06TH ANNUAL REPORT
DMICDC INDAPUR POWER COMPANY LIMITED
(CIN: U40109DL2010PLC202497)
2015-16
CONTENTS
S. No. Particulars Page No.
1. DIRECTORS’ REPORT 1-17
2. AUDITOR'S REPORT 18-24
3. FINANCIAL STATEMENT 25-33
DIRECTOR’S REPORT
Directors’ Report
Dear Shareholders,
Your Directors take pleasure in presenting the Sixth Annual Report on the affairs of the Company for the year ended 31st March 2016.
The Company was incorporated as a wholly owned subsidiary of the Delhi Mumbai Industrial Corridor Development Corporation Limited (DMICDC Ltd.) to develop a Gas based power project at MIDC Indapur Industrial Area at Pune District of Maharashtra State.
DMICDC Ltd. 100%
1. Financial Statements Summary: -
The financial performance of the Company for the financial year ended 31st March, 2016 is summarized below: - (Amount in Rs.) Particulars 2015-16 2014-15
Total Income 32,402 36,675 Total Expenses 96,499 89,240 Tax Expense NIL (2,282) Profit / (Loss) for the year after Tax (64,097) (52,847)
1 DMICDC Indapur Power Company Limited | Director’s Report FY 15-16
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2. State of Company’s affair: -
The Company is undertaking the project development activities for development of 1000 + 25% MW gas based power project at MIDC Indapur Industrial Area at Pune District of Maharashtra State.
The Company is presently taking up the project development activities for development of 1000+25% MW gas based power project at MIDC Indapur Industrial Area at Pune District of Maharashtra State.
Maharashtra Industrial Development Corporation (MIDC) has allocated land admeasuring 79.77 Ha (197.12 acres) in its MIDC Indapur Industrial Area at Pune District for the development of the proposed gas based power project. For the project, MIDC has also allocated 35 MLD water from its allocated quota of water. Fuel (natural gas) requirement for the project is about 5 mmsmd.
Site feasibility Studies for the project and project site investigation studies such as Topographical & Contour survey have been completed such. The Company has got the Detailed Project Report prepared for proposed project. NoC from Airport Authority of India (AAI) for Power plant chimney height and Environmental Clearance from MoEF for the project have already been obtained.
Further, discussions have been initiated with Ministry of Petroleum & Natural Gas, Government of India and GAIL for supply & transportation of gas for the project. Term sheet with GAIL for supply & transportation of gas has been signed for the proposed project. Ministry of Petroleum & Natural Gas, Government of India has been requested for domestic gas allocation for the project.
In the 26th Meeting of Board of Directors of the Company held on 07th January, 2016, it was deliberated that an alternative option may be worked out to have the best possible usage of the available land. Also in the 38th meeting of the Board of Directors of DMICDC Ltd. (“the holding company”) held on 04th February, 2016, it was decided that the possibility of usage of available land for the development as industrial area or for some other purpose may be explored/ workout.
Further, a letter dated 11th February, 2016 has been written to the state IDC, who has allotted land, from DMICDC Ltd. requesting to grant approval for use of land for development as Industrial Area or for setting up of a renewable energy power plant. This has been followed by a remainder letter dated 26th February, 2016. The response from state IDC in this regard is still awaited.
Also, a letter dated 06th Feb, 2016 has been written to National Thermal Power Limited (NTPC), from DMICDC Ltd. giving a proposal for setting up a Solar based Power Plant on a allotted land. The deliberations are being carried out with NTPC in the matter.
2 DMICDC Indapur Power Company Limited | Director’s Report FY 15-16
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3. Dividend: -
The Company is yet to start its commercial operations, therefore, no dividend is being recommended.
4. Reserves: -
During the period under review no amount has been transferred to the Reserves.
5. Change in the nature of business, if any: -
There was no change in the nature of the business of the Company during the financial year ended on 31st March, 2016.
6. Details in respect of adequacy of internal financial controls with reference to the Financial Statements: -
The Company has not appointed any internal auditors. However adequate measure has been adopted within the organization to ensure that all information used within the business and for external reporting is adequate.
7. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future: -
No order(s) has been passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future during the period.
8. Material changes and commitments, if any, affecting the financial position of the Company occurred between the end of the financial year dated 31st March, 2016 and the date of the report: -
There are no material changes occurred in between the financial year ended on 31st March, 2016 and date of the report of the Company which affects the financial position of the Company.
9. Names of the Companies which have become or ceased to be its Subsidiaries / Joint Ventures / Associate Companies during the year: -
The Company does not have any Subsidiaries/ Joint Ventures / Associate Companies.
10. Deposits: -
During the financial year ended 31st March, 2016, the Company did not accept any deposits nor have any deposits remained unpaid or unclaimed. Further during this period, the Company has not defaulted in the repayment of the deposits or the payment of the interest due thereon.
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11. Statutory Auditors: -
The Comptroller and Auditor General of India (C&AG) vide its letter dated 08th July, 2015 has appointed M/s GOYAL and GOYAL, Chartered Accountants as the Statutory Auditors of the Company as per the provisions of the Companies Act, 2013 for the financial year 2015-16. Also the supplementary audit of the Company for the financial year 2015-16 has been entrusted to Principal Director, Commercial Audit & Ex- Officio Member Audit Board - I.
On similar lines, the Comptroller and Auditor General of India (C&AG) will appoint the Statutory Auditors for the Company as per the provisions of the Companies Act, 2013 for the financial year 2016-17. Also, the supplementary audit of the Company for the financial year 2016-17 will be entrusted to Principal Director, Commercial Audit & Ex- Officio Member Audit Board - I.
The Statutory Auditors of the Company as appointed by the office of the Comptroller and Auditor General of India (C&AG) will hold the office till the conclusion of the 07th Annual General Meeting of the Company.
12. Auditors’ Reports: -
There are no qualifications, reservations or adverse remarks made by M/s Goyal and Goyal, Chartered Accountants, Statutory Auditors in their report for the Financial Year ended 31st March, 2016. The notes to the accounts referred to in the Auditor’s Report are self-explanatory and therefore do not call for any further comments of Directors.
13. Capital Structure: -
The paid up share capital of the Company is Rs. 5,00,000/- (Rupees Five Lakhs Only) divided into 50,000 equity shares of Rs. 10/- each.
14. Extract of the Annual Return under Section 92(3): -
The extract of the Annual Return of your Company as on 31st March, 2016 as provided under sub-section (3) of Section 92 in the Form MGT 9 is enclosed as Annexure-“A” as a part of the Directors’ Report.
15. Conservation of energy, technology absorption and foreign exchange earnings and outgo: -
The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:
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(A) Conservation of energy*: -
(i) The steps taken or impact on conservation of energy : Not Applicable
(ii) The steps taken by the company for utilizing alternate sources of energy:
Not Applicable
(iii) The capital investment on energy conservation equipment’s: Not Applicable
(B) Technology absorption*: -
(i) The efforts made towards technology absorption : Not Applicable
(ii) The benefits derived like product improvement, cost : Not Applicable reduction, product development or import substitution
(iii)In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-
(a) the details of technology imported; :Not Applicable
(b) the year of import; :Not Applicable
(c) whether the technology been fully absorbed; :Not Applicable
(d) if not fully absorbed, areas where absorption has :Not Applicable not taken place, and the reasons thereof; and
(iv) The expenditure incurred on Research and Development : Not Applicable
[*NOTE: The Company has not yet started the commercial operations as the project has not yet been commissioned. In view of the same, the conservation of energy and technology absorption is not applicable.]
(C) Foreign exchange earnings and Outgo: -
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows. : Nil
16. Board of Directors: -
a) Changes in Directors and Key Managerial Personnel:
The changes in Directors in the Company during the financial year 2015-16 are summarized as under: -
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S. No. Name of Director Date of Date of Resignation Appointment 1. Shri Talleen Kumar 19th March, 2014 05th August, 2015 2. Shri Shatrughna Singh 25th August, 2015 19th October, 2015 3. Shri Alkesh Kumar Sharma 19th November, 2015 10th December, 2015 4. Shri Pradeep Kumar Agarwal 14th December, 2015 ----
Your Directors place on record their sincere appreciation of the valuable contribution made by the aforesaid Directors.
b) Declaration by an Independent Director(s) and re- appointment, if any:
As per the applicable provisions of the Companies Act, 2013, the Company is not required to appoint the Independent Directors on the Board of the Company.
c) Number of Meetings of the Board of Directors:
Four (04) meetings of the Board of Directors of the Company were held in the financial year 2015-16. The details of the Board Meetings are as under:-
S. No. Particulars Date of Board Meeting 1. 23rd Board Meeting 15th May, 2015 2. 24th Board Meeting 28th July, 2015 3. 25th Board Meeting 19th November, 2015 4. 26th Board Meeting 07th January, 2016
17. Audit Committee: -
As per the provisions of the Companies Act, 2013, the Company is not required to constitute the Audit Committee of the Board of Directors of the Company.
18. Nomination and Remuneration Committee: -
As per the provisions of the Companies Act, 2013, the Company is not required to constitute the Nomination and Remuneration Committee of the Board of Directors of the Company.
19. Managerial Remuneration and Employees Remuneration: -
As per the provisions of the Companies Act, 2013, the Company is not required to appoint a Managing Director and any other Whole Time Managerial persons. Therefore, Company has not paid any Managerial Remuneration. However, the Company has paid sitting fees to one of the Non-Executive Director and the same is mentioned in Clause VI (B) of Form No. MGT 9 attached at Annexure - “A” to this report.
