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Sterling Webnet Ltd.

BSE: 531901 Sector: IT
NSE: N.A. ISIN Code: INE313B01025
BSE LIVE 15:14 | 20 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.45
PREVIOUS CLOSE 0.47
VOLUME 5
52-Week high 0.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.45
Sell Qty 200537.00
OPEN 0.45
CLOSE 0.47
VOLUME 5
52-Week high 0.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.45
Sell Qty 200537.00

Sterling Webnet Ltd. (STERLINGWEBNET) - Director Report

Company director report

Director

Dear Shareholders

Your Directors here by present the 18th Annual Report on business and operations of theCompany together with the Audited statements of Accounts for the financial year ended on31st March 2013.

FINANCIAL PERFORMANCE:

Key aspects of Company’ financial performance for the year 2012-13 is tabulatedbelow:

[Amount in Rupees]
Particular 2012-13 2011-12
Total in Rs.come (120000) 3285977
Total Expenditure 327847 3059692
Profit/(Loss) Before Extraordinary items and Taxation (447847) 226285
Extraordinary items Nil Nil
Profit/(Loss) before Tax (PBT) (447847) 226285
Less: Current Tax and Differed Tax inc. Provision written off Nil (70424)
Net Profit/(Loss) after Tax for the year (447847) 155861

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisiscompany faces huge set back. So company unable to generate targeted revenue from theoperation the Company hence Total income was stood at Rs. 120000/- and has made net lossof Rs. 447847/- for the year ended 31st March 2013. The management has taken measures aspart of its continuous improvements to strengthen operations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.

CHANGE IN BOARD OF DIRECTORS:

MR. ANIL CHANDULAL MISTRY Director of the Company is retires by rotation at theensuing Annual General Meeting and being eligible offer himself for reappointment.

CHANGE OF NAME

The name of the Company has been changed to STERLING WEBNET LIMITED in terms ofCertificate dated Fourth day of March Two Thousand Thirteen issued by the Registrar ofCompanies pursuant to approval of the shareholders in Extra Ordinary General Meeting(EOGM) held on 25th day of August 2013. The name of the company was changed from SAARCNET LIMITED to STERLING WEBNET LIMITED.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreementon Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the StockExchanges Report on Corporate Governance along with the Auditors’ Certificate on itscompliance is annexed separately to this Annual Report.

AUDITORS AND AUDITORS’ REPORT:

M/s. Y. D. & Co. Chartered Accountants Ludhiana Statutory Auditors of theCompany and to hold office until the conclusion of the ensuing Annual General Meeting andare eligible for reappointment.

The observations made by the Auditors’ in their Auditors’ Report and theNotes on Accounts referred to in the Auditors’ Report are self-explanatory and do notcall for any further comments.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956 are not applicable to ourCompany as our Company has not engage in manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the yearwas Rs. Nil.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217 (2A) of the CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217 (2AA) of the Companies Act 1956 theDirectors of your Company confirm that:

i) In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period;

iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.

For and on Behalf of the Board

For STERLING WEBNET LIMITED

(ANIL CHANDULAL MISTRY)

CHAIRMAN

PLACE: DELHI

DATE: 31.08.2013.