Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the Thirty-Second Annual
Report of the Company together with the Audited Accounts for the year
ended 31st March, 2015.
1. FINANCIAL HIGHLIGHTS
The working results of the Company for the year under review are given
below :-
Particulars Year ended Year ended
31.03.2015 31.03.2014
(Rs.) (Rs3)
Profit/(Loss) before Exceptional and
Extraordinary Items and Tax (7,959,651) (15,536,195)
Exceptional Items 12,910 Â
Profit/(Loss) before Extraordinary (7,972,561) (15,536,195)
Items and Tax
Extraordinary Items  Â
Profit/(Loss) before Tax (7,972,561) (15,536,195)
Tax Expense :
- Current Tax  Â
Less : MAT Credit  Â
- Deferred Tax  5,870,914
- Tax in respect of earlier years  Â
Profit/(Loss) for the period (7,972,561) (9,665,281)
2. DIVIDEND & RESERVE
In view of the loss incurred during the year under review, the Board of
Directors do not recommend any dividend for the financial year ended
31st March, 2015.
During the year under review, no amount was transferred to General
Reserve.
3. PERFORMANCE REVIEW
The performance of the Company during the current year has not improved
in comparison to previous year due to several reasons. Your Directors
are making all efforts to improve the performance of the Company
further in future.
4. CHANGE IN NATURE OF BUSINESS, IF ANY
There was no change in the nature of business of the Company during the
financial year ended 31st March, 2015.
5. SHARE CAPITAL
The paid up equity capital as on March 31,2015 was Rs. 1296.80 Lakhs.
During the year under review, the Company has not issued shares with
differential voting rights nor has granted stock options or sweat
equity.
6. SUBSIDIARY / JOINT VENTURE / ASSOCIATE
The Company does not have any Subsidiary/Joint Venture/Associate.
7. LISTING OF EQUITY SHARES
The Equity Shares of your Company are presently listed on three Indian
Stock Exchanges viz. National Stock Exchange (NSE), Bombay Stock
Exchange (BSE) and Calcutta Stock Exchange (CSE).
Listing fees for the financial year 2015-16 have been paid to Stock
Exchanges. The Company has also paid the annual custodian fees to NSDL
& CDSL for the Securities of the Company held in dematerialized mode
with them for the year 2015-2016.
8. FIXED DEPOSITS
During the year under review, your Company has not accepted any
deposits within the meaning of Section 73 of the Companies Act, 2013
and the Companies (Acceptance of Deposits) Rules, 2014.
9. LOANS, GUARANTEES AND INVESTMENTS
Pursuant to Section 186(11) of the Companies Act, 2013 any acquisition
made by a non-banking financial Company are exempted from disclosure in
the Annual Report.
10. CORPORATE SOCIAL RESPONSIBILITY
The provisions of the Companies Act, 2013 regarding Corporate Social
Responsibilities are not applicable to the Company.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL
At the Annual General Meeting of the Company held on 24th September,
2014, the Members had approved the appointment of Shri Taposh Kumar
Mullick and Shri Ramen Chatterjee as Independent Directors for a term
of five years.
During the year, Smt. Krishna Banerjee was appointed as an Additional
Director of the Company w.e.f 30th September, 2014 and she shall hold
office only up to the date of ensuing Annual General Meeting. A
requisite notice has been received from Smt. Banerjee proposing herself
as a candidate for the office of Director, whose period of office is
liable to determination by retirement of directors by rotation.
Shri Susanta Dolui was appointed as an Additional Director of the
Company w.e.f 13th August, 2015 and he shall hold office only up to the
date of ensuing Annual General Meeting. A requisite notice has been
received from Shri Dolui proposing himself as a candidate for the
office of Director whose period of office is liable to determination by
retirement of directors by rotation.
Smt. Madhu Barnwal was appointed as Additional Directors of the Company
w.e.f. 13th August, 2015 and she shall hold office up to the date of
the ensuing Annual General Meeting. Smt. Madhu Barnwal being appointed
as an Independent Director for two consecutive years from conclusion of
ensuing Annual General Meeting. A requisite notice has been received
from Smt. Barnwal proposing herself as a candidate for the office of
Director whose period of office shall not be liable to retire by
rotation.
