The Directors have pleasure in presenting the 25th Annual Report of
your Company along with the Audited Statement of Accounts for the
financial year ended 31st March, 2012.
Financial Results (on Standalone Basis) (Rs in Lakhs)
Particulars FY 2011-12 FY 2010-11
Total Income 10,011.19 8,330.13
Less: Total Expenditure 8,850.35 6,703.55
Profit before Interest, Depreciation and Tax 1,160.84 1,626.58
Less: Interest and Financial Expenses 130.02 45.45
Depreciation 87.16 103.41
Profit before Tax 943.66 1,477.73
Current Tax 312.23 461.61
Tax for Previous Year (119.15) -
Deferred Tax (16.52) (14.59)
Profit after Tax 767.10 1,030.70
Transfer to General Reserves 20.00 63.64
Proposed Dividend 150.10 187.62
Tax on Proposed Dividend 24.35 30.44
Reserves & Surplus 5,495.39 4,902.75
Paid Up Equity Share Capital 1,250.84 1,250.84
Operational Performance Review
You will be glad to note that your Company has achieved turnover of Rs
10,011.19 Lakhs as against the turnover of Rs 8,330.14 Lakhs in the
previous year. The net profit after tax stood at Rs 767.10 Lakhs as
against Rs 187.62 Lakhs in the previous year. The Basic Earnings Per
Share for the year ended 31.03.2012 is Rs 6.13 as against Rs 8.24 for
the corresponding previous year ended 31.03.2011.
Your Directors take pleasure in recommending equity dividend of Rs 1.20
per share on 1,25,08,418 Equity Shares of the Company of face value of
Rs 10 each for the approval of the members for the financial year
The dividend, if approved, at the 25th Annual General Meeting by the
members, will be paid to all those equity shareholders whose names
appear in the Register of Members at the close of trading hours on
The Board has appointed Mr DLS Sreshti as an Additional Director of the
Company in their meeting held on 12.11.2011. He holds office up to the
date of ensuing Annual General Meeting. He is eligible for
re-appointment and has indicated his willingness to serve, if
re-appointed. The Company has received notice in writing proposing his
candidature for the office of Director subject to retire by rotation.
Mr K Krishna Murty, Director of the Company is liable to retire by
rotation at the ensuing Annual General Meeting and is eligible for
being re-appointed as the Director of the Company.
The proposal regarding re-appointment of the aforesaid Director is
placed for your approval.
A brief profile of the proposed appointee together with other
disclosures in terms of Clause-49 of the Listing Agreement has been
given under the Report on Corporate Governance.
Mr G Shiva Leelanand has resigned from the Board of the Company due to
personal reasons on 13.02.2012. The Board expressed its sincere thanks
for the services offered during his tenure and cherished his long
association with the Company.
Listing of Shares
The Company''s shares are compulsorily traded in the dematerialized
form, with nationwide terminals on BSE Limited and National Stock
Exchange of India Limited through Madras Stock Exchange Limited.
The details of shareholding Pattern, Distribution of shareholding and
share prices are mentioned separately in the Report on Corporate
During the year under review, the Company has not accepted any deposits
from the public and is therefore not required to furnish information in
respect of outstanding deposits under Non-Banking Non-Financial
Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of
Deposits) Rules, 1975.
Director''s Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, your Directors hereby state and confirm that:
- In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
- The Directors have 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 at the end of the financial year and of the profit or
loss of the Company for that period.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
- The Directors have prepared the annual accounts on a going concern
Manjeera Retail Holdings Private Limited (MRHPL) is subsidiary of
Manjeera Constructions Limited (MCL). The Company has inherent skills
and resources to develop and execute high - value projects by providing
world class quality and using innovative technology that creates trends
through value engineering.
The Company''s maiden initiative in Hyderabad - construction of about
20.00 Lakhs Sq. ft. of built-up area of office, retail / multiplex /
commercial / residential apart from car parking space of about 9.00
Lakh Sq. ft. project is under process of development. The total
estimated cost of the project is Rs. 637.80 crores. Out of four
towers, Majestic commercial is already completed. Majestic residential
is expected to be completed by December 2012, Trinity Mall & Multiplex
is expected to be completed by March 2013 and Trinity Corporate is
expected to be completed by September 2013.
A statement pursuant to Section 212 of the Companies Act, 1956, related
to the accounts of the subsidiary is annexed as part of this Annual
Report. The annual accounts of the subsidiary company and the related
detailed information shall be made available to the shareholders of the
holding and subsidiary company seeking such information at any point of
time. The annual accounts of the subsidiary company shall also be kept
for inspection by any shareholders in the head office of the holding
Auditors and Auditors'' Report
M/s AK SABAT & CO., Chartered Accountants, Statutory Auditors of the
Company retire at the conclusion of the ensuing Annual General Meeting
and have expressed their willingness to act as Statutory Auditors of
the Company, if appointed and have confirmed that the said appointment
would be in conformity with the provisions of Section - 224 (1B) of the
Companies Act, 1956.
The Notes on Accounts referred to in the Auditors Report are
self-explanatory and therefore do not require any further comments.
Cost Compliance Certification
In order to comply with General Circular No. 68/2011 [52/26/CAT-2010]
dated 30th November, 2011 issued by Ministry of Corporate Affairs
(MCA), your Company is under process to obtain the Cost Compliance
Certificate and the same shall be filed within the such time frame as
stipulated by MCA in this regard.
Particulars of Employees
Particulars of employees whose information is to be annexed to this
report pursuant to Section 217(2A) of the Companies Act, 1956 are not
applicable since the Company has not employed any such employees.
Management Discussion and Analysis
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause- 49 of the Listing Agreement with Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
Report on Corporate Governance
The Company has put in place the compliances pertaining to Corporate
Governance. As per Clause-49 of the Listing Agreement, a separate
section on Corporate Governance forms part of the Annual Report.
Your Company has complied with the requirements of the Listing
Agreement and necessary disclosures have been made in this regard in
the Corporate Governance Report section.
A certificate from the Statutory Auditors of the Company confirming the
compliance of conditions of Corporate Governance under Clause-49 of the
Listing Agreement is also attached to this report.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo
As the Company is not engaged in the manufacturing activity and at
present it carries out the construction activities only, the prescribed
information regarding compliance of rules relating to conservation of
Energy & Technology, absorption pursuant to section 217(1) (e) of the
Companies Act, 1956 read with Rule-2 of the Companies (Disclosure of
particulars in the Report of the Board of the Directors) Rules, 1988 is
not provided as the same is not applicable to the Company.
The Company does not have any Foreign Exchange Earnings & Outgo during
the financial year and hence provisions of Section 217 (1) (e)
regarding disclosure of Foreign Exchange Earnings & Outgo is not
The Company has maintained cordial and harmonious industrial relations
throughout the year. Acknowledgement
Your Directors would like to express their sincere appreciation and
gratitude for the support and cooperation received from the Central and
State Governments, Greater Hyderabad Municipal Corporation, Stock
Exchanges, Ministry of Corporate Affairs, Shareholders, Bankers,
Financial Institutions, Customers, Suppliers, Contractors and other
Associates for their continued support to the Company.
The Company enjoyed very cordial and fruitful relations with the
employees during the year under review and the Management wishes to
place on record its sincere appreciation of the efforts put in by the
Company''s employees for achieving good results under demanding
For and on behalf of the Board of Directors
Place : Hyderabad G Yoganand K Krishna Murty
Date : 14.08.2012 Managing Director Director