on the basis of the nature of products/services.

a) Segment revenue includes sales and other income directly identifiable with/allocable to the segment including intersegment transfers.

b) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment results. Expenses which relate to the Company as a whole and not allocable to segments are included under unallocable expenditure.

c) Income which relates to the Company as a whole and not allocable to segments is included in unallocable income.

m. Earnings per share

n. Cash flow statement

o. Borrowing

Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the borrowings using the effective interest method.

Preference shares, which are mandatorily redeemable on a specific date are classified as liabilities. The dividend on these preference shares is recognised in Statement of Profit and Loss as finance costs.

All other borrowing costs are recognised in Statement of profit and loss in the period in which they are incurred.

p. Fair Value Measurement

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.

a) In the principal market for the asset or liability, or

b) In the absence of a principal market, in most advantageous market for the asset or liability, and The Company has access to the principal or the most advantageous market.

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

q. Cash and cash equivalents

r. Non-current assets held for sale

The Company treats sale/distribution of the asset or disposal group to be highly probable when:

a) The appropriate level of management is committed to a plan to sell the asset (or disposal group),

b) An active programme to locate a buyer and complete the plan has been initiated (if applicable),

c) The assets or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value,

d) The sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and

e) Action required completing the plan indicated that is unlikely that significant change to plan will be made or that the plan will be withdrawn.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell

s. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

o Financial assets

Initial recognition and measurement

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

a) Financial assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

b) Financial assets at fair value through other comprehensive income (FVTOCI)

c) Financial assets at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is measured at FVTPL.

o Equity investments

The company elected to measure the investment in subsidiary, associate and joint venture at cost. o Impairment of financial assets

The company assesses on a forward looking basis the expected credit losses (ECL) associated with the assets carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. If credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

For trade receivables, the company applies the simplified approach permitted by Ind AS 109 âFinancial Instrumentsâ which requires expected life time losses to be recognised from initial recognition of receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed. o Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost. Subsequent measurement

o Derecognition of financial instruments:

o Reclassification of financial assets

The company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The companyâs senior management determines change in the business model as a result of external or internal changes which are significant to the companyâs operations. Such changes are evident to external parties. A change in the business model occurs when the company either begins or ceases to perform an activity that is significant to its operations. If the company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.

o Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

t. Use of estimates

The preparation of the financial statement in conformity with Ind AS requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialize.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and current and / or future periods are affected.

u. Key Source of estimation uncertainty

Key source of estimation uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of impairment of investments, provisions and contingent liabilities.

The areas involving critical estimates are:

Defined benefit plans (gratuity benefits)

Fair value measurement of financial instruments

Useful lives and residual values of property, plant and equipment

Impairment of Property Plant and Equipment

The recoverable amount of the assets has been determined on the basis of their value in use. For estimating the value in use it is necessary to project the future cash flow of assets over its estimated useful life. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for in statement of profit or loss.

Valuation of Deferred tax assets

Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those deferred tax assets are likely to reverse and a judgment as to whether or not there will be sufficient taxable profits available to offset the tax assets when they do reverse. The Company reviews the carrying amount of deferred tax assets at the end of each reporting period. Any change in the estimates of future taxable income may impact the recoverability of deferred tax assets.

Provisions and contingencies

outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstance.

v. Standard issued but not yet effective

The Ministry of Corporate Affairs has vide notification dated 23 March 2022 notified Companies (Indian Accounting Standards) Amendment Rules, 2022 which amends certainaccounting standards, and are effective 1 April 2022. Below is a summary of suchamendments:

o Ind AS 16 Property, Plant and Equipment

Proceeds before intended use of property, plant, and equipment. The amendment clarifies that an entity shall deduct from the cost of an item of property, plant, and equipment any proceeds received from selling items produced while the entity is preparing the asset for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is functioning properly).

o Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets Onerous Contracts - Cost of fulfilling a contract.

The amendment explains that the cost of fulfilling a contract comprises: the incrementalcosts of fulfilling that contract and an allocation of other costs that relate directly tofulfilling contracts.

o Ind AS 103 Business combinations

References to the conceptual framework.

The amendment adds a new exception in Ind AS 103 for liabilities and contingentliabilities. o Ind AS 109 Financial Instruments

Fees included in the 10% test for de-recognition of financial liabilities.

The amendment clarifies which fees an entity includes when it applies the â10%â test inassessing whether to derecognise a financial liability. An entity includes only fees paid orreceived between the entity (the borrower) and the lender, including fees paid orreceived by either the entity or the lender on the otherâs behalf.

o Ind AS 101 First time adoption

Subsidiary as a first-time adopter.

Simplifies the application of Ind AS 101 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences.

o Ind AS 41 Agriculture

Taxation in fair value measurements.

The amendment removes the requirement in Ind AS 41 for entities to exclude cash flows for taxation when measuring fair value. This aligns the fair value measurement in Ind AS 41 with the requirements of Ind AS 113, Fair Value Measurement.

These amendments have either no applicability to the Company or if applicable, the impact iseither immaterial or presently being ascertained.

36. Segment Reporting

The business groups comprise the following:

Meter and Others: Sale of energy meters and others, Rental Income, Installations services , estate management services and EPC work.

Power Generation: Sale of electricity generation through Wind.

Identification of Segments

Intersegment Transfer

Segment Revenue & Results

Segment Assets & Liabilities

38. Capital Management

The capital structure of the Company consists of net debt (borrowings as detailed in note 16A & 16B offset by cash and bank balances as detailed in note 11 and 12) and total equity of the Company.

The Company monitors capital on the basis of following gearing ratio, which is net debt divided by total equity Loan Covenants

No changes were made in the objectives, policies or processes for managing capital during the current years and previous years.

(i) Fair Value Hierarchy

The following table provides the fair value measurement hierarchy of Companyâs asset and liabilities, grouped into Level 1 to Level 3 as described below

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement

is directly or indirectly observable.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement

is unobservable.

(ii) Valuation techniques used to determine Fair value

Specific valuation technique used to value financial instrument includes:

> the use of quoted market prices or dealer quotes for similar financial instruments.

> the fair value of financial assets and liabilities at amortised cost is determined using discounted cash flow analysis The following method and assumptions are used to estimate fair values:

Financial assets and liabilities measured at fair value and the carrying amount is the the fair value.

