Mar 31, 2015
The Directors have pleasure in presenting their 21st Annual Report on
the business and operations of the Company and the accounts for the
Financial Year ended March 31, 2015.
1. Financial summary
The Company's financial performance, for the year ended March 31, 2015
is summarized below:
Rsin Lakhs
Particulars Current Year ended Previous year ended
31st March 2015 31st March 2014
Gross Revenue 162.50 52.00
Profit before
interest,
depreciation &
taxes 30.19 2.14
Interest 0.00 0.11
Depreciation &
Amortization 2.97 0.34
Profit /Loss
After Tax 27.45 1.37
2. Performance of the Company
The turnover of the Company for the current year is Rs. 162.50 lacs.
The Company recorded a profit of Rs. 27.45 lacs as against a profit of
Rs. 1.37 lacs during previous year.
3. Dividend
The Company is not providing any dividend for the year.
4. State of Company's affair & Future Outlook The Company is focusing
on following segments.
1) E commerce
2) I T solutions
E Commmerce:
It is a known fact that the Company was started in 1999, with the Sole
Objective of ecommerce. As there was a com burst across the world the
company changed its business model and moved to Enterprise Solutions.
We are delighted to inform you that the Company again has started
focusing on e Commerce activities and performing immensely well in this
direction. It has become India's first listed e Commerce Company.
The Company has launched India's First Multilingual Portal by name
www.niharonline.com in three languages i.e., English, Hindi and Telugu
on 29.12.1999. The Website www.niharonline.com is almost getting more
than one lakh of visitors every day from 140 Countries at that point of
time. The Company has appointed proper team of professionals for
effective carrying out the E commerce activities.
Till now, the Company has launched the seven e-commerce portals under
the Brand Nihar Market and Six Content portals under the Brand Nihar
Web, details of which have been mentioned below.
The Company also has the following ecommerce portals under Nihar Market
www.niharmarket.com Goldsiver.in- Online portal for selling of Gold &
Silver ornaments, coins etc.
- The Portal was officially launched on the Occasion of Akshaya Tritya
on 21st April, 2015.
- It is a B2C e Commerce Portal for Minted Gold and Silver Products,
Pure Gold and Silver Products and 92.5 Silver.
- Currently the Portal has the Minted Products of MMTC-PAMP and 92.5
Silver Products.
- The portal has signed agreements with various sellers like Stock
Holding Corporation of India Ltd., Nihar Stocks Ltd. and is in the
process of on boarding more sellers on the portal. All the sellers on
Goldnsilver.in are Handpicked and are ensured that they maintain the
best quality.
- The Company is soon launching the Mobile App on different platforms.
Cinescope.in- Online movie streaming portal
- Cinescope.in provides Online Streaming of Movies on a Monthly
Subscription Fees Model.
- The portal currently has around 100 exclusive movies on its portal
and is in process of increasing the Catalogue.
- The portal is in plans to come with a unique strategy for the Medium
and Low Budget Movies to monetize huge collections on the Day of
Release.
- The Portal also has a huge collection of CDs and DVDs of movies in
Different Languages for Online buying.
Banyanstore.com- It is B2B portal focusing on LED's , furniture,
building material etc.
- It is a B2B e Commerce Portal on a Marketplace Model.
- Currently the Portal has various products like LEDs, Furniture and
other products.
- The Company is also signing agreements with Various Manufacturers in
India and is planning to have at least 100 Manufacturers on its portal
very soon.
Makeadeal.in- It is a portal for comparison of product and price with
various other portals
- It is a Product and Price Comparison Portal which aggregates good
products from various ecommerce portals.
- The Objective of this Portal is to enhance the Buying Experience of
the Online Buyers.
- The Portal has products under various categories like Men, Women,
Books, Kids, Home and Furniture etc.
- The Portal also aggregates the best deals from various ecommerce
portals like Flipkart, Amazon, Snapdeal and Infibeam. Smartmelody.in-
Online music portal of movies
- A Friendly User Interface that provides Catalogue of 40 Albums with
250 Songs, Customized Playlists, Provision for Online Streaming of
Audio Songs.
- The Objective of the Portal is to have a huge collection of Audio
Songs on Online Streaming Model.
- The Company is in talks with various Record Label Companies for the
same. ITdukaan.com- Portal for Online shopping of Electronics and
Mobiles
- It is an e Commerce Portal for all types of Electronics like -
Mobiles, Tablets, Accessories, Laptops, Television, Cameras, Speakers &
Headphones, Printers, Routers & Data cards.
- The objective of the portal is to connect the Brand and the
Consumers.
- The Portal also has the various top Deals on various Brands.
- Anyservice.in- Online selling of various services like loans,
insurance, finance, plumbing, electrical etc.
- It is a B2C e Commerce Portal based on Marketplace Model that enables
users to search for various services based on Location.
- It provides various services like Home Loan, Education Loan, Auto
Loan, Personal Loan, Business Loan, Loan Against Property, Loan Against
Shares, Broking Account, Demat Account, Investigation Services,
Verification Services etc.
- The Company is in process of adding more services to the portal by
getting various reputed sellers on boarded. The Company also has the
following content portals under Nihar Web:
Niharonline.com
- NiharOnline.com is India's First Multilingual Potal launched in 1999.
