Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting their 29TH Annual Report on
the business and operations of the Company and the accounts for the
Financial Year ended on March 31,2015.
FINANCIAL RESULTS:
(Rs. in Lakhs)
Particulars 2014-15 2013-14
Gross Profit before Interest
and Depreciation (12.19) (6.64)
Less: Interest 10.77 10.03
Depreciation 19.04 12.63
Profit/ (loss) after Interest
and Depreciation (42.00) (29.30)
Less: Provision forTaxation 2.00 7.08
Balance afterTotal Provisions (44.00) (36.38)
ExcessZ(Short) provision of
Income Tax for earlier years 7.08 9.44
Add: ProfitZ(Loss) brought
forward from Previous year 175.56 202.50
Balance of Profit carried
over to next year 138.64 175.56
Performance of your Company:
As you are aware the operating performance of infrastructure projects
has declined due to market conditions and partition of the state of
Andhra Pradesh & Telangana. Due to which, the investee company projects
have not shown significant growth compared to previous year.
Dividend
The Board of Directors has not recommended any dividend for the
Financial year 2014-15 in view of the losses during the year under
review.
INVESTMENT IN KGPL
Konaseema Gas Power Limited (KGPL), in which your Company has invested
in 15 Lakh equity shares of Rs 10/- each fully paid up with a premium
of Rs 5/- per share. Total Investment of Rs 2.25 Crs.
Share Capital
The Paid up Share Capital as on 31 st March, 2015 was Rs.2.85 Cr.
During the year under review, the company has not issued any class of
shares.
Presentation of Financial Statements
The Financial Statements for the year ended 31 st March, 2015 are
prepared in due compliance of the Schedule III of the Companies Act,
2013.
Cash Flow Statement
Cash Flow Statement for the year 2014-15 is annexed to the Statement of
Accounts.
Directors and Key Managerial Personnel
a) Independent Directors: During the year Sri.V.R.C Choudary and Sri.
Gandhi Mundru was appointed as Independent Directors for a term of 5
years effective from 30th September 2014. They are not liable for
retirement by rotation.
b) Resigned Directors : L.N.Sharam's Resignation as Director of the
Company w.e.f. 13-8-2014. Board of Directors placed on record their
deep appreciation for the enormous contributions made by L.N.Sharam as
Director of the Company.
c) Reappointment of Directors: Sri. B. Gopala Director retires by
rotation at the forthcoming Annual General Meeting and being eligible,
offer himself for reappointment.
Particulars of Employees and Related Statutory Disclosures
There are no employees covered under Section 197(12) of the Companies
Act 2013 and the rules made thereunder.
Number of Meetings of Board
During the year, Five meetings of the Board of Directors were held on
(i) 30.05.2014(ii) 13.08.2014 (iii) 30.09.2014 (iv)10.11.2014 &
(v)14.02.2015 and accordingly the meetings were held within the
prescribed time gap as per the provisions of the Companies Act, 2013.
Audit Committee Meetings
The Audit committee was constituted on 10.11.2014; the audit committee
has met on
(i) 08.11.2014 & (ii) 13.02.2015 for Consideration of Accounts
Annual Evaluation of the Board, Committees and Individual Directors
Pursuant to the provisions of the Companies Act, 2013 and clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Committees as per the
evaluation procedure approved by the Board.
Declaration by Independent Directors)
All the Independent Directors have submitted declarations to the
Company to the effect that they meet the criteria of independence as
provided in sub-section (6) of Section 149 of the Companies Act, 2013.
Policy on Directors Appointment and Remuneration Policy
The Board, on recommendation of Nomination & Remuneration Committee,
has framed a policy for selection and appointment of Directors, Senior
Management and their remuneration.
Auditors
At the Annual General Meeting held on 30th September 2014, M/s
Brahmayya & Co., Chartered Accountants, Visakhapatnam, were appointed
as statutory Auditors of the Company to hold office till the conclusion
of the Annual General Meeting to be held in the calendar year 2017.
Auditors' Report
The Auditors' Report did not contain any qualification.
Cost Audit Report
Appointment of Cost Auditors is not applicable to your company.
