Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting the 27th Annual Report
together with the Audited Financial Statements and their Report thereon
for the financial year ended 31st March, 2015.
Financial Results
Amount in (Rs.)
Particulars Consolidated
2014-15 2013-14
Balance Brought
Forward from the Last Year (25086541.74) (25479320.52)
Profit/(Loss) Before
Depreciation and Taxation 1175078.62 815773.63
(23911463.12) (24663546.89)
Less: Depreciation (540944.00) (402754.35)
Less: Taxation - (20240.50)
Add : Taxes relating
to earlier year 89578.78 -
Less: Adjustment on
account of Schedule II (390372.00) -
Profit/(Loss) (24753200.34) (25086541.74)
Particulars Standalone
2014-15 2013-14
Balance Brought
Forward from the Last Year (25393339.57) (25479320.52)
Profit/(Loss) Before
Depreciation and Taxation 411507.27 394373.65
(24981832.3) (25084946.87)
Less: Depreciation (457082) (288152.20)
Less: Taxation - (20240.50)
Add : Taxes relating
to earlier year 89578.78 -
Less: Adjustment on
account of Schedule II (259017.00) -
Profit/(Loss) (25608352.52) (25393339.57)
Company's Performance
During the period under review, at consolidated level, the company
achieved revenue of Rs. 23,838,167.97, EBDITA Rs. 1,175,078.62, PBT of
Rs. 634,134.62 and PAT of Rs. 723,713.40 as against a revenue of Rs.
22,852,118.56, EBDITA Rs. 815,773.63, PBT of Rs. 413,019.28 and PAT of
Rs 392,778.78 respectively in the previous year.
At standalone level, the company achieved revenue of Rs. 15,778,989.21,
EBDITA Rs.411,507.27, PBT of Rs. (45,574.73) and PAT of Rs. 44,004.05
as against a revenue of Rs. 18,315,579.57, EBDITA Rs. 394,373.65, PBT
of Rs. 106,221.45 and PAT of Rs 85,980.95 respectively in the previous
year.
At the Standalone level the sales of the Company have marginally
decreased as compared to previous year. The export sales were
comparatively lower as compared to previous year whereas domestic sales
have comparatively increased in this year being the equally focused
area. And at the Consolidated level the sales of the Company has
increased as compared to last year, as Company has equally focused on
the business of both the subsidiary companies.
A detailed Management Discussion and Analysis Report forms part of this
report is annexed as Annexure-1.
Dividend
No dividend is recommended in view of the accumulated losses during the
year apart from meeting the contingent liabilities. Quality Initiatives
& Achievements:
The Company successfully achieved annual enterprise-wide ISO
certification for ISO 9001:2008 (Quality Management) for Software
Development, ERP Solution, Website Development, Medical Transcription &
Search Engine Optimization.
Reserves
No amount was transferred to the reserves during the financial year
ended on 31st March, 2015.
Future Prospects
Your company have achieved good amount of business from domestic market
in this year. The Company has also explored the Australian market
recently to expand its share of business in the overseas market. The
Company has identified new avenues of software business. Ecommerce
business is picking up in India helping the company to get more
software business from the domestic market. Oracle is another new area
in which the company has entered in this year.
Here is a list of what your company plans for the coming years:
* Your Company is looking forward to work in the areas of SAP ERP
Solution, Digital Marketing and Mobile Apps development as there is
huge potential in these areas.
* Your Company is now focused on successfully expanding Oracle
Applications business both in domestic as well as in overseas market.
* Your Company has also ventured into computer hardware activities for
its client as a part of integrated package deal. The Company is very
positive to get good volume of business in the coming year.
* Your Company is on the way of developing its own sector specific
products and packages in the months to come.
Your Company is constantly striving for new fields of innovation,
improved performance with a continued sense of commitment to a higher
standard. There is a constant effort that is being made for bringing in
worthy and new projects. Your Company is committed to handle new roles
and responsibilities and is open to accept new challenges on a global
basis by virtue of its strengthened business model. In addition, there
are continuous efforts at improving efficiency and delivering
excellence in project execution.
Subsidiary companies
The Company has two subsidiaries namely Lensel Web Services Pvt Ltd and
Rituraj Shares Broking Pvt. Ltd. as on March 31, 2015. There are no
associate companies within the meaning of Section 2(6) of the Companies
Act, 2013 ("Act"). There has been no material change in the nature of
the business of the subsidiaries.
Pursuant to provisions of Section 129(3) of the Act read with Rule 5 of
Companies (Accounts of Companies) Rules, 2014, a statement containing
salient features of the financial statements of the Company's
subsidiaries in Form AOC-1 is attached to the financial statements of
the Company as Annexure-2.
The audited financial statements of each of its subsidiary companies
are available for inspection at the Company's registered office and
also at registered offices of the respective companies.
The Policy for determining material subsidiaries as approved may be
accessed on the Company's website at the link: http:// www.lnsel.com
Deposits
Your Company has not accepted any deposit within the meaning of Section
73 of the Companies Act, 2013 and the Rules made thereunder and
therefore, no amount of principal or interest was outstanding as on the
date of Balance Sheet.
Particulars of loans, guarantees and investments.
There are no Loans, Guarantees and Investments made under the
provisions of Section 186 of the Companies Act,2013 during the year
under review.
