SUN SOURCE INDIA LIMITED FINANCIAL …...SUN SOURCE (INDIA) LIMITED is scheduled to be held on...

2013-2014

FOR THE

FINANCIAL STATEMENT

SUN SOURCE INDIA LIMITED

F. Y.

N O T I C E The Annual General Meeting of the members of M/s. SUN SOURCE (INDIA) LIMITED is scheduled to be held on Tuesday, the 30th September, 2014 at 11.00 A.M. at its Registered Office Situated at One- Sonal Industrial Estate (Khoda), Sanand Viramgam Highway, Ahmedabad – 382170 to transact the following business: ORDINARY BUSINESS:

(1) To receive, consider and adopt the Audited Annual Account as at 31st March, 2014, Statement of Profit and Loss for the year ended on that date together with Reports of Directors’ and the Auditors’ thereon.

(2) To appoint Mrs. Priti Ashokkumar Gajjar as a Director, who retires by rotation and offer himself to re-appoint as a director of the Company.

(3) To re-appoint Statutory Auditors of the Company and to fix their remuneration. NOTES: (1) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ALSO ENTITLED TO

APPOINT A PROXY INSTEAD OF HIMSELF TO ATTEND AND VOTE AT THE MEETING. A PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE INSTRUMENT APPOINTING THE PROXY MUST BE LODGED WITH THE COMPANY AT LEAST 48 HOURS BEFORE THE TIME AT WHICH THE MEETING IS SCHEDULED TO BE HELD. THE PROXY FORM IS ATTACHED HEREWITH.

(2) Register of Index and Registers of members shall remain closed for a period from Saturday, the

27th September ‘14 to Tuesday the 30th September 14 (Both days inclusive).

(3) The company has appointed M/s. Purva Sharegistry (India) Pvt. Ltd., Unit No. 9 , Shiv Shakti Industrial Estate, J R Boricha Marg, Opp. Kasturba Hospital Lane, Lower Parel (E), Mumbai – 400 011 as Registrar and transfer Agent for carry out work relating to transfer as well as dematerialisation of shares. The members/investors have any query in this regards, the same be communicated to this agency at the address mentioned above.

(4) The company for the purpose of Redressel of investor grievance has created Email ID “[email protected]” This will facilitate to the investors to communicate any complaints/grievance to the company directly.

Registered Office:- One- Sonal Industrial Estate (Khoda), By order of the Board of Directors Sanand Viramgam Highway, Ahmedabad – 382170

-Sd- Place: - Khoda, Ahmedabad

Chairman Date: - 30th May, 2014

SUN SOURCE (INDIA) LIMITED

DIRECTORS' REPORT

To, The Members SUN SOURCE (INDIA) LIMITED Your Directors are pleased to present the Annual Report together with the Audited Accounts of the Company for the year ended 31st March 2014. SUMMARIZED OPERATIONAL RESULTS:

For the For the Year ended Year ended 31.03.2014 31.03.2013 Sales (Net) : 22,443,695 16,326,250 Profit before Tax : -2,369,230 -62,050,265 Provision for taxation : Nil -1748 Net Profit after Tax : -2,369,230 -62,048,517 DIVIDEND: During the year under consideration, due to accumulated losses as well as current year’s loss the board could not recommend dividend and regret for the same. REVIEW OF CURRENT PERFORMANCE: As you know that since last many years your directors are starving for getting business and for the same exploring various opportunities in the market. During the year under report the company has part of business activity, had submitted tendered for supply of power to Rajasthan State through conventional method. The same could not materialise and this was the major setback for the company. Even during the year company has generated revenue of Rs. 2.24 Crores as compared to 1.63 Crores of previous year. The company has not putdown its efforts and exploring more and more avenues. DIRECTORS: During the year under review Mrs. Priti Ashokkumar Gajjar retires by rotation and being eligible, offer himself for re-appointment. FIXED DEPOSIT: During the year under review, the company has not accepted and / or renewed any deposits as provided under section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules 1975. There are no unclaimed or overdue deposits. DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed: (i) That in the preparation of the accounts for the financial year ended 31st March, 2014, the

applicable accounting standards have been followed along with proper explanation relating to material departures wherever necessary;

(ii) That the Directors have selected such accounting policies and applied them consistently and

made judgements and estimates that were 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 loss of the Company for the year under review.

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate

accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a

'Going Concern' basis. AUDITORS OBSERVATIONS: The Directors wish to draw attention of the shareholders to Annexure of the Auditors Report which is self-explanatory. AUDITORS: M/s. Joshi Jain & Co., Chartered Accountants, Vadodara shall retire at the ensuing Annual General

Meeting and is eligible for re-appointment. The company has also obtained confirmation to that effect.

According to the Section 139(1) of the Companies Act, 2013 read with Rule 3(7) of the Companies (Audit

and Auditors) Rules, 2014 which has become effective from 1st April, 2014, the auditor appointed at the

ensuing present Annual General Meeting shall hold office from the conclusion of present Annual

General Meeting till the conclusion of Forthcoming Fifth Annual General Meeting of the Company.

AUDIT COMMITTEE During the year, the audit committee meeting were conducted as per the requirements of the listing agreement with the stock exchanges read with section 292A of the Companies Act 1956. The details about role, power etc. of audit committee enumerated in the Corporate Governance Report, forming part of this report. CORPORATE GOVERNANCE In pursuance to clause 49, as amended from time to time, of the Listing Agreement with the stock exchange, the corporate governance report and management discussion and analysis report are given elsewhere and forming part of this report. PERSONNEL

None of the employee of the Company is in receipt of remuneration which attracting the provisions of

Companies (Particulars of Employees) Rules, 1975 read with Section 217 (2A) of the Companies Act,

1956. Hence, information in this regard not provided.

FOREIGN EXCHANGE EARNING AND OUTGO During the year under consideration company has not earned any foreign exchange nor any out go. INSURANCE: All moveable and fixed Assets are adequately insured

DISCLOSURES:

(a) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO: The particulars prescribed by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not applicable mainly the company has not carried out any commercial activity hence not provided for.

(b) ENVIRONMENTAL CONTROL AND ABATEMENT OF POLLUTION : Your Company is not in manufacturing business and hence not generating pollution and hence not applicable.

ACKNOWLEDGEMENT: Your Directors wish to place on record their sincere thanks for the valuable assistance and guidance given by Banks, Central Government and State Government from time to time. Your Directors also wish to note the dedicated services of all the officers and employees of the Company.

Registered Office: One- Sonal Industrial Estate (Khoda), By order of the Board of Directors Sanand Viramgam Highway, Ahmedabad – 382170

-Sd- Place: - Khoda, Ahmedabad

Chairman Date: - 30th May, 2014

JOSHI JAIN & CO.

