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Chicago Software Industries Ltd.

BSE: 531185 Sector: IT
NSE: N.A. ISIN Code: INE101B01016
BSE 05:30 | 01 Jan Chicago Software Industries Ltd
NSE 05:30 | 01 Jan Chicago Software Industries Ltd

Chicago Software Industries Ltd. (CHICAGOSOFTWARE) - Director Report

Company director report

Annual Report 1999-2000 Chicago Software Industries Limited DIRECTOR REPORT To, The Members, Chicago Software Industries Limited The Directors are pleased to present the FIFTH Annual report and Audited Accounts of the Company for the year ended 30th June, 2000. FINANCIAL RESULTS: The Company has started Software activities during the year and Company has received the work from Abroad. Company has made the net profit of Rs. 10.82 Lacs after set off all the previous loss. The Company has entered MOU with Silicon Valley Software Solution inc - Rochester - Minnesota, U.S.A to represent Chicago Software Industries Limited in U.S.A. In turn Chicago Software Industries Limited will provide skilled manpower to SVSSI and expland the activity of CSIL in U.S.A. DIVIDEND In view of unsufficient profit directors do not recommend any dividend for the year ended 1999-2000. LISTED The Shares of the Company are listed at Mumbai, Ahmedabad, Vadodara Stock exchanges as stated in prospectus of public issue. FIXED DEPOSITS Company has not accepted any fixed deposit during the year. No fixed deposit is overdue O! outstanding. DIRECTORS: The directors retiring by rotation are eligible for reappointment and Board recommends their reappointment by members. FUTURE OUTLOOK: The Company has injected Mr. Jagdish Arora as Director of the Company to represent the Company in U.S.A. for marketing and liasioning. The Company has already opened a office in Rochester - Minnesota, U.S.A. NASSCOM estimates that the revenues of Software Industry for fiscal 2000 would be Rs.25,700 Crores (US$5.9 billion), out of which exports would be Rs.17,500 Crores (US$4 billion representing a growth of over 50% over fiscal 1999 estimates. The growth rates are expected to be sustaibed in fiscal 2001, with total revenues estimated at Rs.40,000 Crores with Rs.26,500 Crores being Software exports. Thus the above figures and data show that the future is very bright for the Software activities and the Company would definately like to reap profits from the same. EMPLOYEES The Company does not have any employee to whom provisions of Section 2.7(2A) of the Companies Act,1956 are applicable. DISCLOSURE OF SPECIAL PARTICULARS Since company is not a manufacturing company and it has not carried on any activity during the year the information as per Section 217(e) of the Companies Act, read with (disclosure of particulars in the report of Board of Directors) rules 1988 for the year ended 31 st March,2000 should be treated as Nil. AUDITORS: M/S. S. K. DANGI & ASSOCIATES, Chartered Accountants hold office until the conclusion of the ensuing general meeting and being eligible offer themselves for reappointment as the Auditors of the Company. The directors recommend reappointment as the Auditors till the conclusion of the next Annual General Meeting on a remuneration to be decided by the Board. ACKNOWLEDGEMENTS The directors wish to place on record the co- operation received from staff, Government agencies and shareholders for their support. For and on behalf of the Board Place: Surat Dhirubhai Desai Date : 25.09.2000 Chairman & Managing Director