KAASHYAP TECHNOLOGIES LIMITED
ANNUAL REPORT 2010-2011
The Board of Directors of Kaashyap Technologies Limited (KTL) are pleased
to present the Thirteenth Annual Report for the year ended March 31, 2011,
together with the Auditors' Report and Audited Accounts for the Financial
The comparative pictures of the financials of the Company for the last two
years are presented in the table below.
(All figures in Rs. Lakhs)
PARTICULARS 2010-11 2009-10
Net Income 1902.92 4275.77
Expenditure 2259.52 4460.24
Interest and Finance Charges 82.13 64.85
Depreciation 21.12 29.99
Profit/(Loss) before Extra-
ordinary Item and Tax (459.85) (279.31)
Prior Period (Expenses)/Income 144.04 -
Provision for Tax 9.79 65.95
Profit/(Loss) after Tax (613.68) 4275.77
In order to conserve the earnings so as to strengthen the business, your
Directors' are not recommending any dividend for the period.
DEVELOPMENT IN THE COMPANY
The promoters and Directors of your Company are looking into new areas of
our operation in India and aboard.
COMPLAINTS REDRESSAL SYSTEM
All the investor grievances received by the Company are attended and
replied to satisfactory within 3 days of receiving the grievance. The
Shareholders'/Investors Grievance Committee meet periodically to take
status of the investor grievance pending at any period and resolve the same
effectively. The details of the investor grievance committee and its
meetings are given in the Corporate Governance Report which forms part of
this Annual Report.
The Company functions from the same premises as that of its Registered
Office at Alwarpet, Chennai. Apart from registered office, the business
operations are done from the corporate office building located at
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company Mr. A. Ganesan and Mr. S.
Thiruvengadam, retires by rotation and being eligible offer themselves for
The Audit Committee constituted by the Board of Directors consists of three
Directors. Mr. Raghu Tandra, Director acts as Secretary of the Committee.
This Committee was last re-constituted on February 25, 2009.
The present Audit Committee comprises of the following directors
1. Mr. R. Gopalan, Chairman of the Committee
2. Mr. A. Ganesan, Member of the Committee
3. Mr. S. Thiruvengadam, Member of the Committee
The constitution of the Audit Committee also meets the requirements of
Section 292A of the Companies Act, 1956 as introduced by the Companies
(Amendment) Act, 2000. The terms of reference specified by the Board to the
Audit Committee are as per Clause 49 of the Listing Agreement.
The role, powers and functions of the Audit Committee are as stated below:
* Monitor the internal controls to ensure the integrity of the financial
performance reported to the shareholders.
* Provide by way of regular meeting, a line of communication between the
Board and the Statutory Auditors.
* Consider the appointment of the Statutory Auditors.
* Review the interim and full year financial statement before recommending
them to the Board.
* Review reports of the Auditors on any important events.
* Review the Company's financial control systems, in particular, the
procedures for identifying business risks (including financial risks) and
controlling their financial impact on the Company.
* Review the Company's policies for ensuring compliance with the relevant
regulatory/legal requirements and the operational effectiveness of the
policies and procedures.
The Remuneration Committee has been constituted with Mr. A. Ganesan, Mr. R.
Gopalan and Mr. S. Thiruvengadam, Directors of your Company, for performing
inter-alia the role/various functions as set out under Clause 49 of the
Listing Agreement with the Stock Exchanges and also in pursuance to the
amendments made to the Schedule XIII of the Companies Act, 1956.
The Statutory Auditor of your company, M/s. R. Ravindran & Associates,
Chartered Accountant, Chennai, is due to retire at the conclusion of the
Twelfth Annual General Meeting. M/s. R. Ravindran & Associates has
confirmed this eligibility and willingness to accept office, if re-
appointed for the financial year 2011-12. Your Directors recommended the
reappointment of M/s. R. Ravindran & Associates, Chartered Accountant as
the Statutory Auditor of the Company to hold office from the conclusion of
the Thirteenth Annual General Meeting until the conclusion of the
Fourteenth Annual General Meeting of the Company.
INTERNAL CONTROL SYSTEMS AND ADEQUACIES
Your Company has set up internal control systems commensurate with the size
and nature of business. These systems ensure optimum use of resources and
compliance with the multiple regulatory authorities. Your Company is also
being guided by the Audit Committee in constantly upgrading the control
procedures and systems. The Audit Committee also reviews the adequacy of
the internal control procedures.
PARTICULARS OF EMPLOYEES
Statement of personnel particulars of employees pursuant section 217(2A) of
the Companies Act, 1956 are not applicable since none of the employees are
in receipt of remuneration in excess of the limits specified herein
(Rs.2,00,000 per month or Rs. 24,00,000 per annum) during the period under
CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUT GO
Your Company does not carry on any manufacturing activities and hence the
disclosure requirement in terms of Sections 217(1)(e) of the Companies Act,
1956, read with Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules, 1988, regarding Conservation of Energy and
Technology do not apply to your Company.
During the year under review, there was no Foreign Exchange earnings and
outgo for your Company.
Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, a
Management Discussion and Analysis, Corporate Governance Report, Managing
Director's and Auditors' Certificate regarding compliance of conditions of
Corporate Governance are made a part of the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of 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 and no material departure have been made from
ii. Appropriate accounting policies have been selected and applied
consistently and have made judgements and estimates that are reasonable and
prudent so as to give a true a fair view of the state of affairs of the
Company as at March 31, 2011 and Profit & Loss Account for the year ended
March 31, 2011;
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 assets of the Company and for
preventing and detecting fraud and other irregularities;
iv. The annual accounts have been prepared on a going concern basis.
BY ORDER OF THE BOARD
For KAASHYAP TECHNOLOGIES LIMITED
Chairman & Managing Director
Date : September 02, 2011
MANAGEMENT DISCUSSION AND ANALYSIS
SWOT Analysis for KTL
* Can create a unique Brand
* State of art infra can be created
* Unmatched Curriculum
* Top of the line Technical Team
* Financially Sound
* Resource Availability
* Attrition Problems
* Competitor in the Market:
* Global Competitor
* Domestic Competitor
* Buoyancy in the market
* Shores outside India
* US recession
* IT slowdown
* US recession
* Technology turning obsolete