Mar 31, 2012
TO THE SHAREHOLDERS
The Directors have great pleasure in presenting Annual Report together
with the Audited Accounts for the year ended March 31, 2012.
FINANCIAL RESULTS:
Particulars Year ended Year ended
31.03.2012 31.03.2011
Rs. In Lacs Rs. In Lacs
Sales & Other Income 774.64 889.29
Profit / (Loss) before tax
and appropriations 22.20 (0.04)
Profit / (Loss) after tax 22.20 (0.04)
Add : Balance brought forward
from previous year (371.72) (370.97)
Adjustment for
deferred tax assets (119.13) ( 0.71)
Profit carried forward (468.65) (371.72)
OPERATIONS:
During the year under review, your company has achieved a total income
of Rs. 774.64 lacs against Rs. 889.29 lacs in the previous year and
earned a profit of Rs. 22.2 lacs as against a net loss of Rs. 0.04 lacs
in the previous year. This was due to cost cutting in operations, while
market conditions remained competitive and difficult.
DIVIDEND:
In view of inadequate profits, your Board does not recommend any
dividend for the year ended March 31, 2012.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits from the Public during
the year within the meaning of section 58A of the Companies Act, 1956
and the rules made thereunder.
BOARD OF DIRECTORS:
As per the Provisions of the Companies Act, 1956 and in terms of the
Articles of Association of the Company, Mr. Deepak Kisan Gawade,
Director of the Company retires by rotation and being eligible, offers
himself for re-appointment.
Mr. Aniruddha Dandekar was appointed as an Additional Director during
the year, necessary resolution for his regularization is placed before
the Board.
During the year Ms. Nivedita Sen resigned from the directorship due to
her personal reasons. Your board appreciates for the services rendered
by her during the tenure of directorship.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors
confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed.
2. Appropriate policies have been selected and applied consistently
and judgments and estimates wherever made are reasonable and prudent so
as to give a true and fair view of the state of affairs of the Company
as at March 31, 2012.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
4. The annual accounts have been prepared on a going concern basis.
DEPOSITORY SERVICES:
The Company''s Equity Shares have been admitted to the depository
mechanism of the National Securities Depository Limited (NSDL) and also
the Central Depository Services (India) Limited (CDSL). As a result the
investors have an option to hold the shares of the Company in a
dematerialized form in either of the two Depositories. The Company has
been allotted ISIN No.INE815B01011, the Shareholders therefore are
requested to take full benefit of the same and lodge their holdings
with Depository Participants [DPs] with whom they have their Demat
Accounts for getting their holdings in electronic form.
CORPORATE GOVERNANCE:
Your Company continued to practice good governance as set out by the
Securities and Exchange Board of India. In addition to the basic
governance issues, the Board laid a strong emphasis on transparency,
accountability and integrity. The detailed report on compliance of
Corporate Governance and Management Discussion Analysis as stipulated
in Clause 49 of the Listing Agreement is enclosed and form part of this
Report as per Annexure B.
CODE OF CONDUCT:
Your Company is committed to conducting its business in accordance with
the applicable laws, rules and regulations and highest standards of
business ethics. In recognition thereof, the Board of Directors has
implemented a Code of Conduct for adherence by the Directors and Senior
Management Personnel of the Company. This will help in dealing with
ethical issues and also foster a culture of accountability and
integrity.
AUDITORS:
M/s. S M Bhat & Associates, Chartered Accountants, Auditors of the
Company are retiring at the ensuing Annual General Meeting. They are
eligible for re- appointment and have expressed their willingness to
act as auditors, if re- appointed. The Company has received a
certificate from them that they are qualified under section 224 (1) of
the Companies Act, 1956, for appointment as Auditors of the Company.
Members are requested to consider their appointment at a remuneration
to be decided by the Board of Directors for the financial year ending
March 31, 2013 as set out in the Notice convening the Meeting.
AUDITORS'' OBSERVATIONS:
The observations of the auditors contained in their Report have been
adequately dealt with in the Notes to the Accounts which are self
explanatory and, therefore, do not call for any further comments.
