To the member,
Your Directors present the Seventeenth Annual Report of the Company together with theAudited Accounts for the year ended 31 March 2011.
During the year the company started its operation on software and data processingoperation with the following result
|Income earned ||6.27 |
|Net profit before Taxes ||1.76 |
|Net profit after Taxes ||1.32 |
Your Company has complied with the recommendations of the Kumara Mangalam BirlaCommittee on Corporate Governance constituted by SEBI. Explanations have been givenregarding the reasons for non-compliance if any. The Corporate Governance Report isincluded in this Annual Report. The auditor's certificate on compliance is annexed to thisreport.
During the year Mrs P Seethalakshmi and Mrs. D.Surekha retire by rotation and beingeligible: offer themselves for re-appointment.
Directors Responsibility Statement. In terms of 217(2AA) of the Companies Act. 1956.your Directors state that
1. Applicable Accounting Standards have been followed, in the preparation of annualaccounts.
2. Such Accounting policies had been selected and consistently applied and that theymade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company at the end of the financial year, and of thecompany for the year.
3. Proper and sufficient care had been taken for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safe guarding the assets of thecompany and for preventing and detecting fraud and other irregularities. -
4. The Annual Accounts for the Company have been prepared on a going concern basis.
The Company's Auditors M/s. P. Srinivasan & Co. Chartered Accountants,retire at the conclusion of the ensuing Annual General Meeting and are eligible forreappointment.
Conservation of energy, technology absorption and foreign exchange earnings outgo.
There are no particulars to be furnished as the company is yet to commence commercialoperation.
Particulars of Employees
The company has no employee drawing salary exceeding the specified limit of Rs.24.00lacs per annum or Rs. 2.00 lacs per month, to be furnished as required under section217(2A) of the companies Act, 1956 read with the companies (Particulars of Employees)Rules 1975.
Your directors wish to thank the company's bankers for their continued support. TheDirectors also take this opportunity to thank the fraternity of shareholders for theircontinued confidence reposed in the management of the company.
Your Directors thank the various departments of the State and Central Governments andlook forward to their continued support in the future.
| || ||For and on behalf of the Board |
|Secunderabad ||P. SeethaLakshmi ||C. Pitchandi |
|August 1,2011 ||Director ||Managing Director |