Mar 31, 2015
Dear Members,
The directors have pleasure in presenting 5th Annual report of the
Company together with the financial statements for the year ended 31st
March, 2015.
Financial Summary:
The financial highlights for the year under review are as follows:
(Amount in Rupees)
Year Ended Year Ended
PartlGularS 31.03.2015 31.03.2014
Sales - Net 4,12,71,545 4,43,68,280
Profit /(Loss) after Interest
& Depreciation (2,16,15,891) (65,79,040)
Current Tax - 72,809
Deferred Tax (60,21,955) (23,06,774)
Prof it /(Loss) after Tax (1,55,93,936) (43,45,075)
Less: Taxation Adjustments of
Previous Years (10,954) -
Add: Balance of Profit brought
from previous year 2,93,22,023 72,77,098
Profit available for Appropriation (1,26,72,867) (2,93,22,023)
APPROPRIATIONS
Equity Dividend Proposed (Final) - -
Dividend Distribution Tax (Final) - -
Transfer to General Reserve - -
Balance Carried Forward (1,26,72,867) (2,93,22,023)
Company's performance:
Your Company is engaged in generation of power.
During the year, the turnover was Rs. 41,271,545 /- as against Rs.
44,368,280 /- for the previous year. The loss before tax was Rs.
21,615,891/- as against Rs. 6,579,040/- for the previous year. No
transfer of profit to the General reserves under review.
Dividend:
The Board of Directors has not recommended any dividend for the
financial year. (Previous year: NIL).
Management Discussion & Analysis:
A detailed analysis on the performance of the industry, the Company,
internal control systems, risk management policy are provided in the
Management Discussion and Analysis report and form enclosed as Annexure
I.
Directors' responsibility statement:
In accordance with Section 134(5) of the Companies Act, 2013, your
Board of Directors confirms that:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the loss of the
company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Meetings of the Board:
During the year, Seven Board meetings were held under review.
Directors:
Mr.Sunil Kumar Singh was appointed as an Additional Director of the
company with effect from February 26, 2015.
Ms.R.Saraswathi was appointed as a women Additional Director of the
company with effect from March 31,2015.
Mr.R.Natarajan was appointed as the Chairman and Managing Director of
the Company effective from March 31,2015.
The Board seeks members' confirmation for appointment of
Ms.R.Saraswathi and Mr.Sunil Kumar Singh as directors and Mr.Natarajan
as the Chairman and Managing Director of the company at the ensuing AGM
of the company.
Mr.Vishal Bakshi resigned from the directorship effective from February
26, 2015.
Mr.Ravi Kumar Gupta resigned as Chairman and Managing Director of the
company effective from March 31, 2015. The Board places its
appreciation and thanks to Mr.Vishal Bakshi and Mr.Ravi Kumar Gupta for
the services rendered during their tenure.
All the Independent Directors have given the declarations pursuant to
Section 149(7) of the Act affirming that they meet the criteria of
independence as provided in sub section (6).
Key Managerial Personnel (KMP):
Mr.V.Kumar was appointed as Chief Financial Officer (CFO) of the
company effective from March 31,2015.
Particulars of employees and related disclosures:
In terms of the provisions of Section 197(12) of the Companies Act,
2013 read with Sub rules (1) to (3) of Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a
statement is enclosed in Annexure II.
Corporate governance:
Your Company is compliant with the Corporate Governance guidelines as
prescribed in Clause 49 of the Listing Agreement. Detailed report on
the compliance and a certificate by the Statutory Auditors forms part
of this report as Annexure III.
Auditors and Auditors' report:
M/s. Chaturvedi & Company, Chartered Accountants, Chennai, retires at
the ensuing AGM of the Company and M/s. S.K.Gulecha & Associates,
Chartered Accountants, Chennai be appointed as the Auditors of the
company.
There are no qualifications, reservation or adverse remark or
disclaimer made by the auditors in their report and thus the
explanations or comments by the Board does not arise.
Particulars of loans, guarantees or investments by the company:
Details of loans, guarantees and investments covered under Section 186
of the Companies Act, 2013 are given in the Notes to the financial
statements.