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Further, since the Company is yet to start its operations, the Company has not appointed any employee and therefore the Company has not paid any remuneration to employee during the year.
20. Particulars of loans, guarantees or investments under Section 186: -
No Loan(s) or Guarantee(s) has been given; Investment(s) has been made under Section 186 by the Company during the financial year under review.
21. Particulars of contracts or arrangements with related parties under Section 188(1): -
There have been no materially significant related party transactions between the Company and the Directors, the management, or the relatives referred to in sub- section (1) of section 188 of the Companies Act.
22. Risk Management: -
The Company has adequate risk management process to identify and notify to the board of directors about the risks or opportunities that could have an adverse impact on the Company's operations.
23. Directors’ Responsibility Statement: -
The Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state 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 profit and 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.
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24. Acknowledgements
The Directors are thankful to the holding company i.e. Delhi Mumbai Industrial Corridor Development Corporation Limited (DMICDC Ltd.). The Directors also place on record their sincere thanks to the shareholder for their continued support, co- operation and confidence in the Management of the Company.
For and on Behalf of the Board of Directors
sd/- sd/- (Haziq Beg) (Ambalakat Mohan Menon) (Chandra Bhushan) Director Director Director DIN: 00063364 DIN: 02000616 DIN: 07050616
Place : New Delhi Date : 08th July, 2016
8 DMICDC Indapur Power Company Limited | Director’s Report FY 15-16
8 Annexure – “A”
Form No. MGT-9
EXTRACT OF ANNUAL RETURN As on the financial year ended on 31.03.2015 [Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
1 CIN U40109DL2010PLC202497 2 Registration Date 11th May, 2010 3 Name of the Company DMICDC INDAPUR POWER COMPANY LIMITED 4 Category/Sub-Category of Company COMPANY LIMITED BY SHARES 5 Address of the Registered office ROOM NO. 341B, 03RD FLOOR, MAIN BUILDING and contact details ASHOKA HOTEL, DIPLOMATIC ENCLAVE, 50B, CHANAKYAPURI, NEW DELHI- 110021 6 Whether listed company NO 7 Name, Address and Contact details N.A. of Registrar and Transfer Agent, if any
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY*
All the business activities contributing 10% or more of the total turnover of the Company shall be stated:-
S. No. Name and Description of main NIC Code of % to total turnover of the products/ services the Product/ company service - N.A. N.A. N.A.
*[Note: The principal activity of the Company is to identify, develop, implement, operate and maintain both conventional and non-convention power projects. To carry on the projects Company is presently waiting for the allocation of domestic gas from Government of India for taking the project forward and hence the Company is yet to commence its operations.]
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
S. No. Name and Address of the CIN Holding/ %of Applicable Company subsidiary/ shares Section Associate held 1 Delhi Mumbai Industrial Corridor Development U45400DL2008PLC172316 Holding 100% 2(87)(ii) Corporation Limited. Room No. 341B, Main Building, 03rd Floor, Ashoka Hotel, Diplomatic Enclave, 50B Chanakyapuri New Delhi- 110021
9 IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
I) Category-wise Share Holding
Category of No. of Shares held at the No. of Shares held at the end of % change in Shareholders beginning of the year the year Shareholding during the year
Demat Physical Total % of Demat Physical Total % of Total Total Share Shares
A.
Promoter(s)
(1)Indian
------a) Individual/ - - - HUF
- b) Central ------
Govt.
c) State Govt. ------
(s)
50,000 50,000 100% Nil 00 d) Bodies 50,000 100% 00 50,000
Corp.
------e) Banks/FI - - -
f) Any - - - - - Other…. - - - -
Sub-total 00 50,000 50,000 100% 00 50,000 50,000 100% Nil (A)(1):-
2) Foreign
a) NRIs – - - - -
- - - - -
Individuals
- - - - - b) Other – - - - - Individuals
c) Bodies ------
Corp.
------d)Banks/FI ------e)Any Other - - -
Sub-total ------(A)(2):-
10
Total 00 50,000 50,000 100% 00 50,000 50,000 100% Nil shareholding of Promoter
(A) = (A)(1)+(A)(2)
B.