- This is a Multilingual News Portal in English, Telugu and Hindi. The
Portal Contains the News under various categories like Featured,
Politics, Tollywood, Bollywood, Photogallery, Sports etc.
- The Portal is also available in the form of app for Android Devices
in English, Hindi and Telugu. Ecards4u.in- Online portal for
multilingual greetings
- Ecards4u portal is available in 3 languages English, Telugu and
Hindi.
- It contains more than 500 greeting cards under various categories
like Festivals, Events, Wishes, Holidays etc.
- The Android App is available for download and users can share the
ecards through email, Facebook and Whtasapp.
Railstar.in-
- Online portal all information related to Indian Railways like PNR
status, Train Routes, Seat availability, Fares etc. Sarasam.in-
India's first multilingual humour portal
- It is India's First Telugu Huor Portal launched in 1999.
- The Telugu Humour Portal containing cartoons, jokes and short
stories.
- It has 12 categories and a Daily Cartoon Section. Haasparihaas.in-
Online portal for Humour in Hindi. It provides a good collection of
cartoons. HumorBox.in - An Online English Humor Portal.
These portals are getting traffic and the Company is taking best
measures to increase it further. The Company has recruited well
qualified designers and content team to achieve the same.
Comprehensive Capital/ Financial Restructure Plan
The Company had gone for Scheme of Arrangement whereby equity capital
was reduced and loans were converted into equity and also further issue
of equity was made. The Scheme was cleared by High Court on 24th
January 2014. The Company had filed the same with ROC on 28th March
2014 for giving the affect on Scheme of Arrangement. Accordingly the
Company announced the record date on 24th April 2014 in fulfillment of
the terms of the Scheme of Arrangement and subsequently filed the
listing application with BSE. The Company has duly complied and
completed the entire procedure and received the approval from SEBI and
BSE on 20th November 2014. The Company has duly followed the post
reduction and consolidation formalities along with corporate action
with BSE, CDSL & NSDL and the reduced and consolidated shares have been
duly issued to the shareholders.
The Company wishes to state that the amount of shares that were unable
to be issued to the shareholders due to change in address or any other
such reason have been transferred to the suspense account maintained by
the Company with SHCIL.
Details of Associate Company
Nihar Stocks Limited is an associate company since it is holding 25%
shares of the Company.
Summarized performance and financial position of the associate company
is given below (Pursuant to first proviso to Sub-section (3) of Section
129 of the Companies act, 2013 read with Rule 5 of the Companies
(Accounts) Rules, 2014)
Name of the Company- Nihar Stocks Limited
Financial period ended- 31st March 2015
Share Capital- Rs. 15,25,000 equity share capital
Reserves & Surplus- Rs. (14,59,569)
Total Assets- Rs. 2,21,72,546
Total Liabilities Rs. 2,21,07,115
(excluding share capital & Reserves & Surplus)
Non Current Investments Rs. 1,75,47,337
Turnover Rs. 1,21,000
Profit/ Loss before taxation Rs. 6,632
Profit/ (Loss) after taxation Rs. 6,632
Extract of the annual return
Extract of the annual return in Form No. MGT Â 9 is given as Annexure-I
Directors Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
your Directors confirm as under:
- In preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations and
disclosures relating to material departures.
- The relevant accounting policies are applied consistently and the
Directors' have made judgments and estimates that are reasonable and
prudent so as to give a true and fair view to the state of affairs of
the Company as on 31st March, 2015 and of the loss of the Company for
the period.
- Proper and sufficient care has been taken in the maintenance of
adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- The annual accounts have been prepared on a going concern basis.
- The directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
- The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Material changes and commitments affecting financial position between
the end of financial year and date of report No material changes have
taken place in the mentioned period. Significant and Material orders
There are no Significant and Material orders passed by the Regulators
or Courts or Tribunals impacting the going concern status and Company's
operation in future.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo The Particulars with respect to
Conservation of energy, Technology observation and Foreign exchange
earnings and outgo as per Section 217(1)(e) of the Companies Act, 1956
read with the Companies
(Disclosure of Particulars)Rules, 1988 are given below:
- Conservation of Energy: The operations of the Company are not energy
intensive and every effort has been made to ensure the optimal use of
energy, avoid waste and conserve energy by using energy efficient
computers and equipment with latest technologies.
- Research and Development: No amount was spent in Research and
Development during the year 2014-15.
- Technology Absorption: Your Company is constantly upgrading its
technological excellence with emerging technologies.
- Foreign Exchange Earning and outgo: The Company had a foreign
exchange earning of Rs. 33,02,700/- in 2014-15.
Corporate Governance
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The report on Corporate Governance as stipulated under the
Listing Agreement forms an integral part of this Report. The requisite
certificate from the Auditors of the Company confirming compliance with
the conditions of Corporate Governance is attached to the report on
Corporate Governance.
Directors & Key Managerial Personnel:
The Board of Directors consists of Managing Director Mr. BSN
Suryanarayana, whole time Director Mr. B Divyesh Nihar, Mr. Jagdeswara
Rao Reddi Independent Director, Mr. J Sundara Sekhar and Ms. Nithisha
Boda.
