Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 21st Annual Report
together with the Audited Statement of Accounts for the year ended the
31st March 2014.
Financial Results: (in Rs.) Year ended Year ended
31-03-2014 31-03-2013
In Rupees In Rupees
Revenue from Operations 27,349,840 32,156,146
Profit Before Extraordinary
Items and Tax 1,276,164 3,013,656
Extraordinary Items Nil Nil
Profit before Tax 1,276,164 3,013,656
Tax Expenses
Current Tax 780,000 1,250,000
Deferred Tax (Net) 28,672 (286,571)
Tax adjustment of
Earlier Year Nil 1,708,023
PROFIT/(LOSS) after tax 467,492 342,204
Income, Activities & Operations:
During the year, the Company earned Rs.27,349,840/- as sales income and
Rs.32,156,146/- as other income and was able to make a profit of
Rs.467,492/- as against the profit of Rs. 3,42,204/- in the previous
year and the Company expects good returns in the coming years.
Dividend:
The Directors do not recommend any dividend.
Public Deposits:
The Company has not accepted any Deposit within the meaning of Section
58A of The Companies Act, 1956 and the rules made thereunder during the
year.
Directors:
Mr. Shilpa Khandelwal retires by rotation and being eligible, offers
himself for re-appointment.
The Company has 2 (Two) Independent Non-Executive Directors on the
Board, which constitutes more than 50% of the total strength of the
Board of Directors of the Company.
Mr. Mohan Motiram Jayakar and Mr. Khushrow Shavax Patel, are
independent directors of the Company, and have held the positions as
such for more than five years. It is proposed to appoint them as
independent directors under section 140 of the Act, and clause 49 of
listing agreement to hold office upto March 31, 2019 , not liable to
retire by rotation.
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 2014, 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 judgements and estimates that were
fairly reasonable and prudent so as to give a true and fair view of the
state of affairs of the 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
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 2014 on a 'going concern' basis.
Particulars of Employees:
The Company has not paid any remuneration attracting the provision of
Companies (Particulars of Employees) Rules, 1975 read with Section
217(2A) of the Companies Act, 1956, as amended. Hence, there is no
requirement to append any information to this report in this regard.
Particulars of Energy Conservation, Technology absorption & Foreign
Exchange Earnings and outgo:
Since the Company has ventured into the e-commerce and software
development business and there are no manufacturing activities, there
are no particulars relating to conservation of energy and technology
absorption.
The following foreign exchange earnings and outgo were there during the
year:
(A) Earnings in Foreign Currency (on accrual basis)
Year ended
March 31, 2014
a Sale of E-business Membership 2,487,233
b Fees from Mobile Applications 320,507
b Fees for preparation of Special Projects 1,914,202
c Service Charges and Maintenance Contracts 181,586
d Sale of E-Business Reports 312,381
Year ended
March 31, 2013
a Sale of E-business Membership 2,268,152
b Fees from Mobile Applications 2,099,999
b Fees for preparation of Special Projects 4,124,704
c Service Charges and Maintenance Contracts 364,021
d Sale of E-Business Reports 114,948
(B) CIF Value of Imports and Expenditure in Foreign Currency (on
accrual basis)
Year ended
March 31, 2014
a) C. I. F. Value of Imports NIL
b) Expenditure in Foreign Currencies (on accrual
basis)
Travelling Expenses Nil
Business Promotion Expenses Nil
Hosting Charges 755,610
Membership & Subscription Nil
Year ended
March 31, 2013
a) C. I. F. Value of Imports NIL
b) Expenditure in Foreign Currencies (on accrual
basis)
Travelling Expenses Nil
Business Promotion Expenses Nil
Hosting Charges 619,496
Nil
Auditors:
M/s Bansi S Mehta & Co, Chartered Accountants, Mumbai, the Auditors of
the Company retire at the conclusion of the Annual General Meeting. The
Company has received letters from them to the effect that their
appointment, if made, would be within the prescribed limits under
Section 224 (1-B) of the Companies Act, 1956. The Board recommends
their re-appointment.