In accordance with the provisions of the Act, Shri Santosh Jain retires
and is eligible for re- appointment.
The Board recommends their appointment/re-appointment for the approval
of the members.
Shri Gautam Saha was appointed as the Chief Financial Officer of the
Company w.e.f. 13th August, 2014. The said appointment is in pursuance
of Section 203 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
in compliance of Clause 49 of the Listing Agreement.
The Board of Directors of the Company at their meeting held on 30th
April, 2014 approved the continuation of office of existing KMP, Ms.
Shilpa Kamdar as Company Secretary of the Company.
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149 (6) of the Act
and Clause 49 of the Listing Agreement entered into with the Stock
Exchanges.
12. BOARD EVALUATION
Pursuant to the provisions of the Act and Clause 49 of the Listing
Agreement, the Board has carried out an evaluation of its own
performance, performance of the Directors as well as the evaluation of
the working of its committee.
The performance evaluation of the Independent Directors was carried out
by the entire Board, excluding the Director being evaluated. The
performance evaluation of the Managing Director and Non Independent
Director was carried out by the Independent Directors at their meeting
without the attendance of Non-Independent Directors and members of the
management. The Nomination & Remuneration Committee also reviewed the
performance of the Board, its Committee and of the Directors. The
Directors were satisfied with the evaluation results.
13. NUMBER OF MEETINGS OF THE BOARD
The details of the number of meetings of the Board held during the
financial year 2014-15 forms part of Report on Corporate Governance.
14. NOMINATION & REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a framework
in relation to remuneration of Directors, Key Managerial Personnel and
other employees of the Company. This policy also lays down criteria for
selection and appointment of Board Members and also criteria for
evaluation of Board and individual Directors. The policy is stated in
the Report on Corporate Governance.
15. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has a mechanism called "Whistle Blower Policy" for
Directors and employees to report genuine concerns or grievances. The
policy is available on the website of the Company
(www.siliconvalleyinfo.net).
16. RISK MANAGEMENT POLICY
The Company has a Risk Management Policy in accordance with the
provisions of the Act and Clause 49 of the Listing Agreement, which
provides a mechanism for risk assessment and mitigation.
At present the Company has not identified any element of risk which may
threaten the existence of the Company.
17. INTERNAL FINANCIAL CONTROL
The Audit Committee of the Board of Directors actively reviews the
adequacy and effectiveness of the internal control system and suggests
improvements to strengthen the same. In opinion of the board, the
existing internal control framework is adequate and commensurate to the
size and nature of the business of the Company. During the year such
controls were tested and no reportable material weaknesses in the design
or operation were observed.
18. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Directors state that during the year an Internal Complaint
Committee has been formed to review the cases filed pursuant to Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and further state that, there were no cases
reported in respect to above mentioned Act.
19. RELATED PARTIES TRANSACTION
All related party transactions that were entered into during the
financial year were in the ordinary course of the business and were on
arm's length basis. Thus disclosure in Form AOC-2 is not required.
Further there were no materially significant related party transactions
entered by the company with Promoters, Directors, Key Managerial
Personnel or other persons which may have potential conflict with
interest of the company. The policy on Related Party transaction as
approved by Board of Directors has been uploaded on the website of the
Company. The web link of the same is www.siliconvalleyinfo.net
Details of the transactions with Related Parties are provided in the
accompanying financial statements.
20. SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATORS OR COURTS
During the year, there are no significant and material order passed by
the Regulators/Courts which would impact the going concern of the
Company and its future operation.
21. DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) the directors 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 the financial year and of the profit or
loss of the Company for the year under review.
iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv) the directors have prepared the annual accounts on a going concern
basis.
v) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) the directors had devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
22. AUDITORS' REPORT/SECRETARIAL AUDIT REPORT
The observation made in the Auditors' Report read together with relevant
notes thereon are self explanatory and hence, do not call for any
further comments under Section 134 of the Companies Act, 2013.
The Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
23. AUDITORS
* Statutory Auditors
Messrs. P. K. Ajitsaria & Co., Chartered Accountants, Statutory
Auditors of the Company, holds office till the conclusion of the
ensuing Annual General Meeting and are eligible for re-appointment.