). Financial risk management

The Companyâs activities expose it to a variety of financial risks which includes market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

40.1 Market risk

40.2 Foreign currency risk

The carrying amounts of the companyâs foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows.

40.3 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the Companyâs position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate

40.4 Other price risks

40.5 Credit risk management

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligation

(iv) Significant increase in credit risk an other financial instruments of the same counterparty

(v) Significant changes in the value of collateral supporting the obligation or in the quality of third party guarantees or credit enhancements

40.6 Liquidity Risk

Liquidity risk is defined as the risk that company will not be able to settle or meet its obligation on time or at a reasonable price. The Company''s objective is to at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company''s management is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risk are overseen by senior management. Management monitors the company''s net liquidity position through rolling, forecast on the basis of expected cash flows.

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments:

Note 41 : Additional Regulatory Information

The following is the additional regulatory information required by the clause 5 of General Instruction for Preparation of Balance Sheet of Division II of Schedule III of the Companies Act, 2013

i) Title deeds of Immovable Property not held in name of the Company

The Company has immovable property which is held in the name of the Company.

ii) Revaluation of Property, Plant & Equipment

The Company has not revalued property, plant and equipment hence clause (ii) is not applicable.

iii) Loans or Advances

The Company has granted loan to Chief Financial Officer of the Company. (Refer note 5B)

iv) Capital Work-in-Progress (CWIP) ageing schedule/ completion schedule

(Refer note 3.1)

v) Intangible assets under development ageing schedule/ completion schedule

The Company does not have any Intangible assets under development, hence clause (v) is not applicable.

vi) Details of Benami Property held

No proceedings have been initiated or are pending against the company under the Benami Transactions (Prohibition) Act,1988.

vii) Security of current assets against borrowings

(Refer note 16.2)

viii) Wilful Defaulter

The company has not been declared as a wilful defaulter by any bank or financial institution or any other lender.

Note 42: Other Additional Information

i) Disclosure in relation to undisclosed income

The Company records all the transaction in the books of accounts properly and has no undisclosed income during the year or in previous years in the tax assessments under the Income Tax Act, 1961.

ii) Corporate Social Responsibility

The Provisions of section 135 of Companies Act, 2013 is not applicable to the Company.

iii) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

44 The company has made investments of Rs 257.32 lacs in a Joint Venture namely Saudi National Lamps and Electricals Company Ltd. UAE and also had a trade receivable of Rs 427.54 lacs from the aforesaid Joint Venture. Against which the company had created in earlier years 100% provision for impairment in view of non recoverability of the investment/ trade receivable. On receipt of the permission from the regulatory authorities during the current financial year, the said amounts have been written off from the statement of profit & loss of the current financial year.

45 Previous year figures have been regrouped/ rearranged, whenever necessary, in order to make them comparable with those of the current year.

46 Approval of Standalone financial statements

The standalone financial statements for the year ended 31st March 2023 were approved by the Board of Directors on 26^th May 2023.

In terms of our report of even date attached

For GSA & Associates LLP For and on behalf of the Board of Directors of

Chartered Accountants Advance Metering Technology Limited

Firm Registration No : 000257N/N500339

Krishan Kant Tulshan Pranav Kumar Ranade Prashant Ranade

Partner Chairman-cum-Managing Executive Director

Membership No. 085033 Director DIN-00006024

DIN-00005359

UDIN: 23085033BGXJFC2359

Place: Noida Aakansha Sharma

_{Dated: 26}th _{May 2023} Hrydesh Jain Company Secretary

Chief Financial Officer M.No- A57204

Mar 31, 2018

1. General Information

Advance Metering Technology Limited (âAMTLâ or âthe Companyâ) was incorporated on 7th February,2011 under the provisions of the Companies Act,1956. The Company operates in the Energy Sector and within the business segment Energy Generation, Energy Measurement and Energy Management. The Company is engaged in manufacturing and selling of Energy Meters, provides technical services relating to Energy Sector and in the business of Wind Power Generation through Wind Mills/ other renewable energy sources. Its shares are listed on Bombay Stock Exchange Limited.

The AMTL was incorporated as a Special Purpose Vehicle (SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited (formerly Indo Asian Fuse gear Limited) as a going concern. The Honâble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March 2012, has approved the Scheme of Arrangement ( âSchemeâ ) u/s 391 to 394 of the Companies Act,1956 between the Company and Eon electronic Limited ( Eon ) and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ( âDe-merged Undertakingâ) of Eon and transfer/ vesting of the said undertaking in favour of AMTL with effect from Ist April 2011 ( Appointed Date) on going concern basis. The scheme become effective on 8th April 2012 ( Effective Date) on filling of the Certified True Copy of the said Order of the Honâble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

These Financial statements are Standalone financial statements of the Company.

The financial statement were authorised for issue by the board of directors on 29 May 2018.

General Reserve

This represents appropriation of profit by the company.

Retained Earnings

This comprise companyâs undistributed profit after taxes.

Capital Reserve

The capital reserve is created due to demerger of Metereing Division and proposed power generation business/ undertaking of EON electric Limited as a going concern to Advance Meter Technology Limited from EON.

2.1.1 Summary of borrowing arrangements

(i) Term Loan of Rs 277.44 lacs (31st March,2017: Rs. 278.39 lacs and 1 April,2016:Nil) from kotak bank are secured by land and repayable in 100 monthly instalments of Rs 4.17 lacs each upto June 2026. The interest rate of this loan is 10.25% p.a. Rs. 23.50 lacs of term loan payable in FY 2019-20, hence shown under current maturities of long term borrowings

(ii) Term Loan of Rs 301.44 lacs (31st March,2017: Rs. Nil and 1 April,2016:Nil) from kotak bank are secured by land and repayable in 120 monthly instalments of Rs 3.84 lacs each upto Feb 2028. The interest rate of this loan is 9% p.a. Rs. 19.73 lacs of term loan payable in FY 2018-19, hence shown under current maturities of long term borrowings

(iii) Vehicle loan of Rs 73.85 lacs ( 31st March,2017:Rs 114.89 lacs and 1 April, 2016: Rs 132.42 lacs) from ICICI bank and Rs 82.44 lacs ( 31st March,2017: Nil and 1 April, 2016: Nil ) from HDFC Bank are secured against vehicles respectively under vehicle hire purchase agreement. These obligations are repayable in monthly instalments up to Decâ22. The interest rate for these obligations ranges from 9.25% to 12.49% p.a. Rs. 59.52 lacs of vehicle loan payable in FY 2018-19, hence shown under current maturities of long term borrowings.

