| Dear Members,
The Directors are happy to present their Twenty first Annual Report on
the business and operations of the Company and the Financial Accounts
for the 15 month period ended 30th September, 2013.
FINANCIAL RESULTS
Particulars (Rs. in lakh)
2013-14 2012-13
Income from Operations 1.00 29.01
Total Expenditure 152.03 210.67
Gross Profit/(Loss) after Interest (151.03) (183.65)
Depreciation 19.41 412.02
Current Tax 0.00 0.00
Profit After Current Tax (170.44) (593.67)
Deferred Tax 0.00 0.00
Net Profit/(Loss) (170.44) (593.67)
Total income in 2013-14 was Rs 1.00 Lakhs as against Rs. 29.01 Lakhs
representing an decrease of 96%. The gross Loss is at 170.44 Lakhs as
against Rs. 183.65 Lakhs of the previous year. Main reason for the
sharp drop in sales has been crippling legal issues that are now
gradually being solved.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
Management Discussions and Analysis Report, as required under the
Listing Agreement with the Stock Exchanges is forms part of the Report.
DIVIDEND
In view of a loss during the year, there will be no dividend.
DIRECTORS:
As per the provisions of the Companies Act, 1956 read with Articles of
Association of the Company. Mr. P. Swetha, retire by rotation and being
eligible offer himself for re-appointment at this Annual General
Meeting.
CORPORATE GOVERNANCE:
A report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement, forms part of the Report.
CEO'S DECLARATION:
Pursuant to the provisions of Clause 49(1) (D) (ii) of the Listing
Agreement, a declaration by the Managing Director of the Company
declaring that all the members of the Board and the Senior Management
Personnel of the Company have affirmed compliance with the Code of
Conduct of the Company, is enclosed as Annexure to this Report
LISTING AT STOCK EXCHANGE:
The Equity Shares of the Company continue to be listed on Bombay Stock
Exchange Limited.
AUDITORS:
The Statutory Auditors M/s. Gopal & Rajan, Chartered Accountants,
Hyderabad, retire as Auditors of the Company at the conclusion of the
Annual General Meeting and being eligible, offer himself for
re-appointment as Auditors.
FIXED DEPOSITS
Your Company has not accepted/invited any deposits from the Public for
the year under review within the meaning of Section 58A of the
Companies Act, 1956 and the rules made there under.
INFORMATION U/S. 217(1) (E) OF THE COMPANIES ACT, 1956 READ WITH THE
COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988.
Conservation of Energy, Technology Absorption, Foreign Exchange
earnings and Outgo:
a. Conservation of Energy: The operations of the Company involve low
energy consumption. Adequate measures have, however, been taken to
conserve energy.
b. Technology Absorption: Since business and technologies are changing
constantly, investment in research and development activities is of
paramount importance. Your Company continues its focus on quality up
gradation of product and services development.
c. Foreign Exchange earnings and outgo: NIL
PARTICULARS OF EMPLOYEES :
Statement of Particulars of Employees pursuant to the provision of Sec
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of employees) Rules as amended
DIRECTORS' RESPONSIBILITY STATEMENT:
In terms of the provisions of section 217(2AA) of the Companies Act,
1956 (Act), your Directors confirm as under:
1. That, in the preparation of the annual accounts, the applicable
Accounting Standards had been followed along with the proper
explanation relating to material departures;
2. That, the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
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 that period.
3. That, the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
4. That, the Directors had prepared the annual accounts on a going
concern basis.
ACKNOWLEDGEMENTS :
Your Directors take this opportunity to thank all investors, business
partners, clients, banks, regulatory and governmental authorities,
stock exchanges and employees for their continued support.
For and on behalf of the Board
Maruti Ram Praturi
Managing Director
Place: Hyderabad
Date: 24-11-2014
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