Home  »  Company  »  Cyberscape Multi  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Cyberscape Multimedia Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 18th Annual Report together with the audited accounts of the Company for the year ended March 31, 2014.

FINANCIAL RESULTS

(Rupees in lacs) PARTICULARS 2013-14 2012-13

Total Income 3.27 118.72

Total Expenses including Depreciation, Financial Cost and other expenses 65.09 182.71

Profit/(Loss) before Tax (61.82) (63.99)

Deferred Tax (1.77) (2.13)

Profit/(Loss) after Tax (60.05) (61.86)

During the year, the Company has recorded a considerable decrease in the total income from Rs. 118.72 lacs to Rs. 3.27 lacs over the previous year. Including interest and depreciation the Company has incurred a loss of Rs. 61.82 lacs as against loss of Rs. 63.99 lacs in the previous year. Due to paucity of funds the Company could not strengthen its marketing team to push its software products in the market.

DIVIDEND

Your Directors do not recommend any dividend for the year in view of the accumulated losses in the Company.

INVESTORS RELATIONS

Integrated Enterprises (India) Ltd., a SEBI registered Transfer Agent, is the Company''s Share Transfer Agent. All correspondence regarding securities and investor grievances are being attended to at the Registered Office or at the Share Transfer Agent''s office located at Malleswaram, Bangalore. The Company, with an objective of friendly investor relations has set up a Shareholders''/Investors'' Grievances Committee. The Committee ensures that all the queries and suggestions are properly attended to.

CORPORATE GOVERNANCE

Your Company adheres to all the mandatory recommendations of Corporate Governance Code laid down under Clause 49 of the Listing Agreement with Bombay Stock Exchange. A report on Corporate Governance is provided in this Report. The Auditors'' Certificate on Corporate Governance forms part of this Annual Report.

PUBLIC DEPOSITS

Your Company has not accepted any deposits from the public during the year under review.

PARTICULARS OF EMPLOYEES

None of the employees of the Company employed through out the year or part of the year was in receipt of remuneration in excess of limits specified in Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

ADDITIONAL INFORMATION

Particulars pursuant to Section 217(l)(e) of the Companies Act, 1956 and Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988.

a. Conservation of energy and technology absorption

The Company''s operations are not energy intensive. However, adequate measures have been taken to reduce energy consumption by using energy efficient computers with latest technologies. An effort to conserve energy goes on a continual basis.

b. Foreign Exchange Earning and outgo

The information related to foreign exchange earnings and outgo during the year under review is given in notes on accounts.

GREEN INITIATIVES IN CORPORATE GOVERNANCE

In line with the changes in law permitting companies to send electronic copies of full Annual Report, notices, quarterly results etc., to the e-mail IDs of shareholders, the Company has arranged to send the soft copies of the documents to the e-mail IDs of shareholders available with us or the depositories. In case any of the shareholder would like to receive physical copy of the Annual Report, the same shall be forwarded on written request to the Registrars M/s Integrated Enterprises (India) Limited.

DIRECTORS

Mr. Milind Mehta and Mr. Vijayakumar N.A. retire by rotation and being eligible, offer themselves for re-appointment at the ensuing Annual General Meeting (AGM). Brief profile of the Directors is given in the notes to the Notice of the ensuing AGM.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:

i. In the preparation of annual accounts the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. The Directors have selected such accounting policies and applied them consistently and made judgements 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 profits of the Company for the year under review.

iii. The Directors have 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.

iv. The Directors have prepared the annual accounts on a ''going concern'' basis.

AUDITORS

M/s Shabbir & Rita Associates, Chartered Accountants, Mumbai, Statutory Auditors of the Company retire at the forthcoming AGM and have expressed their willingness to continue as Statutory Auditors for the financial year 2014-15 and accordingly a resolution proposing their appointment is being submitted to the AGM. Members are requested to re-appoint them and fix their remuneration.

STATUTORY DISCLOSURE

None of the Directors of the Company is disqualified under the provisions of Section 274(l)(g) of the Companies Act, 1956. Your Directors have made necessary disclosures as required under various provisions of the Companies Act, 1956 and Clause 49 of the Listing Agreement.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis forming part of this Annual Report is attached.

APPLICABILITY OF THE COMPANIES ACT, 1956

With reference to the Circular No. 08/2014 dated 04/04/2014 issued by Ministry of Corporate Affairs, the information given in this report are governed by the Companies Act, 1956.

ACKNOWLEDGEMENTS

The Directors place on record their gratitude for all the guidance and co-operation received from all its clients, vendors, bankers, advisors, regulatory and Government authorities.

On behalf of the Board of Directors M.S. Sridhar Anand S.K. Joint Managing Director Managing Director

Bangalore May 26, 2014


Mar 31, 2010

The Directors have pleasure in presenting the 14m Annual Report together with the audited accounts of the Company for the year ended March 31, 2010.