(iv) Equipment loans of Rs Nil (31st March,2017 : Rs 1.99 lacs and 1 April,2016 : Rs 13.42 lacs) from ICICI bank are secured against machinery respectively. These obligations are repayable in monthly instalments up to Mayâ2017. The interest rate for these obligations is 10.75% p.a.

(v) The rate of interest on the working capital loans from banks ranges between 9% p.a. to 10.5% p.a. depending upon the prime lending rate of the banks wherever applicable and the interest rate spread agreed with the banks. Details of security given for short-term borrowings are as under:

- Overdraft facility from ICICI bank of Rs. 387.23 lacs and RBL bank of Rs 5153.70 lacs are secured against mutual funds.

- Working capital facility of Rs.157.56 lacs from SBI bank are secured against Immovable property (Land) at Jhalandhar, current assets and movable fixed assets.

- Overdraft facility of Rs.518.89 lacs from SBI bank are secured against fixed deposits.

3. Other Notes

(i) In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

(ii) The balances of debtors, advances and creditors are subject to confirmation in some cases.

(iii) The Company has paid annual listing fees to BSE Limited where its equity shares are listed.

4. Employee Benefits

A Defined Contribution plans

The Company has recognised Rs. 19.32 lakhs in statement of profit and loss as Companyâs contribution to provident fund, Rs13.75 lakhs and Rs 7.52 lakhs as Companyâs contribution to Employees State Insurance scheme.

B.1. Defined Benefit plans-Gratuity

i. The principal assumptions used for the purpose of the actuarial valuation were as follows:

Sensitivities due to mortality and withdrawals are not material & hence impact of change not calculated.

Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement & life expectancy are not applicable being a lump sum benefit on retirement.

xi. The estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors. The above information is certified by the actuary and relied upon by the auditors.

Sensitivities due to mortality and withdrawals are not material & hence impact of change not calculated.

viii. The estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors. The above information is certified by the actuary and relied upon by the auditors.

5. Segment Reporting Identification of Segments

The Companyâs operations have been categorized into the following business segment:-

Meter & Others includes manufacturing of Energy Meter and Technical Consultancy on energy savings.

Power Generation includes generation of electricity from Wind.

There are no geographical segments as the operations of the Companyâs existing business segments take place in India only.

Segment Revenue & Results

Segment Assets & Liabilities

Segment Assets includes all operating assets used by the operating segment and mainly consisting property, plant & equipment, trade receivables, cash and cash equivalents and inventory etc. Segment Liabilities primarily include trade payables and other liabilities. Common assets & liabilities which can not be allocated to specific segments are shown as a part of unallocable assets/liabilities.

6. Capital Management

The capital structure of the Company consists of net debt (borrowings as detailed in note 14 offset by cash and bank balances as detailed in note 10 and 11) and total equity of the Company.

The Company is not subject to any externally imposed capital requirements.

The Company monitors capital on the basis of following gearing ratio, which is net debt divided by total equity

Loan Covenants

No changes were made in the objectives, policies or processes for managing capital during the current years and previous years.

7.1 Gearing ratio

The gearing ratio at the end of the reporting period was as follows:

Note:

i. Debt is defined as long and short-term borrowings (excluding derivative, financial guarantee contracts), as described in note 14.

7.2 Dividends

The company has not declared dividend on equity share for the year ended March 31, 2018. (PY Nil)

8. Fair Value Measurement

(i) Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (A) recognised and measured at fair value and (B) measured at amortised cost and for which fair values are disclosed in financial statements. To provide an indication about the reliability of inputs used in determining fair values, the group has classified its financial instruments into three levels prescribed under the accounting standards.

The following table provides the fair value measurement hierarchy of Companyâs asset and liabilities, grouped into Level 1 to Level 3 as described below :-

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

(ii) Valuation techniques used to determine Fair value

Specific valuation technique used to value financial instrument includes:

- the use of quoted market prices or dealer quotes for similar financial instruments.

- the fair value of financial assets and liabilities at amortised cost is determined using discounted cash flow analysis The following method and assumptions are used to estimate fair values:

Financial assets and liabilities measured at fair value and the carrying amount is the fair value.

9. Financial risk management

The Companyâs activities expose it to a variety of financial risks which includes market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

9.1 Market risk

9.2 Foreign currency risk

The carrying amounts of the companyâs foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows.

Foreign currency sensitivity analysis

The following table details the companyâs sensitivity to a 10% increase and decrease in the INR against the relevant outstanding foreign currency denominated monetary items. 10% sensitivity indicates managementâs assessment of the reasonable possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity where Rupee appreciates 10% against the relevant currency. A negative number below indicates a decrease in profit or equity where the Rupee depreciates 10% against the relevant currency.

In managementâs opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

9.3 Interest rate risk

(iii) Sensitivity

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease represents managementâs assessment of the reasonably possible change in interest rates.

9.4 Other price risks

9.5 Credit risk management

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterpartyâs ability to meet its obligation

(iv) Significant increase in credit risk an other financial instruments of the same counterparty

(v) Significant changes in the value of collateral supporting the obligation or in the quality of third party guarantees or credit enhancements

Expected credit loss for trade receivable on simplified approach:

9.6 Liquidity Risk

Liquidity risk is defined as the risk that company will not be able to settle or meet its obligation on time or at a reasonable price. The Companyâs objective is to at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Companyâs management is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risk are overseen by senior management. Management monitors the companyâs net liquidity position through rolling, forecast on the basis of expected cash flows.

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments:

10. Transition to Ind AS

These financial statements for the year ended March 31,2018 are the first Ind AS financials prepared in accoradnce with Ind AS notified under Companies (Indian Accounting Standards) Rules, 2015. The adoption of Ind AS was carried out in accordance with Ind AS 101, using April 1, 2016 as the transition date. Ind AS 101 requires that all Ind AS standards and interpretations that are effective for the Ind AS financial statements for year ended March 31, 2018, be applied consistently and retrospectively for all fiscal years presented. All applicable Ind AS have been applied consistently and retrospectively wherever required.

