GLOBAL INFRASTRUCTURE AND TECHNOLOGIES LIMITED
ANNUAL REPORT 2004-2005
Global Infrastructure and Technologies Ltd.
Your Directors submit herewith the 13th Annual Report together with the
audited statement of Accounts for the year ended 31st March, 2005.
01. FINANCIAL RESULTS
The Company changed its Financial Year from January - December to April -
March during the period under Report and as such the current Financial Year
comprised of the period of 15 months from 1st January, 2004 to 31st March,
Particulars Year Ended Year Ended
31st March 2005 31st Dec 2003
Income 28,89,53,175 9,84,41,273
for the Year 1,07,29,033 (4,45,42,095)
previous year (26,37,60,826) (21,92,18,731)
Balance of Loss
carried over to
Balance Sheet (25,30,31,793) (26,37,60,826)
02. MANAGEMENT DISCUSSION & ANALYSIS REPORT
During the year under Report, the Company had operated in Real Estate
Operations, Contract business and Manufacturing activities.
During the year under Report, the Income from operations of the Company was
dropped to Rs. 732.88 Lacs against Rs. 963.77 Lacs of the previous year. Ho
Never, the other income of the Company mainly attributed from profit on
sale of assets, amounted for Rs. 2154.65 Lacs as against Rs. 20.64 Lacs of
the previous year.
The Loss incurred by the Company during the year was also higher at
Rs. 445.42 lacs as against Rs. 109.79 lacs of the previous year.
The Company during the year under report earned the Profit of Rs. 107.29
Lacs as against the Loss of Rs. 445.42 Lacs of he previous year.
The accumulated losses of the Company as of the end of the year under
report, accordingly stood reduced at Rs. 2530.32 Lacs as against Rs.2637.61
Lacs of the previous year.
03. ORDER OF BIFR
As reported in the Director's Report of the earlier year, the Company had
filed reference before the Hon'ble BIFR under Section 15 (1) of Sick
Industrial Companies (Special Provisions) Act 1985. Accordingly the Company
has been declared as a sick Company under SICA Act, 1985 by the Hon'ble
BIFR vide its order dated 22nd August, 2005.
Considering the Accumulated Losses, your Directors do not recommend payment
of any Dividend.
05. FIXED DEPOSITS
Due to liquidity crunch and negative cash flow, the Company has defaulted
in payment of Interest and repayment of principal amount of Fixed Deposits.
As reported in the Director's Report of the previous year, the Hon'ble
Company Law Board has granted reschedulement of repayments of Fixed
Mr. Abhijeet Kulkarni, Director retires by rotation and being eligible
offers himself for reappointment.
Mr. Sudhir B. Gaikwad resigned as the Director of the Company with effect
from 1st March, 2005.
The present Auditors Kalyankumar & Co. Chartered Accountants will retire at
the conclusion of the forthcoming Annual General Meeting. They have
expressed their willingness to be reappointed for the Current year. You are
requested to reappoint them and to fix their remuneration.
08. AUDITOR'S OBSERVATIONS
The observations made by the Auditors read with Notes to Accounts and
Director's Report are self explanatory.
Your Directors wish to place on record their appreciation of the
contribution made by the employees at all levels. Information as per
Section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules 1975, is not furnished, since no employees
received the remuneration beyond the limits prescribed therein.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
At present the activities of the Company are such that the information
regarding compliance of Rules relating to Conservation of Energy and
Technology Absorption pursuant to 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 is not provided as the same is not
applicable to the Company.
Particulars relating to Foreign Exchange Earning and Outgo appears as Item
No. 10 of the Notes of Accounts.
11. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) as amended by the Companies
(Amendment) Act, 2000, and subject to the observations made by the Auditors
and Notes to Accounts, the Directors hereby state :
a) That while preparing the Annual Accounts for the year ended 31st March,
2005 the applicable Accounting Standards had been followed along with
proper explanation relating to material departures.
b) That the Directors had selected such accounting policies and applied
them 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 at the end of the financial year and of the Profit of the Company
for that year.
c) That the Directors had 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.
d) That the Directors had prepared the Annual Accounts on a going concern
Your Directors acknowledge the valued cooperation and continued support
extended by various Departments of State Government and Municipal
Corporations, Bankers of the Company, Housing Finance Companies, Customers,
Professionals, Suppliers & Sub-Contractors, for their valuable contribution
By Order of the Board of Directors
For Global Infrastructure & Technologies Ltd.
Place : Pune
Date : 24th August, 2005