FINANCIAL RESULTS

(Rupees in lacs)

PARTICULARS 2009-10 2008-09

Total Income 172.74 1344.38

Operating Profit (PBIDT) (27.85) (14.21) Interest 0.87 1.14

Depreciation 17.06 20.28

Profit/(Loss) before Taxation (45.79) (35.63)

Provision for Deferred Tax (3.75) 14.68

Fringe Benefit Tax - 0.69

Income Tax for earlier years 0.24 (0.12)

Profit/(Loss) after Tax (42.28) (50.89)

Balance of Profit/(Loss) from previous year (275,10) (224.21)

Amount available for appropriation (317.38) (275.10)

During the year, the Company has recorded a significant decrease in the total income from Rs.. 1344.38 lacs to Rs. 172.74 lacs compared to the previous year and the operations have resulted in a loss of Rs. 27.85 lacs. Including depreciation the Company has incurred a loss of Rs. 45.79 lacs as against a loss of Rs. 35.63 lacs in the previous year. The decrease in turnover is primarily on account of curtailing trading in computer software, which has little effect on the profitability of the Company. Depreciation was Rs. 17.06 lacs as against Rs. 20.28 lacs in the previous year. The loss after tax was Rs. 42.28 lacs as against Rs. 50.89 lacs in the previous year.

DIVIDEND

Your Directors do not recommend any dividend for the year in view of the loss incurred by the Company.

INVESTORS RELATIONS

Alpha Systems Pvt Ltd., a SEBI registered Transfer Agent, is the Companys Share Transfer Agent. All correspondence regarding securities and investor grievances are being attended to at the Registered Office or at the Share Transfer Agents office located at Malleswaram, Bangalore. The Company, with an objective of friendly investor relations has set up a Shareholders/Investors Grievances Committee. The Committee ensures that all the queries and suggestions are properly attended to.

CORPORATE GOVERNANCE

Your Company adheres to all the mandatory recommendations of Corporate Governance Code laid down under Clause 49 of the Listing Agreement with Bombay Stock Exchange. A report on Corporate Governance is provided in this Report. The Auditors Certificate on Corporate Governance forms part of this Annual Report.

PUBLIC DEPOSITS

Your Company has not accepted any deposits from the public during the year under review.

PARTICULARS OF EMPLOYEES

None of the employees of the Company employed through out the year or part of the year was in receipt of remuneration in excess of limits specified in Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

ADDITIONAL INFORMATION

Particulars pursuant to Section 217(l)(e) of the Companies Act, 1956 and Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988.

a. Conservation of energy and technology absorption

The Companys operations are not energy intensive. However, adequate measures have been taken to reduce energy consumption by using energy efficient computers with latest technologies. An effort to conserve energy goes on a continual basis.

b. Foreign Exchange Earning and outgo

The information related to foreign exchange earnings and outgo during the year under review is given in notes on accounts.

DIRECTORS

As per the provisions of the Companies Act, 1956, Mr. C.N. Kshetragna, Director retires by rotation and being eligible, offers himself for re-appointment.

A brief profile of Mr. Kshetragna is given in the Notice of the Annual General Meeting.

Necessary resolution is submitted for your approval.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors accept the responsibility for the integrity and objectivity of the Profit and Loss Account for the year ended March 31, 2010 and the Balance Sheet as at that date. Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:

i. In the preparation of annual accounts for the year 2009-10 the Generally Accepted Accounting Principles (GAAP) of India and the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. The Directors have selected such accounting policies and applied them consistently and made judgements 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 profits of the Company for the year under review.

iii. The Directors have 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.

iv. The Directors have prepared the annual accounts for the financial year ended March 31, 2010 on a going concern basis.

AUDITORS

M/s Shabbir & Rita Associates, Chartered Accountants, Mumbai, Statutory Auditors of the Company retire at the ensuing Annual General Meeting and have expressed their willingness to continue as Statutory Auditors/br the financial year 2010-11 and accordingly, a resolution proposing their appointment is being submitted to the Annual General Meeting.

STATUTORY DISCLOSURE

None of the Directors of the Company is disqualified under the provisions of Section 274(l)(g) of the Companies Act, 1956. Your Directors have made necessary disclosures as required under various provisions of the Companies Act, 1956 and Clause 49 of the Listing Agreement.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis forming part of this Annual Report is attached.

ACKNOWLEDGEMENTS

The Directors wish to thank the Companys customers, bankers, suppliers, shareholders, business associates, regulatory authorities, Government departments and Government agencies for their support and co-operation. The Board would also like to express great appreciation for the commitment and contribution of its employees at all levels.

On behalf of the Board of Directors

M.S. Sridhar Anand S.K.

Joint Managing Director Managing Director

Bangalore

May 28, 2010

 
Subscribe now to get personal finance updates in your inbox!