Dot Com Global Limited
Your Directors have pleasure in presenting before you the 21st ANNUAL REPORTof the Company together with the Audited Statement of Accounts for the year ended 31stMarch 2013.
(Amounts in Lakhs)
|FINANCIAL RESULTS ||2012-2013 ||2011-2012 |
|Revenue from Operation ||36.73 ||35.25 |
|Employee Benefit Expenses ||32.56 ||11.13 |
|Depreciation and Amortization ||0.22 ||0.29 |
|Expenses || || |
|Other Expenses ||484.82 ||23.84 |
|Profit (Loss) Before Tax ||(480.88) ||(0.02) |
|Provision for Taxation ||- ||- |
|Profit (Loss) After Tax ||(480.88) ||(0.02) |
During the year under review company has posted a turnover of Rs.36.73 Lacs as againstprevious year turnover of Rs.35.25 Lacs registering about 4.20% growth. Company has madesignificant efforts in creation of market and name for its quality it services andSoftware activity. Further to report that Company is taken serious initiatives fordevelopment of business and make dent in market share through good marketing strategies.Your directors are therefore confident of coming out with significant growth in the futureyears and thereby wiping out losses incurred in the previous years and posting a decentgrowth.
The Company faces huge loss on sale of its investments of Rs.39 lacs this year. Apartfrom it there are also write-off of Advances and Sundry Debtors of Rs. 195.31 Lacs andRs.237.58 Lacs respectively. The loss of the Company therefore increased contrary to thepromised made by the management last year.
Your directors do not recommend any Dividend for the year ended on 31stMarch 2013 due to expansion and growth plans.
During the period under review the Company did not accept deposits in terms of Section58A of the Companies Act 1956 and pursuant to the provision of the Non-Banking FinancialCompanies (Reserve Bank) Direction 1997.
Mr. Somasekharareddy Nallappareddy Chittor has been appointed as AdditionalDirectors of the Company on February 22 2013. As per the provisions of Section 260 of theAct he shall hold office only up to the date of the forthcoming Annual General Meeting(AGM) of the Company and is eligible for appointment as Directors. The Company hasreceived notice under Section 257 of the Act in respect of the above person proposinghis appointment as a Director of the Company. Resolutions seeking approval of the membersfor the appointment of Mr. Somasekhara Reddy Nallappareddy Chittor as Director of theCompany have been incorporated in the Notice of the forthcoming AGM along with briefdetails about them.
Mr. Srivenkata Ramana Tammisetti and Mr. P. Obul Reddy Directors retire byrotation and being eligible have offered themselves for re-appointment.
Ms. Suneetha Indukuri has resigned from the office of Director of the Companywith effect from February 22 2013.
M/s L N P & Co Chartered Accountants Hyderabad who are the statutory auditors ofthe Company hold office in accordance with the provision of the Act upto the conclusionof the forthcoming AGM and are eligible for re-appointment.
The Company has received letter from them to the effect that their appointment if madewould be within the prescribed limits under Section 224 (1B) of the Companies Act 1956.
The Company does not have any group companies and Subsidiary companies.
CHANGE IN REGISTERED OFFICE:
During the year the Registered office of the company is shifted from Nawab House 2ndFloor 63 Maharshi Karve Road Mumbai Maharashtra-400002 to The Avenue #604/605 6thFloor Opposite Hotel Leela Sahar Road Andheri (East) Mumbai - 400099 with effect from18th January 2013.
The Equity Shares of the Company are listed on the Bombay Stock Exchange (BSE) wherethe trading of the securities is currently suspended w.e.f 01.10.2002.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to be furnished asper section 217 (2A) of the Companies Act 1956 read with Companies (Particulars ofEmployees) Rules 1975 as amended upto date.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO
The operations of the company are not energy-intensive. However adequate measures havebeen taken to reduce energy consumption by using energy efficient computers and equipmentswith the latest technologies. Your company constantly evaluates new technologies andinvests in them to make its infrastructure more energy-efficient. Currently your companyuse
During the year under review the Company has no foreign exchange earnings and outgo.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors hereby report that:
a) in the preparation of annual accounts the applicable accounting standards have beenfollowed;
b) appropriate accounting policies have been selected and applied consistently andjudgments and estimates made that are responsible and prudent so as to give true and fairview of the state of affairs of the Company at the end of the financial year ended 31stMarch 2013;
c) Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 1956 for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
d) annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and Analysis isannexed to this report as Annexure A certificate from Statutory Auditors with regards tothe compliance of the corporate governance as stipulated in Clause 49 of the ListingAgreement by the company is annexed to this report.
The company has fully complied with all mandatory requirements prescribed under Clause49 of the listing agreement. In addition the company has also implemented some of thenon-mandatory provisions of Clause 49.
The Board of Directors takes the opportunity to thank the Bankers and Government forthe Co-operations and support by them from time to time in the operation of the companyduring the year. The Board also places on record its deep appreciation for thecontribution made by the employees at all levels.
|Place :Mumbai ||By order of the Board |
|Date : 31-08-2013 ||For Dot Com Global Limited |
| ||SD/- |
| ||(Mallikarjuna Reddy C N) |
| ||Chairman |