Chartered Accountants

‘Joshi Jain House’A-16, Shivanjali Society, Opp. Rajesh Tower, Off Gotri Road, Vadodara 390023

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SUN SOURCE INDIA LIMITED

Report on the Financial Statements:

We have audited the attached Balance Sheet of SUN SOURCE INDIA LIMITED as at 31st March 2014, the Statement of Profit & Loss for the year ended on that date and cash flow statement and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements: Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (“the Act”) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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. Auditor’s 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 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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: In our opinion and to the best of our information and according to the explanations given to us, the 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 on 31st March, 2014; (b) in the case of the Statement of the Profit & Loss, of the Profit of the Company for the year ended on that date. (c) In case of the Cash Flow Statement, the cash flow of the company.

Emphasis of Matter We draw attention to Note no. 25 relating to non provision of Employee Benefits as per Accounting Standard 15 with respect to Gratuity and Leave Benefits.

JOSHI JAIN & CO.


‘Joshi Jain House’A-16, Shivanjali Society, Opp. Rajesh Tower, Gotri Road, Vadodara 390023

Continuation Sheet: 2 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 of India

in terms of sub-section (4A) of section 227 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 purpose of our audit;

(b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) the Balance Sheet, Statement of Profit and Loss, and dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the balance sheet and statement of profit and loss, comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13thSeptember 2013, of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; and

(e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Place: Vadodara Date: 30-May-2014

Joshi Jain & Co Chartered Accountants

ICAI Firm Reg. No. : 128820W

Sd/-

Sachin Joshi Partner

Membership No. 119560 ANNEXURE TO AUDITORS’ REPORT [Referred to in paragraph (1) of our report of even date to the Members of SUN SOURCE INDIA Limited on the financial statements for the year ended on 31st March 2014].

(i) (a) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets.

(b) This year all the fixed assets were physically verified by the Management. According to the information and explanations give to us, no material discrepancies were noticed on such verification.

(c) The Company has not disposed off any substantial part of its Fixed Assets so as to affect its going concern status.

(ii) (a) Physical verification of inventory has been conducted once during the year by the Management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of the physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and nature of the business.

(c) The Company is maintaining proper records of its inventory. Discrepancies noticed on physical verification were not material and has been properly dealt with in the books of account.

.

JOSHI JAIN & CO.



Continuation Sheet: 3

ANNEXURE TO AUDITORS’ REPORT (…contd)

[Referred to in paragraph (1) of our report of even date to the Members of SUN SOURCE INDIA Limited on the financial statements for the year ended on 31st March 2014].

(iii) (a) The Company has not granted any unsecured loan to Companies, firms or other parties covered in

the register maintained under Section 301 of the Act. Accordingly, sub clause (a), (b), (c) and (d) are not applicable to the Company.

(b) The Company has taken interest free unsecured loan of `57,30,000/- from Companies, firms or other

parties covered in the register maintained under Section 301 of the Act. According to information and explanation given to us we are of the opinion that the terms of the loan are not prejudicial to the interest of the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business for the purchase of Fixed Assets and for the sale of services. Based on information made available to us, there are no instances of continuing failure to correct major weaknesses in internal control.

(v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act,1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act,1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) The Company has not accepted deposits from public within the meaning of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under,

(vii) The Company does not have an internal audit system uring the year.

(viii) As per the information and explanations given to us, in respect of the class of industry the Company falls under, the maintenance of cost records have not been prescribed by the Central Government under section 209 (1)(d) of the Companies Act, 1956.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has been generally regular in depositing undisputed statutory dues including income-tax, custom duty, excise duty, service tax, cess and other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and as per the records of the Company, there are no disputed dues of sales tax, income tax, custom duty, wealth tax, excise duty, service tax and cess as at 31st March 2014, which have not been deposited on account of any disputes.

(x) The Company has been registered for more than 5 years. No accumulated losses exceeding 50 % of the Net Worth has been suffered by the Company as at the end of Financial year. However, in our opinion, the

Company has incurred cash losses amounting to `( 350,975/-) during the current financial year. Cash loss

amounting to ` (368,164/-) has been incurred in the immediately preceding financial year.

JOSHI JAIN & CO.



Continuation Sheet: 4

ANNEXURE TO AUDITORS’ REPORT (…contd)

[Referred to in paragraph (1) of our report of even date to the Members of SUN SOURCE INDIA Limited on the financial statements for the year ended on 31st March 2014].

(xi) In our opinion and according to the information and explanation given to us, the Company has not defaulted

in repayment of dues to any Financial Institution, Bank & Debenture Holders, as at the Balance Sheet date.

(xii) According to the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanation given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institution during the year.

(xvi) According to the records of the Company examined by us and the information and explanation given to us, the Company has not availed any term loan during the current year. Accordingly, paragraph 4(xvi) of the Order is not applicable.

(xvii) On the basis of an overall examination of the Balance Sheet of the Company and according to the information and explanations given to us, in our opinion, the Company has not applied funds raised on short-term basis for long term investments.

(xviii) The Company has not made preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any debenture during the year.

(xx) The Company has not raised any money through public issue during the year.

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of any fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

Place: Vadodara Date: 30-May-2014

Joshi Jain & Co Chartered Accountants

ICAI Firm Reg. No.:128820W

Sd/- CA Sachin Joshi

Partner Membership No. 119560

REPORT ON CORPORATE GOVERNANCE

A. COMPANY’S PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE:

The Company has accepted the concept of Corporate Governance as challenge and committed to achieve highest level of Corporate Governance. The Corporate Governance is nothing but transparency, high level of disclosure and fairness and unbiased to the members of the company. The Board of Directors of the Company effectively monitor the Management progress and corporate decisions.

B. BOARD OF DIRECTORS

As per the requirements of Corporate Governance, the composition of Board of Directors consisting only of Non Executive Directors and majority of them are independent directors.

Composition and Category of Board of Directors

Presently, the Company has 4 (Four) Directors of whom two directors are independent directors. The details of each such director are;

Sr. No.

Name of Directors

Category of Directorship

Directors inter se relationship, if

any

No. of other Direct

or-ship/Fi

rm

No. of Committee

positions held in other Public

Company

No. of Share/

(%)

Chairman

Member

1

Mr. Ashok Kantilal Gajjar

Promoter/ Non Executive Director

Father of Mrs. Priti Amin

Nil Nil Nil 0.03

2 Mrs. Priti Kurendu Amin

Non Executive Director

Daughter of Mr. Ashok Gajjar

Nil Nil Nil Nil

3

Mr. Ikshit Manish Amin

Non Executive/ independent Director

N.A. Nil Nil Nil Nil

4 Mr. Dinesh Velji Patel

Non Executive/ independent Director

N.A. Nil Nil Nil Nil

Mr. Ashok Gajjar is the Chairman of the Company, None of the Directors are inter related with each other’s except Mr. Ashok Gajjar and Mrs. Priti Amin.

No. of Board Meetings held during 01-04-2013 to 31-03-2014

During the financial year, Board of Director met 5 times. The dates of such Board Meetings are: -

May 14th 2013

May 31st

2013

July 19th

2013

Nov 14th

2013

Jan 30th

2014

ATTENTDANCE OF DIRECTORS

Directors Attended Last Annual General Meeting Attended

Mr. Ashok Gajjar 5/5 YES

Mrs. Priti Amin 5/5 YES

Mr. Ikshit Amin 5/5 YES

Mr. Dinesh Patel 5/5 YES

PARTICULARS OF DIRECTORS RETIRING BY ROTATION AND BEING REAPPOINTED.

Mrs. Priti Ashokkumar Gajjar, Director is retiring by rotation at the Annual General Meeting and being eligible for the reappointment.

Mrs. Priti is highly qualified and having total experience of 7-8 years in the field of Education, Real Estate, Automobiles, Power, Mining, etc.

Mrs. Priti is not holding any equity shares of the company and he is not a Director in any listed company or member of any committee of listed company.

C. AUDIT COMMITTEE

Terms of Reference:

The terms of reference of this committee cover the matters specified for Audit committee under revised Clause–49 of the Listing Agreement as well as in section 292A of the Companies Act, 1956.

Composition:

The reconstituted audit committee comprising of following members: -

Mr. Ikshit Amin

Mr. Dinesh Patel

Mr. Ashok Gajjar

Mr. Ikshit Amin, is a Chairman of Audit Committee and not holding any directorship in any other company

Meetings and attendance:

In the financial year, the audit committee met 4 times i.e. 14th

May, 2013, 19th

July, 2013, 14th

Nov, 2013, & 30th Jan, 2014 all the members were present in all the meetings.

D. REMUNERATION COMMITTEE:

No remuneration is being paid to any director of the present directors of the company. Even being a non mandatory requirement, the company has not constituted remuneration committee.

E. INVESTORS’ GRIEVANCE AND SHAREHOLDERS’ COMMITTEE

As per the requirements of Listing Agreement, the Investor Grievance and Share Transfer Committee comprising of Mr. Ashok Gajjar, Mr. Ikshit Amin and Mr. Dinesh Patel.

Mr. Ashok Gajjar is the Chairman of the Committee.

Mr. Ashok Gajjar is acting as Compliance Officer for all committee referred above.

During the year the company has not received any complaints, grievance from the shareholders. No Complaint or grievance is pending. Whatever the requests for transfer and transmission, dematerialisation etc. from the shareholders were considered well in time and none of the request is pending with the company as on the date of this report.

F. GENERAL BODY MEETING

Location and time of last three Annual General Meeting.

Year Date and Time Location

2012 – 2013 Sept 30th 2013 at 11.00 AM 1, Sonal Industrial Estate Khoda, Sanand Viramgam Highway, Ahmedabad-382170.

2011-2012 Sept 29th 2012 at 11.00 AM 1, Sonal Industrial Estate Khoda, Sanand Viramgam Highway, Ahmedabad-382170.

2010-2011 Sept 29th

2011 at 11.00 AM 1, Sonal Industrial Estate Khoda, Sanand Viramgam Highway, Ahmedabad-382170.

No special Resolution was passed during the previous three AGMs. Even no special resolution was passed during last year through postal ballot.

Postal Ballot The company is not proposing to pass any special resolution through postal ballot.

G. DISCLOSURE ON MATERIALLY SIGNIFICANT RELATED PARTY TRANSACTION.

During the year, the company has not carried out any transaction with related party as provided in the Accounting Standard-18 and hence details not provided for.

H. DETAILS OF NON COMPLIANCE BY THE COMPANY.

During the last three years no penalties, strictures were imposed by the stock exchange or other statutory authorities. Whistle Blower Policy being Non Mandatory, the company has not adopted the same. No personnel have been denied access to the audit committee. The company has complied with all the mandatory requirements as prescribed under revised clause 49 of the Listing Agreement.

I. MEANS OF COMMUNICATION

Quarterly / Half yearly results

Quarterly /Half-yearly financial results being a published in Western Times, English edition and Western Times Gujarati Edition periodically and also being informed to the Stock Exchanges where the shares are listed.

No official news released during the Year.

No presentation was made to institutional investors or to the analyst.

Management Discussion and Analysis report forming part of this Annual Report.

J. GENERAL SHAREHOLDER INFORMATION

Annual General Meeting: Date, Time and Venue: 30th day of September, 2014 at 11:00 A.M. at 1, Sonal Industrial Estate Khoda, Sanand Viramgam Highway, Ahmedabad-382170.

Financial Calendar: April – March

Financial reporting for the first quarter ending on June, 2014: on or before 15th

August 14.

Financial reporting for the second quarter ending on September, 2014: on or before 15th November 14.

Financial reporting for the third quarter ending on December, 2014: on or before 15th Feb 15

Financial reporting for the last quarter ending on March, 2015: May, 2015

Annual General Meeting for Financial Year 2014-2015: September, 2015

The above dates are tentative, subject to change

Dates of Book Closure: 27/09/2014 to 30/09/2014 (Both days including)

The company has not declared dividend.

K. LISTING ON THE STOCK EXCHANGES

Name of Stock Exchanges & Script Code Number. The company’s equity shares are listed at:

The Ahmedabad Stock Exchange Limited (ASE)

The Bombay Stock Exchange Limited (BSE) The script No. at BSE is 517403 Listing fees for the financial year 2012-2013 has been paid to all the above Stock Exchanges.

L. MARKET PRICE DATE: AS ON 31.03.2014 THE MARKET VALUE OF SHARE IS RS. 1.18/-

M. REGISTRAR AND TRANSFER AGENT

M/s. Purva Sharegistry (India) Pvt. Ltd., 9, Shivshakti Industrial Estate, Sitaram Mills Compound, J. R. Boricha Marg, Opp. Kasturba Hospital, Lower Parel (East) Mumbai – 400 013, Contact No.: - +91 022 23010771 Acting as Registrar and Transfer (R&T) Agent for share transfer and dematerialisation work.

N. SHARE TRANSFER SYSTEM

Share transfer would be registered and returned generally within a period of 15 (Fifteen) days from the date of receipt. The share transfer committee meets on the interval of 10 days depending upon number of transfers received.

