Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 41th Annual Report of
the Company together with the audited statement of accounts of the
Company for the year ended 31st March 2014.
FINANCIAL RESULTS:
31/03/2014 31/03/2013
Revenue from operations
Other income 43,46,980 38,84,469
Total revenue 43,46,980 38,84,469
(Loss) before finance cost /
depreciation and extra ordinary (1,40,43,473) (18,66,096)
items
Add - Finance Cost 2,411 1,17,571
Add - Depreciation and amortization 1,86,737 1,97,278
Expenses
Profit (Loss) before extraordinary (1,42,32,621) (21,80,945)
items and tax
Extraordinary items 7,29,75,319 3,11,69,140
(Loss )before tax (8,72,07,940) (3,33,50,085)
Tax Expenses :- Deferred Tax 10,644 ---
(Loss) for the year (8,71,218,584) (3,33,50,085)
Dividend:
In view of the loss for the year, the Directors regret their inability
to recommend any dividend to the shareholders for the year.
Fixed Deposits:
The Company has not invited or accepted any fixed deposit from the
public pursuant to section 58A and 58 AA of the Companies Act, 1956
during the year under review.
Directors:
In accordance with the provisions of Sections 255/256 of the Companies
Act, 1956 Mr. Kishore Rasiklal Dalal (DIN: 00020913) and Ms. Mamta
Aditya Mangaldas (DIN: 00021078), Directors retire at the ensuing
annual general meeting, they are eligible for re-appointment. The
shareholders may consider their re-appointment.
Compliance Certificate:
A Compliance Certificate as required under the proviso to sub-section
(1) of section 383A of the Companies Act, 1956 read with the Companies
(Compliance Certificate) Rules, 2001 is attached to this report.
Other Information:
Information in accordance with provisions of Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988:
a) Conservation of Energy and Technology absorption: The operations of
your Company are not energy-intensive. Adequate measures, however, been
taken to reduce energy consumption by using energy efficient computer
terminals and by the purchase of energy efficient equipment with latest
technology. The Company constantly evaluates new technologies and makes
use of the same to make the infrastructure more energy-efficient. The
research and development of new services, designs, processes, and
methodologies are of prime concern to the Company, but the cost
incurred is not material.
b) Foreign Exchange: There was no earning in foreign exchange and the
foreign exchange out go was of Rs. 2,41,947/- during the financial
year.
c) Particulars of Employees:
There was no employee who was in receipt of remuneration over & above
the limits prescribed under section 217(2AA) of the Companies Act, 1956
as such no statement is furnished under the said section.
Directors'' Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
a) The Directors state that the financial statements for the year ended
are in full conformity with the requirements of the Generally Accepted
Accounting Principles (GAAP) and the accounting standards issued by the
Institute of Chartered Accountants of India till date.
b) The Directors accept the responsibility for the integrity and
objectivity of these financial statements as reflected through the
consistent applicability of the accounting policies as well as for the
estimates made and the judgment exercised relating to matters not
concluded to by the year-end. The Director believe that the financial
statements reflect fairly the form and substance of the transactions
concluded and reasonably present the Company''s financial condition and
true and fair view of the results of the operations for the year and
the state of affairs of the business as at the end of the financial
year.
c) The Company has installed a computerized accounting system for
maintenance of adequate accounting records. The periodic internal
checks and controls are observed to provide reasonable assurance that
the established policies and the procedures of the Company have been
followed for safeguarding the assets of the Company and for preventing
any form of fraud and other irregularities thereto and subject to the
inherent limitations in any system, procedure and coverage thereof the
same should be recognized as proper and sufficient in weighing the
assurance provided by any system of internal controls.
d) The accounts have been prepared on going concern basis.
Auditors:
M/s Vasani & Thakkar, Chartered Accountants, Mumbai statutory auditors
retire at the ensuing annual and they being eligible for
re-appointment, have accorded their consent to act as auditors, if
re-appointed by the shareholders.
Appreciation:
The Directors take the opportunity to express their gratitude for the
support and cooperation your company has received from the various
departments of Central and State Government, Bankers, Customers,
Suppliers and Contractors of the company during the year under review.
In concluding this report, the Board acknowledges their deep sense of
gratitude to the shareholders for the confidence they have reposed in
the Directors.
On behalf of the Board of Directors
Sd/ Sd/-
SUNIL DALAL V H SHANBHAG
Director Director
Place : Mumbai
Dated : 25-Aug-2014
Mar 31, 2013
To: The Members of Digital Electronics Limited
Dear Members,
The Directors have pleasure in presenting the 40th Annual Report of
the Company together with the audited statement of accounts of the
Company for the year ended 31st March 2013.
