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Prakash Fotran Softech Ltd.

BSE: 531455 Sector: IT
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Prakash Fotran Softech Ltd
NSE 05:30 | 01 Jan Prakash Fotran Softech Ltd

Prakash Fotran Softech Ltd. (PRAKASHFOTRAN) - Director Report

Company director report

PRAKASH FOTRAN SOFTECH LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT To, The Shareowners, Prakash Fotran Softech Limited Indore, Madbya Pradesh. Your Directors hereby present the Annual report of your Company together with audited accounts for the accounting year ended on 31st March, 2011. FINANCIAL RESULTS: YEAR ENDED YEAR ENDED PARTICULARS 31.03.2011 31.03.2010 Sales and Other Income Nil Nil Profit/(Loss) Before Depreciation 49580 50460 Depreciation Nil 9904 Profit/(Loss) Before Tax [49580] [60364] Provision for Tax Nil Nil Net Profit/(Loss) for the year After Tax [49580] [60364] DIVIDEND: Your directors regret their inability to recommend any dividend for the year under review due to loss incurred. OPERATIONS: During the year under review the company has incurred loss of Rs.49580/- compared to loss of Rs. 60364/- of previous year. However, your directors are confident of achieving good results of the Company in future years. DIRECTORS: Mr. Rajesh Jain, Director of the Company who retires by rotation at the ensuing Annual General Meeting, being eligible and offers him-self for re- appointment. DIRECTOR'S RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956: The Directors confirm that: * In the preparation of the annual accounts, the applicable accounting standards have been followed by the Company; * Such accounting policies have been selected and consistently applied and judgments and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2011 and of the profit of the Company for the year ended on that date; * 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; and * Annual account has been prepared on a going concern basis. CORPORATE GOVERNANCE: Your directors are happy to report that your company is fully compliant as on 31st March 2011 with the SEBI guidelines on Corporate Governance as incorporated in Clause 49 of the Listing Agreement with the Stock exchanges. A detailed report on this subject forms part of this report. LISTING AGREEMENT: The securities of the company are listed with the Bombay Stock Exchange Limited (BSE). AUDITORS & AUDITORS' REPORT: M/s. Naimish K. Shah & Co., Ahmedabad, Auditors of the Company, retire and are eligible for reappointment. The members at the ensuing Annual General Meeting are requested to consider their reappointment for the year to hold the office until the conclusion of the next Annual general Meeting. The Board recommends their appointment. Notes forming part of the accounts, which are specifically referred to by the Auditors in their Report are self explanatory and therefore do not call for any further comments. INFORMATION AS PER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956: As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1988, the particulars relating to the conservation of energy, Technology absorption and there are no foreign exchange earnings and outgo during the year. PARTICULARS REGARDING EMPLOYEES: There are no employees covered under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended and hence no information is required to be furnished, ACKNOWLEDGEMENT: The Directors sincerely express their deep appreciation to the Employee at all levels. Shareholders, Banks, Customers for their sustained support and co-operation during the year. Your Directors also acknowledge the support and guidance received from the RBI, SEBI, ROC, Stock Exchanges and other Regulatory Bodies. Banks and other Financial Groups also deserve special appreciation for significant contribution to your Company's operations. For and on behalf of the Board of Directors Place: Indore Sd/- Date : 30.08.2011 (Rakash Jain) Chairman MANAGEMENT DISCUSSION AND ANALYSIS Outlook: The company is confident in spite of the possible recessionary conditions in the industry it will perform better in view of the strong fundamentals of the Indian companies and hope to improve its Turnover. Internal Controls Systems and their adequacy: The company has adequate internal control systems to ensure operational efficiency, protection and conservation of resources, accuracy and promptness in financial reporting and compliance of law and regulations. The internal control system is supported by the internal audit process. The Internal Auditor reviews and ensures that the audit observations are acted upon. The Audit Committee of the Board reviews the Internal Audit reports and the adequacy and effectiveness of internal controls. Human Resources: The relationship with the employees continues to be cordial. The Company recognizes the importance and contribution of its employees for its growth and development and constantly endeavors to train nurture and groom its people. The Company puts emphasis on attracting and retaining the right talent. The company places emphasis on training and development of employees at all levels and has introduced methods and practices for Human Resource Development. Cautionary Statement: Statements in this Management Discussion and Analysis describing the company's objectives, projections, estimates and expectations may be forward looking statement within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied.