TOP CASSETTES LTD.
ANNUAL REPORT 2000-2001
Your directors have pleasure in presenting the seventh annual report and
audited statements of Accounts, for the year ended March 31, 2001.
In view of carried forward loss still remains unadjusted, your directors do
not recommend any dividend for the year under review.
The Year In Retrospect:
Looking back at the year that has passed gives a view of the down-hill
area, for the simple reason that your company has taken long strides in the
direction of growth in this one year, and has now climbed up to a
reasonable platform to take-off for booming growth. The year that we have
left behind has been a period when your company has deepened its roots into
the corporate world.
Your company has released more than 100 titles in books, 10 titles of audio
cassettes, 5 of CD ROM, VCD and others, and all this, without making a
slightest compromise with quality standards. As proposed at the
commencement of year, we have covered all the areas like Philosophy,
Psychology, Religion, Management, History, Art and Literature for our
products. But the landmark achievement of your company is the emergence of
our own mighty portal www.topcasstee.com, which has established itself as
a luminous entity in the cyber space. It is a time to rejoice as your
company is constantly gaining corporate momentum.
All these developments would have been impossible without the
organizational mutation your company has undergone. A concrete
infrastructure has been developed in this one year, with separate
departments like Research and Development, CD-development, Web-Development,
Animation Studio, Art Studio, Digital Audio Recording Studios and other
Growth, is all that is in the air at your company. As the wise man say, "it
doesn't matter you fall down seven times, as long as, you get up the eighth
time", and your company, in-spite of past struggles, has got up once again,
and this time it is running with long strides to embrace success and
The current the years to follow are definitely going to be marked with the
deep impact on the 'infotainment' sector of industry by your company. It is
sheer pleasure to share our vision with you, and particularly when we are
equipped with the material and intangible assets requisite to actualize the
vision. Your company is taking strides to a grand future based on concrete
plans, which we would like to share with you.
The company is already into the process of setting up a Marketing Matrix
spread across the nation. This will include a finely knitted network of
Distributors, Dealers and Retail Counters.
Developing Franchises, E-commerce outlets and Corporate/Institutiorial
TV Serial Productions, including episodes based on great lives,
Mythological characters, animated stripes and others.
Offering Multimedia services, Web/E-com services and solutions and software
Expanding the existing product range with more titles in books, audio
cassettes and CDs.
Taking the market Scenario into consideration and the plans company has
developed to grow, it is for sure at in the days ahead, your company will
emerge as a Hallmark of Excellence in the corporate world. Our future plans
ensure a quantum leap in revenue generation. Together, we have grown and
together we will continue to grow.
Directors' Responsibility Statement:
Pursuant to section 217 (2AA) of the Companies (Amendment) Act, 2000, the
Directors confirm that in the preparation of the annual accounts, the
applicable accounting standards had been followed. Appropriate accounting
policies have been applied consistently and have made judgments and
estimates that are reasonable and prudent so as to give a true and fair
view of the state of the affairs of the Company as at 31st March 2001, and
of the Profit or Loss of the Company for the period from 1st April, 2000 to
31st March 2001. Proper and sufficient care has been taken for the
maintenance of adequate records in accordance with the provisions of the
Act, 1956 for safeguarding the assets of the Company and for preventing and
detecting fraud and o?her irregularities and the annual accounts have been
prepared on a going concern basis.
Mr. Sanjay Jhalani, who retires by rotation and is eligible for
Particulars of Employees:
Your company does not have any employees with monthly emoluments of Rs.
1,00,000/- or Rs.12,00,000/- annualised and therefore the information
required a/s 217 (2A) of the Companies Act 1956 read with Particulars of
Employees Rules 1975 is not applicable to the company.
Conservation of Energy Technology Absorption and Foreign Exchange Earning &
outgo u/s. 217(1)(e) Disclosure of particulars in the report of Directors.
Conservation of Energy:
The consumption of power does not form significant part of cost of products
and softwares produced by the company. However the company is careful in
selecting equipments which are most power efficient.
Your company has not imported technology from outside sources and hence the
same is not applicable. However, the company buys some of the software
required for its operation from outside sources and the company has
adequately trained staff to do the same. Besides this, the company is fully
self dependent on its technological inputs requirement.
(Technology Absorption and Foreign Exchange Earning & outgo u/s. 217(1)(e)
Details of particulars in the report of Directors.)
Foreign Exchange Earnings & Outgo:
There is no Earnings or Outgo of Foreign Exchange during year.
Your company has not accepted any deposits from the public, as defined by
the provisions of section 58-A of the Companies Act 1956 and hence the same
is not applicable to it.
M/s. Ashok Khasgiwala & Co., Indore, the Auditors of your company retire at
the conclusion of this AGM and being eligible offer themselves for
reappointment. You are required to reappoint them and fix their
As per requirement of section 292-A of Companies Act, 1956 Audit Committee
has been formed comprising Shri Himanshu Trivedi, Ms. Usha Singh, and Shri
Indrajeet Singh Vaghela.
Audit Committee has reviewed the performance of the company and approved
the same before submitting to the Board.
Your directors are fully committed to comply with requirement of clause-49
of listing agreement by the next financial year i.e. 2001-2002.
Split of Face Value of Shares:
After the completion of financial year, the company has changed face value
of its equity share from Rs.10/- to Rs.1/- in order to organize the capital
structure of the company. Hence, now, paid-up share capital of the company
consists of 350999000 equity shares of Rs.1/- each aggregating to Rs.
Equity shares of the company are being compulsorily traded in demat form
and presently 90.67% share capital of the company are credited in electric
Shifting of Registered Office:
During the year under review, Registered Office of the company has been
shifted from Mumbai to B-1/304, Brahma Memories, Bhosala Nagar, Pune for
Your directors acknowledge with gratitude, and place on record their
sincere appreciation for the support and co-operation extended by various
State, Local & Central Government authorities, Bankers, Employees &
Manufacturers Suppliers, Customers and its valued investors during the year
under review & continue to look forward for their continued support in the
For and on behalf of the Board
Place : Ahmedabad Mr. Deep Trivedi
Date : 23-8-2001 (Chairman)