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Softrak Venture Investment Ltd.

BSE: 531529 Sector: Financials
NSE: N.A. ISIN Code: INE562E01013
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Softrak Venture Investment Ltd. (SOFTRAKVENTURE) - Director Report

Company director report

SOFTRAK VENTURE INVESTMENT LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT To, The Members, SOFTRAK VENTURE INVESTMENT LIMITED. The Directors' present the Annual report on the business and operations of your Company for the year 2011-2012. FINANCIAL RESULTS AND OPERATIONAL REVIEW: (Rs. In lacs) Year Ended Year Ended Particulars 31.03.2012 31.03.2011 Gross Sales/Income 0.53 0.13 Less Depreciation 0.00 0.00 Profit/(Loss) before Tax (429.33) (429.51) Taxes/Deferred Taxes Nil Nil Profit/(Loss) After Taxes (429.33) (429.51) P & L Balance b/f (4044.73) (3615.22) Profit/(Loss) carried to Balance Sheet (4474.07) (4044.73) PARTICULARS OF EMPLOYEES: There is no employee receiving salary of Rs. 24 Lac per annum or Rs. 2 Lac per month during the 12 Months period ended 31st March, 2012, the details as required to be furnished under section 217(2A) of the companies Act 1956 read with the Companies (Particulars of employee) Rules, 1975 as amended. DIRECTORS: Mrs. Dipti Shah, Directors of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer them for re-appointment. RESPONSIBILITY STATEMENT: As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts. The applicable accounting standards have been followed along with proper explanation relating to material departures. Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that period. Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. The annual accounts have been prepared on a going concern basis. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE: As required under rule 3 of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil. APPOINTMENT OF AUDITORS: M/S. P. Dalal & Co., Chartered Accountants, Ahmedabad, the retiring auditors being eligible offer themselves for re-appointment. Members are requested to appoint them as auditors of the company for the next year till the conclusion of next Annual General Meeting of the Company. PUBLIC DEPOSITS: The Company has not accepted any deposits from the public during the year under review. Your Company is listed with the Bombay Stock Exchange. MANAGEMENT DISCUSSION AND ANALYSIS: Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed hereto. REPORT ON CORPORATE GOVERNANCE: A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto. SEGMENT: Your Company is engaged in a single segment only. ACKNOWLEDGEMENT: The management is grateful to the government authorities, Bankers, Vendors for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company. For & on behalf of the Board of Director Sd/- Sd/- Sd/- (Dipti Shah) (Dilip Shah) (Bakan Shah) Director Director Director Date : 31/07/2012 Place: Ahmedabad. MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENT: Due to the age of the Information Technology Industry and its links with the social structure, the organizational structure that has emerged is a very complex one containing within it elements of continuity with traditional structures of small scale industries, as well as those that represent a break with them evolving as a much more organized and large scale industry like your Company. Small scale reservation has been in existence for the Components and Technology products industry when reservation was extended from small Technology sector to a large number of industries where small scale is important. Post nineties there has been a gradual de-reservation and the entire Technology sector is now 'de-licensed1 and 'de-reserved', paving the way for expansion on modern lines with state-of-the-art machinery and equipment. De-reservation thus constituted a major aspect of the changed conceptualization of small scale thereby increasing the export potential of the industry as a whole. The changing lifestyles coupled with the increasing affluence of consumers is likely to lead to enhanced demand in the domestic market and export demand is expected to grow in days to come due to improved quality and cost competitiveness. Softrak Venture Investment Limited being an established player having object to carry on the business of industrial utilization of Technology products. OPPORTUNITIES AND THREATS: The Indian economy continues to stride forward and the last couple of years have witnessed impressive economic growth with the GDP growing at the rate of 8-10%. Combined with the large opportunity from the huge domestic market and a bourgeoning middle class, which is slated to grow ten times over the next fifteen years, the Indian economy presents great opportunities for business in India. It is expected that disposable income per capita will increase in India over the next few years. With the rise in disposable and exposure in fashion trends, consumers today are on the lookout for technology and accessories that are high on the fashion aspect, without compromising on quality. Upwardly mobile youth are spending more on natural product and thrust is on variety and international trends. Professional women are increasingly spending more on technology products and this creates a new opportunity in the market to expand. Softrak Venture Investment Limited enjoys a very strong brand positioning with consumers in the Indian market and is quick to evolve its products to meet the changing needs of today's customers. Today, the Company is all set to emerge as a vibrant lifestyle brand offering fashionable products to consumers at an affordable price. Organized retailers in India are .also facing a threat from 'non- specialist' retailers like apparel retailers diversifying into natural product and discount hypermarkets and retailers introducing and promoting their own brands at competitive prices. These non-specialist retailers are likely to grow their market shares by increasing the range of products offered, and shopping merchandizing space allocated to their own product. Your Company is prepared to meet these challenges by increasing the coverage open big stores, in best locations, shopping malls and developing aggressive product & pricing strategies to meet the expectation of the customers. The challenge of real estate management for any retailer in India today is very large as the continuous evolution of modern retail spaces, combined with steep increase in rentals, presents real challenges. Your Company has been managing this challenge with negotiating low rentals for all new stores and reducing rentals in existing stores. SEGMENT WISE OR PRODUCTWISE PERFORMANCE: Softrak Venture Investment Limited operates in only one segment in which it manufactures Technology products other useful raw material for new product. OUTLOOK: Softrak Venture Investment Limited India's focus has been on expanding the presence of its stores, training employees, improving its product quality, collection, customer service and reducing the aged stock. Due to Company's strategy of aggressive retail expansion, up gradation of collection, Its entry into the safety natural product market has been equally successful. Going forward, the Company remains committed to its shareholders and will continue to deliver great results with its strategy of retail and wholesale expansion, improvement in customer service, and by delivering to its customer's great products at great prices, which will ensure the continued success of Softrak Venture Investment Limited. RISKS AND CONCERNS CONTINGENT LIABILITY: There are no claims against the Company which have to acknowledge as debts which mentions in schedules to the Statement of Accounts. On the basis of current status of these positions there is no requirement for any legal advice obtained, the Company is confident that no provision is required in respect of Company at this point in time. RISK RELATED TO CHANGES IN LAWS AND REGULATIONS: Any adverse change in the laws and regulations governing the natural product and Agro industry could affect the business and financial condition of the Company. INTERNAL CONTROL SYSTEMS: The Company has an adequate system of internal controls in place to ensure that all assets are safeguarded and protected and that all transactions are authorized, recorded and reported correctly. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE: The Company has negative growth for some years but the Management is confident of turn around soon, barring unforeseen circumstances. The Company is deploying its internal accruals for aggressive expansion program. CAUTIONARY STATEMENT: Statements in the Management's discussion and analysis report describing the Company's estimates, expectations or predictions may be 'forward- looking statements' within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that would make a difference to the Company's operations include demand-supply conditions, raw material prices, changes in Government regulations, tax regimes, economic developments within the country and outside the country and other factors such as litigation and labour negotiations. CONCLUSION: The Directors place on record their sincere appreciation for the cooperation and support received from investors, our dear shareholders, customers, business associates, vendors as well as regulatory and governmental authorities. The Directors appreciate the invaluable contribution of the management team in performing an outstanding job in taking the Company to greater heights and also thank the employees for the significant contribution made by them to the Company's progress. We would like to specifically thank your Chairman for the untiring work in the reorganization of our company. For & on behalf of the Board of Director Sd/- Sd/- Sd/- (Dipti Shah) (Dilip Shah) (Bakan Shah) Director Director Director Date : 31/07/2012 Place: Ahmedabad.