Particulars of contracts or arrangements with related parties:
Particulars of Contracts or Arrangements with Related Parties referred
to in Section 188(1) of the Companies Act, 2013 is furnished in
accordance with Rule 8(2) of the Companies (Accounts) Rules, 2014 in
Form AOC - 2 as Annexure - IV.
Material Changes and Commitments:
There were no material changes and commitments affecting the financial
position of the Company between the end of financial year (i.e.,March
31, 2015) and the date of the Report i.e., May 29, 2015).
Conservation of Energy, Technology absorption and Foreign Exchange
Earnings & Outgo:
The information relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo, as required under
section 134 (3) (m) of the companies Act,2013, read with the Companies
(Accounts) Rules,2014, is given in Annexure V and forms part of this
Report.
Annual return:
The details forming part of the extract of the Annual Return in form
MGT-9 is enclosed and marked as Annexure VI.
Remuneration policy:
The remuneration policy of the company is provided in the corporate
Governance report that forms an integral part of this report.
Secretarial Audit:
M/s.S.Dhanapal Associates, a firm of Company Secretaries, Chennai had
been engaged for the services of Secretarial audit for the financial
year 2014-15 pursuant to Section 204 of the Companies Act,2013 read
with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules 2014. The Secretarial audit report in FORM
No.MR-3 is enclosed in Annexure VII. The company is taking necessary
steps to comply.
Vigil Mechanism / Whistle Blower Policy:
The company has established a vigil mechanism for directors and
employees to report genuine concerns pursuant to section 177 of the
Companies Act,2013 read with Rule 7 of the Companies (Meetings of Board
and its Powers) Rules 2014 and clause 49 of the Listing Agreement.
Deposits:
During the year under review, your Company has not accepted any
deposits.
Significant and material orders impacting the company:
There are no significant and material orders passed by the Regulators
or Courts or Tribunals which would impact the going concern status of
the Company.
Board evaluation:
An evaluation on the performance of the Board is provided in the
corporate governance report that forms an integral part of this report.
Corporate social responsibility (CSR):
The company is not covered under section 135 of the Companies Act,2013
and formulation of CSR policy and constitution of a CSR committee did
not arise.
CEO/ CFO certification:
Mr.R. Natarajan, Chairman and Managing Director and Mr.V. Kumar, Chief
Financial Officer have certified to the Board in terms of under the
Listing Agreement.
Acknowledgement:
Your directors place on record their great appreciation of the fine
efforts of all Executives and Employees of the Company. Your directors
also express their sincere thanks to various Departments of Central
Government, Government of Tamilnadu, TNEB, State Bank of India, the
Customers, shareholders and other stakeholders for continuing support
and encouragement.
Place: Chennai For and on behalf of the Board of Directors
Date: May 29, 2015
R. Natarajan.
Chairman & Managing Director
Mar 31, 2014
Dear Shareholders,
The Directors have pleasure in presenting the 4th Annual Report
together with the Audited Accounts for the financial year ended 31st
March 2014.
FINANCIAL HIGHLIGHTS :
The summarized Financial Results for the year ended 31st March 2014 and
for the previous financial year ended 31st March 2013 are as under:
(Amount in Rs.)
PARTICULARS Year Ended Year Ended
31.03.2014 31.03.2013
Revenue from Operations 44,368,280 62,269,625
Other Income 3,572,659 -
Total Revenue 47,940,939 62,269,625
Total Expenses 54,519,979 61,484,508
Profit after Interest & Depreciation(6,579,040) 785,117
Current Tax 72,809 149,604
Deferred Tax (2,306,774) 1,055,041
Profit after Tax (4,345,075) (419,528)
Add: Taxation Adjustments of
Previous Years - -
Add: Balance of Profit brought
from previous year - -
Profit available for Appropriation - -
APPROPRIATIONS
Equity Dividend Proposed (Final) - -
Dividend Distribution Ta x (Final) - -
Transfer to General Reserve - -
Balance Carried Forward - -
LISTING OF SHARES:
The Company has obtained an In-principle approval for listing of shares
at Bombay Stock Exchange, Mumbai [BSE]. Securities Exchange Board of
India (SEBI) also granted a relaxation of Rule 19(2)(b) of Securities
Contract (Regulation) Rules, 1957. BSE''s approval for trading is
pending.
