Mar 31, 2014
Dear Shareholders,
The Directors are pleased to present their 20th Annual Report on the
operations of the Company and the Audited Statement of Accounts for the
Year ended 31st March 2014.
Financial Results:
Particulars 2013-2014 2012-2013
Sales/ Income from Operations 803,560 782,000
Other Income - 23,000
Total Income 803,560 805,000
Less: Total Expenses 773,639 817,109
Extra- Ordinary Items -
Profit/ (Loss) after
Extra- Ordinary 29,921 (12,109)
Items but before Tax & Depreciation
Less: Tax 21,030
Profit/ Loss after Tax 29,921 (33,139)
EPS (Basic) 0.009 (0.00)
EPS (Diluted) 0.009 (0.00)
Reduction of Share Capital :
Pursuant to order dated 29th November, 2013 of Hon"ble High Court of
Bombay the share capital of the company is reduced from
Rs.10,00,00,000/- (Rupees Ten Crores only) consisting of 10,00,00,000
(Ten Crores) Equity Shares of Re. 1/- (Rupee One only) fully paid up to
Rs. 35,00,000/- (Rupees Thirty Five Lakhs only) consisting of 35,00,000
(Thirty Five lakhs) Equity Shares of Re. 1/- (Rupee One only) fully
paid up.
In compliance with requirements of the Companies Act, 1956, the Company
has filed E-form 21 with the Registrar of Companies (ROC), Mumbai on
January 04, 2014 and same was approved by ROC.
Further, in accordance with the requirements of the Listing agreement
entered with BSE Limited, the companies vide its letter dated 10th
February, 2014, in consultation with the exchange, fixed 20th February,
2014 as the Record Date to give effect to the said reduction.
Consequently, the trading in shares of the company was suspended due to
procedural reasons.
Thereafter, we had filed the listing application on February 28, 2014
with BSE Limited for listing of 35,00,000(Thirty Five lakhs)Equity
Shares of Re.1/-(Rupee One only) each fully paid up. However approval
for the same is awaited from the Exchange.
Operational Review:
It is encouraging to state that the year under review was one of the
few progressive years for the Company as it was in a position to stream
down its expenses to the tune of Rs.773,639 as compared to Rs.817,109,
thereby registering an overall reduction of about 5.32%. This toddler
achievement has motivated the Management and it is hopeful of better
performance in the years to come.
Future Outlook:
The Coming decade will be complex, volatile and uncertain, but it will
also bring many new opportunities for businesses and their customers in
the India and abroad.
Growing niche market opportunities, lower equipment costs and better
technology, it will be easier than ever to launch a business without a
big investment. This means more innovation, as new ideas can be tested
without much risk - and startup companies will proliferate.
Although there is intense competition in the domestic market, with the
implementation of the above mentioned backward integration projects,
your company''s profitability will improve during the FY 2014-15,
barring unforeseen circumstances.
Dividend:
In view of the losses, the Directors of your Company regret their
inability to recommend any dividend for the year under consideration.
Changes in Capital Structure:
The share capital of the company is reduced from Rs. 10,00,00,000/-
(Rupees Ten Crores only) consisting of 10,00,00,000 (Ten Crores) Equity
Shares of Re. 1/- (Rupee One only) fully paid up to Rs. 35,00,000/-
(Rupees Thirty Five Lakhs only) consisting of 35,00,000 (Thirty Five
lakhs) Equity Shares of Re. 1/- (Rupee One only) fully paid up.
Changes in Directorship
In accordance with the provisions of Section 152 of the Companies
Act, 2013 and other applicable provisions and regulations for time
being in force, Mr. Deepak Jambodaker, Directors of your Company
retire by rotation at the forthcoming Annual General Meeting and being
eligible, offer themselves for re-appointment.
As per Section 149(4) of the Companies Act, 2013 (Act) which came
into effect from April 1, 2014, every listed public company is required
to have at least one- third of the total number of directors as
Independent Directors. In accordance with the provisions of Section 149
of the Act and the Listing Agreement, Mr. Rajesh Dinkar Jadhav, and
Mr. Ganesh Budbadkar are being appointed as Independent Directors to
hold office as per their tenure of appointment mentioned in the Notice
of the forthcoming Annual General Meeting of the Company.
Mr.Sangramkumar Das appointed as Managing Director of the Company as
per the provisions of Companies Act, 2013 and other applicable laws
subject to members approval at the Annual General Meeting to be held on
29th September, 2014.
Further Mr. Kanubhai Patel , Mr. Vipul Shah & Mr .Shashikant Pawar
resigns from Board of the Company on 4th September,2014 respectively.