For the periods upto and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act 2013, read together with Paragraph 7 of the Companies(Accounts) Rules,2014(Indian GAAP).

Accordingly, the Company has prepared its financial statement to comply with the Ind AS for the year ending March 31, 2018, together with the comparative date as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, Companyâs opening balance sheet was prepared as at April 01, 2016, the date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 01, 2016 and the financial statements as at and for the year ended March 31, 2017.

10.1 Exemptions and Exceptions opted by the Company on the date of transition:-

Ind AS 101 allows first-time adopters certain exemptions and exceptions from the retrospective application of certain requirements under Ind AS. The Compnay has applied the following exemptions and exceptions:

a) Exemptions and Exceptions from retrospective application

1. The Company has elected not to apply Ind AS 103- Business Combinations, retrospectively to past business combinations that occurred before April 01, 2016. Consequent to use of this exemption from retrospective application:

i) The carrying amount of assets and liabilities acquired pursuant to past business combinations and recognised in the financial statements prepared under Previous GAAP, are considered to be the deemed cost under Ind AS, on the date of acquisition. After the date of acquisition, measurement of such assets and liabilities is in accordance with respective Ind AS. Also, there is no change in classification of such assets and liabilities;

ii) The Company had not recognised assets and liabilities that neither were recognised in the financial statements prepared under Previous GAAP nor qualify for recognition under Ind AS in the Balance Sheet of the acquiree;

iii) The Company had excluded from its opening Balance Sheet (As at April 1, 2016), those assets and liabilities which were recognised in accordance with Previous GAAP but do not qualify for recognition as an asset or liability under Ind AS.

2 The Company has elected to continue with carrying value of all Property, plant and equipment under the previous GAAP as deemed cost as at the transition date i.e. April 01, 2016. Under the previous GAAP, Property, plant and equipment were stated at their original cost (net of accumulated depreciation, amortization and impairment), if any, adjusted by revaluation of certain assets.

The Company has elected to continue with the carrying value of Capital work in progress as recognized under the previous GAAP as deemed cost as at the transition date.

The Company has elected to continue with the carrying value for intangible assets (computer softwares) as recognized under the previous GAAP as deemed cost as at the transition date. Under the previous GAAP, Computer Software was stated at its original cost, net of accumulated amortization.

3. The Company has elected to continue with carrying value of all investments in its subsidiaries under the previous GAAP as deemed cost as at the transition date i.e. April 01, 2016.

4. Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. However, the Company has used Ind AS 101 exemption and assessed all arrangements for embedded leases based on conditions in place as at the date of transition.

b) Estimates

The estimates as at April 01, 2016 and as at March 31, 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies).

11. Reconciliation between balance sheet, statement of profit and loss and cash flow statement prepared under previous IGAAP and those presented under Ind AS

(a) Effect of Ind AS adoption on the Balance Sheet as at March 31, 2017

12. Notes to the first time adoption of Ind AS

1) Fair Value of Investments

Under the previous GAAP, Long term investments were carried at cost less provision for permanent diminution in the value of such investment. Current investment were carried at cost . Under IND As they are required to be measured at fair value

a) Under Ind AS, financial assets and financial liabilities designated at fair value through profit and loss (FVTPL) are fair valued at each reporting date with changes in fair value recognized in the statement of profit and loss. Mutual fund investments have been classified as FVTPL.

2) Fair valuation as deemed cost for Property, Plant and Equipment

The Company has elected to measure certain items of its Property, Plant and Equipment and its related intangible assets at its fair value and use that fair value as its deemed cost at the date of transition to Ind AS

3) Leasehold land

As per IND AS 17 Leasehold land are amortised over the primary period of lease

4) Defined benefit liabilities

Under previous GAAP, actuarial gains and losses were recognised in the statement of profit and loss. Under Ind AS, the actuarial gains and losses form part of remeasurement of the net defined benefit liability/ asset which is recognised in other comprehensive income. Consequently, the tax effect of the same has also been recognised in other comprehensive income under Ind AS instead of the statement of profit and loss.

5) Provision for expected credit losses

Under Previous GAAP, such estimates were determined based on experience of historic losses on such contracts.

Impairment for trade receivable is measured in Ind AS based on life time expected credit losses. Expected credit loss allowance is measured based on historical credit loss experience, defaults, bankruptcy and forward looking information where relevant adjusted for probability of recovery. Under Previous GAAP, provision for trade receivable is measured based on factors such as age of receivables, defaults etc. adjusted for probability of recovery.

6) Security Deposits

Under previous GAAP, security deposits were recognised based on historical cost. However under Ind AS, the same has been accounted for as per amortised cost using effective interest rate. Accordingly interest income on such deposits has been recognised as part of other income and unwinding of security deposits has been amortised as a part of expenses.

7) Sale of goods

Under Indian GAAP, sale of goods was presented as net of excise duty. However, under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is presented as a part of other expenses in statement of profit and loss.

13. Recent Accounting Pronouncements

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On March 28, 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency.The amendment will come into force from April 1, 2018. The Company is evaluating the effect of this on the financial statements.

Ind AS 115- Revenue from Contract with Customers: On March 28, 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Ind AS 115, Revenue from Contract with Customer The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers.

The standard permits two possible methods of transition:

- Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors

- Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach)

The effective date for adoption of Ind AS 115 is financial periods beginning on or after April 1, 2018.

The Company will adopt the standard on April 1, 2018 by using the cumulative catch-up transition method and accordingly comparatives for the year ending or ended March 31, 2018 will not be retrospectively adjusted. The Company is evaluating the effect on adoption of Ind AS 115.

14. The previous yearâs including figures as on the date of transition have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year including figures as at the date of transition are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

Mar 31, 2016

1 The rights, preferences and restrictions attached to each class of shares including restrictions on the distribution of dividends and the repayment of capital are as under:

The Company has only one class of equity shares having a par value of Rs.5 per share. Each share holder is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all the preferential amounts. The distribution will be in proportion to the number of equity shares held by each of the equity share holders.

2 During the current year and in the previous year, there have been no movements in the number of outstanding equity shares.

