Interim Results -4-

NOTE B - ADMINISTRATIVE EXPENSES

 
                                         For The Period 
                                       From 1April 2010 
 Particulars                       To 30 September 2010 
-------------------------------  ---------------------- 
                                                  (US$) 
-------------------------------  ---------------------- 
 Professional and Consultancy 
  Expenses                                      235,751 
-------------------------------  ---------------------- 
 Salaries to Staff                               80,549 
-------------------------------  ---------------------- 
 Rent                                            48,450 
-------------------------------  ---------------------- 
 Office Maintenance                               3,821 
-------------------------------  ---------------------- 
 Tours and Travelling Expenses                   12,455 
-------------------------------  ---------------------- 
 Other Expenses                                  54,807 
-------------------------------  ---------------------- 
 Depreciation                                     5,899 
-------------------------------  ---------------------- 
 Total                                          441,732 
-------------------------------  ---------------------- 
 

NOTE C - PROPERTY, PLANT AND EQUIPMENT

 
                           Furniture 
      Particulars         And Fittings   Office Equipment   Computers   Total 
----------------------  --------------  -----------------  ----------  ------- 
                                 (US$)              (US$)       (US$)    (US$) 
----------------------  --------------  -----------------  ----------  ------- 
 Cost as on 1April 
  2010                           4,165             10,885      19,111   34,161 
----------------------  --------------  -----------------  ----------  ------- 
 Additions                           -                  -       1,809    1,809 
----------------------  --------------  -----------------  ----------  ------- 
 Balance 
 at 30 September 2010            4,165             10,885      20,920   35,970 
----------------------  --------------  -----------------  ----------  ------- 
 Accumulated 
  Depreciation                     147                617         997     1761 
----------------------  --------------  -----------------  ----------  ------- 
 Depreciation 
 for the Period                    417              1,107       2,615    4,138 
----------------------  --------------  -----------------  ----------  ------- 
 Balance 
 at 30 September 2010              564              1,724       3,612    5,899 
----------------------  --------------  -----------------  ----------  ------- 
 Net Book Value at 
  30 September 2010              3,602              9,161      17,308   30,070 
----------------------  --------------  -----------------  ----------  ------- 
 

NOTE D - DEPOSITS

Non-current deposits represent the security deposits paid for property rented under operating lease arrangement. Current deposits represents rental lease, telephone deposits and staff advances.

NOTE E - CASH AND BANK BALANCES

 
 Particulars      As at 30 September 2010 
---------------  ------------------------ 
                                    (US$) 
---------------  ------------------------ 
 Cash in Hand                           3 
---------------  ------------------------ 
 Bank Balances                    212,434 
---------------  ------------------------ 
 Total                            212,437 
---------------  ------------------------ 
 

NOTE F - TRADE AND OTHER PAYABLES

 
                                       As at 
 Particulars               30 September 2010 
------------------------  ------------------ 
                                       (US$) 
------------------------  ------------------ 
 Creditors for Services              164,370 
------------------------  ------------------ 
 Statutory Liabilities                 4,516 
------------------------  ------------------ 
 Advance from Others                 848,566 
------------------------  ------------------ 
 Total                             1,017,452 
------------------------  ------------------ 
 

NOTE G - SHARE CAPITAL

 
 Stated Capital:                     30 September 2010 (US$) 
----------------------------------  ------------------------ 
 120,000,000 ordinary shares with 
  a par value of 0.00033-US$ each    40,000 
----------------------------------  ------------------------ 
 

The Company (CEL) has acquired shares in Caparo Energy Investments Limited, Mauritius from its existing shareholders namely, Esrano Overseas Ltd, Caparo Energy Investments Inc., Caparo Energy Holdings Inc., Caparo Energy Capital Inc., and Sila Energy Inc. In consideration of the said acquisition the Company allotted shares of the Company, at no par value, in its capital as per the details mentioned in the above table. The issued capital refers to ordinary share capital, which carries voting rights with entitlement to an equal share in dividends authorised by the Board and in the distribution of the surplus assets of the Company.

