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

Directors Report of Kaashyap Technologies Ltd.

Mar 31, 2011

The Board of Directors of Kaashyap Technologies Limited (KTL) are pleased to present the Thirteenth Annual Report for the year ended March 31, 2011, together with the Auditors' Report and Audited Accounts for the Financial year 2010-11.

FINANCIAL PERFORMANCE

The comparative pictures of the financials of the Company for the last two years are presented in the table below.

(All figures in Rs. Lakhs) PARTICULAR 2010-11 2009-10

Net Income 1902.92 4275.77

Expenditure 2259.52 4460.24 profit before Depreciation, Interest and Tax (356.60) (184.47)

Interest and Finance Charges 82.13 64.85

Depreciation 21.12 29.99 profit/(Loss) before Extra-ordinary and Tax (459.85) (279.31)

Prior Period (Expenses) / Income 144.04 -

Provision for Tax 9.79 65.95

DIVIDEND

In order to conserve the earnings so as to strengthen the business, your Directors' are not recommending any dividend for the period.

DEVELOPMENT IN THE COMPANY

The promoters and Directors of your Company are looking into new areas of our operation in India and aboard. COMPLAINTS REDRESSAL SYSTEM

All the investor grievances received by the Company are attended and replied to satisfactory within 3 days of receiving the grievance. The Shareholders' / Investors Grievance Committee meet periodically to take status of the investor grievance pending at any period and resolve the same effectively. The details of the investor grievance committee and its meetings are given in the Corporate Governance Report which forms part of this Annual Report.

OFFICE INFRASTRUCTURE

The Company functions from the same premises as that of its Registered Office at Alwarpet, Chennai. Apart from registered office, the business operations are done from the corporate office building located at Ekkattuthangal, Chennai.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company Mr. A. Ganesan and Mr. S. Thiruvengadam, retires by rotation and being eligible offer themselves for re-appointment.

AUDIT COMMITTEE

The Audit Committee constituted by the Board of Directors consists of three Directors. Mr. Raghu Tandra, Director acts as Secretary of the Committee. This Committee was last re-constituted on February 25, 2009.

The present Audit Committee comprises of the following directors

1. Mr. R. Gopalan, Chairman of the Committee

2. Mr. A. Ganesan, Member of the Committee

3. Mr. S. Thiruvengadam, Member of the Committee

The constitution of the Audit Committee also meets the requirements of Section 292A of the Companies Act, 1956 as introduced by the Companies (Amendment) Act, 2000. The terms of reference specified by the Board to the Audit Committee are as per Clause 49 of the Listing Agreement.

The role, powers and functions of the Audit Committee are as stated below:

- Monitor the internal controls to ensure the integrity of the financial performance reported to the shareholders.

- Provide by way of regular meeting, a line of communication between the Board and the Statutory Auditors.

- Consider the appointment of the Statutory Auditors.

- Review the interim and full year financial statement before recommending them to the Board.

- Review reports of the Auditors on any important events.

Review the Company's financial control systems, in particular, the procedures for identifying business risks (including financial risks) and controlling their financial impact on the Company.

- Review the Company's policies for ensuring compliance with the relevant regulatory / legal requirements and the operational effectiveness of the policies and procedures.

REMUNERATION COMMITTEE

The Remuneration Committee has been constituted with Mr. A. Ganesan, Mr. R. Gopalan and Mr. S. Thiruvengadam, Directors of your Company, for performing inter-alia the role / various functions as set out under Clause 49 of the Listing Agreement with the Stock Exchanges and also in pursuance to the amendments made to the Schedule XIII of the Companies Act, 1956.

AUDITORS

The Statutory Auditor of your company, M/s. R. Ravindran & Associates, Chartered Accountant, Chennai, is due to retire at the conclusion of the Twelfth Annual General Meeting. M/s. R. Ravindran & Associates has confirmed this eligibility and willingness to accept office, if re-appointed for the financial year 2011-12. Your Directors recommended the re- appointment of M/s. R. Ravindran & Associates, Chartered Accountant as the Statutory Auditor of the Company to hold office from the conclusion of the Thirteenth Annual General Meeting until the conclusion of the Fourteenth Annual General Meeting of the Company.