Related Party Transactions
There are no contracts or arrangements with related parties referred to
in Section 188(1) of the Companies Act, 2013 save and except the carry
forward balances appearing in the notes to accounts.
Corporate Social Responsibility Initiatives
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable to
the Company.
Directors' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013, the board of
directors, to the best of their knowledge and ability, confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed and there are no material
departures;
(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 at the end of the financial year and of the profit of
the Company for that period;
(c) the Directors have 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;
(d) the annual accounts have been prepared on a going concern basis;
(e) the Directors have laid down internal financial controls to be
followed by the Company and such internal financial controls are
adequate and are operating effectively.
(f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Directors
Your Director Mr. Ajay Agarwal retires at the ensuing Annual General
Meeting and being eligible offers himself for reappointment. Additional
information and brief profile as stipulated under the Listing agreement
for the Director seeking reappointment is annexed to the Notice of AGM.
No. of Meetings of the Board
Five meetings of the board were held during the year. For details of
the meetings of the board, please refer to the corporate governance
report, which forms part of this report.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance,
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration and other Committees. The manner in which the evaluation
has been carried out has been explained hereunder.
A structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering various aspects of the
Board's functioning such as adequacy of the composition of the Board
and its Committees, Board Culture, execution and performance of
specific duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were
evaluated on parameters such as level of attendance, engagements and
contribution, independence of judgment, safeguarding the interest of
the Company and its minority shareholders, etc. The performance
evaluation of the Independent Directors was carried out by the entire
Board, excluding the directors being evaluated. The performance
evaluation of the Chairman and the Non Independent Directors was
carried out by the Independent Directors. The Directors expressed their
satisfaction with the evaluation process.
Policy on Appointment of Director and Remuneration
The Nomination and Remuneration Committee identifies and ascertains the
integrity, qualification, expertise, skills, knowledge and experience
of the person for appointment as Director and Key Managerial Personnel.
The appointment of a Director as recommended by the Nomination and
Remuneration Committee requires approval of the Board.
The remuneration / compensation / commission etc. to the Directors and
Key Managerial Personnel is proposed by the Nomination and Remuneration
Committee in compliance with requirements of the Companies Act and
recommended to the Board for it's approval. Approval of Shareholders is
obtained, if required.
The Directors receive remuneration by way of fees for attending
meetings of the Board or committees thereof.
At the time of appointing an Independent Director, a formal letter of
appointment is given to the candidate, which inter-alia, explains the
role, functions, duties and responsibilities expected of the person as
an Independent Director of the Company. The Independent Director is
also explained in detail the compliance required from him under the
Companies Act, 2013 and other relevant regulations. The independence of
Director is decided as per provisions of the Companies Act, 2013.
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for remuneration of Directors, Key Managerial
Personnel and Senior Management. The said Remuneration Policy is
annexed as Annexure-3 to this report.
Internal Financial control systems and their adequacy
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weakness in the design or operation
were observed.
Audit Committee
The details pertaining to composition of audit committee are included
in the Corporate governance Report, which forms part of this report.
Auditors
Pursuant to the provisions of Section 139 of the Act and the rules
framed thereunder, Jain Sonu & Associates, Chartered Accountants, were
appointed as statutory auditors of the Company, hold office till the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment. They have confirmed their eligibility to the effect
that their re-appointment, if made, would be within the prescribed
limits under the Act and that they are not disqualified for
re-appointment.
The Notes on financial statement referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Mrs. Rasna Goyal, a
Practicing Company Secretary in Practice (CP No.- 9209) to undertake
the Secretarial Audit of the Company. The Report of the Secretarial
Audit Report is annexed herewith as Annexure-4. There are no
qualifications or observations or remarks made by Secretarial Auditor
in his report.
Risk management
The Company has laid down procedures to inform Board members about the
risk assessment and minimization procedures. A Risk management
Committee consisting of Director and senior executives of the Company
has been formed to periodically reviews these procedures to ensure that
executive management controls risk through means of a properly defined
framework .The Company has framed the risk assessment and minimization
procedures which will be periodically reviewed by the Board.
Extract of Annual Return
The extract of the Annual Return in form MGT 9 is annexed herewith as
Annexure-5.
Particulars of Employees and related disclosures
The information required under section 197(12) of the Act read with
rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is not applicable as no remuneration has been
paid to the directors, except sitting fees.
Vigil Mechanism/Whistle Blower Policy
Pursuant to the provision of section 177(9) & (10) of the Companies
Act, 2013 and clause 49 of the Listing Agreement, a Vigil Mechanism for
directors and employees to report genuine concerns has been
established. The Vigil Mechanim Policy has been uploaded on the website
of the Company at http://www.lnsel.com
Disclosure requirements
As per Clause 49 of the listing agreements entered into with the stock
exchanges, corporate governance report with auditors' certificate
thereon and management discussion and analysis are attached, which form
part of this report.
Details of the familiarization programme of the independent directors
are available on the website of the Company (URL:
www.lnsel.com/investors ).
Policy for determining material subsidiaries of the Company is
available on the website of the Company (URL:www.lnsel.com/ investors).
Policy on dealing with related party transactions is available on the
website of the Company (URL:www.lnsel.com/investors ).
The Company has formulated and published a Whistle Blower Policy to
provide Vigil Mechanism for employees including directors of the
Company to report genuine concerns. The provisions of this policy are
in line with the provisions of the Section 177(9) of the Act and the
revised Clause 49 of the Listing Agreements with stock exchanges (URL:
www.lnsel.com/investors ).
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
Additional information relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo as required under the
Companies Act, 2013 is annexed as Annexure-6 to this report.
Declaration by Independent Directors
Shri Vikash Kamani, Shri Sushil Kumar Gupta and Miss Leela Murjani are
Independent Directors on the Board of your Company. In the opinion of
the Board and as confirmed by these Directors, they fulfill the
conditions specified in Section 149 of the Companies Act, 2013 and the
Rules made thereunder about their status as Independent Directors of
the Company.
Corporate Governance
The Company continues to remain committed to high standards of
corporate governance. The report on corporate governance as per the
requirement of the listing agreement with stock exchanges forms part of
this report is annexed as Annexure-7. The Company has complied with all
the requirements of corporate governance. The certificate from the
Auditors of the Company confirming compliance to the conditions of the
corporate governance requirements is also annexed.
Acknowledgments
Your Directors place on record their appreciation for the help and
co-operation received by them from ICICI Bank Ltd., Allahabad Bank,
Indian Overseas Bank, Union Bank of India, Indusind Bank, Oriental Bank
of Commerce, State Government of West Bengal and Department of
Electronics & Department of Telecommunication under Ministry of
Information & Technology Government of India, specially Software
Technology Parks of India, WEBEL(West Bengal Electronics Industry
Development Corporation Limited).
Your Directors also place on record their appreciation for the
dedicated services rendered by the employees of your Company at all
levels.
For and on behalf of the Board
Place : Kolkata Ajay Agarwal Arpita Gupta
Dated : 8th July, 2015 Chairman Director
Mar 31, 2014
Dear Members,
Your Directors have pleasure in presenting the 26th Annual Report
together with the Audited Statement of Accounts and their Report
thereon for the year ended 31 st March, 2014
Working and Financial Results
Total Receipts during the year was Rs 16,315,579 57 as compared to Rs
15,403,904 43 in the previous year and the profit during the year
amounting to Rs 65,980 95 as against profit of Rs 125,561 36 in
previous year
Software sales has been increased by 23% as compared to the previous
year. Bui the net profit of the company has reduced due to the
increased cost and net off from sundry balances written off/back
The Financial Highlights are given below:
Particulars Figures for the Figures for the
Current Year Previous Year
M W
Balance Brought Forward
from the Last Year (25,479,320 52) (25,604,681 68)
Profil/(Loss) Before
Depreciation and Taxation 394,373 65 411,904,03
(25,084,946 87) (25,192,977,85)
Less: Depreciation (288,152 20) (256,764 66)
Less Taxation (20,240.50) (29,557.99)
Loss (25,393,339 57) (25,479,320.52)
Dividend
No dividend is recommended in view of the accumulated losses during the
year apart from meeting the contingent liabilities Quality initiatives
& Achievements:
The Company achieved annual enterprise-wide ISO certification for ISO
9001:2006 (Quality Management) for Software Development, ERP Solution,
Website Development, Medical Transcription & Search Engine Optimization
Future Prospects
Your company have achieved good amount of business from overseas market
in this year. It has also made some improvement in the ERP business The
company sees a huge growth potential in the ERP business It has been
working as a SAP Partner till now and plans to work in the areas of
Oracle Applications and Middleware Solutions like Service Oriented
Architecture (SOA) in future It also plans to strengthen its roots into
the Mobile Applications business
Here is a list of what your company plans for the coming years:
* Your company is now focused on successfully expanding ERP business
across Eastern India
* Your Company has developed a customized ERP package catered to
reputed Universilies in India It is a web based campus Automaton system
having various modules required for the functioning of any university
Our company has already got orders from 4 prestigious Universities of
India and look forward to add many more in the near future
* Rapidly increase the sale of SAP Business One, the Business
Managemenl Software for Small & Medium Enterprises It has also started
working into Oracle Applications and Middleware Solutions using Service
Oriented Architecture (SOA)
* Your Company is constantly trying to build relationships with
eminent overseas clients to excel in the field of software and web
development It shall approach marketing houses abroad and act as
choicest development partners in India
* Your company is also planning to expand the sales in domestic market
by updating its software products for Education, Healthcare and Finance
Industry
* Your company has entered into the Mobile applications business and
needs more time to establish and spread its wings in this area
Your Company is constantly striving for new fields of innovation,
improved performance with a continued sense of commitment to a higher
standard There is a constant effort that is being made for bringing in
worthy and new projects Your Company is committed to handle new roles
and responsibilities and is open to accept new challenges on a global
basis by virtue of its strengthened business model In addition, there
are continuous efforts at improving efficiency and delivering
excellence in project execution
Deposits
The Company has not accepted any deposit from the Public-
Directors
Your Director Mrs Arpita Gupta retires at the ensuing Annual General
Meeting and being eligible offers herself for reappointment Additional
information and brief profile as stipulated under the Listing agreement
for the Director seeking reappointment is annexed to the Notice of AGM
Pursuant to the provisions of section 161 of the Companies Act,2013,
read with the relevant provisions in the Articles ofAssociation, Mr
Vikash Kamani with effect from 25th April, 2014, Mr. Sushil Kumar Gupta
and Ms Leeia Murjani with effect from 25th July,2014 was appointed as
an Additional Director by the Board of Directors of the Company. They
hold office as the Director upto the forth coming AGM. Your Company has
received a notice in writing from members proposing their candidature
for the office of Independent Director. Mr. Kamani, Mr. Gupta amd Ms
Muijani qualifies to be an Independent Director pursuant to the
provisions of section 149(6) of the Companies Act,2013
Additional Information and brief profile, as stipulated under the
Equity Listing Agreement for each of the above Directors seeking
reappointment/ appointment is annexed to the Notice of the AGM
Directore' Responsibility Statement
Pursuant to Sec lion 217(2AA) of the Companies Act, 1956 with respect
to Directors' responsibilities statement, it is hereby confirmed that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed and there has been no material departures ,
ii) the Directors have selected such accounting policies and applied
them consistently and made judgements 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 of
the Company for that year.