Secretarial Audit Report:
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
the Company had appointed M/s Venkatachalam & Co., Practicing Company
Secretaries to conduct the Secretarial Audit Secretarial Audit Report
for the Financial Year 2014-15 is being annexed to the Directors Report
Secretarial Report of M/s Venkatachalam & Co in the prescribed Form
MR-3 is annexed to this Report (Annexure-ll). Action has been initiated
on the qualification contained in Report
Internal Audit & Controls
The Company Designated Mr Govindappa as Internal Auditor. His scope of
work includes review of Records, Ledgers, voucher checking and the
internal controls applied and practiced by the Company to ensure the
Assets are safeguarded and payments are made only for the benefits
received and also review of operational expenditure, effectiveness of
internal control procedures and systems, and assessing the internal
control strengths in all areas.
The internal control procedures and systems are adequate commensurating
with the nature and size of the operations of the Company.
Internal Auditors findings are discussed and suitable corrective
actions are taken as per the directions of Audit Committee on an
ongoing basis to improve efficiency in operations.
Vigil Mechanism:
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. The Company empowered the
victimized Employees or Director to approach directly the Chairman of
the Audit Committee for a solution to the issue so that the victimized
Employee/Director is rescued.
Risk Management Policy
Risk Management Policy has been approved by the Board of Directors and
the company is taking steps to mitigate and minimize various Business
risks which have impact on the operations of the company.
Extract of Annual Return (MGT-9):
Pursuant to the provisions of section 92(3) of the Companies Act, 2013
and rules made thereunder, an extract of annual return as on 31st March
2015 in prescribed Form No. MGT -9 is annexed to this Annual Report
(ANNEXURE I).
Material Changes and Comments
No material changes occurred subsequent to the close of the financial
year of the Company to which the balance sheet relates and the date of
the report which affecting Financial position of the Company as on
31.03.2015.
Material Orders, if any, Passed by the Regulators, Courts Etc.:
There are no orders passed by Regulators/Courts/Tribunals which have
impact on the going concern status and Company's operations future.
Deposits
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
Particulars of Loans, Guarantees or Investments under Section 186
The particulars of loans, guarantees and investments have been
disclosed in the Financial Statements.
Particulars of Contracts or Arrangements with Related Parties:
The transactions with related parties fall under the scope of Section
188(1) of the Act. Information on transactions with related parties
pursuant to section 134(3)(h) of the Act read with rules made there
under are given in Notes on Accounts and is enclosed.
Obligation of Company under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
In terms of the order to prevent sexual harassment of women at work
place as per provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, the Company adopted
a policy for prevention of Sexual Harassment of Women at workplace and
has set up Committee for implementation of said policy. During the year
Company has not received any Complaint of harassment.
Conservation of Energy,Technology Absorption and Foreign Exchange
Earnings and Outgo
The details of conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo are as follows:
a) Conservation of Energy
The information in accordance with the provision of Section 134 of the
Companies Act, 2013, read with the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules 2014, regarding conservation
of Energy is not applicable.
b) Technology Absorption
No expenditure is incurred by the Company attributable to Technology
absorption during the year under review.
c) Foreign exchange earnings and Outgo
During the year, there are no foreign exchange inflows/earnings or
outflows/investments.
d) Expenditure on Research and Development
No expenditure is incurred by the Company attributable to Expenditure
on Research and Development during the year under review.
Corporate Social Responsibility (CSR)
The disclosures as per Rule 9 of Companies (Corporate Social
Responsibility Policy) Rules, 2014 has not been applicable to the
Company as the Company is incurring losses in the financial year
2012-13 onwards.
Human Resources
Your Directors and Management express their appreciation for the
commitment and devotion shown by the employees.
Directors' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of
Directors, the best of their knowledge and ability confirm that:
(a) in the preparation of the annual accounts for the year ended 31st
March 2015, the applicable accounting standards had been followed along
with proper explanation relating to material departures from the same;
(b) 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 2015 and of the profit and loss of the
company for the year ended on that date;
(c) the directors had 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;
(d) the annual accounts have been prepared.
