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Directors Report of Megri Soft Ltd.

Mar 31, 2015

Dear Members,

The Directors are delighted to present the 24th Annual Report on our business and operations together with the Audited Financial Statements for the year ended March 31, 2015.

Financial Results Year Ended Year Ended Particulars 31.03.2015 31.03.2014 (Rs. In Lacs] (Rs. In Lacs]

Total Income 405.86 500.77

Depreciation 33.22 29.13

Profit/fLoss) Before Taxes 200.50 225.11

Provision for Taxation 30.47 24.52

Net Profit/fLoss) After Tax 170.03 200.59

Net Profit/(Loss) Carried To Balance Sheet 170.03 200.59

Paid Up Share Capital (Face Value Rs. 314.07 314.07 10/- each fully paid up)

Finances

This year the Company registered income from operation around Rs. 405.86 Lacs as compared to last year of Rs. 500.77 Lacs and also registered a net profit (after taxes) of Rs. 170.03 Lacs which is lower than last year's profits of Rs. 200.59 Lacs (after taxes). There has been decline in profit as well as sale as compare to previous year because of decline in major services relating to search engine optimization carried out by Company. However Company has already starting diversifying to new technologies of mobile and web application development. The Company has started further development of its web portal and votral on various subjects.

Transfer to General Reserve

We propose to transfer 17.00 Lacs (10% of the standalone net profit of the year) to the general reserve. An amount of 153.03 Lacs proposed to be retained in surplus.

Share Capital

There have been no changes in the Authorized Share Capital, issued subscribed and paid-up share capital during the year under review. The authorized share capital was Rs. 3,30,00,000/- divided into 33,00,000 equity shares of Rs. 10/- each and the issued, subscribed and paid up share capital remained Rs. 3,14,07,000/- divided into 31,40,700 equity shares of Rs. 10/- each fully paid.

Corporate Governance

Your Company always places a major thrust on managing its affairs with diligence, transparency, responsibility and accountability thereby upholding the important dictum that an Organization's corporate governance philosophy is directly linked to high performance.

The Company is committed to adopting and adhering to established world-class corporate governance practices. The Company understands and respects its fiduciary role and responsibility towards its stakeholders and society at large and strives to serve their interests, resulting in creation of value and wealth for ah its stakeholders.

The report on corporate governance and requisite certificate from Auditors of the Company confirming compliance with the conditions of Corporate Governance, as stipulated under Clause 49 of the listing agreement with the Stock Exchanges, is attached herewith.

Your Company will continue to implement and adhere in letter and spirit to the policies of good corporate governance.

Contracts & Arrangements with Related Parties

During the year, the Company had not entered into any contract/arrangement/transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions except rent paid to Mr. Mohnesh Kohli & relatives. The particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 in the prescribed Form AOC-2 are given in Annexure I.

Your Directors draw attention of the members to Note 34 to the financial statements which sets out related party disclosures.

Directors & Key Managerial Personnel

* Previous Year at a Glance

* In the previous Financial Year 2013-14, the Company had appointed two Independent Directors (Mr. Anil Kumar Goyal & Mr. Ajay Jagga) for a term of up to two consecutive years on the Board of the Company.

* Further stated that Mr. Rajnesh Sharma, Director of the Company, had been appointed as a Whole-Time Director of the Company pursuant to Section 196, 197, Schedule V and other applicable provisions of Companies Act, 2013, read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

* As per sub-section (13) of Section 149 and sub-section (2) of Section 196 of the Companies Act, 2013, the provisions of retirement by rotation do not apply to Independent Directors and to Whole Time Directors respectively.

* Current Year Details

* The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Act and Clause 49 of the Listing Agreement with the Stock Exchange.

* The Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other individual directors which includes criteria for performance evaluation of the non-executive and executive directors.

* Pursuant to sub-section (6) of Section 152 of the Companies Act, 2013, not less than 2/3rd (Two-third) of the total number of Directors (other than Independent & Whole Time Directors) shall be liable to retire by rotation. In accordance with the provisions of the Act and the Articles of Association of the Company, Ms. Aprajita Kohli, Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible have offered herself for re-appointment.

* The details of programmes for familiarisation of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are put up on the website of the Company at the following link: http: //www.megrisoft.com/Ddfs/fp-id.Ddf

* The following policies of the Company are attached herewith marked as Annexure IIA and Annexure IIB:

a) Policy for selection of Directors and determining Directors independence; and

b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.

* Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, a Company shall have at least one Woman Director on the Board of the Company. Your Company has Ms. Aprajita Kohli as Director on the Board of the Company since September 2009.

* Company Secretary/Chief Financial Officer

Pursuant to the provisions of Section 203 of the Companies Act, 2013 and other applicable provisions, the Company has appointed Ms. Ankita Jain as the Company Secretary/Compliance Officer of the Company with effect from December 04, 2014 and Mr. Rajnesh Sharma as the Chief Financial Officer of the Company with effect from January 24, 2015.

Auditors & Auditors' Report

* Statutory Auditor

At the 23rd Annual General Meeting of the Company held on September 30, 2014, M/s K.K. Bassi & Associates, Chartered Accountants (FRN 005539N), were appointed as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of its 4th Annual General Meeting. In terms of the first proviso to Section 139 of the Companies Act, 2013, the appointment of the Auditors shah be placed for ratification at every Annual general Meeting. Accordingly, the appointment of M/s K.K. Bassi & Associates, Chartered Accountants, as Statutory Auditors of the Company, will be placed for ratification by the shareholders. In this regard, the Company has received a certificate from the Auditors to the effect that if they are appointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.

The Notes on financial statement referred to in the Auditor's Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark.

* Internal Auditor

Pursuant to the provisions of Section 138 of the Companies Act, 2013 and ah other applicable provisions, the Board has appointed M/s Shweta Jindal & Co., Chartered Accountants, Chandigarh (FRN 026490N), as the Internal Auditor of the Company to conduct the Internal Audit functions.

Further stated that the Audit Committee shah in consultation with the Internal Auditor, formulate the scope, functioning, periodicity and methodology for conducting the Internal Audit from time to time.

The Internal Auditor reports directly to the Audit Committee.

* Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and ah other applicable provisions, the Board has appointed M/s A.M. & Associates., Company Secretaries (CP No. 9951), to undertake the Secretarial Audit of the Company for F.Y. 2014-15.

The Report on Secretarial Audit forms a part of this Annual Report as Annexure III. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Director's Responsibility Statement

In terms of provisions of Section 134(5) of the Companies Act, 2013, ("Act"), your Directors state that:

1. In the preparation of annual accounts, the applicable accounting standards have been followed, along with proper explanation relating to material departures, wherever applicable;

2. They 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 or loss of the Company for that period;

3. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. The annual accounts have been prepared on a going concern basis;

5. The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

6. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Dividend

In order to strengthen the financial position of the Company, your directors proposed to retain the profits for future growth & expansions therefore do not recommend any dividend for the year.

Segment Reporting

Segment Reporting is not applicable for the Company.

Disclosures

* Audit Committee

The Audit Committee comprises Independent Directors namely Mr. Anil Kumar Goyal (Chairman), Mr. Ajay Jagga and Mr. Mohnesh Kohli as other members. All the recommendations made by the Audit Committee were accepted by the Board. The Company Secretary acts as a Secretary to the Committee also.

* Vigil Mechanism

The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of the Listing Agreement, includes an Ethics & Compliance Task Force comprising senior executives of the Company. Protected disclosures can be made by a Whistleblower through an e-mail, or dedicated telephone line or a letter to the Task Force or to the Chairman of the Audit Committee.

The Vigil Mechanism/ Whistle Blower policy is available for view on the Company's website at the following link: http; //www.megrisoft.com/pdfs/wbp.pdf

* Meetings of the Board

Nine meetings of the Board of Directors were held during the year. For further details, please refer report on Corporate Governance Report of this Annual Report.

* Particulars of Loans given, Investments made, Guarantees given and Securities provided

The Company has not given any loans or made any investments or given any guarantees or provided any securities to any person or body corporate mentioned under Section 186 of the Companies Act, 2013.

* Public Deposits and Liquidity

We continue to be debt-free, and believe we maintain sufficient cash to meet our strategic objectives. During FY 2014-15, your Company has not accepted any deposits or raised any fresh equity from the public.

* Energy Conservation, Technology Adoption And Foreign Exchange Flows

Since the Company (Megri Soft Limited) is a Service Sector Company and does not own any manufacturing facility, the other particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1998 are not applicable.

The particulars regarding foreign exchange earnings during the year of Rs. 334.88 Lacs only (Previous Year Rs. 423.48 Lacs) and expenditure in foreign currency is Rs. 49.28 Lacs only (Previous year 44.85 Lacs).

We operate in the internet/ information technology industry where new developments happen on a continuous basis. We regularly evaluate these developments & factor their suitability to us. Accordingly, research and development of new services, designs, frameworks, processes and methodologies continue to be of importance to us. This allows us to enhance quality, productivity and customer satisfaction through continuous improvements/inn ovation.

