| To the Members of National Wind Power Corporation Limited.
The Directors have pleasure in presenting the Twentieth Annual Report
together with Audited Accounts of your Company for the year ended 31
st March. 2014,
FINANCIAL HIGHLIGHTS:
Particulars Rs In Lakhs
31-03-2014 31-03-2013
Income from operation - -
Other Income - -
Operating Expenses 1.02 4.05
Erosion & obsolensence of Assets - -
Depreciation - -
Profit / (Loss) before Tax (1.02) (4.05)
Provision for taxation - -
Profit / (Loss) after Tax (1-02) (4.05)
Balance brought forward from previous year (5696.43) (5692.38)
Transfer from General Reserve - -
Profit/(Loss) carried forward to Balance Sheet (5697.45) (5696.43)
OPERATIONS/PERFORMANCE:
As the Company could not generate any income from operation during the
year under review the revenue during the year is nil. The Company
continues to explore possibilities of business relating to
non-conventional energy in line with the present main objects of the
Company.
DIVIDEND:
The Directors do not recommend Dividend for the year ended 31st March
2014. in view of the accumulated losses incurred by the Company.
DIRECTORATE
Mr. Tirupathi Kumar, Director (DIN: 00126699) retires by rotation at
the forthcoming Annual General Meeting and being eligible offers
himself for re-appointment to the Board.
AUDITORS
Mr. M. Dinesh Kumar & Co., Chartered Accountant. Auditor of the Company
has expressed his inability to continue as a Auditor of the company.
Mr.A.Nageswaran has given his consent to act as a Auditor of the
company if appointed and also certificate in terms of Section-139 of
the companies act 2013 has been obtained by the company . Thereofore
the Board recommends the appointment of Mr.A.Nageswaran , Chartered
Accountant. Coimbatore as Statutory Auditor.
REMARKS ON AUDITOR'S QUALIFICATIONS
With regard to para 4(g) of Auditor's report and point no.II.2 in
Note-7. The Company has counter claim on creditors as well as
additional claims realiasable due to delay in payments etc., and such
claims are being progressed for reconciliation. Hence, the confirmation
of Balances have not been obtained. However, it may be noted that after
due reconciliation is over, the assets and liabilities of your Company
will not have any material change on the financials of your Company.
The Audit Committee of the Board reviews the quarterly and annual
financial statements before submission to the Board, the internal audit
function, internal controls and other related matters. The Company
will be putting in place a formal internal Audit system on commencement
of business transactions relating to new objects of the Company.
DIRECTOR'S RESPONSIBILITY STATEMENT
In compliance with Section 217(2AA) of the Companies Act, 1956, the
Directors confirm that
- in the preparation of annual accounts the applicable Accounting
Standards have been followed, along with proper explanation wherever
necessary.
- the Accounting Policies selected and applied on aconsistent basis,
give atrue and fair view ot'the affairs of the Company and of the Loss
for the finanical year.
- proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaid Act for safeguarding the assets of the Company, and for
prevention and detection of fraud and other irregularities;
- the Annual Accounts have been prepared on a going concern basis.
PARTICULARS OF EMPLOYEES
No employee of the Company was paid remuneration in excess of limits
prescribed under Section 217(2 A) of the Companies Act, 1956, read with
the relevant rules as amended.
CORPORATE GOVERNANCE
A detailed report on this subject forms part of this Report.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits as defined under
section 58A/58AA of the Companies Act, 1956. from the public during the
year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO :
Since the Company did not operate during the year, the conservation of
energy, technology absorption and foreign exchange earings & outgo had
been nil.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
co-operation that they have received during the year from all
concerned, including its Employees.
For and on behalf of the Board of
National Wind Power Corporation Limited
Rajkumar
Director
Place: Chennai
Date: 30-07-2014
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