Mar 31, 2014
Dear Members,
The Directors have the pleasure in presenting their 29th Report
together with the Audited Accounts for the year ended March 31, 2014
Financial Performance:
2013 -14 2012 -13
Rs. (In Lakhs) Rs. (In Lakhs)
Total Income 65.66 64.31
Total Expenditure 59.19 58.67
Profit Before Depreciation and Tax 6.47 5.64
Less: Deprecation 4.23 4.22
Less: Provision for Tax and F.B.T.
Incl. Deferred Tax Liability 0.11 0.24
Net Profit after Tax 2.13 1.18
Less :Short Provision for Tax - -
Balance Brought Forward - -
Amount available for Appropriation 2.13 1.18
Proposed Dividend - -
Tax on Dividend - -
Transfer to General Reserve - -
Surplus Carried Forward 2.13 1.18
Total Appropriation Nil Nil
OVERVIEW
During the year the total Income of the Company has been Rs. 65.66 Lacs
as compared to previous year total of Rs. 64.31 Lacs. Our company has
made Profit amounting to Rs 2.13 Lacs after tax.
Presently the software development, search engine marketing and
publication business is being carried out whereas all other businesses
were not successful. Therefore, the Board feels the Com- pany should
continue with its current business relating to software development,
search engine marketing and publication. The Company proposes to
venture back into the field of construction and development, which
happens to be one of the main objects of the Company.
In view of the inadequacy of profits your directors are unable to
recommend any dividend for the year under review.
DIRECTORS
Pursuant to the provisions of section 152 of the Companies Act, 2013
(''the Act''), Mrs. Rupa Modi, Executive Director of the Company retires
by rotation at the forthcoming Annual General Meeting and seeks
re-appointment.
Mr. Yogesh Becharbhai Girnara, Mr. Rajendra S Lokare and Mr. Premnath T
Mishra, who were appointed as Independent Directors under the
provisions of the Companies Act, 1956 and whose period of office is
liable to determination by retirement of directors by rotation. Under
the provisions of Section 149 of the Companies Act, 2013, independent
directors shall not be liable to retire by rotation. Further, all
existing independent directors shall be required to confirm with the
eligibility criteria as prescribed under the Companies Act, 2013 and
therefore all existing independent direc- tors are required to be
appointed as such by the shareholders at the ensuing AGM. The Company
has received Notices from Members signifying their intention to propose
Mr. Yogesh Becharbhai Girnara, Mr. Rajendra S Lokare and Mr. Premnath T
Mishra as Independent Directors under section 152 read with 149 of the
Companies Act, 2013. The Company has received declarations from all the
Independent Directors of the Company confirming that they fulfill the
criteria of independence as prescribed under subsection (6) of Section
149 of the Act.
Further, Mr. Minesh Modi and Mrs. Rupa Modi were appointed as Whole
Time Director and Execu- tive Director w.e.f. 16th July, 2011 and 28th
July, 2011 respectively for a period of 3 years. The Board of Directors
have at their meeting held on July 15, 2014, upon the recommendation of
the remunera- tion committee, approved the re-appointment of Mr. Minesh
Modi and Mrs. Rupa Modi as Whole Time Director and Executive Director
w.e.f. 15th July, 2014 and 27th July, 2014 respectively for a period of
3 years, subject to the approval of members in the ensuing AGM.
The relevant resolutions for appointment of Mr. Yogesh Becharbhai
Girnara, Mr. Rajendra S Lokare and Mr. Premnath T Mishra as independent
directors and Mr. Minesh Modi and Mrs. Rupa Modi as Whole Time Director
and Executive Director respectively are placed for the approval of
members.
DEPOSITS
The Company has not accepted any deposits and as such no amount of
principal or interest was outstanding on the date of balance sheet.
AUDITORS
M/s. K U Kothari & Co., Chartered Accountants (having ICAI firm
registration no. - 105310W), the Statutory Auditors of the Company
retires at the conclusion of the ensuing Annual General Meeting and
have shown their willingness to be re-appointed as the Auditors of the
Company for three (3) financial years, i.e., 2014-15, 2015-16 and
2016-17. Your directors recommend their appointment as Auditors of the
Company.
As required under the provisions of section 139 and 141 of the
Companies Act, 2013, the Company has obtained a written consent and
written certificate from the above auditors proposed to be re-
appointed to the effect that their re-appointment, if made, would be in
conformity with the limits, qualifications and eligibility norms
specified in the said sections.
LISTING
The shares of the Company are listed on the Bombay Stock Exchange
Limited. The Company is regular in complying with the provisions of the
Listing Agreement entered into with the Stock Ex- change.
SECRETARIAL COMPLIANCE CERTIFICATE
As required under the provisions of Section 383A of the Companies Act,
1956, the Secretarial Com- pliance is attached herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The particulars prescribed under clause (e) of sub-Section (1) of
Section 217 of the Companies Act, 1956, read with the companies
(Disclosure of particulars in Report of Board of Directors) Rule, 1988
are as follows:
CONSERVATION OF ENERGY
The company is not a manufacturing company and hence the details in
respect of the above are not applicable.
RESEARCH AND DEVELOPMENT
The company has not undertaken any Research and Development activity in
any specific area dur- ing the year under review, and hence no cost has
been incurred towards same.
Technology Absorption : Nil
Foreign Exchange Earning : Rs. 304331 Foreign Exchange Outgo : Rs.
284775
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions under Section 217 (2AA) of the Companies
Act, 1956, Directors confirm that:- a) in the preparation of annual
accounts, the applicable accounting standards have been followed along
with proper explanations relating to material departures;
b) they have selected such accounting policies and applied them
consistently and made judge- ments 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 of
the company for that period;
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in the 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;
d) they have prepared the annual accounts on a going concern basis.
EMPLOYEES
During the year the company has not employed any person, which required
disclosure under section 217 (2A) of the Companies Act, 1956 to be read
with the Companies Particulars of Employees Rules, 1975, as amended.
ACKNOWLEDGEMENT
Your Directors hereby place on record their appreciation and
co-operation and support received from all the customers, vendors,
banks and share transfer agent and thank them for their valuable
contribution in the growth of the company.
Your directors thank all the shareholders of the company for their
continued support.
Your directors also thank all the government agencies, The Software
Technology Parks of India, Bombay Stock Exchange Limited, SEBI, The
Registrar of Companies, Mumbai for their support during the year and
look forward to their continued support in future.
TO THE MEMBERS OF NETLINK SOLUTIONS (INDIA) LIMITED
We have audited the accompanying financial statements of NETLINK
SOLUTIONS (INDIA) LIM- ITED ( "the company") which comprises the
Balance Sheet as at 31st March 2014, and the state- ment of Profit &
Loss Account and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Char- tered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclo- sures in the financial statements. The
procedures selected depend on the auditor''s judgment, in- cluding the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control rel- evant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting esti-
mates made by management, as well as evaluating the overall
presentation of the financial state- ments.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2014;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on the date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on the date.
Report on Other Legal & Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order") issued by the Cen- tral Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Com- pany so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on 31st March 2014 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
FOR K. U. KOTHARI & CO.
CHARTERED ACCOUNTANTS
F.R.No. 105310W
PRAKASH CHECHANI
PLACE: MUMBAI (PARTNER)
DATED:07.05.2014 M.No. 104203
Mar 31, 2013
Dear Members,
The Directors have the pleasure in presenting their 28th Report
together with the Audited Accounts for the year ended March 31, 2013
Financial Performance:
2012-13 2011-12
Rs. Rs.
Total Income 6430748 8197332
Total Expenditure 5866839 5953617
Profit Before Depreciation and Tax 563909 2243715
Less: Deprecation 421924 (1050855)
Less: Provision for Tax and F.B.T.
Incl. Deferred Tax Liability 24232 111639
Net Profit after Tax 117753 1304499
Less :Short Provision for Tax
Balance Brought Forward
Amount available for Appropriation 117753 1304499
Proposed Dividend
Tax on Dividend
Transfer to General Reserve
Surplus Carried Forward 117753 1304499
Total Appropriation 117753 1304499
OVERVIEW
During the year the total Income of the Company has been Rs. 64.31 Lacs
as compared to previous year total of Rs. 81.97 Lacs. Our company has
made Profit amounting to Rs 1.18 Lacs after tax.
Presently the software development, search engine marketing and
publication business is being carried out whereas all other businesses
were not successful. Therefore, the Board feels the Company should
continue with its current business relating to software development,
search engine marketing and publication until appropriate business
opportunity is identified.
In view of the inadequacy of profits your directors are unable to
recommend any dividend for the year under review.
DIRECTORS
In accordance with the Articles of Association of the Company, Mr.
Minesh V Modi and Mr. Rajendra Lokare, Directors of the Company, retire
by rotation and being eligible offer themselves for re-appointment.
Directors commend their re-appointment.
DEPOSITS
The Company has not accepted any deposits and as such no amount of
principal or interest was outstanding on the date of balance sheet.
AUDITORS
M/s K U Kothari & Co., Chartered Accountants, Mumbai, retire at the
conclusion of the ensuing Annual General Meeting of the Company. The
Company has received a letter showing their willingness to act as the
auditor of the Company if re-appointed by the members of the Company
and have forwarded the eligibility certificate u/s 224 (1B) of the
Companies Act 1956. Members are requested to consider the appointment
of M/s K U Kothari & Co., Chartered Accountants at the forthcoming
Annual General Meeting of the Company.
LISTING
The shares of the Company are listed on the Bombay Stock Exchange
Limited. The Company is regular in complying with the provisions of the
Listing Agreement entered into with the Stock Exchange.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The particulars prescribed under clause (e) of sub-Section (1) of
Section 217 6f the Companies Act, 1956, read with the companies
(Disclosure of particulars in Report of Board of Directors) Rule, 1988
are as follows:
Conservation of Energy
The company is not a manufacturing company and hence the details in
respect of the above are not applicable.
Research and Development
The company has not undertaken any Research and Development activity in
any specific area during the year under review, and hence no cost has
been incurred towards same.
Technology Absorption Nil
Foreign Exchange Earning : Rs. 336801
Foreign Exchange Outgo : Rs. 340900
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions under Section 217 (2AA) of the Companies
Act, 1956, Directors confirm that:-
a) in the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
b) they have selected such accounting policies and applied them
consistently and made judgements 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 of the
company for that period;
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in the 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;
d) they have prepared the annual accounts on a going concern basis.
EMPLOYEES
During the year the company has not employed any person, which required
disclosure under section 217 (2A) of the Companies Act, 1956 to be read
with the Companies Particulars of Employees Rules, 1975, as amended.
ACKNOWLEDGEMENT
Your Directors hereby place on record their appreciation and
co-operation and support received from all the customers, vendors,
banks and share transfer agent and thank them for their valuable
contribution in the growth of the company.
Your directors thank all the shareholders of the company for their
continued support.
Your directors also thank all the government agencies, The Software
Technology Parks of India, Bombay Stock Exchange Limited, SEBI, The
Registrar of Companies, Mumbai for their support during the year and
look forward to their continued support in future. ''
For and on behalf of the Board of Directors
Minesh Modi Rupa Modi
Whole Time Director Executive Director
Place: Mumbai
Date: 31.07.2013
Mar 31, 2012
The Directors have the pleasure in presenting their 27th Report
together with the Audited Accounts for the year ended 31st March, 2012.
Financial Performance:
2011-12 2010-11
Rs. Rs.
Total Income 8197332 5998970
Profit Before Depreciation and Tax 2243715 819192
Less: Deprecation (1050855) (503012)
Less: Provision for Tax and F.B.T.