3. No shares have been allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the period of five years immediately preceding the reporting date.

4 There is no other information required to be disclosed in respect to share capital.

5 Contingent Liabilities and Commitments:

a. Contingent Liabilities

i) Bank Guarantees- Rs1, 16, 61,182 (Previous Year Rs 40, 08,300)

ii) Standby Letter of Credit (SBLC ) issued by Barclays bank on behalf of Advance Metering Technology Ltd for Global Power and Trading (GPAT) PTE Ltd, Singapore for USD 200,000 (Previous Year USD 200,000) for purpose of Business Transactions

b. Commitments

Capital Commitments (Net of Advance) Rs Nil (Previous year Rs 4, 77,575)

6 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under section 43-B of the Income Tax Act, 1961.

7 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized, in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

8 The balances of debtors, advances and creditors are subject to confirmation in some cases.

9 The Company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

10 Information of Segment Reporting of the Company for the Year Ended 31st March 2016 Business Segments

In accordance with Accounting Standard (AS) 17 âSegment Reporting" , the Company''s operations have been categorized into the following business segment:-

Meter & Others includes manufacturing of Energy Meter and Technical Consultancy on energy savings.

Power Generation includes generation of electricity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable

The above business segments have been identified considering:

a) The nature of products and services;

b) The differing risk and returns;

c) The organization structure, and

d) The internal financial reporting systems.

There are no geographical segments as the operations of the Company''s existing business segments take place in India only.

Notes:-

i. Segment result represents Profit/(loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" being note no. 2 to the financial statements.

vi. Informationâs about Business Segments

37 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd. - wholly owned subsidiary

Global Power and Trading PTE Ltd., Singapore - subsidiary

Advance Power and Trading GMBH., Germany - wholly owned subsidiary

R. S. Info systems Private Limited - subsidiary (till 13th May 2014)

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited - ceased to be a Joint Venture with effect from 24th January 2014.

C. Directors, Key Management Personnel

Mr. Pranav Kumar Ranade - Chairman cum Managing Director

Mr. Vikram Ranade - Executive Director

Mr. Prashant Ranade - Executive Director

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade (Wife of Mr. Pranav Kumar Ranade)

Mrs. Ashima Ranade (Wife of Mr. Vikram Ranade)

Mrs. Natasha Tara Ranade (Wife of Mr. Prashant Ranade)

E. Enterprises over which directors exercise significant influence PKR Infrastructure Private Limited

PKR Technologies Private Limited

Renewable Power Venture Private Limited (Formerly Known as PKR Power Private Limited) R.S.Infosystems Private Limited

F. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP Industrial Solutions Corporation LLP

11. The Company is engaged in the business of manufacturing of energy meters. However, maintenance of cost records and cost audit is not applicable on the Company in view of Section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014.

12. Financial Reporting of Interests in Joint Venture

Company had a joint venture share of interest of 20% in Saudi National Lamps and Electricals Company Limited, Saudi Arabia that has been terminated during the previous year ended on 31st March 2014. As at the date of termination, the Company had following in the said joint venture

- Investment in share capital - Rs 25,732,351

- Receivables - Rs.42, 754,347

In the opinion of the management of the Company, the aforesaid investment stands impaired and needs to be written off subject to regulatory approvals. Therefore, the Company has made the provision of 99% of value thereof as under- for investment in share capital of Rs 25,475,027 in earlier years

- For receivables of Rs. 42,326,804 in earlier years

As the joint venture stands terminated, no additional disclosures as per Accounting Standard (AS) 27- ''Financial Reporting of Interest in Joint Venture'' are made.

The material consumption by R&D is reflected in group manufacturing expenses under a\c head ''Research & Development Expenditure.

13 There is no other material item that needs to be disclosed in accordance with Listing Agreement/ Companies Act, 2013.

Mar 31, 2015

Company Overview :

1 Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February,2011 under the provisions of the Companies Act,1956. The Company operates in the Energy Sector and within the business segment Energy Generation, Energy Measurement and Energy Management. The Company is engaged in manufacturing and selling of Energy Meters, provides technical services relating to Energy Sector and in the business of Wind Power Generation through Wind Mills/ other renewable energy sources.Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchamge Limited.

The AMTL was incorporated as a Special Purpose Vehicle (SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited ( formerly Indo Asian Fusegear Limited) as a going concern. The Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March 2012, has approved the Scheme of Arrangement ( 'Seheme' ) u/s 391 to 394 of the Companies Act,1956 between the Company and Eon electronic Limited ( Eon ) and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ( "De-merged Undertaking") of Eon and transfer/ vesting of the said undertaking in favour of AMTL with effect from Ist April 2011 ( Apponited Date) on going concern basis. The scheme become effective on 8th April 2012 ( Effective Date) on filling of the Certified True Copy of the said Order of the Hon'ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

2.1 Terms/rights attached to the Equity Shares

2.1 (a) The Company now has only one class of equity shares having a par value of Rs 5 per share since the record date consequent to the scheme of arrangement. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The Board of Directors has not prescribed any dividend for the year ( Previous Year Nil ).

3.1 (b) 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 number of equity share held by the shareholders.

3.2 There is no other information required to be disclosed in respect to share capital.

4.1 Represents the provision made for dimunation in the value of receivables of Rs Nil (Previous Year Rs 31,070,351) in Saudi National Lamps and Electrical Company Limited.

4.2 Represents the provision made for dimunation in the value of Investment of Rs Nil (Previous Year Rs 25,475,027) in Saudi National Lamps and Electrical Company Limited.

5 Contingent Liabilities and Commitments:

a. Contingent Liabilities

I) Bank Guarantees- Rs 4,008,300 (Previous Year Rs 706,000)

ii) Guarantees to Bank and others on behalf of earstwhile Joint Venture Company for Rs Nil, (Previous year Rs Nil ).

iii) Standby Letter of Credit (SBLC) issued by Barclays Bank on behalf of Advance Metering Technology Limited for Global Power and Trading (GPAT) PTE Ltd., Singapore for USD 200,000 (Previous Year USD 200,000) for purpose of business transactions.

b. Commitments

Capital Commitments (net of advance) Rs 477,575 (Previous year Rs 4,054,768)

6 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under section 43-B of the Income Tax Act, 1961.