The Company has received letter from the Auditors to the effect that
their re-appointment, if made, would be within the prescribed limits
under the Companies Act, 2013 and they are not disqualified for
re-appointment. The Board recommends the appointment of the auditors
from conclusion of ensuing Annual General Meeting till the conclusion
of next Annual General Meeting.
* Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board of Directors of the Company had appointed M/s. B. K. Barik &
Associates, a firm of Company Secretaries in Practice to undertake the
Secretarial Audit of the Company for the year ended 31st March, 2015.
The Secretarial Audit Report is annexed herewith as Annexure I.
* Internal Auditor
M/s. A. K. Kataruka & Co., Chartered Accountants performs the duties of
internal auditors of the company for the year ended 31st March, 2015.
24. EXTRACT OF ANNUAL RETURN
Pursuant to Section 92 (3) of the Act and Rule 12 (1) of The Companies
(Management and Administration) Rules, 2014, the extract of Annual
Return in form MGT.9 is annexed herewith as Annexure II.
25. MATERIAL CHANGES
There have been no material changes and commitments affecting the
financial position of the company, which have occurred since 31st March
2015, being the end of the Financial Year of the Company to which
financial statements relate and the date of the report.
26. FOREIGN EXCHANGE
During the period under review there was no foreign exchange earnings
or out flow.
27. STATUTORY INFORMATION
The Company being basically in the investment & financial sector,
requirement regarding the disclosure of particulars of conservation of
energy and technology absorption prescribed by the rules is not
applicable.
28. PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 in respect of employees of the Company, will be provided upon
request. There are no employees who are in receipt of remuneration in
excess of the limit specified under Rule 5 (2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014. In
terms of Section 136 of the Act, the reports and accounts are being sent
to the members and others entitled thereto, excluding the information on
employees' particulars which is available for inspection by the members
at the Registered office of the company during business hours on working
days of the company up to the date of ensuing Annual General Meeting. If
any member is interested in obtaining a copy thereof, such member may
write to the Company in advance.
29. EMPLOYER EMPLOYEE RELATIONSHIP
The Company has maintained a cordial relationship with its employees,
which resulted in smooth flow of business operations during the year
under review.
30. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
As per the Listing Agreement with the Stock Exchanges, the Company has
implemented the Code on Corporate Governance. The Corporate Governance
compliance certificate obtained from the Auditors of the Company is
attached to Report on Corporate Governance.
The Management Discussion and Analysis Report and the Report on
Corporate Governance forms an integral part of this report. The Board
members and Senior management personnel have confirmed compliance with
the Code of conduct.
31. ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Members, Investors, Consultants & Bankers. Your Directors' also
place on record their sense of appreciation for the valuable
contribution made by the employees of the Company.
On behalf of the Board of Directors
Registered Office:
For Silicon Valley Infotech Limited
10, Princep Street 2nd Floor
Kolkata - 700 072 Santosh Kumar Jain Ramen Chatterjee
Managing Director Director
Dated : 13th August, 2015 DIN No. 00174235 DIN No. 00402873
Mar 31, 2014
Dear Shareholders
The Directors have pleasure in presenting the 31st Annual Report ofthe
Companytogetherwith the Audited Accounts for the year ended 31st March,
2014.
1. FINANCIAL HIGHLIGHTS
The working results of the Company for the year under review are given
below:
Particulars Year ended Year ended
31.03.2014 31.03.2013
(Rs.) (Rs.)
Profit/(Loss) Before Tax (15,536,195) (84,869,468)
Tax Expense:
(1) Current Tax
Less: MAT Credit - -
(2) Deferred Tax 5,870,914 -
(3) Taxinrespectofearlieryears - -
Profit/(Loss) for the period (9,665,281) (84,869,468)
2. DIVIDEND
Consequent to brought forward losses and to conserve the resources of
the Company for future expansion, the Board have decided not to
recommend any dividend for the year under review.
3. PERFORMANCE REVIEW
The performance of the Company during the current year has not been up
to the expectation due to high volatility in the market. Your Directors
are making all efforts to improve the performance of the Company
further in future.
4. LISTING OF EQUITY SHARES
The Equity Shares of your Company are presently listed on three Indian
Stock Exchanges viz. National Stock Exchange (NSE), Bombay Stock
Exchange (BSE) and Calcutta Stock Exchange (CSE).