Incl. Deferred Tax Liability 111639 (73616)
Net Profit after Tax 1304499 242564
Less: Short Provision for Tax - -
Balance Brought Forward - -
Amount available for Appropriation 1304499 242564
Proposed Dividend - -
Tax on Dividend - -
Transfer to General Reserve - -
Surplus Carried Forward 1304499 242564
Total Appropriation 1304499 242564
OVERVIEW
During the year the total Income of the Company has been Rs. 81.97 Lacs
as compared to previous year total of Rs. 59.99 Lacs. Our company has
made Profit amounting to Rs. 13.04 Lacs after tax. This has been a good
year for the Company, with judicious growth, constantly evolving, and
on the way creating and adding value. The main thrust of the management
is on consolidating growth, and with an aim to sustain the growth.
Aditya Infotech is one of the leading Search Engine Marketing
companies. The management is striving to make the Company
technologically sound.
The portal www.easy2source.com caters to one of the largest readerships
online. The portal has generated good response and we are optimistic of
good response from the market.
In the magazine division 'Gifts and Accessories' is doing well. It has
strengthen its position as the only B2B Trade Magazine in India based
on Corporate Gifts and Stationary. The name of the magazine is well
known to most manufacturers, suppliers, and corporate sectors pan
India.
Taking into consideration the current market scenario and pitfalls of
the stock market scenario, the Treasury Management & Administration
Division has decided to be cautious with the investments of the
company. A conservative approach will be maintained. These changes
shall help in sustaining the company's development.
In order to conserve resources and inadequacy of profits your directors
are unable to recommend any dividend for the year under review.
DIRECTORS
In accordance with the Articles of Association of the Company, Mrs.
Rupa Modi and Mr. Yogesh Girnara, Directors of the Company retire by
rotation and being eligible offer themselves for re-appointment.
Directors commend their re-appointment.
DEPOSITS
The Company has not accepted any deposits and as such no amount of
principal or interest was outstanding on the date of balance sheet.
AUDITORS
M/s. K U Kothari & Co., Chartered Accountants, Mumbai, retire at the
conclusion of the ensuing Annual General Meeting of the Company. The
Company has received a letter showing their willingness to act as the
auditor of the Company if re-appointed by the members of the Company
and have forwarded the eligibility certificate u/s 224 (1B) of the
Companies Act 1956. Members are requested to consider the appointment
of M/s. K U Kothari & Co., Chartered Accountants at the forthcoming
Annual General Meeting of the Company.
LISTING
The shares of the Company are listed on the Bombay Stock Exchange
Limited. The Company is regular in complying with the provisions of the
Listing Agreement entered into with the Stock Exchange.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The particulars prescribed under clause (e) of sub-Section (1) of
Section 217 of the Companies Act, 1956, read with the companies
(Disclosure of particulars in Report of Board of Directors) Rule, 1988
are as follows:
Conservation of Energy
The company is not a manufacturing company and hence the details in
respect of the above are not applicable.
Research and Development
The company has not undertaken any Research and Development activity in
any specific area during the year under review, and hence no cost has
been incurred towards same.
Technology Absorption : Nil
Foreign Exchange Earning : Rs. 855028
Foreign Exchange Outgo : Rs. 500602
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions under Section 217 (2AA) of the Companies
Act, 1956, Directors confirm that:-
a) in the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
b) they have selected such accounting policies and applied them
consistently and made judgements 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 of the
company for that period;
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;
d) they have prepared the annual accounts on a going concern basis.
EMPLOYEES
During the year the company has not employed any person, which required
disclosure under section 217 (2A) of the Companies Act, 1956 to be read
with the Companies Particulars of Employees Rules, 1975, as amended.
ACKNOWLEDGEMENT
Your Directors hereby place on record their appreciation and
co-operation and support received from all the customers, vendors,
banks and share transfer agent and thank them for their valuable
contribution in the growth of the company.
Your directors thank all the shareholders of the company for their
continued support.
Your directors also thank all the government agencies, The Software
Technology Parks of India, Bombay Stock Exchange Limited, SEBI, The
Registrar of Companies, Mumbai for their support during the year and
look forward to their continued support in future.
For and on behalf of the Board of Directors
Minesh Modi Rupa Modi
WholeTime Director Executive Director
Place : Mumbai
Dated : July 27, 2012
Mar 31, 2011
Dear Members,
The Directors have the pleasure in presenting their 26th Report
together with the Audited Accounts for the year ended 31st March, 2011.