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 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
Auditors
Your Auditors M/s Jain Sonu & Associates, Chartered Accountants also
retire at the Annual General Meeting, are eligible for the re-
appointment The Auditor has furnished the certificate under section
224(1) (B) of the Companies Act, 1956 of their eligibility.
Auditors' Observations
As regards observations made by the Auditors, the relevant notes in the
financial statement are self explanatory
Cash Flow
In accordance with the requirement of Clause 32 of the Listing
Agreement with the Stock Exchanges, a cash flow statement duly verified
by your Auditors together with the certificate is annexed hereto.
Corporate Governance
Your Company has complied with the requirements of Corporate Governance
pursuant to clause 49 of Listing Agreement with the Stock Exchanges and
a report to that effect is enclosed herewith
Subsidiary And Associate Companies.
As on 31 03 2014, the Company had two subsidiaries namely Rituraj
Shares Broking Pvt Ltd. and Lensel Afeb Services Pvt Ltd
As per the provision of section 212 of the Companies Act, 1956, the
Company is required to attach, inter alia the Director's Report,
Balance Sheet and Statement of Profit 8. Loss of the Subsidiaries to
its annual report The Ministry of Corporate affairs, Government of
India vide its circular No 2/2011 dated February 6, 2011 has provided
an exemptions to companies from complying with the provisions of
section 212 subject to fulfillment of certain conditions as mentioned
in the said circular. Accordingly, the annual report of the company for
the FY 2013-14 does not contain the financial statements of the
subsidiaries As required under the aforesaid circular, the consolidated
financial statements of the Company duly audited by the statutory
auditors forms part of this Annual Report Your Company shall make
available the audited annual accounts and related information of its
subsidiaries, to those members who wish lo have copies of the same and
these documents will also be kept open for inspection by any member at
the Registered office of the Company on any working day up to the date
of the ensuing Annual General Meeting
As at March 31,2014, the Company had one Associate Company namely
Haresh Collections Pvt Ltd
The accounting of subsidiaries and associate have been done in
consolidated financial statement in accordance with the Accounting
Standards
Other Information
None of the employees were in receipt of remuneration exceeding limits
prescribed u/s 217(2A) of the Companies Act, 1956 and the Rules made
thereunder
As required u/s 217(1 )(e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988, Your Directors Report as follows
A Conservation of Energy Not Applicable
B Technology Absorption
Your Company is developing its capabilities in I T. Enabled Services and
Medical Transcription as well as a ERP vending, Implementation,
supporting and training services
An expansion in Ihe operation is ahead through strategic alliances for
Business Process Outsourcing Projects
C (a) Foreign Exchange Earning
Rs 14500040 30 (previous year Rs 13157987 50)
(b) Foreign Exchange Outgoing Rs Nil (previous year Rs Nil)
Acknowledgments
Your Directors place on record their appreciation for the help and
co-operation received by them from ICICI Bank Ltd., Allahabad Bank,
Indian Overseas Bank, Union Bank of India, Indusmd Bank, Oriental Bank
of Commerce, State Government of West Bengal and Department of
Electronics & Department of Telecommunication under Ministry of
Information & Technology Government of India, specially Software
Technology Parks of India, WEBEL(West Bengal Electronics Industry
Development Corporation Limited)
Your Directors also place on record their appreciation for the
dedicated services rendered by the employees of your Company at
all levels
On behalf of the Board of Directors
For LEE & NEE SOFTWARES (EXPORTS) LTD
Place : Kolkala Directors : 1 AjayAgarwal
Dated : 29lh August, 2014 2 Arpita Gupta
Mar 31, 2013
To, The Shareholders
The Directors have pleasure in presenting the 25th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2013.
Working and Financial Results
Total Receipts during the year was Rs. 15,403,904.43 as compared to Rs.
29,273,055.80 in the previous year, which includes sales from shares
amounting to Rs. 178,07,054.73/- in previous year and the profit during
the year amounting to Rs. 125,56136 as against profit of Rs 412,485.85
in previous year.
Software sales has been increased by 160% as compared to the previous
year. But the net profit of the company has been reduced due to the
increased cost and net off from sundry balance written offfback and
change in inventory.
The Financial Highlights are given below:
Particulars Figures for the
Current Year Figures for the
Previous Year ()
Balance Brought Forward
from the Last (25,604,881.88) (26,017367.74)
Year
Profit/(Loss) Before
Depreciation and 411,904.03 5,638369.58
Taxation
(25,192,977.85) (20378,998.16)
Less: Depreciation (256,784.68) (5,132,003.44)
Less: Taxation (29,557.99) (93,880.28)
Loss (25,479,320.52) (25,604,881.88)
Dividend
No dividend is recommended in view of the accumulated losses during the
year apart from meeting the contingent liabilities.