In accordance with the provisions of the Act and the Articles of
Association of the Company, Mr. Jagadeeswara Rao Reddi, Director of the
Company, retires by rotation at the ensuing Annual General Meeting and
being eligible have offered himself for re-appointment 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 Exchanges.
Policy on Director's Appointment and Remuneration
The current policy of the Company is to have an appropriate mix of
executive and independent Directors to maintain the independence of the
Board, and separate its functions of governance and management. The
Board periodically evaluates the need for change in its composition and
size.
The policy of the Company on Director's appointment and remuneration,
including criteria for determining qualifications, positive attributes,
independence of a Director and other matters provided under Sub section
(3) of Section 178 of Companies Act, 2013, adopted by the Board, is
appended to the Board Report. We affirm that the remuneration paid to
the Director is as per the terms laid out in the remuneration policy of
the Company.
Declaration by Independent Directors
The Company has received necessary declaration from each independent
director u/s 149(7) of Companies Act, 2013, that he/ she meets the
criteria of independence laid down in Section 149(6) of Companies Act,
2013 and clause 49 of the Listing Agreement.
AUDITORS AND AUDITORS' REPORT:
Statutory Auditors
M/s Ramachandaram & Co. Statutory Auditors of the Company hold the
office till the conclusion of 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 Auditor
The Board had appointed B. Surender & Associates, Practising Company
Secretary, to conduct Secretarial Audit for the financial year 2014-15.
The Secretarial Audit Report for the financial year ended March 31,
2015 is annexed herewith marked as Annexure to this Report. The
Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
Director's comments to Statutory Auditors qualification
The Company has already paid the statutory dues of related to VAT and
TDS as appearing in the Auditors qualification remarks.
The pending dues of service tax are proposed to be cleared in the
current period.
Disclosures: Audit Committee
The Audit Committee comprises Independent Directors namely Mr.
Jagadeeshwara Rao Reddi (Chairman), J. Sundara Sekhar and B.S.N
Suryanarayana as other members. All the recommendations made by the
Audit Committee were accepted by the Board.
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 whistle blower through an
e-mail, or dedicated telephone line or a letter to the Task Force or to
the Chairman of the Audit Committee. The Company's policy on Vigil
Mechanism has been enclosed in the Annual Report.
Code of Conduct
The Company has framed the Code of Conduct for Directors and Senior
Management. The Code of Conduct is applicable to all the Directors and
Senior Management of the Company. All the members of the Board and
Senior Management of the Company have affirmed compliance with their
respective code of conducts for the financial year ended 31st March
2015. A copy of the Code of Conduct is available on the Company's
website www. Niharinfo.com at the Investors page.
Meetings of the Board
Seven meetings of the Board of Directors were held during the year
which is enclosed in the Corporate Governance Report.
Particulars of loans, guarantees or investments under section 186
Particulars of loans given, investments made, guarantees given and
securities provided along with the purpose for which the loan or
guarantee or security is proposed to be utilized by the recipient are
provided in the financial statement (Please refer to Note 13 to the
financial statement).
Particulars of contracts or arrangements with related parties:
The particulars of every contract or arrangements entered into by the
Company with related parties referred to in sub-section (1) of section
188 of the Companies Act, 2013 including certain arms length
transactions under third provision thereto has been disclosed in Form
No. AOC -2. (Format enclosed) along with the policy on Related Party
Transactions.
Management's discussion and analysis Report
In terms of the provisions of Clause 49 of the Listing Agreement, the
Management's discussion and analysis report is set out in this Annual
Report.
Corporate Governance Certificate
The Compliance certificate from the auditors or practicing company
secretaries regarding compliance of conditions of corporate governance
as stipulated in Clause 49 of the Listing agreement is annexed with the
report.
Details of policy developed and implemented by the Company on its
Corporate Social Responsibility Initiatives The Company has not
developed and implemented any Corporate Social Responsibility
initiatives as the said provisions are not applicable. Particulars of
Employees and related disclosures As required by the provisions of the
Companies Act, 2013 read with the Companies (Particulars of Employees)
Rules, 1975 no employee is drawing remuneration at or above the limits
mentioned therein.
Fixed Deposits
The Company has not raised any Fixed Deposits during the year so as to
attract the provision of Section 81 of the Companies Act, 2013, read
with Companies (Acceptance of deposits) rules, 2014 as amended from
time to time.
Green Initiatives
Electronic copies of the Annual Report 2014-15 and notice of the 21st
Annual General Meeting are sent to all members whose email address are
registered with the Company/RTA/DPs. For members who have not
registered their email address, physical copies of the Annual Report
2015 are sent in the permitted mode. Members requiring physical copies
can send a request to the Company.
Acknowledgements
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the financial institutions,
banks, Government authorities, customers, vendors and members during
the year under review. Your Directors also wish to place on record
their deep sense of appreciation for the committed services by the
Company's executives, staff and workers.
For and behalf of the Board
of Directors
(Sd/-)
Place: Secunderabad BSN Suryanarayana
Date: 27/08/2015 (Managing Director)
(DIN : 01499145)
Mar 31, 2014
The Members
The Directors are pleased to present the 20th Annual Report on the
business and operations of the Company together with the Statement of
Accounts for the financial year ended 31st March, 2014.
