To The Shareholders of Shri Matre Power & Infrastructure Ltd.
The Directors have pleasure in presenting their report together with
audited accounts for the financial year ended 31st March, 2012.
2. FINANCIAL PERFORMANCE
The Financial performance of the Company for the year 2011-12 is
indicated below :
Rs. 000 Omitted
Particulars 2011-12 2010-11
Gross Income 36409 51768
Less : Expenditure excluding
Interest, Depreciation & prior period and
Extraordinary items 7733 12328
Profit / (Loss) before Interest, Depreciation
& prior period and 28676 39440
Extraordinary items Interest
Profit / (Loss) before Depreciation 28676 39440
Depreciation 30085 30093
Profit / (Loss) before prior period and
Extraordinary items -1409 9347
Net Profit / (Loss) before provision
for Taxation -1409 9347
Net Profit / (Loss) -1409 9347
During the year, the company incurred cash profit of Rs. 28,676
thousands, (previous year Profit of Rs. 39,440 thousands). After
providing for depreciation amounting to Rs. 30,085 thousands (previous
year Rs. 30,093 thousands), the total loss for the year stood at Rs. 1409
thousands (previous year profit of Rs. 9347 thousands).
Future Outlook :
As you are aware, your Company decided to diversify into solar power
generation to begin with under the name Shri Matre Power &
Infrastructure Ltd. Despite putting best efforts to revive its LPG
Business your company could not achieve much progress. This is
primarily due to the fact that the Government could not do much to
withdraw the subsidy on LPG as committed by it.
Your company acquired requisite land in Ramdevara Village near Pokhran,
Jodhpur, Rajasthan to set up its solar project. Though your Company did
not succeed in the tender bid process floated by NTPC Vidyut Vyapar
Nigam Ltd (NWN), it is pursuing every opportunity to enter into the
solar power generation field. Your Company is geared to participate in
the tender floated by Rajasthan Renewable Energy Corporation Ltd
(RRECL). It would submit its bid for 10MW Solar Power Project to secure
a long term Power Purchase Agreement (PPA) to set up a solar power
plant & sell electricity to the Rajasthan State Discoms, through RFS
issued by RRECL. Your company tied-up with Sun Power Solar of USA for
this project and would be bidding for this project along with them.
However we have to wait for sometime as RRECL''s tender stands
Apart from participating in the above tenders, your company is also
working on alternate avenue wherein it would have a tie-up for 25 year
PPA under open Access Mechanism with an Obligated Entity to meet their
Solar Purchase Obligations. Your company also is pursuing the option of
selling power directly to Discoms and earn its profits through sale of
Renewable Energy Certificates. Presently this approach is more
profitable in view of the attractive prices of RECs.
Simultaneously, your Company is also working on mobilizing requisite
funds to meet cost of the proposed Power Project. With your company
wiping out its accumulated losses and starting off now with a clean
slate, we are in a better position to achieve our objectives. As
esteemed share holders are aware, your company is already Debt Free.
It is the earnest endeavor of your Directors to turn the company around
at the earliest and make it profitable once again. Your Directors are
putting in all out efforts and are leaving no stone unturned to achieve
the same. Your Directors are optimistic that your company would succeed
in the Solar Power field soon.
3. DEPLOYMENT OF FUNDS :
Rs. 000 Omitted
Sources of Funds
Share Holders Funds 382,891 384,300
Non-Current Liabilities 31,180 56,424
Current Liabilities 40,744 46,372
Total 454,815 487,096
Application of Funds
Non-Current Assets 279,206 309,343
Long Term Loans and Advances 3,536 3,536
Other Non-Current Assets 90,745 89,957
Current Liabilities 81,268 842,590
Total 454,815 487,096
4. SUBSIDIARY COMPANY
Financial Results of your fully owned subsidiary Company viz. Asia LPG
Pvt. Ltd. (ALPL) have been appended herewith.
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 31.03.2012.
Your Company has not accepted any Deposits during the year.
In term of Articles of Association of the Company, Mr. B.K. Bakhshi,
Dr. Bharat H Barai and Mr.R.Prabhakar Rao, Directors retire by rotation
at the ensuing Annual General Meeting and offered themselves for
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.
During the year, none of the employees is in receipt of remuneration in
excess ot the limits 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
separately and the same forms part of this report.
11. CORPORATE GOVERNANCE
A brief report on Corporate Governance in compliance with clause 49 of
the Listing Agreement is annexed.
12. 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, 2012, 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 ot 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
(iv) that the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on a ''going concern basis.
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 yout Company.
The Board records its appreciation for the contribution of all the team
members of your Company.
14. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN
The prescribed details as required u/s. 217(l)(e) of the Companies Act,
1956 are annexed.
For and on behalf of the Board of Directors
D. V. MANOHAR
Chairman & Managing Director
Place : Hyderabad
Date : 04.09.2012