FINANCIAL RESULTS:
31/03/2013 31/03/2012
Total Revenue ---- ----
Expenses 6,065,414 7,611,993
(5,750,565) (7,369,762)
Earnings before Extraordinary Items,
Interest, Tax and Depreciation (EBITDA) (3,872,011)
Finance Cost 117,571 ----
Depreciation and amortization Expenses 197, 278 242,231
Other income 3,884,469 23,520,713
Profit (Loss) before extraordinary
items and tax (2,180,945) (15,908,720)
Extraordinary items 31,169,140 50,271,381
Profit (Loss) before tax (33,350,085) (34,362,661)
Tax Expenses :-
Current tax ---- ----
Deferred tax ---- (68,239)
Total Profit / (Loss) for the year
(33,350,085) (34,430,900)
Dividend:
In view of the loss for the year, the Directors regret their inability
to recommend any dividend to the shareholders for the year.
Fixed Deposits:
The Company has not invited or accepted any fixed deposit from the
public pursuant to section 58A and 58 AA of the Companies Act, 1956
during the year under review.
Directors:
In accordance with the provisions of Sections 255/256 of the Companies
Act, 1956 Mr. Sunil K. Dalal, and Mrs. Mamta S. Dalal, Directors retire
at the ensuing annual general meeting, they are eligible for
re-appointment. The shareholders may consider their re-appointment.
Compliance Certificate:
A Compliance Certificate as required under the proviso to sub-section
(1) of section 383A of the Companies Act, 1956 read with the Companies
(Compliance Certificate) Rules, 2001 is attached to this report.
Other Information:
Information in accordance with provisions of Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988:
Conservation of Energy and Technology absorption: The operations of
your Company are not energy-intensive. Adequate measures, however, been
taken to reduce energy consumption by using energy efficient computer
terminals and by the purchase of energy efficient equipment with latest
technology. The Company constantly evaluates new technologies and makes
use of the same to make the infrastructure more energy-efficient. The
research and development of new services, designs, processes, and
methodologies are of prime concern to the Company, but the cost
incurred is not material.
Foreign Exchange: There was no earning in foreign exchange and the
foreign exchange out go was of Rs. 241,947/- during the financial year.
Particulars of Employees:
There was no employee who was in receipt of remuneration over & above
the limits prescribed under section 217(2AA) of the Companies Act, 1956
as such no statement is furnished under the said section.
Directors'' Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
The Directors state that the financial statements for the year ended
are in full conformity with the requirements of the Generally Accepted
Accounting Principles (GAAP) and the accounting standards issued by the
Institute of Chartered Accountants of India till date.
The Directors accept the responsibility for the integrity and
objectivity of these financial statements as reflected through the
consistent applicability of the accounting policies as well as for the
estimates made and the judgment exercised relating to matters not
concluded to by the year-end. The Director believe that the financial
statements reflect fairly the form and substance of the transactions
concluded and reasonably present the Company''s financial condition and
true and fair view of the results of the operations for the year and
the state of affairs of the business as at the end of the financial
year.
The Company has installed a computerized accounting system for
maintenance of adequate accounting records. The periodic internal
checks and controls are observed to provide reasonable assurance that
the established policies and the procedures of the Company have been
followed for safeguarding the assets of the Company and for preventing
any form of fraud and other irregularities thereto and subject to the
inherent limitations in any system, procedure and coverage thereof the
same should be recognized as proper and sufficient in weighing the
assurance provided by any system of internal controls.
The accounts have been prepared on going concern basis.
Auditors:
M/s Vasani & Thakkar, Chartered Accountants, Mumbai statutory auditors
retire at the ensuing annual and they being eligible for
re-appointment, have accorded their consent to act as auditors, if
re-appointed by the shareholders.
Appreciation:
The Directors take the opportunity to express their gratitude for the
support and cooperation your company has received from the various
departments of Central and State Government, Bankers, Customers,
Suppliers and Contractors of the company during the year under review.
In concluding this report, the Board acknowledges their deep sense of
gratitude to the shareholders for the confidence they have reposed in
the Directors.
On behalf of the Board of Directors
Sd/- Sd/-
SUNIL K. DALAL V H SHANBHAG
Director Director
Place : Mumbai
Dated : 28/05/ 2013
Mar 31, 2011
Dear Members,
The Directors have pleasure in presenting the 38th Annual Report of
the Company together with the audited statement of accounts of the
Company for the year ended 31st March 2011.
