Shri Matre Power & Infrastructure Ltd

BSE: 531322 | NSE: SHAKTIGAS | ISIN: INE293B01011 
Market Cap: [Rs.Cr.] 19.50 | Face Value: [Rs.] 2
Industry: Miscellaneous

Director's Report
DIRECTORS

To

The Shareholders,

Shri Matre Power & Infrastructure Limited.

1. INTRODUCTION

Your Directors have pleasure in presenting their report together with audited accountsfor the financial year ended 31st March, 2014.

2. FINANCIAL PERFORMANCE

The Financial performance of the Company for the year 2013-14 is indicated below :

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 lossof Rs. 21,04,667). After providing for depreciation amounting to Rs.2,76,89,055 (previousyear Rs.3,00,75,000), the total Loss for the year stood at Rs.11,39,827 (previous yearLoss of Rs.3,21,79,667).

FUTURE OUTLOOK

Your company is actively pursuing opportunities in the Solar Power Generation field aswell as in the Infrastructure sector. However we could not penetrate into the solar powergeneration field so far due to several reasons such as low and not feasible rates. Furtherdue to the then uncertain political scenario at the National level as well as the Statebifurcation issue in Andhra Pradesh, there was a lull in both the fields. Your company isin 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 tomobilize the required capital for its new projects. Your company is hopeful that it wouldbe in a position to raise the required capital in this financial year through the sale ofthe 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 toachieve its objectives once the above is accomplished.

It is the earnest endeavor of your Directors to turn the company around and make itprofitable once again at the earliest.

3. Deployment of Funds :

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 December2006, for sale of assets at Kakinada, action was already commenced during October 2013 forsale of assets by issuance of necessary schedule of assets for disposal, particulars ofland, etc. to some of the interested parties. Negotiations are at different stages and theBoard expects that proposals will be finalised by March 2015."

6. DIVIDEND

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 31.03.2014.

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, ifany, of the Companies Act, 2013 (Act) and the Rules framed thereunder, read with ScheduleIV to the Act, as amended from time to time, and Clause 49 of the Listing Agreement, everylisted public company is required to have at least one-third of the total number ofdirectors as independent directors, who are not liable to retire by rotation.

The Board of Directors at their duly held meeting on 28th August 2014recommended the appointment of Mr. B.K. Sinha and Mr. V. Subrahmanyam as IndependentDirectors for a term of 5 years from September 24, 2014 up to September 23, 2019 at thisAnnual General Meeting.

During the year under review Mr. D.V. Rajasekhar has resigned from the office of theDirector 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 2014every listed company, within one year from the date the section came into force need tocomply 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 beenappointed as Additional Director (Non-Independent) of the company by the Board in itsmeeting held on 31st July 2014, subject to the approval of members in thegeneral meeting.

Your Directors recommend the resolution for your approval.

9. AUDITORS

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.

10. PERSONNEL

During the year none of the employees is in receipt of remuneration in excess of thelimits 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 separatelyand the same forms part of this report.

12. CORPORATE GOVERNANCE

A brief report on Corporate Governance in compliance with clause 49 of the ListingAgreement 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, withrespect to Directors responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the accounts for the financial year ended 31stMarch, 2014 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, 2014 on a ‘going concern’ basis.

14. ACKNOWLEDGEMENT

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.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

The prescribed details as required u/s. 217(1)(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 : 28.08.2014
   
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Key Information

Key Executives:

D V Manohar , Chairman & Managing Director

B K Sinha , Director

R Prabhakar Rao , Director

A Balasetti , NRI Director


Company Head Office / Quarters:

Venus Plaza,
Adjacent to Airport Begumpet,
Hyderabad,
Andhra Pradesh-500016
Phone : Andhra Pradesh-91-040-27902929 / Andhra Pradesh-
Fax : Andhra Pradesh-91-040-27908989 / Andhra Pradesh-
E-mail : info@shrishakti.com
Web : http://www.shrishakti.com

Registrars:

XL Softech Systems Ltd
Plot No 3 Sagar Soci,Road No 2,Banjara Hills,Hyderabad - 500034

 
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