Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the Twenty Third Annual
Report and Audited Accounts of the Company for the year ended 31st
March, 2015.
I. FINANCIAL RESULTS:
Financial results of the Company during the year vis-a-vis previous
year are as follows :-
(Rupees)
2014-15 2013-14
PROFIT BEFORE TAX 3,417 8,51,378
Add/(Less): Provision for Tax 60,518 (2,71,307)
Total 63,935 5,80,071
Add.: Amount Brought Forward 89,30,266 83,50,195
Balance Carried to Balance Sheet 89,94,201 89,30,266
II. DIVIDEND:
To conserve the resources, your directors express their inability to
recommend any dividend for the year under review.
III. PERFORMANCE:
Total income of the Company during the year under review is Rs. 62.31
Lacs as against Rs. 69.41 Lacs for the previous year and the profit
after tax for the year stood at Rs. 0.64 Lac as against Rs. 5.80 Lacs
for the previous year.
IV. FUTURE OUTLOOK:
Your Company is planning for expanding their existing business as well
as other projects and also planning thereon is being carried on. Your
directors foresee bright future and higher earnings in the coming
years.
V. DIRECTORS:
Mrs. Shashi Aneel Jain, Director who retires by rotation at the ensuing
Annual General Meeting and being eligible offers herself for
re-appointment.
As per Section 149 of the Companies Act, 2013 (Act), every listed
Company shall have Independent Directors. The said section aligns the
Act with Clause 49 of the Listing Agreement. Nomination & Remuneration
Committee has recommended the appointment of existing independent
directors at the ensuing Annual General Meeting as independent
directors under the Companies Act, 2013.
VI. CORPORATE GOVERNANCE:
Your company has been proactive in following the principle and practice
of good corporate governance. The Company has taken adequate steps to
ensure that the conditions of Corporate Governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchanges are complied
with.
A separate statement on corporate governance is annexed as a part of
the Annual Report along with the Auditors certificate on its
compliance. A report in the form of Management Discussion and Analysis
pursuant to clause 49 of the Listing Agreement, as a part of this
report is annexed hereto.
VII. AUDITORS
M/s. S.K. PATODIA & ASSOCIATES, Chartered Accountants, retire at the
ensuing Annual General Meeting and offer themselves for re-appointment.
In accordance with Section 139 of the Companies Act, 2013 read with
Rules made there under, M/s S.K. Patodia & Associates, Chartered
Accountants, can be appointed for a maximum period of 3 years.
They have confirmed that their appointment, if made, shall be in
accordance with the provisions of Section 139 (1) of the Act read with
Companies (Audit and Auditors) Rules, 2014 and that they satisfy the
criteria given under Section 141 of the Act. The Audit Committee and
Board of Directors have recommended their appointment as the Statutory
Auditors of your Company.
VIII. VIGIL MECHANISM
Your Company has established a Vigil Mechanism Policy for your
Directors and employees to safeguard against victimisation of persons
who use vigil mechanism and report genuine concerns. The Audit
Committee shall oversee the vigil mechanism.
IX. AUDITORS REPORT:
Observation made in the Auditor's Report are self-explanatory and
therefore do not call for any further comment.
X. FIXED DEPOSIT
Your Company has not accepted any fixed deposit from public and as such
no amount of principal or interest was outstanding as of the Balance
Sheet Date.
XI. PARTICULARS OF EMPLOYEES
As per provisions of Section 197 (12) of the Companies Act, 2013, read
with Rule 5 (1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, are not applicable to the Company,
as the Company has not employed any employee whose salary exceeds Rs.
24,00,000/- per annum or Rs. 2,00,000/- per month.
XII. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE AND OUTGO:
The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under
Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is not applicable to the Company.
The Company did not earn and spend any foreign exchange.
XIII. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY.
The Board of Directors and senior management team recurrently assess
the operations and operating environment to identify potential risk and
take necessary mitigation actions. The Banking, Investments &
Operations activities related to Foreign Exchange matters and the
Banking, Investments &Operation respectively.
Key elements of risks
1. Global Economic Situation: The economic environment around the
world is showing sign of growth. For IT services industry, the deemed
momentum is looking positive. The IT spending is increasing however
there are still pockets of global markets where there are still
uncertainties. The Company on its part is helping existing customers
drive efficiencies, demonstrate value addition.
2. Business Model redundancy: The new technologies, such as cloud, big
data, mobile smart devices and social media are impacting the behaviour
of the consumers,. The Company continuously scan business environment
for early detection of emerging trend.
3. Cost pressure: Increasing employee cost and operating expenses may
create pressure on margin. The Company is focusing on improving
productivity and put up framework for cost management.
4. Regulatory risks: Any change in regulations in any of the
jurisdiction of its operations may hamper growth and cause decline in
revenue.
5. Delivery and operational risk: the growth an success depends on its
ability to hire, attract, motivate, retain and train highly skilled
technology personnel. Failure to complete fixed price, fixed time
framed or transaction based pricing contracts within budget and on time
may significantly affect our profitability.
XIV. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(3) (c) of the Companies
Act, 2013 with respect to the Directors' Responsibility Statement, your
Directors, based on their knowledge and belief and the information and
explanations obtained, confirm that:
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures, if any;
b) The Directors had selected such accounting policies and applied them
consistently and made judgment 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;
c) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and irregularities; and
d) The Directors had prepared accounts on a going concern basis.
XV. KEY MANAGERIAL PERSONNEL:
The Key Managerial Personnel of your Company are Mr. Aneel Jain,
Chairman & Managing Director, Mr. Ramesh Chandra Ram chandra Pusola,
Chief Financial Officer. Both are two Key Managerial Personnel
prescribed under the said Act were in the employment of your Company
even prior to the Companies Act, 2013 became applicable.
XVI. ACKNOWLEDGMENTS:
Your Directors wish to place on record their appreciation and
acknowledgement with gratitude for the support and assistance extended
to the Company by the Bankers, Shareholders and Customers. Your
Directors place on record their deep sense of appreciation for the
devoted service of the executive and staff at all levels of the
Company.
For and on behalf of the Board
Aneel Jain
Chairman & Managing Director
Place : Mumbai DIN:00030742
Date : 28th August, 2015
Mar 31, 2014
The Members of Indo-City Infotech Limited,
The Directors have pleasure in presenting the Twenty Second Annual
Report and Audited Accounts of the Company for the year ended 31st
March, 2014.
I. FINANCIAL RESULTS:
Financial results of the company during the year vis-a-vis previous
year are as follows :-
(Rupees)
2013-14 2012-13
PROFIT BEFORE TAX 8,51,378 10,84,478
Less: Provision for Tax (2,71,307) (3,17,687)
Total 5,80,071 7,66,791
Add.: Amount Brought Forward 83,50,195 75,83,404
Balance Carried to Balance Sheet 89,30,266 83,50,195
II. DIVIDEND:
To conserve the resources, your directors express their inability to
recommend any dividend for the year under review.
III. PERFORMANCE:
Total income of the company during the year under review is Rs. 69.41
Lacs as against Rs. 73.61 Lacs for the previous year and the profit
after tax for the year stood at Rs. 5.80 Lacs as against Rs. 7.66 Lacs
for the previous year.
IV. FUTURE OUTLOOK:
Your Company is planning for expanding their existing business as well
as other projects also the planning thereon is being carried on. Your
directors foresee bright future and higher earnings in the coming
years.
V. DIRECTORS:
Mrs. Shashi Aneel Jain, Director who retires by rotation at the ensuing
Annual General Meeting and being eligible offers himself for
re-appointment.
As per Section 149 of the Companies Act, 2013 (Act), every listed
Company shall have Independent Directors. The said section aligns the
Act with Clause 49 of the Listing Agreement. Nomination & Remuneration
Committee has recommended the appointment of existing independent
directors at the ensuing Annual General Meeting as independent
directors under the Companies Act, 2013.
VI. CORPORATE GOVERNANCE:
Your company has been proactive in following the principle and practice
of good corporate governance. The Company has taken adequate steps to
ensure that the conditions of Corporate Governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchanges are complied
with.
A separate statement on corporate governance is annexed as a part of
the Annual Report along with theAuditors certificate on its compliance.
A report in the form of Management Discussion and Analysis pursuant to
clause 49 of the Listing Agreement, as a part of this report is annexed
hereto.
VII. AUDITORS
M/s . S.K PATODIA & ASSOCIATES, Chartered Accountants, retire at the
ensuing Annual General Meeting and offer themselves for re-appointment.
In accordance with Section 139 of the Companies Act, 2013 read with
Rules made there under, M/s S.K Patodia & Associates, Chartered
Accountants, can be appointed for a maximum period of 3 years.
They have confirmed that their appointment, if made, shall be in
accordance with the provisions of Section 139 (1) of the Act read with
Companies (Audit and Auditors) Rules, 2014 and that they satisfy the
criteria given under Section 141 of the Act. The Audit Committee and
Board of Directors have recommended their appointment as the Statutory
Auditors of your Company.
VIII. AUDITORS REPORT:
Observation made in the Auditor''s Report are self-explanatory and
therefore do not call for any further comment under section 217(3) of
the Companies Act, 1956.