O. DISTRIBUTION OF SHAREHOLDING (AS ON 31-03-2014)

No. of Equity Shares held Shares/ Debenture holders Shares/ Debenture Amount

Sr. No From - To NUMBER % To Total

In Rs. % To Total

1 Up to 5000 35240 93.42 63757090 44.30 2 5001 - 10000 1961 5.20 14430360 10.03 3 10,001 – 20,000 281 0.74 4181160 2.91 4 20,001 – 30,000 78 0.21 2001670 1.39 5 30,001 – 40,000 31 0.08 1131920 0.79 6 40,001 – 50,000 58 0.15 2874900 2.00 7 50,001 – 1,00,000 32 0.08 2621230 1.82 8 1,00,000 – Above 43 0.11 52916280 36.77

Total…….. 37724 100.00 143914610 100.00

O. DEMATERIALISATION OF SHARES AND LIQUIDITY:

The Company has entered into an agreement with both i.e. NSDL and CDSL so that the shareholders of the company could avail the benefit of multi depository system. Up-to 31/03/2014, 32.73% of shares were dematerialized. All the shares being held by the promoters have been dematerialized. Outstanding ADR/GDR etc.: - Not applicable

P. CORRESPOENCE MAY BE ADDRESS TO: - Mr. Ashok Gajjar, a Compliance Officer Registered office 1, Sonal Industrial Estate Khoda, Sanand Viramgam Hignway, Ahmedabad-382170. Email ID: - [email protected] Tel. No.: - (0265) 2581521 Web Site: - www.sunsourceindia.in

Corporate Office “SANKLAP” Building Besides Banker’s Heart Institute,

Old Padra Road Vadodara – 390006 Q. DECLARATION OF CODE OF CONDUCT:

As per the terms of the amended clause 49 of the Listing Agreement, we hereby confirm that all the board members and Senior Management personnel of the company have affirmed the compliance of the code of business conduct for the year ended on 31/03/2013.

R. CEO/CFO CERTIFICATE: -

The Board has received CEO/ CFO Certificate as required under Clause 49 of Listing Agreement and the same was adopted by the Board.

Date: - 30th May, 2014.

CORPORATE GOVERNANCE AUDITOR CERTIFICATE To The Members SUN SOURCE (INDIA) LIMITED Ahmedabad We have examined the compliance of conditions of Corporate Governance by SUN SOURCE (INDIA) LIMITED for the year ended 31-03-2014, as stipulated in clause 49 of the Listing Agreement(s) of the said Company with the Stock Exchange(s) in India.

The compliance of conditions of Corporate Governance is the responsibility of the Company’s Management. Our examination was limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of an opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company. Place: Vadodara For Sachin Joshi & Co. Chartered Accountants Sd/- Date: 30

th May, 2014 Sachin Joshi

Proprietor Membership No. 119560

Management Discussion and Analysis Report CAUTIONARY STATEMENT Statements made in this Management Discussion & Analysis Report on the Financial Condition and Results of Operations of the Company describing the Company's objectives, expectations or predictions may appear to be futuristic within the meaning of applicable laws/regulations. These statements are based on certain assumptions and expectations of events that may or may not take place in future. The Company does not guarantee that the assumptions and expectations are accurate and/or will materialize. The Company assumes no responsibility to publicly amend, modify or revise the statements made therein nor does it assume any liability for them. Actual performance can vary substantially from those expressed in the foregoing statements. The investors are, therefore, cautioned and requested to take the considered decision in this regard.

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The solar industry has gone through one of the most eventful – and frightening – years in recent history. The last 12 months have brought financial chaos, falling demand for solar products, rising inventory and rounds of consolidation. Yet today, because of continued political support for solar, the industry is moving into 2015 with strong momentum. That's not to say the next 12 months will be easy. Electricity and heating fuel prices have rise substantially, and many consumers are still holding off big purchases like solar PV or solar thermal. At the same time, the prices of solar technologies like PV have fallen 30% since this time last year. That could make for a dramatic rise in solar adoption as home and business owners see prices bottoming out.

In order to encourage the continued adoption of solar and other renewable energy technologies, the U.S government has rolled out new support mechanisms through the stimulus package. It will also help create strong growth into 2015, which most people believe will be another record-breaking year as utilities get serious about solar PV and Concentrating Solar Power. Meanwhile, companies continue to break efficiency records and roll out new products that make solar more cost-competitive.

DISCUSSION ON FINANCIAL PERFORMANCE: Since last five years company has started functioning and as a result it has generated revenue of Rs. 224.43 lacs, it is an indicator for future bright prospects of the Company. However due to higher expenses, the company is not in a position to generate Profit. The board is also of the view that the revenue being generated by the company is not to the expectation and all the positive efforts are now being put by the board to expand the activities of the company including introduction of new line of activities in tune with the present market need. During the current year your company is targeting to achieve the turnover of Rs. 300 lacs. The management of the company is also putting all the efforts to install all the technical equipments at Rajasthan so that production of non-conventional power generation can start, subject to approvals from Government. Even, very recently, the Central Government has introduced subsidiary scheme for this kind of project and as a result, the company is anticipating to generate profit in subsequent years. The company has also started recruiting employees so the target can be achieved easily in a scheduled time. OPPORTUNITIES & THREATS:

India can afford to raise the share of renewable energy in national power output to 10% by 2016 from under 4% today, says a new report. Allocation for new and renewable energy ministry increased by 61% to Rs 1,000 crore.

A so-called national action plan on climate change recommends India should generate 10% of power from solar, wind, hydro power and other renewable energy sources by 2016, and 15% by 2020. But the high production cost and its effect on state power utilities’ budgets is viewed as a deterrent.

India has to import nearly three-fourths of its energy needs due to a limited stock of conventional energy sources. India’s renewable energy potential is 100,000MW from solar energy and another 85,000MW from non-solar sources. Of that, only around 24,903MW has been tapped. This includes 70% from wind energy, 15% from small hydropower units. The remaining 15% covers solar energy (@ 2.5%) and other sources. Also government is promoting Grid connected Rooftop Solar energy to utilize the space and invite retail participation.

More reliance on renewable energy will not only help India reduce its import bill but also cut back its contribution to polluting gases that are blamed for climate change worldwide.

The Central Electricity Regulatory Commission (CERC) has come up with guidelines on issuing renewable energy certificates (RECs) to promote green energy. Certificate holders will be able to sell green energy to states, individuals or other trading entities. It has also anticipated peak energy shortage of 13.9% for 2014.

States have been allotted different renewable energy purchase obligations (RPOs). While Gujarat met its target for 2013-14, states such as Tamil Nadu came close.

For instance, most of the wind potential is available in states like Tamil Nadu, Karnataka, Gujarat, Andhra Pradesh, Maharashtra, Rajasthan, Madhya Pradesh and Kerala. There are also states like Chhattisgarh, Uttarakhand and Himachal Pradesh where there is moderate RE (renewable energy) potential (primarily small hydropower). Remaining states have very little RE potential.

SECTOR OUTLOOK:

Solar energy offers enormous potential for a tropical country like India where more than 42% of households, mainly rural ones, do not have access to electricity, says a new research report “Indian Solar Energy Market Outlook 2013” from a leading research company RNCOS.

India receives solar energy equivalent to more than 5,000 Trillion kWh per year, which is far more than its total annual energy consumption. The country’s geographical location, large population and government support are also assisting it to become one of the most rapidly emerging solar energy markets in the world. Consequently, the country is becoming a favorite investment destination for both local as well as global players.

Demand for solar products has been rising rapidly over the recent years, especially in rural areas, and is expected to continue growing substantially during our forecast period (2010-2013). The total number of solar lanterns in India is projected to grow at a CAGR of about 40% between 2010 and 2013.

