| The Members of,
M/s SMS Techsoft (India) Limited
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accounts for the financial year ended
on 31st March 2014.
Financial Results (Rs. inlacs)
Particulars FY 2013-14 FY 2012-13
Sales 20.00 48.50
Other income 10.00 10.80
Depreciation 13.65 14.72
Other expenses 07.40 43.56
Profit/Loss before Tax -00.95 01.02
Profit/Loss after Tax -00.95 00.55
During the year company could not achieve reasonable level of growth
because of various reasons. Turnover of the company has also been
decreased in comparison to the previous year due to termination of land
acquisition programme planned to envisage its expansion plan in 2011-12
on account of title deficiency issue recovered recently in the acquired
land. Further, the Company has also planned to expand operational
activity and new avenues such as data purchase for business development
and henceforth the Company had incurred loss in the current year. The
company will try to achieve the performance as previous year in terms
of turnover as well as profit in next year by making more initiative in
the activities of the company.
Personnel
Your directors' wish to place on record their appreciation for the
contribution to growth of the business made by employees at all levels.
Information as required pursuant to section 217(2A) of the companies
Act, 1956 has not been given, as it is not applicable^
Auditors
M/s K. R. Shah & Associates, Chartered Accountants, Ahmedabad, Auditor
of the Company (Firm Registration No.: 109642W) holds office until the
conclusion of the ensuring Annual General Meeting. As per newly
inserted Section 139 of the Companies Act, 2013, they are appointed for
a term of five consecutive financial years, for which necessary
resolution is put to vote in this AGM, as stated in the item no. 3 of
the notice, they are eligible for appointment to conduct statutory
audit The company has received certificate from the auditor to the
effect that their appointment if made, would be within the prescribed
limits under the Companies Act.
Notes to the accounts referred to in Auditor's report are self
explanatory and therefore do not call for any further comments.
Deposits
During the year under review, Company has not accepted any Deposits
failing under Section 58A of Companies Act, 1956.
5. Energy. Technology And Foreign Exchange
The additional information required to be disclosed in terms of
notification No.1029 dated 31st December, 1998 issued by the Department
of Company Affairs, Ministry of Finance is not applicable.
6. Directors' Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
confirm that:
L In the preparation of Annual Accounts, appropriate accounting
standard have been followed-
fi_ Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of state of affairs of the
company at the end of financial year ended 31st March, 2014.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on going concern basis.
7. Directors:
As per provisions of Section 152(6) of the Companies Act, 2013, Mr.
Devraj Peranaidu, Director liable to retire by rotation, offers himself
for re-appointment at the general meeting and if appointed as Director
of the Company, be appointed as an Independent Director for consecutive
five financial years as per provisions of Section 149 of the* Companies
Act, 2013. Mr. Darshan Mistry is being appointed as an Independent
Director for three consecutive five years as per provisions of Section
149 of the Companies Act, 2013. Mrs. Anita Kadanthalai is being
appointed as a Woman Director as per provisions of Section 149 of the
Companies Act, 2013. Mr, Dashrathkumar Khatri and Mr. Dilip Gajjar, has
resigned from the Directorships of the Company during the year.
Necessary resolutions for the appointment /re-appointment of the
aforesaid directors have been included in the notice convening the
ensuing AGM and details of the proposal for appointment / re-
appointment are mentioned in the explanatory statement of the notice.
Your directors commend their appointment / re-appointment. All the
directors of the Company have confirmed that they are not disqualified
from being appointed as directors in terms of Section 164 of the
Companies Act, 2013 (Previously being Section 274(1) (g) of the
Companies Act, 1956).
8. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is
annexed herewith.
9. Acknowledgements
Your Directors wish to please on record their appreciation of the whole
hearted co- operation extended to company from various departments of
the central and state governments, company' bankers and financial
institutions and employees of the company and look forward for the same
cordial relationship in coming years.
PLACE: COIMBATORE FOR AND ON BEHALF OF THE BOARD
DATE: 18/07/2014
CHAIRMAN
Mr. V. Jagadish
(DIN:02112261) | 