The Board wishes to place on record their appreciation for the services
rendered by them as the Directors of the Company.
Auditors:
The Statutory Auditors of the Company, M/s. Agarwal Desai & Shah has
merged with Verma Mehta & Associates, Chartered Accountants with effect
from 17th December, 2013 .Thus Verma Mehta & Associates, Chartered
Accountants retire at the ensuing Annual General Meeting and have
confirmed their eligibility for re- appointment in terms of Section
139,141 and 142 of the Companies Act, 2013 subject to member''s
approval.
Internal Audit:
The company has internal control system consisting of specific policies
and procedures designed to provide management with reasonable assurance
that the goals and objectives of the company can be met.
Directors'' Responsibility Statement:
Based on the representations received from the operating management and
pursuant to the provisions of Section 217(AA) of the Companies Act,
1956, your Directors confirm that:
In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
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 as at 31st March,2014 and of the profit of the Company
for year ended on that date;
They have taken proper and sufficient care, to the best of their
knowledge and ability, for the maintenance of adequate accounting
records, safeguarding the assets of the Company and for preventing and
detecting material fraud and other irregularities;
The Directors have prepared the Annual Accounts on a going concern
basis.
The Directors have laid down proper internal control system to ensure
compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.
Corporate Social Responsibility:
Your Company believes that success of the business and society goes
hand in hand and thus every possible effort is undertaken to ensure
that the Company continues to invest in the development and welfare of
the Community and Society as a whole.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo:
In view of the nature of the activities which are being carried on by
the Company, Rules 2A & 2B of the Companies (Disclosure of particulars
in the report of the Board of Directors) Rules, 1988, concerning
conservation of energy and technology absorption respectively, are not
applicable to the Company.
During the year under review, neither the Company had any Foreign
Exchange Earnings nor did it spend any foreign exchange on any account.
Fixed Deposits:
The Company has not accepted any Deposits within the meaning of Section
58A of the Companies Act, 1956 and the rules made there under.
Listing:
The Company''s Equity shares are listed on the Bombay Stock Exchange
Limited (BSE LIMITED)
Management Discussion and Analysis:
Management Discussion and Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India is presented in a separate section forming part of
the Annual Report.
Corporate Governance:
Corporate Governance is managing, monitoring and overseeing various
corporate systems in such a manner that corporate reliability,
reputation are not put at stake. The long term performance of a
corporate is judged by a wide constituency of stakeholders. Our Company
puts in every effort to maintain quality relationship with its every
stakeholders.
A detailed report on the Corporate Governance Code and practices of the
Company along with a certificate from the Auditors of the Company
regarding compliance of the conditions of Corporate Governance as
stipulated under clause 49 of the Listing Agreement are given in a
separate section in this Annual Report.
Employees:
The Company respects the interests and contribution of its employees.
Its take measures to protect the rights of its employees and also
provides training and development of necessary skills for career
advancement on an equal and non discriminatory basis. Its offers speedy
redressal of grievances of its employees.
During the year under review there were no employees drawing a salary
exceeding the limits specified under Section 217 (2A) of the Companies
Act, 1956.
Acknowledgements and Appreciation:
The Board of Directors of the company are fully aware of its current
and upcoming activities which can be undertaken only with the
consistent support of its all investors, employees, customers, vendors,
bankers, financial institutions, service providers, regulatory and
government authorities and stock exchanges in order to reach new
horizons. Its provides great encouragement to the company to work with
more zeal , efficiently and efficiency.
By the Order of the Board
Sd/-
Place : Mumbai Sangramkumar Das
Date : 4th September, 2014 DIN: 05235448
Mar 31, 2011
To The Members G- Tech Info- Training Limited
The Directors have a pleasure in submitting their 17th Annual Report
on the Business and Operations of the Company along with the Audited
Balance Sheet and Profit and Loss Accounts for the year ended 31st
March, 2011.
- PERFORMANCE HIGHLIGHTS:
Particulars 2010-11 2009-10
Sales/ Income from Operations 8,57,750 11,20,000
Other Income 2,13,181 6,40,400
Total Income 10,70,931 17,60,400
Expenses 10,11,748 16,80,277
Profit before Tax & Depreciation 59,183 80,123
Less: Tax 17,755 -
Profit after Tax 41,428 80,123
EPS (Basic) 0.000 0.001
EPS (Diluted) 0.000 0.001
- REVIEW OF FINANCIALS AND FUTURE OUTLOOK
- Overview of the Economy
The Indian Economy has emerged with an astonishing rapidity from the
slowdown caused by the global financial crisis of2007- 09. The growth
in the Industrial sector was buoyant during the first two quarters of
the financial year under review and thereafter it begun at a moderate
rate.
However this recovery in the growth was also accompanied with the
malice of high double digit inflation which added to the Company's
expenditures and put to stake their survival amidst the fierce
competition facing the industries.
- Overview of Company's Financials
Education is the most crucial investment and an essential element in
human resource development. It has always been accorded an honoured
place in every economy and implies the ability of the people to read,
write and understand. It has the fundamental aspects of imparting
knowledge, wisdom and culture. It helps in drawing out the latent
potentials and talents of an individual.
Also Indian information Technology (IT) and IT enabled Services (ITES)
sectors have seen stupendous growth during the last decade. The IT
industry, as a whole, has placed India on the world map as a major
knowledge-based economy and outsourcing hub. Business Process
Outsourcing (BPO) segment, which is an industry in itself, has played a
vital part in fuelling economic growth. The Industry not only
influences people's lives through an active direct and indirect
contribution to the various socio-economic parameters such as
employment, standard of living and diversity, but also has played a
significant role in transforming India's image to a land of innovative
entrepreneurs and a global player in providing world class technology
solutions and business services.
Thus considering the need and importance and the value- addition made
by Education and IT enabled services to the Indian economy your Company
remains buoyant on the necessity for these sectors.
Your Company has performed exceptionally well during the year under
review. Although the Top line of your Company has shrinked by 23% as
compared to the previous financial year it has achieved a significant
success in squeezing out the unnecessary expenditures by 40% as
compared to the preceding financial year.
Further, in this taxing times wherein the Companies are skirmishing for
their survival, your directors are delighted to see the handsome growth
in the margins of your Company which augmented by 0.97% as compared to
the preceding ear.
- Future Outlook
Considering the remarkable success achieved by your Company in
squeezing out its expenditures, your directors are buoyant that it
would be in a position to yield higher revenues in the years to come.
- DIVIDEND:
Keeping in view the Company's need for Capital for its various growth
plans and the with the intent to finance such plans through internal
accruals to the maximum, your Directors are of the opinion that it is
prudent that no dividend be declared for the year under review.
- AUDIT COMMITTEE:
The Company has an Audit Committee duly constituted as per the
provisions of Sec 292A of the Companies Act, 1956 and Clause 49 of the
Listing Agreement and the said Committee has also complied with all the
Legal and Statutory requirements.
It is further stated that the Board of Directors of the Company have
accepted all the recommendations of the Audit Committee. Where they are
not accepted the reasons for non- acceptance is communicated to the
members of the Committee
- SECRETARIAL AUDITREPORT:
As a measure of Good Corporate Governance practice, the Board of
Directors of the Company has obtained a Certificate from Practicing
Company Secretary on the basis of Secretarial Audit of the Company.
This is to certify that the Company has complied with all the
applicable provisions of the Companies Act, 1956, Depositories Act,
1996, Listing Agreements with the Stock Exchanges, Securities Contracts
(Regulation) Act, 1956 and all the Regulations and Guidelines of SEBI
as applicable to the Company, including the Securities and Exchange
Board (Substantial Acquisition of Shares and Takeover) Regulations,
1997 and the Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 1992.
- PUBLIC DEPOSITS:
During the year under review, your Company has not invited or accepted
any deposits from the public pursuant to the provisions of Section 58A
of the Companies Act, 1956; and therefore, no amount of principal or
interest was outstanding in respect of deposits.
- DIRECTORS
The Board consists of a combination of executive and non-executive
directors including independent directors who have wide and varied
experience in different disciplines of corporate functioning. Your
directors place on record their appreciation for the valuable services
rendered by them in their capacity of the directors of the Company.
Mr. Shekhar Kumar Suryavanshi and Mr. Vipul Shantilal Shah retire by
Rotation at the ensuing Annual General Meeting and being eligible offer
themselves for re- appointment.
Your Directors deem it a privilege to have them continued association
on the Board of the Company and express their great appreciation for
the valuable services rendered by him during his tenure in the office.
- AUDITORS/ AUDITORS REPORT:
Your Company's Auditors, M/s. AGGARWAL DESAI AND ASSOCIATES, Chartered
Accountants retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The Company is in receipt of a certificate
from the auditors to the effect that their re-appointment if made,
would be in accordance with the provisions of section 224(1B) of the
Companies Act, 1956. The directors recommend you the re-appointment of
M/s. AGGARWAL DESAI AND ASSOCIATES and to fix their remuneration.