SECRETARIAL COMPLIANCE REPORT:
As required under the amended provisions of the Companies Act, 1956,
the Company is required to obtain Secretarial Compliance Certificate
from a Practicing Company Secretary. The same is enclosed and form part
of this report.
AUDIT COMMITTEE:
In accordance with the provisions of the Listing Agreement and
Corporate Governance the Company has constituted an Audit Committee
comprising of the following Directors viz., Mr. Sunil Shah, Mr.
Aniruddha Dandekar and Mr.Deepak Gawade as members. The Audit Committee
acts in accordance with the terms of reference specified from time to
time by the Board.
PARTICULARS OF EMPLOYEES:
None of the employees of the Company came within the purview of the
information required u/s 217 (2A) of the Companies Act, 1956 read with
the Companies (particulars of Employees) Rules, 1975 as amended.
LISTING:
The Company has listed its Equity Shares on BSE Limited, Mumbai.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information pursuant to section 217 (I) (e) of the Companies Act,
1956 read with the Companies ( Disclosure of particulars in the Report
of Board of Directors) Rules 1988 are given in Annexure "A" to this
report.
SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION:
The Company has taken all the necessary steps for safety and
environmental control.
ACKNOWLEDGMENT:
The Directors wish to convey their appreciation to the Company''s
shareholders, customers, suppliers, bankers and distributors for the
support they have given to the Company and the confidence, which they
have reposed in its management and the employees for the commitment and
dedication shown by them.
Registered Office: For and on behalf of the Board
100, M V Bhuta Compound, For Fintech Communication Ltd
Mogra Road, Andheri E,
Mumbai 400069
August 13, 2012. Sd/-
Sunil Shah
Chairman
Mar 31, 2010
The Directors have pleasure in presenting their report on the
operations of the Company for the year ending 31st March 2010.
Financial Results Current Year Previous Year
(Rs. in Lacs) (Rs. in Lacs)
Sales and other Income 1376.97 1008.93
Profit / (loss) before charging dep. 2.62 4.63
Depreciation 0.32 0.49
Net operational profit/(loss) 2.30 4.14
Provision for tax 0.36 0.04
Less: Differed tax credit (48.85) 1.59
Balance profit/(loss) (46.90) 5.68
Balance brought forward (324.06) (329.75)
Profit/ (Loss) carried to balance sheet (370.96) (324.06)
Dividend:
In view of the marginal profit earned during the year, your directors
have not recommended any dividend for the year under review.
Turnover and Profits and Operations:
Turnover for the year, under review, amounted to Rs.1373.37 Lac
(previous year Rs. 1008.93 Lac). The net profit for the year is Rs.
2.30 Lac (previous year loss of Rs. 4.14 Lac).
Directors:
Mr. Sunil D Shah retire by rotation in accordance with the Articles of
Association of the Company at the forthcoming Annual General Meeting,
and being eligible, offer himself for re-appointment
Auditors:
The Auditors M/s. S. M. Bhat & Associates., Chartered Accountants, are
holding their office as the Auditors of the Company till the conclusion
of the ensuing Annual General Meeting. M/s. S. M. Bhat and Associates,
Chartered Accountants, have expressed their consent to continue as
Statutory Auditors of the Company and your Board recommends their
appointment.
Deposits
The company has not invited or accepted any deposits from the public
under the non- banking financial companies, Reserve bank of India
directions, 1977.
Particulars of Employees:
As required under Sub Section 2A of Section 217 of Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 and as
amended from time to time, the particulars of such employees are not
applicable to the Company.
Conversion of energy and technology absorption
The particulars under the companies (Disclosure of Particulars in the
report of Board of directors) Rules, 1988 on conservation of energy and
technology absorption are not applicable.
Foreign Exchange Earnings & Outgo
There is no outflow/inflow of foreign exchange
Corporate governance
The company has complied with the requirements regarding corporate
governance as the required under clause 49 of the listing agreement
entered in to the stock exchange where the company''s shares are listed.
