Mar 31, 2015
Dear Members,
The Directors take pleasure in presenting the 30th Annual Report and
the Audited Statement of Accounts for the period ended 31st March 2015.
FINANCIAL RESULTS
A summary of the financial results for the year under review is as
under:
FINANCIAL RESULTS Rs in Lac
Particulars Current Year ended For the year
on 31.03.2015 ended
31.03.2014
Gross Sales 2439.78 4872.71
Other Income 155.96 111.37
Total 2595.74 4984.08
Less : Operating Expenditure 2559.41 4954.61
Gross Profit/(Loss) 36.33 29.47
Less: Interest 0.00 0.00
Less : Depreciation 35.91 28.74
Net Profit / (Loss) before tax 0.42 0.73
Less : Provision for Income Tax 0.08 0.13
Add/(Less): Deferred Tax 0.20 3.10
Net Profit/(Loss) after tax (PAT) 0.14 3.70
Add : Bal. B/F from previous year (319.38) (323.08)
Balance C/F to Balance Sheet (319.24) (319.38)
Earning Per Share 0.00 0.00
REVIEW OF OPERATIONS
During the year under review, in spite of serious inflationary trend
ruling in the market and overall recession in the country's economy,
your company had to sustain a shortfall in its gross revenue by about
50% with a reduction in PAT by Rs. 2.58 Lacs.
DIVIDEND
There being a resultant Loss carried over to Balance sheet, your
Directors refrain from recommending any dividend for the year ended
31st March 2015.
TRANSFER OF UNPAID DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
There was no unpaid dividend carried forward and due to be transfer to
the designated Fund (SEPF) in terms of sec. 124(5) of Companies Act,
2013.
CAPITAL / FINANCE
During the year the Company, did not issue/allot any Shares or
Securities as On 31st march, 2015. The Issued, subscribed and paid-up
share capital of the Company remained unaltered at Rs. 3,000.13 Lacs
Comprising of 3,00,01,300 equity shares of Rs. 10/- each.
CREDIT RATING
The Company having no secured borrowing, no Credit Rating was required.
DIRECTORS Appointment :
Pursuant to provisions of Sections 149,150,152 and other applicable
provisions of the Companies Act, 2013 and the Rules made there under,
read with Schedule IV to the Companies Act, 2013, your Mr. Ashok Das
and Mr. R. R. Challani were appointed as Independent Directors of the
Company to hold office for a period of five years with effect from
conclusion of the AGM, held on 27.09.2014 and their office as
Independent Director shall not be subject to retirement by rotation.
As per provisions of the Companies Act, 2013 Mr. Ankush Jain shall
retire at the ensuing Annual General Meeting of the Company and being
eligible, seeks re-appointment. The Board of Directors recommend his
re-appointment.
Mr. S. Mukherjee has since been appointed as chief financial officer of
the Company in due compliance of section 203 of the Companies Act,
2013.
Pursuant to the provisions u/s 152 of the Companies Act, 2013 Mrs. Lata
Jain has since been appointed Additional Director to hold office until
the conclusion of the forthcoming AGM to fulfill the requirement of
woman director in the Board. In the meantime the Company has received a
notice u/s 161 of the Companies Act, 2013 with requisite deposit
proposing to Mrs. Lata Jain to be appointed as a rotational Director in
the forthcoming AGM.
The particulars of the Director seeking appointment / re-appointment
has duly been furnished as part of the notes to the notice convening
the ensuing Annual General Meeting pursuant to clause 49 of the listing
agreement.
DECLARATION OF INDEPENDENT DIRECTORS
The independent Directors have since confirmed that they fulfill the
conditions under section 149 (6) of the Companies Act, 2013. laid down
as to their status of independence of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
As required u/s 217(2AA) of the Companies Act, 1956 which is
corresponding to Section 134 (5) of the Companies Act, 2013, your
Directors confirm having :
a) Followed in the preparation of Annual Accounts for the Financial
Year 2014-2015 the applicable Accounting Standards with proper
explanation relating to material departures if any;
b) 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 the profit of the Company for that year;
c) Taken proper and sufficient care for maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 2013 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and
d) Prepared the Annual Accounts on a going concern basis.
e) Laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and were
operating effectively.
f) Devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating
effectively.
