1ST ANNUAL REPORT 2013 - 2014 - Mspdcl · Progress (CWIP) as Counter Building at Rs.69,273/- including taxes. II. There was an advance payment of Rs.1,15,00,000 against this work

1ST ANNUAL REPORT 2013 - 2014

www.mspdcl.com Ph: 0385-2422394/100 E-mail ID: [email protected] Fax No. 0385-2423436

CORPORATE INFORMATION

BOARD OF DIRECTORS Mr. Vineet Joshi, Chairman

Dr. J Suresh Babu

Mr. Prashant Kumar Singh

Mr. Y. Rameshchandra Singh

Mr. N. Sarat Singh

Mr. Ramasamy Sudhan, MD

COMPANY SECRETARY CS Laishram Birdas Singh

CHIEF FINANCE OFFICER Mr. Bobby Singh Moirangthem

STATUTORY AUDITORS M/s. Kunjabi & Co., Imphal

BANKER State Bank of India

FINANCIAL CONSULTANTS M/s. Singhi & Co., Guwahati

REGISTERED OFFICE 3rd Floor, New Directorate Building, Near 2nd MR Gate, Imphal Dimapur Road, Imphal, Manipur – 795001 E-mail: [email protected] Website: www.mspdcl.com

CORPORATE IDENTITY NUMBER U40101MN2013SGC008343

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http://www.mspdcl.com/

mailto:[email protected]

mailto:[email protected]

http://www.mspdcl.com/

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MANIPUR STATE POWER DISTRIBUTION COMPANY LIMITED

DIRECTOR’S REPORT

To,

The Members of

M/s. MANIPUR STATE POWER DISTRIBUTION COMPANY LIMITED

Imphal, Manipur

Your Directors take the pleasure in presenting the 1st Annual Report on the affairs of

the Company along with the Audited Financial Statements, Auditors’ Report and the

Review of Accounts by the Comptroller and Auditor General of India for the period

starting from 15th July, 2013 i.e. date of Incorporation to 31st March, 2014.

1. FORMATION OF THE COMPANY:

Your Company was incorporated on 15th July, 2013 with the objects to

primarily engage in the business of existing Generation and Distribution of

electricity and be vested with the existing generation and distribution assets,

interest in property, rights and liabilities of the Electricity Department Manipur

(“EDM”) necessary for the business of generation and distribution, as per the

decision of the State Cabinet on 14.02.2013 to reorganize the EDM under the

provision of Part XIII (Reorganization of Board) of the Electricity Act, 2003

(Central Act 36 of 2003) hereinafter referred to as “Act” and the transfer

schemes notifies thereunder) and the resolutions, circulars, ordinances and

notification issued in their regards and the company shall act as Distribution

Licensee under the provision of the section 11 of the Act.

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2. FINANCIAL RESULTS:

PARTICULARS

PERIOD ENDED ON

31ST MARCH 2014

(AMT IN RS)

Revenue from Operations 33,26,15,877.00

Other Income 81,645.00

Total Revenue 33,26,97,522.00

Purchases of Power 22,00,99,148.00

Employee Benefits Expenses 4,88,41,727.00

Other expenses 53,16,460.00

Depreciation 7,66,03,934.00

Total Expenses 35,08,61,269.00

Profit/(Loss) – Before Tax (1,81,63,747.00)

Tax Expenses 10,23,33,000.00

Profit/(Loss) – After Tax (12,04,96,747.00)

3. MATERIAL CHANGES AND COMMITMENTS:

There are no such changes or commitments occurred, affecting the financial

position of the Company between the period ended on (i.e.31.03.2014) and

the date of this report.

4. BOARD OF DIRECTORS:

During the year, there was changed in the board of directors of the Company,

and Pursuant to Article 45 of the Articles of Association of the Company and if

any, other applicable provisions under the Companies Act, 1956 and new Act,

2013, the Composition of the Board at present are as follows;

SL.N. Name of Directors Designation Appointment/Resignation

1. Shri Rajani Ranjan Rashmi

Director Resigned on 13.05.2014

2. Shri Barun Mitra Director Resigned on 31.12.2014 3. Dr. Rajesh Kumar Director Resigned on 25.02.2015 4. Shri Rajesh Agrawal Director Resigned on 31.12.2014 5. Shri Y. Rameshchandra

SinghDirector Appointed on 22.01.2014

6. Shri Ramasamy Sudhan Managing Director

Appointed on 22.01.2014

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7. Shri Vineet Joshi Chairman Appointed on 31.12.2014 8. Shri Ashok Natarayan

KumarDirector Resigned on 24.06.2016

9. Shri Nandeibam SaratSingh

Director Appointed on 02.04.2015

10. Dr. Jangala Suresh Babu Director Appointed on 27.06.2015 11. Shri Prashant Kumar

SinghDirector Appointed on 24.06.2016

5. STATUTORY AUDITORS:

In exercise of the powers conferred by Section 619 (2) of the Companies Act,

1956 the Comptroller and Auditor General of India had appointed

M/s. Kunjabi & Co, Chartered Accountants, Imphal as the Statutory Auditors

of the Company for the financial year 2013-14.

