Scanpoint Geomatics Limited
Your Directors have pleasure in presenting the Twenty Sixth Annual Report on thebusiness and operations together with the Audited Financial Statements for the year endedon March 31 2018.
The Company's financial performance for the Year ended on March 31 2018 Is summarizedbelow:
|( Rs in Lakhs) |
|Sr. No. ||Particulars || |
|31.03.2018 ||31.03.2017 ||31.03.2018 |
|1. ||Total Revenue ||3255.47 ||3300.25 ||3255.47 |
|2. ||Profit before Finance Cost Depreciation & amortization Expense and Tax Expense (Operating Profit) ||278.37 ||147.95 ||277.19 |
|3. ||Finance costs ||81.04 ||43.45 ||81.04 |
|4. ||Depreciation and Amortisation ||72.59 ||55.83 ||72.59 |
|5. ||Profit before Taxation (PBT) ||124.74 ||48.67 ||123.56 |
|6. ||Tax expense || || || |
| ||Current Tax ||- ||- ||- |
| ||Deferred Tax ||6.54 ||19.97 ||6.54 |
|7. ||Net Profit ||118.20 ||28.70 ||117.02 |
|8. ||Total comprehensive income (after tax) ||113.71 ||32.76 ||112.53 |
In order to conserve the resources and to strengthen the financial position of thecompany and to meet long term fund requirement your Directors do not recommend anydividend for the year under review.
The total revenue during the year under review was Rs3255.47 Lakhs against Rs3300.25Lakhs for the previous year. Operating Profit for the current year is Rs278.37 Lakhs (Rs147.95 Lakhs in previous year) thereby resulting the increase of 88.15%. Net Profitafter tax amounted to Rs118.20 Lakhs ( Rs28.70 Lakhs in previous year) thereby resultingincrease of 311.85%.
As per the Consolidated Financial Statements the total revenue of the companyoperating profit (PBDIT) and net profit for the year were Rs3255.47 Rs277.19 andRs117.02 Lakhs respectively.
Material changes and commitments affecting financial position between end of theFinancial Year and date of Report
There have been no material changes and commitments affecting financial positionbetween end of the financial year and the date of the report.
During the year the total paid-up equity share capital of the company has beenincreased from Rs 53808000/- to Rs90171398/- on account of allotment of 18181699equity shares of Rs2/- each at a premium of Rs14.50 per share on a Right issue basis.
During the year M/s. Jyacad Solutions Private Limited has become wholly ownedsubsidiary of the Company.
Pursuant to Section 134 of the Companies Act 2013 and Rule 8(1) of the Companies(Accounts) Rules 2014 the report on performance and financial position of subsidiarycompany is attached as Annexure in Form AOC-1 prepared under section 129(3) of theCompanies Act 2013 to the consolidated Financial Statements of the Company which formspart of this report.
Consolidated Financial Statements
In compliance with the applicable provisions of Companies Act 2013 including theIndian Accounting Standard (Ind AS) 33 on Consolidated Financial Statements this AnnualReport also Includes Consolidated Financial Statements for the financial year 2017-18.
Board of Directors and Key Managerial Personnel
Retire by Rotation
Mr. Kantilal Ladani is liable to retire by rotation at the ensuing Annual GeneralMeeting and being eligible offers himself for re-appointment. The Directors recommendfor his re-appointment.
1. Mr Manish Dangi has been appointed as an Additional Director (Non-Executive andNon-Independent) on Board w.e.f May 30 2018
2. Mr. Ankur Fofaria has been appointed as an Additional Director (Non-Executive andIndependent) on Board w.e.f August 14 2018 for a term of five consecutive years uptoAugust 13 2023.
The Board seeks your approval for confirm their appointment in the ensuing AnnualGeneral Meeting.
Evaluation of Board Performance
In compliance to the provisions of the Companies Act 2013 and Regulation 27 of SEBI(LODR) Regulations 2015 the annual performance evaluation of Board and its Committee wascarried out during the year under review. More details on the same are given in theCorporate Governance Report.
The Audit Committee comprises Directors namely Mrs. Pooja Shah (Chairperson) Mr.Dinesh Shah Mr. Ramesh Sojitra.
All the recommendations made by the Audit Committee were accepted by the Board. Thedetails of term of reference of the Audit Committee member dates of meeting held andattendance of the Directors are given separately in the Corporate Governance Report.
Committees of Board
Details of various committees constituted by the Board of Directors as per provisionsof the Listing Regulations and Companies Act 2013 are given in the Corporate GovernanceReport and forms part of this report.
Disclosure as per Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted apolicy on prevention prohibition and redressal of sexual harassment at workplace in linewith the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the rules and no complaint has been received onsexual harassment during the financial year 2017-18.
Meetings of Board
The Board of Director met 9 times during the year 2017-18. The Details of the BoardMeetings and the attendance of the Directors are given in the Corporate Governance Report.
Directors' Responsibility Statement
Pursuant to the requirement in section 134(3) (c) of the Companies Act 2013 theDirectors state that:
a. in the preparation of the annual financial statements for the year ended March 312018 the applicable accounting standards have been followed along with proper explanationrelating to material departures if any;
b. such accounting policies as mentioned in the Notes to the Financial Statements havebeen selected and applied consistently and judgments and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as March 31 2018 and of the profit of the Company for the year ended on thatdate;
d. proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
e. the annual financial statements have been prepared on a going concern basis;
f. proper internal financial controls were in place and that the financial controlswere adequate and were operating effectively
g. systems to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.
M/s. Jayamal Thakore & Co. Chartered Accountants (FRN: 104098W) were appointed asStatutory Auditors of the Company for a term of 5 (five) consecutive years at the AnnualGeneral Meeting held on September 28 2017. They have confirmed that they are notdisqualified from continuing as Auditors of the Company.
The Auditors' Report on the accounts of the Company for the financial year ended March31 2018 is self-explanatory and does not call for any further explanations or commentsthat may be treated as adequate compliance of provisions of the Companies Act 2013. TheAuditors' Report does not contain any qualification reservation adverse remark ordisclaimer.
Details in respect of frauds reported by auditors under sub-section (12) of Section 143other than those which are reported to the central government;
During the year under consideration there were no such instances.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed M/s. Harish P. Jain & Associates Practicing Company Secretaries Ahmedabadto undertake the Secretarial Audit of the Company for the financial year 2017-18.
The Report of the Secretarial Audit is annexed herewith as ANNEXURE-I. The SecretarialAudit Report does not contain any qualification reservation or adverse remark.