Auditors' Report:
The Auditors' Report is attached to the Balance Sheet as at 31st March
2014. The comments of the auditors to the accounts referred to in the
Auditors' Report are self-explanatory.
Listing:
The Equity Shares of the company are listed on The Stock Exchange,
Mumbai, The Stock Exchange, Ahmedabad and The Delhi Stock Exchange
Association.
The company's shares are tradable compulsorily in electronic form and
the company has established connectivity with both the depositories,
i.e. Central Depository Services (India) Ltd. & National Securities
Depository Ltd.
The company has also appointed M/s LINK INTIME INDIA PRIVATE LIMITED as
its Share Transfer and Depository Registrars. Shareholders are
requested to send the matters relating to share transfers and/ or
dematerialisation to the Company Registrars. In view of the numerous
advantages offered by the depository system, members are requested to
avail of the facility of dematerialisation of the company's shares on
either of the Depositories as aforesaid.
Corporate Governance:
In line with the guidelines stipulated by the Securities and Exchange
Board of India (SEBI) Committee on Corporate Governance, adequate steps
have been taken to ensure that most of the provisions of Clause 49 of
the Listing Agreement are duly complied with.
A separate report on corporate governance is included/ attached as part
of the Annual Report. The Auditors' Certificate confirming Compliance
of Conditions of Corporate Governance is included in the said Corporate
Governance Report. The Company is soon to induct more Directors.
Acknowledgement:
The Directors record their thanks to all the shareholders, banks for
their co-operation. The Directors also acknowledge the co-operation
received from officers and staff of the Company.
For and on behalf of the Board of Directors
Sd/-
Mumbai Sanjiv Khandelwal
Dated: 30.05.2014 Chairman and Managing Director
Mar 31, 2011
The Directors have pleasure in presenting the Eighteenth Annual Report
together with the Audited Statement of Accounts for the year ended the
31st March 2011.
Financial Results: (in Rs.) Year ended Year ended
31-03-2011 31-03-2010
In Rupees In Rupees
Profit/(Loss) before tax 13,04,280.68 65,895.39
Less :Provision for taxation
Current Tax/Fringe Benefit Tax Nil Nil
Provision for Deferred Tax (Net) 3,94,788.00 5,73,933.00
Add: Excess Provision for
Depreciation Written Back Nil 7,51,634.00
Add :Prior Period Adjustments (42,779.50) (2,937.55)
Profit/(Loss) after tax 8,66,713.18 2,40,658.84
Add : Surplus/(Deficit) brought
forward (486,86,331.36) (4,89,26,990.20)
Balance carried to Balance Sheet (4,78,19,618.18) (4,86,86,331.36)
Income, Activities & Operations:
During the year, the Company earned Rs.10,71,915.00 as sales income and
Rs52,85,888.28 as other income and was able to make a profit of
Rs.8,66,713.18.00 as against the profit of Rs.2,40,658.84 in the
previous year and the Company expects good returns in the coming years.
Dividend:
The Directors do not recommend any dividend.
Public Deposits:
The Company has not accepted any Deposit within the meaning of Section
58A of The Companies Act, 1956 and the rules made there under during the
year.
Directors:
During the year under review Mr.Mohan Jayakar appointed as Additional
Director of the Company. He holds office as Director only up to the
date of the ensuing Annual General Meeting . The Board considers it
desirable that the Company should continue to avail itself of his
services.
Mr. Shilpa Khandelwal retires by rotation and being eligible, offers
herself for re-appointment.
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 2011, 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
fairly reasonable and prudent so as to give a true and fair view of the
state of affairs of the 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
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 2011 on a ''going concern'' basis.
Particulars of Employees:
The Company has not paid any remuneration attracting the provision of
Companies (Particulars of Employees) Rules, 1975 read with Section
217(2A) of the Companies Act, 1956, as amended. Hence, there is no
requirement to append any information to this report in this regard.
