Home  »  Company  »  Matra Realty Ltd.  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Matra Realty Ltd.

Mar 31, 2014

Dear members,

The Directors presenting the 29th Annual Report with the Audited Accounts of the Company for the year ended March 31, 2014.

Financial Results

The financial Results are briefly indicated below

YEAR ENDED Particulars 31st March 31st March 2014 2013

Sales and Other Income - -

Total Income - -

Total Expenditure 847918 562676

Profit/(Loss) for the year (847918) (562676)

The financials for the financial year 2013-14 is as follows:-

Dividend

The Directors regret their inability to recommend any dividend for the year.

DIRECTORS

During the year following changes were made in the Board of the Company

Mr.Dipankar Mondal, who retires by Rotation at the Annual General Meeting and being eligible, offers himself for re-appointment as a Non-Executive Independent Director of the company for a consecutive period of five (5) years on the board of the company as Non-Executive Independent directors effective from 29th September, 2014.

Mr. Gautam Kumar Das, who retires by Rotation at the Annual General Meeting and being eligible, offers himself for re-appointment as a Non-Executive Independent Director of the company for a consecutive period of five (5) years on the board of the company as Non-Executive Independent directors effective from 29th September, 2014.

Mr. Dipak Mallick has been appointed as an executive director of the company

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Board of Directors hereby confirms:

i. That in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. That 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 at the end of the financial year and of the Profits of the Company for that period.

iii. That the Directors have taken proper and sufficient care for the maintenances 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.

iv. That the Directors have prepared the Annual accounts on a going concern basis.

CORPORATE GOVERNANCE

Separate Reports on the Corporate Governance and Management Discussion & Analysis are included in the Annual Report and Certificate of the Auditors of your Company confirming the compliance of conditions of Corporate Governance is also annexed thereto.

PARTICULARS OF EMPLOYEES

There was no employee in respect of whom information is required to be given pursuant to Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules, 1999 as amended up-to-date.

Auditors

M/s. E Gathani & Associates, Chartered Accountants, Kolkata, Statutory Auditors of the company hold office until the conclusion of the forthcoming Annual General Meeting and have signified their willingness to be re-appointed and have further confirmed that their appointment if made shall be within the limits specified under Section 224 (1B) of the Companies Act, 1956.

Auditor Report

Comments of the Auditors in their report and the notes forming part of the accounts are self-explanatory and need no comments.

Listing

The Equity Shares of the company are listed on Bombay Stock Exchange Limited. The Company has paid the applicable listing fees to BSE up to date.

Public Deposits

Your Company has not accepted any Public Deposits within the meaning of the provisions of the Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 and there is no outstanding deposit due for re-payment.

Conversation of Energy, Technology absorption and foreign exchange earnings and outgo:

During the period under review the Company has not carried out any manufacturing activities, the requirements pertaining to Conversation of Energy, research and development and technology absorption, as prescribed under the Companies (Disclosures of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

There were no foreign exchange earnings and outgo during the year.

By Order of the Board Sd/- Deepak Mallick Director

Place: Mumbai Date: August 27, 2014


Mar 31, 2011

To The Members of Matra Realty Limited

The Directors present herewith their 26th Annual Report of your company together with the Audited Accounts for the year ended 31st March 2011.

FINANCIAL HIGHLIGHTS (In Rupees)

Particulars For the year ended For the year ended

31st March, 2011 31st March, 2010 Income from - - operation

Other Income - 821417

Expenditure 365038 550503

Profit before Interest and Deprecation (365038) 270914

Depreciation 165607 168531

Less: Prior Period Adjustments - 35777

Add: Tax adjustment of earlier years - 424224

Profit before Taxation (530,644) (286,063)

Provision for taxation 5,291 464672

Profit/Loss after Taxes (525,353) (750,735)

Add: Balance as per last year (3,562,658) (2,811,923)

Balance Carried Forward to the Balance Sheet (4,088,012) (3,562,658)

DIVIDEND

Looking to the heavy accumulated losses suffered by the Company, in the previous years, it is not possible for the Board to recommend any dividend for the year under review.