Listing fees for the financial year 2014-15 have been paid to NSE, BSE
and CSE. The Company has also paid the annual custodian fees to NSDL &
CDSL for the Securities of the Company held in dematerialized mode with
them for the year 2014-2015.
5. FIXED DEPOSITS
During the year under review, your Company has not accepted any
deposits within the meaning of Section 58A ofthe Companies Act, 1956
and the Rules made there under.
6. DIRECTORS
As perthe provisions ofthe Article of Association ofthe Company, Shri
Taposh Kumar Mullick (DIN No. 01108748), retires by rotation at the
ensuing Annual General Meeting. Shri Ramen Chatterjee (DIN No.
00402873) and Shri Taposh Kumar Mullick, Directors ofthe Company, are
being appointed as Independent Directors for five consecutive years for
a term up to 31st March, 2019 as per the provisions of Section 149 and
other applicable provisions of Companies Act, 2013. The Company has
received a requisite notices in writing from members proposing their
appointment as Directors. The Board recommends their appointment as
Independent Directors.
Brief resume ofthe Directors seeking appointment/re-appointment, nature
oftheir expertise in specific functional areas and details oftheir
directorship and membership/chairmanship of Board Committees, as
stipulated under Clause 49 of the Listing Agreement, are provided in
the Report on Corporate Governance forming part of the Annual Report.
7. DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
a. That in the preparation of the accounts for the financial year ended
31st March, 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures;
b. That the Directors 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 the financial year and of the
profit of the Company for the year under review;
c. That the Directors 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;
st
d. That the Directors have prepared the annual accounts for the
financial year ended 31st March, 2014 on a going concern basis.
8. AUDITORS'' REPORT
There are no items on which Auditors have commented which need further
explanation from the Board of Directors.
9. AUDITORS
M/s. P. K. Ajitsaria & Co., Chartered Accountants, Statutory Auditors
ofthe Company, holds office till the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment.
The Company has received letter from the Auditors to the effect that
their re-appointment, if made, would be within the prescribed limits
under the Companies Act, 2013 and they are not disqualified for
re-appointment. The Board recommends the appointment of the auditors
from conclusion of ensuing Annual General Meeting till the conclusion
of next Annual General Meeting.
10. EMPLOYEES
None of the employees were in receipt of remuneration in excess of the
limits specified under Section 217(2A) ofthe Companies Act, 1956 read
along with Companies (Particulars of Employees) Rules, 1975.
11. STATUTORY INFORMATION
The Company being basically in the financial sector, requirement
regarding the disclosure of particulars of conservation of energy and
technology absorption prescribed by the rules is not applicable.
12. FOREIGN EXCHANGE
The Company had no foreign exchange inflow or outflow during the year
under review.
13. CORPORATE GOVERNANCE
As per the Listing Agreement with the Stock Exchanges, the Company has
implemented the Code on Corporate Governance. The Corporate Governance
compliance certificate obtained from the Auditors of the Company is
attached to the Report on Corporate Governance.
The Management Discussion and Analysis Report and the Report on
Corporate Governance are given in the annexure attached to this report.
The Board members and Senior management personnel have confirmed
compliance with the Code of Conduct.
14. EMPLOYER EMPLOYEE RELATIONSHIP
The Company has maintained a cordial relationship with its employees,
which resulted in smooth flow of business operations during the year
under review.
15. ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors & Bankers. Your Directors are also thankful
to its clients for their continued faith and support reposed in them.
Last but not the least, your Directors'' place on record their sense
of appreciation for the valuable contribution made by the employees
ofthe Company.
On behalf of the Board of Directors
For Silicon Valley Infotech Limited
Registered office:
10 Princep Street,
2nd Floor,
Kolkata-700 072 (SantoshKumarJain) (Ramen Chatterjee)
Dated:29th May,2014 Managing Director Director
DIN No. 00174235 DIN NO.00402873
Mar 31, 2012
Dear Shareholders,
Thr Directors have pleasure in presenting the Twenty Ninth Annual
Report of the Company together with the Audited Accounts for the year
ended 31 st March, 2012.
1. FINANCIAL HIGHLIGHTS
The working results of the Company for the year under review are given
below
Year ended Year ended
31.03.2012 31.03.2011
(Rs.) (Rs.)
