Home  »  Company  »  EPIC Energy Ltd.  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of EPIC Energy Ltd.

Mar 31, 2014

The Members

Epic Energy Limited

The Directors take pleasure in presenting to you the Audited Annual Accounts for the year ended on 31st March, 2014.

FINANCIAL PERFORMANCE

31st March 2014 31st March 2013 Rupees Rupees

Gross Revenues 231,628,000 226,758,000

Gross Profit 48,919,000 52,562,819

Depreciation 13,163,000 15,332,000

Net Profit before Tax 38,18,517 4,007,609

Provision for Tax 1,025,000 801,522

Net Profit/(Loss) after Tax 2,793,517 3,206,087

Proposed Dividend - -

Dividend Tax - -

Profit Carried Forward 2,793,517 3,206,087



DIVIDEND

Your Directors do not recommend any dividend for the year. PERFORMANCE REVIEW

The company earned a Profit after Tax of Rs. 2,793,517 on a gross turnover of Rs. 231,628,000. During the current year, your company continued to lead the Energy Efficiency Market in the organized Sector. Your company added prestigious customers like State Bank of India, Jamunabai Narsee School, Konkan Railway Corporation, amongst many others

Your company''s Remote Energy Management System (REMS) wrapped around GSM and GPRS platforms continued to receive excellent customer response. Your company wishes to acknowledge the Bureau of Energy Efficiency''s continued efforts to promote energy efficiency in every walk of life, which has led to ESCOs gathering sufficient traction in the Indian Energy Market.

FUTURE OUTLOOK

The company continues to be a significant player in the Energy Efficiency and Renewable Energy industry. The Company continues to have alliances with accredited Energy Auditors which has enabled it to consolidate its position in the Energy Efficiency business segment. Your company''s Supply Side Management business continues to grow at a steady pace. Your Company''s competency in the EPC segment of the Solar Power Generation business is now well established and management expects sustained revenue to be generated from the segment.

SUBSIDIARIES

As required by the Companies Act, 1956, The Audited Accounts of the subsidiaries M/s. Hydragen Infrastructures Pvt. Ltd.& Green Energy Management Inc., USA., are appended to these Accounts.

DIRECTORS

Mr. V. Chandrasekhar''s terms as Executive Director expires at the forthcoming AGM. He does not wish to seek reappointment. The Board places on record its appreciation for his services.

AUDITORS

Members are requested to appoint Auditors for the current year

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND EXPENDITURE

The Company inflows or outflows during the year. Since the company did not own & operate any significant manufacturing facility that consumes significant power, during the year under report, the other particulars relating to conservation of energy and technology absorption stipulated in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

DIRECTOR''S RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors state that:

1. In the preparation of the accounts, the applicable accounting standards have been followed.

2. Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made, so as to give and true and fair view of the state of affairs of the company as on 31 st March, 2014, and for the profit of the company for the year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. The annual accounts of the company have been provided on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In accordance with the listing agreement, the Management Discussion and Analysis Report forms a part of this report.

ACKNOWLEDGEMENTS

Your Directors wish to thank all its employees, bankers and customers who have played a key role in helping the company progress on its chosen path. And last but not the least the Directors wish to thank all the members who have been a constant source of encouragement & support.

FOR EPICENERGY LIMITED

NIKHIL MORSAWALA CHAIRMAN

Place: Mumbai Date: 30th May, 2014


Mar 31, 2013

The Members of EPIC Energy Limited

The Directors take pleasure in presenting to you the Audited Annual Accounts for the year ended on 31 st March, 2013.

-INANCIAL PERFORMANCE

31 st March 2013 31st March 2012 Rupees Rupees

Gross Revenues 226,758,000 315,041,744

Gross Profit 52,562,819 70,760,846

Depreciation 15,332,000 16,352,007

Net Profit before Tax 4,007,609 12,966,273

Provision for Tax 801,522 2,593,244

Net ProfiV(Loss) after Tax 3,206,087 10,373,029

Proposed Dividend 50,33,625

Dividend Tax 855,716

Profit Carried Forward 3,206,087 4,483,688

DIVIDEND

Your Directors do not recommend any dividend for the year.

PERFORMANCE REVIEW

The company earned a Profit After Tax of Rs 3,206,087 on a gross turnover of Rs. 226,758,000. During the current year, to lead the Energy Efficiency Market in the organized sector. Your company continued to service prestigious customers like State Bank of India, Crompton Greaves Limited, Jamnabai Narsee School, Konkan Railway Corporation Your company''s Remote Energy Management Syatem [REMS] wrapped around GSM & GPRS platforms continued to receive excellent custoimer response. Your company wishes to acknowledge the Bureau of Energy Efficiency''s continued efforts to promote energy efficiency in every walk of life, which has led to ESCOs gathering sifficient traction in the Indian Energy Market.

Further recognition of your company''s successful Energy Savings efforts has come by way of your company being upgraded from Grade 3 to Grade 2 [indicating'' High'' ability to execute ESCO projects] by CRISIL under a rating program jointly undertaken by BEE - CRISIL.

Also your company has been registered as an approved consultant for setting up Solar Cities by the Ministry of New and Renewable Energy [MNRE] for its program of setting up Solar Cities across India. Your company expects to undertake at least one such program during the current year.

FUTURE OUTLOOK

The company continues to be a significant player in the Energy Efficiency and Renewable Energy industry. The company continues to have alliances with accredited Energy Auditors which has enabled to consolidate its positin in the Energy Efficiency business segment. Your company''s Supply Side Management business continues to grow at a steady pace.