INTERNAL CONTROL SYSTEMS AND ADEQUACIES

Your Company has set up internal control systems commensurate with the size and nature of business. These systems ensure optimum use of resources and compliance with the multiple regulatory authorities. Your Company is also being guided by the Audit Committee in constantly upgrading the control procedures and systems. The Audit Committee also reviews the adequacy of the internal control procedures.

PARTICULARS OF EMPLOYEES

Statement of personnel particulars of employees pursuant section 217(2A) of the Companies Act, 1956 are not applicable since none of the employees are in receipt of remuneration in excess of the limits specified herein (Rs. 2,00,000 per month or Rs. 24,00,000 per annum) during the period under review.

CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

Your Company does not carry on any manufacturing activities and hence the disclosure requirement in terms of Sections 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, regarding Conservation of Energy and Technology do not apply to your Company.

During the year under review, there was no Foreign Exchange earnings and outgo for your Company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, a Management Discussion and Analysis, Corporate Governance Report, Managing Director's and Auditors' Certificate regarding compliance of conditions of Corporate Governance are made a part of the Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT

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

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and no material departure have been made from the same;

ii. appropriate accounting policies have been selected and applied consistently and have made judgements and estimates that are reasonable and prudent so as to give a true a fair view of the state of affairs of the Company as at March 31, 2011 and Profit & Loss Account for the year ended March 31, 2011;

iii. proper and sufficient care has been taken for the 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 annual accounts have been prepared on a going concern basis.

BY ORDER OF THE BOARD For KAASHYAP TECHNOLOGIES LIMITED Sd/-

Place: Chennai A. VENKATRAMANI

Date : September 02, 2011 Chairman & Managing Director


Mar 31, 2010

The Board of Directors of Kaashyap Technologies Limited (KTL) are pleased to present the Twelfth Annual Report for the year ended March 31, 2010, together with the Auditors Report and Audited Accounts for the Financial year 2009- 10.

FINANCIAL PERFORMANCE

The comparative pictures of the financials of the Company for the last two years are presented in the table below.

(All figures in Rs. Lakhs)

PARTICULARS 2009-10 2008-09

Net Income 4275.77 4512.40

Expenditure 4460.24 4629.86

Profit before Depreciation, Interest and Tax (184.47) (117.46)

Interest and Finance Charges 64.85 77.22

Depreciation 29.99 46.14

Profit/(Loss) before Extra-ordinary Item and Tax (279.31) (240.82)

Extra-ordinary Item - 478.91

Profit /(Loss) Before Tax (279.31) (719.72)

Provision for Tax 65.95 3.72

Profit/(Loss) after Tax (345.26) (723.44)

DIVIDEND

In order to conserve the earnings so as to strengthen the business, your Directors are not recommending any dividend for the period.

DEVELOPMENT IN THE COMPANY

On October 9, 2009, 2,20,000 Global Depositary Receipts of US $ 20 each amounting to US $ 4.4 Million representing 21,20,80,000 Equity shares of face value Re.1 each was allotted to acquire 49% stake in Logistics Solutions Inc, USA.

COMPLAINTS REDRESSAL SYSTEM

All the investor grievances received by the Company are attended and replied to satisfactory within 3 days of receiving the grievance. The Shareholders / Investors Grievance Committee meet periodically to take status of the investor grievance pending at any period and resolve the same effectively. The details of the investor grievance committee and its meetings are given in the Corporate Governance Report which forms part of this Annual Report.

OFFICE INFRASTRUCTURE

The Company functions from the same premises as that of its Registered Office at Alwarpet, Chennai. Apart from registered office, the business operations are done from the corporate office building located at Ekkattuthangal, Chennai.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company Mr. R. Gopalan and Mr. Raghu Tandra, retires by rotation and being eligible offer themselves for re-appointment.

