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Elecon Engineering Co.Ltd. Regulatory Filings 2021
63235_rns_2021-06-17_eeaaea31-8992-4d28-a714-3513bceb0c22.pdf
Regulatory Filings
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Date: 17th June, 2021
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 3Jst March, 2021
- 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 a consolidated basis (both Standalone and Consolidated basis) for the half year ended on 3151 March, 2021, 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,
Bharti ~ Isarani
Company Secretary & Compliance Officer
Encl.: As above
Gearing industries. Gearing economies.
ELECON ENGINEERING COMPANY LIMITED, Anand· Sojilra Road, Vallabh Vidyanagar • 388120, Gujarat, India. Tel.: +91-2692-238701 , 238702. Fax: +91-2692-227484. CIN L29100GJ1960PLC001082 I [email protected] I www.elecon.com
Elecon Engineering Company Limited
As per the Ind AS-24 Related Party Disclosure of the Company for the half year ended on 31st March, 2021 are as follows:
Related party disclosure
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 group: 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, Gennany
- (vi) Benzlers TBA B.V, Netherlands
- (vii) OY Benzlers AB, Finland
- (viii) Benzlers Italia s.r.I., 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 Eiecon Australia Pty. Limited, Elecon Africa Pty. Limited and Eiecon 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.
l) Key managerial personnel
- (i) Mr Prayasvin B. Patel Chainnan and Managing Director
- (ii) Mr Prashant C. A min Executive Director (till 31 May 2020)
- (iii) Mr Prashant C. Amin- Non-Executive Director (w.e.f I June 2020)
- (iv) Mr Pradip M. Patel -Director
- (v) Mr Jal Patel Independent Director
- (vi) Mr Chirayu R A min Independent Director (till I 0 August 2020)
- vii1 Mdai S=t:>iwanji~Indepentlent=Director
- (viii) Dr. Sonal V Ambani Independent Director
- (ix) Mr Narasimhan Raghunathan (w.e. f 8 March 2020) Chief Financial Officer
- (x) Mr Kamlesh Shah (till 7 March 2020)- Chief financial Officer
g) Relatives of Key managerial personnel
(i) Mr Aayush Shah (w.e.f 27 February 2020 till 21 December 2020)
h) Entities forming part of the same Group (with whom transactions undertaken during the current year or previous year)
- (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
| ~ |
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B)(i) Related Parties Transactions on Standalone Basis during the half year ended on 31st March, 2021
(INR in Lakhs)
| Particulars | Associate | Subsidiaries | Key Managerial Personnel |
Relatives of Key managerial personnel |
Entities forming part of the same group |
Employme nt benefit plans |
|---|---|---|---|---|---|---|
| Purchase of materi al I finished goods |
21.77 | 16.99 | - | - | 2,069.40 | - |
| Miscellaneous income | 4.51 | - | - | - | 17.47 | - |
| Erection and other charges | 13.80 | - | - | - | 85.95 | - |
| Sale of fi nished goods/ consumable stores |
241 .38 |
4,709.39 | - | - | 254.45 | - |
| Purchase of property plant and equipment | - | - | - | - | - | - |
| Sales of property plant and equipment | - | - | - | - | 61.74 | - |
| Remuneration paid key managerial personnel | - | - | 301.12 | 8.32 | - | - |
| Other expenses charged from re lated parties |
5.94 | 62.83 | - | - | 115.25 | - |
| Other expenses charged by related parties | 16.85 | 133.36 | - | - | 1,662.35 | - |
| Sales and other commission expense | - | 69.63 | - | - | 50.00 | - |
| Commission income on bank guarantee | - | - | - | - | - | - |
| Interest on above deposits I loans I advances | - | 23.00 | - | - | - | - |
| Sundry balances written off | - | 69.46 | - | - | - | - |
| Corporate Guarantee Commission | - | 48.35 | - | - | - | - |
| Dividend income | - | 296.75 | - | - | - | - |
| Contribution made to post employment defined plans | ||||||
| trust | - | - | - | - | - | 19.64 |
| Outstanding balances | - | - | - | - | - | - |
| Trade payables | 13.03 | 235. I 1 | - | - | 1,360.41 | - |
| Trade receivables | 30.34 | 258.80 | - | - | 257.97 | - |
| Advance received | - | 2,275.03 | - | - | - | ·-- - ': ·.· |
| Loan payable | - | 881.53 | - | - | - | Gc f} |
| Guarantee taken | - | - | 2,17,400.00 | 0 | ||
| Guarantee given | - | 35, I 20.86 | - | - | - | v . 1\1. f= <e w :1. R</e |
~-<~~ ---~ f ... ·/ • . . .II
Elecon Engineering Company Limited
B)(ii) Related Parties Transactions on Consolidated Basis during the half year ended on 31st March, 2021
| (INR in La l <hs)< th=""></hs)<> | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Particulars | Associates | Key Managerial Personnel |
managerial personnel |
Relatives of Key Entities forming Employeme part of the same Group |
nt benefit plans |
||||
| Purchase of material I finished goods | 43.66 | - | - | 4,159.81 | - | ||||
| Miscellaneous income | 4.51 | - | - | 17.47 | - | ||||
| Erection and other charges | 13.80 | - | - | 85.95 | - | ||||
| Sale of finished goods/ consumable stores | 241.38 | - | - | 618.65 | - | ||||
| Purchase of property plant and equipment | - | - | - | - | - | ||||
| Sales of property plant and equipment | - | - | - | 61.74 | - | ||||
| Remuneration paid | - | 301.11 | 8.32 | - | - | ||||
| Advances given to director | - | - | - | - | - | ||||
| Other expenses charged from related parties | 5.94 | - | - | 118.23 | - | ||||
| Other expenses charged by related parties | 16.85 | - | - | I ,713.75 | - | ||||
| Sales and other commission expense | - | - | - | 50.00 | - | ||||
| Commission income on bank guarantee | - | - | - | - | - | ||||
| Interest expense on inter corporate deposit | - | - | - | - | - | ||||
| Interest Expenses | - | - | - | 43.62 | - | ||||
| 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 | - | - | - | - | 167.31 | ||||
| Advances received back | - | - | - | - | - | ||||
| Advances given | - | - | - | - | - | ||||
| Outstanding balances | |||||||||
| Trade payables | 17.38 | - | - | 7,296.64 | - | ||||
| Trade receivables | - | - | - | 1,369.08 | - | ||||
| Advances received | - | - | - | - | - | ||||
| Advances given | - | - | - | - | - | ||||
| Guarantees taken | - | - | - | 2,17,400.00 | - |