Financial Results
Your Company''s results for the year in comparison with the previous
year are given below in a summarized form :
(Rs. In Lakhs)
Particulars Current Year ended Previous year ended
31st March 2014 31st March 2013
Gross Revenue 52.00 19.39
Profit before interest,
depreciation & taxes 2.18 (131.68)
Interest 0.11 0.23
Depreciation & Amortization 0.34 0.28
Profit /Loss After
Tax 1.73 (132.43)
Operations
The turnover of the Company for the current year is Rs. 52 lacs. The
Company recorded a profit of Rs. 1.73 lacs as against a loss of Rs.
132.43 lacs during previous year.
Dividend
The Board of Directors do not recommend any dividend for the year.
Future Outlook
The Company is focusing on following segments.
1) Enterprise Solutions
2) e Commerce
3) Setting up of Franchisee Centers Enterprise Solutions:
Nihar Info Global Ltd. is an IBM Premier Partner and it has got
capabilities in IBM FileNet, IBM Lotus Notes, IBM Tivoli Storage
Manager. Nihar has also partnered with all the major Distributors such
as Ingram Micro, Redington and Avnet for supply of various Hardware and
Software products. We are in the process of becoming a partner of
Seclore ( It is a leading comany providing various information security
solutions) for the Information Rights Management Solution. WE have
added two new customers in Pharma Sector in the recent past. i.e
Biological e Ltd and Sai Life Sciences Ltd. The company is focusing
more on the Pharma Sector and is building expertise and skill sets for
providing various solutions for the Pharma Sector. It is a known fact
that Combined Andhra Pradesh ranks 4th in the Pharma Industry in the
Country, whereas Maharashtra, Gujrat and West Bengal are ranked first,
second and third in the Pharma Industry in the Country. The company is
still having number of clients for Maintenance in Government and
Private sector on technologies such as IBM FileNet, IBM Tivoli and Web
Technologies.
E Commmerce:
It is a known fact that Nihar Infoway Limited was started in 1995, with
the Sole Objective of e Commerce. As there was a .com burst across the
world the company changed its business model and moved to Enterprise
Solutions. The Company has recently launched www.sarasam.in,
www.ecards4u.in and www.niharonline.in. This portals are getting
traffic and we have plans to improve the traffic on these portals as we
will be recruiting more design and content team in course of time.
Simultaneously, we are also planning to launch an e Commerce portal of
the company. You are aware that the India''s Commerce market grew at a
staggering 88% in 2013 to 16 Billion USD riding on booming online
retail trends and defying slower economic growth and spiraling
inflation according to a survey by industry body ASSOCHAM. As per
CRISIL research report, e Commerce in India is estimated to grow at
50-55% annually for the next three years. Also globally the sector is
booming and is expected to grow to 675 Billion USD by 2016.
To emphasise more on the e Commerce in the recent past, Flipkart which
is valued at 6 Billion USD has offered Smartphones like Moto G, Xiaomi
Mi3 at a very competitive price. Recently, it sold 20,000 devices
within 2.3 seconds. It clearly speaks the strength of e Commerce in
India and the scope for more players to get into the same space.
Franchisee Center:
Recently Nihar Info has signed a Franchise Agreement with SK Services
LLP in Vizag to train on High End technologies and absorb them as
employees on Nihar Info Global Ltd. Once the center becomes successful,
the company will open more Franchisee Centers across the state and
other parts of the Country.
Comprehensive Capital/ Financial Restructure Plan
The Company had gone for Scheme of Arrangement whereby equity capital
was reduced and loans were converted into equity and also further issue
of equity was made. The Scheme was cleared by High Court on 24th
January 2014. The Company had filed the same with ROC on 28lh March
2014 for giving the affect on Scheme of Arrangement. Accordingly the
Company announced the record date on 24th April 2014 in fulfillment of
the terms of the Scheme of Arrangement and subsequently filed the
listing application with BSE and subsequently pursuing with BSE and
SEBI on the same.
Auditors
The present Auditors of the Company M/s. C. Ramachandram & Co.,
Chartered Accountants, hold office until the conclusion of this Annual
General Meeting and being eligible, offer themselves for re-
appointment. The Company has obtained confirmation, under section
139(1) of the Companies Act, 2013, confirming their eligibility and
willingness to accept the office of the Statutory Auditors for the
financial year 2014-15, if re-appointed. The Audit Committee and the
Board of Directors of the Company recommend the appointment of M/s. C.
Ramachandram & Co. as Statutory Auditors of the Company for the
financial year 2014-15.
Report on Corporate Governance
We believe that the Corporate Governance is at the heart of the
shareholders value creation. The Company has taken requisite steps to
comply with the recommendations concerning the corporate governance.
The disclosure as required under the corporate governance standards
have been furnished as a part of this report separately. A certificate
from the Auditors of the Company regarding compliance of clause 49 of
listing agreement with Bombay Stock Exchange is attached to this
Report.
Reply to the Auditors'' Qualification
The majority of the statutory dues have been paid during the year and
dues that are pending are proposed to be cleared in the current period.
The Company has not provided Rs. 1,24,507 as no demands have been
received from income tax deportment and the same is shown as contingent
liability.
Directors Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
your Directors confirm as under:
- In preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations and
disclosures relating to material departures.
- The relevant accounting policies are applied consistently and the
Directors'' have made judgments and estimates that are reasonable and
prudent so as to give a true and fair view to the state of affairs of
the Company as on 31st March, 2014 and of the profit of the Company for
the period.