AUDIT COMMITTEE

The Audit Committee constituted by the Board of Directors consists of three Directors. The Company Secretary acts as Secretary of the Committee. This Committee was last re-constituted on February 25, 2009.

The present Audit Committee comprises of the following directors

1. Mr. R. Gopalan, Chairman of the Committee

2. Mr. A. Ganesan, Member of the Committee

3. Mr. S. Thiruvengadam, Member of the Committee

The constitution of the Audit Committee also meets the requirements of Section 292A of the Companies Act, 1956 as introduced by the Companies (Amendment) Act, 2000. The terms of reference specified by the Board to the Audit Committee are as per Clause 49 of the Listing Agreement.

The role, powers and functions of the Audit Committee are as stated below:

- Monitor the internal controls to ensure the integrity of the financial performance reported to the shareholders.

- Provide by way of regular meeting, a line of communication between the Board and the Statutory Auditors.

- Consider the appointment of the Statutory Auditors.

- Review the interim and full year financial statement before recommending them to the Board.

- Review reports of the Auditors on any important events.

- Review the Companys financial control systems, in particular, the procedures for identifying business risks (including financial risks) and controlling their financial impact on the Company.

- Review the Companys policies for ensuring compliance with the relevant regulatory / legal requirements and the operational effectiveness of the policies and procedures.

REMUNERATION COMMITTEE

The Remuneration Committee has been constituted with Mr. A. Ganesan, Mr. R. Gopalan and Mr. S. Thiruvengadam, Directors of your Company, for performing inter-alia the role / various functions as set out under Clause 49 of the Listing Agreement with the Stock Exchanges and also in pursuance to the amendments made to the Schedule XIII of the Companies Act, 1956.

AUDITORS

The Statutory Auditor of your company, M/s. R. Ravindran & Associates, Chartered Accountant, Chennai, is due to retire at the conclusion of the Twelfth Annual General Meeting. M/s. R. Ravindran & Associates has confirmed this eligibility and willingness to accept office, if re-appointed for the financial year 2010-11. Your Directors recommended the re-appointment of M/s. R. Ravindran & Associates, Chartered Accountant as the Statutory Auditor of the Company to hold office from the conclusion of the Twelfth Annual General Meeting until the conclusion of the Thirteenth Annual General Meeting of the Company.

INTERNAL CONTROL SYSTEMS AND ADEQUACIES

Your Company has set up internal control systems commensurate with the size and nature of business. These systems ensure optimum use of resources and compliance with the multiple regulatory authorities. Your Company is also being guided by the Audit Committee in constantly upgrading the control procedures and systems. The Audit Committee also reviews the adequacy of the internal control procedures.

PARTICULARS OF EMPLOYEES

Statement of personnel particulars of employees pursuant section 217(2A) of the Companies Act, 1956 are not applicable since none of the employees are in receipt of remuneration in excess of the limits specified herein (Rs. 2,00,000 per month or Rs. 24,00,000 per annum) during the period under review.

CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

Your Company does not carry on any manufacturing activities and hence the disclosure requirement in terms of Sections 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, regarding Conservation of Energy and Technology do not apply to your Company.

During the year under review, there was no Foreign Exchange earnings and outgo for your Company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, a Management Discussion and Analysis, Corporate Governance Report, Managing Directors and Auditors Certificate regarding compliance of conditions of Corporate Governance are made a part of the Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

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

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and no material departure have been made from the same;

ii. appropriate accounting policies have been selected and applied consistently and have made judgements and estimates that are reasonable and prudent so as to give a true a fair view of the state of affairs of the Company as at March 31, 2010 and Profit & Loss Account for the year ended March 31, 2010;

iii. proper and sufficient care has been taken for the 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 annual accounts have been prepared on a going concern basis.

BY ORDER OF THE BOARD For KAASHYAP TECHNOLOGIES LIMITED Sd/- Place: Chennai A. VENKATRAMANI Date: September 3, 2010 Chairman & Managing Director

 
Subscribe now to get personal finance updates in your inbox!