Particulars of Energy Conservation, Technology absorption & Foreign
Exchange Earnings and outgo:
Since the Company has ventured into the e-commerce and software
development business and there are no manufacturing activities, there
are no particulars relating to conservation of energy and technology
absorption.
The following foreign exchange earnings and outgo were there during the
year:
Foreign Exchange earned is Rs.816321 ( Previous year Rs. Nil)
Foreign Exchange used Travelling :Rs. Nil ( Previous Year Rs.
21,309.00)
Business Promotion :Rs. Nil ( Previous Year Rs. 15,678.00)
Hosting Charges : Rs.7,875.00 ( Previous Year Rs.6,055.00) Auditors:
M/s A. J. Mehta & Associates, Chartered Accountants, Mumbai, the
Auditors of the Company retire at the conclusion of the Annual General
Meeting. The Company has received letters from them to the effect that
their appointment, if made, would be within the prescribed limits under
Section 224 (1-B) of the Companies Act, 1956. The Board recommends
their re-appointment.
Auditors'' Report:
The Auditors'' Report is attached to the Balance Sheet as at 31st
March 2011. The comments of the auditors to the accounts referred to in
the Auditors'' Report are self-explanatory.
Subsidiary
The Audited Statements of Accounts of the Subsidiary Company and the
Auditors'' Report thereon for the Year ended 31st March, 2011 has been
attached to the balance sheet along with statement pursuant to Section
212 of the Companies Act, 1956, relating to the said Subsidiary
Company. The Company has already initiated the process of merger of its
subsidiary with the holding company and the approval of the Honorable
High Court is pending for the merger.
Listing:
The Equity Shares of the company are listed on The Stock Exchange,
Mumbai, The Stock Exchange, Ahmadabad and The Delhi Stock Exchange
Association.
The company''s shares are tradable compulsorily in electronic form and
the company has established connectivity with both the depositories,
i.e. Central Depository Services (India) Ltd. & National Securities
Depository Ltd.
The company has also appointed M/s LINK INTIME INDIA PRIVATE LIMITED as
its Share Transfer and Depository Registrars. Shareholders are
requested to send the matters relating to share transfers and/ or
dematerialisation to the Company Registrars. In view of the numerous
advantages offered by the depository system, members are requested to
avail of the facility of dematerialisation of the company''s shares on
either of the Depositories as aforesaid.
Corporate Governance:
In line with the guidelines stipulated by the Securities and Exchange
Board of India (SEBI) Committee on Corporate Governance, adequate steps
have been taken to ensure that most of the provisions of Clause 49 of
the Listing Agreement are duly complied with.
A separate report on corporate governance is included/ attached as part
of the Annual Report. The Auditors'' Certificate confirming Compliance
of Conditions of Corporate Governance is included in the said Corporate
Governance Report. The Company is soon to induct more Directors.
Acknowledgement:
The Directors record their thanks to all the banks for their
co-operation. The Directors also acknowledge the co-operation received
from officers and staff of the Company.
For and on behalf of the Board of Directors
Sd/-
Mumbai Sanjiv Khandelwal
Dated: 3rd December, 2011 Chairman and Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the Seventeenth Annual
Report together with the Audited Statement of Accounts for the year
ended the 31st March 2010.
Financial Results: (in Rs.) Year ended Year ended
31-03-2010 31-03-2009
In Rupees In Rupees
Profit/(Loss) before tax 65,895.00 (54,08,958.00)
Less :Provision for taxation
Current Tax/Fringe Benefit Tax Nil Nil
Provision for Deferred Tax (Net) 5,73,933.00 (5,09,277.00)
Add: Excess Provision for
Income Tax/ FBT Nil 32,356
written Back
Add: Excess Provision for
Depreciation 7,51,634.00 Nil
Written Back
Add :Prior Period Adjustments (2,937.00) (949.00)
Profit/(Loss)after tax 2,40,659.00 (48,68,274.00)
Add : Surplus/(Deficit)
brought forward (4,89,26,990.00) (4,40,58,716.00)
Balance carried to
Balance Sheet (4,86,86,331.00) (4,89,26,990.00)
Income, Activities & Operations:
During the year, the Company earned Rs.5,00,137.00 as sales income and
Rs.28,32,560.00 as other income and was able to make a marginal profit
of Rs.2,40,659.00 as against the loss of Rs.48.68.274.00 in the
previous year and the Company expects good returns in the coming years.
