Mar 31, 2015
Dear Members,
The Directors have immense pleasure in presenting their 30th Annual
Report on the business and operations of the Company and the accounts
for tho Financial Year ended March 31.2015.
Financial Results
The highlights of financial rosults are as undor:
2014-15 2013-14
Revenue Irom operations 8 other income 92,82,809 1.19.86.845
Operating Profit (EBIDTA) 27,64,199 12,73,882
Finance Cost 1,76,740 13,565
Gross profit (PHD) 25,87,459 12,60,317
Depreciation & amortization 10.53.337 10,41 026
Profit before tax
Tax Expense.
- Current Tax (net)
- MAT credit entitlement (2.92.327)
2,92,327 0 (47.603)
Delerred TaX 8,00,065 (5,67,908)
Previous year Taxes (4,840)
Profit After Tax 19.20,347 (3,96 116)
Dividend
The Company has not doclarnd any dividend lor the year ended March 31,
2015.
DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUNO
provmlon# of S-cllon 125(2) of the ComptinleB Acl, 2013 do nol apply as
there war, no dividend daclnred and paid last year.
OPERATIONS
Dumiiii The year under roviow. fho ruvenuo from opuralion. declined lo
42,68,473 Rs, as against Rs. 67,07,000 In previous year Phi LUIUTA
recordod lor the yoar increased during lire year to Rr,. 27.64,199 as
ugalnsl Re. 12,73,882 of previous ynar. The not profit lr. Rr 19
29,347 an against loan ol Hit. 3,96.116 in previous yoar.
Company has Irunulerrod Rs. 19,29.347 to tho reserve account
Finance
1. Share Capital
The paid up equity f-hr.tro capital as on 31 March 2015 was Rs.
99,90,000.Thoro waft no public issue, rights issue, bonus issue or
preferential issue nit during the yoar under review. the Company has
not Issued shares with differential voting rights, sweat equity shares
nor has It granted any slock options.
2. Fixed Deposit
The Company has nol accepted any deposit under section 73 ol the
Companies Act. 2013.
3. Particulars of loan, guarantees and investments
Him Company has nol provided any loan, guarantee and ha snot made any
Investment covered under the provisions of Section 186 of Ihe Companion
Act, 2013.
director Mechanaism/ Whistle Blower Policy
Pursuant to Section 177(9) of Ihe Companies Ant 2013 and Clause 49 of
the Listing Agreement, Ihe Company ban formulated a Whistle Blower
Policy lo establish .1 vigil mechanism for directors and employee ol
the Company fha Purpose and objective ol this policy Is to provide a
framework to piomoto insponsible and secure whistle blowing. It
piotocts the employees wishing to raise concern about serious
Irregularities within the Company, Ihe detail of Whistle Blower Policy
are explained In the Corporate Governance Report and also posted on the
website of Ihe Company.
All elated parly transactions have been on arm length basis and
detail ol the all the related party transaction hold during the year is
provided in Annoxuro III.
Significant and Material Orders Passed by the Regulators or Courts
Thure were no significant and material orders passed by tho
Rugulators/Courts which would impact the going concern status ot Ihe
Company and Its future operations.
Directors and Key Manaaarlnl Personnel
1. Appointment
Mi Sunalna Chibba. Director liab le to retire by rotation at tho
forthcoming Annual General Meeting and bo mg eligible, offer herself
for reappointment.
During the year. Mr Pradeep Kumar Chopra and Mr. Akshat Bhaskur have
been appointed as Independent Directors for term of 5 years Mr Naresh
kumar Chibba has been leappointcd as Managing Director of the Company
in last annual general meeting of the Company for the term ol .) years
with elfect Irom 1 August 2015. Ms. fiurmina Chibba has been appointed
as Women non executive Director of the Company in last annual general
mooting of Iho Company
Mr. Urminder Singh has been appointed as Chief Financial Officer with
offoct from 23/6/14.
