| The Directors have pleasure in presenting the-18th Annual Report and
the Audited Statement of Accounts of your Company for the financial
year ended 31st, March, 2007.
FINANCIAL RESULTS : (Rs. In Lacs)
Particulars 2006-07 2005-06
Sales and other Income 06.10 07.25
Loss before Interest (0.38) (0.16)
Depreciation & Tax
Less : Depreciation
Loss before Tax & Interest (0.38) (0.16)
Provision for Taxation & Interest
Loss after Taxation & Interest (0.38) (0.16)
Balance brought forward 50.45 50.61
from previous year
Balance carried forward 50.07 50.45
to next year.
AUDITORS
It is recommended to appoint M/S P. R. AGARWAL & AWASTHI, Chartered
Accountants, the Statutory Auditor for the current year and fix their
remuneration.
PARTICULARS OF EMPLOYEES
The particulars as required under section 217(2A) of the Companies Act,
1956 read the Companies (Particulars of Employees) Rules, 1975 are not
given or non of the Employees of your Company is covered by the
prescribed amount of remuneration in this connection.
DIVIDEND
In view of the loss suffered during the year, Directors are unable to
recommend any dividend on the equity shares for the year under review.
CLAIM FOR FIRE
The insurance company sanctioned claim of Rs. 1 lacs which is taken by
PNB who does not have a charge registered with the Registrar Of
Companies.
FIXED DEPOSIT
The Company has not invited/received any Fixed Deposit from the public
during the year under report.
LITIGATION
There is no litigation against company except a matter in DRT II, by
Punjab National Bank. The Decree issued by DRT II is disputed by the
company as it differentiates in amounts and dues of directors in
personal capacities.
DIRECTORS
MR. SANJAY RATHI Director of the Company retires by rotation at the
ensuing Annual General Meeting and being eligible for offers him-self
re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT.
Your Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2. 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 your Company at the end of the financial year and of the profit or
loss of the Company for that period under review;
3. 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
your Company and for preventing and detecting frauds and other
irregularities;
4. That the Directors had prepared the annual accounts for the year
ended 31st march, 2007 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGOING.
The information as required by the Companys (Disclosures of
particulars in the report of Board of Directors) rules, 1988 is given
in the annexure forming part of the report.
ACKNOWLEDGEMENT.
Your Directors wish to place on record their appreciation for the whole
hearted and sincere co- operation, the company has received from its
dealers, suppliers, various Government Authorities & Share Holders of
the Company.
By Order of the Board of Directors
For Watson Software Limited
Directors
Place : Mumbai
Date : 11.07.2007 | 