- Proper and sufficient care has been taken in the maintenance of
adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- The annual accounts have been prepared on a going concern basis.
- The directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
- The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo
The Particulars with respect to Conservation of energy, Technology
observation and Foreign exchange earnings and outgo as per Section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars)Rules, 1988 are given below:
- Conservation of Energy: The operations of the Company are not
energy intensive and every effort has been made to ensure the optimal
use of energy, avoid waste and conserve energy by using energy
efficient computers and equipment with latest technologies.
- Research and Development: No amount was spent in Research and
Development during the year 2013-14.
- Technology Absorption: Your Company is constantly upgrading its
technological excellence with emerging technologies.
- Foreign Exchange Earning and outgo: There was no Foreign Exchange
Earnings and outgo during the year.
- Particulars of Employees pursuant to Section 217(2A) :As required
by the provisions of Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975 no employee
is drawing remuneration at or above the limits mentioned therein.
Board of Directors
The Board of Directors for 2013-14 consisted of Managing Director Mr.
BSN Suryanarayana, whole time Director Mr. B Divyesh Nihar, Mr.
Jagdeswara Rao Reddi Independent Director and Mr. P J Sudhakar. Mr. P J
Sudhakar has expessed his willingness to discontinue and Mr. J Sundara
Sekhar will be appointed as the Independent Director, subject to the
approval of the Shareholders.
Management Discussion and Analysis Report
The Management Discussion and Analysis Report has been attached as a
part of the Annual Report. Fixed Deposits
The Company has not raised any Fixed Deposits during the year so as to
attract the provision of Section 58A of the Companies Act, 1986, read
with Companies (Acceptance of deposits) rules, 1975 as amended from
time to time.
Acknowledgement
The Directors sincerely appreciate the contributions made by all the
employees associations and business partners who have contributed
towards the success of the Company. The Directors are also thankful for
the Company-operation, support and assistance received from the
Business Partners, Banks, Investors, Customers, Central and State
Government Departments, Local Authorities, Vendors, Stock Exchange and
all other associated with the activities of the Company. The Directors
would also like to acknowledge the continuous support of the Company
shareholders.
For Nihar Info Global Limited
Sd/- Sd/-
Place : Secunderabad BSN Suryanarayana B. Divyesh Nihar
Date : 28.08.2014 (Managing Director) Whole Time Director
Mar 31, 2012
The Directors are pleased to present the 18th Annual Report on the
business and operations of the Company together with the Statement of
Accounts for the financial year ended 31st March, 2012.
Financial Results
Your Company's results for the year in comparison with the previous
year are given below in a summarized form :
(Rs. In Lakhs)
Particulars Current Year ended Previous year ended
31st March 2012 31st March 2011
Gross Revenue 27.13 42.56
Profit before interest,
Depreciation & Taxes (58.51) (4.50)
Interest 5.56 5.02
Depreciation & Amortisation 3.68 3.63
Profit /Loss After Tax (67.68) (5.13)
Operations
The turnover of the Company for the current year is Rs. 27.13 lakhs.
The Company recorded a loss of Rs. 67.68 Lakhs as against Rs. 5.13
lakhs during previous year.
Future Outlook
The Company has been focusing now IBM Products such as IBM File Net,
LOTUS Notes, TIVOLI, WEBSPHERE, DB2 etc. The Company has built skilled
manpower on Java Technologies, .net technologies and IBM Products. The
Company has bagged prestigious clients on the above mentioned
technologies from AMD (Atomic Minerals Directorate), Dept. of Atomic
Energy, Andhra Pradesh Industrial Infrastructure Corporation, LV Prasad
Eye Institute and Sowbhagya Media Limited. The Company has also become
an Oracle Gold Partner and is focusing on Oracle Fusion Middleware
Technologies. The Company has also received Extension of Maintenance
Contract of Paradip Port trust. The Company is also empanelled as
Vendor with Wipro Technologies Limited.
In view of the loss during the year under review, your Directors regret
their inability to recommend any dividend. The Company has since paid
the Income Tax deducted at source and there is no due as on the date of
this report and as regards Provident Fund penalty , we are paying the
same by installments and during the current year, it will be totally
cleared.
Auditors
The present Auditors of the Company M/s.C.Ramachandram & Co., Chartered
Accountants, hold office until the conclusion of this Annual General
Meeting and being eligible, offer themselves for re- appointment.
Report on Corporate Governance
We believe that the Corporate Governance is at the heart of the
shareholders value creation. The Company has taken requisite steps to
comply with the recommendations concerning the corporate governance.
The disclosure as required under the corporate governance standards
have been furnished as a part of this report separately. A certificate
from the Auditors of the Company regarding compliance of clause 49 of
listing agreement with Bombay Stock Exchange is attached to this
Report.
Directors Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
your Directors confirm as under:
- In preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations and
disclosures relating to material departures.
- The relevant accounting policies are applied consistently and the
Directors' have made judgements and estimates that are reasonable and
prudent so as to give a true and fair view to the state of affairs of
the Company as on 31st March, 2012 and of the loss of the Company for
the period.
