Mar 31, 2015
Dear members,
The Directors are pleased to present their 15th Annual Report together
with the Audited Accounts of the Company highlighting the business
operations and financial results for the year ended March 31, 2015.
A) FINANCIAL RESULTS :
The financial performance of the Company for the year ended March 31,
2015 is summarized below:
Sr. Particulars Year ended Year ended
No. 31.03.15 31.03.14
(Amt. in Rs) (Amt. in Rs)
1 Net Sales / Interest Earned /
Operating Income 283,707,241 458,564,755
2 Total Expenditure 255,180,498 470,873,865
3 Profit/Loss Before Depreciation,
Taxes and Extra ordinary Items 28,526,743 (12,309,110)
4 Depreciation 31,994,643 44,094,798
5 Profit/Loss Before Taxes and
Extra ordinary Items (7,094,766) (56,403,908)
6 Extra Ordinary Items / Capital Loss (15,424,191) (1,608,161)
7 Profit Before Taxes (22,518,956) (58,012,069)
8 Provision For Taxation (4,532,968) (5,117,507)
9 Net Profit/(Loss) after Tax (17,985,988) (52,894,562)
10 Appropriations
Interim Dividend - -
Proposed Dividend - -
Corporate Tax on Dividend - -
11 Equity Share Capital 104,027,550 104,027,550
B) DIRECTORS
In accordance with the Provision of companies Act, 1956 and Articles of
Association of the Company, the Directors of the company are as under.
Name of the Director Designation
Dr. Vivek Hebbar Chairman
Dr. Sriram Kumar Managing Director
Mr. Rajan V. Pillai Non Executive Director
Mr. Sailesh Pethe Non Executive Director
Mr. N. Shiva Non Executive Director
Dr. (Mrs.) Leena Vivek Non Executive Director
Mr. Jagadish B Non Executive Director
C) AUDITORS:
M/s. JBRK & Co, Chartered Accountants, who were appointed as the
Statutory Auditors of the company by the Members at their previous
Annual General Meeting (AGM) shall be retiring on the conclusion of the
ensuing AGM and are eligible for re-appointment. Members are requested
to consider their re-appointment from the conclusion of ensuing Annual
General Meeting (AGM) upto the conclusion of the next Annual General
Meeting.
D) Information on conservation of Energy, Technology absorption and
Foreign Exchange earnings/out goings.
Your company's operations does not involve large scale use of energy.
The disclosure of particulars under this head is not applicable as your
company operates in the service sector. Although your company is not a
large scale energy user, acknowledges, the concept of conservation of
energy. Your company has received foreign exchange during the year
under review.
E) Particulars of Employees:
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particular of
Employees) Rules, 1975 as amended, during the year under review the
remuneration of each employee of your company are within the prescribed
limits.
F) Listing Fees:
All the compliances including payment of annual listing fees for the
year under review have been paid to the Bombay Stock Exchange Limited,
where your Company's shares are listed, within the stipulated time.
G) PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any fixed
deposits from the public and as on 31st March, 2015, the Company had no
unclaimed deposits or interest thereon due to any depositor.
H) CORPORATE SOCIAL RESPONSIBILITY:
Board of Directors, the Management and all of the employees subscribe
to the philosophy of compassionate care. We believe and act on an ethos
of generosity and compassion, characterized by a willingness to build a
society that works for everyone. This is the cornerstone of our CSR
Policy.
CORPORATE GOVERNANCE:
Your Company's management has placed Corporate Governance as one of
their top most priority. Your Company's philosophy on Corporate
Governance envisages attainment of highest level of transparency,
accountability and fairness in respect of its operations and
achievement of highest internal standards in Corporate Governance and
believes that the initiatives on Corporate Governance will assist the
management in the efficient conduct of the business and in meeting its
responsibilities to all its stakeholders
Your company has complied with the provision of Clause 49 of the
Listing Agreement relating to Corporate Governance. A report of the
Corporate Governance, along with the certificate of compliance from the
Auditors forms part of this Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of section 217 (2AA) of the Companies Act,
1956, the Directors hereby confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. They have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of financial year and of the profit or loss of
the Company for the period under review.
3. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities, and
4. They have prepared the accounts for the period ended 31st March
2015 on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors would like to place on record their appreciation and
sincere thanks to all the shareholders, customers, bankers, Central and
State Government for the contribution made and support provided to the
Company during the year under report. Your Company continues to enjoy
the full cooperation of all its employees. The Directors wish to place
on record their appreciation for the good performance achieved by them.
For and on behalf of Board of Directors
Regd Office: Dr.Vivek Hebbar
302, The Bureau Chambers, Chairman, Board of Directors
Above State Bank of Patiala,
Chembur, Mumbai - 400071
Maharashtra
Place: Mumbai.
Date: 16th July, 2015
Mar 31, 2014
Dear Members,
The Directors are pleased to present their 14th Annual Report together
with the Audited Accounts of the Company highlighting the business
operations and financial results for the year ended March 31, 2014.
A) FINANCIAL RESULTS :
The financial performance of the Company for the year ended March 31,
2014 is summarized below:
Sr. Particulars Year ended Year ended
No. 31.03.14 31.03.13
(Amt. in Rs) (Amt. in Rs)
1 Net Sales / Interest Earned /
Operating Income 458,564,755 642,212,501
2 Total Expenditure 470,873,865 570,093,617
3 Profit/Loss Before Depreciation,
Taxes and Extra ordinary Items (12,309,110) 72,118,884
4 Depreciation 44,094,798 70,364,640
5 Profit/Loss Before Taxes and Extra
ordinary Items (56,403,908) 1,754,245
6 Extra Ordinary Items / Capital Loss (1,608,161) -
7 Profit Before Taxes (58,012,069) 1,754,245
8 Provision For Taxation (5,117,507) (8,761)
9 Net Profit/(Loss) after Tax (52,894,562) 1,763,005
10 Appropriations
Interim Dividend - -
Proposed Dividend - -
Corporate Tax on Dividend - -
11 Equity Share Capital 104,027,550 104,027,550
B) DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and
Articles of Association of the Company, the Directors of the company
are as under.
Name of the Director Designation
Dr. Vivek Hebbar Chairman
Dr. Sriram Kumar Managing Director
Mr. Rajan V. Pillai Non Executive Director
Mr. Sailesh Pethe Non Executive Director
Mr. N. Shiva Non Executive Director
Dr. Chintan Bharwada Non Executive Director
C) Auditors
M/s. JBRK & Co, Chartered Accountants, who were appointed as the
Statutory Auditors of the company by the Members at their previous
Annual General Meeting (AGM) shall be retiring on the conclusion of the
ensuing AGM and are eligible for re-appointment. Members are requested
to consider their re-appointment from the conclusion of ensuing Annual
General Meeting (AGM) upto the conclusion of the next Annual General
Meeting.
D) Information on conservation of Energy, Technology absorption and
Foreign Exchange earnings/out goings as per section 217(1) (e) of the
Companies Act, 1956.
Your company''s operations does not involve large scale use of energy.
The disclosure of particulars under this head is not applicable as your
company operates in the service sector. Although your company is not a
large scale energy user, acknowledges, the concept of conservation of
energy. Your company has received foreign exchange during the year
under review.
E) Particulars of Employees:
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particular of Employees) Rules, 1975
as amended, during the year under review the remuneration of each
employee of your company are within the prescribed limits.
F) Listing Fees:
All the compliances including payment of annual listing fees for the
year under review have been paid to the Bombay Stock Exchange Limited,
where your Company''s shares are listed, within the stipulated time.
G) PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any fixed
deposits from the public and as on 31st March, 2014, the Company had no
unclaimed deposits or interest thereon due to any depositor.
CORPORATE GOVERNANCE:
The Company''s management has placed Corporate Governance as one of
their top most priority. Your Company''s philosophy on Corporate
Governance envisages attainment of highest level of transparency,
accountability and fairness in respect of its operations and
achievement of highest internal standards in Corporate Governance and
believes that the initiatives on Corporate Governance will assist the
management in the efficient conduct of the business and in meeting its
responsibilities to all its stakeholders
Your company has complied with the provision of Clause 49 of the
Listing Agreement relating to Corporate Governance. A report of the
Corporate Governance, along with the certificate of compliance from the
Auditors forms part of this Annual Report.
