| Dear Members,
The Directors are pleased to present 33rd Annual Report and Audited
Statement of Accounts of QPRO Infotech Limited for the year ended 31st
March, 2014
This report has been prepared on the basis of the legal requirements
under the Companies Act, 1956. As per General Circular No.08/2014
issued by the Ministry of Corporate Affairs (MCA) dated 04/04/2014, the
provisions of the Companies Act, 2013 will become applicable for all
disclosures required under the Act for the year 2014-15 and subsequent
years.
FINANCIAL RESULTS:
(Amount in Rs.)
Particulars 31-03-2014 31-03-2013
Gross Receipt / Other Income 0.00 0.00
Profit / Loss before Tax (126,122) (56,022)
Provision for Tax 0.00 0.00
Profit / Loss after Tax (126,122) (56,022)
Balance Brought forward (22,533,681) (22,477,659)
Balance carried to Balance Sheet (22,659,803) (22,533,681)
Business Review:
* During the year under review, the Company could not undertake any
business operations. But looking at the improved market conditions and
better political stability, the Company is hopeful to achieve good
performance in coming years.
* During the year under review, the company sifted its Registered
Office to Shop No.39- B,,Ground Floor,Shourie Complex Super Market,Near
Bombay Bazar, J P Road,Andheri- West, Mumbai-400058, w.e.f. 14th
February, 2014.
DEPOSITORY SYSTEM:
The equity shares of the Company are available for dematerialization
through Depository participants, on both the Depositories viz. National
Securities Depository Ltd. (NSDL) and Central Depository Services
(India) Ltd. (CDSL).
DEPOSIT:
The Company has not taken /invited any deposits from the public during
the year. The outstanding amount is NIL as on 31st March, 2014.
To the best of their knowledge and belief and according to the
information and explanation obtained by them, your Directors make the
following statement pursuant to Section 217(2AA) of the Companies Act,
1956:
1. That in the preparation of Annual accounts for the year ended March
31, 2014. the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any.
2. That the appropriate accounting policies had been selected and
applied consistently, and judgments and estimates have been made that
were reasonable and prudent so as to give a true and fair view of the
state of affairs of the company as at March 31, 2014.
3. That the Directors had 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 accounts have been prepared on a "going concern basis".
PARTICULARS OF EMPLOYEES:
Statement giving particulars of employees as required under Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules 1975, as amended, is not annexed to this report as
no employee was in receipt of the remuneration in excess of the
prescribed sum during the year.
STATEMENT UNDER SECTION 217(I)(e):
Statement pursuant to Section 217(I)(e) of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules 1988, is given below:
* The Company has no activities relating to conservation of energy.
* The Company has made no provision for research and development
expenditure.
* The Company has no activity relating to technology absorption,
adoption and innovation.
* The Company has no activity relating to foreign exchange earnings and
outgo.
AUDITORS NOTES AND OBSERVATIONS:
Auditors have made certain observations in their report. These have
been appropriately dealt with in the notes to accounts which are
self-explanatory.
AUDITORS:
Your Directors propose appointment of M/s S.B.JAJOO & CO, Chartered
Accountants, whose appointment as been duly approved by the Audit
Committee and who shall hold office from the conclusion of this meeting
till the conclusion of the sixth annual general meeting, with this
meeting being counted as the first meeting and will be subject to
ratification in every Annual General Meeting till the sixth Annual
General meeting by way of passing of an ordinary resolution and to fix
their remuneration.
Also a certificate under Rule 4 of the Companies (Audit and Auditors)
Rules, 2014 has been received from the Auditors to the effect that the
Auditor is eligible for appointment and is not disqualified for
appointment under the Act, the Chartered Accountants Act, 1949 and the
rules or regulations made there under and proposed appointment is
within the limits laid down by or under the authority of the Act.
RESTRUCTURING OF THE BOARD OF DIRECTORS POST IMPLEMENTATION OF
COMPANIES ACT 2013:
The Board of Directors in its meeting held on 08th August 2014
reconstituted the Board of Directors of the Company in pursuant to
various provisions of the Companies Act 2013 as follows:
Name of Director Designation KMP position held
MR. ANKIT GARODIA Managing Director Chief Executive Officer
MR. SMAHESH Executive Director Chief Financial Officer
MR.SUNDARAM Independent
SANKARANARAYANAN Director -
MR. SHASHIKANTA NAYAK Independent -
Director
Further, your Directors confirm that in pursuance to the provisions of
the Companies Act, the Company in due course will appoint Women
Director and One More Director in the capacity of Non-executive
Independent Director which will strengthen the Board further and will
be helpful in empowering the Board of the Company to achieve higher
performance thereby resulting in overall growth of the Company.
CORPORATE GOVERNANCE:
Pursuant to the Circular No. 08/2014 of Ministry of Corporate Affairs
dated 04th April 2014, the Company has prepared its financial
Statements including Directors Report, Auditors Report as per the
provisions of the Companies Act 1956. Reports on Corporate Governance
and Management Discussions & Analysis are annexed and form part of this
report.
FIXED DEPOSITS:
Your company has neither invited nor accepted any Fixed Deposits from
the public during the financial year under review.
LISTING AGREEMENTS REQUIREMENTS:
The securities of your company are listed at BSE Limited. However the
same is suspended by BSE & company is in process to relist the same.
APPRECIATION:
The Board of Directors wish to place on record their appreciation for
the co-operation and support of the Company's Bankers, its valued
customers, employees and all other intermediaries concerned with the
company's business.
Your directors sincerely thank all members for supporting us during the
difficult days. We look forward to your continued support and reiterate
that we are determined to ensure that the plans are successfully
implemented.
BY ORDER OF THE BOARD,
For QPRO Infotech Ltd.
Place: Mumbai Sd/- Sd/-
Dated:08thAugust,2014 Ankit Garodia Anitha Mahesh
Director Director |