Furthoi, Mi . Sourav Malhotra resigned as Company so crotary of the
Company w.o f. 24/11/14 .Mr. Su|eet kumar ha s been appointed as
company Secretary with effect from 11 /12/14 and resigned as Company
secretary with effect Irom 4/3/2015. Mr. Pardoop Kumar has been
appointed as company secretary with effect from 4/3/15.
2. Retire by Rotation
In accordance with piovision ot Companies Acl, 2013 and Articles of
Association of the Company. Ms. Sunalna Chibba Director liable lo
retire by rotation at the todheoming Annual General Mooting and being
eligible, offers herself for reappointment.
3. Meetings
During the year 21 Board Meetings and 8 Audit Committee Mootings were
convened and held. The details of which are given in the Corporate
Governance Report. Tho intervening gap between the Meetings was within
the penod prescribed under the Companies Act 2013.
4. Board Evaluation
Pursuant to the provisions of the Companies Act. 2013 and Clause 49 of
tho Listing Agreement, the Board has carried out an annual performance
evaluation of Its own performance, the directors Individually as well
as the evaluation of the working of its Audit, Nomination S
Remuneration and Compliance Committees The manner in which the
evaluation has been carried out has been explained in the Corporate
Governance Report
5. Declaration by an Independent Dlrector(s)
All independent Directors ha ve given de clarations that they meet the
criteria of independence as laid do wn under Section 149(6) ol the
Companies Act. 2013.
6. Managerial Remuneration
Detail of particulars pursuant to section 197 (12) of Iho Companies
Act. 2013 road with rules of the Companies (Appointment X Remuneration
of Managerial Porsonnel) Rules. 2014, are annexed as Annexuro -VI.
7. Nomination and Remuneration Policy
Tn-j Board has, on recommendation uf the Nomination and Remuneration
Committeo. fiamod a Policy for selection, appointment and remuneration
of Dimeters and Key Managerial Personnel. Mure detail of tho oamu ns
given In the Corporate Governance Rupoit.
Directors Responsibility Statement
To the-: best of thoir knowledge and boliol and according to tho
information and explanations obtained by them, your Directors make tho
following statements in terms of the Section 134(3)(c) ol the Companios
Act 2013:
i) Thai in iho preparation ol Iho annual financial statements lor the
yearondod March 31 2015, the applicable accounting standards havo boon
followed along with proper explanation relating to material departures,
if any;
il) That such accounting poll cies. as mentioned In the Financial
Statements as 'Significant Accounting Policies'ha ve been selected and
applied consistently and judgments and estimator, have been made that
are reasonable and prudent so as to give a true and fair view ol the
state of affairs of tho company as at March ;ii. 2015 and of Hie profit
ol the Company foi the year ended on that dato;
(iii) That proper and sufficient cure has boon taken lor the maintenance
ol ad equate accounting records in accordance with the provisions ol
the Companies Ant, 2013 for safeguarding the assets of the Company and
lor preventing and detecting fraud and other irregularities;
(iv) That the annual financial statements havo boon prepared on a going
concern basis;
iv) That proper internal financial controls wore In place and that tho
financial conlrols woro odoquato and were operating offoctivoly;
(vi) Tliat proper systems to ensure compliance with the provisions of
all applicable laws were in place and were adequate and operating
effectively.
Auditors
1 Statutory Auditor
Thn Auditors. M/s B K Kapur ft Company Chartered Accountants, have boon
appointed as Statutory Auditors ol Iho Company for a period of 5 years
at Ihu last annual general meeting held on 291'1 September 2014 subject
to ratification ol their appointment by members al every annual general
metaling. Thn shareholders al tho ensuing annual general meeting will
consider ratification of Iho appointment of Statutory Auditors. As
required under clause 41 ul Listing Agreement, the Auditors have
confirmed that they hold a valid certificate Issued by Peer Review
Board of the Institute of Chartered Accountants of Indio.