DIVIDEND:
During the year, the Board of Directors has not recommended any
dividend.
AUDITORS REPORT :
The observations made in the Auditors'' Report and Notes on accounts are
self-explanatory and do not require any further explanations.
FIXED DEPOSITS :
The Company has not accepted any deposit during the year.
DIRECTORS :
There is no change in directorship.
AUDITORS:
The term of office of M/s. CHATURVEDI & COMPANY, Chartered Accountants,
Chennai as Statutory Auditors of the Company will expire with the
conclusion of 4th Annual General Meeting of the Company and the
Auditors are eligible for appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Particulars with respect to Conservation of Energy, Technology
absorption and Foreign Exchange Earnings and Outgo as required under
section 217 (1) (e) of the companies Act,1956 read with Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in the Annexure I.
PARTICULARS OF EMPLOYEES:
In accordance with the provisions of section 217(2A) read with
Companies (Particulars of Employees) Rules, 1975, the names and other
particulars of employees are to be set out in the Directors Report, as
an addendum thereto. However, as per the provisions of Section
219(1)(b)(iv) of the Companies Act,1956, the Report and accounts as
therein set out, are being sent to all members of the Company excluding
the aforesaid information about the employees. Any member, who is
interested in obtaining such particulars about employees, may write to
the Company at the Registered Office of the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to requirements under Section 217 (2AA) of the Companies Act,
1956 with respect to
Directors Responsibility Statement, it is hereby confirmed that:
i) the applicable accounting standards have been followed in
preparation of annual accounts for financial year ended 31st March,
2014 and proper explanations have been furnished relating to material
departures;
ii) the accounting policies have been selected and applied consistently
and reasonably and prudent judgments and estimates have been made so as
to give a true and fair view of state of affairs of the Company at end
of financial year and of loss of the Company for year under review;
iii) the proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956 for safeguarding assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv) the annual accounts for financial year ended 31st March 2014 have
been prepared on a going concern basis.
CORPORATE GOVERNANCE :
The Company has voluntarily established the various Clauses mandated in
the Listing Agreement. Being the Company is in the process of Listing,
the required disclosures of the Listing Agreement are not provided
together with this report.
DEMATERIALISATION OF SHARES:
The company has entered into an agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) for
dematerialization of the Company''s shares. Members are requested to
hold their shares in demat form since it will help in easy trading in
shares even though they are informed that holding of shares in demat
form is not compulsory but only optional.
PERSONNEL:
Personnel relations with all employees remained cordial & harmonious
throughout the year.
ACKNOWLEDGEMENT:
Your Directors place on record their great appreciation of the fine
efforts of all Executives and Employees of the Company which was
instrumental in achieving the financial results in a difficult year.
Your Directors also express their sincere thanks to various Departments
of Central Government, Government of Tamilnadu, TNEB, State Bank of
India, the Customers, the Shareholders and other stakeholders for their
support and assistance during the year and look forward their
continuing support and encouragement in future.
For and on behalf of Board of Directors,
Date : 04.08.2014 RAVI KUMAR GUPTA
Place : Chennai Chairman & Managing Director
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in presenting the 3rd Annual Report
together with the Audited Accounts for the financial year ended 31st
March 2013.
FINANCIAL HIGHLIGHTS:
The summarized Financial Results for the year ended 31st March 2013 and
for the previous financial year ended 31st March 2012 are as under:
(Rs. in Lakhs)
PARTICULARS Year Ended Year Ended
31.03.2013 31.03.2012
Revenue from Operations 622.69 -
Total Revenue 622.69 -
totalal Expenses 614.84 -
Profit after Interest & Depreciation 7.85 (0.17)
Provision for Tax 1.49 -
Deferred Tax 10.55 -
profit after Tax (4.19) (0.17)
Add: Taxation Adjustments of Previous Years - -
Add: Balance of Profit brought from
previous year - -
Profit available for Appropriation -
APPROPRIATIONS
Equity Dividend Proposed (Final) - -
Dividend Distribution Tax (Final) - -
Transfer to General Reserve - -
Balance Carried Forward - -
SCHEME OF ARRANGEMENT:
The Honourable High Court of Judicature at Madras vide its Order dated
04.01.2013 sanctioned the Scheme of Arrangement between Kanishk Steel
Industries Limited ("Demerged Company"), Gita Renewable Energy Limited
("the Company" or "First Resulting Company") Chennai Ferrous Industries
Limited ("Second Resulting Company") and their respective Shareholders
under Section 391 to 394 of Companies Act, 1956 ("the Scheme").