“Indian Solar Energy Market Outlook 2014” provides a rational analysis and extensive research on the solar power industry in India. It thoroughly examines the current industry trends which are adding to the growth of solar power market of the country. The most important being downward spiral of solar PV prices, mainly due to low demand, high supply and coming up new technologies. The report highlights the emerging segments of solar power industry and their market potential to serve the enormous population of the country. It will help clients to understand the market dynamics and get an insight of the current and future outlook of solar power market in India.

Besides giving projections on various energy indicators, the report also gives forecast on various segments of the solar power industry based on feasible solar industry environment in India. These include:

- Solar Grid connected Rooftop Systems - Solar Home Lighting System - Solar Lantern - Solar Photovoltaic Pumps - Solar Water Heating System - Solar Cookers

The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on correlations between past market growth, growth of base drivers and possible impact of recession in the economy.

INTERNAL CONTROL AND RISK MANAGEMENT: Sun Source has in progress to implement a system of internal control over financial reporting of all transactions along with demonstrated efficiencies in operations and compliance of relevant laws and statutory regulations. Sun Source understands the necessity of having excellent operational efficiencies to fuel and support its plans for charting out its growth trajectory. On monitoring the developments in domestic and global economy closely, we feel that in the near term, major challenge lies in managing the growth and at the same time retaining reasonable profitability. The strategies adopted to achieve growth may make us susceptible to risks, but we are confident that our risk management approach and reporting systems would enable identification of critical risks beyond certain tolerance levels, to be reported for further action. We are planning to formulate an integrated Enterprise Risk Management Policy, which may identifies and addresses various risks on a proactive and structured manner. SAFETY, HEALTH AND ENVIRONMENT: Your Company continues to give priority to the Safety, Health and Environment. Preservation & promotion of environment is of fundamental concern in all our business activities. HUMAN RESOURCES: The Company continued to have cordial & harmonious relations with its employees. The Company recognizes and sincerely appreciates the hard work put in by all its employees. The Company is planning to execute whistle blower policy. For and on behalf of the Board of Directors

-Sd-

Chairman Date: 30

th May, 2014

Place: Khoda, Ahmedabad

As at As at

Particulars Note 31.03.2014 31.03.2013

Amount ` Amount `

A EQUITY AND LIABILITIES

1 Shareholders' Funds

Share Capital A 114,556,550 114,556,550

Reserves and Surplus B (30,631,375) (28,262,145) 83,925,175 86,294,405

2 Non Current Liabilities

Long Term Borrowings C 14,004,852 8,274,852 14,004,852 8,274,852

3 Current Liabilities

Short Term borrowings - -

Current Maturities of Long term Borrowings - -

Trade Payables D 268,416 266,774

Other Current Liabilities E 1,988,511 1,996,388

Short Term Provisions - -

2,256,927 2,263,162

Total 100,186,954 96,832,419

B ASSETS

1 Non Current Assets

Fixed Asset

Intangible Assets F 60,020,845 62,039,100

Non Current Investments G 85,000 85,000

Long Term Loan and Advances H 39,624,482 31,624,482

Other Non Current Assets I 11,802 8,459

99,742,129 93,757,041

2 Current Assets

Inventories - -

Trade Receivables - -

Cash and Cash Equivalents J 362,366 2,993,554

Short Term Loans and Advances K 82,459 81,824

Other Current Assets - -

444,825 3,075,378

Total 100,186,954 96,832,419

As per our Report of Even Date - -

For Joshi Jain & Co For Sun Source India Limited


ICAI Registration No 128820W

sd/- sd/-

sd/-

Sachin Joshi Ashok Gajjar Preeti Amin

Partner Director Director

Membership No. 119560

Place Vadodara Place Vadodara

Date 30-May-2014 Date 30-May-2014


BALANCE SHEET AS AT 31ST MARCH, 2014


PROFIT & LOSS Statement for the year ended 31st March, 2014

Particulars Note 2013-14 2012-13Amount ` Amount `

A Income from Continuing Operations

Revenue from Operations L 22,443,695 16,326,250

22,443,695 16,326,250

B Expenses

Purchase of Stock in Trade 22,456,395 16,228,750

Other Expenses M 339,409 465,425

22,795,804 16,694,175

(352,109) (367,925)

Finance Cost N 2,209 3,258

Depreciation F 2,018,255 43,703

Other Income O 3,343 3,019

2,017,121 43,942

(2,369,230) (411,867)

Exceptional Items - 61,638,398

(2,369,230) (62,050,265)

Tax Expense

Current Tax expense for Current Year - -

Current Tax Expense for Prior years - (1,748)

Deferred Tax - -

(2,369,230) (62,048,517)

Basic Earning per Equity Share (Refer Note No. 25.6) (0.21) (5.42)

Diluted Earning per Equity Share (Refer Note No. 25.6) (0.21) (5.42)

As per our Report of Even Date




sd/- sd/-

sd/-


Partner Director

Memebership No. 119560

Place Vadodara Place VadodaraDate 30-May-2014 Date 30-May-2014

Total

Profit Before Exceptional and Extraorinary Items and

Tax

Profit Before Tax

Profit After Tax

Director

Earning Before Excon Items Extra Ordinary Items,

Interest and Depreciation


Notes forming part of the Accounts

Note P Corporate Information

Sun Source (India) Limited was incorporated under the Companies Act, 1956 on 10-04-

1992.

The Company is principally engaged in executing alternate power projects. During the year, the

Company is in the process of exploring sources of alternate power projects. As an ancillary activity,

the Company carries trading activity. During the year the income is mainly from this trading activity.

Note Q Significant Accounting Policies

1 Basis of Accounting

The Company maintains its accounts on accrual basis following the historical cost

convention in accordance with Generally Accepted Accounting Principles [GAAP]

comprising the mandatory Accounting Standards issued under the Companies (Accounting

Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act,

1956.

2 Use of Estimates

The preparation of the financial statements is in conformity with Indian GAAP requires the

Management to make estimates and assumptions considered in the reported amounts of

assets and liabilities (including contingent liabilities) and the reported income and

expenses during the year. The Management believes that the estimates used in

preparation of the financial statements are prudent and reasonable. Future results could

differ due to these estimates and the differences between the actual results and the

estimates are recognised in the periods in which the results are known / materialised.

3 Change in Accounting Policy

Any change in the Accounting Policy, which has a material effect in the current period, is

disclosed. The amount by which any item in the financial statements is affected by such

change is also disclosed.

4 Fixed Assets

Tangible Fixed Assets are stated at cost of acquisition and any subsequent improvements

thereto, including taxes, duties, freight and other incidental expenses related to its

acquisition and installation.

5 Depreciation

Tangible Assets:

Depreciation on Fixed assets has been provided on Written Down Method at the rates

and in the manner prescribed in Schedule XIV to Companies Act, 1956.

