Mar 31, 2014
Dear Members,
The Directors hereby present the Annual Report on the business and
operations of the Company together with the Audited Statement of
Accounts for the year ended 31st March, 2014.
1. Financial Results
Particulars 2013-14 2012-13
(in Rs) (in Rs)
Total Income 7,02,41,643 9,98,26,542
Less: Expenditure 20,3531,122 19,09,25,972
Profit/(Loss) before Depreciation,
Finance Charges and Tax (13,32,89,479) (9,10,99,430)
Less: Interest and Financial Charges 33,29,205 4,67,38,355
Less: Depreciation 99,56,221 1,87,91,752
Profit/(Loss) before Tax (14,65,74,905) (15,66,29,537)
Less: Provision for Taxation - -
Less: Prior Period Taxation
Adjustments - (1,17,60,179)
Add: Deferred Tax - (7,25,195)
Profit/(Loss) for the Year (14,65,74,905) (14,41,44,163)
Add: Balance brought forward from
previous year (8,31,80,134) 6,09,63,530
Less: Appropriated as per Scheme
of Arrangement - -
Profit available for appropriation - -
Less: Appropriations Transfer to
General Reserve - -
Balance carried forward (22,97,55,039) (8,31,80,634)
2. Dividend:
Considering the need for conservation of resources, the Board does not
recommend any dividend.
3. Directors
Mr. Balkrishna Tendulkar has resigned from the Board w.e.f. 1st April,
2013. The Board of Directors appointed Mr. Murlidharan Nair as an
Independent Director. and Mr. Niladri Mondal as an Independent Director
on the Board w.e.f. 1st April, 2013 and 16th November, 2013
respectively.
4. Disclosure Under Section 274(1)(g)
None of the Directors of the Company are disqualified from being
appointed as Directors as specified under Section 274(1)(g) of the
Companies Act, 1956 as amended by the Companies (Amendment) Act, 2000.
5. Code of Conduct
Your Company has a Code of Conduct as per the listing agreement which
is applicable to all the Directors and senior management of the
Company. The Company has received confirmations from all Directors and
senior management of the Company about their compliance with the said
code of conduct during the financial year ended 31st March, 2014.
6. Directors'' Responsibility Statement:
To the best of their knowledge and belief, and according to the
information and explanations provided to them, your Directors make the
following statement, pursuant to Section 217 (2AA) of the Companies
Act, 1956:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) the appropriate accounting policies have been selected and applied
consistently and judgments and estimates that are reasonable and
prudent made so as to give a true and fair view of the state of affairs
of the Company as at March 31,2014 and of the profit of the Company for
the year April 1, 2013 to March 31, 2014;
(iii) the 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
detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis
7. Corporate Governance-
Due to reasons beyond control, the Company was unable to comply with
some of the mandatory provisions of Corporate Governance as prescribed
in the Listing Agreement. A separate report on Corporate Governance
compliance is included as a part of the Annual Report along with the
Auditors'' Certificate.
8. Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgoings-
Disclosure of information in accordance with the provisions of Section
217(1) (e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 regarding conservation of energy and technology absorption is not
applicable to your Company.
The particular regarding foreign exchange earnings and foreign exchange
expenditure during the year of Rs. Rs.71,38,349 and Rs.97,60,186
respectively are as appearing in Note no. XIII (c) & (d) of notes to
accounts.
9. Public Deposits-
The Company has not accepted any Fixed Deposits from the Public /
Shareholders.
10. Auditors and Auditors'' Report-
M/s. R A R & Associates, Chartered Accountants, Mumbai, the statutory
auditors of the Company retire at the conclusion of the forthcoming
Annual General Meeting and being eligible, have offered themselves for
re-appointment. The Company has received a Certificate from them to the
effect that their re-appointment, if made, would be within the limits
prescribed under the Companies Act, 2013.
Directors'' reply to adverse remarks in Auditors'' Report:
There were certain defaults in depositing with appropriate authorities
undisputed statutory dues, but the Company has paid the dues.
