Epic Energy Limited

The Directors take pleasure in presenting to you the Audited Annual Accounts for the year ended on 31st March, 2014.

FINANCIAL PERFORMANCE

                                      31st March 2014   31st March 2013
                                           Rupees             Rupees

Gross Revenues                          231,628,000        226,758,000

Gross Profit                             48,919,000         52,562,819

Depreciation                             13,163,000         15,332,000

Net Profit before Tax                     38,18,517          4,007,609

Provision for Tax                         1,025,000            801,522

Net Profit/(Loss) after Tax               2,793,517          3,206,087 

Proposed Dividend                                 -                  -

Dividend Tax                                      -                  -

Profit Carried Forward                    2,793,517          3,206,087

DIVIDEND

Your Directors do not recommend any dividend for the year. PERFORMANCE REVIEW

The company earned a Profit after Tax of Rs. 2,793,517 on a gross turnover of Rs. 231,628,000. During the current year, your company continued to lead the Energy Efficiency Market in the organized Sector. Your company added prestigious customers like State Bank of India, Jamunabai Narsee School, Konkan Railway Corporation, amongst many others

Your company's Remote Energy Management System (REMS) wrapped around GSM and GPRS platforms continued to receive excellent customer response. Your company wishes to acknowledge the Bureau of Energy Efficiency's continued efforts to promote energy efficiency in every walk of life, which has led to ESCOs gathering sufficient traction in the Indian Energy Market.

FUTURE OUTLOOK

The company continues to be a significant player in the Energy Efficiency and Renewable Energy industry. The Company continues to have alliances with accredited Energy Auditors which has enabled it to consolidate its position in the Energy Efficiency business segment. Your company's Supply Side Management business continues to grow at a steady pace. Your Company's competency in the EPC segment of the Solar Power Generation business is now well established and management expects sustained revenue to be generated from the segment.

SUBSIDIARIES

As required by the Companies Act, 1956, The Audited Accounts of the subsidiaries M/s. Hydragen Infrastructures Pvt. Ltd.& Green Energy Management Inc., USA., are appended to these Accounts.

DIRECTORS

Mr. V. Chandrasekhar's terms as Executive Director expires at the forthcoming AGM. He does not wish to seek reappointment. The Board places on record its appreciation for his services.

AUDITORS

Members are requested to appoint Auditors for the current year

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND EXPENDITURE

The Company inflows or outflows during the year. Since the company did not own & operate any significant manufacturing facility that consumes significant power, during the year under report, the other particulars relating to conservation of energy and technology absorption stipulated in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

DIRECTOR'S RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors state that:

1. In the preparation of the accounts, the applicable accounting standards have been followed.

2. Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made, so as to give and true and fair view of the state of affairs of the company as on 31 st March, 2014, and for the profit of the company for the year ended on that date.

3. Proper and sufficient care has been taken 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 frauds and other irregularities.

4. The annual accounts of the company have been provided on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In accordance with the listing agreement, the Management Discussion and Analysis Report forms a part of this report.

ACKNOWLEDGEMENTS

Your Directors wish to thank all its employees, bankers and customers who have played a key role in helping the company progress on its chosen path. And last but not the least the Directors wish to thank all the members who have been a constant source of encouragement & support.

FOR EPICENERGY LIMITED

NIKHIL MORSAWALA CHAIRMAN

Place: Mumbai Date: 30th May, 2014