Thn Auditors' Report does not contain any qualification. Notes to
Accounts and Auditors remarks In their report are soil-explanatory and
there Is only one remark in tho Auditors' Report regarding
Explanation to tho remark in Statutory Auditors' Report
i ho Directors submit their explanation to the remark made by the
Statutory Auditors In their report lor the year 2014-15. The relevant
remark and their reply aie as under.
1hn Company deposited chnques of PF payment within stipulated time but
die bunker of PF organisation delayed clearing cheques Irorn Iho
Companies Accounts.
2. Cost Audit
The services provided by Company are not covered under cost audit and
therefore, pursuant to Section 148 ol Companies Act, 2013 wltf the
Companion (Cost Records arid Audit) Amendment Rules, 2014, the Company
is not required to maintain the cost audit records.
3 Secretarial Audit
Pursuant to the provisions ol Section 204 ol the Companies Act. 2013
and the Companies (Appointment and Remuneration ol Managerial
Personnel) Rules, 2014, tho Company lias appointed M/n B. S. Goyal ft
Co. a lirm of Company Secretaries in Practice, to undertake the
Secretarial Audit ol the Company The Report ol tho Secretarial Audit is
annexed herewith as Annexure- IV.
Explanation to tho qualification in Secretarial Auditors' Ropoii
The Diiectors submit their explanation to Ihe qualifications made by
the Secretarial Auditors In their report lor the year 2014-15. Tho
relevant Qualification and their reply are as under:
The Constitution ul Ihe Board was In line with tho clause 49 ol Ihe
listing agreement and as per old Companies Act 1966. Alter enforcement
of now Companies Act 2013 the board was reconstituted and
interpretation ol tho section 152(6) has taken differently by the Board
as per section 152(6)(a) Hie 2/3 Director of total Director should be
liable to retire by rotation and further as per explanation In section
152(6) (e) total number of Director tor tho purpose ol Subsection (6)
ol Section 152 shall not include independent directors. The Company In
the Board meeting lie Id on 23.07.2015 has appointed Mr Dhiraj Kumar
Choudhary as Non executive additional director to comply with Section
152(6).
4. Internal Audit A Controls
Mr Gaurav Kumar has been appointed as internal auditor of the Company
at 23 06.2014. During the year. Ihe Company continued lo Implement his
suggestion* and recommendations to improve the control environment. His
scope of work includes review ol processes lor safeguarding the assets
of the Company, review of operational efficiency, effectiveness of
systems and processes, and assessing Ihe internal control strengths in
all areas.
Conservation of Energy, Technology absorption and Foreign Exchange
Earning and Out do Conservation of Energy
(a) Energy conservation has been an important thrust area for the
Company. The adoption of energy conservation measures has helped the
Company in reduction of cost and reduced machine down-time
(b) Energy conservation is an ongoing process and new areas are
continuously Identified and suitable investments are made, wherever
necessary.
Various on-going measures for conservation ol energy include (I)
use of energy efficient lighting and better use of natural lighting
(li) reduction of energy loss, and (ili) replacement of outdated energy
intensive equipment But Company has not made any big investment for
this purpose since the Company suspended its Manufacturing Activities.
Technology absorption
(1) During ihe year 2014-15. required minor effort has been taken for
technology absorption.
(2) No absorption of Imported technology has been taken place during
year 2014-15.
(3) No expenses incurred for Research and Development during financial
year 2014-15.
Foreign Exchange Earning and Outgo
Particulars with regard to foreign exchange earnings & outgo appear in
point 22 of notes to account.
Foreign exchange earning is Rs. 42,62,258 and outgo is nil.
OBLIGATION OF COMPANY UN DER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT. 2013
Not applicable'
as the Company has not any woman employee during the year under review.
There has been no need to frame any Sexual Harassment Committee and
Policy.
Extract of Annual Return
The details forming pari of the extract of the Annual Return In form
MGT-9 Is annexed herewith as "Annexure - II",
Material changes and commitments, if any. affecting the financial
position of the company which have occurred between the end of the
financial year of the company to which the financial statements relate
and the date of the report
Mr. P.irdeep Kumar, Company Secretary of Company has resigned with
effect from ;18,h May. 2015 and Ms. Pratima Agarwal has been appointed
as Company Secretary with effect from 18 May. 2015.