Financial Results:
(Amount in Rupees)
Year ended
31st March 2011 31st March 2010
Total Income 18,27,149 78,54,404
Profit / (Loss) before
Depreciation (14,83,092) 45,56,105
Depreciation 295,879 380,975
Profit / (Loss) before Taxation (17,78,971) 41,75,130
Provision for Tax
Current Year - 5,00,000
Deferred Tax 70,691 5,97,597
Profit / (Loss) for the year (18,49,662) 30,77,533
Profit / (Loss) of earlier years 15,79,31,956 15,48,54,423
Profit / (Loss) carried to
Balance Sheet 15,60,82,294 15,79,31,956
Dividend:
In view of the loss for the year, the Directors regret their inability
to recommend any dividend to the shareholders for the year.
Fixed Deposits :
The Company has not invited or accepted any fixed deposit from the
public pursuant to section 58A of the Companies Act, 1956 during the
year under review.
Directors :
In accordance with the provisions of Sections 255/256 of the Companies
Act, 1956 Mr. Kishore Dalal and Mrs. Mamta Dalal, Directors retire at
the ensuing annual general meeting, they are eligible for re-
appointment. The shareholders may consider their re-appointment.
Compliance Certificate :
A Compliance Certificate as required under the proviso to sub-section
(1) of section 383A of the Companies Act, 1956 read with the Companies
(Compliance Certificate) Rules, 2001 is attached to this report.
Other Information :
Information in accordance with provisions of Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988:
a) Conservation of Energy and Technology absorption:
The operations of your Company are not energy-intensive. Adequate
measures, however, been taken to reduce energy consumption by using
energy efficient computer terminals and by the purchase of energy
efficient equipment with latest technology. The Company constantly
evaluates new technologies and makes use of the same to make the
infrastructure more energy-efficient. The research and development of
new services, designs, processes, and methodologies are of prime
concern to the Company, but the cost incurred is not material.
b) Foreign Exchange :
The earnings in foreign exchange amounted to Rs. Nil/-, while the
foreign exchange out go was of Rs. 18,000/- as traveling expenses
during the financial year.
c) Particulars of Employees :
There was no employee who was in receipt of remuneration over & above
the limits prescribed under section 217(2AA) of the Companies Act, 1956
as such no statement is furnished under the said section.
Directors' Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
a) The Directors state that the financial statements for the year ended
are in full conformity with the requirements of the Generally Accepted
Accounting Principles (GAAP) and the accounting standards issued by the
Institute of Chartered Accountants of India till date.
b) The Directors accept the responsibility for the integrity and
objectivity of these financial statements as reflected through the
consistent applicability of the accounting policies as well as for the
estimates made and the judgment exercised relating to matters not
concluded to by the year-end. The Director believe that the financial
statements reflect fairly the form and substance of the transactions
concluded and reasonably present the Company's financial condition and
true and fair view of the results of the operations for the year and
the state of affairs of the business as at the end of the financial
year.
c) The Company has installed a computerized accounting system for
maintenance of adequate accounting records. The periodic internal
checks and controls are observed to provide reasonable assurance that
the established policies and the procedures of the Company have been
followed for safeguarding the assets of the Company and for preventing
any form of fraud and other irregularities thereto and subject to the
inherent limitations in any system, procedure and coverage thereof the
same should be recognized as proper and sufficient in weighing the
assurance provided by any system of internal controls.
d) The accounts have been prepared on going concern basis.
Auditors :
MZS & Associates, Chartered Accountants, Mumbai statutory auditors
retire at the ensuing annual general meeting and being eligible offer
themselves for re-appointment.
As regards the observations of auditors in their audit report, the
Directors feel that the said observations are self explanatory
requiring no additional clarifications.
Appreciation :
The Directors take the opportunity to express their gratitude for the
support and cooperation your company has received from the various
departments of Central and State Government, Bankers, Customers,
Suppliers and Contractors of the company during the year under review.
In concluding this report, the Board acknowledges their deep sense of
gratitude to the shareholders for the confidence they have reposed in
the Directors.
FOR & ON BEHALF OF THE BOARD OF DIRECTORS
SUNIL K. DALAL V H SHANBHAG
Director Director
Place : Mumbai
Dated : 30th May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 37th Annual Report of
the Company together with the audited statement of accounts of the
Company for the year ended 31st March 2010.