Public
Shareholding
1.Institutions
a) Mutual Funds ------
- - - b) Banks/FI ------
- - - - - c) Central Govt. - - - -
- d) State ------Govt.(s)
e)Venture - - Capital ------
Funds
f)Insurance ------
Companies
- - g)FIIs ------
h)Foreign ------Venture
Capital Funds
- - i) Others ------
Sub-total ------(B)(1):-
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(ii) Shareholding of Promoters
2.Non- Institutions ------
a) Bodies Corp. - - -
------i) Indian - - - ii)Overseas ------
b)Individuals
i) Individual shareholders holding ------nominal share capital up to Rs.1
lakh
ii)Individual shareholders
holding nominal share capital in ------excess of Rs.1 lakh
c)Others ------Sub-total(B)(2):-
Total Public Shareholding ------(B)=(B)(1)+(B)(2) C. Shares held by Custodian for GDRs & ADRs ------Grand Total (A+B+C) 00 50,000 50,000 100% 00 50,000 50,000 100% Nil
S. Shareholder’s Shareholding at the beginning Shareholding at the end of the year No. Name of the year
No. of %of total %of Shares No. of %of total % of Shares % change Shares Shares of Pledged/ Shares Shares of Pledged/ in share- the encumbered the encumbered holding Company to total Company to total during the shares shares year
1. Delhi Mumbai Industrial 100% - 49,994 100% - Nil Corridor 49,994
Development
Corporation
Ltd. 2. DMICDC Ltd. through its 06 Negligible - 06 Negligible - Nil nominees Total 50,000 100% - 50,000 100% - Nil
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(iii) Change in Promoters’ Shareholding please specify, if there is no change): No Change
S. Shareholding at the Cumulative Shareholding during the No. beginning of the year year No. of % of total No. of % of total shares of the shares shares of the shares company company 1. At the beginning of the year - - - - 2. Date wise Increase/ Decrease in Promoters Shareholding during the year specifying - - - - the reasons for increase /decrease (e.g. allotment sweat equity etc. 3. At the end of the year - - - -
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): NIL
S. No. Shareholding at the Cumulative Shareholding during the year beginning of the year For each of the No. of % of total No. of % of total shares of the Top10 shares shares of the shares Company Shareholders Company
1. At the beginning - - - - of the year 2. Date wise Increase/ Decrease in Shareholding - - during the year - - specifying the reasons for increase/ Decrease (e.g. allotment/ transfer/ bonus/sweat equity etc.)
13 3. At the end of the year (or on the date of - - - - separation, if separated during the year)
(v)Shareholding of Directors and Key Managerial Personnel: NIL
S.N Shareholding at the beginning Cumulative shareholding during the year . of the year For Each of the No. of % of total No. of Directors and shares shares of the shares KMP company 1. At the beginning of the year 2. Date wise Increase/ Decrease in Shareholding during the year specifying the reasons for increase /decrease (e.g. allotment/ transfer/ bonus/ sweat equity etc.)
3. At the end of the year
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
(Amount in Rs.)
Secured Loans excluding Unsecured Deposits Total deposits Loans Indebtedness Indebtedness at the beginning of the financial year
i)Principal Amount NIL NIL NIL NIL
ii)Interest due but not paid iii)Interest accrued but not due Total (i+ii+iii) NIL NIL NIL NIL
Change in Indebtedness during the financial year
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· Addition NIL NIL NIL NIL
· Reduction NIL NIL NIL NIL
Net Change NIL NIL NIL NIL
Indebtedness at the end of the financial year
i)Principal NIL NIL NIL NIL Amount ii) Interest due but not NIL NIL NIL NIL paid
iii) Interest accrued but NIL NIL NIL NIL not due Total (i+ii+iii) NIL NIL NIL NIL
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A .Remuneration to Managing Director, Whole-time Directors and/or Manager: NIL
S Particulars of Remuneration Name of MD/WTD/ Total Amount N Manager 1. Gross salary (a)Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
(b)Value of perquisites u/s 17(2) Income-tax Act, 1961
(c)Profits in lieu of salary under section17(3) N.A. Income- tax Act,1961 2. Stock Option
3. Sweat Equity
4. Commission
- as % of profit - others, specify 5. Others, please specify Total (A) Ceiling as per the Act
15 B. Remuneration to other directors:
S. Particulars of Remuneration Name of Directors Total No. Amount
Independent Directors:-
Fee for attending board committee meetings N.A. · Commission NIL · Others, please specify Total(1) N.A. NIL Other Non-Executive Directors:- Sitting fees of 5,000/- each was paid to Shri Ambalakat Fee for attending board committee meetings Mohan Menon, Director of · Commission the Company for attending 4 5000 * 4 = Rs. 20,000/- · Others, please specify Board Meetings of the Company held during the financial year 2015-16. Total(2) - 20,000/- Total(B)=(1+2) - 20,000/- Total Managerial - 20,000/- (sitting fees) Remuneration
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD: NIL (Amount in Rs.) S Particulars of Remuneration Key Managerial Personnel . N CEO Company CFO Total Secretary 1. Gross salary (a)Salary as per provisions contained in section17(1)of the Income-tax Act,961 (b)Value of perquisites u/s 17(2)Income-tax Act,1961 (c)Profits in lieu of salary under section 17(3)Income-tax Act,1961
2. Stock Option
3. Sweat Equity NIL NIL NIL NIL 4. Commission - as % of profit
-others, specify 5. Others, please specify
Total NIL NIL NIL NIL
16 VII. PENALTIES/PUNISHMENT/COMPOUNDING OFOFFENCES:
Type Section of the Brief Details of Authority[RD Appeal Companies Act Description Penalty/ / NCLT/ made, if any Punishment/ COURT] (give details) Compounding A. COMPANY Penalty Punishment NONE Compounding B. DIRECTORS Penalty NONE Punishment Compounding C. OTHER OFFICERS IN DEFAULT Penalty
Punishment NONE Compounding
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AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT
To The Members of DMICDC INDAPUR POWER COMPANY LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of DMICDC INDAPUR POWER COMPANY LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on financial statements.
