Mar 31, 2010
The Directors present their Fifteenth Annual Report together with the
Audited Accounts for the period ended 31st March 2010.
FINANCIAL RESULTS:
The Financial results for the period ended 31st March 2010 are
summarized below:
(Rs. In lakhs)
2009-2010 2008-09
Sales 8.67 39.36
Other Income 0.00 2.00
Expenditure 29.94 44.51
Profit/ (Loss) before tax (21.27) (3.04)
Provision for Tax 0.00 0.14
Profit/ (Loss) after Tax (21.27) (2.90)
PERFORMANCE:
During the year 2009-10, the Company has achieved a turnover of Rs 8.67
lakhs only and earned a net loss Rs 21.27 lakhs. The entire income is
earned from software services The year under review has been continued
to be difficult, as expected projects have not materialized, therefore
the business of the company was significantly effected during the year.
DIRECTORS:
During the year under review, Mr.Sachin Tukaram Nandagaonkar & D.N.
Murthy were appointed as Additional Directors of the Company and
whereas Mr. A.N. Sarma has resigned from the Board. Though the
composition of the Board of Directors has changed, the new directors
are professional directors as such there is no change in the management
of the Company.
DEPOSITS:
Your Directors report that the company has not accepted any deposits
from public during the year under report.
AUDITORS:
The present Auditors M/s. P. S. Nagaraju & Co., Chartered Accountants,
Hyderabad, retire as the Statutory Auditors of the Company. The new
auditors shall be appointed soon and shall be intimated.
INSURANCE:
All the fixed assets and movable assets of the company are adequately
insured.
DIRECTORS RESPONSIBILITY STATEMENT:
As per the provisions of the Section 217 (2AA) of the Companies Act,
1956, Directors State:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs
for the Company at the end of the financial year and of the profit and
Loss of the company for that year.
iii. The Director have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. The Directors have prepared the accounts on a going concern basis.
PARTICULARS OF EMPLOYEES:
The particulars of employees falling within the purview of the section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 are nil.
CONSERVATION OF ENERGY ETC.:
Additional information on conservation of energy, technology
absorption, foreign exchange earnings and outgo as required to be
disclosed in terms 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 is given hereunder.
A) Conservation of Energy:
The Companys operations require low energy consumption. Adequate
measures are taken to conserve energy whenever possible.
B) Technology Absorption, Research & Development:
There is no specific research and development activity carried out by
the Company during the years
C) Foreign Exchange Earnings and Outgo is Nil.
CORPORATE GOVERNANCE:
The report on the corporate governance is annexed which forms part of
this report.
PERSONNEL:
The company has maintained cordial relations with the employees during
the year under review. The company has been restructuring the human
resources according to the business requirements of the company.
ACKNOWLEDGEMENTS:
Your directors take this opportunity to place on record their
appreciation and gratitude for the cooperation, assistance, guidance
and support extended by the Companys Bankers, Shareholders, customers
and various Central and State Government Agencies and Local
authorities, personnel at various levels of the organization.
FOR AND ON BEHALF OF THE BOARD
Managing Director Director
Place: Hyderabad
Date: 02.09.2010.