6. DIRECTORS’ RESPONSIBILITY STATEMENT:

As per Section 217 (2AA) of the Companies Act, 1956, the Board of Directors

makes the following statement:

a) That in the preparation of annual accounts, the applicable accounting

standards had been followed along with proper explanation relating to

material departures.

b) 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 financial year and of the Loss of the Company for the

financial year, under review;

c) That the Directors had taken proper and sufficient care for the maintenance

of adequate accounting records in accordance with the provision of this Act

for safeguarding the Assets of the Company and for preventing and detecting

fraud and other irregularities;

d) That the directors had prepared the annual accounts on a going concern

basis.

7. DEPOSITS:

Your Company has not accepted any deposits from the public in terms of

Section 58A of the Companies Act, 1956 during the year under review.

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8. PARTICULARS OF EMPLOYEES:

There is no employee of the Company whose particulars are to be disclosed

pursuant to Section 217(2A) of the Companies Act, 1956 read with

Companies (Particulars of Employees) Rules, 1975 as amended.

9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,

ADAPTATION AND INNOVATION:

As the Company is not carrying out any manufacturing activity the particulars

prescribed under the provision 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 1998 is not Applicable.

However the Company has been making continuous efforts to keep the

employees informed of all emerging technologies and developments which are

relevant to Business of the Company.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

Foreign Exchange earnings: ----- NIL

Out go: ------ NIL

10. BOARD’S REPLY ON C&AG COMMENTS:

I. IEI works for office cum Pre-Payment counter Building have been

charged to Revenue as Running and Maintenance (Electricity) by the

concerned DDO, of EDM as it was renovation work and this transaction

had no effect in our financial statements. Rs.58,532/- for IEI works at

office building of AO (Power) has been added to Capital Work-in-

Progress (CWIP) as Counter Building at Rs.69,273/- including taxes.

II. There was an advance payment of Rs.1,15,00,000 against this work by

EDM, which was not transferred to the company while transferring

Assets and Liabilities as on 31st January 2014. The same has been

recognized in our books and the Financial Statements for FY: 2014-15.

III. The Recognition of revenue is done in Pursuance of AS-9. The

Collection from consumers and deposit to government account during

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the period does not include collection for sale of power during this

period alone as most collections are for previous periods. i.e. before

1st February 2014. Also, Most Bills raised during this period were due

to be paid in upcoming period i.e. on or after 1st April 2014. Also, the

appropriate discloser is made vide Point no 11(d) to Note 1: Significant

Accounting Policies.

IV. The Company maintains Fixed Asset Register in Electronic Form and a

copy of same has been provided to the audit team. Physical

Verification of Assets was carried out by EDM through a consultant

before giving effect to ‘The Manipur State Electricity Reforms Transfer

Scheme, 2013’ after which no major additions have been made. In

Relation to inventories a copy of physically verified Item-wise

description and value as on 31st March 2014 was provided to the audit

team.

V. In pursuance of the Companies Act, 1956, if the Accounts are prepared

from the date of the incorporation to the end of the financial year,

then it shall be titled as “for the period ended 31st March, 2014”.

11. BOARD’S COMMENT ON AUDITORS’ REPORT:

The observation of the Statutory Auditors, when read together with the

relevant notes to the financial statement and accounting policies are self

explanatory and does not call for any further comment.

12. ACKNOWLEDGEMENTS:

Your Directors wish to place on record their sincere appreciation and

acknowledge with gratitude the support and consideration extended by the

Bankers, Shareholders and employees and look forward for their continued

support and cooperation.

For and on behalf of the Board


Sd/-

(Vineet Joshi)

Date: 29.09.2016 CHAIRMAN

Place: Imphal DIN: 07078936

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Documents

1ST ANNUAL REPORT 2013 - 2014 - Mspdcl · Progress (CWIP) as Counter Building at Rs.69,273/- including taxes. II. There was an advance payment of Rs.1,15,00,000 against this work