KSK Power Ventur PLC Half Yearly Report -10-
November 28 2014 - 1:01AM
UK Regulatory
13. Related party transactions
Name of the Company Nature of relationship
------------------------------------- -----------------------
K&S Consulting Group Private Limited Group ultimate parent
(GUP)
Sayi Energy Ventur Limited Parent
------------------------------------- -----------------------
Key management personnel and their relatives (KMP):
Name of the party Nature of relationship
-------------------- -----------------------
T L Sankar Chairman
S Kishore Executive Director
K A Sastry Executive Director
S R Iyer Director
Vladimir Dlouhy Director
Abhay M Nalawade Director
Guy D Lafferty* Director
Keith N Henry Director
K. V. Krishnamurthy Director of parent
-------------------- -----------------------
-- Resigned with effect from 05 November 2014
Related party transactions during the period
The following table provides the total amount of transactions
that have been entered into with related parties and the
outstanding balances at the end of the relevant financial
period:
Particulars Consolidated Company
------------------- ---------------------------------------------------------- -----------------------------------------------------
30 September 2014 30 September 2013 30 September 30 September
2014 2013
------------------- ---------------------------- -------------------------------- -------------------
Joint Parent/GUP KMP Joint Parent/GUP KMP Subsidiaries Parent/GUP KMP Subsidiaries KMP
Venture Venture
------------------- --------- ----------- ---- --------- ----------- ---- ------------- ----------- ---- ------------- ----
Transactions(1,2)
Corporate support
services fees 53 - - 54 - - - - - - -
Interest income 372 - - 1,846 - - - - - - -
Interest expense - - - 10 - - - - - - -
Sale of material - - - 820 - - - - - - -
Capacity charges
paid 1,275 - - 403 - - - - - - -
Inter-corporate
deposits and
loans
given 15,619 - - 11,967 - - 36,290 - - 5,000 -
Inter-corporate
deposits and
loans
refunded (13,766) - - (10,851) - - - - - - -
Loan taken - - - 1,176 - - 38,649 - - 78 -
Repayment of loan - - - (329) - - - - - - -
taken
Refund of share
application money - 1,502 - - - - - 1,502 - - -
Managerial
remuneration
(3) - - 424 - - 280 - - 246 - 98
--------- ----------- ---- --------- ----------- ---- ------------- ----------- ---- ------------- ----
30 September 2014 30 September 2013 30 September 30 September
2014 2013
---------------------------- ---------------------------- -------------------------------- -------------------
Balances (1,2)
- -
- -
Interest - -
receivable 3,829 - - 3,695 - - - - - - -
- -
- -
- -
Interest payable 9 - - 9 - - - - - - -
Loans and inter -
corporate
deposits -
receivable 32,919 1,005 - 26,070 983 166,068 - -` 90,835 -
- -
- -
- -
Loans payable - - - 793 - - 37,524 - - 78 -
- -
- -
- -
Other receivable 581 - - 26 - - - - - - -
- -
- -
- -
Other payable 1,581 - - 378 - - - - - - -
Guarantees given 146 - - - - - 468,139 188,883 -
-
Managerial 87
remuneration - -
payable(3) - - 109 - - 73 - - - - 52
------------------- --------- ----------- ---- --------- ----------- ---- ------------- ----------- ---- ------------- ----
(1) The transactions with related parties are made at terms
equivalent to those that prevail in arm's length transactions.
Outstanding balances at the period end are unsecured,
interest-bearing in case of loans and inter-corporate deposits and
non-interest bearing in case of other loans and advances and
settlement occurs in cash. There have been no guarantees provided
or received for any related party receivables or payables. For the
period ended 30 September 2014, the Group has not recorded any
impairment of receivables relating to amounts owed by related
parties (30 September 2013: US $ Nil). This assessment is
undertaken each financial period through examining the financial
position of the related party and the market in which the related
party operates.
(2) The difference in the movement between the opening
outstanding balances, transactions during the period and closing
outstanding balances is on account of exchange adjustments and
conversion into equity.
(3) Remuneration is net of accrual towards Gratuity, a defined
benefit plan, which is managed for the Company as a whole. However,
the annual accrual of this liability towards key management
personnel is not expected to be significant. There are no other
long term benefits and termination benefits which are payable to
the key management personnel.
14. Commitments and contingencies
Capital commitments
As at 30 September 2014, the Group is committed to purchase
property, plant and equipment for US $ 1,658,940(31 March 2014: US
$ 1,589,164). In respect of its interest in joint ventures the
Group is committed to incur capital expenditure of US $ 1,120 (31
March 2014: US $ 1,153).
Guarantees
-- The Company has guaranteed the loans and non-fund based
facilities availed by subsidiaries to unrelated
parties for US $ 337,258 (31 March 2014: US $ 339,442) and
-- The Group guaranteed the performance of the joint ventures
under the power delivery agreements to unrelated parties. No
liability is expected to arise.
15. Financial Instruments
Carrying amounts versus fair values
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