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India International Marketing Centre Ltd.

BSE: 531053 Sector: Others
NSE: N.A. ISIN Code: INE506C01014
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India International Marketing Centre Ltd. (INDIAINTLMKTG) - Director Report

Company director report

INDIA INTERNATIONAL MARKETING CENTRE LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT TO THE MEMBERS Dear Members Your Director have pleasure in presenting the Fifteenth Annual Report along with the audited Statement of Accounts for the year ended 31st March, 2008. FINANCIAL RESULTS: (Rs. in lakhs) 2007-2008 2006-2007 Total Income 2.13 153.07 (Deficit)/Profit before Tax, Dep. & (10.49) 143.73 Amortizations Depreciation (0.12) (0.16) Public issue Expenses W/off 0.00 0.00 Prior Year Adj. (0.006) (0.04) Prov. for Deferred Tax 0.05 0.06 Prov. For Fringe benefit Tax 0.07 0.08 (Deficit)/profit after Tax (10.54) 143.64 Balance of Deficit b/f (939.53) (1083.22) Total Deficit carried to Balance sheet (950.13) (939.59) OPERATION: The Company did domestic sales in Jewellery worth Rs. 1.80 Lakh,during the year as against the sales of Rs.0.72 Lakh in the previous year registering a approximately 2.5% increase. We are continuing the tempo and hope to do much better in the coming year. However there is no difference in demand for the export logistic services at Rotterdam, despite the tremendous growth in exports from India. Due to diminution in value of investment of shares of subsidiary Company, there was overall Deficit of Rs. 10.49 Lakh against surplus of Rs.143.73 Lakh in the previous year. DIVIDEND: Due to accumulated losses, your Directors express their inability to declare any dividend. DIRECTOR: Your Director, Dhruveswar Nath retire by rotation and being eligible, offers themselves for reappointment. AUDITORS: M/s. AVS & Co., Chartered Accountants, the Auditors of the Company, retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. AUDITOR REPORT: The observation of the Statutory Auditors in their Audit Report are self explanatory. The same have been noted for future compliance. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO: As the Company is not a manufacturing company, report on conservation of energy and technology absorption is not applicable. FOREIGN EXCHANGE EARNINGS AND OUTGO: 2007-08 2006-07 Foreign Exchange Earning Exports (FOB) - - Foreign Exchange Outgo - - Foreign travelling - - Import of Diamond - - Export Initiatives taken and plans - - The export logistic services - set up by the company at Rotterdam (The Netherlands) at the instance of the Union Ministry of Commerce are good means at export promotion. These services enable the companies using them to easily contact the potential overseas buyers, to make rapport with them and motivate them to procure goods & services from India. While the company has continued to promote theses services during the year, there has not been a favorable response. AUDIT COMMITTEE: The Committee met five times during the yea. The Board of Directors has accepted all the recommendations of the Audit Committee. FIXED DEPOSITS: The Company has not accepted any fixed deposit during the year ended 31st March 2008. PARTICULARS OF EMPLOYEES: During the period, there was no employee in the company whose particulars are required to be reported under Section 217 (2A) of the Companies Act, 1956. SUBSIDIARY COMPANY: A statement pursuant to section 212 of the Companies Act, 1956 relating to the subsidiary Company, India International Marketing Centre b.v., The Netherlands is attached to the accounts. The statements of accounts for the Year ended on March, 2008 is annexed. CONSOLIDATED STATEMENTS OF ACCOUNTS: In accordance with Accounting Standard 21 (Consolidated Financial Statement) issued by The Institute of Chartered Accountants of India, the consolidated financial statement of accounts of the company and its subsidiary company, India International Marketing Centre b. v. Rotterdam for the year ended 31st March, 2008 is annexed. CORPORATE GOVERNANCE: As per clause 49 of the Listening Agreements with the stock exchange a Management Discussion and Analysis report on Corporate Governance together with the Auditors certificate regarding compliance of condition of Corporate Governance form part of the Annual Report. SHARE REGISTRY ACTIVITY: In terms of SEBI Circular No. D & CC/FITTC/CIR-15/2002 dated 27 December 2002, M/s. Mas Services Pvt. Ltd. A Registrar and Share Transfer Agent registered with SEBI, is the common agency for share registry work. RESPONSIBILITY STATEMENT: The Board of Director hereby confirm that: 1) In the preparation of the annual account for the ended March 31, 2008 the generally accepted accounting standard in India have been followed in all material respects. 2) Accounting policies have been selected and applied consistently and judgements and estimates made 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 March 31, 2008 and of the loss of the company for that period. 3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the company and for prevention and detection of fraud and other irregularities. 