Home  »  Company  »  Fourth Gen.Inf.Sys.  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Fourth Generation Information Systems Ltd.

Mar 31, 2014

Dear Members,

We have pleasure in presenting the 16th Annual Report with Audited Statements of Accounts for the year ended 31st March 2014.

FINANCIAL HIGHLIGHTS AND OPERATIONS:

The operating results for the year are as follows:

(Rupees in Lakhs)

Particulars 2013-2014 2012-2013

Income 43.51 66.28

Expenditure 65.71 72.37

Profit/(Loss) before tax (22.20) (6.09)

OPERATIONS:

During the year 2013-14, the Company had a turnover of Rs. 43.51 lakhs against which the Company incurred a net loss of Rs. 22.20 lakhs as compared to the turnover of Rs. 66.28 Lakhs and a net loss of Rs. 6.09 Lakhs in the previous year 2012-13.

DIVIDEND:

Your Directors have decided not to recommend dividend for the year.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits falling within the meaning of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, during the financial year under review.

LISTING:

The equity shares of your company are listed on the BSE Limited and Ahmedabad Stock Exchange Limited.

CAPITAL OF THE COMPANY:

The Authorized capital of the company stands at Rs.12,95,00,000 divided into 1,29,50,000 equity shares of Rs. 10/- each. Paid up capital of the company stands at Rs.3,55,00,000 divided Into 35,50,000 equity shares of Rs. 10/- each.

SUBSIDIARY COMPANY:

The Company does not have any subsidiary company.

MANAGEMENT DISCUSSION AND ANALYSIS:

A detailed review of operations, performance and future outlook of your Company and its businesses is given in the Management Discussion and Analysis, which forms part of this Report.

DIRECTORS:

Pursuant to the notification of Section 149 and other applicable provisions of Companies Act, 2013, your Directors are seeking appointment of Mr. K. Sudheer, K. Santosh Reddy and Mr. C. N. Mallikarjuna Reddy as Independent Directors for five consecutive years for a term upto 31st March, 2019. Details of the proposal for appointment of Mr. K. Sudheer, K. Santosh Reddy and Mr. C. N. Mallikarjuna Reddy are mentioned in the Explanatory Statement under Section 102 of Companies Act, 2013 of the Notice of 16th Annual General Meeting.

In accordance with the Companies Act, 2013, Mr. T. Srivenkata Ramana retires by rotation and is eligible for reappointment and your Board recommends the re-appointment of the Director above said.

In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000 your directors confirm:

i) that the directors in the preparation of the annual accounts the applicable accounting standards have been followed along with proper explanations relating to material departures.

ii) that the directors had 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.

iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safe guarding the assets of the company and for preventing and deleting fraud and other irregularities.

iv) that the directors had prepared the annual accounts on the going concern basis.

COMPLIANCE CERTIFICATE:

Your company has obtained a secretarial compliance certificate under proviso to subsection (1) of Section 383A of Companies Act, 1956 from M/s. S.S.Reddy & Associates, Practicing company secretary which forms part of this report.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUT GO :

The required information as per Section 217 (1) (e) of the Companies Act 1956 is provided hereunder:

A. Conservation of Energy:

The Company''s operations are not energy intensive. Adequate measures have been taken to conserve energy wherever possible by using energy efficient computers and purchase of energy efficient equipment.

B. Technology Absorption:

1. Research and Development (R&D) : NIL

2. Technology absorption, adoption and innovation : NIL

C. Foreign Exchange Earnings and Out Go:

Foreign Exchange Earnings : NIL

Foreign Exchange Outgo : NIL

PARTICULARS OF EMPLOYEES:

There is no employee who is falling under Section 217 (2A). Therefore, the disclosures required to be made under Section 217 (2A) of the Companies Act, 1956 and the rules made there under are not applicable.

CODE OF CONDUCT:

The Code of conduct has been circulated to all the members of the Board and Senior Management and the compliance of the same has been affirmed by them. Code of conduct has also been placed on the website the company. A declaration signed by the Managing Director is given elsewhere in the Annual report.