Quality Initiatives & Achievements:
The Company achieved annual enterprise-wide ISO certification for ISO
9001:2008 (Quality Management) for Software Development, ERP Solution,
Website Development, Medical Transcription & Search Engine
Optimization.
Future Prospects
Your company have achieved good amount of business from overseas market
in this year. It has also made some improvement in the ERP business.
The company sees a huge growth potential in the ERP business. It has
been working as a SAP Partner till now and plans to work in the areas
of Oracle Applications and Middleware Solutions like Service Oriented
Architecture (SOA) in future. It also plans to strengthen its roots
into the Mobile Applications business.
Here is a list of what your company plan for the coming years: Your
company is now focused on successfully expanding ERP business across
Eastern India.
Rapidly increase the sale of SAP Business One, the Business Management
Software for Small & Medium Enterprises. It is also started working
into Oracle Applications and Middleware Solutions using SOA.
u Your Company is constantly trying to build relationships with eminent
overseas clients to excel in the field of software and web development.
It shall approach marketing houses abroad and act as choicest
development partners in India.
0 Your company is also planning to expand the sales in domestic market
by updating its software products for Education, Healthcare and Finance
Industry.
Q Your company has entered into the Mobile applications business and
needs more time to establish and spread its wings in this area.
We are constantly striving for new fields of innovation, improved
performance with a continued sense of commitment to a higher standard.
There is a constant effort that is being made for bringing in worthy
and new projects. Your Company is committed to handle new roles and
responsibilities and is open to accept new challenges on a global basis
by virtue of its strengthened business model. In addition, there are
continuous efforts at improving efficiencies and delivering excellence
in project execution.
Deposits
The Company has not accepted any deposit from the Public.
Directors
Your Director Mr. Sagarmal Gupta retires at the ensuing Annual General
Meeting and being eligible offer himself for reappointment Additional
information & brief profile as stipulated under the Listing agreement
for the Director seeking reappointment is annexed to the Notice of AGM.
Directors'' Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 19S6 with respect to
Directors'' responsibilities statement, it is hereby confirmed that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) the Directors have selected such accounting policies and applied
them consistently and made judgements 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 of
the Company for that year.
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 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.
Auditors
Your Auditors M/s Jain Sonu & Associates, Chartered Accountants also
retire at the Annual General Meeting, are eligible for the
re-appointment. The Auditor has furnished the certificate under section
224(1) (B) of the Companies Act, 1956 of their eligibility.
Auditors''Observations
As regards observations made by the Auditors, the relevant notes in the
financial statement are self explanatory.
Cash Flow
In accordance with the requirement of Clause 32 of the Listing
Agreement with the Stock Exchanges, a cash flow statement duly verified
by your Auditors together with the certificate is annexed hereto.''
Corporate Governance
Your Company has complied with the requirements of Corporate Governance
pursuant to clause 49 of Listing Agreement with the Stock Exchanges and
a report to that effect is enclosed herewith.
Other Information
None of the employees were in receipt of remuneration exceeding limits
prescribed u/s. 217(2A) of the Companies Act, 19S6 and the Rules made
there under.
As required v/s2l7(l)(c) of the Companies Act, 19S6 read with Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, Your Directors Report as follows :-
A. Conservation of Energy Not Applicable
B. Technology Absorption Your Company is developing its capabilities in
I. T. Enabled Services and Medical
Transcription as well as a ERP vending, Implementation, supporting and
training services.
An expansion in the operation is ahead through strategic alliances for
Business Process Outsourcing Projects.
C. (a) Foreign Exchange Earning : Rs. 13157987.50 (previous year Rs.
7838115.16) (b) Foreign Exchange Outgoing: Rs. Nil (previous year Rs.
Nil)
Acknowledgments
Your Directors place on record their appreciation for the help and
co-operation received by them from ICICI Bank Ltd., Allahabad Bank,
Indian Overseas Bank, Union Bank of India, Ihdusind Bank, Oriental Bank
of Commerce, State Government of West Bengal and Department of
Electronics & Department of Telecommunication under Ministry of
Information & Technology Government of India, specially Software
Technology Parks of India.
Your Directors also place on record their appreciation for the
dedicated services rendered by the employees of your Company at all
levels.
On behalf of the Board of Directors
For LEE & NEE SOFTWARES (EXPORTS) LTD.
Place: Kolkata Directors:
1. Ajay Agarwal
Dated: 30th August, 2013 2. Arpita Gupta
Mar 31, 2012
The Shareholders
The Directors have pleasure in presenting the 24th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2012.
Working and Financial Results
Total Income during the year was Rs. 29,273,055.80 as compared to Rs.
28,781,402.00 in the previous year but the profit during the year
amounting to Rs. 412,485.86 as against profit of Rs. 3,086,206.65 in
previous year.
The net impact of the above has resulted in decrease in profit during
the year compared to the earlier year due to extra ordinary item of
profit on compensation on cancellation of agreement in previous year,
loss on sale of shares and depreciation on leasehold premises during
the year.
The Financial Highlights are given below :
Particulars Figures for the Figures for the
Current Year Previous Year
(Rs.) (Rs.)