- Proper and sufficient care has been taken in the maintenance of
adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- The annual accounts have been prepared on a going concern basis.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo
The Particulars with respect to Conservation of energy, Technology
observation and Foreign Exchange earnings and outgo as per Section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars)Rules, 1988 are given below:
- Conservation of Energy: The operations of the Company are not
energy intensive and every effort has been made to ensure the optimal
use of energy, avoid waste and conserve energy by using energy
efficient computers and equipment with latest technologies.
- Research and Development: No amount was spent in Research and
Development during the year 2011-12.
- Technology Absorption: Your Company is constantly upgrading its
technological excellence with emerging technologies.
- Foreign Exchange Earning and outgo: There was no Foreign Exchange
Earnings and outgo during the year.
- Particulars of Employees pursuant to Section 217(2A) :As required
by the provisions of Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975 no employee
is drawing remuneration at or above the limits mentioned therein.
Fixed Deposits
The Company has not raised any Fixed Deposits during the year so as to
attract the provision of Section 58A of the Companies Act, 1986, read
with Companies (Acceptance of deposits) rules, 1975 as amended from
time to time.
Changes in the composition of the board
The following are the changes in the composition of Board of Directors:
1. Mr. N. Shiva Prasad has resigned from the directorship w.e.f. 25th
July 2011.
2. Mr. Jagadeeswara Rao Reddi has been appointed as Independent
Director w.e.f. 06th August 2011
Acknowledgement
The Directors sincerely appreciate the contributions made by all the
employees associations and business partners who have contributed
towards the success of the Company. The Directors are also thankful for
the Company-operation, support and assistance received from the
Business Partners, Banks, Investors, Customers, Central and State
Government Departments, Local Authorities, Vendors, Stock Exchange and
all other associated with the activities of the Company. The Directors
would also like to acknowledge the continuous support of the Company
shareholders.
By the order of the Board of Directors
(Sd/-) (Sd/-)
Place : Secunderabad BSN Suryanarayana B. Divyesh Nihar
Date : 30-08-2012 Managing Director Wholetime Director
Mar 31, 2011
Dear Members,
The directors are pleased to present the 17th Annual Report on the
business and operations of the Company together with the statement of
Accounts for the financial year ended 31st March, 2011.
FINANCIAL RESULTS
Your Company's results for the year in comparison with the previous
year are given below in a summarized form:
(Rs: in lakhs)
Particulars Current Year Current Year
ended 31st ended 31st
March, 2011 March, 2010
Gross Revenue 43.34 30.26
Profit before interest,
Depreciation & Taxes (4.50) (346.50)
Interest 5.02 7.85
Depreciation & Amortisation 3.63 12.52
Profit After Tax (5.13) (357.76)
Operations
The turnover of the Company for the year has increased as it improved
from Rs. 30.26 lakhs (for 2009-10) to Rs. 43.34 lakhs for 2010-11. The
Company recorded a loss of Rs. 5.13 lakhs as against Rs. 357.76 lakhs
during the previous year.
Future Outlook
The Company has been focusing now on IBM Technologies such as IBM File
Net, LOTUS Notes,TIVOLI,WEBSPHERE, DB2 etc.The Company has built
skilled manpower on Java Technologies, .net technologies and IBM
Products. The company has bagged prestigious clients on the above
mentioned technologies from AMD (Atomic Minerals Directorate), Dept. Of
Atomic Energy,SIFY Technology Ltd., Andhra Pradesh Industrial
Infrastructure Corporation, National council of Rural Institutes (NCRI)
etc. Company is also planning to enter into providing services to
corporates on XBRL Technologies. We have already registered a domain by
name www.xbrlindia.co to provide services on XBRL from that portal.
Dividend
In view of the loss during the year under review, your directors regret
their inability to recommend any dividend.
Auditors
The present Auditors of the Company M/s. Ramachandram & Co., Chartered
Accountants, hold office until the conclusion of this Annual General
Meeting and being eligible, offer themselves for re-appointment.
Report on Corporate Governance
We believe that the corporate governance is at the heart of the
shareholders value creation. The Company has taken requisite steps to
comply with the recommendations concerning the corporate governance.
The disclosure as required under the corporate governance standards
have been furnished as a part of this report separately. A certificate
from the Auditors of the Company regarding compliance of clause 49 of
listing agreement with Bombay Stock Exchange is attached to this
Report.
Directors Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
your directors confirm as under:
- In preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations and
disclosures relating to material departures.
- The relevant accounting policies are applied consistently and the
directors' have made judgements and estimates that are reasonable and
prudent so as to give a true and fair view to the state of affairs of
the Company as on 31st March, 2011 and of the profit of the Company for
the period.
- Proper and sufficient care has been taken in the maintenance of
adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- The annual accounts have been prepared on a going concern basis.
Particulars of conservation of energy, Technology Absorption and
Foreign Exchange Earnings and Outgo
The Particulars with respect to conservation of energy, technology
observation and foreign exchange earnings and outgo as per Section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars)Rules, 1988 are given below:
- Conservation of Energy: The operations of the Company are not energy
intensive and every effort has been made to ensure the optimal use of
energy, avoid waste and conserve energy by using energy efficient
computers and equipment with latest technologies.
- Research and Development: No amount was spent in Research and
Development during the year 2010-11.
- Technology Absorption: Your Company is constantly upgrading its
technological excellence with emerging technologies.