NOTE H - LEASING ARRANGEMENTS

Operating lease relates to lease of office premises with a lease term of 3 years. The leasing arrangement contains a renewal clause providing the company with the option of extending the lease for further periods of 3 years and 4 years at the prevailing market rate.

Payments recognised as an expense

 
                                   Period Ended 
                              From 1 April 2010 
 Particulars               To 30 September 2010 
------------------------  --------------------- 
                                          (US$) 
------------------------  --------------------- 
 Minimum Lease Payments                  48,450 
------------------------  --------------------- 
 

Non-Cancellable operating lease commitments

 
 Particulars 
--------------------------------------  -------- 
                                           (US$) 
--------------------------------------  -------- 
 Not Later 1 year                         84,361 
--------------------------------------  -------- 
 Later Than 1 Year And Not Later Than 
  5 Years                                125,589 
--------------------------------------  -------- 
 Total                                   209,950 
--------------------------------------  -------- 
 

NOTE I - RELATED PARTY TRANSACTIONS

The Directors of the Company are:

1. Hon Angad Paul -Chairman

2. Mr. Ravi Kailas -Chief Executive Officer

3. Mr. Vikram Kailas -Chief Financial Officer

4. Mr. Rohit Kumar Phansalkar -Non-Executive Director

5. Mr. Alastair Cade -Executive Director

6. Mr. Charles Edmund Wilkinson -Non-Executive Director

7. Mr. Philip Swatman -Non-Executive Director

US$ 445,525 was advanced by Caparo Engineering (India) Limited during the previous year, a company of which Mr. Angad Paul is a director, and remained outstanding at the balance sheet date. However, the same has been paid in the month of October 2010.

US$ 222,762 as advanced by Zip Reality Pvt. Ltd during the period, a company of which Mr. Ravi Shankar Kailas is a director and remained outstanding at the balance sheet date. However, the same has been paid in the month of October 2010.

US$ 16,234 being the remuneration paid to one Director, considered to be the Company's Key Management Personnel, during the period.

NOTE J - EARNINGS PER SHARE

 
                                                     For The Period 
                                                  From 1 April 2010 
 Particulars                                    To 3 September 2010 
--------------------------------------------  --------------------- 
                                                              (US$) 
--------------------------------------------  --------------------- 
 Loss attributable to ordinary shareholders               (441,073) 
--------------------------------------------  --------------------- 
 Weighted average number of ordinary shares 
  outstanding during the period                          12,000,000 
--------------------------------------------  --------------------- 
 Basic EPS                                                   (0.04) 
--------------------------------------------  --------------------- 
 Diluted EPS                                                 (0.04) 
--------------------------------------------  --------------------- 
 

The Company does not have any potentially dilutive instruments for the period ended 30 September 2010, and as such, Diluted EPS equals Basic EPS.

NOTE K - COMPARATIVE INFORMATION

As the Company was incorporated on 13August 2010 with this being the first period of operation, no comparative information is disclosed in this financial information.

NOTE L - CAPITAL MANAGEMENT POLICIES

The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

NOTE M - SUBSEQUENT EVENTS

Caparo Energy Limited ("CEL" or the 'Company') is a company domiciled is Guernsey and was incorporated on 13 August 2010 and was admitted to the AIM of London Stock Exchange on 12th October 2010. The Company raised approximately US$ 80 million (GBP50.18 million) at the time of listing (before admission expenses).

Company has raised a project term loan of USD 101.36 million (equivalent INR. 4550 million) from Infrastructure Development Finance Company Limited (IDFC) and executed loan documents on 15 October 2010 for its proposed 126 MW wind farms in Maharashtra, Rajasthan and Gujarat states in India.

This information is provided by RNS

The company news service from the London Stock Exchange

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