Even although default in payment to financial institution is happened,
but the Company has taken steps to pay the dues.
11. Particulars of Employees-
None of the employees are covered under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
12. Appreciation-
Your Board takes this opportunity to express its sincere appreciation
of the excellent contribution made by all its employees towards the
overall performance of your company. Your Directors also thank all the
shareholders, dealers, suppliers, bankers and other business associates
for their valuable service and support during the year.
For and on behalf of Board of Directors
Dr. K. K. Menon Mr. Rajiv Nair
(Chairman & Managing Director) (Director)
Place : Navi Mumbai
Date : 28th November, 2014
Mar 31, 2010
The Directors take pleasure in presenting the Thirty Seventh Annual
Report on the business and operations of the Company together with the
Audited Statement of Accounts for the period ended 31st March, 2010.
1. Financial Results (Rs. In Thousands)
Current Previous
Year Year
Total Income 293,395 280,301
Less: Expenditure 248,241 243,986
Profit before Depreciation,
Finance Charges and Tax 45,154 36,315
Less: Interest and Financial
Charges 23.853 13,943
Less: Depreciation 17,324 12,396
Profit before Tax 3,977 9,976
Less: Provision for Taxation 1,801 7,170
Profit / (Loss) after tax 2,176 2,806
Less: Short provision for tax
on earlier years - 818
Add: Prior period items Add:
Balance brought forward from
previous year 70,003 68,015
Profit available for
appropriation 72,179 70,003
Less: Appropriations Transfer to
General Reserve
Balance carried forward 72,179 70,003
2. Management Discussion And Analysis
(a) Industry Structure and Development: The Indian economic growth
enhanced to 7.4 percent in 2009-10. The performance of your Company
during the year under report has shown the fall over the previous year.
The total revenue for the year ended March 31, 2010 amounted to
Rs.2,858.60 lacs, as against Rs.2,788.45 lacs, registering a growth by
3 per cent over the last year.
(b) Segment wise operational performance: Your Company has three main
segments of business viz. Medical Embedded Systems ("MES"), Information
Technology ("IT") and Electronics & Instrumentation (ELE).
The sale of MES division has increased by 22 per cent. The sale of IT
division has decreased significantly by 49 per cent. The gross income
from Infrastructure activity has increased significantly by 8 per cent.
The sale of Electronics division has decreased significantly by 37 per
cent. During the year under review your Company has upgraded its
existing products with better technology and features.
(c) Outlook: The overall outlook for the Indian Economy continues to be
positive and growth oriented. The focus on strengthening the health
care and IT with increase in all allocation for capital goods and
infrastructure related projects in Public and private sectors, both the
business segments are expected to accelerate the growth rate in the
year ahead.
(d) Threats and Concerns: The most important threat continues to be
competition from low cost imported products.
Manpower costs are rising as many large companies are mopping the
available talent pool supply of which is limited. Thus for small and
mid-range companies, retaining high quality manpower is a concern.
(e) Internal control systems and their adequacy: Your Company has well
established and adequate systems for internal control to provide
reasonable assurance that all assets are safeguarded; transactions are
authorized and reported correctly.
The internal control system provides well documented policies,
guidelines authorization and approval procedures for its operations.
Your Company maintains controls of high norms both in raw material as
well as finished goods. The percentage of rejection from market has
reduced drastically due to controls set up in this division.
To achieve high level of customer satisfaction, your company is
regularly conducting training programs for its engineers and technical
staff on continuous basis, this has resulted in call solving at the
initial level itself.
The distribution activity of your Company is mainly controlled through
appointing well established dealers who are experienced in this field
and setting up targets for sales and service.
(f) Human Resources: Your Company continuously endeavors to improve the
work environment for its employees. Competitive compensation package,
innovative and challenging environment to work, transportation
facilities, etc., are some of the steps taken by the Company for the
welfare of its employees.
