GOPLEE INFOTECH LIMITED
ANNUAL REPORT 2009-2010
Your Directors have pleasure in presenting the 16th Annual Report together
with audited statement of accounts of the Company for the year ended on
31st March, 2010.
The company has a very good Operational activity during the year due to
2. FINANCIAL RESULTS:
The financial result during the year 2009-10 is summarized below:
PARTICULARS (AMOUNT Rs. In Lacs)
Turn Over 19.62 15.13
Expenses 16.44 15.38
Profit Before Tax 3.18 -00.25
Provision for Taxation 0.49 00.00
Profit after Tax 2.69 -00.25
The Company does not recommend any dividend during the year.
4. PUBLIC DEPOSITS:
During the year the company has not accepted any deposit a/s 58A of the
Companies Act, 1956.
M/s. Shirish Dalai & Associates, Chartered Accountants the Statutory
Auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting and being eligible, offer themselves for re-appointment.
The Company has received confirmation that their appointment, if made would
be within the prescribed limit specified u/s 224(1 B) of the Companies
Act,1956 and that they are not disqualified for such appointment within the
meaning of Section 226 of the Companies Act, 1956.
Your Directors recommend re-appointment of M/s Shirish Dalai & Associates
as the Statutory Auditors of the Company for the current financial year and
fixation of their remuneration.
In accordance with the Companies Act, 1956, Mr. Mukesh G Bhojwani who is
liable to retire by rotation and being eligible, have offered himself for
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND EXPENDITURE:
The Company does not own manufacturing activity, the disclosure of
information relating to conservation of energy and technology absorption to
be disclosed in terms of Section 217(1)(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 and hence not given.
There are no foreign exchange transactions during the year.
8. PARTICULARS OF EMPLOYEES:
The Company does not have any employee who is in receipt of remuneration
aggregating to the sum prescribed u/s 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975 as amended
9. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirements u/s 217(2AA) of the Companies Act, 1956 your
Directors hereby state and confirm that:
(i) in preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures, if any;
(ii) they have selected the 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 state of affairs of the
Company at the end of the financial year under review and for the profit of
the Company for the same period;
(iii) they 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; and
(iv) they have prepared theAnnual accounts on a going concern basis.
The equity shares of the Company are listed at the Bombay Stock Exchange
(BSE) and Ahmedabad Stock Exchange (ASE).
The trading of the shares of the Company is suspended by the stock
exchanges. The management is taking all the necessary steps in order to
revoke the suspension of trading in the Equity shares of the Company.
11. CORPORATE GOVERNANCE AND COMPLIANCE:
A report on corporate governance is annexed to this report. A certificate
from Statutory Auditors with regards to the compliance of the Corporate
Governance by the company is annexed to this report.
The company has fully complied with all mandatory requirements as
prescribed under clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of Clause
49 of the Listing Agreement.
Your Directors express their gratitude for the support and guidance
received from Shareholders, Banks and other agencies.
The Directors also express their sincere thanks and appreciation to all the
employees for their commendable teamwork and efforts during the year.
By Order of the Board
For GOPLEE INFOTECH LIMITED
Place: Ahmedabad Gopaldas P Bhojwani
Date : June 01, 2010 Chairman
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Development:
The domestic market presents a significant opportunity as IT spending in
India is growing at a pace faster than in any other country in the Asia
Pacific region. Increased IT adoption is not only by the large/mid-size
companies, but also by the 35 million strong small and medium business
(SMB) segment is expected to drive growth in the future. While the last
year outlook for global technology related spending was affected by the
recessionary environment, a rebound is expected from current year and
Moving forward, the IT sector faces a transforming macro economic
environment, rapidly changing customer's need, evolving services and
business models, and rising stakeholders (employees, investors)
aspirations. These forces are expected to redefine the nature of demand and
supply for the industry, and also redefine the strategic imperatives for
businesses in future.
We believe that there are opportunities as well as constraints and are
exploring different processes to effectively meet expectations on cost
effective business solutions. Despite the near-term uncertainties, India's
medium to long term economic outlook remains positive and supports
forecasts of increasing technology penetration.
The lessons from modern financial history are that recoveries from
financial crisis are always slow and this has been an unusually
synchronized global downturn, the upturn may be slower.
Strategically, our focus is in providing IT solutions and related services,
which is an evergreen requirement of any business segment.
Opportunities and threats:
The Company's business broadly consists of creating IT awareness and
IT solution. The Company is placed with wide array of products to cater to
the demand. Company believes that in future, Indian product companies will
create greater market share in global software markets and is all set to
capitalize on the upswing in the industry.
The strength of a company is based on simple foundation of delivering
quality services, reliable solutions, long term partnerships, and a
Segment wise performance:
The company is engaged in IT services and related activities. It has
generated a considerable Income from the operations of IT services in the
year 2009-10 and looking forward to enter new areas of IT industry in order
to generate more revenues.
Company has a clear vision in the IT Sector and will develop it very fast,
all present infrastructure plan and long term plan to generate more and
more business, employment, awareness and reward to all related clients and
people like Share holders, Management people and all Staff members, so as
to have sincerity and integrity towards the fate of the company.
The Company is making all efforts to accelerate growth of its business. It
expects to improve its position in the market and become more profitable,
increase efficiency and controlling cost.
Risk and concerns:
Your Company operates in an environment, which has risk particular to the
Industry. The Company may encounter with many risk, some of which can be
classified as Economy risk, Product risk, Industry risk, Competitive
pressure, Customer Relationship Management risk, Legal & Statutory
Compliances, Security & Business Continuity risk and Delivery disputes.
Internal control system:
The Company has an adequate system of internal controls to see that all the
assets are safeguarded, there is efficiency in operations, optimum
utilization of resources, effective monitoring thereof and compliance with
applicable laws and regulations.
Developments in human resources and industrial relations:
The information required under Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975 is not
required to be given as no employee falls under the purview of this
The Company continued to maintain cordial industrial relations with all the
employees throughout the year under review.
Forward looking statement:
This section of the Annual Report has been included in adherence to the
spirit enunciated in the Code of Corporate Governance. Shareholders and
Readers are cautioned that the opinions expressed by the management may be
forward looking statements in the current scenario. Actual results,
performances, achievements or sequence of events may be materially
different from the view expressed in the statement.