Your Company continues to use state-of-the-art technology for improving the productivity and quality of its products and services. To create adequate infrastructure, your Company continues to invest in the latest hardware and software.

* Extract of Annual Return

Extract of Annual Return of the Company is annexed herewith as Annexure IV to this Report.

* Particulars of the Employees

No employee of the Company is in receipt of remuneration in excess of the limits prescribed under the provisions of Section 197(12) of the Act read with Rules 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

* General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Human Resources

Human resources play a key role in the performance of every organization. Your Company strongly believes that it is the employees who will make significant contribution to the success and growth of a business. The employee relations remained steady and harmonious throughout the year under review resulting in high level of performance.

Employees are our vital and most valuable assets. We have created a favorable work environment that encourages innovation and meritocracy. We have also set up a scalable recruitment and human resources management process, which enables us to attract and retain high caliber employees.

Green Initiatives

The Company has implemented the "Green Initiative" to enable electronic delivery of notices/documents and annual reports to shareholders. Electronic copies of the Annual Report 2014-15 and Notice of the 24th Annual General Meeting shall be sent to members whose email addresses are registered with the Company. For members, who have not registered their email addresses, physical copies of the Annual Report 2015 and the Notice of the 24th Annual General Meeting shall be sent in permitted mode. Members requiring a physical copy may request the Company for the same.

The Company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in the Notice. This is pursuant to Section 108 of the Companies Act, 2013 read with relevant rules thereon. The instructions for e-voting are provided in the N otice of the meeting.

Risk Management

During the year, your Directors have constituted a Risk Management Committee which has been entrusted with the responsibility to assist the Board in (a) Overseeing and approving the Company's enterprise wide risk management framework; and (b) Overseeing that all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks.

The Policy on Risk Management is available for view on the Company's website at the following link: http; //www.megrisoft.com/pdfs/rmp.pdf

Management Discussion And Analysis Report

The Management Discussion and Analysis Report for the year under review as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented in a separate section forming part of this Annual Report.

Acknowledgment

We thank our customers, vendors, investors and bankers for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.

We also thank the Government of India, particularly the Ministry of Communication and Information Technology, the Customs and Excise Departments, the Income Tax Department, the Ministry of Commerce, the Ministry of Finance, the Reserve Bank of India, the state governments, the Software Technology Parks (STPs)-Mohali and other government agencies for their support, and look forward to their continued support in the future.

For and on behalf of the Board

Place: Chandigarh Mohnesh Kohli Rajnesh Sharma Date: May 29,2015 Director Whole-Time Director & DIN:01784617 Chief Financial Officer DIN:02528435


Mar 31, 2014

Dear Members,

The Directors are delighted to present the 23rd Annual Report on our business and operations together with the Audited Accounts for the year ended March 31, 2014.

Results Of Operations

Year Ended Year Ended Particulars 31.03.2014 31.03.2013 (Rs. In Lacs) (Rs. in Lacs)

Total Income 500.77 688.30

Gross Operating Profit/Loss 254.24 329.65

Depreciation 29.13 28.51

Profit/Loss Before Taxes 225.11 301.14

Provision for Taxation 24.52 36.77

Net Profit/Loss After Tax 200.59 264.37

Net Profit/Loss Carried To Balance Sheet 200.59 264.37

Paid Up Share Capital 314.07 314.07

Operational Review and Prospects

During the year under review, the company has been carrying on dotcom and technology business, Domain Registration, Web Hosting, Web Designing, Web Development, Scripting, Web Based Software Development, Web Promotion, Search Engine building and SEO services in addition to development of own Indian and International Web Portals/vortals on various subjects as well as provided IT/ITES services to the Clients also.

Finances

This year the company registered income from operation around Rs. 500.77 Lacs as compared to last year of Rs. 688.30 Lacs and also registered a net profit (after taxes) of Rs. 200.59 Lacs which is lower than last year''s profits of Rs. 264.37 (after taxes). There has been decline in profit as sale as compare to previous year because of decline in major services relating to search engine carried out by company. However company has already starting diversifying to new technologies of mobile and web application development. The company has started further development of its web portal and Votral on various subject.

Transfer to General Reserve

We propose to transfer 20.06 lacs (10% of the standalone net profit Of the year) to the general reserve. An amount of 180.53 lacs proposed to be retained in surplus.

