Mar 31, 2013
To, The Members,
The Directors have pleasure in presenting the Thirty Third Annual
Report of the Company and the Audited Statements of Accounts for the
year ended 31st March 2013.
1. FINANCIAL HIGHLIGHTS:
The main Financial Highlights of the Company are given below.
Particulars Year Ended on Year Ended
31.03.2013 on
(Rs. In Lacs) 31.03.2012
(Rs. In Lacs)
Income from Operations 1454.61 2256.50
Other Income 32.78 33.56
Less :
Interest & Financial Charge 5.38 4.57
Operating Expenses 1418.58 2126.58
Foreign Exchange Loss/ (gain)
Depreciation & Amortization 951.18 22.51
Profit/(Loss) before taxation (887.75) 136.38
Provision for tax:
- Current Tax 0.00 29.50
- Deferred Tax (Credit) (69.66)
Profit/Loss after Tax (887.75) 176.53
Short/ (Excess) Provision of
Taxation
Profit/(Loss) after taxation
and prior to year (887.75) 176.53
adjustment
Balance Brought Forward
from Balance Sheet (1068.87) (1245.40)
Balance Carried Forward to
Balance Sheet (1956.62) (1068.87)
2. BUSINESS REVIEW:
Your Company is engaged in the business of providing band width and
internet services. It also partners with Local Cable Operators to
deliver its Internet Services. A consistent effort has been made by the
Company to increase its Customer base. The Company plans to go span
India and the target is to cover more than 100 cities across India.
During the year the Company was not been able to generate much
operating revenue from providing internet services and band width
solutions as compared to the previous year but there is huge potential
in the Company to provide more and more services related to Internet
Services and Band Width across the India considering the current market
trend.
The Company is also planning to diversify its market operation with
relation to various different plans to be given to the Customers of the
Company depending on their requirements and their various establishment
and locality.
3. DIVIDEND:
Due to inadequate profit in the financial year; your Directors do not
recommend any dividend.
4. CORPORATE GOVERNANCE:
The Company has been proactive in following the principles and
practices of good Corporate Governance. The Company has taken adequate
steps to ensure that the conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreements of the Stock
Exchanges are complied with.
As per Clause 49 of the Listing Agreement, a Report on Corporate
Governance, together with Management Discussion and Analysis and
Certificate from the CompanyÂs Auditor form part of this Report.
5. DIRECTORS:
In accordance with the provisions of Companies Act, 1956 and Articles
of Association of the Company, Mr. Ajit Kumar Singh is liable to retire
by rotation at the forthcoming Annual General Meeting and being
eligible, offer himself for re-appointment. Your Directors recommend
his re - appointment for your approval.
During the year, Mr. Anupam Dasgupta was appointed as an Additional
Director of the Company with effect from 14th February, 2013 and he
resigned from the company with effect from 29th July, 2013. During the
above period he has given immense help to the Company.
Mr. Asish Kumar Ray was the Chairman, Non-Executive Director of the
Company from 27th December 2012. The Board of Directors deeply mourns
the sudden death of the Chairman, Mr. Asish Kumar Ray on 16th June,
2013 at Kolkata. The Company acknowledged his experience, contribution
to the business, personal support to his colleagues, and level of
respect in which he had within the company. The Board and executive
team of the Company wish to convey their sincerest condolences to his
family. He will be sadly missed by Nivyah team.
6. DIRECTORS RESPONSIBILITY STATEMENT:
In terms of Section 217(2AA) of the Companies Act, 1956, in relation to
financial statements for the year 2012-13, the Board of Directors
states that:
(a) The applicable accounting standards have been followed in
preparation of the financial statements and there are no material
departures from the said standards.
(b) Reasonable and prudent accounting policies have been used in
preparation of the financial statements and that they have been
consistently applied, so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2013 and of the profit or
loss for the year ended on that date.
(c) The Directors have taken proper and sufficient care for 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) The Directors have prepared the Annual Accounts on a going concern
basis.
7. MANAGEMENT DISCUSSION AND ANALYSIS
a) Business Outlook
The CompanyÂs main object is to provide band width and internet
services. The Company plans to go span India and the target is to cover
more than 100 cities across India.
b) Risks and Concerns
The Company is exposed to risks from market fluctuations of interest
rate and stock market Fluctuations of the share prices.
c) Internal Control Systems and their Adequacy
Your Company has appropriate internal control systems relating to its
areas of operations. The internal control systems lay emphasis in
financial reporting and compliance with applicable rules and
regulations.
d) Discussion on Financial Performance with Respect to Operational
Performance
The main source of income is derived from Broad band services.