7 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

8 The balances of debtors, advances and creditors are subject to confirmation in some cases.

9 The Company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

10 Information of Segment Reporting of the Company for the Year Ended 31st March 2014 Business Segments

In accordance with Accounting Standard (AS) 17 "Segment Reporting", the Company's operations have been categorised into the following business segment:-

Meter & Others includes manufacturing of Energy Meter and Technical Consultancy on energy savings.

Power Generation includes generation of electrcity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable The above business segments have been identified considering:

a) the nature of products and services;

b) the differing risk and returns;

c) the organisation structure, and

d) the internal financial reporting systems.

There are no geographical segments as the operations of the Company's existing business segments take place in India only.

Notes:-

i. Segment result represents Profit/(loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" being note no. 2 to the financial statements.

11 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd. - wholly owned subsidiary

Global Power and Trading (GPAT) PTE Ltd., Singapore - subsidiary

Advance Power and Trading GMBH., Germany - wholly owned subsidiary

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited - ceased to be a Joint Venture with effect from 21st January 2014.

C. Directors, Key Management Personnel

Mr. Pranav Kumar Ranade - Chairman cum Managing Director

Mr. Vikram Ranade - Executive Director

Mr. Prashant Ranade - Executive Director

Mr. Ravinder Singh - Chief Financial Officer

Mr. Rakesh Dhody - AVP-Corporate Affairs & Company Secretary

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade ( Wife of Mr. Pranav Kumar Ranade)

Mrs. Ashima Ranade ( Wife of Mr. Vikram Ranade )

Mrs. Natasha Tara Ranade ( Wife of Mr. Prashant Ranade )

E. Enterprises over which directors exercise significant influence PKR Infrastructure Private Limited

PKR Technologies Private Limited PKR Power Private Limited RS Infosystems Pvt Ltd

F. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP Circular Industrial Corporation LLP

12 Operating leases:

a) The company had taken commercial premises under cancellable operating lease. These lease agreements provided an option to the Company to renew the lease period at the end of the expiry. There were no exceptionas/restrictive covenants in the lease agreement.The Company had terminated these lease agreements during the year.There are no further disclosure requirements in this regard.

b) Lease Payments under an operating lease are recognised as an expense in the statement of Profit & Loss on a straight line basis over the lease term, Accordingly Rs 4,406,014 has been charged to Statement of Profit and Loss during the year (Previous year Rs. Rs 8,492,722)

13 The Company is engaged in the business of manufacturing of energy meters. However, maintenance of cost records and cost audit is not applicable on the Company in view of Section 148 of the Companies Act, 2013 read with Companies (cost records and audit) Rules, 2014.

14 Financial Reporting of Interests in Joint Venture Company had a joint venture share of interest of 20% in Saudi National Lamps and Electricals Company Limited, Saudi Arabia that has been terminated during the previous year ended on 31st March 2014. As at the date of termination, the Company had following in the said joint venture

- Investment in share capital - Rs 25,732,351

- Receivables - Rs.42,754,347

In the opinion of the management of the Company, the aforesaid investment stands impaired and needs to be written off subject to regulatory approvals. Therefore, the Company has made the provision of 99% of value thereof as under- - for investment in share capital of Rs. Nil, previous year (Rs 25,475,027 ).

- for receivables of Rs.Nil previous year ( Rs. 42,326,804 )

As the joint venture stands terminated, no additional disclosures as per Accounting Standard (AS) 27- 'Financial Reporting of Interest in Joint Venture' are made.

15 There is no other material item that needs to be disclosed in accordance with Listing Agreement/ Companies Act, 2013.

Mar 31, 2014

Company Overview :

1 Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February,2011 under the provisions of the Companies Act,1956. The Company operates in the Energy Sector and within the business segment Energy Generation, Energy Measurement and Energy Management. The Company is engaged in manufacturing and selling of Energy Meters, provides technical services relating to Energy Sector and in the business of Wind Power Generation through Wind Mills/ other renewable energy sources. Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

The AMTL was incorporated as a Special Purpose Vehicle (SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited ( formerly Indo Asian Fusegear Limited) as a going concern. The Hon''ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March 2012, has approved the Scheme of Arrangement ( ''Seheme'' ) u/s 391 to 394 of the Companies Act,1956 between the Company and Eon electronic Limited ( Eon ) and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ( "De-merged Undertaking") of Eon and transfer/ vesting of the said undertaking in favour of AMTL with effect from Ist April 2011 ( Apponited Date) on going concern basis. The scheme become effective on 8th April 2012 ( Effective Date) on filling of the Certified True Copy of the said Order of the Hon''ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

1.1 Reconciliation of the number of Shares outstanding at the beginning and at the end of year

1.2 Terms/rights attached to the Equity Shares

1.3 (a) The Company had a class of equity shares having a par value of Rs 10 per share in the preceding year ending 31st March 2013 which has been extinguished consequent to the scheme of arrangement on record date. Each holder of equity shares was entitled to one vote per share.

1.4 (b) The Company now has only one class of equity shares having a par value of Rs 5 per share since the record date consequent to the scheme of arrangement. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The Board of Directors has not prescribed any dividend for the year ( Previous Year 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 number of equity share held by the shareholders.

1.5 Margin Money Deposits are kept with banks against issuance of Bank Guarantees and Letter of Credit.

1.6 Represents the provision made for dimunation in the value of receivables of Rs 31,070,351 (Previous Year Rs 11,256,453) in Saudi National Lamps and Electrical Company Limited.

1.7 Represents the provision made for dimunation in the value of Investment of Rs 25,475,027 (Previous Year Rs Nil) in Saudi National Lamps and Electrical Company Limited.

2 Contingent Liabilities and Commitments:

a. Contingent Liabilities

i) Bank Guarantees- Rs 706,000 (Previous Year Rs 1,000,000)

ii) Guarantees to Bank and others on behalf of earstwhile Joint Venture Company for Rs Nil, (Previous year Rs.54,416,548 (SR 3,759,347)).

b. Commitments

Capital Commitments (net of advance) Rs 4,054,768 (Previous year Rs 275,380)

3 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under section 43-B of the Income Tax Act, 1961.