CORPORATE GOVERNANCE
The Company believes that Corporate Governance is a way of business
life rather than a legal compulsion. Your Director, being committed to
best management practices and adhering to the policy of full
transparency, enclose herewith a Report on Corporate Governance as
stipulated by clause 49 of the listing agreement along with compliance
certificate on Corporate Governance (Annexure 3) forming part of this
report.
EXTRACT OF ANNUAL RETURN
Pursuant to sec 92(3) of the Companies Act, 2013 (The Act) and Rule
12(1) of the Companies (Management and Administration) Rules 2014 an
extract of Annual Return as at 31st March 2015 is annexed hereto and
Marked as Annexure 1.
AUDITORS AND THEIR REPORT
In the last Annual General Meeting of the Company held on 27th
September 2014 M/s. R. K. Bhatter & Co., Chartered Accounts was
appointed as statutory Auditor for three (3) consecutive years subject
to rectification of members at every Annual General Meeting in between
whereas by a notice given by the Auditors expressing their inability to
accept the appointment in view of the ceiling in the number of Audit
prescribed under the provision of the Companies Act, 2013. and there
was a casual vacancy caused in the office of statutory auditors and the
Company has since appointed M/s. Ranjit Jha & Associates Chartered
Accounts (firm regs. no 326969E) as the statutory Auditors of the
Company in the casual vacancy for a period of consecutive 5 years
ending on 31.03.2019, in the Extra Ordinary General Meeting held on
28.01.2015 subject to ratification by the members at each Annual
General Meeting held in between this period. Accordingly the
ratification of their appointment is sought for at the ensuing Annual
General Meeting.
The report of the statutory Auditors when read with the notes and
schedules forming part of the statements of account as annexed thereto
are self explanatory and needs no further elaboration and comments. .
COST AUDIT
The provision of section 148 and ail other applicable provisions of the
Companies Act, 2013 read with the Companies (Audit and Auditors) rules
2014, the provision of cost audit is not applicable on the products/
services of the Company for the F.Y. 2014-15.
SECRETARIAL AUDIT
In terms of section 204 of the Companies Act, 2013 and rules made there
under, Mr. K.C. Dhanuka & Co., a Company Secretary in practice (CP No.
1247 member, no. 2204) has been appointed as the Secretarial Auditor to
conduct the Secretarial Audit of the Company for the F.Y. 2014-15. The
Report of secretarial Auditor is enclosed hereto as Annexure - 2. which
is self explanatory and needs no comments thereon.
RELATED PARTY TRANSACTION
During the year there was no related party transaction attracting the
provisions of sec. 188 of the Companies Act, 2013.
CORPORATE SOCIAL RESPONSIBILITY
The company's realized profit for last several years do not call for
establishment for a CSR policy as prescribe u/s 135 of the Companies
Act, 2013.
COMPANY'S POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS AND KEY
MANAGERIAL PERSONNEL AND OTHERS EMPLOYEES
KEY MANAGERIAL PERSONNEL AND EMPLOYEES
The remuneration of Key Managerial Personnel and Employees largely
consists of basic salary perquisites allowances and performance
incentives subject to annual assessment.
The Components of the total remuneration vary for different grades and
are governed by the industry pattern, qualification, experience, merit
performance of each employee. The Company while deciding the
remuneration package takes into consideration of the ruling employment
scenario and remuneration package in the industry.
The annual variable pay of Managers is linked to the performance of the
Company in general and the Individual performance in the relevant year
with reference to achievement of Company's objective fixed at the
beginning of the year.
INTERNAL FINANCIAL CONTROL
Your Company has established a well defined organization structure
having an extensive system of internal control to ensure optimum
utilization of on going schemes of operations, accurate reporting of
financial transactions and strict compliance of applicable Laws and
regulations. Your Company has adequate system to ensure that the assets
of the Company are safeguarded against loss from un-authorized use or
deprecations.