Mr. Dhiraj Kumar Choudhary has been appointed as Additional Director of
the Company with effect from 23ld July. 2015.
Corporate Governance
The Company has taken all required steps for good corporate governance
in the Company. The detail of steps taken is given in report on
Corporate Governance which is annexed herewith as "Annexure - V".
Statement Concerning Development And Implementation Of Risk Management
Policy Of The Company
The Company does not have any Risk Management Policy as the elements of
risk threatening the Company's existence are very minimal.
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.
Personnel
Employee relations continued to be cordial throughout the year in the
Company. Your Directors express their appreciation for the contribution
made by the employees to the operations of the Company during the year.
Details of significant and material orders passed by the regulators or
courts or tribunals Impacting the going concern status and company's
operations in future
There are no significant and material orders passed by the Regulators/
Courts which would impact the going concern status of the Company and
its future operations.
Management Discussion And Analysis
The Management Discussion and Analysis forms part of this Annual Report
for the year ended 31" March 2015.
Particulars of Employees
The Provision of Rule () & (3) of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014 requiring particulars
of the empoyees in receipt of remuneiation in excess of Rs. 60 lacs per
year to be disclosed in the Report of the Board of Directors are not
applicable lo the Company as none of the employees was in receipt of
remuneration in excess of Rs. 60 lacs during the financial year
2014-15.
Acknowledgement
Your Directors convey thoir sincere thanks to the various agencies of
the Central Government. State Governments, Banks and other concerned
agencies for all the help and cooperation extended to the Company. The
Directors also deeply acknowledge the trust and confidence the
shareholders anil investors, have placed in the Company Your Directors
also record their appreciation for the dedicated services rendered by
the workers, staff and olficers of the Company.
Place: Noida
Date 13.08.2015
For and on behalf of Board of Directors
Sd/- Sd/-
Naresh K Chibba Dhiraj Kumar Choudhary
Managing Director Director
Mar 31, 2014
Dear Shareholders,
The Directors have pleasure in presenting the 29th Annual Report along
with Audited Annual Accounts of the Company for the year ended March
31, 2014.
Financial Results
Particulars Year ended 31st Year ended 31st March,
March, 2014 2013
(In Rupees) (In Rupees)
Income from Operations 1,19,88,845 78,63,200
Expenditure 1,07,28,527.59 72,02,325.76
Gross Profit/ (Loss) (Before 1,260,267.41 6,60,874.24
Depreciation)
Depreciation 10,41,026 10,58,295
Profit before Tax 2,19,291.41 (3,97,420.76)
Taxes (Including
Deferred Taxes) (615,407) 548,411
Net Profit/ (Loss) After Taxes (396,115.59) 1,50,990.24
Performance Review
During the period under review the total income was Rs. 1,19,88,845
After providing for expenditure Rs. 1,07,28,527.59 & depreciation Rs.
10,41,026 and after the provision for deferred tax (5,67,904.00) and
income tax Rs.(47,503) the Company has incurred net loss of Rs.
(3,96,115.59).
Financial Year
The Company closed its Financial Year on March 31, 2014.
The Financial result for year ended 31st March 2014 have been reviewed
by the Audit Committee and approved by board of Directors in their
meetings held on June 10, 2014. The statutory Auditors of the company
have also audited the financial results for the year ended March 31,
2014.
Dividend
No Dividend has been declared for the year ended March 31, 2014.
Future prospects
The Company has been working for the expansion of its Software Business
throughout the world and has succeeded to spread its functions not only
in India, but also in the many foreign countries. The Company keeps the
influence and enthusiasm to survive successfully in the competitive
Software Market and expanding its functions and flourishing with
immense growth rate.
The Company has launched many new projects and also executing new
contracts in different Countries like USA, UK, UAE, Australia and
Malaysia and also looking for further deals for spreading out its
business for Company''s progress in all aspects. With passionate team
and innovative professionals company is moving towards rising path and
aims to generate great revenues in the coming year.
