Elecon Engineering Co.Ltd. — Interim / Quarterly Report 2020

Jul 24, 2020

Date: 24th July, 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 31st March, 2020
• Ref Intimation under Regulation 23(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir I Madam,

With reference to the subject referred regulation, we submit herewith the disclosure on Related Party Transactions, on consolidated basis, 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 w.. ... . ' ' ....•

Encl.: As above

Gearing industries. Gearing economies.

ELECON ENGINEERING COMPANY LIMITED, Post Box# 6, Val/abh Vidyanagar. 388 120, Gujarat, India. Tel.: +91 . 2692. 238701, 238702. Fax: +91 . 2692. 227484. CIN L29100GJ1960PLC001082 I infogear@elecon.com I www.elecon.com

Elecon Engineering Company Limited

As per the Ind AS-24 Related Party Disclosure of the Company on a Consolidated basis for the half year ended on 31st March, 2020 are as follows:

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

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) Whollv owned Subsidiarv 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) Benz.Iers Transmission A.S., Denmark
• (v) Benzlers Antriebstechnik GmbH, Germany
• (vi) Benzlers TBA B.V., Netherlands
• (vii) OY Benzlers AB, Finland
• (viii) Benzlers Italia s.r.l.

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 manaeerial personnel

• (i) Mr. Prayasvin B. Patel- Chairman and Managing Director
• (ii) Mr. Prashant C. Amin Executive Director
• (iii) Mr. Pradip M. Patel Director
• (iv) Mr. Jal Patel- Independent Director
• (v) Mr. Chirayu R Amin- Independent Director
• (vi) Mr. Jai S Diwanji- Independent Director
• (vii) Dr. Sonal V Ambani- Independent Director
• (viii) Mr. Kamlesh Shah (till March 7, 2020)- ChiefFinancial Officer
• (ix) Mr. Narasimhan Raghunathan (w.e.fMarch 8, 2020)- ChiefFinancial Officer

g) Relatives of Key managerial personnel

(i) Mr Aayush Shah (w.e.fFebruary 27, 2020)

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) Radkon Transmission (Australia) Pty Limited

Elecon Engineering Company Limited

B) Transactions during half year ended on 31st March, 2020 with Related Parties

(INR in Lakhs)
Particulars	Associates	KeyManagerialPersonnel	Relatives of Keymanagerialpersonnel	Entities formingpart of the sameGroup	Employement benefitplans
	2019-20	2019-20	2019-20	2019-20	2019-20
Purchase of material I finished goods	14.97	-	-	4,180.43	-
Job work income	0.53	-	-	16.00	-
Job work expenses paid	5.53	-	-	94.37	-
Sale of finished goods/ consumable stores	243.28	-	-	188.04	-
Purchase of property plant and equipment	-	-	-	10.18	-
Sales of property plant and equipment	-	-	-	7.50	-
Remuneration paid to key managerial personnel	-	308.01	0.50	-	-
Advances given to director	-	-	-	-	-
Other expenses charged from related parties	-	-	-	287.25	-
Other expenses charged by related parties	13.03	-	-	2,018.38	-
Sales and other commission expense	-	-	-	-	-
Commission income on bank guarantee	-	-	-	-	-
Interest expense on inter corporate deposit	-	-	-	-	-
[nterest Expenses	-	-	-	56.14	-
Corporate Guarantee Commission	-	-	-	75.21	-
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		-	-	-	64.61
Advances received back		-	-	-
Advances given	-	-	-	-	-
Outstanding balances
Trade payables	3.14	-	-	7,446.47	-
Trade receivables	160.75	-	-	1,223.63	-
Advances received	1.77	-	-	15.04	-
Advances given		-	-	3.75	-
Guarantees taken	-	-	-	2,17,400	-