An audit committee of the Board regularly review the audit plans,
significant audit findings, adequacy of internal control, compliance of
applicable Accounting Standards and changes in accounting policies and
practices, if any.
VIGIL MECHANISM
The company has a whistle blower policy and appropriate mechanism in
place. Employees can directly report to the Top Management any concern
about any unethical behavior, actual or suspected fraud or violation of
Company's code of conduct or ethic policy. Management on its turn is
responsible for establishing a fearless atmosphere where the reporting
employee does not fear of being harassed or threatened in any way. We
further affirm that no personnel of the Company have been denied access
to the Audit Committee during the year under review.
SUBSIDIARIES '
The Company is not having any Subsidiary.
EMPLOYEES STOCK OPTION SCHEMES
The Company have not provided any employee stock option.
GREEN INITIATIVES
Electronic copies of the Annual Report 2015 along with the Notice of
the 30th AGM are sent to all members whose email addresses are
registered with the Company /Depository Participant(s). For members who
have not registered their email addresses, physical copies of the
Annual Report 2015 along with the Notice of the 30th AGM are sent in
the permitted mode. Members requiring physical copies can send a
request to the Company Secretary.
The Company is providing e-voting facility to all members enabling them
to cast their votes electronically on all resolutions set forth in the
Notice. This is pursuant to section 108 of the Companies Act, 2013 read
with the Companies (Management and Administration) Rules, 2014. The
instruction for e-voting is provided in the notice.
PUBLIC DEPOSIT
The Company has not accepted or renewed any public deposits as defined
under section 58 A of the Companies Act, 1956 during the year. Under
section 73 of the Companies Act, 2013 there is no deposit lying with
the Company as on 31.03.2015.
PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN
EARNINGS & OUTGO
The information on particulars of conservation of Energy, technology
absorption and foreign exchange earnings & outgo as required under
section 234(3)(iii) of the Companies Act, 2013 read with the companies
(Disclosure of particulars in the Report of the Board of Directors )
rules 2014 are not altracted to this Company.
PARTICULARS OF EMPLOYEES
There being no employee drawing remuneration in excess of prescribed
ceiling during the year, the information of particulars of employees as
required under section 217 (2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 in respect of the
Company is not attracted to this Company.
CAUTIONARY STATEMENT
Statements in this report describing the Company's objectives,
expectations or predictions may be forward looking within the meaning
of the applicable laws and regulations. The actual results may differ
materially from those expressed in this statement because of many
factors like economic conditions, availability of resources, price
conditions, domestic and international markets, changes in govt,
policies, tax regimes, etc.
ACKNOWLEDGEMENTS
We thank our Customers, Vendors, Investors and Bankers for their
continued support during the year. We also thank the employees for
their significant contribution in Company's performance. We now look
forward to the future with confidence and optimism.
For and on Behalf of the Board of Directors
Director Director
Place: Kolkata
Date : 30th July, 2015
Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting the 29th Annual Report and
the Audited Statement of Accounts for the period ended 31st March 2014.
FINANCIAL RESULTS
A summary of the financial results for the year under review is as
under:
(Rs. in Lacs)
Current Year ended For the year ended
PARTICULARS on 31.03.2014 31.03.2013
Gross Sales 4872.71 3360.33
Other Income 111.37 93.34
Total 4984.08 3453.67
Less: Operating Expenditure 4935.31 3404.27
Gross Profit/(Loss) 48.77 49.40
Less: Interest 0.00 0.00
Less: Depreciation 48.04 46.49
Net Profit / (Loss)
before tax 0.73 2.91
Less: Provision for
Income tax 0.13 0.54
Add/(Less): Deferred Tax 3.10 8.00
Net Profit / (Loss) after
tax (PAT) 3.70 10.37
Add: Bal. B/F from
previous year (323.08) (333.45)
Balance C/F to Balance Sheet (319.38) (323.08)
Earning Per Share 0.01 0.00
DIVIDEND
There being insufficient realized profit, the Directors of your Company
regret their inability to recommend any dividend for the financial year
2013-2014.