Financial Performance:
2010-11 2009-10
Rs. Rs.
Total Income 5998970 10798715
Profit Before
Depreciation and Tax 793420 5270101
Less: Deprecation (477240) (366517)
Less: Provision for
Tax and F.B.T. Incl.
Deferred Tax Liability (61836) (636821)
Net Profit after Tax 254344 4266763
Less :Short Provision for Tax 11780 2355
Balance Brought Forward 43849088 39584680
Amount available for 44091652 43849088
Appropriation
Your Directors recommend
appropriation as under
Proposed Dividend - -
Tax on Dividend - -
Transfer to General Reserve - -
Surplus Carried Forward 44091652 43849088
Total Appropriation 44091652 43849088
OVERVIEW
During the year the total Income of the Company has been Rs. 59,98,970
Lacs as compared to previous year total of Rs. 1,07,98,715 Lacs. Our
company has made Profit of Rs 2,54,344 Lacs after tax. This year the
turnover and profit has declined due to adverse market conditions. In
view of the inadequate profit for the year under review, your Board
does not recommend any dividend.
Aditya Infotech is one of the leading Search Engine Marketing
companies. The management is striving to make trje Company
technologically sound.
The portal www.easy2source.com caters to one of the largest readerships
online. Through 2011-2012 we intend to further consolidate this
position and also update ourselves in a way that keeps us in the
leading position. In 2010 we had launched a portal called
http://www.bollywoodchaska.com. The portal has generated good response
and we are optimistic of good response from the market.
In the magazine division 'Gifts and Accessories' has continued to hold
its own. It has fortified its position as the only B2B Trade Magazine
in India based on Corporate Gifts and Stationary. The circulation of
the magazine has increased substantially. Also, the name of the
magazine is well known to most manufacturers, suppliers, and corporate
sectors pan India.
Taking into consideration the current market scenario and pitfalls of
the stock market scenario, the Treasury Management & Administration
Division has decided to be cautious with the investments of the
company. A conservative approach will be maintained. These changes
shall help in sustaining the company's development.
Last year we could not give dividend because of losses. This year the
profits are inadequate to declare dividend.
DIRECTORS
In accordance with the Articles of Association of the Company, Mr.
Rajendra Lokare and Mr. Premnath Mishra, Directors of the Company
retire by rotation and being eligible offer themselves for
re-appointment. Directors commend their re-appointment.
DEPOSITS
The Company has not accepted any deposits and as such no amount of
principal or interest was outstanding on the date of balance sheet.
AUDITORS
M/s K U Kothari & Co., Chartered Accountants, Mumbai, retire at the
conclusion of the ensuing Annual General Meeting of the Company. The
Company has received a letter showing their willingness to act as the
auditor of the Company if re-appointed by the members of the Company
and have forwarded the eligibility certificate u/s 224 (1B) of the
Companies Act 1956. Members are requested to consider the appointment
of M/s K U Kothari & Co., Chartered Accountants at the forthcoming
Annual General Meeting of the Company.
LISTING
The shares of the Company are listed on the Bombay Stock Exchange
Limited. The Company is regular in complying with the provisions of the
Listing Agreement entered into with the Stock Exchange.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The particulars prescribed under clause (e) of sub-Section (1) of
Section 217 of the Companies Act, 1956, read with the companies
(Disclosure of particulars in Report of Board of Directors) Rule, 1988
are as follows:
Conservation of Energy
The company is not a manufacturing company and hence the details in
respect of the above are not applicable. Research and Development
The company has not undertaken any Research and Development activity in
any specific area during the year under review, and hence no cost has
been incurred towards same.
Technology Absorption Nil
Foreign Exchange Earning Rs. 6,87,109
Foreign Exchange Outgo Rs. 3,40,489
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions under Section 217 (2AA) of the Companies
Act, 1956, Directors confirm that:-
a) in the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
b) they have selected such accounting policies and applied them
consistently and made judgements 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 of the
company for that period;
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in the 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;
d) they have prepared the annual accounts on a going concern basis.