Pursuant to the Scheme, the Power Division of Kanishk Steel Industries
Limited has been vested with the Company, as a going concern basis. The
Scheme became effect on 28.02.2013.
The Demerged Company fixed 05.04.2013 as Record date for ascertaining
its Members who would be entitled to receive the shares as mentioned
below:
- 1 (one) equity share in Gita Renewable Energy Limited of face value
of Rs.10/- each as fully paid up for 7 (Seven) equity shares of
Rs.10/- each fully paid up held in the Demerged Company;
Accordingly, the Board of Directors of the Company allotted 4062296
numbers of Equity Shares of Rs.10/- each fully paid up on 19.04.2013
pursuant to scheme. The cost of acquisition of Equity Shares in the
Demerged Company and Resulting companies has been apportioned as
follows: Kanishk Steel Industries Limited: 36.36%; Gita Renewable
Energy Limited: 34.80% and Chennai Ferrous Industries Limited : 28.85%.
LISTING OF SHARES:
The Company has filed an application seeking listing of shares at
Bombay Stock Exchange, Mumbai (BSE). Approval from BSE is expected
shortly.
The information Memorandum filed with BSE is available in the Company''s
website www.gitarenewable.com DIVIDEND:
Your Board of Directors has not declared any dividend for the year.
DIRECTORS:
During the year 2012-13, there is no change in directorship, under
review. Mr.Ravi Kumar Gupta was designated as Chairman and Managing
Director of the Company on 03.06.2013 and the Board of Directors seeks
Members'' ratification at the ensuing Annual General Meeting.
Mr.Vishal Bakshi and Mr.C.K.Sharma were appointed as Additional
Directors on 03.06.2013 and they are proposed to appoint as Directors
of the Company at the ensuing Annual General Meeting.
Mr.Rajesh Kumar Gupta and Ms.Avantika Gupta resigned as Directors of
the Company on 03-06-2013. The Board expresses its sincere thanks and
appreciation for their services during their tenure.
AUDITORS'' REPORT:
The observations made in the Auditors'' Report and Notes on accounts are
self-explanatory and do not require any further explanations.
FIXED DEPOSITS:
The Company has not accepted any deposit during the year.
AUDITORS:
M/s.CHATURVEDI & COMPANY, Chartered Accountants, Chennai retire at the
conclusion of the ensuing Annual General Meeting and they are eligible
for reappointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Particulars with respect to Conservation of Energy, Technology
absorption and Foreign Exchange Earnings and Outgo as required under
section 217 (1) (e) of the companies Act,1956 read with Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 are given in the Annexure I and form part of this report.
PARTICULARS OF EMPLOYEES:
For the year 2012-13 under review, the information required as per
section 217(2A) of the Companies Act,1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended, about the
particulars of employees is not provided as there are no employee who
are in receipt of remuneration of more than Sixty lakhs rupees per
financial year and Five Lakhs rupees per month.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to requirements under Section 217 (2AA) of the Companies Act,
1956 with respect to Directors Responsibility Statement, it is hereby
confirmed that:
(i) the applicable accounting standards have been followed in
preparation of annual accounts for financial year ended 31st March,
2013 and proper explanations have been furnished relating to material
departures;
(ii) the accounting policies have been selected and applied
consistently and reasonably and prudent judgments and estimates have
been made so as to give a true and fair view of state of affairs of the
Company at end of financial year and of loss of the Company for year
under review;
(iii) the proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956 for safeguarding assets of the Company and for
preventing and detecting fraud and other irregularities; and
(iv) the annual accounts for financial year ended 31st March 2013 have
been prepared on a going concern basis.