CURRENT PERFORMANCE
Your Company had been very aggressive in the quest for new contracts
and execution thereof while maintaining its pricing standards. The
Company''s business is in certain sectors like Banking, Financial
Services, Retail business, Life services and Health care and also in
certain Government sector registered a marginal improvement on an
annual basis. The Company foresees improvement in its order positions
in diverse Industrial sectors in the current year.
The Company''s initiation in the operation of Business Schools and
Technical Education in the Eastern India in close co-ordination with
all India Technical Universities has turned out to be encouraging and
the Company proposes further expansion in this venture.
The gross turnover for the year was increased by about 45 % as compared
to the previous year and the net profit after Tax (PAT) for the year
could be maintained because of the close monitoring of the operational
costs and extensive cost control measures.
Encouraged by the increased response the management proposes to
initiate extensive focus in Business School and Technical Educational
Institutions in the Eastern India in close-co-ordination with Technical
Universities.
DIRECTORS
Appointment:
Pursuant to provisions of Sections 149, 150, 152 and other applicable
provisions of the Companies Act, 2013 and the Rules made there under,
read with Schedule IV to the Companies Act, 2013, your Directors
appointed Mr. Ashok Das and Mr. R. R. Challani as Independent Directors
of the Company to hold office for a period of five years with effect
from conclusion of this AGM, subject to approval by the members in the
ensuing Annual General Meeting and their office as Independent Director
shall not be subject to retirement by rotation. Details of the
proposal for appointment of Mr. Ashok Das and Mr. R. R. Challani are
mentioned in Explanatory Statement under Section 102 of the Companies
Act, 2013 of the Notice of the ensuing Annual General Meeting.
A statement on declaration given by independent Directors under section
149 (6) of the Companies Act, 2013 (Annexure D) forming part of this
report.
As per provisions of the Companies Act, 2013 Mr. R. Gupta shall retire
at the ensuing Annual General Meeting of the Company being eligible,
seeks re-appointment. The Board of Directors recommend their
re-appointment.
The particulars of the Director seeking appointment / re-appointment
has duly been furnished as part of the notes to the notes to the notice
convening the ensuing Annual General Meeting pursuant to clause 49 of
the isting agreement.
DIRECTORS RESPONSIBILITY STATEMENT
As required u/s 217(2AA) of the Companies Act, 1956 which is
corresponding to Section 134 (5) of the Companies Act, 2013, your
Directors confirm having :
a) Followed in the preparation of Annual Accounts for the Financial
Year 2013-2014 the applicable Accounting Standards with proper
explanation relating to material departures if any;
b) 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 the profit of the Company for that year;
c) Taken proper and sufficient care for 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; and
d) Prepared the Annual Accounts on a going concern basis.
e) Laid down internal financial controls to be followed by the Company
and those such internal financial controls are adequate and were
operating effectively.
f) Devised proper systems to ensure compliance with the provisions of
all applicable laws and those such systems were adequate and operating
effectively.
CORPORATE GOVERNANCE
The Company believes that Corporate Governance is as way of business
life rather than a legal compulsion. Your Director being committed to
best management practices and adhering to the policy of full
transparency, enclose herewith a Report on Corporate Governance as
stipulated by clause 49 of the listing agreement along with compliance
certificate on Corporate Governance (Annexure A) and a Report on
Management Discussion and Analysis (Annexure B) forming part of this
report.
FIXED DEPOSITS
The Company has neither accepted and / or renewed any fixed deposit
from the public during the period nor was their any carried forward
balance at the end of year.
GREEN INITIATIVES
Electronic copies of the Annual Report 2014 along with the Notice of
the 29th Annual General Meeting are sent to all members whose email
addresses are registered with the Company /Depository Participant(s).
For members who have not registered their email addresses, physical
copies of the Annual Report 2014 along with the Notice of the 29th
Annual General Meeting are sent in the permitted mode. Members
requiring physical copies can send a request to the Company Secretary.
The Company is providing e-voting facility to all members to enable
them to cast their votes electronically on all resolutions set forth in
the Notice. This is pursuant to section 108 of the Companies
(Management and Administration) Rules, 2014. The instruction for
e-voting is provided in the notice.
