Mar 31, 2010
The directors have pleasure in presenting the Annual Report together
with the Audited Accounts of the Company for the year ended 31st March
2010.
FINANCIAL PERFORMANCE
The performance of the Company has improved well during the year and
the highlights are given below:
(in Rupees)
PARTICULARS
2010 2009
Profit/ (Loss) before Interest and
Finance Charges and Depreciation 10,53,558 11,33,751
Interest and Finance Charges 1,123 1,31,152
Profit / (Loss)before Depreciation 10,52,435 10,02,275
Depreciation 7,72,207 9,07,436
Profit / (Loss)after Depreciation before Tax 2,80,228 94,839
Preliminary Expenses Nil Nil
Profit / (Loss)before Tax 2,80,228 94,839
Provision for Income Tax, Current
Tax, Deferred Tax Nil Nil
Profit / (Loss)after Tax but before dividend 2,80,228 94,839
BUSINESS PLAN
The Company has its presence spanning across USA, UK, Germany and UAE
and its focus areas are web/ e-commerce solutions, software application
development, information processing. The Company is planning to do
software projects in Java and Net technologies and to market college
campus automation software and its social networking portal.
DIRECTORS
Mr. R. Jayaprakash has been appointed as an independent Director of the
Company in the place of Mr. CA VasudevanS who resigned from the Board.
The Board of Directors places on record its appreciation of the
services rendered and co-operation extended by Mr. CA Vasudevan S.
during his tenure.
TAKE OVER AND OPEN OFFER PROCESS
During the year an agreement was signed between the Promoter Mr. V.
Parandhaman and Mr. N. Ramamurthy, an acquirer from U.S.A to acquire
Promoters shares and consequently an open offer for the Public shares
was made by the acquirer as prescribed by SEBI. As the acquirer could
not pay for the acquisition of promoters shares the promoter terminated
the Equity share purchase agreement on 14th July, 2010 and informed
Bombay Stock Exchange Limited and Merchant Banker accordingly.
CORPORATE GOVERNANCE
Your Company attaches considerable significance to good Corporate
Governance as an important step towards building investor confidence
and maximize long term shareholder value. Pursuant to Clause 49 of the
Listing Agreement with the Stock exchange, a compliance report on
Corporate Governance has been annexed as part of their Annual Report.
DEPOSITS
The Company has not accepted any Fixed Deposits from the public.
DIVIDEND
No dividend is recommended for the financial year ended 31st March
2010.
AUDITORS
Mr. W.S. Madhavann, FCA, Chartered Accountant, Chennai, Statutory
Auditor of the Company retires at the ensuring Annual General Meeting.
His re-appointment is recommended.
COMPLIANCE CERTIFICATE
As per the provisions of Companies Act, 1956 the Company has to
circulate the Compliance Certificate. Accordingly, B. Prabakar,
Practising Company Secretary has issued the certificate and the same is
circulated along with this report.
DISCLOSURE OF PARTICULARS
Disclosure as per requirements of Section 217(2) (e) of the Companies
Act, 1956 read with the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules 1988, with respect to energy
conservation, technology absorption is nil.
In respect of Foreign Exchange earnings and Outgo (in US $), details
are given below -
Foreign Exchange Earnings: US $ 96.138
Foreign Exchange Outgo: US $ 63.400
PERSONNEL
There were no employees of the Company who were in receipt cf
Rs.24,00,000 during the financial year ended 31.03.2010 as per the
limit set under the provisions of Section 217 (2A) of the Companies
Act, 1956 and the rules framed there under.
DIRECTORS RESPONSIBILITY STATEMENT
In compliance with the provisions of Section 217 (2AA) of the Companies
Act, 1956 (the Act) your Directors hereby confirm that:
- In preparing the Annual Accounts for the year ended 31.03.2010 all
the applicable standards have been followed.
- Accounting policies were adopted and applied 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 as at
31.03.2010.
- Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing/detecting
fraud and irregularities have been taken.
- The Annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENT
Your directors thank and acknowledge the continuous co-operation and
assistance extended by Bank of Maharashtra, Punjab National Bank,
Indian Bank, State Bank of India, Bombay Stock Exchange Limited, Cameo
Corporate Services Ltd., our employees and the various customers who
are patronizing our products.
For and on behalf of the Board
Sd./-
V. PARANDHAMAN
Chairman
Date: 30.07.2010
Place: Chennai
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