AMI COMPUTERS (INDIA) LIMITED
ANNUAL REPORT 2002-2003
Your Directors have pleasure In Presenting the Annual Report together with
the Audited Accounts of the Company for the year ended March 31, 2003.
(Amount in Rs.)
Year ended Year ended
Gross Income 27870000 73661906
Total Expenditure 62692572 58617000
Gross profit before Depreciation & Taxation -20118218 15044906
Depreciation -14704354 14746534
Profit before Tax -34822572 298372
Provision for Tax - 35000
Profit after Tax -34822572 263372
Paid-up Equity Capital 100244000 100244000
Reserves & Surplus 52207657 87030229
PERFORMANCE DURING THE YEAR AND FUTURE PLAN:
During the year under review the Company slowly dissociated itself from the
computer software business and laid emphasis on the Share Transfer and
Share Registrar business and it look forward to get engaged in more
aggressively in the share transfer and registrar business which is now seen
moving on the recovery track Osier sluggishness during the year under
In view of the loss suffered by the company, the Board of Directors are not
in a position to recommend any dividend for the year under review.
Your Company has not accepted any fixed deposits and, as such no amount of
principal interest was outstanding on the Balance Sheet date.
BOARD OF DIRECTORS:
Sri. K.M. Jain retires by rotation at this meeting and is eligible for
reappointment. The Board recommends the reappointment of Sri. K.M. Jain.
Pursuant to Section 292A of the amended Companies Act. 1956 your Company
has Constituted on Audit committee comprising of four members viz., Sri.
K.M. Jain, Sri. A. Mukherjee, Sri. R.K. Mishra and Sri. V.K. Jain. The
Committee is chaired by Sri. K.M. Jain.
Your Company has consistently stood for good corporate governance. As per
the Schedule of Implementation of Corporate Governance Guidelines Issued by
the Securities and Exchange Board of India, a report on corporate
governance is provided In the Annual Report for the year 2002-2003.
M/S. R. Pugalia & Co. Chartered Accountants, hold office as Auditors of the
Company until the conclusion of the ensuing Annual General Meeting and Is
recommended for reappointment. The Company has received a Certificate from
them to the effect that their re-appointment, if made, would be within the
limits prescribed under Section 224(5) of the Companies Act, 1956. In
respect of the observations made by the Auditors in their Report. your
Directors wish to state that the respective notes to the accounts are self
explanatory and do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING &
Particulars required under Section 217(1)(e) of the Companies Act, 1956, on
conservation of energy. technology absorption and foreign exchange earning
& outgo are not applicable to the company.
DIRECTORS' RESPONSIBILITY STATEMENT:
In compliance with Section 217(2AA) of the Companies Act, 1956 the
Directors to the best of their knowledge and belief confirm that:
i) That in the preparation of the accounts for the financial year ended
31st March, 2003, the applicable accounting standards have been followed
along with proper explanation relating to material departures;
ii) 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 slate 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 have 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 have prepared the accounts for the financial year
ended 31.03.2003 on a going concern basis.
PARTICULARS OF EMPLOYEES:
The particulars as required under Section 217(2AI of the Companies Act 1956
read with the Companies (Particulars of Employees) Rules. 1975 (as amended)
are not applicable, as none of the employees of the Company falls under the
Your Directors acknowledge the recognition accorded and trust reposed in
your Company by all by the investors, Banks, Securities and Exchange Board
of India, Stock Exchanges and other Government Agencies and record their
appreciation of the support lent by them. The results that your Company has
achieved in the year under review would not have been possible without the
co-operation and full support of all its employees. Your Directors place on
record their sense of appreciation of the valuable contribution made by the
staff of the Company.
By order of the Board
Place: Kolkata K.M. Jain
Dated: 30.06.2003 Director