Balance Brought Forward from
the Last Year (26,017,367.74) (29,103,574.39)
Profit/(Loss) Before
Depreciation and Taxation 5,638,369.58 4,571,639.65
(20,378,998.16) (24,531,934.74)
Less : Depreciation (5,132,003.44) (1485433.00)
Less : Taxation (93,880.28) -
Loss (25,604,881.88) (26,017,367.74)
Dividend
No dividend is recommended in view of the accumulated losses during the
year apart from meeting the contingent liabilities.
Future Prospects
Your Company have strengthened its roots in ERP ( Enterprise Resource
Planning)- The organization plans to implement the expertise of Oracle
Solaris & Linux Development track which has been uniquely designed by
application developers. The developers use their expertise to create
Oracle Solaris & Oracle Linux applications, thus your company stress on
unique application development.
Here is a list of what your Company plan for the coming years:
-/ Your Company is now focused on successfully expanding ERP business
across Eastern India.
- Rapidly increase the sale of SAP Business One, the Business
Management Software for Small & Medium Enterprises. In order to do so,
your Company is working on adding new channel partners.
- Your Company is constantly trying to build relationships with
eminent overseas clients to excel in the field of software and web
development. It shall approach marketing houses abroad and act as
choicest development partners in India.
- Your Company is also planning to conquer the domestic market by
releasing software products for Education, Healthcare and Finance
Industry.
- Endeavors are being made for strategic alliances with staffing
Companies in U.S.A.
- Your Company has entered into a new area of business and needs
more time to establish and spread its wings.
- Your Company has discontinued trading in shares of renowned
information technology companies from 1st October 2011.
The Organization is constantly striving to achieve high value contracts
to enhance focus and aims at improving its operating margins. There is
a constant effort that is being made for bringing in worthy and new
projects. Your Company is committed to handle new roles and
responsibilities and is open to accept new challenges on a global basis
by virtue of its strengthened business model. In addition, there are
continuous efforts at improving efficiencies and delivering excellence
in project execution.
Deposits
The Company has not accepted any deposit from the Public.
Directors
Your Director Mr. Ajay Agarwal retires at the ensuing Annual General
Meeting and being eligible offer himself for reappointment.
Directors' Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956 with respect to
Directors' responsibilities statement, it is hereby confirmed that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) the Directors have selected such accounting policies and applied
them consistently and made judgements 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 of
the Company for that year.
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 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.
Auditors
Your Auditors M/s Jain Sonu & Associates, Chartered Accountants also
retire at the Annual General Meeting, are eligible for the
re-appointment. The Auditor has furnished the certificate under Section
224(1) (B) of the Companies Act, 1956 of their eligibility.
Auditors' Observations
As regards observations made by the Auditors, the relevant notes in the
financial statement are self explanatory. Cash Flow
In accordance with the requirement of Clause 32 of the Listing
Agreement with the Stock Exchanges, a cash flow statement duly verified
by your Auditors together with the certificate is annexed hereto.
Corporate Governance
Your Company has complied with the requirements of Corporate Governance
pursuant to clause 49 of Listing Agreement with the Stock Exchanges and
a report to that effect is enclosed herewith.
Dematerialization of Equity Shares
Your Company has entered into agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) for
dealing in Equity Shares of the Company in dematerialized form. Your
Company has been allotted (ISIN No. INE 791B01014). The shareholders
may send their share certificates through their depository participants
for having the shares in electronic form.
Other Information
None of the employees were in receipt of remuneration exceeding limits
prescribed u/s. 217(2A) of the Companies Act, 1956 and the Rules made
there under.
As required u/s.217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988, Your Directors Report as follows :-
A. Conservation of Energy : Not Applicable
B. Technology Absorption : Your Company is developing its capabilities
in I. T. Enabled Services and Medical Transcription as well as a ERP
vending, Implementation, supporting and training services.
An expansion in the operation is ahead through strategic alliances for
Business Process Outsourcing Projects.
C. (a) Foreign Exchange Earning : Rs. 7838115.16 (previous year Rs.
5256395.84)
(b) Foreign Exchange Outgoing : Rs. Nil (previous year Rs. 326447.44)
on account of communication exp., business procurement fees and
ASP/VOIP charges.
Acknowledgments
Your Directors place on record their appreciation for the help and
co-operation received by them from ICICI Bank Ltd., UCO Bank, Allahabad
Bank, Indian Overseas Bank, Union Bank of India, Indusind Bank,
Oriental Bank of Commerce, State Government of West Bengal and Orissa
and Department of Electronics & Department of Telecommunication under
Ministry of Information & Technology Government of India, specially
Software Technology Parks of India.
Your Directors also place on record their appreciation for the
dedicated services rendered by the employees of your Company at all
levels.
On behalf of the Board of Directors
For LEE & NEE SOFTWARES (EXPORTS) LTD.
Place : Kolkata Ajay Agarwal Arpita Gupta
Dated : 1st September, 2012 Director Director
Mar 31, 2011
The Shareholders,
The Directors have pleasure in presenting the 23rd Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2011.
Working and Financial Results
Total Income during the year was Rs.29,241,239.42/- as compared to Rs.
1,12,74,301.17/- in the previous year but the profit during the year
amounting to Rs. 3,086,206.65/- as against profit of Rs. 14,23,756.96/-
in previous year.
The net impact of the above has resulted in better profit during the
year compared to the earlier year due to better capacity utilisation
and ERP sales & Software services in domestic market.