STATUTORY AUDITORS
The Auditors of the Company, M/s R. K. Bhatter & Co., Chartered
Accountants retires at the ensuing Annual General Meeting and have
confirm their eligibility and willingness to accept office it
appointed. Pursuant to section 139 of the Companies Act, 2013 and rules
made there under, M/s R. K. Bhatter & Co. having not completed 10 years
as Auditors of the Company their re-appointment is proposed to be made
for a period of consecutive (5) Five years from the conclusion of the
ensuing Annual General Meeting.
DIRECTOR''S RESPONSE TO THE COMMENT MADE BY THE AUDITORS IN THEIR REPORT
Auditor''s Report read together with annexure thereto does not contain
any qualification of significant nature, Comment under para xxi of the
Annexure to the Auditors'' Report are self explanatory and, therefore,
require no further comments from the Board of Directors.
The Company being engaged in the business of I.T. service providing the
provisions laid down u/s 145 of the Companies Act. 2013 are not
attracted to this Company.
PUBLIC DEPOSIT
The Company has not accepted or renewed any public deposits as defined
under section 58 A of the Companies Act, 1956 during the year. Under
section 73 of the Companies Act, 2013 there is no deposit lying with
the Company as on 31.03.2014.
PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN
EARNINGS & OUTGO
The information on particulars of conservation of Energy, technology
absorption and foreign exchange earnings & outgo as required under
section 217 (1) (e) of the Companies Act, 1956 read with the companies
(Disclosure of particulars in the Report of the Board of Directors )
rules 1988 are not attached to this Company.
PARTICULARS OF EMPLOYEES
The information of particulars of employees as required under section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 in respect of the Company is not
attracted to Company.
ACKNOWLEDGEMENTS
We thank our Customers, Vendors, Investors and Bankers for their
continued support during the year. We also thank the employees for
their significant contribution in Company''s performance. We now look
forward to the future with confidence and optimism.
For and on Behalf of the Board of Directors
Director Director
Place : Kolkata
Date : 30,h July, 2014
Mar 31, 2012
The Directors pleasure in presenting the 27th Annual Report and the
Audited Statement of Accounts for the period ended 31 st March 2012.
FINANCIAL RESULTS
A summary of the financial results for the year under review is as
under:
(Rs. in Lacs)
Current
Year ended For the
year ended
PARTICULARS on 31.03.2012 31.03.2011
Gross Sales 2962.68 10950.61
Other Income 81.18 97.64
Total 3043.86 11048.25
Less: Operating Expenditure 3169.70 10860.85
Gross Profit/(Loss) (125.74) 187.40
Less: Interest 0.00 0.48
Less: Depreciation 50.71 169.01
Net Profit / (Loss) before tax (176.45) 17.91
Less : Provision for Income Tax - 3.32
Fringe Benefit Tax - -
Add/(Less): Deferred Tax 35.01 20.54
Net Profit / (Loss) after tax (PAT) (141.44) 35.13
Add : Balance B/F from previous year (192.01) (227.13)
Balance C/F to Balance Sheet (333.45) (192.01)
Earning Per Share 0.00 0.12
DIVIDEND
There being insufficient realized profit, the Directors of your Company
regret their inability to recommend any dividend for the financial year
2011 -2012.
CURRENT PERFORMANCE
The year under review witnessed an all-round declined in the Companies
business activities consequent to the continuance of unprecedented
recession in the world economy. Your Company had been very aggressive
in the quest for new contracts and execution thereof while maintaining
its pricing standards. The Company''s business is in certain sectors
like Banking, Financial Services, Retail business, Life services and
Health care and also in certain Government sector registered general
declined on an annual basis. The Company foresees improvement in its
order positions in diverse Industrial sectors in the current year.
The Company''s initiation in the operation of Business Schools and
Technical Education in the Eastern India in close co-ordination with
all India Technical Universities has turned out to be encouraging and
the Company proposes further expansion in this venture.
Although the gross turnover for the year was by about 50% as compared
to the previous year the net profit after Tax (PAT) for the year could
be maintained because of the close monitoring of the operational costs
and extensive cost control measures.