AUDITORS:

Your directors propose the appointment of M/s. M. M. Reddy & Co., as statutory auditors to hold office until the conclusion of the next Annual General Meeting of the company.

CORPORATE GOVERNANCE:

As a listed company, necessary measures have been taken to comply with the listing agreements of Stock Exchanges. A report on Corporate Governance, along with a certificate of compliance from the Auditors forms part of this Report as Annexure.

ACKNOWLEDGEMENTS:

Your directors would like to express their grateful appreciation for assistance and co-operation received from clients, banks, investors, Government, other statutory authorities and all others associated with the company. Your directors also wish to place on record their deep sense of appreciation for the excellent contribution made by the employees at all levels, which enabled the company to achieve sustained growth in the operational performance during the year under review.

For and on behalf of the Board of Fourth Generation Information Systems Limited

Sd/- Place: Hyderabad C. N. Somasekhar Reddy Date: 12.08.2014 Managing Director (DIN: 02441810)


Mar 31, 2010

The Directors have pleasure in presenting the Twelfth Annual Report on the business and operations of your company and the Audited Financial Results for the year ended on 31st March 2010.

FINANCIAL HIGHLIGHTS FOR THE YEAR 2009-10:

The Operating results for the year are as follows:

(Rs in Lakhs)

Particulars 31-03- 2010 31-03-2009

Total Income 3.51 2.17

Profit/(Loss) before Interest and (0.36) (1.26) depreciation Less:

Interest and Financial Charges - -

Depreciation and other Write-offs 2.31 2.57

Profit/(Loss) before tax (2.67) (3.83) Provision for current tax and deferred tax (4.36) -

Profit/(Loss) after Tax (7.03) (3.83)

Add: Balance brought forward (171.15) (167.32)

Balance Carried forward (178.18) (171.15)

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS:

The management, after due deliberations has decided to explore new avenues for revenue generation such as Training, Development and other IT services to various industries. During the financial year the company could not perform well due to some reasons which were beyond the control of management and also due to financial constraints. However, the management is hoping for the positive changes in the current fiscal year.

DIVIDEND:

Your Directors do not recommend any Dividend for the current Financial Year- 2009-10.

PUBLIC DEPOSITS:

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

DIRECTORS RESPONSIBILITY STATEMENT:

Directors hereby confirm:

(i) That in the preparation of the annual accounts, 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 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 of the profit or loss of the Company for that period;

(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, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors have prepared the annual accounts on a going concern basis.

AUDIT COMMITTEE:

The Companys Audit Committee comprised of three Directors viz. Mr. K. Sudheer (Managing Director), Mr. Sambasiva Rao Adapa {Director) and Mr. P. Veeraiah (Director)

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo required under Section 217(1)(e) of the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed to and forms part of this Report.

DIRECTORS:

During the year Mr. Sambasiva Rao Adapa retires by rotation, being eligible offered himself for reappointment.

During the year Mr. A. Ramesh Babu, Mr. T.Srivenkata Ramana and Mr. C.N.Somasekhara Reddy were appointed as additional directors w.e.f. 31.07.2010.

PARTICULARS OF EMPLOYEES:

None of the employees is in receipt of remuneration exceeding the limit and whose particulars are required to be given as prescribed under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

AUDITORS:

M/s. G. Narasimha Rao & Associates, Chartered Accountants, Auditors of the Company, retire at the ensuing Annual General Meeting and they have not opted for reappointment. The Board proposed to appoint M/s M.M.Reddy & Co., Chartered accountants as Statutory Auditors of the Company.

PARTICULARS OF EMPLOYEES:

There are no employees, whose particulars are required to be furnished under Section 217(2A) of Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS: During the current year, your Directors continued adopting the code of Corporate Governance. A separate report on the Corporate Governance and Management Discussion and Analysis is attached as part of the Annual Report. An Auditors Certificate regarding compliance of conditions of Corporate Governance is also annexed.