Segment Reporting

Your company is organizing itself to become a leading player in the IT related applications which will provide your Company the competitive edge over the others. The company has developed around 65 of its own web portals. Although they are still in their developing stage but they are attracting heavy traffic and have a large online presence. The web portals have attracted International traffic and successfully catered to quite a large viewer base.

The planned list of the company''s web portals is very large, which have made quite a significant presence on web. Also the web pedals of the company are having top ranking at premium search engines. The company is in the process of developing a large online web clientage as well as a large offline customer base. Your Directors are putting in their best so as to extract the best potential of the Company and make it a leading Dotcom Company. The Directors have also planned to diversify and have already started to develop in other related fields like E-commerce, web applications and development, directory scripts, readymade website sellers, payment gateway and other internet and IT related activities which will result in increasing the present clientele of the company and thereby increasing its revenue, The Directors are hopeful of achieving better results in the next year barring unforeseen circumstances.

Share Capital

There have been no changes In the Authorized Share Capital, Issued subscribed and paid-up share capital during the year under review. The authorized share capital was Rs. 33,000,000.00 divided into 33,00,000 equity shares of Rs. 10/- and the issued, subscribed and paid up share capital remained Rs. 3,14,07,000 divided into 31,40,700 equity shares of Rs. 10/- each fully paid.

Corporate Governance

Your Company always places a major thrust on managing its affairs with diligence, transparency, responsibility and accountability thereby upholding the important dictum that an Organisation''s corporate governance philosophy is directly linked to high performance.

The Company is committed to adopting and adhering to established world-class corporate governance practices. The Company understands and respects Its fiduciary role and responsibility towards its stakeholders and society at large and strives to serve their interests, resulting in creation of value and wealth for all its stakeholders.

The Company also adopted a Policy on Prevention of Sexual Harassment at workplace in compliance with the requirements of the "The Sexual Harassment of Women at Workplace (prevention, Prohibition and Redressal) Act, 2013 and constituted an internal complaints committee to look into the complaints of sexual harassment in terms of provisions of the said Act,

The compliance report on corporate governance and a certificate from M/s K K Bassl & Associates Chandigarh, Chartered Accountants, Statutory Auditors of the Company regarding compliance of the conditions of Corporate Governance, as stipulated under Clause 49 or the listing agreement with the Stock Exchanges, is attached herewith.

Your Company will continue to implement and adhere In letter and spirit to the policies of good corporate governance.

Directors

The Beard of Directors of the Company is duty constituted and comprises of highly qualified and experienced professionals. During the year under review, there has been few change In the composition of the hoard of directors of your Company.

The Companies Act, 2013 provides for appointment of independent directors for a term of up to five consecutive years on the Board of a Company and that they shall be eligible for re-appointment on passing a resolution by the shareholders of the company. Further, it provides that no independent director shall be eligible for more than two consecutive terms of five years. As per sub-section (13) of the Section 149 of the Companies Act, 2013 the provisions of retirement by rotation do not apply to independent directors. The company''s independent directors were appointed as directors liable to retire by rotation under the provisions of the erstwhile Companies Actr 1956.

Therefore, in accordance with the requirements of the Companies Act, 2013, Mr Ajay Jagga the existing Independent Directors are proposed to be appointed for a term upto two consecutive years. During this period of 2 years they shall not be liable to retire and seek appointment at the AGM. Mr Anil Kumar Goyal is also proposed to be appointed as Independent Directors for a term up to two consecutive years. During this period of 2 years they shall not he liable to retire and seek appointment at the AGM.

Further, as per Companies Act, 2013, not less than 2/3rd (Two-third) of total number of Directors (other than Independent Directors) shall be liable to retire by rotation. Accordingly,

Mr. Mohnesh kohil is liable to retire by rotation and, being eligible, offers himself for re-appointment.

Mr Rajnesh Sharma, Director of the Company, has given his consent and offered himself for appointment as Whole-Time Director of the Company pursuant to Section 196, 197, Schedule V and Other applicable provisions Of Companies Act, 2013, read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Your directors recommended his appointment as Whole-Time Director of the Company In the ensuing Annual General Meeting.

Auditor''s Report

There was no qualification in the Auditors Report and both the Auditors Report & notes on accounts are self-explanatory.

Auditors

M/s K K Bassl & Associates, Chandigarh (FRN-005539N), Chartered Accountants hold office until the conclusion of forthcoming Annual General Meeting and being eligible offer themselves for re-appointment.

