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Abacus Computers Ltd.

BSE: 508987 Sector: IT
NSE: N.A. ISIN Code: INE192D01011
BSE 05:30 | 01 Jan Abacus Computers Ltd
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Abacus Computers Ltd. (ABACUSCOMPUTER) - Director Report

Company director report

ABACUS COMPUTERS LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT TO THE MEMBERS Dear Members, Your Directors submit Twentieth Annual report together with Audited Statement of Accounts for the year ended on 30th June, 2004. FINANCIAL RESULTS: Income from sales & other sources during the year under review amounted to Rs. 2.90 lacs. Loss after interest (Rs. 16.95 lacs) depreciation (Rs. 1.88 lacs) for the year under review is Rs. 18.43 lacs as against Rs. 16.48 lacs in the previous year. The accumulated him of Rs. 220.14 Lacs has been carried to balance sheet. REVIEW OF OPERATIONS: - Your management finds it difficult to generate the operational fund required to organize the marketing of its pregious Indian Language products. All possible efforts are tried including outsourcing but yet not successfully clicked. Due to heavy resource crunch, management has suspended all R & D activities and shall try to generate funds from internal accruals only. CURRENT YEAR: First half of the par faced a very unusual problem. The earlier CMD Mr. Pankaj Madia was detected with an oral cancer and hence he had to resign as CMD. He was one of the main Technical person and hence company will certainly miss his guidance till be recovers. The board has decided to appoint technical consultant as and when required. The management is working hard to sell the existing products. FUTURE: All the efforts under the new CMD to market the products should bring better results. The persistence of the management and your patience should change the course of the company with an improved bottom lines. The sales estimates am very encouraging and the management is confident to change the bottom lines and also to bring back the name, fame and glory. DIRECTORATE: Shri Pankaj B. Madia, Director would retire by rotation at the ensuing Annual General Meeting and are eligible for re-appointment. AUDITORS OBSERVATIONS: The notes in schedule '13' and in particular notes 1(d), 2, 8, 9 and 11 (ii) which form part of Accounts provide adequate explanation on matter referred to in the Auditors Report to the members namely, non-provision of bonus, gratuity liability, doubtful debts, doubtful advances an managerial remuneration. Steps are being taken to settle PF & ESIC and Sales Tax with the concerned authorities. PARTICULARS OF EMPLOYEES: The Company does not have any employee, whose particulars am required to be given pursuant to the provision of Section 217 (2A) of the Companies Act, 1956 read with the Companies (particular of employees) Rules 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO (a) Your Company a conscious of the need for conservation of energy in line with national objective. The Company's operations involve low, energy consumption. Wherever practicable, the necessary measures have been already implemented sod in fact there am no enjoy areas where further measures an be taken. However, efforts to conserve and optimize the use of energy will continue. (b) Foreign Exchange Earnings & Outgo were NIL PERSONNEL: Your Directors wish to place on record their appreciation of the efficient services rendered by all the employees of the Company. AUDITORS: M/s. Choudhary & Pansari, Company's Auditors retire at the Annual General Meeting and are eligible for re-appointment. You are requested to appoint Auditors & to fix their remuneration. DIRECTOR'S RESPONSIBILITY STATEMENT: Your Directors confirm : 1. That in the preparation of the annual accounts, the applicable accounting standards have beta followed 2. That the Directors have selected such accounting policies and applied them 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 financial year ended 30th June, 2004 and of the loss of the Company for that year. 3. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Company and for preventing and detecting fraud and other irregularities: 4. That the Directors have prepared the annual accounts on a going concern basis. For and on behalf of Board MUMBAI: S.R. Karambelkar Date : 24th November, 2004 Chairman & Managing Director