CORPORATE GOVERNANCE

A separate section titled "Corporate Governance" including a certificate from the Company Secretary in practice compliance of the conditions of Corporate Governance as stipulated under clause 49 of the Listing Agreement is annexed thereto and forms part of the Report.

DIRECTORS

Shri Satyajeet Mishra was appointed as Additional Director w.e.f. 08.10.2010 in terms of Section 260 of the Companies Act, 1956. He holds the office as Director upto the date of the forthcoming Annual General Meeting. The Company has received a notice u/s 257 from a member of the company proposing his appointment as a Director at the forth coming Annual General Meeting.

Shri Subhash Agrawal was appointed as Additional Director w.e.f. 14.05.2011 in terms of Section 260 of the Companies Act, 1956. He holds the office as Director upto the date of the forthcoming Annual General Meeting. The

Company has received a notice u/s 257 from a member of the company proposing his appointment as a Director at the forth coming Annual General Meeting.

Smt Sarita Agrawal was appointed as Additional Director w.e.f. 14.05.2011 in terms of Section 260 of the Companies Act, 1956. She holds the office as Director upto the date of the forthcoming Annual General Meeting. The Company has received a notice u/s 257 from a member of the company proposing her appointment as a Director at the forth coming Annual General Meeting.

Shri Ravi Kumar Jain was appointed as Additional Director w.e.f. 30.06.2011 in terms of Section 260 of the Companies Act, 1956. He holds the office as Director upto the date of the forthcoming Annual General Meeting. The Company has received a notice u/s 257 from a member of the company proposing his appointment as a Director at the forth coming Annual General Meeting.

Shri Santosh Kumar Pandey resigned as the Director of the company w.e.f. 08/10/2010.

Shri Vishram Sawant, Vljaykumar Gopala Pillai and Shri Renjith Kurup resigned as Director of the Company w.e.f. 14.02.2011.

Shri Nadeem Mohammed sheikh resigned as the Director of the company w.e.f. 31 /10/2011.

ShriAnupam Sanghvi and Shri Suneet Gandhi were appointed as Additional Director w.e.f. 14.02.2011 in terms of Section 260 of the Companies Act, 1956and resigned as Director of the Company w.e.f. 05.12.2011.

DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of section of 217(2AA) of the Companies Act, 1956, your directors state that:

a) In the preparation of accounts, the applicable accounting standards have been followed.

b) Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the company as at the end of March 31, 2011 and the profit of the company for the year ended on that date.

c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

d) The accounts have been prepared on a going concern basis.

PARTICULARS OF THE EMPLOYEES

As required under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of the Employees) Rules 1975, are not applicable since, none of the employee of the company is drawing more than Rs. 60,00,000/- p.a. or Rs.5,00,000/- p.m. for the part of the year, during the year under review.

AUDITORS AND THEIR REPORT

Comments of the Auditors in their report and the notes forming part of the accounts are self-explanatory and need no comments. M/s Tushar Parekh, Chartered Accountants, the Statutory Auditors has to vacate their office at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a certificate from the Auditors to the effect that their re-appointment, if made, would be in accordance with the provisions of section 224(1) of the Companies Act, 1956.

LISTING

The Equity Shares of the company are listed on Bombay Stock Exchange Limited. The Company has paid the applicable listing fee to BSE up-to-date.

PUBLIC DEPOSITS

Your Company has not accepted any public deposit within the meaning of provisions of section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 and there is no outstanding deposit due for re-payment.

CONSERVATION OF ENERGY, TECHNOLOGYABSORPDON, AND FOREIGN EXCHANGE EARNINGS AND OUTGO

During the period under review the Company has not carried out any manufacturing activities, the requirements pertaining to conservation of energy, research and development and technology absorption, as prescribed under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

There were no foreign exchange earnings and outgo during the year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Business Outlook

The Company is currently engaged in real estate activity and is looking for new avenues of Business in various areas like trading in bullions and other related activity. The Board is planning for the expansion of the business & exploration of new business opportunities in the industry and to enter in the new spheres of the business.

Risk and Concerns

The Company is exposed to risks from market fluctuation of interest rate and stock market fluctuation of the share prices.

