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Satellite Infoconcepts Ltd.

BSE: 508671 Sector: IT
NSE: N.A. ISIN Code: N.A.
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Satellite Infoconcepts Ltd. (SATELLITEINFOC) - Director Report

Company director report

SATELLITE INFOCONCEPTS LIMITED (Formerly Banmor Cement Company Limited) ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT The Directors present herewith their Annual Report and Audited Statement of Accounts for the year ended 31st March, 2012. (Amount in Rs) FINANCIAL RESULTS Particulars 2011-2012 2010-2011 Profit for the year 7,898 4,583 Balance b/f from previous year (2,71,692) (2,76,275) Balance carried to Balance Sheet (2,64,794) (2,71,692) DIVIDEND Your Directors do not recommend any dividend on equity shares in view of inadequate profit earned during the year. REVIEW OF OPERATIONS Your Company is exploring possibilities for joint venture or strategic partnership for business diversification. During the year under review, the Company could not able to do much business, except some business in IT related activities and in investment in Shares. The management is hopeful to achieve better results in the years to come. FIXED DEPOSITS The company has not accepted any fixed deposits during the year under review. STATUTORY INFORMATION Employees The Company has no employee during the year under review whose particulars are required to be furnished herein under section 217(2A) of the Companies Act, 1956. Conservation of energy The Company does not use fuel, so the requirements of furnishing particulars relating to conservation of energy do not arise. Foreign exchange earnings and outgo The company has neither earned nor spent any foreign exchange in the course of its business. Research and development The company has not yet started a Research and Development Department. Technology absorption, adaptation and innovation The company has not imported any technology. Secretarial Compliance Certificate Secretarial Compliance Certificate dated 24th July 2012 as obtained from Mr. Himanshu Agarwal, Company Secretary in whole time practice for the year ended 31st March 2012 is attached herewith. Internal control system The Company has a sound and adequate system of internal controls to monitor and control all the activities. The Company complies with all internal control policies and procedures as also other regulatory requirements. Directors In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company, Mr. Mr. Ramakant Misra and Mr. S.K. Dubey retires by rotation and offers themselves for reappointment. Directors Responsibility Statement Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed: (i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material; (ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review; (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 accounts for the financial year ended 31st March, 2011 on a going concern' basis. Auditors Members are requested to appoint Auditors for the current year and fix their remuneration. M/s Rani Maheshwari & Co. retires at the forthcoming Annual General Meeting and they have expressed their willingness to be reappointed. Appreciation The Directors wish to sincerely thank their Bankers, employees and all associates for their help and co-operation. For and on behalf of the Board Ramakant Mishra Chairman Mumbai Date: 30th July, 2012 MANAGEMENT DISCUSSION AND ANALYSIS Overview Management discussion and analysis of financial condition and results of operations include forward looking statements based on certain assumptions and expectations of future events. The Company cannot assure that these assumptions and expectations are accurate. Although the management has considered future risks as part of the discussions, future uncertainties are not limited to the management perceptions. The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in India. The Management of the Company accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgements used therein. The estimates and judgements relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present the Company's state of affairs and profits for the year. The following discussion may include forward looking statements, which may involve risks and uncertainties, including but not limited to the risks inherent to Company's growth strategy, dependency on certain clients, dependency on availability of qualified technical personnel and other factors discussed in this report. Industry structure and developments The Information Technology is reeling under the ripple effect of the past couple of years slow down. The Industry has enormous potential to grow in the years to come. The changing macroeconomic, demographic, social, business and technological trends offer an opportunity for a more inclusive growth with efficient persistent technology use. The likely increase in capital expenditure by the firms and Companies provides significant business opportunities for the Company. Opportunities and Threats Your Company is exploring possibilities for diversification into the activities of technology and trading. For this, the company intend to join with the suitable partners / Firms. The new businesses, which the Company intend to enter, can be advantageous to the Company combined with the present business. The high cost of funding and the competitors from the existing players could affect the profitability and growth of the company to a certain measure. Outlook With the estimate of positive growth in GDP and the proposed diversified activities the Company intend to undertake, the management is hopeful to achieve better results in the years to come. On Behalf of the Board of Directors RAMAKANT MISRA Chairman