| Dear Members,
The Directors have great pleasure in presenting the TWENTIETH ANNUAL
REPORT of the Company with the audited accounts for the year ended 31st
March 2015.
FINANCIAL RESULTS:
Rs.in lakhs.
Year
ended Year ended
31/03/2015 31/03/2014.
Income from operations 9.50 11.22
0.64 0.60
Otherlncome 0.95 (0.24)
Profit before Tax 0,95 (7.82)
Profit after Tax 0.95 (7.82)
Balance carried to Balance-Sheet
RESERVES & SURPLUS:
The Reserves and Surplus stands at Rs.78.65 lakhs as on 31/03/2015 as
against Rs.77.70 lakhs as on 31/03/2015
DIVIDEND:
Due to inadequacy of profits, the Board has considered expedient not to
recommend any dividend for the year ended 31st, March, 2015.
DEPOSITS
The Company has not accepted any deposit from the public.
DIRECTORS:
In accordance with the provisions of The Companies Act, 1956 and the
Company's Articles of Association Mr J.Rajendhiran is due to retire by
rotation and is eligible for reappointment.
Notice has been received u/s 257 of the Companies Act proposing his
name for appointment as Director.
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 confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March 2015, the applicable accounting standards have been
followed.
(ii) .That the Directors have 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 2014-2015
and of the profit or loss of the company for the year under review;
(iii) That the Directors have 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; That the Directors have prepared the accounts for the
financial year ended 31st March 2015 on a 'going concern' basis.
(iv) WOMEN DIRECTOR - Your company has appointed Ms.R.A.Eswari woman
director who has good experience in management of corporates.
PROJECT IMPLEMENTATION: ETDS: Your Company is providing the software and
services for major companies and Banks for electronically filing their
TDS returns. The company is in the process of new areas of software
development.
FUTURE PROSPECTS:
Your Company is involved in the development of various software and
services for efiling of Corporate Statutory Tax Returns and developing
the existing software's.
AUDITORS AND AUDIT REPORT:
M/S A.John Moris & Co.,Chartered Accountants , Chennai, the Auditor of
the Company, holds office until the conclusion of the ensuing Annual
General Meeting. The Company has received confirmation from them that
their appointment, if made, would be within the prescribed limits under
Section 224(1 B) of the Companies Act, 1956. Accordingly it is proposed
to appoint M/s A. John Moris & Co., as Auditor of the Company at the
ensuing Annual General Meeting, to hold office till the conclusion of
the next Annual General Meeting
LISTING REQUIREMENTS;
The shares of the company are listed on the Chennai and Mumbai Stock
Exchanges. The annual listing fee has been duly paid..
DEPOSITORY SYSTEM;
The Security and Exchange Board of India (SEBI) has mandated the
delivery of shares of your company under the compulsory dematerialized
form with effect from 28th August 2000. Your company has entered into
an agreement with the Central Depository Services and National
Securities Depositoiy Limited for dematerialization of your Company's
Securities in accordance with the provisions of Depository Regulation.
With this the members have the option /discretion to hold their demat
shares in the company through the National Securities Depository
Limited or the Central Depository Services (India) Limited.
CORPORATE GOVERNANCE:
Your directors are happy to report that your company has fully complied
with the SEBI Guidelines on Corporate Governance, which have been
incorporated as per the Listing Agreement with the Stock Exchanges.
A detailed report on Corporate Governance forms Annexure -A to this
report. The Statutory Auditors of the Company have examined the
Company's compliance as above and have certified the same as required
under the SEBI guidelines.. The certificate is reproduced as Annexure-B
to this report.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Your Company is in development and service of various tax compliance
software such as e-filing of Income Tax Returns Software for
individuals and corporate bodies and and e-filing of Tax Deducted at
Source (e-TDS) software for corporates.
Your Company have plans for associating with other large
corporates/Banks to successfully implement the e-filing of Income Tax
Returns and e-TDS Returns and plans to become the major player in the
e- filing of I.T.Retums and e-TDS Returns for Income Tax.
CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION;
The Company has no activity relating to conservation of energy or
technology absorption.
PERSONNEL:
Particulars of Employees pursuant to Section 217(2A) of the Companies
Act, 1956. Mr.A.Gerald Ebenezer, Managing Director was in receipt of a
remuneration of Rs.60,.000/- for the year 2014-15.
ACKNOWLEDGEMENT:
The Directors wish to place on record their appreciation of the
dedicated and untiring hard work put by the employees at all levels.
The Directors would like to thank the Banks, Consultants, Auditors and
above all the shareholders and valued customers for their continued
support and patronage.
For and on behalf of the Board,
Place: Chennai A. Gerald Ebenezer
Date:. 31/08/2014 Managing Director. |