The Financial Highlights are given below :
Figures for the Figures for the
Current year Previous year
Rs. Rs.
Balance Brought Forward
from the Last Year (29,103,574.39) (3,05,27,331.35)
Profit / (Loss) Before
Depreciation 4,571,639.65 17,19,798.96
(24,531,934.74) (2,88,07,532.39)
Add/Less :
Depreciation (1,485,433.00) (2,96,042.00)
Loss Rs.(26,017,367.74) Rs. (2,91,03,574.39)
Dividend
No dividend is recommended in view of the accumulated losses during the
year apart from meeting the contingent liabilities.
Future Prospects
BPO (Business Process Outsourcing) Ã The Company is targeting ITES
based services, both voice & non-voice based projects from several
organisations in USA, Canada, UK & Australia. Endeavours are being made
to move towards better segment of ITES such as KPO (Knowledge Process
Outsourcing) & EPO (Education Process Outsourcing) & ERP software
vending, software services, implementation, support & training
services. To bridge the gap of manpower the Company has targeted to
explore market of manpower development, manpower resourcing,
developing, delivering under the new brand name LNSEL Jobs Online which
is expected to result positively. Endeavours are being made for
strategic alliances with staffing Companies in U. S. A.
The Company is preparing itself to set up a SEZ unit and is working for
suitable space in a Special Economic Zone of a size more than several
times of its current size. The Company envisages to move to SEZ
(Special Economic Zone) on allotment of land from the respective
authorities.
Outlook
The Company apart from software services, has established its
reputation in the market as an Information Technology Enabled Service
provider (ITES) specially in Medical Transcription and other KPO
services. The proposed expansion would further consolidate the position
of the Company. This has a better margin of profitability and has
resulted in higher growth of the Company. New area of ERP
implementation projects shall further add to the revenue of the
Company.
The Company may go for acquisition of new companies to expand its size
abnormally and is in the process of looking for suitable software
development in marketing in ERP sector. Your Company has become
authorised vendor of ''SAP" ERP software in India. The Company has
changed its object clause by adding new area of business in different
segment than that of software development such as construction and
development of SEZ, dealing in shares and media during the year under
consideration and in the process of turnaround of the Company. Your
Directors have started dealing in shares of software companies for
better fund utilisation in the current year. Accordingly your Directors
are confident of achieving better results in the year 2011-12.
Fixed Deposits
The Company has not accepted any deposit from the Public.
Directors
Your Director, Mrs. Arpita Gupta, retires at the ensuing Annual General
Meeting and being eligible offers herself for reappointment.
Directors' Responsibility Statement
Your Directors confirm :
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgements 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 of the Company for that year.
(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, 1956, 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.
Auditors
Your Auditors, M/s. Omsagar & Associates, Chartered Accountants also
retire at the Annual General Meeting, are eligible for the
re-appointment. The Auditors have furnished the certificate under
section 224(1)(B) of the Companies Act, 1956 of their eligibility.
Auditors' Observations
As regards observations made by the Auditors, the relevant notes in
Schedule -14 are self explanatory.
Cash Flow
In accordance with the requirement of Clause 32 of the Listing
Agreement with the Stock Exchanges, a cash flow statement duly verified
by your Auditors together with the certificate is annexed hereto.
Corporate Governance
Your Company has complied with the requirements of Corporate Governance
pursuant to clause 49 of Listing Agreement with the Stock Exchanges and
a report to that effect is enclosed herewith.
Dematerialization of Equity Shares
Your Company has entered into agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) for
dealing in Equity Shares of the Company in dematerialized form. Your
Company has been allotted (ISIN No. INE 791B01014). The shareholders
may send their share certificates through their depository participants
for having the shares in electronic form.
Other Information
None of the employees were in receipt of remuneration exceeding limits
prescribed u/s. 217(2A) of the Companies Act, 1956 and the Rules made
thereunder.
As required u/s.217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988, Your Directors Report as follows :Ã
A. Conservation of Energy Not Applicable.
B. Technology Absorption Your Company is developing its
capabilities in I. T. Enabled Services
and Medical Transcription as well as
a ERP vending, implementation,
supporting & training services. An
expansion in the operation is ahead
through strategic alliances for
Business Process Outsourcing Projects.
C. (a) Foreign Exchange Rs. 5,256,395.84/- (previous year
Earning Rs. 7,048,247.29/-) including sale
of other 100% EOU units.
(b) Foreign Exchange Out Rs. 3,26,447.44/- (Previous Year
going Rs. 5,05,987.26/-) on account
communication exp., business
procurement fees and ASP/VOIP charges.
Acknowledgements
Your Directors place on record their appreciation for the help and
co-operation received by them from ICICI Bank Ltd., UCO Bank, Allahabad
Bank, Indian Overseas Bank, Union Bank of India, Indusind Bank,
Oriental Bank of Commerce, State Government of West Bengal and Orissa
and Department of Electronics & Department of Telecommunication under
Ministry of Information & Technology, Government of India, specially
Software Technology Parks of India. Your Directors also place on
record their appreciation for the dedicated services rendered by the
employees of your Company
On behalf of the Board of Directors
For LEE & NEE SOFTWARES (EXPORTS) LTD.
Sd/-
Directors : 1. Ajay Agarwal
2. Arpita Gupta
Place : Kolkata
Dated : The 24th day of August, 2011.