Director''s Responsiblity Statement

In terms of provisions of Section 217(2AAJ of the Companies Act, 1956, ("Act"), your Directors confirm that:

1. In the preparation of annual accounts, the applicable accounting standards have been followed, along with proper explanation relating to materiel departures, wherever applicable,

2. They 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 or loss of the company for that period.

3. They 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.

4. The annual accounts have been prepared an a going concern basis.

Listing of Shares

The Equity Shares of the company are listed at Ludhiana and Delhi Stock Exchange. All listing fees due of Stock Exchange paid up to 2014.

Dividend

In order to strengthen the financial position of the company, your directors proposed to retain the profits for future growth &. expansions therefore do not recommend any dividend for the year.

Audit Committee

The Committee met four times during the year. The Board of Directors has accepted all the recommendations of the Audit Committee,

Public Deposits and Liquidity

We continue to be almost debt-free, and believe we maintain sufficient cash to meet our Strategic objectives. During FY 2013-14, your Company has not accepted any deposits or raised any fresh equity from the public.

Human Resources

Human resources play a key role In the performance of every organization. Your Company Strongly believes that it is the employees who will make significant contribution to the success and growth of a business. The employee relations remained steady and harmonious throughout the year under review resulting in high level of performance.

Employees are our vital and most valuable assets. We have created a favorable work environment that encourages innovation and meritocracy. We have also set up a scalable recruitment and human resources management process, which enables us to attract and retain high caliber employees.

Particulars of the Employees

No employee of the Company is in receipt of remuneration in excess of the limits prescribed under the provisions of Section 217(2A) or the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended up to date

Energy Conservation, Technology Adoption And Foreign Exchange Flows

Since the Company is a service sector company and does not own any manufacturing facility, the other particulars In the Companies (Disclosure of Particulars in the Report oF the Board of Directors) Rules, 1998 are not applicable.

The particulars regarding foreign exchange earnings and expenditure during the year of Rs. 423.48 Lacs only (Previous Year Rs. 601.55 Lacs) and expenditure in foreign currency is Rs. 44.85 Lacs only (Previous year 21.09 Lacs).

We operate in the internet/ Information technology industry where new developments happen on a continuous basis. We regularly evaluate these developments & factor their suitability to us. Accordingly, research and development of new services, designs, frameworks, processes and methodologies continue to be of importance to US. This allows US to enhance quality, productivity and customer satisfaction through continuous improvements/lnnovation.

Your Company continues to use state-of-the-art technology for improving the productivity and quality of its products and services. To create adequate infrastructure, your Company continues to invest in the latest hardware and software.

Green Initiatives

The Company has implemented the "Green Initiative" as per Circular Nos. 17/2011 dated April 21, 2011 and 18/2011 dated April 29, 2011 issued by the Ministry of Corporate Affairs (MCA) to enable electronic delivery of notices/documents and annual reports to shareholders.

Electronic copies of the Annual Report 2014 and notice of the 23rd Annual General Meeting are sent to some members whose e-mail addresses are registered with the Company, For members, Who have not registered their e-mail addresses, physical copies of the Annual Report 2014 and the Notice of the 23rd Annual General Meeting are sent in permitted mode. Members requiring a physical copy may send a request to the Company.

Disclosure of materially significant related party transactions

The Company has not entered into any transactions of material nature with the directors or management or their relatives etc. during the year, which may have potential conflicts with the Interest of the Company. There Is no pecuniary transaction with the independent/non-executive directors other than rent paid to Mr. Mohnesh Kohli and relatives.

Management Discussion And analysis Report

Pursuant to the provisions of Clause 49 of the Listing Agreement, a report on Management Discussion a Analysis Is set out as Annexure to this Report.

CEO''s Declaration

Pursuant to the provisions of Clause 49(I) (D) (II) of the Listing Agreement, a declaration by the Director of the Company stating that all the members of the Board and the Senior Management Personnel of the Company have affirmed compliance With the Code of Conduct of the Company Is set out as Annexure to this Report

Acknowledgment

We thank our customers, vendors, Investors and bankers for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels, Our consistent growth was made possible by their hard work, solidarity, cooperation and support.

We also thank the Government of India, particularly the Ministry of Communication and Information Technology, the Customs and Excise Departments, the Income Tax Department, the Ministry of Commerce, the Ministry of Finance, the Reserve Bank of India, the state governments, the Software Technology Parks (STPs)-Chandigarh and other government agencies for their support, and look forward to their continued support In the future.

For and on behalf of the Board Mohnesh Kohli Rajnesh Sharma Place: Chandigarh Director Director Date: September 2, 2014