Encourage by the increased reasonably the management proposes to
initiate extensive expansion in Business School and Technical
Educational Institutions in the Eastern India in close-co-ordination
with Technical Universities.
DIRECTORS
Mr. R. R. Chhallani, Directors of the company retires by rotation at
the forthcoming Annual General Meeting and being eligible offers
themselves for re-appointment.
Mr. Ashok Das who was appointed as an additional Director during the
year retires at the conclusion of the forth coming Annual General
Meeting. Whereas the Company has received a notice u/s 257 of the
Companies Act, 1956 from a member proposing appointment of Mr. Das as a
rotational Director in the forth coming Annual General Meeting
particulars of Directors seeking appointment / re-appointment has been
detailed in the notice to Notice convening the Annual General Meeting
in due Compliance of Clause 49 of the Listing Agreement.
During the year Mrs. S. Jain, M. Director of the Company vacated her
office through resignation due to her other engagements. The Directors
puts on record its sincere appreciation of the valuable guidance
offered by Mrs. Jain during the tenure of her office.
During the year Mr. B.L. Jain, Director of the Company vacated his
office through resignation due to his other engagements. The Directors
puts on record its sincere appreciation of the valuable guidance
offered by Mr. Jain during the tenure of his office. ''
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirements under section 217(2AA) of the Companies Act,
1956 with respect to Directors Responsibility Statement it is hereby
confirmed that
a) in the preparation of Annual Accounts for the Financial Year
2011-2012 the applicable Accounting Standards had been followed and no
material departures have been made from the same;
b) 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 the profit and loss
of the company for that period;
c) to the best of their knowledge and information, 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; and
d) have prepared the Annual Accounts on a going concern basis.
FIXED DEPOSITS
The company has neither accepted and / or renewed any fixed deposit
from the public during the period nor was their any carried forward
balance at the end of year.
AUDITORS & THEIR REPORT :
M/s R.K.Bhatter & Co., Chartered Accountants retires at the conclusion
of the forth coming Annual General Meeting and being eligible offers
themselves for re-appointment and they have notified that their such
appointment will be within the permissible limits under section 224(1
B) of the Companies Act, 1956.
The report of the Auditors and the observations made there-at when read
with the notes forming part of the Accounts are self explanatory and
need no further explanation.
COMPLIANCES
The Company did not default in the payment of interest and / or
repayment of loan to any of the financial Institutions and / or banks
during the period under review.
CORPORATE GOVERNANCE
The Company has implemented the procedures and adopted practices in
conformity with the Code of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges. A separate report
on Corporate Governance is annexed herewith, as part of the Annual
Report along with the Auditor''s Certificate on its Compliance.
STATUTORY INFORMATION :
(1) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities that are being carried on by your
Company, Rule 2A& 2B of the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 concerning conservation of
energy and technology absorption, respectively are not applicable to
your Company. Your company being an IT solution provider requires
minimal energy consumption and every endeavor is made to avoid wastage
and to conserve energy as far as possible.
(2) FOREIGN EXCHANGE INCOME AND OUTGO
Current Year Previous Year
Foreign Exchange Earned : Rs. NIL Rs. NIL
Foreign Exchange Outgo : Rs. NIL Rs. NIL
(3) EMPLOYEES PARTICULARS
The company having no employee drawing salaries in excess of Rs.
24,00,000 p.a. or Rs. 2,00,000 per month for a part of the year, the
provisions U/S 217(2A) of the Companies Act, 1956 are not attracted.
PERSONNEL/INDUSTRIAL RELATIONS
The industrial relations during the year, under review remained cordial
between the employees and Management. There was a total understanding
of the Management objectives by the employees. Your directors wish to
place on record their appreciation to employees at all levels for their
hard work, dedication and commitment. The enthusiasm and unstinting
efforts of the employees have enabled the Company to remain at the
forefront of the industry despite increased competition from several
existing and new players.