8. CHANGE IN CORPORATE OFFICE ADDRESS OF THE COMPANY:
The Board of Directors would like to inform its members that for
operational convenience, the Corporate office of the Company is changed
to E-601/602, Remi Bizcourt, Off Veera Desai Road, Andheri (West),
Mumbai  400 053.
The purpose for the change in corporate office of the Company is to
establish better connectivity with its customers, as the main business
is to provide internet services.
Mr. Parind Sushil Parekh, Managing Director of the company informed its
members that corporate office address has been change.
9. PERSONNEL:
As required under section 217(2A) of the Companies Act, 1956 read with
the Companies Particulars of the Employees) Rules 1975, are not
applicable since, none of the employee of the Company is drawing more
than Rs.60, 00,000/- p.a. and / or Rs.5,00,000/- p.m. for the part of
the year, during the year under review.
10. AUDITORÂS REPORT:
The observations made in the Auditors'' Report are self-explanatory and
therefore do not call for further comments under Section 217 of the
Companies Act, 1956
M/s. Gupta Rustagi & Co., Chartered Accountants, Mumbai Auditors of the
company holds office until the conclusion of ensuing Annual General
Meeting. The Company has received certificate from its Auditors to the
effect that their re-appointment, if made, would be within prescribed
limit under section 224 (1B) of The Companies Act, 1956.
11. LISTING OF SHARES:
The Equity Shares of the Company are listed with the prestigious Bombay
Stock Exchange Limited and Madhya Pradesh Stock Exchange Limited. The
Company''s shares have been categorized by the BSE under "B" Category.
The Company is having connectivity from the NSDL & CDSL. The investors
may hold their shares in the electronic form also. The Company is
having independent Share Transfer Agent to carry on transfer and Demat
activities as per Listing Agreement.
The Company feels proud to inform its members that equity shares are
also listed on National Stock Exchange w.e.f. 20th June, 2013.
12. PUBLIC DEPOSITS:
Your Company has not accepted any public deposit within the meaning of
provisions of section 58A of the Companies Act, 1956 read with the
Companies (Acceptance of Deposit) Rules, 1975 and there is no
outstanding deposit due for re-payment.
13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE:
The information as required under section 217(1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in Report
of the Board of Directors) Rules, 1988, with respect to conservation of
energy, technology absorption and foreign exchange earnings is given
below:
A. Conservation of Energy:
The Company is not covered under the list of specified industries and
hence the disclosures under the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, as regards
Conservation of Energy are not applicable.
B. Technology Absorption Adaptation and Innovation:
The Company is not covered under the list of specified industries and
hence the disclosures under the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, as regards
Technology Absorption Adaptation and Innovation are not applicable.
C. Foreign Exchange Earnings and Outgoings: Foreign Exchange Earnings :
Nil Foreign Exchange Outgoings : Nil
14. DEPOSITORIES:
The Company is registered with both National Securities Depository
Limited and Central Depository Services (India) Limited. The
shareholders can take advantage of holding their scripts in
dematerialized mode.
15. STATUTORY DISCLOSURES:
None of the Directors of your Company is disqualified as per provision
of Section 274(1) (g) of the Companies Act, 1956. Your Directors have
made necessary disclosures, as required under various provisions of the
Act and Clause 49 of the Listing Agreement.
16. ACKNOWLEDGMENTS:
The Board of Directors expresses their deep gratitude for the
co-operation and support extended to your Company by its customers,
Bankers and various Government agencies and looks forward to their
continued cooperation.
For and on behalf of the Board
Sd/-
Managing Director
Date: 17th August, 2013
Place: Mumbai
Mar 31, 2010
The Directors present herewith their 30th Annual Report of your
company together with the Audited Accounts for the year ended 31 st
March 2010.
1.FINANCIAL RESULTS:_(Rupees In Lakhs)
Particulars Year ended Year ended
31.3.2010 31.3.2009
Income from Operations 3.00 17.55
Profit/(Loss) before interest and
depreciation (21.09) 12.78
Add/Less: Interest 0.00 0.31
Add: Depreciation 0.00 0.00
Profit/(Loss) before Taxation (21.09) 12.47
Income Tax (or earlier year 0.00 0.00
Balance brought forward from previous
year (678.03) (690.51)
Net loss Carried to the Balance
Sheet (699.12) (678.04)
2. WORKING REVIEW:
Because of the heavy capital expenditure incurred in the new ventures
entered into by the company as a result of change in the Industry
sector of the company during the financial year under review the income
from operations is marginal and has reduced compared to the previous
year.
3. AMALGAMATION:
To take advantage of the synergies of Large Scale operations and to
take advantage of the available opportunities in the area of operation
of the company, your directors propose to enter into a scheme of
amalgamation with Parshwa Purushotam Parind Parekh Networks Pvt. Ltd.
and Softeng Computers Pvt. Ltd during the coming financial year. All
the entities have a good track record and unbeatable reputation. They
are mainly Internet Service Provider: Your directors foresee
considerable advantage to the company after the proposed merger.
