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Monalisa Infotech Ltd.

BSE: 530551 Sector: IT
NSE: N.A. ISIN Code: INE021B01024
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Monalisa Infotech Ltd. (MONALISAINFOTEC) - Director Report

Company director report

MONALISA INFOTECH LIMITED ANNUAL REPORT 2002-2003 DIRECTOR'S REPORT Your Directors present their Ninth Annual Report together with the Audited Statement of Accounts for the year ended year ended 31st March, 2003. FINANCIAL HIGHLIGHTS 2002-03 2001-2002 (Rupees In Lacs) (Rupees in Lacs) Sales and Other Income 1047.37 1601.02 Profit Before Interest, Depreciation and Tax 377.83 561.67 Loss : Interest 203.75 265.61 Depreciation on Fixed Assets 174.68 173.84 Provision for Taxes 1.25 5.00 Profit/Loss After Tax (1.85) 117.22 Add : Profit brought forward from previous year 1140.62 1023.30 Leaving a Balance to be carried forward 1138.67 1140.52 PERFORMANCE : During the year 2002-2003, the Company was in the process of restructructuring activities. Due to competitive margins and fluctuating raw material prices, the turnover remained low during the year under review. The sales and other income of the Company decreased from Rs. 1601.02 lacs. In 2001-2002 to Rs. 1047.37 Lacs during the year under review. While the Company incurred a loss before taxation of Rs. 0.60 Lacs as against profit before taxation of Rs. 122.22 Lacs earned during the previous year. The total realisation' trade software and related activities during the year under review amounted to Rs. 512.81 Lacs as against Rs. 648.32 Lacs during the previous year. The Company expects to perform well during the current year. DIVIDEND With a view to conserve the resources of the Company, the Board of Directors do not recommend any dividend. In the next year the Board of Directors expects to give good dividend. FUTURE OUTLOOK Your Company is focussed in plastic furniture sand household articles and Information technology, This sector of the economy has witnessed rapid growth and has potential for high growth in future. With sizeable capacities and new moulds acquired to produce multiple products as well as your Company's competitive position, your Company expects to perform well. Company's performance in I.T. sector, is also good and expect good growth in 2003-2004. DIRECTORS Mr. Mohammed Alam Khan, Director, retire by rotation and, being eligible, offers himself for reappointment. Further Mr. Mohammed Azam Khan has resigned as Director of the Company and your Board sincerely appreciates the valuable services rendered by him during his tenure as Director of the Company. AUDITORS AND AUDITORS' REPORT M/s. TIWARI SAMANI & ASSOCIATES. Chartered Accountants, retire as Auditors of the Company at the ensuing Annual General Meeting and are eligible for reappoitment. The notes to accounts referred to in the Auditors' Report is self- explanatory and therefore do not call for any further comments. FIXED DEPOSITS The Company has not accepted any Deposit from the Public during the year under review. PARTICULARS OF EMPLOYEES : The Company does not have any employee of the category specified in Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. INSURANCE All the properties of the Company have been adequately insured against fire, riot and various other risks. CONSERVATION OF ENERGY The Company is no, a major user of energy. The Company has taken various steps to reduce the Consumption of energy by improved housekeeping, constant monitoring of equipments, improvement of power factor, upto date maintenance resulting in considerable power saving Power to a major equipment and lighting in work - areas is put off at non working times. TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT No technology was imported by the Company since its incorporate. However the Company Quality Assurance Department is developing in house standards to, various products and adopting standards so as to enable the Company to penetrate overseas markets. DIRECTORS' RESPONSIBILITY STATEMENT : Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect is Directors' Responsibilities Statement, it is hereby confirmed (1) that in the preparation of the annual accounts, the applicable accounting standards have fern followed along with proper explanation relating to material departures. (2) that the directors have selected such accounting polices and applied there 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 end of the financial year and of the profit or loss of the company for that period ; (3) that the directors have taken proper and sufficient care of 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 an other irregularities ; (4) that the directors have prepared the annual accounts on a going concern basis. FOREIGN EXCHANGE EARNINGS AND OUTGO (Rs. in Lacs) Foreign Exchange Earnings : NIL Foreign Exchange Outgo NIL LISTING AGREEMENT COMPLIANCE Pursuant to the requirements of the Listing Agreement, the Company declares that its Equity Shares are listed on the Stock Exchanges at Mumbai and Ahmedabad. INDUSTRIAL RELATIONS Industrial relations continued to be cordial throughout the year. Your Directors wish to place on record their appreciation of the devoted services of employees at all levels. ACKNOWLEDGEMENT : Your Directors would like to express their grateful appreciation for the assistance and co-operation received from all its Bankers and Institutions. The Directors also acknowledge with thanks the continued support and confidence reposed in the management by the Company's shareholders, customers and suppliers. Your Directors wish to place on record their deep Sense of appreciation for the devoted services of the executives, staff and workers of the Company for its success. For and on behalf of the Board, Place : Daman (MOHAMMED ASLAM KHAN) Date : 21st August, 2003 Chairman