Annual Report - ReNew Power · PDF fileKotak Mahindra Bank Standard ... The Directors hereby present the First Annual Report along with Audited statements of accounts for the Financial

Annual Report

2012-13

RENEW WIND ENERGY (JATH) PRIVATE LIMITED

Reference Information

Registered Office: 138, Ansal Chambers II, Bikaji Cama Place, New Delhi-110066

Corporate office:

DLF Corporate Park, Tower 4A,

6th Floor, MG Road, Gurgaon, Haryana

Date of Incorporation: 21th May, 2012

Statutory Auditors: M/S. Jayant and Associates,

Chartered Accountants

Bankers: Kotak Mahindra Bank

Standard Chartered Yes Bank Limited

Corporate Office: DLF Corporate Park, 6th Floor, Tower 4A, Mehrauli Gurgaon Road, Gurgaon - 122002

Redg. Office: 138, Ansal Chambers II, Bikali Cama Place, New Delhi – 110066. Phone: - +91 124 4896 670

NOTICE

NOTICE is hereby given that the First Annual General Meeting of the Company will be held at Registered Office of the Company on 30th September, 2013, at 3.00 P.M. to transact the following business: 1. To receive, consider and adopt the Balance Sheet as on 31st March 2013 and Profit and Loss Account

for the year ended on that date and the Director’s Report and Auditor’s Report thereon.

2. To appoint Auditors to hold from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company and to fix their remuneration.

BY ORDER OF THE BOARD

DIRECTOR Place: Gurgaon Date: 28th September, 2013 Notes: 1. A MEMBER ENTITLED TO ATTEND THE MEETING IS ENTITLED TO APPOINT A

PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER.

2. THE PROXY FORMS DULY COMPLETED SHOULD REACH THE REGISTERED OFFICE

OF THE COMPANY AT LEAST 48 HOURS BEFORE THE TIME FIXED FOR COMMENCEMENT OF THE ANNUAL GENERAL MEETING.

0

RENEW WIND ENERGY (JATH) PRIVATE LIMITED

DIRECTORS’ REPORT

To, The Members, The Directors hereby present the First Annual Report along with Audited statements of accounts for the Financial Year ended March 31, 2013. OPERATIONS This was the First financial year of the Company’s operations. During the year the Company was in process of setting up, developing and commissioning its wind power project named Jath in the state of Maharashtra, having total capacity of 84.65 MW. The project is now fully commissioned as on August 31, 2013 and 79.55 MW is operational. (Rs. in Thousands rounded up)

Particulars 2012-2013

Gross Income 80965.98

Expenditure 12882.50

Profit/(loss) before Interest, Tax, Depreciation & Amortization

68083.48

Depreciation & Amortization 44537.28

Finance Cost 24612.09

Tax 427.42

Profit/(loss) after Tax (1493.27)

DIRECTORS During the year under review, following is the composition of the Board of Directors: Sr. No. Name of the Director Designation

1. Mr. Sumant Sinha Chairman

2. Mr. Parag Sharma Director

3. Mr. Ankur Sahu Director

4. Mr. Harsh Nanda Director

1

HOLDING SUBSIDIARY RELATIONSHIP The Company was incorporated as a subsidiary of ReNew Power Ventures Pvt. Ltd. (formally known as ReNew Wind Power Pvt. Ltd.) on 21th May, 2012. Further, the Company does not have any subsidiary. DIVIDEND No dividend is being recommended by the Board of your company. DIRECTORS’ RESPONSIBILITY STATEMENT Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors hereby confirm that: a) In the preparation of the Annual Accounts, the applicable accounting standards have

been followed and that there are no material departures from the same; b) They have 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, 2013 and of the loss of the Company for the period ended 31st March, 2013;

c) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, to the best of their knowledge and ability;

d) They have prepared the annual accounts on a going concern basis. AUDITORS AND AUDITORS’ REPORT The auditors of the Company M/S. S.R.B.C & Co. LLP, Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The Company has received certificate from auditors to the effect that their re-appointment, if made, would be in accordance with section 224 (1B) of the Companies Act, 1956. Their appointment is recommended. The Observations made by the Auditors to in the Auditors’ Report are self explanatory

and do not call for any comments. PUBLIC DEPOSITS The Company has not accepted any deposits which are covered u/s 58 A of the Companies Act, 1956.

2

PERSONNEL During the period under consideration, no employee of the Company was in receipt of remuneration exceeding the sum prescribed under section 217(2A) of the Companies Act 1956, read with the Companies (particulars of employees) Rules 1975. Thus furnishing of particulars under the Companies (Particulars of Employees) Rules, 1975 does not arise. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION The business of the Company being such that it does not fall under any of the industries covered by the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988. Hence, the requirements of disclosure in relation to the Conservation of Energy, Technology Absorption are not applicable to it. FOREIGN EXCHANGE EARNINGS AND OUTGO During the current period, there was no Foreign Exchange earnings. However, the Company has incurred expenditure of Rs 15,04,287/- in foreign currency during this period. ACKNOWLEDGEMENT Your directors wish to take this opportunity to express their sincere thanks to all the investors, shareholders and stakeholders for the faith and confidence they have reposed in the Company.

FOR AND ON BEHALF OF THE BOARD

Place : GURGAON Dated : 28/09/2013 Director Director