DEMATERIALISATION OF SHARES:
The company has entered into an agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) for
dematerialization of the Company''s shares. Members are requested to
hold their shares in demat form since it will help for easy trading of
shares. Holding of shares in demat form is not compulsory but only
optional.
PERSONNEL:
Personnel relations with all employees remained cordial & harmonious
throughout the year under review. Your Directors wish to place on
record their deep appreciation to the efficient and loyal services
rendered by all staffs and workman of the company.
ACKNOWLEDGEMENT:
Your Directors place on record their great appreciation of the fine
efforts of all Executives and Employees of the Company. The Directors
also express their sincere thanks to various Departments of Central
Government, Government of Tamilnadu, TNEB, State Bank of India, State
Bank of Patiala, Corporation Bank and other commercial Banks, the
Customers, Shareholders and investors for their unstinted support and
assistance during the year and look forward to their continuous support
assistance and encouragement in future.
For and on behalf of Board of Directors
of Gita Renewable Energy Limited,
Date : 6th August, 2013 RAVI KUMAR GUPTA
Place: Chennai Chairman and Managing Director
Mar 31, 2012
Dear Shareholders,
The Directors take pleasure in presenting the 2nd Annual Report of the
Company together with the Audited accounts for the year ended 31st
March 2012.
BUSINESS ACTIVITY
The Company is to carry on the business of Power Generation from
Renewable sources.
CORPORATE RESTRUCTURING THROUGH SCHEME OF ARRANGEMENT:
The Company has filed its petition and looks forward to obtain the
sanction of Hon''ble High Court of Judicature at Madras to the SCHEME OF
ARRANGEMENT between Kanishk Steel Industries Limited ("Demerged
Company"), Gita Renewable Energy Limited ("First Resulting Company ")
and Chennai Ferrous Industries Limited ("Second Resulting Company") and
their respective Shareholders under Section 391 to 394 of Companies
Act, 1956.
DEPOSIT:
The Company has not accepted any deposits during the year.
DIRECTORS RESPONSIBILITY STATEMENT:
In terms of Section 217(2AA) of the Companies Act 1956, the Directors
confirm that:
i. In the preparation of Annual Accounts for the year ended March 31st
2012, the applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
ii. The Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at 31st March 2012;
iii. The Directors had taken proper and sufficient care 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 fraud and other
irregularities;
iv. The Directors had prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo, as required under
section 217(1)(e) of the companies Act,1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988, is given in Annexure-I and forms part of this Report.
PARTICULARS OF EMPLOYEES:
In accordance with the provisions of section 217(2A) read with
Companies (Particulars of Employees) Rules, 1975, the names and other
particulars of employees are to be set out in the Directors Report, as
an addendum thereto. However, as per the provisions of Section 219(1
)(b)(iv) of the Companies Act, 1956, the Report and accounts as therein
set out, are being sent to all members of the Company excluding the
aforesaid information about the employees. Any member, who is
interested in obtaining such particulars about employees, may write to
the Company at the Registered Office of the Company.
AUDITORS:
M/s. CHATURVEDI & COMPANY, Chartered Accountants, [Firm Registration
No: 302137E], Chennai, hold office till the conclusion of the ensuing
Annual General Meeting and they are eligible for reappointment.
DIRECTORS:
The Board of Directors at their meeting held on 31.03.2012, appointed
Ms.Avantika Gupta as an additional Director of your company pursuant to
Section 260 of the Companies Act, 1956. Ms.Avantika Gupta holds office
upto the date of this Annual General Meeting and is proposed to be
appointed as Director at this Annual General Meeting.
Mr. Arvind Gupta resigned from Directorship effective from 31.03.2012.
The Board places on record the invaluable services rendered by Mr.
Arvind Gupta during his tenure as a Director of the Company.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to offer their sincere thanks to
various Departments of Central Government, Government of Tamilnadu,
TNEB, Bankers, Customers, Shareholders, investors & all other business
associates for their unstinted support and assistance and look forward
to their continuing support and encouragement.
For and on behalf of Board of Directors
Date: 25.072012 RAJESH KUMAR GUPTA RAVI KUMAR GUPTA
Place: Chennai Director Director
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