SATELLITE INFOCONCEPTS LIMITED
(Formerly Banmor Cement Company Limited)
ANNUAL REPORT 2011-2012
The Directors present herewith their Annual Report and Audited Statement of
Accounts for the year ended 31st March, 2012.
(Amount in Rs)
Particulars 2011-2012 2010-2011
Profit for the year 7,898 4,583
Balance b/f from
previous year (2,71,692) (2,76,275)
Balance carried to
Balance Sheet (2,64,794) (2,71,692)
Your Directors do not recommend any dividend on equity shares in view of
inadequate profit earned during the year.
REVIEW OF OPERATIONS
Your Company is exploring possibilities for joint venture or strategic
partnership for business diversification. During the year under review, the
Company could not able to do much business, except some business in IT
related activities and in investment in Shares. The management is hopeful
to achieve better results in the years to come.
The company has not accepted any fixed deposits during the year under
The Company has no employee during the year under review whose particulars
are required to be furnished herein under section 217(2A) of the Companies
Conservation of energy
The Company does not use fuel, so the requirements of furnishing
particulars relating to conservation of energy do not arise.
Foreign exchange earnings and outgo
The company has neither earned nor spent any foreign exchange in the course
of its business.
Research and development
The company has not yet started a Research and Development Department.
Technology absorption, adaptation and innovation
The company has not imported any technology.
Secretarial Compliance Certificate
Secretarial Compliance Certificate dated 24th July 2012 as obtained from
Mr. Himanshu Agarwal, Company Secretary in whole time practice for the year
ended 31st March 2012 is attached herewith.
Internal control system
The Company has a sound and adequate system of internal controls to monitor
and control all the activities. The Company complies with all internal
control policies and procedures as also other regulatory requirements.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the company, Mr. Mr. Ramakant Misra and Mr. S.K.
Dubey retires by rotation and offers themselves for reappointment.
Directors Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the Companies Act,
1956 with respect to Directors Responsibility Statement, it is hereby
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material;
(ii) that the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 the year under review;
(iii) that the directors had 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;
(iv) that the Directors had prepared the accounts for the financial year
ended 31st March, 2011 on a going concern' basis.
Members are requested to appoint Auditors for the current year and fix
their remuneration. M/s Rani Maheshwari & Co. retires at the forthcoming
Annual General Meeting and they have expressed their willingness to be
The Directors wish to sincerely thank their Bankers, employees and all
associates for their help and co-operation.
For and on behalf of the Board
Date: 30th July, 2012
MANAGEMENT DISCUSSION AND ANALYSIS
Management discussion and analysis of financial condition and results of
operations include forward looking statements based on certain assumptions
and expectations of future events. The Company cannot assure that these
assumptions and expectations are accurate. Although the management has
considered future risks as part of the discussions, future uncertainties
are not limited to the management perceptions.
The financial statements have been prepared in compliance with the
requirements of the Companies Act, 1956 and Generally Accepted Accounting
Principles (GAAP) in India. The Management of the Company accepts
responsibility for the integrity and objectivity of these financial
statements, as well as for various estimates and judgements used therein.
The estimates and judgements relating to the financial statements have been
made on a prudent and reasonable basis, in order that the financial
statements reflect in a true and fair manner the form and substance of
transactions, and reasonably present the Company's state of affairs and
profits for the year. The following discussion may include forward looking
statements, which may involve risks and uncertainties, including but not
limited to the risks inherent to Company's growth strategy, dependency on
certain clients, dependency on availability of qualified technical
personnel and other factors discussed in this report.
Industry structure and developments
The Information Technology is reeling under the ripple effect of the past
couple of years slow down. The Industry has enormous potential to grow in
the years to come. The changing macroeconomic, demographic, social,
business and technological trends offer an opportunity for a more inclusive
growth with efficient persistent technology use. The likely increase in
capital expenditure by the firms and Companies provides significant
business opportunities for the Company.
Opportunities and Threats
Your Company is exploring possibilities for diversification into the
activities of technology and trading. For this, the company intend to join
with the suitable partners / Firms. The new businesses, which the Company
intend to enter, can be advantageous to the Company combined with the
The high cost of funding and the competitors from the existing players
could affect the profitability and growth of the company to a certain
With the estimate of positive growth in GDP and the proposed diversified
activities the Company intend to undertake, the management is hopeful to
achieve better results in the years to come.
On Behalf of the Board of Directors