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Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its Loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A”, a statement on the matters specified in the paragraph 3 and 4 of the Order.
2. As required by section 143(3) of the Act,we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) The balance sheet, the statement of profit and loss, and the cash flow statement dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164(2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure-B”;
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company does not have any pending litigations which would impact its financial position;
ii. the Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31st , 2016.
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As required by Section 143(5) of the Act, we report that:
a) The Company has no Freehold/Leasehold property. . b) In our opinion, there are no cases of waiver/ write off of debts/ loans/ interest.
c) The Company does not maintain any inventory and has not received any asset as gift from government or other authorities.
For GOYAL & GOYAL Chartered Accountants, FRN: 000066N
sd/- (MUKESH GOYAL) Partner Membership No.080494 Place: New Delhi Date :July 8th, 2016
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Annexure A to the Auditors Report
The Annexure referred in the Independent Auditors’ Report to the member of the Company on the financial statement for the year ended 31 March 2016, we report that:
(i) The Company does not have any fixed assets. Accordingly, the provisions of clause 3(i) of the Order are not applicable. (ii) The Company does not have any inventory. Accordingly, the provisions of clause 3(ii) of the Order are not applicable.
(iii) According to the information and explanation given to us the Company has not granted any loans secured or unsecured to companies, firms, Limited Liability Partnership or other parties covered in register maintained under section 189 of Companies Act, 2013. Accordingly, provisions of clauses 3(iii) of the order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to us the Company has not made any loans, investments, guarantee, and security in terms of Section 185 and 186 of Companies Act 2013.
(v) In our opinion and according to the information and explanations given to us the Company has not accepted any deposits.
(vi) In our opinion and according to information and explanations given to us, the maintenance of cost records has not been prescribed by the central government under Section 148 of the Companies Act, 2013 to the Company.
(vii) (a) As per the records of the Company and according to information and explanations given to us, Company has been regular in depositing undisputed statutory dues including applicable provident fund, employee’s state insurance, income –tax, sales-tax, service-tax, custom duty, excise duty/cess, Value Added Tax and other statutory dues, with the appropriate authorities, wherever applicable.
(b) According to the information and explanations given to us , no undisputed statutory dues were in arrears as at 31st March, 2016.
(viii) According to the information and explanations provided to us and based on our examination of the records of the company, the Company has not availed any loan or borrowing from the financial institution or banks, government or debentures-holders. Accordingly, provisions of clause 3(viii) of the order are not applicable to the Company.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loan. Accordingly, paragraph 3(ix) of the Order is not applicable.
(x) According to the information and explanation given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanation provided to us and based on our examination of the records of the Company, the Company has not paid/provided for any managerial remuneration. Accordingly, paragraph 3(xi) of the Order is not applicable.
21 (xii) According to the information and explanation provided to us and based on our examination of the records of the Company, the Company is not a Nidhi Company Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanation provided to us and based on our examination of the records of the Company all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.
(xiv) The Company has not made any preferential allotment/private placement of shares or fully or partly convertible debentures during the year under review. Hence, the provisions of clause (xiv) of paragraph 3 of the Order are not applicable to the Company.
(xv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.
