To The Shareholders of Ravindra Energy Limited
 
 The Directors have pleasure to present the 32nd Annual Report of the
 Company together with the Audited Statements of Accounts for the period
 ended 31st March, 2012.
 
 FINANCIAL RESULTS
 
 The Company earned revenue of Rs. 32,88,46,441/- from operations and
 Rs. 84,99,189/- by way of interest. The Company incurred expenditure of
 Rs. 3,19,600,770/-, after adjustment of gain on foreign exchange of Rs.
 (105,98,264). The major items of expenditure were purchase of coal and
 financial cost. The details of financial results are as under :
 
 
 
                                                       (Amounts in Rs.)
 
                                         Current Year    Previous Year
 
   Particulars
                                            2011-2012        2010-2011
 
 
   Sales                                 3,28,846,441       91,863,531
 
 
   Other Income                             8,499,189        2,304,228
 
 
   Total                                  337,345,631       94,167,759
 
 
   Expenses incurred                      319,600,770       87,501,900
 
 
   Profit/(Loss) before tax                17,744,861        6,665,859
 
 
   Less: Provision for income tax           5,707,639        1,235,850
 
 
   Tax paid for earlier years                       -          129,338
 
 
   Add: Deferred tax/MAT credit 
   entitlement                                (73,075)        (110,605)
 
 
   MAT credit entitlement utilized            183,680                -
 
 
   Short/and (Excess) provision for 
   earlier year                                59,410                -
 
 
   Profit/(Loss) after taxation            11,867,206        5,411,276
 
 
   Profit/(Loss) brought forward           (8,260,985)     (13,672,259)
 
 
   Profit available for appropriation       3,606,221       (8,260,985)
 
 
   Transfer to reserves                       296,680                -
 
 
   Proposed dividend @ Re. 1/- per 
   equity share                               654,150                -
 
 
   Tax on dividend                            106,119                -
 
 
   Profit/(Loss) carried to balance 
   sheet                                    2,845,953       (8,260,985)
 
 
 
 DIVIDEND
 
 The Directors have pleasure in recommending a dividend of 10% (i.e. Re.
 1/-) per equity share of Rs. 10/- each for the financial year ended
 31st March 2012. The dividend will absorb a sum of Rs. 760,269/-
 including tax on dividend.
 
 The register of members and the share transfer books of the Company
 will remain closed from 18th September 2012 to 27th September 2012
 (both days inclusive) for the purpose of determination of the members
 entitled for dividend. The dividend on equity shares, for the financial
 year ended 31st March 2012, if declared, will be paid to those
 shareholders whose names appear in the register of members as on 27th
 September 2012.
 
 TRANSFER TO RESERVES
 
 In accordance with the provisions of the Companies Act, 1956 read with
 Companies (Transfer to Reserves) Rules, 1975, the Directors propose to
 transfer a sum of Rs. 2,96,680/- to the general reserve out of the
 profits earned by the Company. A sum of Rs. 28,45,953/- is proposed to
 be retained in the Profit and Loss Account.
 
 DEPOSITS
 
 The Company has not accepted any public deposits and, as such, no
 amount of principal or interest on public deposits was outstanding on
 the date of Balance Sheet.
 
 CERTIFICATE OF COMPLIANCE
 
 Pursuant to the proviso to Sub-Section (1) of Section 383A of the
 Companies Act, 1956 the Company has obtained Certificate of Compliance
 from Mr. Sanjay Dholakia, Practicing Company Secretary, Mumbai. The
 Certificate of Compliance is attached as Annexure to this report.
 
 AGREEMENT WITH THE DEPOSITORIES
 
 The Company has entered into agreements with the Central Depository
 Services (India) Limited (CDSL) and National Securities Depository
 Limited (NSDL) for admission of securities of the Company in the
 depository system.
 
 AMALGAMATION
 
 The Board of Directors of the Company in its meeting held on August 20,
 2012 has granted in-principle approval to the Scheme of Amalgamation of
 Shree Renuka Urja Private Limited (under incorporation) and Shree
 Renuka Energy Limited, into the Company.
 
 DIRECTORS
 
 Mr. Gurudev Desai, Director of the Company retires by rotation and
 being eligible offers himself for re-appointment at the ensuing Annual
 General Meeting.
 
 AUDITORS
 
 The retiring Auditors M/s. Y P K & Associates, Chartered Accountants,
 Belgaum, have given to the Company notice in writing of their
 unwillingness to be re-appointed. The Board of Directors therefore
 recommends the appointment of M/s. Ashok Kumar Prabhashankar and Co.,
 Chartered Accountants, Bangalore, as auditors of the Company to hold
 office from the conclusion of the forthcoming Annual General Meeting
 until the conclusion of the next Annual General Meeting. Certificate
 from M/s. Ashok Kumar Prabhashankar and Co., Chartered Accountants,
 Bangalore, has been obtained to the effect that their re-appointment,
 if made, would be within the limits specified under Section 224(1B) of
 the Companies Act, 1956.
 
 AUDITORS REPORT
 
 The Auditors'' Report to the shareholders for the year ended 31st March,
 2012 does not contain any qualification and therefore do not call for
 any explanation/comments.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 of the Company confirm that, to the best of their knowledge and belief:
 
 a) in the preparation of the annual accounts the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures from the same;
 
 b) the Directors have selected such accounting policies and applied
 them consistently and made judgment and estimates that are reasonable
 and prudent so as to give true and fair view of the state of affairs of
 the Company as at 31st March, 2012 and of the Profit and Loss of the
 Company for the year ended on that date;
 
 c) the Directors have 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 have prepared the annual accounts on a going concern
 basis.
 
 CONSERVATION OF ENERGY
 
 Particulars with respect to conservation of energy in Form A pursuant
 to Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 are not given as the Company was not engaged in
 the activities specified in the Schedule to the said Rules.
 
 TECHNOLOGY ABSORPTION
 
 The Company was not engaged in any activity relating to production and
 manufacture. No amount was therefore spent towards Technology
 Absorption. Particulars with respect to Technology Absorption in Form
 B pursuant to the Companies (Disclosure of Particulars in Report of
 Board of Directors) Rules, 1988 are therefore not given.
 
 FOREIGN EXCHANGE EARNING AND OUTGO
 
 a) Activities relating to exports, initiatives taken to increase
 exports; development of new export markets for products and services;
 and export plans;
 
    NIL
 
 b) Total foreign exchange used and earned:
 
    Foreign exchange earnings    : Rs. 32,88,46,441/- 
 
    Foreign exchange outgo       : Rs. 31,30,33,644/-
 
 
 CORPORATE GOVERNANCE
 
 Provisions of Clause 49 of Listing Agreement relating to Corporate
 Governance are not applicable to the Company as the paid up share
 capital of the Company is less than rupees three crores. However, the
 Company is committed to more transparency in the affairs.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employee was in receipt of remuneration exceeding the
 limits specified under Section 217(2A) of the Companies Act, 1956.
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to place on record their sincere appreciation for
 the co-operation and assistance received from the investors, customers,
 business associates, bankers, vendors, as well as regulatory and
 Governmental authorities and finally to all shareholders for their
 trust and confidence reposed in the Company and for their support and
 co-operation.
 
 
 
                                   On Behalf of the Board of Directors
 
                                           For Ravindra Energy Limited
 
 
                                                                  Sd/-
 
                                                     Vishwanath Mathur
 
                                                              Chairman 
 
 Place: Mumbai 
 
 Date: May 30, 2012