The Company is going to diversify its business and will enter into
other segments as mentioned in other objects of its Memorandum of
Association in a manner which will make our business more profitable.
Fixed Deposits
The Company has not accepted any deposit under section 58 A of the
Companies Act, 1956.
Industrial Relations
The employee-employer relations remained cordial throughout the year.
Directors
Mr. Pradeep Kumar Chopra, who has been a Non Executive Director of the
Company from November 25, 2010 onwards and was designated as
Independent Director and Chairman of the Company in the Board Meeting
held on November 6, 2013, in compliance of Board Composition under
clause 49 of the Listing Agreement.
Dr. Vishwanath, Director of the Company expired on February 11,
2014.Company recorded his sudden and untimely sad demise in the Board
Meeting held on March 7, 2014 and also his invaluable contributions
made as a Director of the company from the time of his appointment
until his death.
Mr. Akshat Bhaskar was appointed as Additional Independent Director on
place of Late Dr. Vishwanath in the Board Meeting held on March 7,
2014, who shall hold the office till the conclusion of forthcoming
Annual General Meeting.
Directors'' Responsibility Statement
The directors report that
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The Directors have selected such accounting policies and applied
them consistently and made 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 and
loss account of the company for that period.
iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
iv) The Directors have prepared the annual accounts on a going concern
basis.
v) The Directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) 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.
Listing on Stock Exchanges
The shares of the company are listed on UP Stock Exchange, Delhi Stock
Exchange and Bombay Stock Exchange. However, the trading of shares on
Bombay Stock Exchange is suspended and the revocation of suspension is
in due process.
Secretarial Compliance
Secretarial Compliance certificate as per Section 383A of Companies Act
1956 is placed as annexure to this report. No adverse comments have
been made in the said report by the Practicing Company Secretary.
Personnel
Your Directors also place on record their appreciation of the all round
co-operation & contributions made by the employees at all levels. The
statement of Employees u/s 217 (2A) of the Companies Act, 1956 is not
annexed since none of the employees falls in this category.
Auditors
M/s Hari Bhushan & Associates, Chartered Accountants, Independent
Auditors of the Company will retire at the forthcoming Annual General
Meeting and have showed their unwillingness to be re-appointed. In
accordance with the Companies Act 2013, it is proposed to appoint new
Auditors M/s. B K Kapoor & Company from the conclusion of this Annual
General Meeting till the conclusion of Annual General Meeting to be
held in year 2019, subject to the approval of shareholders.
Auditors Report
The observations made by the auditors in their report are explained in
the respective notes to the accounts which are self-explanatory and do
not call for further explanation.
Conservation of Energy, Technology absorption and Foreign Exchange
Earnings and Outgo
Information as per section 217(1)(e) read with companies ( disclosure
of particular in the Report of Board of Directors ) Rules ,1988 in not
being given since the company has suspended its Manufacturing
Activities.
Particulars relating to Technology absorption are Nil. Information
relating to Foreign Exchange Earnings and Outgo during the year under
review is provided in additional information.
Acknowledgement
Your Directors wish to place on record their appreciation for the whole
hearted and sincere co-operation the Company has received from its
bankers, Indian Overseas Bank, ICICI Bank and various Government
agencies. Your Directors also wish to thank all the employees for their
co-operation.
For and on behalf of Board of Directors
Place: Noida
Date: 22.08.2014 Sd/- Sd/- Sd/-
Naresh K Chibba Pradeep Chopra Akshat Bhaskar
Managing Director Director Director
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in presenting the 28th Annual Report along
with Audited Accounts of the Company for the year ended March 31, 2013.
