| Dear Members,
The Directors are very happy to present this 22nd Annual Report
together with the Audited Accounts of the company for the year ended
31st March 2014.
1. Performance Review:
(in Rs)
Particulars Year ended Year ended
31.03.2014 31.03.2013
Total Revenue from operations &
other Income 516,950 867,290
Total Expenses (144,831) 2,727,392
Profit before exceptional and
extraordinary items and tax 661,781 (1,860,102)
Exceptional Items 100,235,702 0.00
Profit before extraordinary
items and tax (99,573,922) (1,860,102)
Extraordinary Items - 0.00
Profit before tax (99,573,922) (1,860,102)
Tax expenses-Deferred tax (596,077) (694,890)
Profit(Loss) from the period from
continuir (98,977,844) (1,165,213)
operations
2. Dividend
For the Financial Year 2013-14, your directors do not recommend any
dividend.
3. The year in Review
Your Company's performance during the financial year under report was
not satisfactory. The management had a review of the realisability of
stock in trade and also the collectability of various accounts
receivables and advances. Consequent to such review the management had
written off significant amount of inventories, Sundry Debtors and
Advances. Similarly, significant amount of accounts payables are also
written back. (Also refer to Note 22 (c) )
During the year, your company has initiated a merger with Nexgen
Animators Private Limited and has submitted all relevant documents to
regulatory approvals and awaiting a positive confirmation. Your company
is hopeful that the merger plans will give a big fillip to its revival
process as and when the merger plans materialize. The company is also
in the process of finalizing its business plans and set them in motion
in the current year.
4. Future Outlook
i) Current Business Operations
a) Sale of Computer Hardware, Peripherals and Annual Maintenance.
b) Mini ERP Software Development, Networking Solutions.
c) IT Education and Training from basics to advanced courses.
ii) Proposed additional operations
a) IT and IT Enabled Services.
b) Infrastructure Management and Solutions Services
c) Exhibitions and Innovations as a separate division.
d) IT Education and Training at grass root level.
e) Engineering Services, Technology offerings, Domain Services etc.,
f) BPO and Call Center Education and Training.
g) Development of portals and website.
5. Deposits
Your Company has not accepted any deposits within the meaning of sec
58A of the Companies Act, 1956 and rules made there under.
6. Directors
In accordance with provisions of the Companies Act, 1956 and the
Company's Articles of Association, Mrs. A. Anitha, Director, retire at
the ensuing Annual General Meeting of the Company and being eligible
offer herself for Re-appointment.
7. Auditors
The retiring auditors M/s. Ramraj & Co, Chartered Accountants have
expressed their willingness to continue in office, if reappointed. They
have furnished to the Company a certificate of their eligibility for
appointment as auditors, pursuant to Section 224(1B) of the Companies
Act, 1956. The Board of Directors recommends to the members to appoint
them as auditors and to fix their remuneration.
8. Conservation of Energy, Technology Absorption and Foreign Exchange
Earning & Outgo
Since the Company does not fall under the various categories of
Industries mentioned in schedule to "Form A" rule 2 of the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules
1988, made pursuant to the provisions of Sec 217(1) (e) of the
Companies Act, 1956. Hence, the disclosure of particulars was not
given.
There was no (realized) foreign earnings and outgo during the year
under review.
9. Directors Responsibility Statement
Pursuant of the provisions of sub-sec (2AA) of Sec 217 of the Companies
Act, 1956 your Directors confirm that:
a. In the preparation of annual accounts, the applicable accounting
standard had been followed by the management.
b. 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 of and of the profit or
loss of the company for the period.
c. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
d. The directors had prepared the annual accounts on a going concern
basis.
10. Particulars of Employees
Statement of Particulars of Employees as required by the provisions of
sec 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules 1975 is not given as there is no
employee in regard to which particulars is required.
11. Acknowledgments
Your Directors acknowledge gratitude the cooperation and assistance
received from the Government, Banks, Investors and all those associated
with the Company during the year under review.
Directors Comments on Qualifications Reservations:
Since there are no reservations qualifications or adverse remarks in
the Auditors report no explanation is required.
Place : Chennai On behalf of the Board of Directors
Date : 02.09.2014
Sd/- Sd/-
Mr.N.Aravind, Mrs.A.Anitha
Managing Director Director |