For GOYAL & GOYAL Chartered Accountants, FRN: 000066N
sd/- (MUKESH GOYAL) Partner Membership No.080494 Place : New Delhi Date: July 8th, 2016
22
Annexure – B to the Auditors’ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of DMICDC INDAPUR POWER COMPANY LIMITED (“the Company”) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
23 the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For GOYAL & GOYAL Chartered Accountants, FRN: 000066N
sd/- (MUKESH GOYAL) Partner Membership No.080494 Place: New Delhi Date: July 8th, 2016
24
FINANCIAL STATEMENT
DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497
BALANCE SHEET AS AT 31ST MARCH, 2016
Figures as at 31-Mar-2016 Figures as at 31-Mar-2015 Note Rupees (₹) Rupees (₹) Rupees (₹) Rupees (₹) I. EQUITY & LIABILITIES (1.) SHAREHOLDER'S FUND (a.) Share Capital 1 500,000 500,000 (b.) Reserves and Surplus 2 151,374,206 151,874,206 151,438,303 151,938,303
(2.) NON - CURRENT LIABILITIES - -
(3.) CURRENT LIABILITIES 3 (a.) Trade Payables 48,984 42,393 (b.) Others Current Liabilities - 48,984 1,000 43,393
Total 151,923,190 151,981,696
II. ASSETS (1.) NON - CURRENT ASSETS 4 (a.) Deferred Tax Assets (net) - - (b.) Long - Term Loans and Advances 151,566,228 151,568,582 (c.) Other Non - Current Assets - 151,566,228 - 151,568,582
(2.) CURRENT ASSETS 5 (a.) Cash and Cash Equivalents 317,985 397,704 (b.) Short - Term Loans and Advances 38,977 356,962 15,410 413,114
151,923,190 151,981,696 Significant Accounting Policies
See accompanying Notes to the 1 - 15 Financial Statements
As per our Report of even date attached
For GOYAL & GOYAL For and on behalf of the Board Chartered Accountants Firm Reg. No. 000066N
sd/- sd/- sd/- Mukesh Goyal P.K. Agarwal Ambalakat Mohan Menon (Partner) (Director) (Director) (Membership No. 080494) (DIN 01683484) (DIN 02000616)
Place: New Delhi Date : 8th July, 2016
25 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2016 For the For the Year ended Year ended 31-Mar-2016 31-Mar-2015 Note Rupees (₹) Rupees (₹)
I. REVENUE FROM OPERATIONS Income from Operation - -
II. OTHER INCOME Interest on FDR 32,278 36,261 Interest on Income Tax Refund 124 414
III. TOTAL REVENUE (I + II) 32,402 36,675
IV. EXPENSES Administrative Expenses 6 96,499 87,240
V. TOTAL EXPENSES 96,499 87,240
VI. PROFIT/(LOSS) BEFORE TAX (III - V) (64,097) (50,565)
VII. TAX EXPENSES (1.) Income Tax - - (2.) Deferred Tax Assets / (Liabilities) - (2,282)
VIII. PROFIT/ (LOSS) AFTER TAX FOR THE YEAR (VI - VII) (64,097) (52,847)
IX. Earnings per Equity Share of face value of ₹ 10 each - Basic/Diluted (1.28) (1.06)
Significant Accounting Policies
See accompanying Notes to the Financial Statements 1 - 15
As per our Report of even date attached
For GOYAL & GOYAL For and on behalf of the Board Chartered Accountants Firm Reg. No. 000066N
sd/- sd/- sd/- Mukesh Goyal P.K. Agarwal Ambalakat Mohan Menon (Partner) (Director) (Director) (Membership No. 080494) (DIN 01683484) (DIN 02000616)
Place: New Delhi Date : 8th July, 2016
26 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497 CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2016
Figures as at 31-Mar-2016 Figures as at 31-Mar-2015 Rupees (₹) Rupees (₹) A. CASH FLOW FROM OPERATING ACTIVITIES: Net Profit/(Loss) before Tax as per Profit & Loss Statement (64,097) (50,565) Adjustment for: Depreciation - - Interest Income (32,402) (36,675) Net Cash from Operating Activities before (96,499) (87,240) Extraordinary Item and Working Capital change Extraordinary Item - - Operating Profit before Working Capital changes (a) (96,499) (87,240)
Adjustment for: (Increase)/Decrease in Trade & Other Receivables (23,567) 34,248 Increase/(Decrease) in Trade Payables and Other 5,591 17,806 Payables Refund/(Payment) of Taxes (including TDS) 2,354 3,890 Net Cash from/(used in) Operating Activities (b) (15,622) 55,944
Net Cash from Operating Activities (a) + (b) (112,121) (31,296) B. CASH FLOW FROM INVESTING ACTIVITIES: Interest Income 32,402 36,675 Net Cash from/(Used in) Investing Activities 32,402 36,675
C. CASH FLOW FROM FINANCING ACTIVITIES - -
D Net Increase/ (Decrease) in Cash and Cash Equivalents (79,719) 5,379
E Opening Balance of Cash and Cash Equivalents 397,704 392,325 F Closing Balance of Cash and Cash Equivalents 317,985 397,704 (Refer Note no. 5)
As per our Report of even date attached For GOYAL & GOYAL For and on behalf of the Board Chartered Accountants Firm Reg. No. 000066N
sd/- sd/- sd/- Mukesh Goyal P.K. Agarwal Ambalakat Mohan Menon (Partner) (Director) (Director) (Membership No. 080494) (DIN 01683484) (DIN 02000616)
Place: New Delhi Date : 8th July, 2016
27 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497
SIGNIFICANT ACCOUNTING POLICIES
a) Basis for preparation of Financial Statements
These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.