1. FINANCIAL RESULTS
Particulars 31.3.2013 31.3.2012
i. Income from Operations 78,63,200 39,10,000
ii. Gross Profit/ (Loss) (3,97,421) 4,45,606
iii. Expenditure 72,02,326 28,88,661
iv. Depreciation 10,58,295 5,75,732
v. Net Profit/(Loss) 1,50,990 (1,71,570)
2. OPERATIONS
During the period under review the total income was Rs. 78,63,200/-
After providing for expenditure Rs. 72,02,326/- & depreciation Rs.
10,58,295/- the Company has earned net profit of Rs. 1,50,990/- 3.
FINANCIAL YEAR
The company has closed the financial year on 31st March 2013.
The Financial result for year ended 31st March 2013 have been reviewed
by the Audit Committee and approved by board of Directors in their
meeting held on 27th May 2013. The statutory Auditors of the company
have also audited the financial results for the year ended 31st March
2013.
The result for the year ended 31st March 2013 have been prepared and
accordingly the previous period / years figures have also been
reclassified to confirm to the current period''s classification.
3. FUTURE PROSPECTS
The company has launched new projects & hopes that the company will
generate greater revenues in the coming year.
4. FIXED DEPOSITS
The Company has not accepted any deposit under section 58 A of the
Companies Act. 1956.
5. INDUSTRIAL RELATIONS
The employee-employer relations remained cordial throughout the year.
6. DIRECTORS
(a) In accordance with the article of association of the Company at the
forthcoming Annual General Meeting of the company Dr. Vishwanath
retires by rotation and being eligible offers himself for
reappointment.
(b) Mr. Naresh K. Chibba , Dr. VIshwanath and Mr. Pradeep Chopra,
directors of the company are members of the Audit committee of the
Board of the company.
7. RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the companies Act 1956, your
Directors confirm that in the preparation of the Annual accounts:- i)
the applicable accounting standards have been followed along with
proper explanation relating to material disclosures.
ii) such accounting policies have been selected and applied
consistently and reasonable and prudent judgements and estimates made ,
so as to give a true and fair view of the state of affairs of the
company at the end of Financial Year and the Profit/Loss of the Company
for that period.
iii) Proper and sufficient care has been taken 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 frauds and other irregularities.
iv) The annual accounts have been prepared on a going concern basis.
8. LISTING
The shares of the company are listed at Kanpur, New Delhi and Mumbai
Stock Exchange. However as per resolution passed earlier, delisting
from UP stock exchange and Delhi Stock exchange is under process and
Shares from Bombay Stock Exchange are suspended and the revocation of
suspension is in due process.
9. AUDITORS
M/s Hari Bhushan & Associates, Chartered Accountants, Auditors of the
Company hold office until conclusion of the forthcoming annual General
Meeting and are willing to be reappointed.
10. AUDITORS REPORT
The observations made by the auditors in their report are explained in
the respective notes to the accounts which are self-explanatory and do
not call for further explanation.
11. PERSONNEL
Your Directors also place on record their appreciation of the all round
co-operation & contributions made by the employees at all levels. The
statement of Employees u/s 217 (2A) of the Companies Act, 1956 is not
annexed since none of the employees falls in this category.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information as per section 217(1)(e) read with companies ( disclosure
of particular in the Report of Board of Directors ) Rules ,1988 in not
being given since the company has suspended its manufacturing
activities.
Particulars relating to Technology absorption are nil. Information
relating to foreign exchange earnings or outgo during the year under
review is provided in additional information.
13. SECRETRIAL COMPLIANCE CERTIFICATE
A copy of the compliance certificate obtained from a company secretary
in practice, as required under section 383 A of the Companies Act 1956,
is attached with this report.
14. DIVIDEND
No Dividend has been declared for the year ended 31.03.2013.
15. ACKNOWLEDGEMENTS
Your directors also thank & acknowledge the co-operation, assistance
and support extended by the Central Government, the State Government,
the financial institutions, the Company''s Bankers, the Shareholders and
Staff of the Company.
For and on behalf of Board of Directors
Sd/ Sd/
Dr. Vishwanath Naresh K Chibba
Director Managing Director
Place: Noida
Date : 27th May 2013
Aug 31, 2011
The Directors have pleasure in presenting the 26th Annual Report along
with Audited Accounts of the Company for the year ended August 31,
2011.