DIRECTORS RESPONSIBILTY STATEMENT:
Pursuant to the requirement of section 217 (2AA) of the Companies Act,
1956, the Directors hereby confirm that;
1. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. They have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of financial year and of the profit or loss of
the Company for the period under review.
3. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities, and
4. They have prepared the accounts for the period ended 31st March
2014 on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors would like to place on record their appreciation and
sincere thanks to all the shareholders, customers, bankers, Central and
State Government for the contribution made and support provided to the
Company during the year under report. Your Company continues to enjoy
the full cooperation of all its employees. The Directors wish to place
on record their appreciation for the good performance achieved by them.
For and on behalf of Board of Directors
Regd Office: Dr.Vivek Hebbar
302, The Bureau Chambers, Chairman, Board of Directors
Above State Bank of Patiala,
Chembur, Mumbai - 400071
Maharashtra
Place: Mumbai.
Date: 28th July, 2014
Mar 31, 2013
Dear Shareholder,
The Directors are pleased to present their 13th Annual Report together
with the Audited Accounts of the Company highlighting the business
operations and financial results for the year ended March 31, 2013.
A) FINANCIAL RESULTS :
The financial performance of the Company for the year ended March 31,
2013 is summarized below:
Sr.
No. Particulars Year ended Year ended
31.03.13 31.03.12
(Amt. in Rs) (Amt. in Rs)
1 Net Sales / Interest Earned /
Operating Income 642,212,501 642,566,584
2 Total Expenditure 570,093,617 557,787,111
3 Profit/Loss Before Depreciation,
Taxes and Extra ordinary Items 72,118,884 84,779,472
4 Depreciation 70,364,640 78,835,869
5 Profit/Loss Before Taxes and
Extra ordinary Items 1,754,245 5,943,603
6 Profit Before Taxes 1,754,245 4,928,783
7 Provision For Taxation (8761) 7,043,976
8 Net Profit/(Loss) after Tax 1,763,005 (2,115,193)
9 Appropriations
Interim Dividend
Proposed Dividend 1,560,413
Corporate Tax on Dividend 253,177
10 Equity Share Capital 104,027,550 104,027,550
B) DIRECTORS:
In accordance with the Provision of companies Act, 1956 and Articles of
Association of the Company, the Directors of the company are as under.
Name of the Director Designation
Dr. Vivek Hebbar Chairman
Dr. Sriram Kumar Managing Director
Mr. N. Iyer Whole-time Director
Mr. Shailesh Pethe Non Executive Director
Mr. N. Shiva Non Executive Director
Mr. Rajan V. Pillai Non Executive Director
C) AUDITORS:
M/s. JBRK & Co, Chartered Accountants, who were appointed as the
Statutory Auditors of the company by the Members at their previous
Annual General Meeting (AGM) shall be retiring on the conclusion of the
ensuing AGM and are eligible for re-appointment. Members are requested
to consider their re-appointment from the conclusion of ensuing Annual
General Meeting (AGM) upto the conclusion of the next Annual General
Meeting.
M/s DJCA & Co., Chartered Accountants, Mumbai have been appointed as
Internal and Taxation Auditors of the company to hold office from
conclusion of this Annual General Meeting till the conclusion of the
next Annual General Meeting.
D) Information on conservation of Energy, Technology absorption and
Foreign Exchange earnings/out goings as per section 217(1) (e) of the
companies act, 1956.
Your company''s operations does not involve large scale use of energy.
The disclosure of particulars under this head is not applicable as your
company operates in the service sector. Although your company is not a
large scale energy user, acknowledges, the concept of conservation of
energy. Your company has received foreign exchange during the year
under review.
(G) EMPLOYEES:
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particular of Employees) Rules, 1975
as amended, during the year under review the remuneration of each
employee of your company are within the prescribed limits.
