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Netvision Web Technologies Ltd.

BSE: 532010 Sector: IT
NSE: N.A. ISIN Code: INE286D01011
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Netvision Web Technologies Ltd. (NETVISIONWEB) - Director Report

Company director report

NETVISION WEB TECHNOLOGIES LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT Dear Shareholders Your Directors take pleasure in presenting their Eleventh Annual Report together with the audited accounts for the year ended 31.03.2005. We glad to inform you that your company grows at 22% & 19% in terms of total revenue and net profit in the said financial year. FINANCIAL HIGHLIGHTS (Rs. In Lacs) As At As At 31.03.05 31.03.04 Gross Income from Operation 2520.95 2074.71 Gross Profit/ (Loss) before Financial Charges and Depreciation 1543.57 1363.71 Less: Depreciation 343.43 358.56 Financial Charges 39.68 32.56 Profit before Tax 1160.45 972.59 Tax Provision for earlier year W/B (Net) 0.00 7.44 Provision for Tax/ Tax Paid 0.00 1.00 Interim Dividend 0.00 0.00 Proposed Dividend 254.00 0.00 Corporate Dividend Tax 33.19 0.00 Profit after Tax 873.26 979.03 Surplus (Deficit) B/F Previous Year 1309.98 444.41 Provision for Dividend & Dividend Tax no longer payable 2183.24 286.54 General Reserves 400.00 400.00 Balance Transferred to Balance Sheet 1783.24 1309.98 Overview During the year, 2004-05, your company recorded total revenue of Rs.2520.95 lacs comprising income from software and selling of multimedia products. Which is higher by 22% against the total Income for 2003-04. During the financial year under review, your company has more concentrated on in the domestic market and achieved the sale of Rs. 1068.39. Looking to the positive feedback in the domestic market for the bilingual software from the government department now company is aggressively planning to develop bilingual software in the different language for the domestic as well as the international market, the result of the said development will effect after 18 month since the development of the said software will take about 12 month and 6 month for the marketing of the said software which will boost the export sales of the company in the coming years. During the year company has achieved a record turnover in the export in the tune of Rs. 1432.54 lacs against the last year export turnover amounting Rs.1272.36 lacs which shows our good presence in the overseas market and which will increase our export in the coming years. Looking to the present scenario and encouraged by response from the customers, you company has developed number of new Enterprise Resource Planning for the different categories of electronic and other trading related activities, which will increase effectiveness in the present manufacturing and administrative activities of any concerned organization. Directors Shri Hemant J Patel and Shri Jay P. Shah retire by rotation but being eligible to be reappointed offer themselves for reappointment. Your directors recommend their reappointment as the same is in the interest of the company. Auditors The auditors M/s. U.M Jintanwala & Co., Chartered Accountants, Ahmedabad, retire at the conclusion of ensuing Annual General Meeting and are eligible for re-appointment. The Audit Committee of the Board recommends the re- appointment of M/s. U.M. Jintanwala & Co. as Auditors for a further period of to hold office as such from the conclusion of this Annual General Meeting until the conclusion of next Annual General Meeting. Corporate Governance A report on Corporate Governance along with Auditors' Certificate on compliance with the conditions of Corporate Governance as stipulated in clause 49 of the listing agreement is provided separately in the Annual Report. Particulars of Employees The Company has no Employee of the category specified in Section 217 (2A) of the Companies Act. Conservation of Energy and Technology Absorption The information related to conservation of Energy, Technology and Absorption required under section 217 (1) (e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988, are not given, as the same is not applicable to the Company. Dematerialisation: Your company's equity shares have been under compulsory dematerialised trading w.e.f. 22.05.2001 and are registered under ISIN Code No. INE 286D01011. Shareholders may contact the company or the Registrar for Dematerialisation namely Pinnacle Share Registry Pvt. Ltd., Near Ashoka Mills, Naroda Road, Ahmedabad 380 025 for further details whenever required. Listing of Shares The shares of the Company continue to be listed at the Stock Exchanges at Mumbai and Ahmedabad and the annual listing fee has been paid to each of the Exchanges. Foreign Exchange Earnings and Outgoings During the year company has earned foreign exchange of Rs. 14.32 crore while outgoing in said respect is NIL. Directors Responsibility Statement We the Directors of NetVision Web Technologies Limited, confirm the following: i. that in the preparation of annual accounts, applicable accounting standards had been followed along with proper explanation relating to material departures; ii. 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 the period; iii. that the Directors had 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; iv. That the Directors had prepared the annual accounts on a going concern basis. Acknowledgements The Directors thank the Company's Customers, Shareholders, Suppliers, Bankers, Financial Institutions and Central & State Governments for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company. For and on behalf of the Board of Directors Place : Ahmedabad Date : 09.09.2005 Sd/- Bharat J. Patel Chairman & Managing Director