- Foreign Exchange Earning and outgo: There was no Foreign Exchange
Earnings and outgo during the year.
- Particulars of Employees pursuant to Section 217(2A) :As required by
the provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 no employee is
drawing remuneration at or above the limits mentioned therein.
Fixed Deposits
The Company has not raised any Fixed Deposits during the year so as to
attract the provision of Section 58A of the Companies Act, 1986, read
with Companies (Acceptance of deposits) rules, 1975 as amended from
time to time.
Comments to Auditors Report
As regards comment by Auditors, we wish to state that Provident Fund
penality is an old penalty levied for delay in payments of P. F dues
and the company is regularly paying installment of Rs.50,000/ - every
month towards that to clear the penalty. As regards Income Tax Deducted
at Source the total amount has been paid by company in the month of
July, 2011. As regards Service Tax the company will be paying the
amount shortly. As regards Professional Tax, the company has paid the
same in August 2011.
Change in the composition of the board
There were not any changes in the composition of the board during
Financial Year 2010-11.
Acknowledgement
The Directors sincerely appreciate the contributions made by all the
employees associations and business partners who have contributed
towards the success of the Company. The Directors are also thankful for
the Company-operation, support and assistance received from the
business partners, banks, investors, customers, central and state
government departments, local authorities, vendors, stock exchange and
all other associated with the activities of the Company. The directors
would also like to acknowledge the continuous support of the Company
shareholders.
For and on behalf of the Board of directors
(Sd/-) (Sd/-)
Place : Secunderabad BSN Suryanarayana B. Divyesh Nihar
Date : 29-08-2011 Managing Director Wholetime Director
Mar 31, 2010
The directors are pleased to present the 16th Annual Report on the
business and operations of the Company together with Ihe statement of
Accounts for the financial year ended 31st March, 2(110.
FINANCIAL RESULTS
Your Companys results for the year in comparison with the previous
year arc given below in a summarized form:
(Rs: in lakhs)
Particulars 2009-10 2008-09
Gross Revenue 30.26 70.02
Profit before interest,
Depreciation & Taxes (346.50) (45.47)
Interest 7.85 10.14
Depreciation & 12.52 34.98
Amortisation
Profit After Tax (357.76) (36.00)
Results of operations and future outlook:
The financials of the current year are not comparable to the previous
year. The turnover the Company for the year has fallen considerably as
it came down from Rs. 70.02 lakhs (consolidated for 2008-09) to Rs.
30.26 lakhs for 2009-10. The Company recorded a loss of Rs. 357.76
lakhs as against Rs. 36 lakhs during the previous year.
The Company has received a work order from Department of Atomic Energy
for its division AMD, Hyderabad and Sify Technologies Limited, Chennai
for implementation of IBM Filenel solution. Andhra Pradesh Industrial
Infrastructure Corporation Limited (API1C), Hyderabad has also shown
their trust in us by giving a work order of maintenance of their
website for one year. The management is pleased to announce that we are
successfully running the projects.
The world and India has been going through turbulent times
economically. The Company is taking sound steps towards re-aligning
itself to emerging markets of future and diversification.
IBM Technologies
IBM FileNet: Your Company is an IBM Business Partner and IBM Value Net
Partner for FileNet. IBM FileNet is a world leader in Enterprise
Content Management. It is widely used in all the sectors like Banking,
Insurance, and Government etc.
Your company has got projects on LBM FileNet in various government
organizations like Atomic Minerals Directorate for Exploration and
Research, Department of Atomic Energy (A Central government
Organization) and NEDCAP Limited (Non conventional Energy Development
Corporation of Andhra Pradesh). Your company has also got a project
from Sify Technologies for IBM FileNet implementation. Your company
with its expertise in IBM FileNet has built a very strong IBM certified
team in delivering IBM FileNet solutions. We are also developing
solutions on IBM FileNet for government clients.
- Lotus : IBM Lotus portfolio contains products related to
collaboration and mailing like Lotus Notes and Lotus Domino. Your
Company has also built a strong team in IBM Lotus for delivering
mailing solutions. Your company has also got a project for Lotus
Mailing from API1C Limited (Andhra Pradesh Industrial Infrastructure
Corporation), a state government organization.
DB2, Websphere, Cognos : IBM DB2 is also a very popular database
(RDBMS), Websphere is also popular application server and Cognos is a
world leader in Business Intelligence. .A11 these products are
implemented in all major industries throughout the world. Your Company
has also built a strong team in all these technologies,
Diversification into Solar Power : Jawaharlal Nehru National Solar
Mission which was announced in January, 2010., is a major initiative of
the Government of India and State Governments to promote ecologically
sustainable growth while addressing India"; energy security challenge.
India is endowed with vast solar energy potential. About 5,000 trillion
kWh per year, energy is incident over Indias land area with most parts
receiving 4-7 kWh per sq. m per day. Hence both technology routes for
conversion of solar radiation into heat and electricity, namely, solar
thermal and solar photovoltaics, can effectively be harnessed providing
huge scalability for solar in India. From an energy security
perspective, solar is the most secure of all sources, since it is
abundantly available. While, today, domestic coal based power
generation is the cheapest electricity source, future scenarios suggest
that this could well change.