Profit/(Loss) Before Tax and
Exceptional Items (43,12,000) (1,00,59,000)
Less: Exceptional Items
Less: Provision for Tax - Current
- Deferred
Profit/(Loss) After Tax (43,12,000) (1,00,59,000)
Less: Income-tax for earlier years 14,000
Prof lt/(Loss) Available
for Appropriation (43,12,000) (1,00,73,000)
2. DIVIDEND
To conserve the resources of the Company for future expansion, the
Board have decided not to recommend any dividend for the year under
review.
3. PERFORMANCE REVIEW
The performance of the Company during the current year has seen a
quantum leap but not up to the expectation due high volatility in the
market.. Your Directors are making all efforts to improve the
performance of the Company further in future.
4. LISTING OF EQUITY SHARES
The Equity Shares of your Company are presently listed on three Indian
Stock Exchanges viz. National Stock Exchange (NSE), Bombay Stock
Exchange (BSE) and Calcutta Stock Exchange (CSE).
Listing fees for the financial year 2012-13 have been paid to NSE, BSE
and CSE.
5. FIXED DEPOSITS
During the year under review, your Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
6. DIRECTORS Re-appointment:
As per the provisions of the Article of Association of the Company,
Shri Taposh Kumar Mullick , retires by rotation and being eligible
offers himself for re-appointment. The Board recommends his re-
appointment for consideration of the shareholders.
7. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed :
a. That in the preparation of the accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures;
b. That the Directors 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 the financial year and of the
profit of the Company for the year under review;
c. That the Directors 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. That the Directors have prepared the annual accounts for the
financial year ended 31 st March, 2012 on a going concern basis.
8. AUDITORS'REPORT
There are no items on which Auditors have commented which need further
explanation from the Board of Directors.
9. AUDITORS
M/s. P.K. Ajitsaria & Co., Chartered Accountants, Auditors of the
Company, retire at the conclusion of the forthcoming Annual General
Meeting and have consented to continue in office, if appointed. They
have confirmed that their appointment, if made, will be in accordance
with the limits specified in Section 224(1 B) of the Companies Act,
1956.
10. EMPLOYEES
None of the employees were in receipt of remuneration in excess of the
limits specified under Section 217(2A) of the Companies Act, 1956 read
along with Companies (Particulars of Employees) Rules, 1975.
11. STATUTORY INFORMATION
The Company being basically in the financial sector, requirement
regarding the disclosure of particulars of conservation of energy and
technology absorption prescribed by the rules is not applicable.
12. FOREIGN EXCHANGE
The Company had no foreign exchange inflow or outflow during the year
under review.
13. CORPORATE GOVERNANCE
As per the Listing Agreement with the Stock,Exchanges, the Company has
implemented the Code on Corporate Governance. The Corporate Governance
compliance certificate obtained from the Auditors of the Company is
attached to this report.
The Management Discussion and Analysis Report and the Report on
Corporate Governance are given in the annexure attached to this report.
The Board members and Senior management personnel have confirmed
compliance with the Code of Conduct.
14. EMPLOYER EMPLOYEE RELATIONSHIP
The Company has maintained a cordial relationship with its employees,
which resulted in smooth flow of business operations during the year
under review.
15. ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors & Bankers. Your Directors are also thankful
to its clients for their contin ued faith and support reposed in them.
Last but not the least, your Directors' place on record their sense
of appreciation for the valuable Contribution made by the employees of
the Company.
On behalf of the Board of Directors
Registered Office: For Silicon Valley Infotech Limited
10, Princep Street
Kofkata-700 072 Santosh Kumar Jain Ramen
Chatterjee .
Managing Director Director
Dated: 25th May, 2012
Mar 31, 2011
Dear Shareholders,
The Directors have pleasure in presenting the Twenty-Eighth Annual
Report of the Company together with the Audited Accounts for the year
ended 31 st March, 2011.
1. FINANCIAL HIGHLIGHTS
The working results of the Company for the year under review are given
below
Year ended Year ended
31.03.2011 31.03.2010
(Rs.) (Rs.)