(e) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively; and
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Acknowledgements
Your Directors thank the Government of India and Government of
Telangana & Andhra Pradesh for their support. They also place on record
their appreciation for the help and encouragement received from Banks
and other Financial Institutions.
Your Directors sincerely thank Members for their sustained support and
co-operation.
For and on behalf of the Board of Directors
Sd- Sd/-
Place : Hyderabad M. SRIMANI M S P RAMA RAO
Date : 28.05.2015 Managing Director Director
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 28th Annual Report of
Basil Infrastructure Projects Limited with audited statement of
accounts for the 12 months period ended 31 st March, 2014.
The financial highlights of the Company for the year are as under:
(Rs. in Lakhs)
Particulars 2013-14 2012-13
Gross Profit before Interest and Depreciation (6.64) 17.44
Less: Interest 10.03 4.83
Depreciation 12.63 13.58
Profit/ (loss) after Interest and Depreciation (29.30) (0.97)
Less: Provision for Taxation 7.08 10.95
Balance after Total Provisions (36.38) (9.97)
Excess/(Short) provision of Income Tax for 9.44 (5.69)
earlier years
Add: Profit/(Loss) brought forward from 202.50 203.00
Previous year
Balance of Profit carried over to next year 175.56 202.50
FINANCIAL REVIEW AND OPERATIONS:
During the financial year 2013-14, your Company has earned a Gross
Revenue of Rs. 35.44 Lakhs.
As you are aware the operating performance of infrastructure projects
has declined due to market conditions and division of state of Andhra
Pradesh. Due to which, the investee company projects have not shown
significant growth compared to previous year, infact there is a
Negative Growth.
DEPOSITS:
The Company has not accepted any deposits during the year under review.
DIVIDEND:
Having regard to the significant capital expenditure envisaged for the
infrastructure projects, your Directors have decided to augment long
term resources, therefore no dividend is recommend for the year.
DIRECTORS:
At the ensuing annual general meeting Mr. M S P Rama Rao is liable to
retire by rotation and being eligible, offer himself for reappointment
in terms of provisions of the Articles of Association of the company.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
confirm that:
(i) In the preparation of the annual accounts for the financial year
ended March 31,2014, the applicable accounting standards have been
followed;
(ii) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year 2013-14 and of the profit of
the Company for that period;
(iii) They 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 irregularities; and
(iv) They have prepared the Annual Accounts on a going-concern basis.
PARTICULARS OF CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS & OUTGO:
Information pursuant to 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, for the year ended March 31,2014:
(A) Conservation of Energy:
The Company for the time being is not energy intensive.
(B) Technology Absorption:
Your company did not invest in any R&D activity during the year under
consideration.
(C) Foreign Exchange Earnings & Outgo:
There are no foreign exchange earnings and outgo during the financial
year under review. FINANCIAL STATEMENTS:
In support of the green initiative of the Ministry of Corporate
Affairs, the Company has decided to send all future communications
including the Annual Report through email to those shareholders, who
have registered their e-mail id with their depository participant/
Company''s registrar and share transfer agent. In case a shareholder
wishes to receive a printed copy of such communications, he/she may
please send a request to the Company, which will send a printed copy of
the communication to the shareholder.
DEMATERIALISATION OF SHARES:
Trading of securities of our Company has been made compulsorily in
dematerialized form with effect from 30th April 2001 and is available
for trading under both the Depository Systems in India - NSDL (National
Securities Depository Limited) and CDSL (Central Depository Services
Limited). Under the Depository System, the International Securities
Identification Number (ISIN) allotted to the Company''s shares is
INE465D01011.
AUDITORS:
M/s. Brahmayya & Co., Chartered Accountants retire as Auditors and
being eligible offer themselves for reappointment.The Board of
Directors recommend for their re-appointment.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees were in receipt of
remuneration in excess of limits specified in Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
LISTING:
The Company''s equity shares continue to be listed on the Bombay Stock
Exchanges Ltd. and Madras Stock Exchange Ltd. The Company has paid the
Annual Listing fees for the year 2013-14 to these exchanges.