Mar 31, 2010
The Directors have pleasure in presenting the 22nd Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2010.
Working and Financial Results
Total Income during the year was Rs.1,12,74,301.17/- as compared to Rs.
1,17,94,096.08/- in the previous year but the profit during the year
amounting to Rs. 14,23,756.96/- as against loss of Rs. 11,02,666.80/-
in previous year.
The net impact of the above, has resulted in profit during the year
compared to the earlier year due to better capacity utilisation in BPO
sector specially in Call Centre Project though it is yet. to be stabled
and suffering from several contingencies and industry hazards.
The Financial Highlights are given below :
Figures for the
Current year Figures for the
Previous year
Rs. Rs.
Balance Brought Forward
from the Last Year (3,05,27,331.35) (3,16,29,998..15)
Profit/(Loss) Before
Depreciation 17,19,798.96 15,05,796.43
(2,88,07,532.39) (3,01,24,201.72)
Add/Less :
Depreciation (2,96,042.00) (4,03,129.63)
Loss Rs. (2,91,03,574.39) Rs. (3,05,27,331.35)
Dividend
No dividend is recommended in view of the accumulated loss during the
year apart from meeting the contingent liabilities.
Future Prospects
BPO (Business Process Outsourcing) - The Company is targetting ITES
based services, both voice & non-voice based projects from several
organisations in USA, Canada, UK & Australia. Endeavours are being made
to move towards better segment of ITES such as KPO (Knowledge Process
Outsourcing) & EPO (Education Process Outsourcing). To bridge the gap
of manpower the Company has targeted to explore market of manpower
development, manpower resourcing, developing, delivering under the new
brand name LNSEL Jobs Online which has resulted in positive. Endeavours
are being made for strategic alliances with staffing Companies in U. S.
A.
The Company is preparing itself to set up a SEZ unit and is working for
Suitable space in a Special Economic Zone of a size more than several
times of its current size. The Company envisages to move to SEZ
(Special Economic Zone) on allotment of land from the respective
authorities. The Company further wishes to pursue ERP implementation
projects and hopeful of sizeable orders. Outlook
The Company apart from software services, has established its
reputation in the market as an Information Technology Enabled Service
provider (ITES) specially in Medical Transcription as well as
International Call Centre. The proposed expansion would further
consolidate the position of the Company. This would have a better
margin of profitability and would result in higher growth of the
Company. New area of ERP implementation projects shall further add to
the revenue of the Company.
Your Directors are glad to report that the adverse factors stand
substantially abated so far in the current year. Accordingly your
directors are confident of achieving better results in the year
2010-11. Fixed Deposits
The Company has not accepted any deposit from the Public. Directors
Your Director, Mr. Sagarma! Gupta, retires at the ensuing Annual
General Meeting and being eligible offers himself for re- appointment.
Mrs. Arpita Gupta has been appointed as director by the Board of
Directors to fill the casual vacancy caused by resignation of Mr.
Paresh Agarwal on 24.10.2009. Mr. Paresh Agarwal was director for a
long time and was Chairman of audit committee. The Company appreciates
his valuable services during his tennure of directorship.
Directors Responsibility Statement Your Directors confirm :
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgements 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 of the Company for that year.
(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, 1956, 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.
Auditors
Your Auditors M/s. Om Sagar & Associates, Chartered Accountants also
retire at the Annual General Meeting, are eligible for the
re-appointment. The Auditors have furnished the certificate under
section 224(1 )(B) of the Companies Act, 1956 of their eligibility for
reappointment.-
Auditors Observations
As regards observations made by the Auditors, the relevant notes in
Schedule-14 are self explanatory.
Cash Flow
In accordance with the requirement of Clause 32 of the Listing
Agreement with the Stock Exchanges, a cash flow statement duly verified
by your Auditors together with the certificate is annexed hereto.
Corporate Governance
Your Company has complied with the requirements of Corporate Governance
pursuant to clause 49 of Listing Agreement with the Stock Exchanges and
a report to that effect is enclosed herewith.
Dematerialization of Equity Shares
Your Company has entered into agreement with National Securities
Depository Ltd. (NSDL) and Central Depository Services (India) Ltd.
(CDSIL) for dealing in Equity Shares of the Company in dematerialized
form. Your Company has been allotted (ISIN No. INE 791B01014). The
shareholders may send their share certificates through their depository
participants for having the shares in electronic form.
Other Information
None of the employees were in receipt of remuneration exceeding limits
prescribed u/s. 217(2A) of the Companies Act, 1956 and the Rules made
thereunder.
Acknowledgments
Your Directors place on record their appreciation for the help and
co-operation received by them from ICICI Bank Ltd., UCO Bank, Allahabad
Bank, Indian Overseas Bank, Union Bank of India, Indusind Bank,
Oriental Bank of Commerce, State Government of West Bengal and Orissa
and Department of Electronics & Department of Telecommunication under
Ministry of Information & Technology, Government of India, specially
Software Technology Parks of India. Your Directors also place on
record their appreciation for the dedicated services rendered by the
employees of your Company at all levels.
On behalf of the Board of Directors
For LEE & NEE SOFTWARES (EXPORTS) LTD.
Sd/-
Place : Kolkata Directors : 1. Ajay Agarwal
Dated : The 25th day of August, 2010. 2. Arpita Gupta
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