3. Dividend
Considering the need for conservation of resources, the Board does not
recommend any dividend.
4. Equity Capital
During the year ended March 31, 2010 the Company repurchased a total of
43,702 equity shares through Bombay Stock Exchange for an aggregate
consideration of Rs.20,12,840/- being 6.18% of the amount authorised
for the buy back. Subsequently, the Company extinguished 43,702 equity
shares on different dates.
5. Consolidated Financial Statements
As stipulated in the listing agreement with the stock exchanges, the
consolidated financial statements have been prepared by the company in
accordance with the relevant accounting standards issued by the
Institute of Chartered Accountants of India. The audited consolidated
financial statements together with Auditors Report thereon form part of
the Annual Report.
6. Directors
In accordance with the provisions of the Companies Act, 1956 and the
Companys Articles of Association Mr. Ketan Shah retires by rotation,
and being eligible, offers himself for re-appointment at the ensuing
general meeting.
7. Directors Responsibility Statement
To the best of their knowledge and belief, and according to the
information and explanations provided to them, your Directors make the
following statement, pursuant to Section 217 (2AA) of the Companies
Act, 1956:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) the appropriate accounting policies have been selected and applied
consistently and judgments and estimates that are reasonable and
prudent made so as to give a true and fair view of the state of affairs
of the Company as at March 31,2010 and of the profit of the Company for
the year April 1, 2009 to March 31, 2010;
(iii) the 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
detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis.
8. Report on Subsidiary Companies
In the year 2007-08 your Company had set-up wholly owned subsidiary
Company in Free Trade Zone, Sharjah viz. Maestros Middle East FZE. The
subsidiary has been setup to focus on the Middle East Market. The
subsidiary is engaged in providing IT & IT enabled services and has
competencies like advance infrastructure solutions, business process
and integration solutions, data management solutions etc. and
specialisations like active directory, database management, exchange
migration and deployment, identity & secure access etc. The total
revenue of subsidiary has reached to 1,473,583 AED as compared to
1,334,767 AED of last year. Pursuant to Section 212 of the Companies
Act, 1956 the annual audited accounts of the same are attached herewith
and form part of this Annual Report.
9. Corporate Governance
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the Listing Agreement. A separate report on
Corporate Governance compliance is included as a part of the Annual
Report along with the Auditors Certificate.
10. Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings and Outgoings
Disclosure of information in accordance with the provisions of Section
217(1) (e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 regarding conservation of energy and technology absorption is not
applicable to your Company.
The particulars regarding foreign exchange earnings and foreign
exchange expenditure during the year of Rs.5,310,397/- and
Rs.3,859,626/- respectively are as appearing in Note no. XV I of the
Notes to Accounts.
11. Public Deposits
The Company has not accepted any Fixed Deposits from the Public
/Shareholders.
12. Auditors and Auditors Report
M/s. R A R & Associates, Chartered Accountants, Mumbai, the statutory
auditors of the Company retire at the conclusion of the forthcoming
Annual General Meeting and being eligible, have offered themselves for
re-appointment. The Company has received a Certificate from them to the
effect that their re-appointment, if made, would be within the limits
prescribed under Section 224 (1- B) of the Companies Act, 1956.
13. Particulars of Employees
Information required pursuant to the provisions of Section 217(2 A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended, is not applicable to your Company.
14. Appreciation
Your Board takes this opportunity to express its sincere appreciation
of the excellent contribution made by all its employees towards the
overall performance of your company. Your Directors also thank all the
shareholders, dealers, suppliers, bankers and other business associates
for their valuable service and support during the year.
For and on behalf of Board of Directors
Dr. N. S. Paranjape Dr. K. K. Menon Mr. B. K. Tendulkar
(Chairman) (Managing Director) (Director)
Registered Office:
Plot No. EL-63, Electronic Zone,
T.T.C Industrial Area, M.I.D.C,
Mahape, Navi Mumbai - 400 701,
Maharashtra, India.
Date: June 21, 2010.
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