ACKNOWELDGEMENTS:
Your Directors'' gratefully acknowledge the continued support being
received from all investors, customers, banks, and as well as
regulatory and government authorities in the initiatives of the
Company. Your Directors'' place on record their appreciation and
gratitude for the valuable contributions made by the employees at all
levels and look forward for their continued support.
For and on behalf of the Board of Directors
Sd/- Sd/-
Place : Hyderabad M. SRIMANI MSP RAMA RAO
Date : 30.05.2014 Managing Director Director
Mar 31, 2013
Dear Shareholders,
The directors of your company present herewith the 27th Annual Report
of the Company together with audited accounts for the financial year
ended March 31, 2013.
FINANCIAL REVIEW AND OPERATIONS :
During the financial year 2012-13, your Company has earned a Gross
Revenue of Rs. 62.44 Lakhs.
The financial highlights of the Company for the year are as under:
(Rs.in Lakhs)
Particulars 2012-13 2011-12
Gross Profit before Interest
and Depreciation 17.44 36.44
Less: Interest 4.83 0.11
Depreciation 13.58 14.33
Profit/ (loss) after Interest
and Depreciation (0.97) 22.00
Less: Provision for Taxation 10.95 12.20
Balance after Total Provisions (9.97) 9.80
Excess/(Short) provision of Income Tax
for earlier years (5.69) 2.63
Add : Profit/(Loss) brought forward
from Previous year 203.00 195.84
Balance of Profit carried over to next year 202.50 203.00
As you are aware the operating performance of infrastructure projects
has declined due to market conditions and ongoing agitation in the
state of Andhra Pradesh. Due to which, the investee company projects
have not shown significant growth compared to previous year. However,
one of the hotel projects at Shilparamam, Hitech City is nearing to
completion and is likely to commence its commercial operations in the
year 2013.
DEPOSITS:
The Company has not accepted any deposits during the year under review.
DIVIDEND :
Having regard to the significant capital expenditure envisaged for the
infrastructure projects, your Directors have decided to augment long
term resources, therefore no dividend is recommend for the year.
DIRECTORS :
Mr. M S P Rama Rao was inducted as an additional director with effect
from 23rd May, 2013 and holds office upto ensuing annual general
meeting of the Company. The Company has received notice from a member
pursuant to Section 257 of the Companies Act, 1956, signifying his
intention to propose the candidature of Mr. M S P Rama Rao for the
office of director.
At the ensuing annual general meeting Mr. C Madhusudan is liable to
retire by rotation and being eligible, offer himself for reappointment
in terms of provisions of the Articles of Association of the company
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
confirm that:
(i) In the preparation of the annual accounts for the financial year
ended March 31, 2013, the applicable accounting standards have been
followed;
(ii) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year 2012-13 and of the profit of
the Company for that period;
(iii) They 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 irregularities; and
(iv) They have prepared the Annual Accounts on a going-concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS & OUTGO :
Information pursuant to 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, for the year ended March 31, 2013:
(A) Conservation of Energy :
The Company for the time being is not energy intensive.
(B) Technology Absorption:
Your company did not invest in any R&D activity during the year under
consideration.
(C) Foreign Exchange Earnings & Outgo:
There are no foreign exchange earnings and outgo during the financial
year under review.
FINANCIAL STATEMENTS :
In support of the green initiative of the Ministry of Corporate
Affairs, the Company has decided to send all future communications
including the Annual Report through email to those shareholders, who
have registered their e-mail id with their depository participant/
Company''s registrar and share transfer agent. In case a shareholder
wishes to receive a printed copy of such communications, he/she may
please send a request to the Company, which will send a printed copy of
the Annual Report to the shareholder.
DEMATERIALISATION OF SHARES :
Trading of securities of our Company has been made compulsorily in
dematerialized form with effect from 30th April 2001 and is available
for trading under both the Depository Systems in India - NSDL (National
Securities Depository Limited) and CDSL (Central Depository Services
Limited). Under the Depository System, the International Securities
Identification Number (ISIN) allotted to the Company''s shares is
INE465D01011.
AUDITORS :
M/s. Brahmayya & Co., Chartered Accountants retire as Auditors and
being eligible offer themselves for reappointment. The Board of
Directors recommend for their re-appointment.