4) The annual account for the year ended March 31, 2008 have been prepared on a going concern basis. ACKNOWLEDGEMENT: Your Directors express their gratitude to the Government of India and banks for their co-operation and also wish to thank the company's The Board records its sincere appreciation for the continuing support and cooperation from bank, government authorities, shareholder, clients and staff of the Company. For and on behalf of the board For INDIA INTERNATIONAL MARKETING CENTRE LTD. Place: New Delhi (ASHOK KUMAR JAIN) Date : August 22, 2008 Chairman MANAGEMENT DISCUSSION AND ANALYSIS REPORT: INDUSTRY STRUCTURE & DEVELOPMENT: The export logistic services like offices/showrooms, permanent display, etc., created by this company at Rotterdam (The Netherlands) on sponsorship from the Union Ministry of Commerce, Government of India, are essentially an activity to facilitate exports from India. These services are offered to Indian exporters to unable them to promote their products abroad and to make off-the-shelf deliveries. The performance of this company is thus linked basically with the state of the domestic and the world markets and the profitability of exports to a level enabling Indian exporters to hire our services at Rotterdam. India is a leading producer of finished jewellery and polished stones. Gemstone and jewellery represents the most significant specialist segment of India retaining, accounting for a high proportion of total retail spend. According to the Gems & Jewellery Export Promotion Council, the total jewellery market in India is around USD 13 Billion of which diamond jewellery make up around 20%. The segment is dominated by very small family owned retailer and the total size of the market is difficult to measure. Indian household have traditionally relied on a family jeweler to provide a quality assurance. Consumer brand awareness is low. Most purchases take place at festival period and to celebrate family rituals such as marriages and births. Now organized jewellery retailer are increasingly offering brand solution to the demand for quality and value as consumers move away from traditional family retailers. OPPORTUNITIES AND THREATS: The export from India have been rising since 2002 after having remained sluggish for seven years after 1995 when the export logistic services were created by this company at Rotterdam. The Indian exports have in fact shown 20% plus growth rates during the recent years. With the increase in export, the Company perceives that there would be opportunities for the infrastructure facilities created at Rotterdam. Due to increasing improvement in Indian infrastructure facilities and competitive cost in India; and rising infrastructure cost in Europe, the Company is facing threat for its services at Rotterdam. In respect of domestic Sale of gems and jewellery, vast opportunities are perceived on account of growth in Indian Economy and increase in number of middle-class category persons as well as their buying power. Overflodding of foreign branded products and increase in price of gold may pose a threat to the industry. SEGMENT WISE PERFORMANCE: Finding not very bright prospects for our export logistics services at Rotterdam, the company engaged itself more on domestic trade during the year and made sales worth Rs. 2.13 Lakhs as against Rs.1.53 Crore In the previous year. OUTLOOK: Due to rising cost of the infrastructure facilities in Europe, the outlook for the export logistic services at Rotterdam is not very bright. The Company forsee a good and bright future in retailing of gems and jewellery business. The outlook is thus that of good days ahead. RISK AND CONCERN: The company's activities draw their sustenance and depend largely on the market conditions. Any change in the market conditions, whether adverse or otherwise, has the cascading effect on the working of this Company. Apart from the normal business risks as generally apply to business organisation; the company does not foresee any other serious area of concern. The company has also no foreign exchange risk coverage due to its limited exposure. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY: The company has proper and adequate system of internal control to ensure that all the asset are safeguarded against loss from unauthorized use or disposition and that all transaction are authorisedly recorded and reported correctly . Cross functional internal checks mechanism has been created to ensure compliance of procedure. An audit committee headed by a non executive independent director is in place to review the various areas of the internal control system and take suitable remedial steps where necessary. HUMAN RESOURCES: Your company is deeply concerned about the safety, welfare and training of employees. Employee/employer relation were cordial throughout the year. As at March 31,2008, the total number of employees stood at 3. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE: The details of the financial performance of the company are appearing in the Balance Sheet, Profit &Loss Account & other financial statement etc. Highlights for the financial year ended March 31, 2008 are as under: Sales Rs. 1.80 Other income Rs. 0.32 Net Loss Rs.10.54