(H) LISTING FEES:
All the compliances including payment of annual listing fees for the
year under review have been paid to the Bombay Stock Exchange Limited,
where your Company''s shares are listed, within the s tipulated time.
CORPORATE GOVERNANCE:
Your Company''s management has placed Corporate Governance as one of
their top most priority. Your Company''s philosophy on Corporate
Governance envisages attainment of highest level of transparency,
accountability and fairness in respect of its operations and
achievement of highest internal standards in Corporate Governance and
believes that the initiatives on Corporate Governance will assist the
management in the efficient conduct of the business and in meeting its
responsibilities to all its stakeholders
Your company has complied with the provision of Clause 49 of the
Listing Agreement relating to Corporate Governance. A report of the
Corporate Governance, along with th e certificate of compliance from
the Auditors forms part of this Annual Report.
DIRECTORS RESPONSIBILTY STATEMENT:
As required under the companies Act. 1956 your Director wish to state
that:
1. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. They have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of a ffairs of
the Company at the end of financial year and of the profit or loss of
the Company for the period under review.
3. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provis ions of the
companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities, and
4. They have prepared the accounts for the period ended 31st March,
2013 on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors would like to place on record their appreciation and
sincere thanks to all the shareholders, customers, bankers, Central
Government and State Governments for th e contribution made and support
provided to the Company during the year under report. Your Company
continues to enjoy the full cooperation of all its employees. The
Directors wish to place on record their appreciation for the good
performance achieved by them.
For and on behalf of Board of Directors
Regd Office: Dr.Vivek Hebbar
302, The Bureau Chambers Chairman, Board of Directors
Above State Bank of Patiala
Chembur, Mumbai  400071 Maharashtra
Place: Mumbai.
Date: 14th August, 2013
Mar 31, 2011
Dear Shareholders,
The Directors are pleased to present their 11th Annual Report on the
business and operation of your Company and the Audited Financial
Statements for the year ended March 31, 2011.
A) Snapshot of Financial Performance
The financial performance of the Company for the year ended March 31,
2011 is summarized below:
Sr.
No. Particulars Year ended Year ended
31.03.11 31.03.10
(Amt. in Rs) (Amt. in Rs)
1 Net Sales / Interest Earned /
Operating Income 611,502,525 249,350,784
2 Total Expenditure 511,263,174 197,311,571
3 Profit/Loss Before Depreciation,
Taxes and Extra ordinary Items 100,239,351 52,039,212
4 Depreciation 59,456,120 2,996,816
5 Profit/Loss Before Taxes and
Extra ordinary Items 40,783,231 49,042,397
6 Extra Ordinary Items - Loss By Fire - 15,886,366
7 Profit Before Taxes 40,783,231 33,156,031
8 Provision For Taxation 15,069,255 10,156,383
9 Net Profit/(Loss) after Tax 25,713,976 22,999,649
10 Appropriations
Interim Dividend 1,000,551 1,914,930
Proposed Dividend - 1,000,551
Corporate Tax on Dividend 166,182 495,486
11 Profit after Appropriations 24,547,243 19,588,682
12 Equity Share Capital 104,027,550 191,492,990
B) Dividend
The company has paid a Dividend to all the Shareholders @ 0.5% on the
Face Value of Rs.10/- per equity share capital of the Company during
the financial year 2010-11. The total outgo on account of dividend,
inclusive of dividend tax was Rs.11,66,733.
C) Share Capital
During the year under review, the company had made a preferential
allotment of 8,61,720 equity shares to the Promoters, Strategic
Investors and Others. The company had made this preferential allotment
of equity shares to meet the diversification and expansion requirements
mainly for its e-learning initiatives and setting up facilities in
SEZs.
During the year under review, Firstobject has undertaken Capital
Reduction/Consolidation exercise and also amalgamated M/s. Pre School
Analytics Pvt Ltd with itself through requisite Hon'ble High court and
Other Applicable Approvals.
The Merger of Pre School Analytics Pvt.Ltd will add substantially to
the product offerings of the company as it brings products and
educational content from Play School to Secondary School education
level. The capital restructuring shall boost First object's financial
capability as well as enhance investor wealth, enhance EPS and Return
on Equity. The Scheme of Arrangement has come into effect from the
Appointed Date for the Scheme, which is 1st April 2010.
