The Board of Directors have pleasure in presenting the Twelfth Annual Report togetherwith the Audited Accounts for the year ended 31st March 2011.
|Particulars ||Current Year 2010-11 ||Last Year 2009-10 |
| ||(Rs.in '000') ||(Rs.in '000') |
|Income from software services || |
|Sale of traded shares ||- ||- |
|Other income ||1207 ||- |
|Total Expenditure ||761 ||4149 |
|Profit before Depreciation and tax ||(446) ||(4149) |
|Less: || || |
|Depreciation on fixed assets ||10,275 ||16,864 |
|Depreciation on investments ||- ||- |
|Net profit / (Loss) after tax ||(9,829) ||(21,013) |
|Add: Provision for contingencies written back ||- ||- |
|Deferred tax ||- ||- |
|Amount transferred to Reserves & Surplus ||(4,61,305) ||(4,51,476) |
|Paid up Equity share capital ||1,49,776 ||1,49,776 |
No Dividend has been recommended by the Board for the year under review.
Your Company has not accepted any deposits from the public during the year underreview.
During the year, Mr. Gurumurthy is retiring by rotation and have conveyed hiswillingness to continue as Director of the Company. Mr.Rajaram Khandige was co-opted asAdditional Director on the board meeting held on 01st September 2011 and to be regularizeas Ordinary Director in this Annual General Meeting,
Mr,R.Suryanarayanan, Chartered Accountant, Chennai is appointed as Statutory Auditor inthe place of retiring Auditors Mis. K. C. Raj Kumar & Co, CharteredAccountants, at the conclusion of this Annual General Meeting.
Particulars of Employees
None of the employees were in receipt of remuneration in excess of the limits specifiedin Section 217 (2A) of the Companies Act, 1956 read with Companies (particulars ofEmployees) Rules, 1975 as amended.
Conservation of energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The Company is conscious of its commitment of constant technology absorption,conservation of energy and environmental impact of the industry.
Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules19S8 and Particulars of Foreign Exchange Earnings and Outgo
Particulars of Foreign Exchange and Outgo -
a) Foreign Exchange Earnings -NIL
b) Foreign Exchange Outgo - NIL
EXPLANATION TO AUDITORS' QUALIFICATIONS(S):
Explanation Regarding Overdue to TIIC and Bank of Baroda :
The company has overdue to The Tamilnadu Industrial Investment Corporation Limited(TIIC) and Bank of Baroda. The exact extent of interest up to the date of this BalanceSheet has neither been ascertained nor provided for in the books of the company. This isbecause the company on the one hand and TIIC and Bank of Baroda on the other have beendiscussing One Time Settlement and have expressed mutual keenness in bringing about asolution as per the norms of One Time Settlement laid down by the respectiveorganizations. Your Directors are confident that a settlement will be reached during thecurrent financial year.
DIRECTORS' RESPONSIBILITY STATEMENT:
As required under Section 217(2AA) of the Companies Act, 1956. the Board of Directorsof the Company confirms
i. That in the preparation of the annual accounts, the applicable accounting standardshave been followed and there has been no material departure.
ii. That the selected accounting policies were applied consistently and the directorsmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company as at March 31, 2011 and of the loss of theCompany for the year ended on that date.
iii. That proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
iv. That the annual accounts have been prepared on a going concern basis.
The Company has complied with the mandatory requirements of Corporate Governance asprescribed in the Listing Agreement entered into with the Stock Exchanges to the extentpossible, taking into account, the operational requirements, financial position of theCompany etc. A separate report on Corporate Governance along with the Auditor'sCertificate on its compliance is attached as Annexure to this report.
The Board acknowledges the co-operation and support extended by the Bankers, employees,consultants and suppliers.
|Place: Chennai ||For and on behalf of the Board |
|Date: 04.12.2011 ||Sd/- |
| ||Mr. C. Padmanabhan |
| ||Chairman & Managing Director |