4 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

5 The balances of debtors, advances and creditors are subject to confirmation in some cases.

6 The Company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

7 Information of Segment Reporting of the Company for the Year Ended 31st March 2014 Business Segments

In accordance with Accounting Standard (AS) 17 " Segment Reporting" , the Company''s operations have been categorised into the following business segment:-

Meter & Others includes manufacturing of Energy Meter and Technical Consultancy on energy savings.

Power Generation includes generation of electricity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable The above business segments have been identified considering:

a) the nature of products and services;

b) the differing risk and returns;

c) the organisation structure, and

d) the internal financial reporting systems.

There are no geographical segments as the operations of the Company''s existing business segments take place in India only.

Notes:-

i. Segment result represents Profit/(loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" being note no. 2 to the financial statements.

8 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd. - wholly owned subsidiary

Global Power and Trading PTE Ltd., Singapore - wholly owned subsidiary Advance Power and Trading GMBH., Germany - wholly owned subsidiary RS Infosystems Pvt Ltd. - subsidiary with effect from 19th July 2013

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited - ceased to be a Joint Venture with effect from 24th January 2014.

C. Directors, Key Management Personnel

Mr. Pranav Kumar Ranade - Chairment cum Managing Director

Mr. Vikram Ranade - Executive Director

Mr. Prashant Ranade - Executive Director

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade ( Wife of Mr. Pranav Kumar Ranade)

Mrs. Ashima Ranade ( Wife of Mr. Vikram Ranade )

Mrs. Natasha Tara Ranade ( Wife of Mr. Prashant Ranade )

E. Enterprises over which directors exercise significant influence PKR Infrastructure Private Limited

PKR Technologies Private Limited PKR Power Private Limited

F. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP

9 Operating leases:

a) The company has taken commercial premises under cancellable operating lease. These lease agreements provides an option to the Company to renew the lease period at the end of the expiry. There are no exceptional/restrictive covenants in the lease agreement.

b) Lease Payments under an operating lease are recognised as an expense in the statement of Profit & Loss on a straight line basis over the lease term, Accordingly Rs 8,492,722 has been charged to Statement of Profit and Loss during the year (Previous year Rs.9,204,779)

10 Financial Reporting of Interests in Joint Venture

Company had a joint venture share of interest of 20% in Saudi National Lamps and Electricals Company Limited, Saudi Arabia that has been terminated during the year. As at the date of termination, the Company had following in the said joint venture

- Investment in share capital - Rs 25,732,351

- Receivables - Rs.42,754,347

In the opinion of the management of the Company, the aforesaid investment stands impaired and needs to be written off subject to regulatory approvals. Therefore, the Company has made the provision of 99% of value thereof as under- - for investment in share capital of Rs 25,475,027 during the year ended 31st March 2014.

- for receivables of Rs.42,326,804 (Rs 31,070,351 during the year ended 31st March 2014 and Rs 11,256,453 during the year ended 31st March 2013.

As the joint venture stands terminated, no additional disclosures as per Accounting Standard (AS) 27- ''Financial Reporting of Interest in Joint Venture'' are made.

11 There is no other material item that needs to be disclosed in accordance with Listing Agreement/ Companies Act,1956.

Mar 31, 2013

1. Company Overview :

Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February,2011 under the provisions of the Companies Act, 1956. It has been incorporated as a Special Purpose Vehicle(SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited (formerly Indo Asian Fusegear Limited) as a going concern. The Hon''ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act, 1956 between the company and Eon Electric Limited ( "Eon") and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ("De-merged Undertaking") of Eon and transfer / vesting of the said undertaking in favour of AMTL with effect from 1st April, 2011 (Appointed Date) on a going concern basis. The Scheme became effective on 8th April, 2012 (Effective Date) on filing of the Certified True Copy of the said Order of the Hon''ble High Court with the Registrar of Companies, NCT of Delhi & Haryana. Its shares are listed on the National Stock exchange of India Limited and Bombay Stock Exchamge Limited. The Company is engaged in manufacturing and selling of Energy Meters. The Company has also entered into the business of Wind Power Generation.

2.1 The Company, during the year, has changed the method for providing depreciation on Power Generation assets (Windmills) from W.D.V to S.L.M with effect from the date of capitalisation of such assets (Jan, 2012), as a result of which a sum of Rs.49,16,414/-has been written back as exceptional item in the Profit and Loss account for the year 2012-13. Had this change not been made, the profit for the year would have been lower by Rs. 2,21,65,929/- on account of current depreciation and the value of net fixed assets would have been lower by Rs.2,70,82,343/-.

2.2 Represent the provision made for dimunation in the value of receivables of Rs. 1,12,56,453/- in Saudi National Lamps and Electrical Company Limited, a Joint Venture Company.

3 Contingent Liabilities and Commitments:

a. Contingent Liabilities

i) Bank Guarantees- Rs.10,00,000/- (Previous year Nil)

ii) Guarantees to Bank and others on behalf of Joint Venture Company of Rs.5,44,16,548(SR 37,59,347),(Previous year Nil)

b. Commitments

Capital Commitments (net of advance) Rs.2,75,380/- (Previous year Rs.13,64,48,289/- )

4 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under Section 43-B of the Income Tax Act, 1961.

5 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

6 The balances of Debtors, Advances and Creditors are subject to confirmation in some cases.

7 The company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

8 Information of Segment Reporting of the Company for the year ended 31st March 2013 Business Segments

In accordance with Accounting Standard (AS) 17 " Segment Reporting" , the Company''s operations have been categorised into the follwing business segment:-

Meter & Others includes manufacturering of Energy Meter and Technical Consultancy on energy savings. Power Generation includes generation of electrcity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable The above business segments have been identified considering:

a) the nature of products and services

b) the differing Risk and returns

c) the organisation structure, and

d) the internal financial reporting systems.

There are no geographical segments as the operations of the company''s exsiting Business Segments take place in india only.

Notes:-

i. Segment result represents Profit/(Loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" note to the financial statements.

9 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd.( formerly IAF Cables Ltd.)

Global Power and Trading PTE Ltd., Singapore Advance Power and Trading GMBH., Germany

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited

C. Directors, Key Management Personnel

Mr. P. K. Ranade -Director Mr. Vikram Ranade -Director Mr. Prashant Ranade -Director

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade Mrs. Ashima Ranade Mrs. Natasha Tara Ranade

E. Enterprises over which directors exercise significant influence

Indo Asian Marketing Private Limited PKR Technologies Private Limited PKR Power Private Limited Indo Nordex Lighting Private Limited Gard Tools Private Limited IAFL Switchgear Private Ltd.

