| Dear Members,
The Directors are pleased to present their 71st Annual Report together
with audited account statement for the year ended on the 31st March,
2014.
1. BUSINESS ACTIVITY:
The Company's financial result for the year ended on the 31st March,
2014 is as under:
Current Year Previous Year
Particulars (in Rs. lacs) (in Rs. lacs)
Revenue from Operations - 249.74
Other Income 0.20 -
Total Revenue 0.20 249.74
Depreciation and Amortization Expense 1.25 0.10
Finance cost 7.38 55.03
Other Expense 64.60 169.10
Employee benefits expense 2.64 5.34
Total Expense 75.87 229.57
Profit/(Loss) before Exceptional items (75.66) 20.17
Exceptional items 118.57 (133.33)
Profit/(Loss) Before Tax Tax Expenses 42.91 (113.16)
a. Provision for Income Tax 168.24 -
b. Deferred Tax
Assets/Liabilities/MAT Credit (0.18) 0.05
c. Fringe Benefit Tax - -
Profit/(Loss) after tax (125.16) (113.21)
Profit/(Loss) brought forward
from previous year (s)
Balance carried to the Balance Sheet (125.16) (113.21)
2. DIVIDEND:
Your directors do not recommend any dividend for the financial year
2013-14.
3. OPERATIONS:
During the year under review, your company has recorded total income of
Rs. 0.20 lacs with a loss of Rs. 125.16 lacs. In the first quarter of
next financial year i.e 30/06/2014 the company has completed the stake
sale in M/S Euro Solar Power Pvt. Ltd. for a Net Sale consideration of
Rs. 7.875 Cr. The amount is receivable in stages and last payment to be
received in December 2014. The company proposes to repay all its
statutory liabilities, repay loans and further expand the solar power
development, solely or in joint venture, on the balance vacant land of
around 70 acres adjacent to the existing plot.
4. AUDITORS AND THEIR REPORT
M/s D.B. Bhanushali, Chartered Accountants, the auditors of the company
are retiring at the conclusion of the ensuing Annual General Meeting of
the company and being eligible offer themselves for reappointment as
Auditors. The Company has received certificate to the effect that their
appointment, if made, would be within the limit prescribed under
Section 141 (3) of the Companies Act, 2013.
The Auditor's Report is self-explanatory and needs no clarification.
5. PARTICULARS OF EMPLOYEES
During the year under review, the Company did not have any employee
attracting provisions of Section 134 (3) (e) of the Companies Act,
2013.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The company is into Renewable energy, mainly Solar power generation,
hence the disclosures under Section 217 (1) (e) of the Companies Act.
1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988, are not applicable.
Foreign Exchange Earnings/Outgoings
There were no foreign exchange earnings during the year were Rs. 0/-
and outgoings Rs. 0/-.
7. INVESTOR RELATIONS:
Your company continues to provide prompt investor service through quick
resolution of investor grievances. Your company has designated an
exclusive email id investor@cpec.in to enable the investors to post
their grievances and the company to monitor its redressal. The company
is also registered at the SCORES website of SEBI, where we take regular
updates on any grievance posted, which so far has been 2 received and 2
resolved and hence, NIL outstanding. The company has paid Annual
Listing fees to the Stock Exchange for the financial year 2013-14.
8. FIXED DEPOSITS:
Your Company has not accepted any public deposits within the meaning of
the provisions of Section 73(1) of the Act read with the Companies Act
(Acceptance of Deposits) Rules, 1975. Therefore, no amount on account
of principal or interest on Public Deposits was outstanding as on the
Date of the Balance Sheet.
9. DIRECTORS:
The Board of Directors is duly constituted and there has been no change
during the financial year under consideration. Mr. Riyaz Shamji,
Director, retiring at the ensuing Annual General Meeting, being
eligible offers himself for re-appointment.
10. COMPLIANCE CERTIFICATE
The Compliance Certificate under Section 383A of the Act, and Rule 3 of
the Companies (Compliance Certificate) Rules, 2001 is issued by SRM &
Co., Practicing Company Secretary and forms part of this Report.
11. JOINT VENTURE AND SUBSIDIARIES
During the year under review, Moulik Impex Private Limited is the only
subsidiary of the Company and hence reporting under the provisions of
Section 129(3) of the Companies Act, 2013, (the Accounts and other
information of the subsidiaries) is required.
12 DIRECTORS' RESPONSIBILITY STATEMENT:
As required under the provisions of section 134(5), of the Companies
Act, 2013, your Directors state that:
1. In preparation of Annual Accounts the applicable accounting
standards have been followed along with proper explanation relating to
material departure therefrom.
2. They had selected such accounting policies and applied them
constantly 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 that of profit of the
company for that period.
3. They had taken proper and sufficient care of maintenance of adequate
accounting records so as to safeguard the company's assets and to
detect fraud and irregularities.
4. They have prepared the annual accounts of the company on a going
concern basis.
13. ACKNOWLEDGEMENT:
The Board wishes to express their sincere gratitude for the continued
co-operation, encouragement and support extended by the shareholders
and bankers of the company. The Board also wishes to express their deep
appreciation of the dedicated services of the officers, staff of the
company.
For & on behalf of the Board of Directors
Place: Mumbai Shernaz H. Master
Date : 08th August 2014 Director | 