Lease hold Land

The Lease hold land is amortised over the period of lease.

6 Investments

Long Term Investments are valued at Cost. Current Investments are valued at lower of cost or market value.

7 Revenue Recognition

Revenue is recognised on the transfer of significant risks and rewards of ownership to the

buyer, for a consideration. Income from interest is recognized on accrual basis.

8 Extraordinary and Exceptional items

Income or expenses that arise from events or transactions that are clearly distinct from

the ordinary activities of the Company are classified as extraordinary items. Specific

disclosure of such events / transactions is made in the financial statements. Similarly, any

external event beyond the control of the Company, significantly impacting income or

expense, is also treated as extraordinary item and disclosed as such.

Income or Expense from ordinary activities of the Company of such size, nature or

incidence that its disclosure improves an understanding of the performance of the

Company are classified as an exception item and accordingly disclosed in the notes to

accounts.

9 Borrowing Costs

Borrowing costs include interest, commitment charges, amortization of ancillary costs,

finance charges in respect of assets acquired on finance lease and exchange differences

arising from foreign currency borrowing, to the extent they are regarded as an adjustment

to interest costs.

Borrowing costs that are attributable to the acquisition, construction or production of a

qualifying asset are capitalized / inventorised as part of cost of such asset till such time

the asset is ready for its intended use or sale. A qualifying asset is an asset that

necessarily requires a substantial period of time to get ready for its intended use or sale.

All other borrowing costs are charged as an expense in the period in which they are

incurred.

10 Taxes on Income

Tax on Income for the Current Period is determined on the basis of taxable income and tax

credits computed in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences between the accounting income and

taxable income for the year and quantified by the tax rates and laws enacted or

substantially enacted as at the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is

reasonable certainty that sufficient future taxable income will be available against which

such deferred assets can be realised.

11 Provisions and contingent liabilities.

A provision is recognised when

a. the Company has a present obligation as a result of past events b. it is probable that an outflow of resources will be required to settle the obligation c. the amount of the obligation can be reliably estimated.

Provisions (excluding retirement benefits) are not discounted to their present value and

are determined based on the best estimate required to settle the obligation at the Balance

Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the

current best estimates.

Contingent liability is disclosed in case of

a. a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation.

b. a present obligation arising from past events, when no reliable estimate is possible. c. a possible obligation arising from past events where the probability of outflow of

resources is not remote.

12 Commitments

Commitments are future liabilities for contractual expenditure. Commitments are

classified and disclosed as follows;

a. Estimated amount of contracts remaining to be executed on capital account and not provide for

b. Other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinon of management.

13 Impairment of Assets

The amount of impairment loss is recognised and charged to Profit and Loss Statement

when the carrying amount of asset exceeds its recoverable amount at the Balance Sheet

date. Recoverable amount is determined at higher of net selling price and value in use. If

at the Balance Sheet date there is an indication that a previously assessed impairment loss

no longer exists, the recoverable amount is reassessed and the asset is reflected at the

recoverable amount subject to a maximum of depreciated historical cost.


Notes forming part of the Accounts

1. Preliminary Expenses: The Company has not written off preliminary & Public issue

expenses till date.

2. Gujarat Electricity Board has filed a suit against the company for recovery of

electricity dues, penalty etc, for approx ` 3 Lacs. The Company has opted for

settlement of the dues under the Amnesty scheme of Government of Gujarat. The

liability if any is not ascertainable.

3. RSEB has invoked Bank guarantee of ` 75 lac given by Vijaya Bank, against Fixed

Deposit placed by the company. RSEB has received ` 75 Lac from Vijaya Bank & `

25 lac which were lying with RSEB is also confiscated. However on the request of

the company, RSEB has kept ` 100 lac as interest free deposit for future work that

would be given to the company. Hence ` 1 crore is shown as advance to RSEB.

4. Previous Year's figures have been regrouped wherever necessary.

5. In accordance with Accounting Standard – 20, issued by the Institute of Chartered

Accountants of India, the basic and diluted Earnings per Share ` (0.21) has been

determined considering the numerator of ` (23,69,230) as the Earnings after Tax as

per the Profit & Loss account for the year and denominator of 143,91,461 Equity

Shares. There has been no change in the Equity Share Capital as compared to the

previous year.

6. The Company has no information on micro, small or medium enterprises to whom

the Company owes dues, which are outstanding over 45 days as at 31st March

2013 as required under the Micro, Small and Medium Enterprises Development Act,

2006.

7. The balance in respect of Trade Receivables, loans and advances- Long Term and

Short Term, Deposits, bank balances and other accounts, either debit or credit, as

appearing in the books of accounts are subject to confirmations from the respective

parties as well as the reconciliation/ adjustments, if any, arising there from.

Signatures to Notes ‘A’ to ‘Q’

As per our attached report

For Joshi Jain & Co


(ICAI Registration No 128820W)

Sd/- Sd/-Sd/-

For and on behalf of Board

Sun Source (India) Limited

Sachin Joshi

Partner

Membership No: 119560

Ashok Gajjar

Director

Preeti Amin

Director

Place : Vadodara

Date :30th May, 2014

Place : Vadodara

Date : 30th May, 2014


CASH FLOW STATEMENT FOR YEAR ENDED ON ON 31ST MARCH, 2014

Particulars 2013-14 2012-13

Cash flows from operating activities

Profit before Tax (Excluding Extraodinary and Exceptional Items) (2,369,230) (411,867)

Adjustments for:

Dividend Recived -

Depreciation, amortisation and obsolencense 2,018,255 43,703

Other Non Cash Expense -Assets written off - -

Interest Expenses 2,209 3,258

Interest Income (3,343) (3,019)

Profit on sale of FA - -

Fixed Asset written off - -

Prior period Adjustments - -

Operating profit before working Capital changes (352,109) (367,925)

(Increase)/decrease in trade & other receivables (8,003,978) (300,069)

(Increase)/decrease in inventories - -

Increase/(Decrease) in trade & other payables (6,235) 74,493

Cash (used in)/generated from operations (8,362,322) (593,501)

Income taxes refund/(paid) net - -

Net cash from operating activities (8,362,322) (593,501)

Cash flows from investing activities

Purchase of fixed assets - -

Proceeds from sale of equipment - -

Purchase of Shares - -

Interest received 3,343 3,019

Dividends received -

Net cash used in investing activities 3,343 3,019

Cash flows from financing activities

Proceeds from Short-term borrowings 5,730,000 985,000

Repayment of long-term borrowings

Interest paid (2,209) (3,258)

Dividends paid - -

Net cash used in financing activities 5,727,791 981,742

Net increase in cash and cash equivalents (2,631,188) 391,260

Cash and cash equivalents at beginning of period (see Note 1) 2,993,554 2,602,294

