Shri Matre Power & Infrastructure Ltd.
Your Directors have pleasure in presenting their report together with audited accountsfor the financial year ended 31st March, 2013.
2. FINANCIAL PERFORMANCE
The Financial performance of the Company for the financial year 2012-13 is indicatedbelow :
| || |
( Rs 000 Omitted)
|Particulars ||2012-13 ||2011-12 |
|Gross Income ||651 ||36409 |
|Less : Expenditure excluding || || |
|Interest, Depreciation & prior period and || || |
|Extraordinary items ||7756 ||7733 |
|Profit / (Loss) before Interest, Depreciation & prior period and ||-2105 ||28676 |
|Extraordinary items || || |
|Interest ||- ||- |
|Profit / (Loss) before Depreciation ||-2105 ||28676 |
|Depreciation ||30075 ||30085 |
|Profit / (Loss) before prior period and Extraordinary items ||-32180 ||-1409 |
|Net Profit / (Loss) before provision for Taxation ||-32180 ||-1409 |
|Net Profit / (Loss) ||-32180 ||-1409 |
During the year, the company incurred cash Loss ofRs 2,105 thousands, (previous yearProfit of Rs 28,676 thousands). After providing for depreciation amounting to Rs 30,075thousands (previous year Rs 30,085 thousands), the total loss for the year stood at Rs32,180 thousands (previous year loss of Rs 1,409 thousands).
Future Outlook :
Your company is vigorously looking for opportunities in the Solar Power Generationfield as well as in the infrastructure sector. Your company is participating in thevarious tenders for Solar Power Generation the latest being the tender issued by theAndhra Pradesh Government to set up Solar Power Projects in A.P. In the A.P. tender yourcompany's bid was the best at the location Amangal, about 75 kms from Hyderabad, for 10 MWSolar Power Generation Plant, as per the tender norms.
But the counter offer made by the AP Government is low and your company is in theprocess of analyzing the feasibility of accepting the above offer.
Your Company is also working on promoting a 10 MW Solar Power Generation Plant underthe Renewable Energy Certificate (REC) route wherein the solar power produced will besupplied to the State Government at their scheduled rate which is very low and the balanceis made up through the sale of RECs which your company would be earning.
Your Company was also geared up to participate in the tender floated by RajasthanRenewable Energy Corporation Ltd (RRECL) but the same was postponed. Your Company tied-upwith Sun Power Solar of USA for this project and would be bidding for this project alongwith them.
Your Company also is in the process of divesting its LPG assets so that it would beable to mobilize the required margin monies for its new projects.
With your Company wiping out all its accumulated losses and starting off now with aclean slate, we are in a better position to achieve our objectives. As esteemed shareholders are aware, your Company is already Debt Free.
It is the earnest endeavor of your Directors to turn the company around at the earliestand make it profitable once again.Your Directors are putting in all out efforts and areleaving no stone unturned to achieve the same. Your Directors are optimistic that yourCompany would succeed in the Solar Power Project field soon.
3. DEPLOYMENT OF FUNDS :
| || |
( Rs 000 Omitted)
| ||31.03.2013 ||31.03.2012 |
|Sources of Funds || || |
|Share Holders Funds ||350,712 ||382,891 |
|Non-Current Liabilities ||30,845 ||31,180 |
|Current Liabilities ||61,768 ||40,744 |
|Total ||443,325 ||454,815 |
|Application of Funds || || |
|Non-Current Assets ||259,442 ||289,516 |
|Long Term Loans and Advances ||3,565 ||3,536 |
|Other Non-Current Assets ||91,234 ||90,745 |
|Current Assets ||89,084 ||71,018 |
|Total ||443,325 ||454,815 |
4. SUBSIDIARY COMPANY
Financial Results of your fully owned subsidiary Company viz. Asia LPG Pvt. Ltd. (ALPL)have been appended herewith. However our company has disinvested the entire shareholdingin ALPL and accordingly ALPL ceased to be the subsidiary of SMPIL w.e.f. April 1 2013.
As your Company still has accumulated losses, the Directors regret to inform you thatthey are not in a position to recommend any Dividend for the year ended 31.03.2013.
Your Company has not accepted any Deposits during the year.
In term of Articles of Association of the Company, Dr. Gorantla Govindaiah,Mr.B.K.Sinha and Mr.V.Subrahmanyam, Directors retire by rotation at the ensuing AnnualGeneral Meeting and offered themselves for re-appointment. Sri A.P.Vitthal was inducted asan Additional Director of the Company and is being reappointed at the ensuing AnnualGeneral Meeting. Your Directors recommend their reappointment.
The Statutory Auditors M/s.Venugopal & Chenoy, Chartered Accountants, appointed bythe Members at their earlier Annual General Meeting retire at the conclusion of thisMeeting and they are eligible for re-appointment. The Members are requested to appoint theAuditors and fix their remuneration.
During the year, none of the employees is in receipt of remuneration in excess of thelimits prescribed u/s. 217(2A) of the Companies Act, 1956, read with Companies(Particulars of Employee) Rules, 1975, as amended from time to time.
10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A "Management Discussion and Analysis Report" has been furnished separatelyand the same forms part of this report.
11. CORPORATE GOVERNANCE
A brief report on Corporate Governance in compliance with clause 49 of the ListingAgreement is annexed.
12. DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA) OF THECOMPANIES ACT, 1956.
Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956, withrespect to Directors responsibility Statement, it is hereby confirmed :
(i) that in the preparation of the accounts for the financial year ended 31stMarch, 2013, the applicable accounting standards have been followed along with properexplanation relating to material departures;
(ii) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of your Company at the end of thefinancial 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 ofadequate accounting records in accordance with the Provisions of the Companies Act, 1956for safeguarding the assets of your Company and for preventing and detecting fraud andother irregularities.
(iv) that the Directors have prepared the accounts for the financial year ended 31stMarch, 2013 on a 'going concern basis.
The Board wishes to place on record its deep sense of gratitude and appreciation to allthe Promoters and Shareholders for their whole hearted support to your Company. The Boardalso wishes to acknowledge the help and assistance rendered by the Banks, Dealers,Customers, Suppliers, Collaborators, Consultants and Contractors. The Board wishes tofurther record its gratitude to various Departments of the Government of Andhra Pradeshand Government of India and other State Governments for their support and encouragementgiven to your Company. The Board records its appreciation for the contribution of all theteam members of your Company.
14. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
The prescribed details as required u/s. 217(l)(e) of the Companies Act, 1956 areannexed.
| ||For and on behalf of the Board of Directors |
| ||Sd/- |
| ||D. V. MANOHAR |
| ||Chairman & Managing Director |
|Place : Hyderabad || |
|Date : 29.08.2013 || |