Your Directors request you to appoint Auditors for the current
financial year and fix their remuneration.
The observations made in the Auditors Report are self-explanatory and
therefore do not call for any further comments under Section 217 of the
Companies Act 1956.
- DISCLOSURE OF CHANGES IN THE CAPITAL STRUCTURE OF THE COMPANY:
The present Capital structure of the Company comprises of Rs.
10,00,00,000 divided 10,00,00,000 fully paid Equity Shares of Re. 1/-
each.
During the year under review the there were no changes in the capital
structure of the Company
- MANAGEMENT DISCUSSION AND ANALYSIS:
Management 's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
- CEO/ CFO/ CHAIRMAN'S CERTIFICA TION:
A declaration of the Code of Conduct as required under clause 49 by the
Chief Executive Officer/ Chairman is furnished in other part of the
report.
- CORPORATE GOVERNANCE
As required under clause 49 of the Listing Agreement, a detailed report
on Corporate Governance forms a part of this report.
The Statutory Auditors of the Company have examined the Company's
compliance and have certified the same as required under the Listing
Agreement
- COMPLIANCE CERTIFICATE:
A certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this Report along with report on
Corporate Governance.
- LISTING:
As stipulated under Clause 32 of the Listing Agreement, the names and
addresses of Stock Exchange on which the Company's equity shares are
listed are:
1. Bombay Stock Exchange.
2. Ahmedabad Stock Exchange
- INTERNAL CONTROL SYSTEM:
The Company has a sound internal control system, which ensures that all
assets are protected against loss from unauthorized use and all
transactions are recorded and reported correctly. The internal control
systems are further supplemented by periodical reviews by the
management. Also the Audit Committee addresses significant issues
raised by both, the Internal Auditors and the Statutory Auditors.
- DIRECTORS' RESPONSIBILITY STA TEMENT:
As required under section 217(2AA) of the Companies Act, 1956 we hereby
state that:
a) the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures, if any;
b) 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 as at 31 March 2009 and its profit for the year ended on
that date;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act, for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d) the Directors have prepared the annual accounts on a going concern
basis.
- DISCLOSURE OF MATERIAL CHANGES SINCE THE END OF THE FINANCIAL YEAR
ENDED 31ST MARCH, 2011
There has not been any material change in the nature of business or
operations of the Company since the end of the financial year ended
31st March, 2011 till the date of this Annual Report.
- HUMAN RESOURCE DEVEL OPMENT:
Your Company continues to focus on Human Resource Development for
remaining at the cutting edge in a rapidly changing globally
competitive Business Environment. A series of innovative HR initiatives
have been launched towards creation of a working environment in which
every employee, irrespective of his level can contribute his/ her best.
Planned change interventions leading to productivity improvements,
grooming our managers by sharpening their skills continually and
providing them with challenges and opportunities to exhibit their
talent are increasingly in vogue at your company.
Your Directors express their deep appreciation for the unrelated
co-operation and support rendered by the Employees at all levels of the
Company. Your Directors wish to lay emphasis on safe working culture in
the organization and urge all the employees to not only follow safety
standards but also to excel in all safety parameters.
- CORPORATE SOCIAL RESPONSIBILITY
Your Company believes that the success of any organization depends upon
its contribution to the Society and therefore it is imperative for the
Organizations to invest a part of their earnings in the social-building
activities.
At G- Tech, sustainability integrates economic progress, social
responsibility and environmental concerns with an objective of
improving the quality of life for all the stakeholders, now and in the
generations to come. The Company views, it as an opportunity to make a
difference and remain committed to the issues of resource conservation,
energy efficiency, environment protection and enrichment and
development of local communities in and around its area of operations.
It is one of the integral objectives of the Company. In its drive
towards a clean environment, the Company is also trying to set
standards in the development and implementation of advanced eco-
friendly technologies.
- SUBSIDIARY:
The Company does not have any subsidiary Company within the meaning of
section 4 of the Companies Act, 1956. Thus furnishing of the statement
pursuant to the provisions of Section 212 of the Companies Act, 1956 is
not required.
- CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT. TECHNOLOGY
ABSORPTIONS AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information required under Companies (Disclosure of particulars in
the Report of the Board of Directors) Rules, 1988 with respect to
Conservation of Energy and Technology Absorption is not given as the
Company does not fall under the category mentioned in the
abovementioned rules.
- PARTICULARS OF EMPLOYEES
During the year under review, no employee of the Company was in
remuneration exceeding the sum prescribed under section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 and no other provision of the aforesaid section are
applicable to the Company for the financial year under review.
