Financial Year: 2024
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General Company Information
Matrix Gas and Renewables Limited is a commercial and industrial company incorporated on 06/03/2018, with Corporate Identity Number U74999GJ2018PLC101075 and Permanent Account Number AAHCG2065R. The registered office is located at 15th Floor, A Block, Westgate Business Bay, S G Road, Ahmedabad City, Gujarat-380051, India. As of the end of the financial year, the company had 25 employees. The company has not published a sustainability report. The final accounts were approved at the board meeting on 04/09/2024. The reporting period is 01/04/2023 to 31/03/2024, with a standalone nature of the report. The content of the report are the Financial Statements presented in INR (Indian Rupees) in Lakhs, with cash flow statement using the indirect method. The company maintains books of accounts and other relevant papers in electronic form.
Principal Products and Services
The principal product or service category is wholesale trade services (ITC 4 digit code 9961). The description of the product or service category is "Wholesale trade services" with a turnover of ₹60,679.17 Lakhs. The highest turnover contributing product or service is crude petroleum and natural gas (ITC 8 digit code 99611912), also with a turnover of ₹60,679.17 Lakhs.
Directors' Report Disclosures
The directors signing the board report were Anmol Singh Jaggi (Managing Director, DIN: 01293305), signing on 05/11/2024. The company has three subsidiary companies: Matrix Gasonet Private Limited, Matrix Electrolyser Private Limited and Build H2 Infra Private Limited. The Company has constituted an Audit Committee. The Chairman of the Audit committee is Mr. Arun Menon. The other members are Mr. Gaurav Kharbanda and Mr. Anmol Singh Jaggi.
The Company has also constituted a Nomination and Remuneration Committee, CSR Committee and Stakeholders Relationship Committee, comprising of directors.
There have been no material changes or commitments affecting the financial position of the company between the end of the financial year (March 31, 2024) and the date of the director's report.
The Board has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act.
Financial Performance
The financial results (standalone) for the year ended March 31, 2024, compared to the previous year, are as follows (in Lakhs):
The directors did not recommend any dividend for the year under review. The authorized share capital of the company is ₹35,00,00,000 divided into 3,50,00,000 equity shares of ₹10 each. The paid-up share capital is ₹26,44,84,990 divided into 2,64,48,499 equity shares of ₹10 each. The authorized share capital has been increased from 25,00,00,000/- to 35,00,00,000/-on March 11, 2024. At the end on 31st March, 2024 company has reserves and surplus of Rs. 396, 06,07,237.64/-
Related Party Transactions
Material contracts/arrangements/transactions at arm's length basis between Matrix Gas and Renewables Limited and Gensol Engineering Limited, Gosolar Ventures Private Limited & Group Company and Param Care Pvt. Ltd. The transactions mainly involve sale/purchase of goods/services, rent and interest for Nil duration. Amounts involved in the transactions with the mentioned entities are Rs. 80,00,00,000.00 Rs. 70,00,00,000.00 and Rs. 50,00,00,000.00 respectively. These transactions were approved by the board.
Corporate Social Responsibility (CSR)
The Company adopted a CSR policy to make a positive difference to society, focusing on holistic empowerment and sustainable initiatives. For the financial year 2022-2023, the company has Profit Before Tax of Rs. 42.35 Crore, hence is liable for spending on account of CSR in the year 2023-2024. The Company in need of spending Rs. 28,31,409.00/- during the financial year 2023-24 and the same has been spend the details of which mentioned in Annexure B.
Composition of CSR committee:
The company spent Rs. 28,60,000 on projects for eliminate poverty, hunger and malnutrition, carrying out implementation through Jivan Jyot Foundation and Chanakya Mandal Pariwar.
Auditor's Report
M/s. Keyur Shah & Associates served as the statutory auditors for the financial year 2023-24 and have recommended for their re-appointment. A secretarial audit was conducted by CS Jatin Kapadia of M/s K. Jatin & Co. The report is annexed as "Annexure-C" in Form MR-3, without any adverse observations. There were Twenty Seven Board Meetings held during the year. The standalone financial statements give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its profit/loss, and its cash flows for the year ended March 31, 2024. The Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, and Standards etc. The Board of Directors of the Company is duly constituted with the proper balance of Executive Directors, Non-Executive Directors and Independent Directors, if any. There are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
Key Ratios and Other Financial Details
The Company's internal financial controls are adequate and operating effectively. The company has not accepted any deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013. Key Financial Ratios and details regarding loans, advances, and investments are discussed in the notes to the financial statements.
There are no significant or material orders passed by regulators or courts impacting the company's operations or going concern status.
Shareholding Pattern Shareholders holding more than 5% of the equity shares are: Anmol Singh Jaggi (13.90%), Puneet Singh Jaggi (12.17%), Chirag Kotecha (13.51%), and Disha Kotecha (12.49%).
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