IX. FIXED DEPOSIT
Your Company has not accepted any fixed deposit from public within the
meaning of section 58A of the Companies Act, 1956 and the Rules made
there under.
X. 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 employee whose
salary exceeds Rs. 24,00,000/- per annum or Rs. 2,00,000/- per month.
XI. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE AND OUTGO:
The Provisions of 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 relating to conservation of energy or
technology absorption is not applicable to the Company. The Company did
not earn and spend any foreign exchange.
XII. DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217 (2AA) of the Companies Act, 1956, it is
hereby stated that;
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures, if any;
b) The Directors had selected such accounting policies and applied them
consistently and made judgment 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;
c) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and irregularities; and
d) The directors had prepared accounts on a going concern basis.
XIII. ACKNOWLEDGMENTS:
Your Directors wish to place on record their appreciation and
acknowledgement with gratitude for the support and assistance extended
to the Company by the Bankers, Shareholders and Customers. Your
Directors place on record their deep sense of appreciation for the
devoted service of the executive and staff at all levels of the
Company.
For and on behalf of the Board
Aneel Jain
Chairman & Managing Director
DIN:00030742
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2010
The Directors have pleasure in presenting the Eighteenth Annual Report
and Audited Accounts of the Company for the year ended 31 st March,
2010.
(Rupees)
I. FINANCIAL RESULTS: 2009-10 2008-09
PROFIT BEFORE TAX 42,653.44 17,03,886.60
Less: Provision for Tax (40,875.00) (1,67,469.00)
(including Deferred Tax &
Freinge Benefit Tax)
Total 1778.01 18,71,355.60
Add.: Amount Brought Forward 59,76,698.72 41,05,343.12
Balance Carried to Balance Sheet 59,78,476.73 59,76,698.72
II. DIVIDEND:
To conserve the resources, your directors express their inability to
recommend any dividend for the year under review.
III. PERFORMANCE:
Total income of the company during the year under review is Rs. 254.97
Lacs as against Rs. 356.96 Lacs for the previous year and the profit
after tax for the year stood at Rs. 0.017 Lacs as against Rs. 18.71
lacs for the previous year.
IV. FUTURE OUTLOOK:
Your Company is planning for expanding their existing business as well
as other projects also the work on which is going on. Your directors
foresee bright future and higher earnings in the coming years.
V. DIRECTORS:
Mr. Brij Kishor Gupta, Director who retires by rotation at the ensuing
Annual General Meeting and being eligible offers himself for
re-appointment.
VI. CORPORATE GOVERNANCE:
Your company has been proactive in following the principle and practice
of good corporate governance. The Company has taken adequate steps to
ensure that the conditions of Corporate Governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchanges are complied
with.
A separate statement on corporate governance is annexed as a part of
the Annual Report along with the Auditors certificate on its
compliance. A report in the form of Management Discussion and Analysis
pursuant to clause 49 of the Listing Agreement, as a part of this
report is annexed hereto.
VII. AUDITORS:
M/s S.K. PATODIA & ASSOCIATES, Chartered Accountants, retire at the
forthcoming Annual General Meeting. The Company has received the
certificate of their eligibility under section 224 (1-B) of the
Companies Act, 1956. Your directors recommend their appointment.
VIII. AUDITORS REPORT.
Observation made in the Auditors Report are self-explanatory and
therefore do not call for any further comment under section 217(3) of
the Companies Act, 1956.
IX. FIXED DEPOSIT:
Your Company has not accepted any fixed deposit from public within the
meaning of section 58A of the Companies Act, 1956 and the Rules made
there under
X. 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 employee whose
salary exceeds Rs. 24,00,000/- per annum or Rs. 2,00,000/- per month.
XI. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE AND OUTGO:
Details of energy conservation and research and development activities
undertaken by the Company along with the information in accordance with
the provisions of Section 217 (1) (a) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 absorption is not being given, since the Company
is not engaged in manufacturing activity during the year. The Company
did not earn and spend any foreign exchange.
XII. DIRECTORS RESPONSIBILITY STATEMENT:
As required under section 217 (2AA) of the Companies Act, 1956, it is
hereby stated that;
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
b) the Directors had selected such accounting policies and applied them
consistently and made judgment 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;
c) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
d) the Directors had prepared the annual accounts on a going concern
basis.
XIII. ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation and
acknowledgement with gratitude for the support and assistance extended
to the Company by the Bankers, Shareholders and Customers. Your
Directors place on record their deep sense of appreciation for the
devoted service of the executives and staff at all levels of the
Company.
For and on behalf of the Board
For Indo-City Infotech Limited.
Place: Mumbai. Aneel Jain
Date : 28th May, 2010 Chairman & Managing Director