The financial statements are prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous years. b) Use of Estimates
The preparation of financial statements requires the management of the Company to make certain estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.
c) Fixed Assets
Tangible Assets i.) Fixed assets are capitalised at cost.
ii.) Depreciation on Fixed Assets is provided to the extent of depreciable amount on the written down value method based on the useful life of the assets as prescribed in Schedule-II to the Companies Act, 2013. Depreciation on additions to Fixed Assets or on sale of Fixed Assets is calculated prorata from the date of such addition or up to the date of such sale, as the case may be.
d) Capital Reserve
Expenses incurred and/or advances paid for the project development activities of the company by Delhi Mumbai Industrial Corridor Development Corporation Limited, 100% holding company of the reporting company, out of its Project Development Fund (PDF) received as grant from GoI are shown under the "Capital Reserves" in the Balance Sheet. In case any part of the fund becomes refundable at any future date it will be reduced from the Capital Reserves.
e) Investments
Investments are shown at actual cost including the cost incidental to acquisition.
f) Revenue Recognition
Income is recognised on accrual basis.
28 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497 g) Transactions in Foreign Exchange
Expenses in foreign currency / transactions are accounted at the prevailing market rate of exchange on the date of transaction and income in foreign currencies are accounted at the value recovered from these currencies. h) Taxes on Income
Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities using the applicable tax rates.
Deferred income tax reflect the current period timing differences between the taxable income and the accounting income for the period and reversal of timing differences of earlier years / period. Deferred tax assets is recognised only to the extent that there is reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainity that sufficient future taxable income will be available to realise the same.
Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date. i) Provision, Contingent Liabilities and Contingent Assets
A provision is recognised in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provision are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial statements.
29 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497 NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016
As at As at 31-Mar-2016 31-Mar-2015 Rupees (₹) Rupees (₹)
NOTE 1 : SHARE CAPITAL
1.0 AUTHORISED SHARE CAPITAL 50,000 Equity Shares of ₹ 10/- each with voting rights 500,000 500,000 500,000 500,000
ISSUED, SUBSCRIBED AND PAID UP 50,000 Equity Shares of ₹ 10/- each with voting rights 500,000 500,000 500,000 500,000
1.1 The reconciliation of the number of shares No. of No. of outstanding is set out below: Shares Rupees (₹) Shares Rupees (₹)
Equity shares at the beginning of the year 50,000 500,000 50,000 500,000 Add: Shares issued during the year - - - - Equity shares at the end of the year 50,000 500,000 50,000 500,000
1.2 Details of Shareholder's Holding more than 5% Shares % of Holding No. of Shares % of Holding No. of Shares Delhi Mumbai Industrial Corridor Development Corporation Ltd. 100 50,000 100 50,000 (Through its CEO & Managing Director / Nominees)
1.3 The company has one class of equity shares. Each shareholder is eligible for one vote per share held. The shareholders have no differential rights with respect to distribution of dividend and repayment of capital.
NOTE 2 : RESERVES AND SURPLUS 2.0 CAPITAL RESERVES As per last Balance Sheet 151,563,000 - Adjusted out of Project Development Funds of - 151,563,000 Delhi Mumbai Industrial Corridor Development Corporation Limited (Holding Company) (a) 151,563,000 151,563,000
2.1 Profit and Loss Account As per last Balance Sheet (124,697) (71,850) Add : Profit (Loss) (after tax) for the year (64,097) (52,847) (b) (188,794) (124,697) Total (a + b) 151,374,206 151,438,303 NOTE 3 : CURRENT LIABILITIES 3.0 Trade Payable - Micro, Small & Medium Enterprises - - - Others 43,984 42,393 - Delhi Mumbai Industrial Corridor Development 5,000 - Corporation Limited (Holding Company) 48,984 42,393 3.1 Other Current Liabilities - TDS Payable - 1,000 - 1,000
30 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497
NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016
As at As at 31-Mar-2016 31-Mar-2015 Rupees (₹) Rupees (₹) NOTE 4 : NON - CURRENT ASSETS
4.0 Deferred Tax Assets (net) - - - - 4.1 Long - Term Loans and Advances - Unsecured, considered good Advances for Capital Goods 151,563,000 151,563,000 Advance Tax/ Tax Deducted at Source 3,228 5,582 151,566,228 151,568,582
NOTE 5 : CURRENT ASSETS
5.0 Cash and Cash Equivalents - Cash and Cash Equivalents* Cash in Hand 403 115 Balance with Bank in Current Account 11 190 414 305 - Other Bank Deposits Balance with Bank in Deposit Account** 317,571 397,399 Cash and Cash Equivalents as per AS-3 317,985 397,704
* Cash and Cash Equivalents include deposits maintained by the Company with banks, which can be withdrawn by the Company at any point of time without prior notice or penalty on the principal. ** Includes deposits of Nil (Previous Year ₹ 3,97,399/-) with maturity of more than 12 months.
