National Wind Power Corporation Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2014

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