Financial Results: (Amount in Rupees)
Year ended Year ended
31st March 2010 31st March 2009
Total Income 7,854,404 13,364,669
Profit / (Loss) before
Depreciation 4,556,105 10,362,987
Depreciation 380,975 501,427
Profit / (Loss) before Taxation 4,175,130 9,861,560
Provision for Tax
Current Year 500,000 850,000
Deferred Tax 597,597 (1,485,160)
Fringe Benefit Tax 30,111
Profit / (Loss) for the year 3,077,533 10,466,609
Profit/(Loss) of earlier years 154,854,423 144,387,814
Profit/(Loss) carried to
Balance Sheet 157,931,956 154,854,423
Dividend:
In order to conserve the resources of the Company, your directors have
thought it advisable not to recommend any dividend to the shareholders
for the year.
Fixed Deposits:
The Company has not invited or accepted any fixed deposit from the
public pursuant to section 58A of the Companies Act, 1956 during the
year under review.
Directors:
In accordance with the provisions of Sections 255/256 of the Companies
Act, 1956 Mrs. Mamta Mangaldas and Mr. V.H.Shanbhag, Directors retire
at the ensuing annual general meeting, they are eligible for
re-appointment. The shareholders may consider their re-appointment.
Compliance Certificate:
A Compliance Certificate as required under the proviso to sub-section
(1) of section 383A of the Companies Act, 1956 read with the Companies
(Compliance Certificate) Rules, 2001 is attached to this report.
Other Information:
Information in accordance with provisions of Section 217(1) (e) of Che
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the report of Board of Directors) Rules, 1988:
a) Conservation of Energy and Technology absorption: The operations of
your Company are not energy-intensive. Adequate measures, however, been
taken to reduce energy consumption by using energy efficient computer
terminals and by the purchase of energy efficient equipment with latest
technology. The Company constantly evaluates new technologies and makes
use of the same to make the infrastructure more energy-efficient. The
research and development of new services, designs, processes, and
methodologies are of prime concern to the Company, but the cost
incurred is not material.
b) Foreign Exchange: The earnings in foreign exchange amounted to
Rs.Nil/-, while the foreign exchange out go was of Rs. 224,739/- as
traveling expenses during the financial year.
c) Particulars of Employees:
There was no employee who was in receipt of remuneration over & above
the limits prescribed under section 217(2AA) of the Companies Act, 1956
as such no statement is furnished under the said section.
Directors Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
a) The Directors state that the financial statements for the year ended
are in full conformity with the requirements of the Generally Accepted
Accounting Principles (GAAP) and the accounting standards issued by the
Institute of Chartered Accountants of India till date.
b) The Directors accept the responsibility for the integrity and
objectivity of these financial statements as reflected through the
consistent applicability of the accounting policies as well as for the
estimates made and the judgment exercised relating to matters not
concluded to by the year-end. The Director believe that the financial
statements reflect fairly the form and substance of the transactions
concluded and reasonably present the Companys financial condition and
true and fair view of the results of the operations for the year and
the state of affairs of the business as at the end of the financial
year.
c) The Company has installed a computerized accounting system for
maintenance of adequate accounting records. The periodic internal
checks and controls are observed to provide reasonable assurance that
the established policies and the procedures of the Company have been
followed for safeguarding the assets of the Company and for preventing
any form of fraud and other irregularities thereto and subject to the
inherent limitations in any system, procedure and coverage thereof the
same should be recognized as proper and sufficient in weighing the
assurance provided by any system of internal controls.
d) The accounts have been prepared on going concern basis.
Auditors:
MZS & Associates, Chartered Accountants, Mumbai statutory auditors
retire at the ensuing annual general meeting and being eligible offer
themselves for re-appointment.
As regards the observations of auditors in their audit report, the
Directors feel that the said observations are self explanatory
requiring no additional clarifications.
Appreciation:
The Directors take the opportunity to express their gratitude for the
support and cooperation your company has received from the various
departments of Central and State Government, Bankers, Customers,
Suppliers and Contractors of the company during the year under review.
They would also like to place on record their appreciation of the
contribution made by the employees at all levels with their competence,
hard work, co-operation and support during the year. In concluding this
report, the Board acknowledges their deep sense of gratitude to the
shareholders for the confidence they have reposed in the Directors.
On behalf of the Board of Directors
SUNIL K. DALAL V H SHANBHAG
Director Director
Place : Mumbai
Dated :