PARTICULARS OF EMPLOYEES :
During the year under review, none of the employees were in receipt of
remuneration in excess of limits specified in Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
LISTING :
The Company''s equity shares continue to be listed on the Bombay Stock
Exchange Ltd. and Madras Stock Exchange Ltd. The Company has paid the
Annual Listing fees for the year 2013-14 to these exchanges.
ACKNOWELDGEMENTS:
Your Directors'' gratefully acknowledge the continued support being
received from all investors, customers, banks, and as well as
regulatory and government authorities in the initiatives of the
Company. Your Directors'' place on record their appreciation and
gratitude for the valuable contributions made by the employees at all
levels and look forward for their continued support.
For and on behalf of the Board of Directors
Sd/- Sd/-
Place : Hyderabad M. SRIMANI C. MADHUSUDAN
Date : 29.05.2013 Managing Director Director
Mar 31, 2012
The directors of your company present herewith the 26th Annual Report
of the Company together with audited accounts for the financial year
ended March 31, 2012.
The financial highlights of the Company for the year are as under:
(Rs. in Lakhs)
2011-12 2010-11
Gross Profit before Interest
and Depreciation 36.44 41.93
Less: Interest 0.11 0.50
Depreciation 14.33 15.58
Profit after Interest and
Depreciation 22.00 25.85
Less: Provision for Taxation 12.20 12.00
Balance after Total Provisions 9.80 13.85
Excess/(Short) provision of
Income Tax for earlier years 2.63 (10.19)
Add: Profit/(Loss) brought
forward from Previous year 195.84 171.80
Balance of Profit carried over
to next year 203.01 195.84
REVIEW OF OPERATIONS:
Your Company has earned a Gross Revenue of around Rs. 78.88 Lakhs
during the previous year.
FUTURE PROSPECTS:
As you are aware the Company has participated in a Joint Venture with
Core Hotels Ventures Private Limited as a FSCM for setting up two hotel
projects in Hyderabad. These projects are at an advanced stage of
completion with commencement of commercial operations of the first
hotel before December, 2012. During the year, the Board of Directors
have transferred the right of minimum equity subscription in the equity
shares of Core Hotels Ventures Private Limited to Maha Hotel Projects
Private Limited under an inter-se arrangement. Consequent to this, the
Company's holding into these projects have come down to 10.22%.
In the meanwhile, the Company is exploring the several opportunities to
develop the hotel projects under PPP mode and looking into the market
conditions, it is anticipated that the further funds are required to
raise through equity as well as debt for which the Company will
approach the shareholders shortly. The Board is making all endeavors to
secure a remunerative hotel project under management.
DEPOSITS:
The Company has not accepted any deposits during the year under review.
The Company has repaid all unclaimed Deposits and has no liability
towards deposit accounts.
DIVIDEND:
Having regard to the significant capital expenditure envisaged for the
hotel project, your Directors have decided to augment long term
resources, therefore no dividend is recommend for the year.
DIRECTORS:
In accordance with provisions of Section 256 of the Companies Act, 1956
and clause 105-B of the Articles of Association of the company, Mr. Ch.
Srihari is liable to retire by rotation and being eligible, offer
himself for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
confirm that:
(i) In the preparation of the annual accounts for the financial year
ended March 31, 2012, the applicable accounting standards have been
followed;
(ii) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year 2011-12 and of the profit of
the Company for that period;
(iii) They 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 irregularities; and
(iv) They have prepared the Annual Accounts on a going-concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS & OUTGO:
Information pursuant to 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, for the year ended March 31, 2012:
(A) Conservation of Energy:
The Company for the time being is not energy intensive. However, energy
conservation is a priority area for the Company.
(B) Technology Absorption: NIL
(C) Foreign Exchange Earnings & Outgo:
There are no foreign exchange earnings and outgo during the financial
year under review.
FINANCIAL STATEMENTS:
In support of the green initiative of the Ministry of Corporate
Affairs, the Company has decided to send all future communications
including the Annual Report through email to those shareholders, who
have registered their e-mail id with their depository participant/
Company's registrar and share transfer agent. In case a shareholder
wishes to receive a printed copy of such communications, he/she may
please send a request to the Company, which will send a printed copy of
the communication to the shareholder.