SUBSIDIARIES

As required by the Companies Act, 1956, The Audited Accounts of the subsidiaries M/s. Hydragen Infrastructures Pvt. Ltd. & Green Energy Management Inc., USA. are available as per the requirements of the Companies Act, 1956.

DIRECTORS

Mr. Zubin Patel, Director of the Company retires by rotation and being eligible offer himself for reappointment. Your Directors recommend his appointment.

AUDITORS

Members are requested to appoint Auditors for the current year.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND EXPENDITURE

The company had no Foreign Exchange inflows or outflows during the year. Since the company did not own & operate any significant manufacturing facility that consumes significant power, during the year under report, the other particulars relating to conservation of energy and technology absorption stipulated in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

DIRECTORS'' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217 (2A A) of the Companies Act, 1956, your Directors state that:

1. In the preparation of the accounts, the applicable accounting standards have been followed.

2. Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made, so as to give and true and fair view of the state of affairs of the company as on 31 st March, 2013, and for the profit of the company for the year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. The annual accounts of the company have been provided on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In accordance with the listing agreement, the Management Discussion and Analysis Report forms a part of this report.

ACKNOWLEDGEMENTS

Your Directors wish to thank all its employees, bankers and customers who have played a key role in helping the company progress on its chosen path. And last but not the least the Directors wish to thank all the members who have been a constant source of encouragement and support.

FOR EPICENERGY LIMITED NIKHILMORSAWALA

CHAIRMAN

Place: Mumbai

Date: 30th May, 2013


Mar 31, 2010

The Directors take pleasure in presenting to you the Audited Annual Accounts for the year ended on 31 st March, 2010.

FINANCIAL PERFORMANCE

31st March 2010 31st March 2009 Rupees Rupees

Gross Revenues 28,04,04,614 26,29,59,000

Gross Profit 7,58,16,376 7,18,46,000

Depreciation 1,27,80,000 1,07,20,000

Net Profit before Tax 3,12,38,330 2,93,97,051

Provision for Tax 57,00,000 43,08,000

Net Profit/(Loss) after Tax 2,55,38,330 2,50,89,051

Proposed Dividend 50,33,625 50,33,625

Dividend Tax 8,55,716 855,716

Profit Carried Forward 1,96,48,989 19,199,710

DIVIDEND

Your Directors are pleased to recommend a dividend of 7.5 percent i.e. Re 0.75 per equity share of Rs.10 each on 67,11,500 shares. Total outflow on this account inclusive of Dividend Tax would be Rs. 5,889,341/-.

PERFORMANCE REVIEW

The company earned a Profit After Tax of Rs 2,55,38,330 on a gross turnover of Rs. 28,04,04,614. During the current year, your company continued to lead the Energy Efficiency Market in the organized sector. Your company added prestigious customers like Department of Posts, GOI, Bihar REDA, Uttarakhand REDA, Himachal Pradesh REDA, Punjab EDA, Rajasthan RECLand Hubli-Dharwad REDA.

Your companys Remote Energy Management System (REMS) wrapped around GSM and GPRS platforms continued to receive excellent customer response. Your company wishes to acknowledge the efforts of the Ministry of New & Renewable Energy (MNRE) and Bureau of Energy Efficiency (BEE) to promote the use of Renewable Energy and Energy Efficiency in every walk of life. Your company completed the commercial launch of the Madurai BOOT Project successfully. Your company also bagged three prestigious Solar City assignments of Amritsar, Ludhiana and Hubli- Dharwad.

FUTURE OUTLOOK

The Energy Efficiency market is expected to grow at a robust pace in the short to medium term. The introduction of tradable Renewable Energy Certificates is expected to give a substantial boost to the EE market.

The MNRE has also chalked out ambitious plans to grow the Solar market in India. Your company expects to make major inroads into this in the coming years, given the fact that the company is already executing EPC contracts in North America for more than 2MW of Solar Power.

SUBSIDIARIES

As required by the Companies Act, 1956, The Audited Accounts of the subsidiaries M/s. Hydragen Infrastructures Pvt. Ltd. & Green Energy Management Inc., USA. are appended to these Accounts.

DIRECTORS

Mr. Sanjay Gugale, Director of the Company retires by rotation and being eligible offer himself for reappointment. Your Directors recommend his appointment.

AUDITORS

Members are requested to appoint Auditors for the current year.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND EXPENDITURE

Total Foreign exchange earned by the Company during the year under review was Rs. 8,597,999/-. Total Foreign exchange outflow was Rs. 1,164,717/-.

Since the company did not own & operate any significant manufacturing facility that consumes significant power, during the year under report, the other particulars relating to conservation of energy and technology absorption stipulated in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors state that:

1. In the preparation of the accounts, the applicable accounting standards have been followed.

2. Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made, so as to give and true and fair view of the state of affairs of the company as on 31 st March, 2010, and for the profit of the company for the year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. The annual accounts of the company have been provided on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In accordance with the listing agreement, the Management Discussion and Analysis Report forms a part of this report.

ACKNOWLEDGEMENTS

Your Directors wish to thank all its employees, bankers and customers who have played a key role in helping the company progress on its chosen path. And last but not the least the Directors wish to thank all the members who have been a constant source of encouragement and support.

FOR EPICENERGY LIMITED

NIKHILMORSAWALA

CHAIRMAN

Place: Mumbai

Date: 14th August, 2010



 
Subscribe now to get personal finance updates in your inbox!