ABACUS COMPUTERS LIMITED
ANNUAL REPORT 2003-2004
TO THE MEMBERS
Your Directors submit Twentieth Annual report together with Audited
Statement of Accounts for the year ended on 30th June, 2004.
Income from sales & other sources during the year under review amounted to
Rs. 2.90 lacs. Loss after interest (Rs. 16.95 lacs) depreciation (Rs. 1.88
lacs) for the year under review is Rs. 18.43 lacs as against Rs. 16.48 lacs
in the previous year. The accumulated him of Rs. 220.14 Lacs has been
carried to balance sheet.
REVIEW OF OPERATIONS: -
Your management finds it difficult to generate the operational fund
required to organize the marketing of its pregious Indian Language
products. All possible efforts are tried including outsourcing but yet not
successfully clicked. Due to heavy resource crunch, management has
suspended all R & D activities and shall try to generate funds from
internal accruals only.
First half of the par faced a very unusual problem. The earlier CMD Mr.
Pankaj Madia was detected with an oral cancer and hence he had to resign as
CMD. He was one of the main Technical person and hence company will
certainly miss his guidance till be recovers. The board has decided to
appoint technical consultant as and when required. The management is
working hard to sell the existing products.
All the efforts under the new CMD to market the products should bring
better results. The persistence of the management and your patience should
change the course of the company with an improved bottom lines.
The sales estimates am very encouraging and the management is confident to
change the bottom lines and also to bring back the name, fame and glory.
Shri Pankaj B. Madia, Director would retire by rotation at the ensuing
Annual General Meeting and are eligible for re-appointment.
The notes in schedule '13' and in particular notes 1(d), 2, 8, 9 and 11
(ii) which form part of Accounts provide adequate explanation on matter
referred to in the Auditors Report to the members namely, non-provision of
bonus, gratuity liability, doubtful debts, doubtful advances an managerial
remuneration. Steps are being taken to settle PF & ESIC and Sales Tax with
the concerned authorities.
PARTICULARS OF EMPLOYEES:
The Company does not have any employee, whose particulars am required to be
given pursuant to the provision of Section 217 (2A) of the Companies Act,
1956 read with the Companies (particular of employees) Rules 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
(a) Your Company a conscious of the need for conservation of energy in line
with national objective. The Company's operations involve low, energy
consumption. Wherever practicable, the necessary measures have been already
implemented sod in fact there am no enjoy areas where further measures an
be taken. However, efforts to conserve and optimize the use of energy will
(b) Foreign Exchange Earnings & Outgo were NIL
Your Directors wish to place on record their appreciation of the efficient
services rendered by all the employees of the Company.
M/s. Choudhary & Pansari, Company's Auditors retire at the Annual General
Meeting and are eligible for re-appointment. You are requested to appoint
Auditors & to fix their remuneration.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Your Directors confirm :
1. That in the preparation of the annual accounts, the applicable
accounting standards have beta followed
2. That the Directors 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 financial year ended 30th June, 2004 and of the loss of the
Company for that year.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Company and for preventing and detecting fraud and other
4. That the Directors have prepared the annual accounts on a going concern
For and on behalf of Board
MUMBAI: S.R. Karambelkar
Date : 24th November, 2004 Chairman & Managing Director