The objective of the National Solar Mission is to establish India as a
global leader in solar energy, by creating the policy conditions for
its diffusion across the country as quickly as possible. The Mission
will adopt a 3-phase approach, spanning the remaining period of the
11th Plan and first year of the 12th Plan (up to 2012-13) as Phase 1,
the remaining 4 years of the 12th Plan (2013-17) as Phase 2 and the
13th Plan (2017-22) as Phase 3.
To achieve this, the Mission targets are :
- To create an enabling policy framework for the deployment of 20,000
MW of solar power by 2022.
- To ramp up capacity of grid-connected solar power generation to 1000
MW within three years - by 2013; an additional 3000 MW by 2017 through
the mandatory use of the renewable purchase obligation by utilities
backed with a preferential tariff. This capacity can be more than
doubled - reaching 10.000MW installed power by 2017 or more, based on
the enhanced and enabled international finance and technology transfer.
The ambitious target for 2022 of 20,000 MW or more, will be dependent
on the learning of the first two phases, which if successful, could
lead to conditions of grid-competitive solar power. The transition
could be appropriately up scaled, based on availability of
international finance and technology.
- To create favorable conditions for solar manufacturing capability,
particularly solar thermal for indigenous production and market
leadership.
- To promote programmes for off grid applications, reaching 1000 MW by
2017 and 2000 MW by 2022,
- To achieve 15 million sq. meters solar thermal collector area by 2017
and 20 million by 2022.
- To deploy 20 million solar lighting systems for rural areas by 2022.
Dividend
In view of the loss during the year under review, your directors regret
their inability to recommend any dividend.
Auditors
The present Auditors of the Company _Mr. Ramachandram & Co., Chartered
Accountants, hold office until the conclusion of this Annual General
Meeting and being eligible, offer themselves for re-appointment.
Report on Corporate Governance
We believe that the corporate governance is at the heart of the
shareholders value creation. The Company has taken requisite steps to
complv with the recommendations concerning the corporate governance.
The disclosure as required under the corporate governance standards
have been furnished as a part of this report separately, A certificate
from the Auditors of the Company regarding compliance of clause 49 of
listing agreement with Bombay Stock Exchange is attached to this
Report.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the provisions of section 217(2AA) of the Companies Acl,
your directors confirm as under;
- "In preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations and
disclosures relating to material departures.
- The relevant accounting policies are applied consistently and the
directors have made judgments and estimates that are reasonable and
prudent so as to give a true and fair view to the state of affairs of
the Company as on 31st March, 2010 and of the profit of the Company for
the period.
- Proper and sufficient care has been taken in the maintenance of
adequate acccunting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- "The annual accounts have been prepared on a going concern basis.
Particulars of conservation of energy, Technolgy Absorption and Foreign
Exchange Earnings and Outgo
The Particulars with respect to conservation of energy, technology
observation and foreign exchange earnings and outgo as per Section
217(1 )(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars)Rules, 1988 are given below:
- "Conservation of Energy: The operations of the Company are not energy
intersive and every effort has been made to ensure the optimal use of
energy, avoid waste and conserve energy by using energy efficient
computers and equipment with latest technologies.
- "Technology Absorption: Your Company is constantly upgrading its
technological excellence with emerging technologies.
- "Foreign Exchange Earning and outgo: There was no Foreign Exchange
Earnings and outgo during the year.
- "Research and Development: No amount was spent in Research and
Development during the year 2009-10,
- "Particulars of Employees pursuant to Section 217(2A)
As required by the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 no
employee is drawing remuneration at or above the limits mentioned
therein.
Changes in Compostion of Board :
The following are the changes in the composition of the Board of
Directors :
1. Mr. V. Satyanaraya, Director of the Company has resigned from the
Directorship of the Company with effect freom 1st September, 2009 due
to the Personal Reasons.
2. Mr. Vishram Naniwadekar, Director of the Company has resigned from
the Directorship of the Company with effect freom 1st September, 2009
due to the Personal Reasons.
3. Ms. B. Vijaya Lakshmi, Director of the Company has resigned from
the Directorship of the Company with effect freom 1st September, 2009
due to the Personal Reasons,
4. Mr. B. Divyesh Nihar is appointed as the Wholle time Director of
the Company with effect freom 1st September, 2009.
5. Mr. E ). Sudhakar is appointed as the Director of the Company with
effect freom 1st September, 2009.
6. Mr.N. Siva Prasad is appointed as the Director of the Companv with
effect freom 27th October, 2009.
Fixed Deposits
The Company has not raised any Fixed Deposits during the year so as to
attract the provision of Section 58A of the Companies Act, 1986, read
with Companies (Acceptance of deposits) rules, 1975 as amended from
time to time.
Acknowledgement
The Directors sincerely appreciate the contributions made by all the
employees associations and business partners who have contributed
towards the success of the Company. The Directors are also thankful for
the Company-operation, support and assistance received from the
business partners, banks, investors, customers, central and state
government departments, local authorities, vendors, stock exchange and
all other associated with the activities of the Company. The directors
would also like to acknowledge the continuous support of the Company
shareholders.
For and on behalf of the Board of directors
Place: Secunderabad (Sd/-) (Sd/-)
Date : 01-09-2010 BSN Suryanarayana B. Divyesh Nihar
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