5.1 Short - Term Loans and Advances - Unsecured, considered good: Interest Accrued on Bank Deposits 38,977 15,410 38,977 15,410
NOTE 6 : ADMINISTRATIVE EXPENSES Auditor's Remuneration 25,875 25,650 Director's Sitting Fees 20,000 25,000 Professional & Consultancy Charges 30,664 31,901 Other Expenses* 19,960 4,689
96,499 87,240
* Includes an amount of ₹ 5,000/- apportioned towards general and other administrative expenses incurred by Delhi Mumbai Industrial Corridor Development Corporation Limited (DMICDC), 100% holding company.
31 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497 NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016
OTHER NOTES TO ACCOUNTS
7 In the opinion of the Directors of the company and to the best of their knowledge and belief, the value on realisation of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.
8 The Company is a Small & Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small & Medium Sized Company.
9 Securing land for the project is a pre-requisite before undertaking any project development related activity of the company. Maharasthra Infrastructure Development Corporation (MIDC) had alloted land measuring 79.77 hectares at the total cost of ₹15,95,40,000/- for setting up of the power project. Out of the total amount, sum of ₹ 15,15,63,000/- was released during the financial year 2010-11 and 2011-12 by Delhi Mumbai Industrial Corridor Development Corporation Limited (holding company), on behalf of the reporting company out of its Project Development Funds (PDF) provided as grant by Government of India. The adjustment in the Books of Accounts of the company has been given effect during the previous financial year.
As at 31-Mar-2016 As at 31-Mar-2015 10 Contingent Liablilties Rupees (₹) Rupees (₹)
Contingent Liabilities - Estimated Amount of contracts remaining to be executed and not 7,977,000 7,977,000 provided for on Capital Account
11 Earnings and Expenditure in Foreign Currency
I Earnings in Foreign Currency - - II Expenditure in Foreign Currency - -
12 Payment to the Auditors (including service tax) I Audit Fees 25,875 25,650 II For Other Services Nil Nil 25,875 25,650 13 Earnings Per Share
Basic earnings per equity share have been computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Unit a Net Profit/(Loss) after Tax attributable to Equity Shareholders Rupees (₹) (64,097) (52,847) b Weighted Average of Number of Equity Shares used as Number 50,000 50,000 denominator for calculating EPS c Basic/Diluted Earnings per share (a/b) Rupees (₹) (1.28) (1.06) d Face Value per Equity Share Rupees (₹) 10.00 10.00
32 DMICDC INDAPUR POWER COMPANY LIMITED CIN: U40109DL2010PLC202497 NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016
14 Segment Reporting
The Company is undertaking Power Project Development activities. As the Company operates in a single business and geographical segment, the reporting requirements for primary and secondary segment disclosures prescribed by AS 17 are not applicable.
15 Related Party Disclosures
I As per the Accounting Standard on 'Related Party Disclosure' (AS-18) issued by the Institute of Chartered Accountants of India, the related parties are as follows :
Holding Company Delhi Mumbai Industrial Corridor Development Corporation Ltd. Yes Yes
Group Company DMICDC Guna Power Company Limited Yes Yes DMICDC Vaghel Power Company Limited Yes Yes DMICDC Ville Bhagad Power Company Limited Yes Yes DMICDC Neemrana Solar Power Company Limited Yes Yes
II The nature and volume of transactions during the period with the above related party were as follows:
Amount in Rupees (₹) Particulars Holding Company Group Company
i.) Transactions during the period - Reimbursement of Expenses 5,000 Nil (Nil) (Nil)
ii.) Outstanding Balances 5,000 Nil (Nil) (Nil)
As per our Report of even date attached
For GOYAL & GOYAL Chartered Accountants For and on behalf of Board Firm Reg. No. 000066N
sd/- sd/- sd/- Mukesh Goyal P.K. Agarwal Ambalakat Mohan Menon (Partner) (Director) (Director) (Membership No. 080494) (DIN 01683484) (DIN 02000616)
Place: New Delhi Date : 8th July, 2016
33
CIN: U40109DL2010PLC202497
rd Registered Office: Room No. 341B, 03 Floor, Main Building, Ashok Hotel, Diplomatic Enclave, 50 B, Chanakyapuri, New Delhi - 110021.
Phone No. +91 1126118884-8