Dividend:
The Directors do not recommend any dividend.
Public Deposits:
The Company has not accepted any Deposit within the meaning of Section
58A of The Companies Act, 1956 and the rules made thereunder during the
year.
Directors:
Mr. Khushrow Shiavax Patel retires by rotation and being eligible,
offers hemself for re-appointment.
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 2010, 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 judgements and estimates that were
fairly reasonable and prudent so as to give a true and fair view of the
state of affairs of the 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
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 2010 on a going concern basis.
Particulars of Employees:
The Company has not paid any remuneration attracting the provision of
Companies (Particulars of Employees) Rules, 1975 read with Section
217(2A) of the Companies Act, 1956, as amended. Hence, there is no
requirement to append any information to this report in this regard.
Particulars of Energy Conservation, Technology absorption & Foreign
Exchange Earnings and outgo:
Since the Company has ventured into the e-commerce and software
development business and there are no manufacturing activities, there
are no particulars relating to conservation of energy and technology
absorption.
The following foreign exchange earnings and outgo were there during the
year:
Foreign Exchange earned Nil ( Previous year Rs. 29,562.00)
Foreign Exchange used
Travelling : Rs.31,309.00 ( Previous Year Rs. Nil)
Business Promotion :Rs.15678.00 ( Previous Year Rs. Nil) Hosting
Charges : 6055.00 ( Previous Year Rs. Nil)
Auditors:
M/s A. J. Mehta & Associates, Chartered Accountants, Mumbai, the
Auditors of the Company retire at the conclusion of the Annual General
Meeting. The Company has received letters from them to the effect that
their appointment, if made, would be within the prescribed limits under
Section 224 (1-B) of the Companies Act, 1956. The Board recommends
their re-appointment.
Auditors Report:
The Auditors Report is attached to the Balance Sheet as at 31st March
2010. The comments of the auditors to the accounts referred to in the
Auditors Report are self-explanatory.
Subsidiary
The Audited Statements of Accounts of the Subsidiary Company and the
Auditors Report thereon for the Year ended 31st March, 2010 has been
attached to the balance sheet along with statement pursuant to Section
212 of the Companies Act, 1956, relating to the said Subsidiary
Company.
Listing:
The Equity Shares of the company are listed on The Stock Exchange,
Mumbai, The Stock Exchange, Ahmedabad and The Delhi Stock Exchange
Association.
The companys shares are tradable compulsorily in electronic form and
the company has established connectivity with both the depositories,
i.e. Central Depository Services (India) Ltd. & National Securities
Depository Ltd.
The company has also appointed M/s LINK INTIME INDIA PRIVATE LIMITED as
its Share Transfer and Depository Registrars. Shareholders are
requested to send the matters relating to share transfers and/ or
dematerialisation to the Company Registrars. In view of the numerous
advantages offered by the depository system, members are requested to
avail of the facility of dematerialisation of the companys shares on
either of the Depositories as aforesaid.
Corporate Governance:
In line with the guidelines stipulated by the Securities and Exchange
Board of India (SEBI) Committee on Corporate Governance, adequate steps
have been taken to ensure that most of the provisions of Clause 49 of
the Listing Agreement are duly complied with.
A separate report on corporate governance is included/ attached as part
of the Annual Report. The Auditors Certificate confirming Compliance
of Conditions of Corporate Governance is included in the said Corporate
Governance Report. The Company is soon to induct more Directors.
Acknowledgement:
The Directors record their thanks to all the banks for their
co-operation. The Directors also acknowledge the co-operation received
from officers and staff of the Company.
For and on behalf of the Board of Directors
Sd/-
Mumbai Sanjiv Khandelwal
Dated: 13th May, 2010 Chairman and Managing Director
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