You are here » Home » Companies » Company Overview » Firstobject Technologies Ltd

Firstobject Technologies Ltd.

BSE: 532379 Sector: IT
NSE: N.A. ISIN Code: INE683B01047
BSE 00:00 | 26 Mar 10.80 0.39
(3.75%)
OPEN

9.90

HIGH

10.88

LOW

9.89

NSE 05:30 | 01 Jan Firstobject Technologies Ltd
OPEN 9.90
PREVIOUS CLOSE 10.41
VOLUME 586
52-Week high 17.45
52-Week low 8.03
P/E
Mkt Cap.(Rs cr) 11
Buy Price 9.91
Buy Qty 100.00
Sell Price 10.80
Sell Qty 1000.00
OPEN 9.90
CLOSE 10.41
VOLUME 586
52-Week high 17.45
52-Week low 8.03
P/E
Mkt Cap.(Rs cr) 11
Buy Price 9.91
Buy Qty 100.00
Sell Price 10.80
Sell Qty 1000.00

Firstobject Technologies Ltd. (FIRSTOBJTECH) - Director Report

Company director report

Your Directors are pleased to present their 18th Annual Report together with theAudited Accounts of the Company highlighting the business operations and financial resultsfor the year ended March 31 2018.

A) FINANCIAL RESULTS :

The financial performance of the Company for the year ended March 31 2018 issummarized below:

Particulars Year ended 31.03.18 Year ended 31.03.17
(Amt. in Rs) (Amt. in Rs)
1 Net Sales / Interest Earned / Operating Income 103747270 152637496
2 Total Expenditure 89407513 141408788
3 Profit/Loss Before Depreciation Taxes and Extra ordinary Items 14339757 11228708
4 Depreciation 12250502 8704567
5 Profit/Loss Before Taxes and Extra ordinary Items 2089255 2524141
6 Extra Ordinary Items / Capital Loss (65035) -
7 Profit Before Taxes 2024220 2524141
8 Provision For Taxation:
(i) Current Tax 385716 480975
(ii) Deferred Tax 429099 890995
(iii) Earlier Years Provisions w/off - -
9 Net Profit/(Loss) after Tax 1209405 1152171
10 Appropriations
Interim Dividend - -
Proposed Dividend - -
Corporate Tax on Dividend - -
11 Equity Share Capital 104027550 104027550

B) DIRECTORS:

In accordance with the Provision of companies Act 1956 and Articles of Association ofthe Company the Directors of the company are as under.

Name of the Director Designation
Dr. Vivek Hebbar Chairman
Dr. Sriram Kumar Managing Director
Mr. Rajan V. Pillai Non Executive Director
Mr. Sailesh Pethe Non Executive Director
Mr. N. Shiva Non Executive Director
Dr. (Mrs.) Leena Vivek Non Executive Director
Mr. Jagadish B Non Executive Director

C) AUDITORS:

M/s. JBRK & Co Chartered Accountants who were appointed as the Statutory Auditorsof the company by the Members at their previous Annual General Meeting (AGM) shall beretiring on the conclusion of the ensuing AGM and are eligible for re-appointment. Membersare requested to consider their re-appointment from the conclusion of ensuing AnnualGeneral Meeting (AGM) upto the conclusion of the next Annual General Meeting.

D) Information on conservation of Energy Technology absorption and Foreign Exchangeearnings/out goings.

Your company's operations does not involve large scale use of energy. The disclosure ofparticulars under this head is not applicable as your company operates in the servicesector. Although your company is not a large scale energy user acknowledges the conceptof conservation of energy. Your company has received foreign exchange during the yearunder review.

E) Particulars of Employees:

No employee of the Company was in receipt of Rs.5 lacs per month or Rs. 60 lacs peranum during the financial year hence as such no details are furnished pursuant to Section197(12) of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.

F) Listing Fees:

All the compliances including payment of annual listing fees for the year under reviewhave been paid to the Bombay Stock Exchange Limited where your Company's shares arelisted within the stipulated time.

G) PUBLIC DEPOSITS:

During the year under review the Company has not accepted any fixed deposits from thepublic and as on 31st March 2018 the Company had no unclaimed deposits or interestthereon due to any depositor.

H) CORPORATE SOCIAL RESPONSIBILITY:

Board of Directors the Management and all of the employees subscribe to the philosophyof compassionate care. We believe and act on an ethos of generosity and compassioncharacterized by a willingness to build a society that works for everyone. This is thecornerstone of our CSR Policy.

CORPORATE GOVERNANCE:

Your Company's management has placed Corporate Governance as one of their top mostpriority. Your Company's philosophy on Corporate Governance envisages attainment ofhighest level of transparency accountability and fairness in respect of its operationsand achievement of highest internal standards in Corporate Governance and believes thatthe initiatives on Corporate Governance will assist the management in the efficientconduct of the business and in meeting its responsibilities to all its stakeholders.

The Company has been making every endeavor to bring more transparency in the conduct ofits business. As per the requirements of the Listing Agreement with the Stock Exchanges acompliance report on Corporate Governance for the year 2017-18 and a Certificate from thePracticing Company Secretatries of the Company are furnished which form part of thisAnnual Report.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(5) of the Act the directors hereby confirmthat:

1. In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures.

2. They have selected such accounting policies and applied them consistently and madejudgments and estimates that were reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of financial year and of the profitor loss of the Company for the period under review.

3. They have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities and

4. They have prepared the accounts for the period ended 31st March 2018 on a goingconcern basis.

ACKNOWLEDGEMENTS:

Your Directors would like to place on record their appreciation and sincere thanks toall the shareholders customers bankers Central and State Government for thecontribution made and support provided to the Company during the year under report. YourCompany continues to enjoy the full cooperation of all its employees. The Directors wishto place on record their appreciation for the good performance achieved by them.

For and on behalf of Board of Directors
Regd Office: Dr.Vivek Hebbar
302 The Bureau Chambers Chairman Board of Directors
Above State Bank of Patiala
Chembur Mumbai – 400071
Maharashtra
Place: Mumbai.
Date: 21st August 2018