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Fintech Communication Ltd.

BSE: 531754 Sector: IT
NSE: N.A. ISIN Code: INE815B01011
BSE 00:00 | 04 Mar Fintech Communication Ltd
NSE 05:30 | 01 Jan Fintech Communication Ltd
OPEN 2.63
PREVIOUS CLOSE 2.63
VOLUME 1500
52-Week high 2.63
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.63
Sell Qty 134.00
OPEN 2.63
CLOSE 2.63
VOLUME 1500
52-Week high 2.63
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.63
Sell Qty 134.00

Fintech Communication Ltd. (FINTECHCOMM) - Director Report

Company director report

FINTECH COMMUNICATIONS LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT TO, THE SHAREHOLDERS Your Directors have great pleasure in presenting their Annual Report together with the Audited accounts for the year ended March 31, 2011. Particulars Year ended Year ended 31.03.2011 31.03.2010 Rs. In Lacs Rs. In Lacs Other Income 880.22 1373.38 Profit/Loss before depreciation 0.18 2.62 Depreciation 0.22 0.32 Net Profit before tax [-] 0.04 2.30 Net Profit after tax [-] 0.75 [-] 46.91 Balance Brought Forward [-] 370.97 [-] 324.06 Balance Carried Forward [-] 371.72 [-] 370.97 OPERATIONS: Your Company did not perform well during the year as compared to previous year and could achieve a Total Income of Rs. 880.22 lacs as against Rs. 1333.38 lacs during the previous year. The profitability was also effected and the Company has incurred Losses of Rs. 0.75 lacs as against net Loss of Rs. 46.91 lacs during the previous year. DIVIDEND: Due to losses, your board has decided not to recommend any dividend during the year under review. FIXED DEPOSITS: Your Company has not accepted any deposit within the meaning of section 58A of the Companies Act, 1956 from the public and the rules made there under. BOARD OF DIRECTORS: As per the provisions of the Companies Act, 1956 and in terms of the Articles of Association of the company Ms. Nivedita Sen retires by rotation and being eligible offers herself for reappointment. CORPORATE GOVERNANCE: Your Company fully subscribes to the standards set out by the Securities And Exchange Board of India's Corporate Governance practices and has ensured compliance of the conditions of Corporate Governance stipulated in Clause 49 of the Listing Agreement with the Stock Exchange. A separate report on Corporate Governance together with Auditors' Certificate on its compliance are included in this Annual Report as per Annexure 'A'. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to Section 217(2AA) of the Companies Act, 1956 the directors confirm that: i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure. ii. Appropriate policies have been selected end applied consistently and judgments and estimates wherever made are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2011 and of the profit of the company for that year. iii. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assess of the company and for preventing and detecting fraud and other irregularities. iv. The annual accounts have been prepared on a going concern basis. CODE OF CONDUCT: The company is committed to conduct its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of directors has implemented a Code of Conduct for adherence by the Directors and Senior Management Personnel of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity. AUDITORS: M/s. S. M. Bhat A Associates, Chartered Accountants, auditors of the company are retiring at the ensuing Annual General Meeting. They are eligible for re-appointment and have expressed their willingness to act as auditors, if re-appointed. The Company has received a certificate from them that they are qualified under section 224 (1) of the Companies Act, 1956, for appointment as Auditors of the Company. Members are requested to consider their appointment at a remuneration to be decided by the Board of Directors for the financial year ending March 31, 2012 as set out in the Notice convening the Meeting. AUDITORS OBSERVATIONS: The observations made by the auditors are self explanatory and, therefore, do not call for any further comments. AUDIT COMMITTEE- In accordance with the provisions of the Companies Act, 1956 and Listing Agreement the Company has constituted an Audit Committee. The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board. PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The information pursuant to section 217 (I) (e) of the Companies Act, 1956 read with the Companies ( Disclosure of particulars in the Report of Board of Directors) Rules 1988 are not applicable to the Company as the Company is not engaged in manufacturing activities. PARTICULARS OF EMPLOYEES: The information required u/s 217(2A) of the Companies Act, 1956 read with the Companies (particulars of Employees) Rules, 1975 as amended and forming part of the Directors' Report is not applicable to the Company as the Company do not have any employee whose salary exceeds the limits as specified in the said section. LISTING: Shares of the company are. listed at the Stock Exchange at Mumbai. The company is regular in payment of listing fees. Trading in Shares of the Company is suspended on Bombay Stock Exchange. SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION: The. Company has taken all the necessary steps for safety and environmental control and protection at the plant. ACKNOWLEDGMENT: The Directors wish to convey their appreciation to the Company's shareholders, customers, suppliers, bankers and distributors for the support they have given to the Company and the confidence, which they have reposed in iTS management and the employees for the commitment and dedication shown by them. By Order of the Board For Fintech Communication Limited sd/- SUNIL D. SHAH Director Regd. Office 100, M.V. Bhuta Compound, Opp. Tarun Plastic, Andhen (East) Mumbai 400 069 August 22, 2011 MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENTS: As of now the Company is not engaged in any activity and the management is looking for a right opportunity to make the Company operational. OVERALL REVIEW Due to scarcity of working capital fund, the Company is not able to do any business. To make the Company operational, the board is making its best effort to implement the cost reduction measures, to the extent feasible. Several cost cutting measures have already been undertaken by the Company. RISK AND CONCERNS: The Company's future development will depends on when the Company becomes operational. INTERNAL CONTROL SYSTEM AND ITS ADEQUACY: The Company is following a proper and adequate system of internal controls in respect of all its activities. Further all transaction entered into by the company are fully authorised, recorded and reported correctly. FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE: During the year under review, the Company did not carry out any activity. For Fintech Communication Limited sd/- SUNIL D. SHAH Director Regd. Office 100, M.V. Bhuta Compound, Opp. Tarun Plastic, Andheri (East), Mumbai 400 069 August 22, 2011