Cash and cash equivalents at end of period (see Note 1) 362,366 2,993,554

- -

As per our Report of Even Date




sd/- sd/-

sd/-


Partner Director Director

Membership No. 119560

Place Vadodara Place Vadodara

Date 01-May-2014 Date 01-May-2014

Working for Cash Flow

Statement of Profit and Loss for the year ended 31.03.2012 2013-14 2012-13

Sales 22,443,695 16,326,250

Cost of sales 22,456,395 16,228,750

Gross profit (12,700) 97,500

Depreciation 2,018,255 43,703

Bad Debts -

Investment Written off -

Administrative and selling expenses 339,409 465,425

Interest expense 2,209 3,258

Interest income 3,343 3,019

Other income (Other than Interest Income) - -

Foreign exchange Loss - -

Net profit before taxation and extraordinary item (2,369,230) (411,867)

Extraordinary item – If any - 61,638,398

Net profit after extraordinary item (2,369,230) (62,050,265)

Income-tax - Current - (1,748)

Net profit (2,369,230) (62,048,517)

(2,369,230) (62,048,517) 1. (Increase)/decrease in trade & other receivables

Trade Receivable Other

Receivables

Trade Receivable Other

Receivables Balances at the beginning of the year - 31,655,453 - 74,828,765

Bad Debts written off - 43,473,381

31,655,453 31,355,384

Less : Balances at the end of the year - 39,659,431 - 31,655,453

-

- (8,003,978) - (300,069)

2. Increase/(Decrease) in trade & other payables

Opening Balance

Trade Payable 266,774 202,674

Other Current Liabilities 1,996,388 1,985,995

Short Term Provission -

Total - 2,263,162 2,188,669

Less: Sundry creditors at the end of the year

Trade Payable 268,416 266,774

Other Current Liabilities 1,988,511 1,996,388

Short Term Provission

2,256,927 2,263,162

(6,235) 74,493

3. Income taxes paid (including tax deducted at source from dividends received)

Income tax expense for the year (including TDS) - (1,748)

Add : TDS W/off of earlier years

at source from dividends received)

Add : Income tax liability at the beginning of the year - - 35,000

Add: TDS (Closing) 59,312 59,312

59,312 92,564

Less: Income tax liability at the end of the year - -

Less: TDS (Opening) 59,312 92,564

Income Tax paid - -

4. Repayment of long-term borrowings Long Term Short Term Long Term Short Term

Long-term debt at the beginning of the year 8,274,852 - 7,289,852 -

Add : Short term borrowings made during the year - - - -

8,274,852 - 7,289,852 -

Less : Long-term borrowings at the end of the year 14,004,852 - 8,274,852 -

5,730,000 - 985,000 -

5. Interest paid

Interest expense for the year 2,209 3,258

Add: Interest payable at the beginning of the year - -

2,209 3,258

Less: Interest payable at the end of the year - -

2,209 3,258

Notes forming part of Financial Statements as at 31st March, 2014

Note Particulars

Number Amount ` Number Amount `

A SHARE CAPITAL

a) Authorised :

Equity Shares of `. 10/- each 15,000,000 150,000,000 15,000,000 150,000,000

b) Issued Share Capital:

Equity Shares of `10/- each 14,400,000 144,000,000 14,400,000 144,000,000

c) Subscribe and Fully Paid-up:

Equity Shares of `.10/- each 8,519,849 85,198,490 8519849 85,198,490

c) Subscribe But Not Fully Paid-up:

Equity Shares of `.10/- each 5,871,612 58,716,120 5871612 58,716,120

Less Calls in Arrears 5,871,612 29,358,060 5871612 29,358,060

29,358,060 29,358,060

Total 114,556,550 114,556,550

Details of Shareholders holding more than 5% of shares

Numbers % Numbers %

Ashna Advisors Pvt. Ltd. 1,200,000 8.34% 1,200,000 8.34%

Agriuniver Invatrade Pvt. Ltd. 729,400 5.07% 729,400 5.07%

B RESERVES & SURPLUS

Security Premium Account

Opening Balance 33,390,932 33,390,932

Add : Premium on shares issued during the year - -

Closing Balance 33,390,932 33,390,932

General Reserve

Opening Balance 105,887 105,887

Add transfer firm surplus in Profit & Loss Statement - -

Closing Balance 105,887 105,887

Surplus in Profit & Loss Statement

Opening Balance (61,758,964) 289,553

Less : Loss for the year (2,369,230) (62,048,517)

Closing Balance (64,128,194) (61,758,964)

Total (30,631,375) (28,262,145)


As at 31.03.2013

As at

31.03.2014

As at

31.03.2013

As at 31.03.2014Number



C Long Term Borrowings - Unsecured

From Related Party

Earthagri Invatrade Pvt. Ltd. 500,000 500,000

Global Invatrade Gujarat Pvt. Ltd. 1,071,990 1,071,990

Live Wire Visuals Pvt. Ltd. 400,000 400,000

Torque Holdings Llp 12,032,862 6,302,862

Total 14,004,852 8,274,852

D Trade Payables

For Expenses 268,416 266,774

268,416 266,774

E Other Current Liabilities

Share Application Money Received and due for refund 1,476,851 1,476,851

Loan from Others

General Capital And Holdings Co.Pvt. Ltd. 500,000 500,000

Statutory Liabilites 11,660 19,537

1,988,511 1,996,388


F Fixed Assets

Balance Addition Adjustment Cl. Balance Op. Balance Addition Adjustment Cl. Balance Cl. Balance

as on during during as on as on during during as on as on

01.04.2013 year year 31.03.2014 01.04.2013 year year 31.03.2014 31.03.2014

Tangible Assets

1 Land & Land Development 19,657,758 - - 19,657,758 - - - - 19,657,758

2 Land - Lease 2,904,000 - - 2,904,000 242,573 32,259 - 274,832 2,629,168

3 Office Preimises 39,951,319 - - 39,951,319 231,404 1,985,996 - 2,217,400 37,733,919

Total 62,513,077 - - 62,513,077 473,977 2,018,255 - 2,492,232 60,020,845


Net BlockGross Block Depreciation

Sr.

