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Orient Green Power Company Ltd.

BSE: 533263 | NSE: GREENPOWER |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE999K01014 | SECTOR: Power - Generation & Distribution

BSE Live

Sep 17, 16:00
3.17 -0.16 (-4.80%)
Volume
AVERAGE VOLUME
5-Day
1,279,338
10-Day
993,991
30-Day
1,112,331
1,397,651
  • Prev. Close

    3.33

  • Open Price

    3.31

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    3.17 (40526)

NSE Live

Sep 17, 15:56
3.15 -0.15 (-4.55%)
Volume
AVERAGE VOLUME
5-Day
2,933,317
10-Day
2,457,936
30-Day
2,822,209
2,634,767
  • Prev. Close

    3.30

  • Open Price

    3.35

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    3.15 (28467)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2011

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of ORIENT GREEN POWER COMPANY LIMITED (the Company), which comprise the Balance Sheet as at 31 March, 2014, 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 Management is responsible for 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 Standards notified under the Companies Act, 1956 (the Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control 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. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing 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 the 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, 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. 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2014; (b) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Emphasis of Matter As explained in Note 38 of the financial statements, the Company has made investments aggregating to Rs.879,448,273 (Net of provision) in five Indian subsidiary companies and has also provided loans aggregating to Rs.1,831,729,333 as at 31 March, 2014 to these subsidiaries, whose net worth has been fully eroded as at 31 March, 2014, as per the audited financial statements of these entities. In the opinion of the Management, no additional provision/adjustment to the above is considered necessary in view of the gestation period required for break even, committed power supply arrangements on hand and in pipeline, plant condition as assessed by the technical team, expected higher cash flows based on future business projections and the strategic nature of these investments. Our opinion is not qualified in respect of the above matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of the Act, we report that: (a) We have 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 Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs). (e) On the basis of the written representations received from the directors as on 31 March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act. (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) (i) Having regard to the nature of the Company''s business/activities/results during the year, clauses 4(xii), 4(xiii), 4(xiv), and 4(xix) of the Order are not applicable to the Company. (ii) In respect of its fixed assets: a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. Some of the fixed assets were physically verified during the year by the Management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification. c. The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. (iii) In respect of its inventories: a. As explained to us, the inventories were physically verified by the Management at reasonable intervals duly considering the technical assessment of the accredited surveyor. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business. c. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) As certified by the Management, the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. (v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of power. During the course of our audit, we have not observed any major weakness in such internal control system. (vi) According to the information and explanations given to us and as certified by the Management, there are no contracts or arrangements, the particulars of which need to be entered into the Register maintained in pursuance of Section 301 of the Companies, Act, 1956. (vii) According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year. (viii) In our opinion, the internal audit functions carried out during the year by the Internal Audit Department of the Company have been commensurate with the size of the Company and the nature of its business. (ix) We have broadly reviewed the cost records maintained by the Company pursuant to the Cost Accounting Records (Electricity Industry) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. (x) According to the information and explanations given to us, in respect of statutory dues; a. The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Income Tax, Employees'' State Insurance, Wealth Tax, Customs Duty, Cess and other material statutory dues applicable to it with the appropriate authorities other than certain delays in remittances of Income Tax deducted at source, Professional Tax, and Service Tax during the year. b. There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Income Tax, Employees'' State Insurance, Service Tax, Wealth tax, Customs Duty, Cess and other material statutory dues in arrears as at 31 March, 2014 for a period of more than six months from the date they became payable except for Professional Tax amounting to Rs.44,825, which has been subsequently remitted by the Company. c. Details of dues of Income-tax and Electricity Tax which have not been deposited as on 31 March 2014 on account of disputes are given below: c. Details of dues of Income-tax and Electricity Tax which have not been deposited as on 31 March 2014 on account of disputes are given below: Period to which Forum where the Amount involved Statute Nature of Dues the amount relates Dispute is pending (Rupees) (Financial year Income Tax Act, Income Tax The Commissioner of 2008-09 138,740 1961 Income tax, Appeals 2009-10* 26,062,510 Tamil Nadu Tax on Electricity Tax Honourable 2012-13 and 29,278,213 Consumption & Sale Supreme Court of 2013-14 of Electricity Act, India 2003 The amount has been adjusted suo-motu by the Income Tax Department with the refund for other financial years. (xi) The accumulated losses of the Company at the end of the financial year are less than fifty percent of its net worth. The Company has incurred cash losses during the current financial year covered by our audit and in the immediately preceding financial year. (xii) In our opinion and according to the information and explanations given to us, the Company has not been regular in repayment of dues to banks and there were defaults during the year to the extent of Rs.776,441,423 in respect of principal and interest repayments. Out of the same, an amount of Rs.573,233,254 has been paid by the Company during the year. The balance amount of Rs.203,208,169 of principal and interest is outstanding as at 31 March 2014. Also Refer Note 11(iv) of the financial statements. The Company has not borrowed from financial institutions and has not issued any debentures during the current year. (xiii) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by subsidiaries from banks are not, prima facie, prejudicial to the interests of the Company. (xiv) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained, other than temporary deployment pending application. (xv) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have, prima facie, not been used during the year for long-term investment. (xvi) During the year, as certified by the Management, the Company has not made any preferential allotment of shares to the parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xvii) The Management has disclosed the end use of money raised by public issues in the notes to the financial statements and we have verified the same. (xviii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For Deotte Haskns & Ses Chartered Accountants (Firm''s Registration No. 008072S) Sriraman Parthasarathy Place: Chennai Partner Date: May 28, 2014 Membership No. 206834