| The Shareholders,
Shri Matre Power & Infrastructure Limited.
1. INTRODUCTION
The Directors have pleasure in presenting their report together with
audited accounts for the financial year ended 31st March, 2014.
2. FINANCIAL PERFORMANCE
The Financial performance of the Company for the year 2013-14 is
indicated below :
Rs.
Particulars 2013-14 2012-13
Gross Income 4,42,81,306 56,50,572
Less : Expenditure excluding 1,77,32,078 77,55,239
Interest, Depreciation &
prior period and
Extraordinary items
Profit / (Loss) before Interest,
Depreciation & 2,65,49,228 (21,04,667)
prior period and Extraordinary items
Interest - -
Profit / (Loss) before Depreciation 2,65,49,228 (21,04,667)
Depreciation 2,76,89,055 3,00,75,000
Profit / (Loss) before prior period and (11,39,827) (3,21,79,667)
Extraordinary items
Prior period and Extraordinary items 0 0
Net Profit / (Loss) before provision
for Taxation (11,39,827) (3,21,79,667)
Provision for Taxation
Net Profit (11,39,827) (3,21,79,667)
During the year, the company incurred cash profit of Rs 2,65,49,228
(previous year loss of Rs. 21,04,667). After providing for depreciation
amounting to Rs.2,76,89,055 (previous year Rs.3,00,75,000), the total
Loss for the year stood at Rs.11,39,827 (previous year Loss of
Rs.3,21,79,667).
FUTURE OUTLOOK
Your company is actively pursuing opportunities in the Solar Power
Generation field as well as in the Infrastructure sector. However we
could not penetrate into the solar power generation field so far due to
several reasons such as low and not feasible rates. Further due to the
then uncertain political scenario at the National level as well as the
State bifurcation issue in Andhra Pradesh, there was a lull in both the
fields. Your company is in the process of tying up Joint Ventures in
the infrastructure development field.
Your company is in the process of divesting its LPG assets so that it
would be able to mobilize the required capital for its new projects.
Your company is hopeful that it would be in a position to raise the
required capital in this financial year through the sale of the old LPG
assets at Kakinda which are not being utilised.
As you are aware, your company is already debt free and thus in a
better position to achieve its objectives once the above is
accomplished.
It is the earnest endeavor of your Directors to turn the company around
and make it profitable once again at the earliest.
3. Deployment of Funds : Rs.
Sources of Funds 31.03.2014 31.03.2013
Share Holders Funds 34,95,71,304 35,07,11,131
Non -Current Liabilities 3,07,25,467 3,08,44,576
Current Liabilities 1,47,33,031 6,17,68,050
Total 39,50,29,802 44,33,23,757
Application of Funds
Non-Current Assets 21,10,22,376 25,94,40,987
Long Term Loans & Advances 35,65,051 35,65,051
Other Non - Current Assets 10,97,51,995 9,12,33,827
Current Assets 7,06,90,380 8,90,83,892
Total 39,50,29,802 44,33,23,757
4. SUBSIDIARY COMPANY : No subsidiary company.
5. SALE OF ASSETS AT KAKINADA:
In terms of approval accorded by AGM at the meeting held on 26th
December 2006, for sale of assets at Kakinada, action was already
commenced during October 2013 for sale of assets by issuance of
necessary schedule of assets for disposal, particulars of land, etc. to
some of the interested parties. Negotiations are at different stages
and the Board expects that proposals will be finalised by March 2015."
6. DIVIDEND
As your Company still has accumulated losses, the Directors regret to
inform you that they are not in a position to recommend any Dividend
for the year ended 31.03.2014.
7. DEPOSITS
Your Company has not accepted any Deposits during the year.
8. DIRECTORS
Pursuant to the provisions of sections 149, 152 and other applicable
provisions, if any, of the Companies Act, 2013 (Act) and the Rules
framed thereunder, read with Schedule IV to the Act, as amended from
time to time, and Clause 49 of the Listing Agreement, every listed
public company is required to have at least one-third of the total
number of directors as independent directors, who are not liable to
retire by rotation.
The Board of Directors at their duly held meeting on 28th August 2014
recommended the appointment of Mr. B.K. Sinha and Mr. V. Subrahmanyam
as Independent Directors for a term of 5 years from September 24, 2014
up to September 23, 2019 at this Annual General Meeting.
During the year under review Mr. D.V. Rajasekhar has resigned from the
office of the Director of the Company with effect from 31st July 2013.
As per Section 149(1) of the Companies Act, 2013 and The Companies
(Appointment & Qualification of Director) Rules, 2014 which come into
force on 1st April 2014 every listed company, within one year from the
date the section came into force need to comply with the requirement of
having at least of one woman director on their Boards.
To comply with the above provisions of the Act Ms. Deekshita
Dontamsetti has been appointed as Additional Director (Non-Independent)
of the company by the Board in its meeting held on 31st July 2014,
subject to the approval of members in the general meeting.
Your Directors recommend the resolution for your approval.
9. AUDITORS
The Statutory Auditors M/s. Venugopal & Chenoy, Chartered Accountants,
appointed by the Members at their earlier Annual General Meeting retire
at the conclusion of this Meeting and they are eligible for
re-appointment. The Members are requested to appoint the Auditors and
fix their remuneration.
10. PERSONNEL
During the year none of the employees is in receipt of remuneration in
excess of the limits prescribed u/s. 217(2A) for the Companies Act,
1956, read with Companies (Particulars of Employee) Rules, 1975, as
amended from time to time.
11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A "Management Discussion and Analysis Report" has been furnished
separately and the same forms part of this report.
12. CORPORATE GOVERNANCE
A brief report on Corporate Governance in compliance with clause 49 of
the Listing Agreement is annexed.
13. DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217
(2AA) OF THE COMPANIES ACT, 1956.
Pursuant to the requirement 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;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of your Company at the end of the financial year and of the
profit or loss of your 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
your 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.
14. ACKNOWLEDGEMENT
The Board wishes to place on record its deep sense of gratitude and
appreciation to all the Promoters and Shareholders for their whole
hearted support to your Company. The Board also wishes to acknowledge
the help and assistance rendered by the Banks, Dealers, Customers,
Suppliers, Collaborators, Consultants and Contractors. The Board wishes
to further record its gratitude to various Departments of the
Government of Andhra Pradesh and Government of India and other State
Governments for their support and encouragement given to your Company.
The Board records its appreciation for the contribution of all the team
members of your Company.
15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The prescribed details as required u/s. 217(1)(e) of the Companies Act,
1956 are annexed.
For and on behalf of the Board of Directors
Sd/-
D. V. MANOHAR
Chairman & Managing Director
Place : Hyderabad
Date : 28.08.2014
|