Profit/(Loss) Before Tax (1,00,56,040.91) 33,27,206.03
Provilsion for Tax - Current 14,081.00 4,25,000.00
-Fringe Benefit Tax _ _
- Deferred - -
Profit(Loss) After Tax (1,00,70,121.91) 29,02.206.33
Less: Income-tax for earlier years - 64,933.00
Less: Security Transaction Tax - -
Balance brought forward from previous (2,36,26,855.36) (2,64,64,128.
year 39)
Balance carried to Balance Sheet (3,36,96,977.27) (2.36,26,855,
36)
2. DIVIDEND
To conserve the resources of the Company for future expansion, the
Board have decided not to recommend any dividend for the year under
review.
3. PERFORMANCE REVIEW
The performance of the Company during the current year has seen a
quantum leap but not up to the expectation due to high volatility in
the market. Your Directors are making all efforts to improve the
performance of the Company further in future.
4. LISTING OF EQUITY SHARES
The Equity Shares of your Company are presently listed on three Indian
Stock Exchanges viz. National Stock Exchange (NSE), Bombay Stock
Exchange (BSE) and Calcutta Stock Exchange (CSE). Listing fees for the
financial year 2011-12 have been paid to NSE, BSE and CSE.
5. FIXED DEPOSITS
During the year under review, your Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
6. DIRECTORS
(i) Re-appointment:
As per the provisions of the Article of Association of the Company,
Shri Ramen Chatterjee, retires by rotation and being eligible offers
himself for re-appointment. The Board recommends his re-appointment for
consideration of the shareholders.
(ii) Resignation :
Shri B. P. Jhunjhunwala have resigned from Directorship of the Company
with effect from 11th August, 2010. The Board places on record its
appreciation for the valuable contribution made by Shri B. P.
Jhunjhunwala during his tenure as Director of the Company.
7. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) otthe Companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed :
a. That in the preparation of the accounts for the financial year
ended 31 st March, 2011, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures;
b. That the Directors 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 the financial year and of the
profit of the Company for the year under review;
c. That the Directors 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. That the Directors have prepared the annual accounts for the
financial year ended 31st March, 2011 on a going concern basis.
8. AUDITORS'REPORT
There are no items on which Auditors have commented which need further
explanation form the Board of Directors.
9. AUDITORS
M/s. P. K. Ajitsaria & Co., Chartered Accountants, Auditors of the
Company, retire at the conclusion of the forthcoming Annual General
Meeting and have consented to continue in office, if appointed. They
have confirmed that their appointment, if made, will be in accordance
with the limits specified in Section 224(1 B) of the Companies Act,
1956.
10. EMPLOYEES
None of the employees were in receipt of remuneration in excess of the
limits specified under Section 217(2A) of the Companies Act, 1956 read
along with Companies (Particulars of Employees) Rules, 1975.
11. STATUTORY INFORMATION
The Company being basically in the financial sector, requirement
regarding the disclosure of particulars of conservation of energy and
technology absorption prescribed by the rules is not applicable.
12. FOREIGN EXCHANGE
The Company had no foreign exchange inflow or outflow during the year
under review.
13. CORPORATE GOVERNANCE
As per the Listing Agreement with the Stock Exchanges, the Company has
implemented the Code on Corporate Governance. The Corporate Governance
compliance certificate obtained from the Auditors of the Company is
attached to this report.
The Management Discussion and Analysis Report and the Report on
Corporate Governance are given in the annexure attached to this
report.The Board members anctSenior management personnel have confirmed
compliance with the Code of Conduct.
14. EMPLOYER EMPLOYEE RELATIONSHIP
The Company has maintained a cordial relationship with its employees,
which resulted in smooth flow of business operations during the year
under review.
15. ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors & Bankers. Your Directors are also thankful
to its clients for their continued faith and support reposed in them.
Last but not the least, your Directors' place on record their sense of
appreciation for the valuable contribution made by the employees of the
Company.
On behalf of the Board of Directors
For Silicon Valley Infotech Limited
Santosh Kumar Jain Ramen Chatterjee
Managing Director Director
Registered Office:
10, Princep Street
2nd Floor
Kolkata - 700 072
Dated : 27th May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the Twenty-Seventh Annual
Report of the Company together the Audited Accounts for the year ended
31st March, 2010.