CAUTIONARY STATEMENT :
Statements made in the Report describing the Company''s Objectives,
Expectations or predictions may be forward looking within the meaning
of applicable securities, laws and regulations. Actual results may
differ materially from those expressed in the statement. Important
factors that could influence the company''s operations include
economic development, Government actions, risks inherent in the
Company''s growth strategy and other factors that could cause the
actual results to differ materially from those contemplated by the
relevant forward looking statements.
APPRECIATION
Your Directors wish to place on record their appreciation for the
assistance and co-operation that your Company received from the
Government of India, Financial Institutions, Banks, Stakeholders and
all others whose continued support has been a source of strength to the
Company. Your Directors also wish to place on record their sincere
appreciation of the devotion and commitment of every employee of the
company
For and on behalf of the Board
(R. Gupta)
Date : 18th August, 2012 Director
Registered Office :
1/1B, Upper Wood Street
Kolkata-700 017
Mar 31, 2010
The Directors pleasure in presenting the 25th Annual Report and the
Audited Statement of Accounts for the year ended 31 st March 2010.
FINANCIAL RESULTS
A summary of the financial results for the year under review is as
under:
(? in Lacs)
Current Year ended For the year ended
PARTICULARS on 31.03.2010 31.03.2009
Gross Sales 11582.94 4825.10
Other Income 82.27 379.35
Total 11665.21 5204.45
Less: Expenditure 11414.94 4967.86
Gross Profit/(Loss) 250.27 236.59
Less: Interest 1.05 1.42
Less: Depreciation 195.52 205.07
Net Profit / (Loss)
before tax 53.70 30.10
Less : Provision for
Income Tax 8.30 3.10
Fringe Benefit Tax - 1.64
Add/(Less): Deferred Tax (16.11) 11.72
Net Profit / (Loss) after
tax (PAT) 29.29 37.08
Add : Balance B/F from
previous year (256.43) (293.51)
Balance C/F to
Balance Sheet (227.13) (256.43)
Earning Per Share 0.10 0.12
DIVIDEND
In order to conserve the financial resources of the Company, the
directors of your Company regret their inability to recommend any
dividend for the financial period 2009-2010.
REVIEW OF OPERATIONS
You would be pleased to note that your Company has achieved significant
growth during the last financial year. Overall, 2009-2010 has been a
very satisfying year. The Company was aggressive in its quest for new
contracts, executed on its full strategy and maintained pricing
standard.
The Companys business grew even in those sectors affected by the
economic meltdown, mainly because the customers appreciated the
Companys value proposition. Banking, Financial Services, Retail, Life
Sciences & Heath Care and Government sectors registered positive
growth. However, still some sectors are declined on an annual basis.
The Company sees improvement in its order position in these industry
Segments as well as growth in almost all geographical markets.
On a standalone basis, your Company achieved Total Income of ?11,665.21
Lacs during the year under report as against ? 5,204.45 Lacs during the
previous year, representing an increase of 124.14% in the current
fiscal year and gross profit for the year could be maintained close to
previous year and economics in operational costs resulted in a net
profit of ? 29.29 Lacs.
Encouraged by the radical turn around the management proposes to
initiate extensive expansion in Business Schools and Technical
Educational Institutions in the Eastern India in close-co-ordination
with Technical University.
CURRENT PERFORMANCE
The Indian hardware market witnessed a comeback in 2009-2010 with
nearly 8.03 million PC units being sold last year, representing a
growth of 18% over the previous fiscal. Globally technology spending is
expected to further increase once the global economic recovery process
gathers speed and discretionary spending levels increase. IT has become
an integral part of business operations across industries and is seen
by organizations as a primary driver of productivity improvement and
business transformation that lead to sustained competitive advantages
in the market place.
DIRECTORS
Mr. A. Jain, Directors of the company retires by rotation at the
forthcoming Annual General Meeting and being eligible offers himself
for re-appointment.