No.PARTICULARS

Cl. Balance

as on

31.03.2013

19,657,758

2,661,427

39,719,915

62,039,100


Net Block


As at As at

Note Particulars 31.03.2014 31.03.2013

Amount ` Amount `

G Non Current Investments

N.S.C. 35,000 35,000

Investment in Other Private Limited Company

5000 Equity Shares of Eco-Build Sustainable Products Pvt. Ltd. 50,000 50,000

Total 85,000 85,000

H Long Term Loan and Advances

Loans and Advances to related Party

Agriuniver Invetrade Pvt. Ltd. 2,500,000 2,500,000

Eco-Build Sustanable Solution Pvt. Ltd. 3,518,110 3,518,110

Jalpeen Invatrade Pvt. Ltd. 9,645,555 9,645,555

Krin Invatrade Pvt. Ltd. 6,420,000 6,420,000

Saumin Invatrade Pvt. Ltd. 3,000,000 3,000,000

Spherical Invatrade (G) Pvt. Ltd. 6,317,460 6,317,460

N R Gada & Associates 223,357 223,357

OHM Construction 1,500,000 -

Stonekraft Developers LLP - Previously Known as Proper-T Home & Estate LLP 3,600,000 -

Capital Advance 2,900,000 -

39,624,482 31,624,482




As at As at


Amount ` Amount `

I Other Non Current Assets

Accrued Interest on Investments - NSC 11,802 8,459

11,802 8,459

J Cash and Cash Equivalents

Cash on Hand 242,104 2,865,988

Balance in Current Accounts with Banks 120,262 127,566

362,366 2,993,554

K Short Term Loan and Advances

Balance with government Authorities

Income Tax 59,312 59,312

VAT Receivable 23,147 22,512

Total 82,459 81,824

L Sale of Products

Plastic Granuels 22,443,695 16,117,750

Other Operating Revenue

Consulting Income - 15,000

Scrap Sale Income - 193,500

- 208,500

Total 22,443,695 16,326,250


As at As at


Amount ` Amount `

M Other Expense

Advertisement 4,074 9,094

Auditor's Remuneration 22,472 22,472

Listing Fees 112,360 112,360

Courier Charges 802 3,660

Legal Fees 12,370 3,472

Office Expenses 100 40

Printing & Stationary 3,592 1,597

Professional fees 172,725 170,282

Rates and Taxes - 114,752

Telephone & Internet Expense 6,714 13,827

Travelling Expenses 4,200 13,869

Total 339,409 465,425

N FINANCIAL CHARGES

Bank Charges 598 1,463

Interest on Late payment 1,611 1,795

Total 2,209 3,258

O Other Income

Interest on NSC 3,343 3,019

Total 3,343 3,019


NAME 2013-14 2012-13

Fixed Assset 17225117

SNEHAL N SHAH 24,000 7,500 Investments 939900

ADISHWAR ADVERTISING 4,074 4,074 Preliminary 10989346

PURVA SHAREGISTRY(INDIA) PVT. LTD. 44,974 21,695 Debtors 1858800

BSE LIMITED - 44,944 Loans and advances 17407852

EQUAL SPHERE MANAGEMENT CONS. PVT. LTD. 7,258 - Depsoits 12765601

UNPAID ELECTRICITY CHARGES 149,367 149,367 Loan to employe 258000

FAM INFO SYSTEM 650 - Tax 193782

JOSHI JAIN & Co. 22,472 24,944

JRS PATEL & ASSOCIATES 2,371 - 61638398

RIL - -

SHALIN PATEL - - 61638398

Provision for Expenses 13,250 0

TOTAL 268,416 252,524

NAME 2013-14 2012-13

Related Party

EARTHAGRI INVATRADE PVT. LTD. - 500,000

Others

GENERAL CAPITAL AND HOLDINGS CO.PVT. LTD. - 500,000

PROPER-T HOME AND ESTATE LLP - -

LIVE WIRE VISUALS PVT. LTD. - 400,000

TORQUE HOLDINGS LLP - 6,302,862

TOTAL - 7,702,862

Loans & Advances (Asset)

Particulars

2013-14 2012-13

AGRIUNIVER INVETRADE PVT. LTD. - 2,500,000

ENARESS EXPORTS - -

GLOBAL INVATRADE GUJARAT PVT. LTD. - (1,071,990)

GUJARAT BITUMIN PVT. LTD. - -

GUPTA ASSOCIATES - -

GUPTA BROTHERS - -

INDCON MANAGEMENT SERVICES PVT. LTD. - -

JALPEEN INVATRADE PVT. LTD. - 9,645,555

KRIN INVATRADE PVT. LTD. - 6,420,000

MEDITRON ENTERPRISES (T) PVT. LTD. - -

N R GADA & ASSOCIATES - 223,357

PERFECT GRANITE - -

PREPAID EXPS. - -

PRIMA PUMP PVT. LTD. - -

RADHA KRISHNA ENGINEERING PVT. LTD. - -

SAKARIA TRADERS - -

SAMIR CORPORATION - -

SAUMIN INVATRADE PVT. LTD. - 3,000,000

SPHERICAL INVATRADE (G) PVT. LTD. - 6,317,460

SULABH CORPORATION - -

TATA BP SOLAR (I) PVT. LTD. - -

UNION PRODUCT & PROJECTS - - 27,034,382

ACCRUED INTEREST - 8,459

ECO-BUILD SUSTANABLE SOLUTION PVT. LTD. - 3,518,110

TOTAL - 30,560,951

ADVANCE TO STAFF

*

LOAN TO EMPLOYEES - -

TOTAL - -

TDS RECEIVABLE - -

SELF ASST. TAX F.Y. 2009-10 - -

TDS RECEIVABLE - 10-11 - -

INCOME TAX REFUND RECEIVABLE A.Y. 2011-12 - 9,562

TDS RECEIVABLE - 11-12 - 83,002

TOTAL - 92,564

SUNDRY CREDITORS

Long Term Borrowings - Unsecured Loans

Closing Balance

SUN SOURCE INDIA LIMITED

(10-13)

AKAR CHEMICAL INDUSTRIES - -

OMPRAKESH SHARMA

SUN SOURCE WIND DEVELOPERS LTD. - -

TOTAL - -

TOP-O-PLAST - -

TOTAL -

SUNDRY DEBTORS OTHERS

SUNDRY DEBTORS

Working for Cash Loss

Particulars 2013-14 2012-13 2011-12

Non Cash Expenses

Assets Written Off - 61,638,398 -

Depreciation 2,018,255 2,018,255 43,703

Total 2,018,255 63,656,653 43,703

Profit/Loss (2,369,230) (62,050,265) (411,867)

Cash Loss (350,975) 1,606,388 (368,164)

Earning Per Shares

No of Shares Days Method I Method II

1-Apr-12 11455655 365 12.16666667 114556550 11455655

13-Sep-12 0 0

9-Nov-12 0 0

31-Mar-13 0 0 0

11455655 365 114556550 11455655

0

-

-

Diluted Shares

Share application Money Received as follows for

which allotment not done

15-Mar-13

0

2012-13

Weighted Average shares


Calculation of Deferred Tax Assets & Liability as per AS22

2013-14 2012-13

Deferred Tax Liability

Closing WDV of Fixed Asssets as per Companies Act 37,733,919 39,719,915

WDV as per Income Tax 1961 34,138,690 37,931,878

Excess Depreciation claimed as per IT Act 3,595,229 1,788,037

Deferred Tax Liability @ 30.09% (Tax 30%+3% EC) 1,110,926 552,503

Deferred Tax Assets

Expense Allowed on Payment basis

Deferred Tax Assets @ 30.09% (Tax 30%+3% EC) - -

Net Deferred Tax Liability 1,110,926 552,503

Deferred Tax Liabilities Debit to P/L a/c 1,110,926 -

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