DEMATERIALISATION OF SHARES:
Trading of securities of our Company has been made compulsorily in
dematerialized form with effect from 30th April 2001 and is available
for trading under both the Depository Systems in India - NSDL (National
Securities Depository Limited) and CDSL (Central Depository Services
Limited). Under the Depository System, the International Securities
Identification Number (ISIN) allotted to the Company's shares is
INE465D01011.
AUDITORS:
M/s. Brahmayya & Co., Chartered Accountants retire as Auditors and
being eligible offer themselves for reappointment. The Board of
Directors recommend for their re-appointment.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees were in receipt of
remuneration in excess of limits specified in Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
STOCK EXCHANGE LISTING:
The Equity shares of the Company are listed on the Stock Exchanges at
Mumbai and Madras. The Company has paid the Annual Listing fees for the
year 2012-13.
ACKNOWLEDGEMENTS:
Your Directors' gratefully acknowledge the continued support being
received from all investors, customers, banks, and as well as
regulatory and government authorities in the initiatives of the
Company. Your Directors' place on record their appreciation and
gratitude for the valuable contributions made by the employees at all
levels and look forward for their continued support.
For and on behalf of the Board of Directors
Sd/-
L. N. SHARMA
Director
Sd/-
M.SRIMANI
Managing Director
Place: Hyderabad
Date : 30.05.2012
Mar 31, 2011
Dear Shareholders,
The Directors are pleased to present their report for the financial
year 2010-11.
The financial highlights of the Company for the year are as under:
(rs in Lakhs)
2010-11 2009-10
Gross Profit before Interest and Depreciation 41.71 21.77
Less: Interest 0.28 1.34
Depreciation 15.58 17.01
Profit after Interest and Depreciation 25.85 3.42
Less: Provision for Taxation 12.00 11.60
Balance after Total Provisions 13.85 (8.18)
Excess/(Short) provision of Income Tax for
earlier years 10.19 1.09
Add: Profit/(Loss) brought forward from
Previous year 171.80 178.89
Balance of Profit carried over to next year 195.84 171.80
REVIEW OF OPERATIONS:
Your Company has earned a Gross Revenue of around Rs 78.92 Lakhs during
the previous year.
FUTURE PROSPECTS:
Your Company has participated in the Joint Venture as FSCM for setting
up two hotel Projects in Hyderabad and the hotel Projects are in the
Construction stage. The Company is required to raise capital for the
equity contribution of the Company in the hotel projects.
Your Company is also exploring various opportunities to develop
infrastructure and hotel projects under Public Private Participation
(PPP) mode in collaboration with other developers in India. Looking
into the market conditions, it is anticipated that the Company will
start the development work in the financial year.
PROJECT STATUS OF JOINT VENTURE:
Golden Jubilee Hotels Limited a joint venture Company incorporated for
the development of two prestigious hotel projects namely 'Trident' and
'The Oberoi' near Shilpakalavedika, Madhapur, Hyderabad. The approvals/
clearances as required from various authorities for the implementation
of the projects have also been received.
Your Directors are pleased to report that almost 90% of the civil
construction work on the Trident project has been completed with
considerable progress on the procurement and installation of the Plant
& Equipment. Simultaneously, the finishing work has also commenced with
finalization of all the interior design development work with review
and approval of the Mockup Rooms during the year. The civil work on
'The Oberoi' nearly 55% of the total 'core and shell' has been
completed. All contracts for the MEP Services have been awarded and the
design development work of various consultants including the interior
design is in progress.
DEPOSITS:
The Company has not accepted any deposits during the year under review.
The Company has repaid all unclaimed Deposits and has no liability
towards deposit accounts.
DIVIDEND:
Having regard to the significant capital expenditure envisaged for the
hotel project, your Directors have decided to augment long term
resources, therefore no dividend is recommend for the year. PERSONNEL:
As per the provisions of section 217(2a) read with COMPANIES
(PARTICULARS OF EMPLOYEES) RULES 1975, none of the employee of the
company is in receipt of remuneration exceeding Rs.60 Lakhs per annum
or Rs. 5,00,000/- per month.