1. FINANCIAL RESULTS
Particulars 31.8.2011 31.8.2010
i. Income from Operations 9475700 2361630
ii. Gross Profit/ (Loss) 1526140 (6442761)
iii. Financial Charges 92158 115468
iv. Depreciation (1127106) (1136648)
v. Net Profit/(Loss) 399034 (7579409)
2. OPERATIONS
During the period under review the total income was Rs9475700/- After
providing for expenditure Rs.7949560 /- & depreciation Rs(1127106/-)
the Company has incurred net profit of Rs.399034/-
3. FUTURE PROSPECTS
The company has during the year launched various new software products
which have been well received in the overseas market. The company hopes
to generate substantial business from most products launched in the
coming year..
4. FIXED DEPOSITS
The Company has not accepted any deposit under section 58 A of the
Companies Act. 1956.
5. INDUSTRIAL RELATIONS
The employee-employer relations remained cordial throughout the year.
6. DIRECTORS
(a) In accordance with the article of association of the Company at the
forthcoming Annual General Meeting of the company Dr. Vishwanath
retires by rotation and being eligible offers himself for
reappointment.
(b) Mr. Naresh K. Chibba , Dr. VIshwanath and Mr. Pradeep Chopra
directors of the company are member of the Audit committee of the Board
of the company
7. RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the companies Act 1956, your
Directors confirm that in the preparation of the Annual accounts:-
i)the applicable accounting standards have been followed along with
proper explanation relating to material departures.
ii) such accounting policies have been selected and applied
consistently and reasonable and prudent judgments and estimates
made , so as to give a true and fair view of the state of affairs
of the company at the end of Financial Year and the Profit/Loss
of the Company for that period.
iii) Proper and sufficient care has been taken 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 frauds and other irregularities.
iv) The annual accounts have been prepared as a going concern basis.
8. LISTING
The shares of the company are listed at Kanpur, New Delhi and Mumbai
Stock Exchange. The Company has paid Listing fee to the stock exchanges
till 2010-2011. However as per resolution passed at 19th AGM held on
25th February 2005 , delisting from UP stock exchange and Delhi Stock
exchange is in under process and Share from Bombay Stock Exchange is
suspended due to Demit process and the revocation of suspension is in
due process.
9. AUDITORS
M/s Hari Bhushan & Associates, Chartered Accountants, Auditors of the
Company hold office until conclusion of the forthcoming annual General
Meeting and are willing to be reappointed.
10. AUDITORS REPORT
The observation made by the auditors in their report are explained in
the respective notes to be accounts which are self-explanatory and do
not call for further explanation.
11. PERSONNEL
Your Directors also place on record their appreciation of the all round
co-operation & contributions made by the employees at all levels. The
statement of Employees u/s 217 (2A) of the Companies Act, 1956 is not
annexed since none of the employees falls in this category.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information as per section 217(1)(e) read with companies ( disclosure
of particular in the Report of Board of Directors ) Rules ,1988 in not
being given since the company has suspended its manufacturing
activities.
Particulars relating to Technology absorption are nil. Information
relating to foreign exchange earnings or outgo during the year under
review is provided in additional information.
13. SECRETRIAL COMPLIANCE CERTIFICATE
A copy of the compliance certificate obtained from a company secretary
in practice, as required under section 383 A of the Companies Act 1956,
is attached with this report.
14. ACKNOWLEDGEMENTS
Your directors also thank & acknowledge the co-operation, assistance
and support extended by the Central Government, the State Government,
the financial institutions, the Company's Bankers, the Shareholders and
Staff of the Company.
For and on behalf of Board of Director
Sd/ Sd/
Dr. Vishwanath Naresh K Chibba
Director Managing Director
Place: Noida
Date : 13th January 2012
Aug 31, 2010
The Directors have pleasure in presenting the 25th Annual Report along
with Audited Accounts of the Company for the year ended August 31,
2010.