Indo Asian Capital Finance Private Limited

10 During the year the Company has incorporated 2 wholly owned subsidiary Companies. The Company has paid Share Application Money of Rs. 4,41,337/- to Global Power and Trading Pte.Ltd., Singapore and Rs. 8,84,379/- to Advance Power and Trading Gmbh, Germany. The WOS has not yet alloted the shares pending completion of certain formalities. The WOS companies have not yet commenced their opeartions.

11 Lease Payments under an operating lease are recognised as an expense in the statement of Profit & Loss on a straight line basis over the lease term, Accordingly Rs.92,04,779/- has been charged to Statement of Profit and Loss during the year (Previous year Nil)

12 Earning in Foreign Exchange: - -

13 There is no other items to be disclosed in accordance with Listing Agreement/ Companies Act,1956 that is material in nature.

14 Previous year figures are not comparable due to the first year of opeartions after the De-merger.

Mar 31, 2012

Company Overview :

1. Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February, 2011 under the provisions of the Companies Act, 1956. It has been incorporated as a Special Purpose Vehicle(SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited(formerly Indo Asian Fusegear Limited) as a going concern. The Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act, 1956 between the company and Eon Electric Limited ("Eon") and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ("De-merged Undertaking") of Eon and transfer/vesting of the said undertaking in favour of AMTL with effect from 1st April, 2011 (Appointed Date) on a going concern basis. The Scheme became effective on 8th April, 2012 (Effective Date) on filing of the Certified True Copy of the said Order of the Hon'ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

2. SHARE CAPITAL

2.1 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 shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of 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 number of equity shares held by the shareholders.

2.2 In accordance with the scheme of demerger approved by Hon'ble High Court for the States of Punjab & Haryana, these shares will be paid back at par in cash to the shareholders on the record date upon the scheme becoming effective from 8th April, 2012. In the merged Balance sheet of the year 31.03.2013, the new share capital coming out of demerger will replace the above equity share capital.

3. DEFERRED TAX ASSETS

3.1 Deferred Tax Asset have been created as under the Income Tax Act, 1961, the Company is required to file the return of income after considering the operations of Advance Metering Technology Limited from the appointed date April 01, 2011. (In view of the decision of Hon'ble Supreme Court vide order dated November 27, 1996 in the matter of Marshall Sons & Co. (India) Limited vs Income Tax officer in Civil Appeal No. 1661 and 1662 of 1992)

4. Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February, 2011 under the provisions of the Companies Act, 1956. It has been incorporated as a Special Purpose Vehicle (SPV) to take over the metering division and proposed power generation business/undertakings of Eon Electric Limited (formerly Indo Asian Fusegear Limited) as a going concern. The Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act,1956 between the Company and Eon Electric Limited ("Eon") and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ("De-merged Undertaking") of Eon and transfer/vesting of the said undertaking in favour of AMTL with effect from 1st April, 2011 (Appointed Date) on a going concern basis. The Scheme became effective on 8th April, 2012 (Effective Date) on filing of the Certified True Copy of the said Order of the Hon'ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

In terms of the Scheme, the Authorized, Issued, Subscribed and Paid up Share Capital of Eon, as on the Record Date, will be reduced to half by changing the face value of the shares from Rs. 10/- to Rs. 5/- each. All the members whose name appear in the records of Eon on the Record Date shall become the holders of the same number of Equity Shares of the face value of Rs. 5/- each credited as fully paid up of Eon and AMTL on the same terms, conditions and rights in the records of the respective companies.

Upon the coming into effect of Scheme and in terms of the Scheme :

a) The business and operations of the De-merged Undertaking shall be deemed to be vested and transferred with the company with retrospective effect from 1st April, 2011.

b) The related assets and liabilities of the De-merged Undertaking at the opening of business on 1st April, 2011 shall be deemed to have been vested and transferred with the company with effect from that date at their respective book values.

c) The business of the De-merged Undertaking shall be deemed to have been carried out by Eon, in trust for and on behalf of AMTL from the appointed date till the effective date.

Necessary effects in respect of the aforesaid scheme of arrangement would be given in the books of accounts of the company such as :-

a) Eon Electric Limited has bought back and extinguished 17,84,162 fully paid-up Equity Shares of the face value of Rs. 10/- each from its existing shareholders. A total sum of Rs. 11,59,64,056/- has been spent towards the said buy-back out of the free reserves of the company. As per the scheme of arrangement, the said amount has to be apportioned equally between Eon and AMTL. Accordingly a sum of Rs 5,79,82,028/- has been paid to Eon towards the said buy-back out of the General Reserve of the company.

b) Eon Electric limited has also allotted 8,90,000 Equity Shares of Rs. 10/- on conversion of 8,90,000 Zero Coupon Convertible Warrants allotted by it on preferential basis by private placement to the promoters of the company as per Securities and Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2009.

5. Contingent Liabilities and Commitments:-

a. Contingent Liabilities - Nil

b. Commitments

Capital Commitments Rs. 13,61,15,500/-

6. Since no commercial activity has been undertaken during the period ended March 31, 2012, there is no reportable segment referred to in the statement of Accounting Standard (AS-17) for segmental reporting.

7. Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Directors, Key Management Personnel

Mr. P. K. Ranade - Director

Mr. Vikram Ranade - Director

Mr. V. P. Mahendru - Director

Mr. Vinay Mahendru - Director

Mr. Prashant Ranade - Additional Director

B. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade

Mrs. Ashima Ranade

Mrs. Natasha Ranade

C. Enterprises over which directors exercise significant influence

Indo Asian Marketing Private Limited

D. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP

8. There is no other information apart from the information already disclosed above required to be disclosed pursuant to the relevant clauses of New Schedule VI as inserted to Companies Act by the Notification No. S.O. 447(E), Dated 28-2-2011 (As amended by Notification No. F.NO. 2/6/2008-CL-V, Dated 30-3-2011).

9. The Company was incorporated on February 07, 2011 and this, being the first financial statements of the Company, previous year figures are not given.

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