Elecon Engineering Co.Ltd. — Regulatory Filings 2020

Nov 26, 2020

26th November, 2020

To,

The Manager (Listing),	The Manager (Listing),
The BSE Ltd.National Stock Exchange of India Ltd.
Mumbai	Mumbai
Company's Scrip Code: 505700	Company's Scrip Code: ELECON

Sub Submission of Disclosure on Related Party Transactions on a consolidated basis for the half year ended on 3Qth September, 2020

Ref Intimation under Regulation 23{9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/ Madam,

With reference to the subject referred Regulation, we submit herewith the disclosure on Related Party Transactions, on consolidated basis for the half year ended on 3Qth September, 2020, in the format as specified in accordance with applicable Accounting Standards for Annual Results.

You are requested to take the same on your records.

Thanking you.

Yours faithfully, For Elecon Engineering Company Limited,

~ Isarani

Bharti Company Secretary & Compliance Officer

Encl.: As above

Gearing industries. Gearing economies.

ELECON ENGINEERING COMPANY LIMITED, Post Box# 6, Vallabh Vidyanagar • 388120, Gujarat, India. Tel.: +91 • 2692 · 238701,238702. Fax: +91 · 2692 · 227484. CIN L29100GJ1960PLC001082 1 infogear@elecon.com I www.elecon.com

Elecon Engineering Company Limited

As per Ind AS-24, Related Party Disclosure of the Company on a Consolidated basis for the half year ended on 30th September, 2020 are as follows:

As per the Ind AS- 24 Related Party Disclosures, the related parties of the Group are as follows :

A) Name of the related parties and nature of relationships :

a) Holding company : Aakaaish Investments Private Limited

b) Entity with control over the Company :Lotus Trust

c) Wholly owned Subsidiary Companies

• (i) Radicon Transmission UK Limited, U.K.
• (ii) Elecon Singapore Pte. Limited, Singapore
• (iii) Elecon Middle East FZE, Middle East

d) Wholly owned Step down Subsidiaries

• (i) Benzlers Systems AB, Sweden
• (ii) AB Benzlers, Sweden
• (iii) Radicon Drive Systems, Inc., USA
• (iv) Benzlers Transmission A.S., Denmark
• (v) Benzlers Antriebstechnik GmbH, Germany
• (vi) Benzlers TBA B.V., Netherlands
• (vii) OY Benzlers AB, Finland
• (viii) Benzlers ltalia s.r.l., Italy

e) Associates

·'

• (i) Eimco Elecon (India) Limited
• (ii) Elecon Australia Pty. Limited (Refer note below)
• (iii) Elecon Africa Pty. Limited (Refer note below)
• (iv) Elecon Engineering (Suzhou) Co. Limited, China (Refer note below)

Note:-

The Holding Company is in process of seeking RBI approval for liquidating its 3 associates namely Elecon Australia Pty. Limited, Elecon Africa Pty. Limited and Elecon Engineering (Suzhou) Co. Limited, China. There are no transactions in these 3 associate companies and there are no assets or liabilities pertaining to these associates.

f) Key managerial personnel

• (i) Mr. Prayasvin B. Patel Chairman and Managing Director
• (ii) Mr. Prashant C. Amin Director
• (iii) Mr. Pradip M. Patel Director
• (iv) Mr. Jal Patel Independent Director
• (v) Mr. Jai S Diwanji- Independent Director
• (vi) Dr. Sonal V Ambani Independent Director
• (vii) Mr. Narasimhan Raghunathan- Chief Financial Officer

g) Relatives of Key managerial personnel

(i) Mr. Aayush Shah

h) Enterprises over which (f) above have significant influence

• (i) Devkishan Investment Private Limited
• (ii) K. B. Investments Private Limited
• (iii) Elecon Information Technology Limited
• (iv) Tech Elecon Private Limited
• (v) Emtici Engineering Limited
• (vi) Prayas Engineering Limited
• (vii) Speciality Wood Pack Private Limited
• (viii) Power Build Private Limited
• (ix) Elecon Hydraulics Private Limited
• (x) Akaaish Mechatronics Limited
• (xi) Madhubhan Prayas Resorts Limited
• (xii) Wizard Fincap Limited ·
• (xiii) Eimco Elecon Electricals Limited
• (xiv) Elecon Peripherals Limited
• (xv) Packme Industries Private Limited
• (xvi) Darshan Chemicals
• (xvii) Vijay M. Mistry Construction Private Limited
• (xviii) Jamko Consultants Private Limited
• (xix) Desmin Agencies
• (xx) WRC Engineering Company Private Limited
• (xxi) Radicon Transmission FZE
• (xxii) Radicon Transmission (Thailand) Limited
• (xxiii) Radicon Transmission (Australia) Pty Limited

i) Other related party

• Post employment benefit plan
  • (i) Elecon Engineering Company Limited Employees Group Gratuity Fund
  • (ii) Elecon Engineering Company Limited Employees Superannuation scheme

Elecon Engineering Company Limited

B) Transactions during half year ended on 30th September, 2020 with Related Parties

(INR in Lakhs)
		Key	Relatives of Key	Entities forming
	Associates	Managerial	managerial	part of the same	Employement
Particulars		Personnel	oersonnel	Grouo	benefit plans
	2020-21	2020-21	2020-21	2020-21	2020-21
Purchose of material/ fu1ished goods'	5.68	-	-	3,040.53	-
Job work income	-	-	-	6.01	-
Job work expenses paid	7.53	-	-	30.25	-
Sale of finished goods/ consumable stores	109.91	-	-	283.34	-
Purchase of property plant and equipment	-	-	-	20.58	-
Sales of property plant and equipment	-	-	-	-	-
Remuneration paid to key managerial persorUJel	-	299.29	5.45	-	-
Advances given to director	-	-	-	-	-
Other expenses charged from related parties	-	-	-	149.58	-
Other expenses charged by related parties	3.45	-	-	1,545.45	-
Sales and other commission expense	-	-	-	-	-
Commission income on bank guarantee	-	-	-	-	-
Interest expense on inter corporate deposit	-	-	-	-	-
Interest Expenses	-	-	-	50.94	-
Corporate Guarantee Commission	-	-	-	-	-
Sale of investment in equity shares	-	-	-	-	-
Repayment of loans	-	-	-	-	-
Loan taken	-	-	-	-	-
Issue of shares under the scheme of amalgamation	-	-	-	-	-
Contribution made to post employment defined benefit
plans trust	-	-	-	-	29.02
Advances received back	-	-	-	-	-
Advances given	-	-	-	-	-
Outstanding balances
Trade payables	4.35	-	-	5,601.60	-
Trade receivables	30.34	-	-	1,127.12	-
Advances received	-	-	-	-	-
Advances given	-	-	-	3.67	-
Guarantees taken	-	-	-	2.17,400	-