MONALISA INFOTECH LIMITED
ANNUAL REPORT 2002-2003
Your Directors present their Ninth Annual Report together with the Audited
Statement of Accounts for the year ended year ended 31st March, 2003.
(Rupees In Lacs) (Rupees in Lacs)
Sales and Other Income 1047.37 1601.02
Profit Before Interest,
Depreciation and Tax 377.83 561.67
Loss : Interest 203.75 265.61
Depreciation on Fixed Assets 174.68 173.84
Provision for Taxes 1.25 5.00
Profit/Loss After Tax (1.85) 117.22
Add : Profit brought forward from
previous year 1140.62 1023.30
Leaving a Balance to be carried forward 1138.67 1140.52
During the year 2002-2003, the Company was in the process of
restructructuring activities. Due to competitive margins and fluctuating
raw material prices, the turnover remained low during the year under
review. The sales and other income of the Company decreased from Rs.
1601.02 lacs. In 2001-2002 to Rs. 1047.37 Lacs during the year under
review. While the Company incurred a loss before taxation of Rs. 0.60 Lacs
as against profit before taxation of Rs. 122.22 Lacs earned during the
The total realisation' trade software and related activities during the
year under review amounted to Rs. 512.81 Lacs as against Rs. 648.32 Lacs
during the previous year. The Company expects to perform well during the
With a view to conserve the resources of the Company, the Board of
Directors do not recommend any dividend. In the next year the Board of
Directors expects to give good dividend.
Your Company is focussed in plastic furniture sand household articles and
Information technology, This sector of the economy has witnessed rapid
growth and has potential for high growth in future. With sizeable
capacities and new moulds acquired to produce multiple products as well as
your Company's competitive position, your Company expects to perform well.
Company's performance in I.T. sector, is also good and expect good growth
Mr. Mohammed Alam Khan, Director, retire by rotation and, being eligible,
offers himself for reappointment. Further Mr. Mohammed Azam Khan has
resigned as Director of the Company and your Board sincerely appreciates
the valuable services rendered by him during his tenure as Director of the
AUDITORS AND AUDITORS' REPORT
M/s. TIWARI SAMANI & ASSOCIATES. Chartered Accountants, retire as Auditors
of the Company at the ensuing Annual General Meeting and are eligible for
The notes to accounts referred to in the Auditors' Report is self-
explanatory and therefore do not call for any further comments.
The Company has not accepted any Deposit from the Public during the year
PARTICULARS OF EMPLOYEES :
The Company does not have any employee of the category specified in Section
217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
All the properties of the Company have been adequately insured against
fire, riot and various other risks.
CONSERVATION OF ENERGY
The Company is no, a major user of energy. The Company has taken various
steps to reduce the Consumption of energy by improved housekeeping,
constant monitoring of equipments, improvement of power factor, upto date
maintenance resulting in considerable power saving Power to a major
equipment and lighting in work - areas is put off at non working times.
TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT
No technology was imported by the Company since its incorporate. However
the Company Quality Assurance Department is developing in house standards
to, various products and adopting standards so as to enable the Company to
penetrate overseas markets.
DIRECTORS' RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies Act,
1956 with respect is Directors' Responsibilities Statement, it is hereby
(1) that in the preparation of the annual accounts, the applicable
accounting standards have fern followed along with proper explanation
relating to material departures.
(2) that the directors have selected such accounting polices and applied
there 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 and of the profit or loss of
the company for that period ;
(3) that the directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and for
preventing and detecting fraud an other irregularities ;
(4) that the directors have prepared the annual accounts on a going concern
FOREIGN EXCHANGE EARNINGS AND OUTGO
(Rs. in Lacs)
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo NIL
LISTING AGREEMENT COMPLIANCE
Pursuant to the requirements of the Listing Agreement, the Company declares
that its Equity Shares are listed on the Stock Exchanges at Mumbai and
Industrial relations continued to be cordial throughout the year. Your
Directors wish to place on record their appreciation of the devoted
services of employees at all levels.
Your Directors would like to express their grateful appreciation for the
assistance and co-operation received from all its Bankers and Institutions.
The Directors also acknowledge with thanks the continued support and
confidence reposed in the management by the Company's shareholders,
customers and suppliers.
Your Directors wish to place on record their deep Sense of appreciation for
the devoted services of the executives, staff and workers of the Company
for its success.
For and on behalf of the Board,
Place : Daman (MOHAMMED ASLAM KHAN)
Date : 21st August, 2003 Chairman