Internal Control Systems and Their adequacy

Your Company has appropriate internal control systems relating to its areas of operations. The internal control systems lay emphasis in financial reporting and compliance with applicable rules and regulations.

Discussion on Financial Performance with respect to Operational performance

The operating performance of the Company has been discussed under the head 'Financial Highlights in the current year.

Material Developments in Human Resources

Since the Company is currently engaged in trading activity therefore minimum staff and workers have been retained in Company to oversee the day to day operations. The Company cares for its personnel and considers as their assets.

ACKNOWLEDGEMENTS

The Directors appreciates the employees for their dedication and commitment that they put towards the growth of the company. Your Directors are especially grateful to its Bankers, all investors for their continued support and confidence reposed in the company.

By order of the Board of Directors

Place: Mumbai

Dated:December5,2011 (Subhash Agrawal) (Sarita Agrawal)

DIRECTOR DIRECTOR


Mar 31, 2010

Dear Members,

The Directors have pleasure in presenting their 25th Annual Report on the business and operation of the company and Financial accounts for the year ended 31st March, 2010.

SUMMARISED FINANCIAL RESULTS:

(Rs.)

Year ended Year ended 31.3.2010 31.3.2009

Income from Operation - -

Other Income 821,417 691,878

Expenditure 550.503 111,802,069

Profit/(Loss) Before tax (286,063) (11,307,665)

Profit/(Loss) After Taxes (750,735) (11,080,097)

THE YEAR UNDER REVIEW

Due to change in political scenario and alternative choices of the occupants of the SRA project and considering the profitability, future litigation and execution problem the company decided to assign and transfer at cost to cot basis the redevelopment project to other Realty developers.

FUTURE OUTLOOK

The Board feels that the Future of India lies with the Infrastructure Development of the country to develop India. Considering the Growth of the Company and taking into account the available opportunities in the Infrastructure Business, the Board has recommended to venture into new Infrastructure projects.

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:

As required under 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 relevant information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:

A) CONSERVATION OF ENERGY: The Company continues its policy of encouraging energy conservation measures. The regular review of energy consumption arid the systems installed to control utilization of energy is undertaken.

RESERCH reliability and quality through in-house R&D efforts.

B) TECHNOLOGY ABSORPTION: The Company nas not imported any technology

C) FOREIGH EXCHANGE EARNINGS & OUTGO:

2009-2010 2008-2009 (Rs. Lacs) (Rs. Lacs)

a. Foreign Exchange Used Nil Nil

b. Foreign Exchange Earned Nil Nil

DIRECTORS

Mr. Santoshkumar Pandey who retire by rotation and being eligible offered himself for re-appointment.

DIVIDEND

Considering the profitability of the Company, your Board has not recommended any dividend for the year ended 31st March 2010.

AUDITORS' REPORT

Relevant notes on accounts are self-explanatory and are as per Annexure to the Auditors' Report.

PERSONNEL

The Company has not paid any remuneration attracting the provisions (Particulars of Employees) Rules, 1975 read along with section 217(2A) of the Companies Act, 1956. Hence no information is required to be appended to this report in this regard.

AUDITORS

The company has received a letter from the present auditor M/s. Tushar Parekh & Associates.- Chartered Accountants, Mumbai to the effect that their appointment, if made , would be within the prescribed limits under section 224(1-B) of the Companies Act 1956 Your Director recommend their re-appointment.

HUMAN RESOURCES

Your Directors would like to place on record their deep appreciation of all employees for rendering quality services to every constituent of the company.

ACKNOWLEDGEMENTS

Your Directors convey their sincere thanks to the Government, Banks, BSE, SEBI, Shareholders and customers for their continued support extended to the company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year

DIRECTORS' RESPONSIBILITY STATEMENT

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, 2009, the applicable accounting standards have been followed along with proper explanation relating to materiai 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 the Company at the end of the financial year and of the profit and loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate account ting 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;

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2009 on a 'going concern' basis.

On behalf of the Board of Directors. Director Director

Place: Mumbai Dated: 2nd August, 2010



 
Subscribe now to get personal finance updates in your inbox!