1. FINANCIAL RESULTS
Particulars 31.8.2010 31.8.2009
i. Income from Operations 2361630 8431045
ii. Gross Profit/(Loss) (6442761) 873687
iii. Financial Charges 115468 72687
iv. Depreciation (1133648) (762987)
v. Net Profit/(Loss) (7579409) 110700
2. OPERATIONS
During the period under review the total income was Rs 2361630 /- After
providing for expenditure Rs 8804391/- & depreciation Rs 1136648/- the
Company has incurred net loss of Rs.7579409/-.
3. FUTURE PROSPECTS
During the year the company has further developed its market and has
acquired more business from clients based in Australia, Singapore,
Dubai and has also added more clients in UK also. The company hopes to
do reasonably well in the coming year.
4. FIXED DEPOSITS
The Company has not accepted any deposit under section 58 A of the
Companies Act. 1956.
5. INDUSTRIAL RELATIONS
The employee-employer relations remained cordial throughout the year.
6. DIRECTORS
(a) During the year Mr. Pradeep Chopra was appointed as Additional
Director of the company.
(b) During the year Mr. Aditya Vikram Chibba and Sunaina Chibba had
resigned from directorship of the company vide their letter dated
21.12.2010. The board also placed on record their appreciation of
useful guidance received from them for the service rendered to the
company.
(c) Mr. Naresh K. Chibba , Dr. Vlshwanath and Mr. Pradeep Chopra
directors of the company are member of the Audit committee of the Board
of the company
7. RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the companies Act 1956, your
Directors confirm that in the preparation of the Annual accounts:-
i) the applicable accounting standards have been followed along with
proper explanation relating to material departures.
ii) such accounting policies have been selected and applied
consistently and reasonable and prudent judgements and estimates made ,
so as to give a true and fair view of the state of affairs of the
company at the end of Financial Year and the Profit/Loss of the Company
for that period.
iii) Proper and sufficient care has been taken 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 frauds and other irregularities.
iv) The annual accounts have been prepared as a going concern basis.
8. LISTING
The shares of the company are listed at Kanpur, New Delhi and Mumbai
Stock Exchange. The Company has paid Listing fee to the stock exchanges
till 2009-2010. However as per resolution passed at 19th AGM held on
25th February 2005 , delisting from UP stock exchange and Delhi Stock
exchange is in under process and Share from Bombay Stock Exchange is
suspended due to Demat process and the revocation of suspension is in
due process.
9. AUDITORS
M/s Hari Bhushan & Associates, Chartered Accountants, Auditors of the
Company hold office until conclusion of the forthcoming annual General
Meeting and are willing to be reappointed.
10. AUDITORS REPORT
The observation made by the auditors in their report are explained in
the respective notes to be accounts which are self-explanatory and do
not call for further explanation.
11. PERSONNEL
Your Directors also place on record their appreciation of the all round
co-operation & contributions made by the employees at all levels. The
statement of Employees u/s 217 (2A) of the Companies Act, 1956 is not
annexed since none of the employees falls in this category.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information as per section 217(1)(e) read with companies ( disclosure
of particular in the Report of Board of Directors ) Rules ,1988 in not
being given since the company has suspended its manufacturing
activities.
Particulars relating to Technology absorption are nil. Information
relating to foreign exchange earnings or outgo during the year under
review is provided in additional information.
13. SECRETRIAL COMPLIANCE CERTIFICATE
A copy of the compliance certificate obtained from a company secretary
in practice, as required under section 383 A of the Companies Act 1956,
is attached with this report.
14. ACKNOWLEDGEMENTS
Your directors also thank & acknowledge the co-operation, assistance
and support extended by the Central Government, the State Government,
the financial institutions, the Companys Bankers, the Shareholders and
Staff of the Company.
For and on behalf of Board of Director
Sd/ Sd/
Dr. Vishwanath Naresh K Chibba
Director Managing Director
Place: Noida
Date : 15th January2011
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