1. FINANCIAL HIGHLIGHTS
The working results of the Company for the year under review are given
below :-
Year ended Year ended
31,03.2010 31.03.2009
Profit/(Loss) Before Tax 33,27,206.03 (1,04,14,976,5)
Provision for Tax -Current 4,26,000,00 -
- Fringe Benefit Tax - 30,004,0
- Deterred - -
Profrt/(Loss)After Tax 29,02,206.33 (1,84,44,980.5)
Less: Income-tax for earlier years - 3,952.0
Less: Security Transaction Tax - 4,05,444.9
Balance brought forward from
previous year (2,64,64,128.39) (76,09,750.89)
Balance carried to Balance Sheet (2,36,265.36) (2,64,64,128,36)
2. DIVIDEND
To conserve the resources of the Company far future expansion, the
Board have decided not to recomme any dividend for the year under
review.
3. PERFORMANCE REVIEW
The performance of the Company during the current year has seen a
quantum leap but not up to expectation due high volatility in the
market. Your Directors are making all efforts to improve the
performans of the Company further in future.
4. LISTING OF EQUITY SHARES
The Equity Sheres of your Company are presently listed on three Indian
Stock Exchanges viz. Nation Stock Exchange (NSE), Bombay Stock Exchange
(BSE) and Calcutta Stock Exchange (CSE).
Listing fees for the financial year 2010-11 have been paid to NSE, BSE
and CSE.
5. FIXED DEPOSITS
During the year under review, your Company has not accepted any
deposits within the meaning of Secctld 58A of the Companies Act, 1956
and the Rules made there under,
6. DIRECTORS
(I) Re-appointment:
As per the provisions of the Article of Association of the Company,
Shri Taposh Kumar Mullick, retires by rotation and being eligible
offers himself for re-appointment. The Board recommends his
re-appointment for consideration of the shareholders.
7. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant 1o the requirement under Section 217(2AAJ of The Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed :
a. That in the preparation of the accounts for the financial year ended
31st March. 2010. the applicable accounting standards have been
followed along with the proper explanation relating to material
departures;
b. That the Directors 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 stale
of affairs of the Company at the end of the financial year and of the
profit of the Company for the year under review:
c. That the Directors 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. That the Directors have prepared the annual accounts for the
financial year ended 31st March, 2010 on a going concern basis.
8. AUDITORS REPORT
There are no items on which Auditors have commented which need further
explanation form the Board of Directors.
9. AUDITORS
M/s. P K, Ajitsaria & Co., Chartered Accountants, Auditors of the
Company, retire at the conclusion of The torthcommg Annual General
Meeting and have consented to continue in office, fl appointed- They
have confirmed that their appointment, if made, will be in accordance
with the limits specified in Section 224(1B) of the Companies Act,
1956.
10. EMPLOYEES
None of the employees were in receipt of remuneration in excess of the
limits specified under Section 217(2A) of the Companies Act, 1956 read
along with Companies (Particulars of Employees) Rules, 1975.
11. STATUTORY INFORMATION
The Company being basically in the financial sector, requirement
regarding the disclosure of particular a of conservation of energy and
technology absorption prescribed by the rules is not applicable,
12. FOREIGN EXCHANGE
The Company had no foreign exchange Inflow or outflow during the year
under review.
13. CORPORATE GOVERNANCE
As per the Listing Agreement with the Stock Exchanges, the Company has
implemented the Code of Corporate Governance, The Corporate Governance
compliance certificate obtained from the Auditors of the Company is
attached to this report
The Management Discussion and Analysis Report and the Report on
Corporate Governance are given the annexure attached to this report.
The Code of Conduct is available on the Companys weba
www.eliiconvalleylnfo.net The Board members and Senior management
personnel have confirmed complance with the said code.
14. EMPLOYER EMPLOYEE RELATIONSHIP
The Company has maintained a cordial relationship with its employees,
which resulted in smooth flow business operations during the year under
review.
15. ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors Bankers. Your Directors are also thankful
to its clients for their continued faith and support reposed in them
Last but not the least, your Directors place on record their sense of
appreciation for the valuable contribution made by the employees of the
Company.
On behalf of the Board of Directors
For Silicon Valley Infotech Limited
Registered Office:
10, Princep Street Santosh Kumar Jain Raman Chatterjee
2nd Floor Managing Director Director
Kolkata-700 072
Dated: 26th May, 2010
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