LISTING:

The Companys present Equity shares are listed in Bombay Stock Exchange, Ahmedabad Stock Exchange and Hyderabad Stock Exchange (derecognized by SEBI).

ACKNOWLEDGEMENT:

Directors wish to place on record their deep appreciation of the services rendered by the staff for the smooth functioning during the year. They also express their thankfulness to both Central and State Government authorities for their cooperation, bankers to the Company, and all of its employees.

DECLARATION BY MANAGING DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:

The shareholders,

I, K. Sudheer, Managing Director of the Company do hereby declare that the directors and senior management of the Company have exercised their authority and powers and discharged their duties and functions in accordance with the requirements of the code of conduct as prescribed by the company and have adhered to the provisions of the same.

For and on Behalf of the Board

Sd/- Sd/-

Place : Hyderabad K. Sudheer P. Veeraiah

Date : September 01, 2010 Managing Director Director


Mar 31, 2009

The Directors have pleasure in presenting the Eleventh Annual Report on the business and operations of your company and the Audited Financial Results for the year ended on 31st March, 2009.

FINANCIAL HIGHLIGHTS FOR THE YEAR 2008-09:

The Operating results for the year are as follows:

(Rs in Lakhs)

Particularsr 31-03-2009 31-03-2008

Total Income 2.17 3.77

Profit/(Loss) before Interest and depreciation (1.26) 0.12

Less - -

Interest and Financial Charges - -

Depreciation and other Write-offs 2.57 2 57

Profit/(Loss)before tax (3.83) (2.45)

Provision for current tax and deferred tax - -

Profit/(Loss) after Tax (3.83 (2.45)

Add: Balance brought forward (167.32) (164.87) Balance Carried forward (171.15) (167.32)

Review of Performance and business prospects:

The management, after due deliberations has decided to explore new avenues for revenue generation such as Training, Development and other IT services to various industries. During the financial year the company could not perform well due to some reasons which were beyond the control of management and also due to financial constraints. However, the management is hoping for the positive changes in the current fiscal year.

DIRECTORS RESPONSIBILITY STATEMENT:

Directors hereby confirm:

(i) That in the preparation of the annual accounts, 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 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 of the profit or loss of the Company for that period;

(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, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) That the Directors have prepared the annual accounts on a going concern basis.

AUDIT COMMITTEE:

During the year the Companys Audit Committee comprised of three Directors viz. Mr. K. Sudheer (Managing Director), Mr. Sambasiva Rao Adapa {Director) and Mr. P, Veeraiah (Director)

FIXED DEPOSITS:

During the year under review, your Company has not accepted or invited any deposits from public.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo required under Section 217(1){e) of the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed to and forms part of this Report.

DIRECTORS:

During the year Mr. Veeraiah retires by rotation, being eligible offered himself for reappointment.

AUDITORS:

M/s. G. Narasimha Rao & Associates, Chartered Accountants, Auditors of the Company, retire at the ensuing Annual General Meeting and are eligible for reappointment.

AUDITORS QUALIFICATIONS:

Company has sent many reminders to the Creditors (Sundry Creditors and Capital Creditors) for debit acknowledgements but we have received only few. We will pursue to receive the remaining acknowledgements from the Creditors in due course.

PARTICULARS OF EMPLOYEES:

There are no employees, whose particulars are required to be furnished under Section 217(2A) of Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. ,

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS:

During the current year, your Directors continued adopting the code of Corporate Governance. A separate report on the Corporate Governance and Management Discussion and Analysis is attached as part of the Annual Report. An Auditors Certificate regarding compliance of conditions of Corporate Governance is also annexed.

ACKNOWLEDGEMENT:

Directors wish to place on record their deep appreciation of the services rendered by the staff for the smooth functioning during the year. They also express their thankfulness to both Central and State Government authorities for their cooperation, bankers to the Company, and all of its employees.

For and on Behalf of the Board

K. Sudheer P. Veeraiah Managing Director Director

Place : Hyderabad

Date : September 01,2009

 
Subscribe now to get personal finance updates in your inbox!