D) Directors
In accordance with the Provision of companies Act, 1956 and Articles of
Association of the Company, the Directors of the company are as under.
Name of the Director Designation
Dr. Vivek Hebbar Chairman
Mr. PRamnath Whole Time Director
Mr. N. Shiva Non Executive Director
Mr. Sailesh Pethe Non Executive Director
Mr. Sita Rama Sastry Non Executive Director
Mrs. Lakshmi Kameswari Associate Director &
Chief Operating Officer
Mr. Sriram Kumar Associate Director &
Chief Technology Officer
Mr. J.Satya Surya Narayana has resigned from the position of Whole Time
Director as well as Director from the Board due to his pre-occupation
with effect from 14th November 2011. The Board wishes to thank him for
his co-operation and contributions during the growth phase of the
company.
E) Auditors
M/s. JBRK& Co, Chartered Accountants, Hyderabad appointed as Statutory
Auditors of the company to hold office from conclusion of this Annual
General Meeting till the conclusion of the next Annual General Meeting.
M/s Sumeet & Murali, K.S.M.Krishna, Chartered Accountants, Bangalore
have been appointed as Internal and Taxation Auditors of the company to
hold office from conclusion of this Annual General Meeting till the
conclusion of the next Annual General Meeting.
F) Information on conservation of Energy, Technology absorption and
Foreign Exchange earnings/out goings as per section 217(1) (e) of the
companies act, 1956.
Your Company's operations does not involve large scale use of energy.
The disclosure of particulars under this head is not applicable as your
Company operates in the service sector. Although your company is not a
large scale energy user, acknowledges, the concept of conservation of
energy. Your company has received foreign exchange during the year
under review.
G) Employees
Particulars Under Section 217(2A) of the Companies Act. 1956 read with
the companies (Particular of Employees) Rules.1975 as amended, during
the year under review the remuneration of each employee of your company
are within the prescribed limits.
CORPORATE GOVERNANCE:
Your company has complied with the provision of Clause 49 of the
Listing Agreement relating to Corporate Governance and believes that
the initiatives on corporate governance will assist the management in
the efficient conduct of the business and in meeting its obligation to
all its stakeholders.
DIRECTORS RESPONSIBILTY STATEMENT:
As required under the companies Act, 1956 your Director wish to state
that;
a) In the preparation of the annual accounts the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b) They have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of financial year and of the profit or loss of
the Company for the period under review.
c) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities, and
d) They have prepared the accounts for the period ended 31st March 2011
on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors express sincere thanks to the Bankers of the company for
their support and encouragement.
Your Directors also wish to thank all the employees for their unstinted
co-operation in achieving the good performance of your company.
For and on Behalf of the Board of Directors
Sd/-
Dr.Vivek Hebbar
Chairman, Board of Directors
Regd Office:
1st Floor, Swayamkrishi
SMILINE Building, No: 8-3-952/10/2 & 2/1
Srinagar Colony
Hyderabad-500 073
Place: Hyderabad
Date: 22.11.2011
Mar 31, 2010
The Directors take pleasure in presenting the 10th Annual Report
together with Audited accounts for the financial year ended 31st March,
2010. The report covers all major events till the date of report.
a) REVIEW OF OPERATIONS
The standalone results of the Company for the year are furnished as
follows:
Sr. Particulars Year ended Year ended
No. 31.03.10 31.03.09
(Amt. in Rs) (Amt. in Rs)
1 Sales & Other Income 249,350,784 178,905,924
2 Total Expenditure 197,311,571 147,564,825
3 Profit/Loss Before Depreciation,
Taxes and Extra ordinary Items 52,039,212 31,341,099
4 Depreciation 2,996,816 17,299,326
5 Profit/Loss Before Taxes
and Extra ordinary Items 49,042,396 14,041,773
6 Extra Ordinary Items - Loss By Fire 15,886,365 -
7 Profit Before Taxes 33,156,031 14,041,773
8 Provision For Taxation 10,156,383 (2,474,000)
9 Net Profit/(Loss) 22,999,649 16,515,773
10 Equity Share Capital 191,492,990 191,492,990
The Consolidated results of the Firstobject Technologies for the year
are furnished as follows:
Sr. Particulars Year ended Year ended
No. 31.03.10 31.03.09
(Amt. in Rs) (Amt. in Rs)
1 Sales & Other Income 488,787,316 423,448,024
2 Total Expenditure 340,754,741 307,951,562
3 Profit/Loss Before Depreciation,
Taxes and Extra ordinary Items 148,032,575 115,496,462
4 Depreciation 3,751,487 19,328,989
5 Profit/Loss Before Taxes and
Extra ordinary Items 144,281,088 96,167,473
6 Extra Ordinary Items - Loss By Fire 15,886,365 -
7 Profit Before Taxes 128,394,723 96,167,473
8 Provision For Taxation 10,156,383 (2,474,000)
9 Net Profit/(Loss) 118,238,340 98,641,473
10 Equity Share Capital 191,492,990 191,492,990
During the year, a major fire broke out at our companys operational
premises located at Srinagar Colony, Hyderabad due to an electric short
circuit. The Company had to shift its operations to an alternative site
located at Kukkatpally, Hyderabad. During the said period the work
continued without any break. We are proud to say that the re-building
of the facility has been completed in a record time and the facility
has been once again made fully operational during the current year
itself.
b) DIRECTORS:
In accordance with the Provision of Companies Act, 1956 and Articles of
Association of the Company, the Directors of the Company are as under.
Name of the Director Designation
Dr. Vivek Hebbar Chairman
Mr. J. Satya Surya
Narayana Whole Time Director
Mr. P.Ramnath Whole Time Director
Mr. N. Shiva Independent Director
Mr. P.Sailesh Independent Director
Mr. Sita Rama Sastry Independent Director
c) AUDITORS
M/s J.K.Agarwal & Co. Chartered Accountants, Mumbai appointed as
Statutory Auditors of the Company to hold office from conclusion of
this Annual General Meeting till the conclusion of the next Annual
General Meeting. -
M/s H. Rao & Co, Chartered Accountants, Hyderabad and M/s Sumeet &
Murali, K.S.M.Krishna, Chartered Accountants, Bangalore have been
appointed as Internal and Taxation Auditors of the company to hold
office from conclusion of this Annual General Meeting till the
conclusion of the next Annual General Meeting.
d) EMPLOYEES
During the year under review none of the employees of your company were
in receipt of remuneration in excess of the limits prescribed for
disclosure as per section 217(2A) of the Companies Act, 1956 read with
the companies (Particular of Employees) Rules. 1975 as amended from
time to time.
Information on conservation of Energy, Technology absorption and
Foreign Exchange earnings/out goings as per section 217(1) (e) of the
Companies Act, 1956:
Your company has no activities relating to the conservation of energy
and technology absorption. Your company has received foreign exchange
during the year under review.
CORPORATE GOVERNANCE:
Your company has complied with the provision of Clause 49 of the
Listing Agreement relating to Corporate Governance and believes that
the initiatives on corporate governance will assist the management in
the efficient conduct of the business and in meeting its obligation to
all its stakeholders.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under the Companies Act, 1956 your Director wish to state:
That in the preparation of the annual accounts the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
That they have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of financial year and of the profit or loss of
the Company for the period under review.
That they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities, and
That they have prepared the accounts for the period ended 31st March
2010 on a going concern basis.
ACKNOWLEDGEMENTS:
Your Directors express sincere thanks to the Bankers of the Company for
their support and encouragement.
Your Directors also wish to thank all the employees for their unstinted
co-operation in achieving the good performance of your company.
For and on Behalf of the Board of Directors
Sd/-
Dr.Vivek Hebbar
Chairman, Board of Directors
Regd Office:
1st Floor, Swayamkrishi,
SMILINE Building, No: 8-3-952/10/2 & 2/1
Srinagar Colony,
Hyderabad-500 073
Place: Hyderabad
Date: 04.09.2010
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