3. CHANGE IN THE NAME:
Your directors propose to change the name of the company to Nivyah
Infrastructure & Telecom Services Limited" as it gives a wider scope to
the activities of the company.
4. DIVIDEND:
Your directors do not recommend any dividend for the year ended 31 st
March, 2010 in view to conserve the resources.
5. CORPORATE GOVERNANCE:
Your Company is committed to good Corporate Governance Practices. Being
a value driven organisation, the companys good corporate governance
practices and the disclosures are need based duly complied with the
statutory and the regulatory requirements of the Companies Act, 1956,
together with all the regulations of the Listing Agreement and all the
others applicable laws. The Companys Corporate Governance policies and
the practices are also in accordance with the Clause 49 of the Listing
Agreement. A report on the Corporate Governance along with the Auditors
and Management Certificate form part of the Directors report, being
annexed herewith.
6. DIRECTORS:
Shri Ramesh Mishra is liable to retire by rotation at the forthcoming
Annual General Meeting and being eligible, offers himself for
re-appointment
Shri Naresh Jain was appointed as the Managing Director of the company
w.e.f. 08.09.2009
Shri Ramesh Mishra was appointed as director of the company w.e.f.
08.09.2009 and Shri Kumaraswamy Nallampatti Ekambaram w.e.f.
12.03.2010.
Shri Gireesh Nair. Shri T. Mohandas and Shri M. Sundareswaran resigned
as director of the company w.e.f. 12.032010
Brief particulars of the directors seeking appointment has been given
in the note of the Notice of the Annual General Meeting as required
under Clause 49 of the Listing agreement with the Stock Exchanges. Your
directors recommend to pass necessary resolution for their appointments
as set out in the notice of the annual general meeting.
7. DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provisions of section of 217(2AA) of the
Companies Act, 1956, your directors state that:
- In the preparation of accounts, the applicable accounting standards
have been followed.
- Accounting policies selected were appliecLconsistently. Reasonable
and prudent judgments and estimates were made so as to give a true and
fair view of the state of affairs of the company as at the end of March
31,2010 and the profit of the company for the year ended on that date.
- Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting frauds and other irregularities.
- The accounts have been prepared on a going concern basis.
8. PARTICULARS OF THE EMPLOYEES:
As required under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the Employees) Rules 1975, are not
applicable since, none of the employee of the company is drawing more
than Rs.24.00.000/- p.a. or Rs.2,00,000/- p.m. for the part of the
year, during the year under review.
9. AUDITORS AND THEIR REPORT:
Comments of the Auditors in their report and the notes forming part of
the Accounts are self-explanatory and need no comments. M/s Jain Anil &
Associates. Chartered Accountants, the Statutory Auditors has to vacate
their office at the conclusion of the ensuing Annual General Meeting.
The Company ha6 received a certificate from the Auditors to the effect
that their re-appointment, K made, would be in accordance with the
provisions of section 224(1) of the Companies Act. 1956.
10. PUBLIC DEPOSITS:
Your Company has not accepted anv public deposit within the meaning of
provisions of section 58A of the Companies Act, 1956 read with the
Companies (Acceptance of Deposit) Rules, 1975 and there is no
outstanding deposit due for re-payment.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, PARTICULAR OF
EMPLOYEES AND FOREIGN EXCHANGE:
Information as required under section 217(1 )(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of the Board of Directors) Rules 1988 :
A. CONSERVATION OF ENERGY:
- Energy Conservation measures taken: Adequate Steps has been taken for
energy conservation.
- Additional Investments and Proposals, if any. being implemented for
implemented for reduction of consumption of energy: On a periodic basis
necessary corrective steps have been taken for replacement of old
equipments.
- Impact of the measures as above for reduction of energy consumption
and consequential impact on the cost of production of goods: Marginally
there is a saving in the cost of production of goods
- Total energy consumption per unit of production: Not Identifiable
- TECHNOLOGY ABSORPTION: Upgradation and with latest technology
available in the market
c. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Total Foreign Exchange used and earned: 2009 -10 2006-09
(Rs. In Lacs) (Re. In Lacs)
a. Total Foreign Exchange Earned-Exports 0 0
b. Foreign Exchange used 0 0
c. Total Savings in Foreign Exchange 0 0
12. ACKNOWLEDGEMENTS:
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your Company
during the challenging year. Your Directors also express their
gratitude to the Central and State Government and shareholders for
their continued co-operation and patronage.
By order of the Board of Directors
S. V. Electricals Limited
Naresh Jala Ashok Muchhal
Managing Director Director
Place :Mumbai
Dated:29/05/2010
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