A report of the corporate governance in this regard is made a part of
this annual report and a certificate from the auditors of the companies
regarding the compliance of the conditions of the corporate governance
is attached to this report.
Director''s Responsibility Statement:
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed.
2. The accounting policies selected have been consistently applied and
the accounting for the period under review gives a true and fair view
of the state of affairs of the Company.
3. Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Act, for safeguarding the assets of the Company.
4. The accounts have been prepared on a going-concern basis.
Audit Committee
The company has duly constituted audit committee under section 292A of
the companies act, 1956.
Acknowledgement:
The Directors wish to take this opportunity to thank all the employees
of the Company as also various other Government Agencies for their
continuous contribution towards the growth of the organisation.
By order of the Board of Directors
For Fintech Communication Limited
Chairman
Place: Mumbai
Date : 30-08-2010
Mar 31, 2009
The Directors have pleasure in presenting their report on the
operations of the Company for the year ending 31st March 2009.
Financial Results Current Year Previous Year
(Rs. in Lacs) (Rs. in Lacs)
Sales and other Income 1008.93 278.79
Profit / (loss) before charging dep. 4.63 ( 1.09)
Depreciation 0.49 0.00
Net operational profit/(loss) 4.14 (1.09)
Provision for tax 0.04 0.03
Less: Differed tax credit 1.59 0.37
Balance profit/(loss) 5.68 (0.75)
Balance brought forward (329.75) (329.00)
Profit/ (Loss) carried to balance sheet (324.06) (329.75)
Dividend:
In view of the marginal profit earned during the year, your directors
have not recommended any dividend for the year under review.
Turnover and Profits and Operations:
Turnover for the year, under review, amounted to Rs.1008.93 Lac
(previous year Rs. 278.79 Lac). The net profit for the year is Rs. 4.14
Lac (previous year loss of Rs. 1.09 Lac).
Directors:
Mr. Sunil D Shah retire by rotation in accordance with the Articles of
Association of the Company at the forthcoming Annual General Meeting,
and being eligible, offer himself for re-appointment
Auditors:
The Auditors M/s. S. M. Bhat & Associates., Chartered Accountants, are
holding their office as the Auditors of the Company till the conclusion
of the ensuing Annual General Meeting. M/s. S. M. Bhat and Associates,
Chartered Accountants, have expressed their consent to continue as
Statutory Auditors of the Company and your Board recommends their
appointment.
Deposits
The company has not invited or accepted any deposits from the public
under the non- banking financial companies, Reserve bank of India
directions, 1977.
Particulars of Employees:
As required under Sub Section 2A of Section 217 of Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 and as
amended from time to time, the particulars of such employees are not
applicable to the Company.
Conversion of energy and technology absorption
The particulars under the companies (Disclosure of Particulars in the
report of Board of directors) Rules, 1988 on conservation of energy and
technology absorption are not applicable.
Foreign Exchange Earnings & Outgo
There is no outflow/inflow of foreign exchange
Corporate governance
The company has complied with the requirements regarding corporate
governance as the required under clause 49 of the listing agreement
entered in to the stock exchange where the company''s shares are listed.
A report of the corporate governance in this regard is made a part of
this annual report and a certificate from the auditors of the companies
regarding the compliance of the conditions of the corporate governance
is attached to this report.
Director''s Responsibility Statement:
As required under Section 217(2AA) of the Companies Act, 1956, the
Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed.
2. The accounting policies selected have been consistently applied and
the accounting for the period under review gives a true and fair view
of the state of affairs of the Company.
3. Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Act, for safeguarding the assets of the Company.
4. The accounts have been prepared on a going-concern basis.
Audit Committee
The company has duly constituted audit committee under section 292A of
the companies act, 1956.
Acknowledgement:
The Directors wish to take this opportunity to thank all the employees
of the Company as also various other Government Agencies for their
continuous contribution towards the growth of the organisation.
By order of the Board of Directors
For Fintech Communication Limited
Chairman
Place: Mumbai
Date : 04-09-2009