GVK Power & Infrastructure
BSE: 532708 | NSE: GVKPIL | ISIN: INE251H01024 | Power - Generation/Distribution
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Directors Report | Year End : Mar '08 |
The Directors are pleased to present the 14th annual report and the
audited accounts of your Company for the year ended March 31, 2008.
Financial Results
2008 2007
Rs.000 Rs. 000
Gross Income 1,173,166 429,162
Profit before interest and depreciation 1,041,431 357,976
Interests Financial: Charges - 189,214
Profit befor Deprecition
Depreciation 26 -
Profit before tax
Provision for tax 20,282 -
Add: Balance brought forward 138,294 81,176
Profit available
Appropriations
Interlm dividend
- Tax on dividend - 8,290
Genera Reserve - 14,845
Balance carried forward 1,046;828 147,384
Paid-up Capital 939,694Reserves
and Surplus 3,273,515 -
EPS (Rupees)
- Basic 1 0.16
Sub-Division of Equity Shares
During February, 2008 your Companys equity shares has been sub-divided
to a face value of Re.1 from Rs.10 and the sub-divided shares have been
duly credited to all the shareholders. Subsequent to the sub-division
of shares, the number of shareholders of your company has increased
from 51,000 to 90,000.
Change of registered office
The Company Law Board (CLB), Northern Region Bench, New Delhi vide its
order no: 63/17/2008 - CLB dated 17th April, 2008 has approved the
change of registered office of the company from the NCT of Delhi to the
State of Andhra Pradesh. A certified copy of the CLB order has been
filed with the Registrar of Companies, Delhi & Haryana and the
Registrar of Companies, A.P Hyderabad.
Financials of Subsidiary Companies
The Ministry of Corporate Affairs, New Delhi vide its order No:
47/01/2008-CL-lll dated 23rd January, 2008 has exempted your company
from the requirement of attaching the Financial Statements of its
subsidiaries in terms of section 212(1) of the Companies Act, 1956. As
per the orders, a gist of the financial statements of each of the
subsidiary companies has been prepared in terms of section 212(8) of
the Companies Act, 1956 and the same is appended hereto and forms part
of the annual report. The Financials of GVK Oil & Gas Limited has not
been appended as it became a wholly owned subsidiary of your company
with effect from 18th February, 2008. It has been decided to prepare
the first financial statements for the company for a period beginning
from 18th February, 2008 to 31st March, 2009.
Consolidated Financial Statements
The audited Stand alone and Consolidated Financial Statements of the
company which form part of the annual report have been prepared in
accordance with the provisions of the Companies Act, 1956, the Listing
Agreement, the Accounting Standard (AS-21) on Consolidated Financial
Statements and the Accounting Standard (AS-23) on Accounting for
Investments in Associates,
Management Discussion and Analysis
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges a report on the Management Discussion and Analysis of the
financial position and the results of operations of the Company for the
year under review is annexed to the report on the Corporate Governance
and forms part of the annual report.
Corporate Governance
Your Company firmly believes and adopts the highest standard of
practice under Corporate Governance. A separate section on Corporate
Governance is attached along with the Auditors Certificate on the
compliance of Corporate Governance for the year under review and forms
part of the annual report.
Directbrs
In accordance with the provisions of the Companies Act, 1956 read with
the Articles of Association of the Company, Dr. A Ramakrishna, Mr. P
Abraham and Mr. Ajay Lal, Directors of the company will retire by
rotation at this meeting and being eligible, offer themselves for
re-appointment.
During the year under review, Mr. A Issac George, Chief Financial
Officer of the Company has been appointed as additional director and
shall hold his office only upto the date of this AGM. Your Company is
in receipt of notice from shareholders under section 257 of the
Companies Act, 1956 signifying their intention to appoint him as a
Non-independent Director of the Company. Further, it is also proposed
to appoint Mr. A Issac George as Director & CFO of the company for a
period of 3 years with effect from 1st April, 2008 subject to your
approval. Your Board recommends the above re-appointments /
appointments.
Auditors
M/s. S R Batliboi & Associates, the Statutory Auditors of the Company
will retire at the conclusion of this Annual General Meeting and are
eligible for re-appointment. The Company has received a letter from
M/s. S R Batliboi & Associates to the effect that their appointment, if
made, would be within the limits prescribed under section 224(1 B) of
the Companies Act, 1956. Your Board recommends their appointment as
Statutory Auditors for the year 2008-09.
Public Deposits
During the year under review, your company has neither invited nor
accepted any fixed deposits from the public.
Particulars of Employees
As required under the provisions of Section 217(2A) of the Companies
Act, 1956, read with the Companies (Particulars of Employees) Rules,
1975, as amended, the names and other particulars of employee(s) are
set out in the annexure to this report,
Directors Responsibilities Statement
Pursuant to the requirements specified under Section 217 (2AA) of the
Companies Act, 1956, with respect to the Directors Responsibilities
Statement, it is hereby confirmed that;
i) in the preparation of the annual accounts for the financial year
ended 31st March, 2008, the applicable Accounting Standards have been
followed along with proper explanations relating to material
departures;
ii) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2008 and of the profit or loss of the
Company for the said period;
iii) that the directors had 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
the Company and for preventing and detecting fraud and other
irregularities; and
iv) the directors had prepared the annua! accounts for the financial
year ended 31st March, 2008 on a going concern basis.
Foreign Exchange Earnings and Outgo
In accordance with the provisions of Section 217(1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, the information relating to
foreign exchange earnings and outgo is provided under Notes to the
Balance Sheet and Profit and Loss Account.
Other Information
The Audit Committee of the Company reviewed the audited financial
statements for the year under review at its meeting held on 22nd April,
2008 and recommended the same for-the approval of the Board of
Directors.
Acknowledgements
Your Directors would like to express their sincere appreciation to the
investors and bankers for their continued support during the year. Your
Directors extend their sincere gratitude to all the Regulatory
Authorities like FIPB, SEBI, Stock Exchanges and other Central & State
Government authorities / agencies, Registrars for their support. Your
Directors also place on record their appreciation for the dedicated
services rendered by the employees at various levels and look forward
to their continued support in the future as well.
By Order of the Board
Ptace: Hyderabad G V Krishna Reddy
Date : 22.04,2008 Chairman & Managing Director
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