- ACKNOWLEDGEMENTS:
Your Directors wish to place on record the splendid support received
for the valuable services and co-operation extended by the Bankers and
also the contribution, unstinted efforts and the spirit of dedication
shown by them in the operations of the Company during the year.
Your Directors also place on record their appreciation of all the
employees, consultants and others for their untiring efforts and
collective contribution towards the performance of the Company.
REGD. OFFICE: BY ORDER OF THE BOARD
Ground Floor , No.003,
Shraddha Tower, Shanti Park, sd/-
Mira Road (E), Kanubhai Patel
Thane-401107. Chairman
PLACE: Thane.
DATE: 1st September, 2011.
Mar 31, 2009
The Directors have pleasure in presenting their 15th ANNUAL REPORT
along with the audited annual accounts for the year ended on 31ST
MARCH, 2009, AND REPORT THAT: -
FINANCIAL RESULTS
A summary of your Companys Financial Performance is given below: -
(Amount in Lakhs)
PARTICULARS 2008-2009 2007-2008
Sales & Other Income 22.58 33.20
Profit Before Tax (PBT) 0.58 2.23
Profit After Tax (PAT) 0.58 2.20
Add :-Balance brought forward from
the previous year (613.22) (615.42)
Balance Carried to Balance Sheet (612.65) (613.22)
DIVIDEND
In view of Accumulated losses incurred by the company your director
does not recommend any dividend.
CORPORATE GOVERNANCE
In order to enhance customer satisfaction and shareholder value the
company has been starving for excellence by bench marking its corporate
governance practices with global norms. The corporate governance
practices followed by the company are enclosed as annexure to this
report. A certificate from statutory auditors of the company regarding
compliance of condition of corporate governance stipulated by exchange
is enclosed to this report.
BOARD OF DIRECTORS
1. Kanubhai Pragjibhai Patel, Director retires by rotation at the
forthcoming annual General Meeting and being eligible offer himself for
reappointment
PARTICULARS REGARDING CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO
The information pursuant to section 217(l)(a) of the Companies Act,
1956, read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules, 1988 are given as below :-
1. During the whole of the financial year the manufacturing activities
were suspended hence there was no energy consumption. However, the
Company is getting the manufacturing done from outside party on job
work basis as and when it is required to do so.
2. No technology has been availed during the year.
3. The total exports for the year 2008-2009 amounting to Rs. Nil
Total Foreign Exchange Earned :- US$ NIL
Total Foreign Exchange outgo were :- US$ NIL
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) which was introduced by the
Companies (Amendment) Act, 2000 your Directors confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) 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 as on 31st March, 2009 and of the profit of the Company
for the year ended 31st March, 2009.
iii) 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 safe guarding 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.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits within the meaning of
section 58A from the public under the Companies Act, 1956, and the
rules made there under.
PARTICULARS OF EMPLOYEES
The information required u/s. 217(2A) of the Companies Act, 1956, with
the Companies (Particulars of Employees) Rules, 1975 are not applicable
to the Company, as the Company has not employed any employees whose
salary exceeds the prescribed limits.
PARTICULARS OF SUBSIDIARY COMPANY
A statement pursuant to section 212 of Companies Act, 1956 giving
particulars of G-Tech Info Training Ltds subsidiary Company annexed
hereto as part of this report. The details statement of account of
subsidiary company is available at the registered office of the
Company.
AUDITORS
M/s. Agarwal Desai & Shah, Chartered Accountants, Auditors of the
Company, retire at the conclusion of the ensuing Annual General Meeting
and being eligible offer themselves for re-appointment. The Company has
received a Certificate from the Auditors that they are qualified under
Section 224(1B) of the Companies Act, 1956, if re- appointed, to act as
the Auditors of the Company. Members are requested to consider their
re-appointment at a remuneration to be decided by the Board of
Directors.
AUDITORS REPORT
Observations made in the Auditors Report are self explanatory and
therefore do not call for any further comments under section 217(3) of
the Companies Act, 1956.
APPRICIATION
Your Directors wish to place on record their appreciation and
acknowledgement with gratitudes for the support and assistance to the
Companys Bankers, Shareholders and Customers.
Your Directors place on record their deep sense of appreciation for the
devoted services of the executives and staff at all levels of the
Company.
REGD. OFFICE : BY ORDER OF THE BOARD
Ground Floor, No.003,
Shraddha Tower, shanty Park
Mira Road (e)
Thane-401107 CHAIRMAN & MANAGING DIRECTOR
PLACE:- MUMBAI
DATE :- 01.09.2009
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