The veteran Mr. B.L.Jain has since been appointed as an additional
Director during the year and his term of office is due to expire at the
forthcoming Annual General Meeting. Whereas the Company has since
received a notice U/s 257 of the Companies Act, 1956 from a member
proposing to move a resolution for appointment of Mr. B.L.Jain as a
rotational Director of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirements under section 217(2AA) of the Companies Act,
1956 with respect to Directors Responsibility Statement it is hereby
confirmed that:-
a) in the preparation of Annual Accounts for the Financial Year
2009-2010 the applicable Accounting Standards had been followed and no
material departures have been made from the same;
b) they 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 the profit and loss of
the company for that period;
C) to the best of their knowledge and information, 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 the company and for preventing and
detecting fraud and other irregularities; and
d) they have prepared the Annual Accounts on a going concern basis.
FIXED DEPOSITS
The company has neither accepted and / or renewed any fixed deposit
from the public during the year nor was their any carried forward
balance at the end of year.
AUDITORS & THEIR REPORT :
M/s R.K.Bhatter & Co., Chartered Accountants retires at the conclusion
of the forth coming Annual General Meeting and being eligible offers
themselves for re-appointment and they have notified that their such
appointment will be within the permissible limits under section 224(
1B) of the Companies Act, 1956.
The report of the Auditors and the observations made there-at when read
with the notes on Accounts are self explanatory and need no further
explanation.
CHANGE OF REGISTERED OFFICE
By an order of the Honable Company Law Board dated 21/05/2010 the
situation of Registered Office Clause Noll of the Memorandum of
Association has been changed from the state of Delhi to State of West
Bengal and accordingly w.e.f 25/05/2010 the registered office of the
Company has been shifted from B-1523, Shastri Nagar, New Delhi-110052
to 1 .Ballygunge Park Road, 1st Floor, Kolkata-700019, West Bengal.
COMPLIANCES
The Company did not default in the payment of interest and / or
repayment of loan to any of the financial Institutions and / or banks
during the period under review.
CORPORATE GOVERNANCE
The Company has implemented the procedures and adopted practices in
conformity with the Code of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges. A separate report
on Corporate Governance is annexed herewith, as part of the Annual
Report along with the Auditors Certificate on its Compliance.
STATUTORY INFORMATION:
(1) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
In view of the nature of activities that are being carried on by your
Company, Rule 2A & 2B of the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 concerning conservation
of energy and technology absorption, respectively are not applicable to
your Company. Your company being an IT solution provider provider
requires minimal energy consumption and every endeavor avoid wastage
and conserve energy as far as possible.
(2) FOREIGN EXCHANGE INCOME AND OUTGO
Current Year Previous Year
Foreign Exchange Earned : ? NIL ? NIL
Foreign Exchange Outgo : ? NIL ? NIL
(3) EMPLOYEES PARTICULARS
The company having no employee drawing salaries in excess of ?
24,00,000 p.a. or X 2,00,000 per month for a part of the year, the
provisions U/S 217(2A) of the Companies Act, 1956 are not attracted.
PERSONNEL/INDUSTRIAL RELATIONS
The industrial relations during the year, under review remained cordial
between the workers and Management. There was a total understanding of
the Management objectives by the workers. Your directors wish to place
on record their appreciation to employees at all levels for their hard
work, dedication and commitment. The enthusiasm and unstinting efforts
of the employees have enabled the Company to remain at the forefront of
the industry despite increased competition from several existing and
new players.
CAUTIONARY STATEMENT :
Statements made in the Report describing the Companys Objectives,
Expectations or predictions may be forward looking within the meaning
of applicable securities, laws and regulations. Actual results may
differ materially from those expressed in the statement. Important
factors that could influence the companys operations include economic
development, Government actions, risks inherent in the Companys growth
strategy and other factors that could cause the actual results to
differ materially from those contemplated by the relevant forward
looking statements.
APPRECIATION
Your Directors wish to place on record their appreciation of the
assistance and co-operation that your Company received from the
Government of India, Financial Institutions, Banks, Stakeholders and
all others whose continued support has been a source of strength to the
Company. Your Directors also wish to place on record their sincere
appreciation of the devotion and commitment of every employee of the
company.
For and on behalf of the Board
(A. JAIN) (R. Gupta)
Date : 28th August,
2010 Director Director
Registered Office :
1,Ballygunge Park Road,
1st Floor, Kolkata-700 019