DIRECTORS:
In accordance with provisions of Section 256 of the Companies Act, 1956
and clause 105-B of the Articles of Association of the company, Mr. M S
P Rama Rao is liable to retire by rotation and being eligible, offer
himself for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
As required under Section 217(2AA) of the Companies Act, 1956, your
directors confirm having:
(i) Followed the applicable accounting standards with proper
explanation relating to material departures in preparation of the
Annual Accounts;
(ii) Selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as
to give true and fair view of the state of affairs of the Company at
the end of the financial year 2010- 11 and of the profit of the Company
for that period;
(iii) 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 irregularities; and
(iv) Prepared the Annual Accounts on a going-concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS & OUTGO:
Information pursuant to 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, for the year ended March 31, 2011 :
(A) Conservation of Energy:
The Company for the time being is not energy intensive. However, energy
conservation is a priority area for the Company.
(B) Technology Absorption: NIL
(C) Foreign Exchange Earnings & Outgo:
The foreign exchange outflows on account of travel during the year was
Rs.25,100 and outflow was nil.
FINANCIAL STATEMENTS
In support of the green initiative of the Ministry of Corporate
Affairs, the Company has decided to send all future communications
including the annual report through email to those shareholders, who
have registered their e-mail id with their depository participant/
Company's registrar and share transfer agent. In case a shareholder
wishes to receive a printed copy of such communications, he/she may
please send a request to the Company, which will send a printed copy of
the communication to the shareholder.
DEMATERIALISATION OF SHARES:
Trading of securities of our Company has been made compulsorily in
dematerialized form with effect from 30th April 2001 and is available
for trading under both the Depository Systems in India - NSDL (National
Securities Depository Limited) and CDSL (Central Depository Services
Limited). Under the Depository System, the International Securities
Identification Number (ISIN) allotted to the Company's shares is
INE465D01011.
AUDITORS:
M/s.Brahmayya & Co., Chartered Accountants retire as Auditors and being
eligible offer themselves for reappointment. The Board of Directors
recommend for their re- appointment. PARTICULARS OF EMPLOYEES:
None of the employees were in receipt of remuneration in excess of
limits specified in Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975.
STOCK EXCHANGE LISTING:
The Equity shares of the Company are listed on the Stock Exchanges at
Mumbai and Madras. The Company has paid the Annual Listing fees for the
year 2011-12.
ACKNOWELDGEMENTS:
Your Directors' gratefully acknowledge the continued support being
received from all investors, customers, banks, and as well as
regulatory and government authorities in the initiatives of the
Company. Your Directors' place on record their appreciation and
gratitude for the valuable contributions made by the employees at all
levels and look forward for their continued support.
For and on behalf of the Board of Directors
Place: Hyderabad M.SRIMANI M S P RAMA RAO
Date: 30.05.2011 Managing Director Director
Mar 31, 2010
The Directors are pleased to present their report for the financial
year 2009-10.
The financial highlights of the Company for the year are as under:
(RS.in Lakhs)
2009-10 2008-09
Gross Profit before Interest and Depreciation 21.77 52.47
Less: Interest 1.34 0.65
Depreciation 17.01 20.86
Profit after Interest and
Depreciation 3.42 30.96
Less: Provision for Taxation 11.60 14.49
Balance after Total Provisions (8.18) 16.47
Less: Income Tax paid for earlier years 1.09 22.50
Add: Profit/(Loss) brought forward from
Previous year 178.89 184.92
Balance of Profit carried over to next
year 171.80 178.89
REVIEW OF OPERATIONS:
Your Company has earned a Gross Revenue of Rs.80.01 Lakhs during the
previous year. The reduction in the revenue was due to the temporarily
discontinuity of the Project Management and Coordination services by
the Company.
FUTURE PROSPECTS:
Your Company is exploring various opportunities to develop
infrastructure and hotel projects under Public Private Participation
(PPP) mode in collaboration with other developers in India. Looking
into the market conditions, it is anticipated that the Company will
start the development work by the second half of the current financial
year.