EMPLOYEES
During the year the company has not employed any person, which required
disclosure under section 217 (2A) of the Companies Act, 1956 to be read
with the Companies Particulars of Employees Rules, 1975, as amended.
ACKNOWLEDGEMENT
Your Directors hereby place on record their appreciation and
co-operation and support received from all the customers, vendors,
banks and share transfer agent and thank them for their valuable
contribution in the growth of the company.
Your directors thank all the shareholders of the company for their
continued support.
Your directors also thank all the government agencies, The Software
Technology Parks of India, Bombay Stock Exchange Limited, SEBI, The
Registrar of Companies, Mumbai for their support during the year and
look forward to their continued support in future.
For and on behalf of the Board of Directors
Minesh Modi Rupa Modi
WholeTime Director Executive Director
Mumbai
Dated: August 31, 2011
Mar 31, 2003
The Directors have the pleasure in presenting their 18th Annual Report
together with the Audited Accounts for the year ended 31st March, 2003.
Financial Performance: Previous Year
Rs. Rs.
Total Income 42,18,486 12,05,708
Profit Before Tax 34,64,205 11,70,529
Provision for Tax 6,25,000 3,00,000
Provision for Taxation for Earlier Years à 42,636
Net Profit after Tax 28,39,205 8,27,893
Balance Brought Forward 4,95,401 (3,32,492)
Amount available for Appropriation 33,34,606 4,95,401
Your Directors recommend appropriation
as under
Proposed Dividend 14,83,500 Ã
Tax on Dividend 1,90,185 Ã
Transfer to General Reserve 2,50,000 Ã
Surplus Carried Forward 14,10,921 4,95,401
Total Appropriation 33,34,606 4,95,401
Dividend
Your Directors have recommended a dividend of Rs. 1.50 per equity
share. The dividend will be paid upon approval by the members in the
ensuing Annual General meeting, to the registered member as on the book
closure date.
Increase in Capital
During the year, the paid-up share capital of the Company increased
from Rs. 49,45,000 divided into 4,94,500 equity shares of Rs. 10/- each
to Rs. 98,90,000 divided into 9,89,000 equity shares of Rs. 10/- each
consequent to Right Issue of the Company.
Overview
During this year the company has forayed into offering business
solutions related to the Internet and has commenced operations to
provide complete web based solutions ranging from Domain Name
registration to software for Internet & dynamic content. The company
has also sucessfully launched Search Engine Optimisation concept,
specially developed for web promotion.
The company has also developed www.easy2source.com, the only trade
portal on Indian products. The portal is designed to offer extensive
information on Indian products and its suppliers.
Further, a 100% export oriented unit has been set up during November
2002 to cater to the International demand for web solutions.
Conservation of Energy, Technology Absorption and Foreign Exchange
The particulars prescribed under clause (e) of sub-Section (1) of
Section 217 of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in Report of Board of Directors) Rule, 1988
are as follows:
Conservation of Energy
The company is not a manufacturing company and hence the details in
respect of the above are not applicable.
Research and Development
The company has not undertaken any Research and Development activity in
any specific area during the year under review, and hence no cost has
been incurred towards same.
Technology Absorption : Nil
Foreign Exchange Earning : Rs. 17,12,732/-
Foreign Exchange Outgo : Rs. 14,730/-
Directors Responsibility Statement
Pursuant to the provisions under Section 217 (2AA) of the Companies
Act, 1956, Directors confirm that:-
a. in the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
b. they have selected such accounting policies and applied them
consistently and made judgements 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 of the
company for that period;
c. they have taken proper and sufficient care for the maintenance of
adequate accounting records in the 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;
d. they have prepared the annual accounts on a going concern basis.
Directors
Mr. Navnit Patel, a director of the company will retire by rotation at
the ensuing General Meeting and is eligible for reappointment.
Auditors
M/s Mahadev Desai Associates, Chartered Accountants, Mumbai, retire at
the forthcoming Annual General Meeting and being eligible offer
themselves for reappointment.
For and on behalf of the Board of Directors
Minesh Modi
Chairman
Mumbai
Dated : 30th June, 2003