Your Company is engaged in setting up two hotel Projects in Hyderabad
and the Company has already obtained your permission for a rights issue
of equity shares to raise required capital for the equity contribution
of the Company in the hotel projects.
JOINT VENTURE:
Golden Jubilee Hotels Limited a joint venture Company incorporated for
the development of two prestigious hotel projects namely "Trident" and
"The Oberoi" at Shilpakalavedika, Madhapur, Hyderabad. The approvals/
clearances as required from various authorities for the implementation
of the projects have been received.
The excavation work has been 100% completed with substantial progress
registered on the civil work for "Trident" project. The civil work on
"The Oberoi" site also commenced during August, 2009 and is fast
progressing. Further, during the year the SPV Company has awarded
contracts to various contractions in relation to Elevators, Plumbing
and Fire Fighting, Sewerage Treatment Plant, Electrical Installation
and HVAC.
Considering the nature of the project and its complexity, the progress
achieved is satisfactory and is as per schedule. It is projected that
the "Trident" project will commence commercial operation by September -
December 2011 followed by "The Oberoi" by June, 2012.
DEPOSITS:
The Company has not accepted any deposits during the year under review.
The Company has repaid all unclaimed Deposits and has no liability
towards deposit accounts.
DIVIDEND:
Having regard to the significant capital expenditure envisaged for the
hotel project, your Directors have decided to augment long term
resources, therefore no dividend is recommend for the financial year
2009-10.
PERSONNEL:
There are no employees, who have been paid remuneration / salaries and
allowance during the year under review, exceeding the limits prescribed
under Section 217(2A) of the Companies Act 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
DIRECTORS:
In accordance with provisions of Section 256 of the Companies Act, 1956
and clause 105-B of the Articles of Association of the company, Mr. B
Gopala is liable to retire by rotation and being eligible, offer
himself for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 217(2AA) of the Companies Act, 1956, your
directors confirm having:
(i) Followed the applicable accounting standards with proper
explanation relating to material departures in preparation of the
Annual Accounts;
(ii) Selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as
to give true and fair view of the state of affairs of the Company at
the end of the financial year 2009-10 and of the profit of the Company
for that period;
(iii) 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 irregularities; and
(iv) Prepared the Annual Accounts on a going-concern basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS & OUTGO:
Information pursuant to 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, for the year ended March 31, 2010 :
(A) Conservation of Energy:
The Company for the time being is not energy intensive. However, energy
conservation is a priority area for the Company.
(B) Technology Absorption: NIL
(C) Foreign Exchange Earnings & Outgo:
The foreign exchange outflows on account of travel during the year was
Rs.40,166 and outflow was nil.
DEMATERIALISATION OF SHARES:
Trading of securities of our Company has been made compulsorily in
dematerialized form with effect from 30th April 2001 and is available
for trading under both the Depository Systems in India - NSDL (National
Securities Depository Limited) and CDSL (Central Depository Services
Limited). Under the Depository System, the International Securities
Identification Number (ISIN) allotted to the Companys shares is
INE465D01011.
AUDITORS:
M/s.Brahmayya & Co., Chartered Accountants retire as Auditors and being
eligible offer themselves for reappointment. Board of Directors
recommend for their re-appointment.
PARTICULARS OF EMPLOYEES:
None of the employees were in receipt of remuneration in excess of
limits specified in Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975.
STOCK EXCHANGE LISTING:
The Equity shares of the Company are listed on the Stock Exchanges at
Mumbai and Madras. The Company has paid the Annual Listing fees for the
year 2010-11.
ACKNOWELDGEMENTS:
Your Directors gratefully acknowledge the continued support being
received from all investors, customers, banks, and as well as
regulatory and government authorities in the initiatives of the
Company. Your Directors place on record their appreciation and
gratitude for the valuable contributions made by the employees at all
levels and look forward for their continued support.
For and on behalf of the Board of Directors
Sd/- Sd/-
Place: Hyderabad M.SRIMANI L.N.SHARMA
Date: 2.06.2010 Managing Director Director