| The Directors have pleasure in presenting the Annual Report together
with Audited Accounts of your Company for the financial year ended 30th
June 2012. During the year under review your Company has made appofit of
1,56,000/- before exception al item sand aloss of 1,15,23,000/-
after exceptional items .
OPERATING AND FINANCIAL REVIEW:
(Amount in Rs.)
Particulars Year ended
june Year ended June
2012 2011
Sales
Other Income
Total Expenditure 45,94,000 11,69,000
Depreciation 0 0
Profit before Tax 1,56,000 (4,20,000)
Provision for Taxes Current
Deferred
Profit after Taxes (115,23,000) (1108,80,000)
1,58,000
OPERATIONS
During the year under review there were no significant operations.
Inaneffort to clean up the balance sheet , the management has written
down a significant portion of the amounts appearing as investments in
balance sheet . These investments were made by the prev ious management
in companies owned by the previo us director, Mr Rajiv Samani.
Your directors are hopeful of better results for the company in the
current year.
TRANSFER TO RESERVES:
In the absence of adequate profits, no amount was transferred to
Reserves.
DIVIDEND:
Keeping in mind the lack of profits, the Board of Director does not
recommend a dividend for the year under review.
SIGNIFICANT DEVELOPMENT DURING THE YEAR:
The company has started three new lines of businesses during the year
under review, viz Media, Trading and Infra projects.
PRESENT PLANNING:
Netvista IT Limited is proposing to restructure its balance sheet and
hope to recapitalize itself to gear up for new opportunities.
MANAGEMENT DISCUSSION AND ANALYSIS
Management discussion and analysis (MDA) of the company for the year
under review is attached to this report.
PUBLIC DEPOSITS
Your company has neither invited nor accepted any fixed deposit from
the public during the year under review.
AUDITORS
M/s. J. H. Ghumara, Chartered Accountants, retires at the conclusion
of this Annual General Meeting and being eligible offer themselves for
re-appointment.
DIRECTORS
In accordance with the Articles of Association of the Company, Mr.
Hiren Patel, Mr. Ankit Shah, Mr. Ashish Shivalkar and Mrs. Neelam
Shivalkar retires by Rotation and being eligible offers himself for re-
appointment. Directors commend their re-appointment.
PARTICULARS OF EMPLOYEES
There were no employees during the year drawing remuneration attracting
the provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
DIRCTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Director's Responsibility Statement, it is
hereby confirmed:
1. That in the preparation of the accounts for the financial year ended
30th June 2012; the applicable accounting standards have been followed
along with proper explanation relating to material departures.
2. That the Directors have adopted such accounting policies and
applied them consistently and made judgments estimates that were
reasonable and prudent so as to give a true and fair view of the state
affair of the Company at the end of the financial year and of the
profit or loss of the company for the year under review.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. That the Directors have prepared the accounts for the financial year
ended 30th June 2012 on a "going concern" basis.
SUBSIDIARIES:
The Company does not have any subsidiary Company.
DEPOSITORY SYSTEM:
During the year under review, the Company had electronic connectivity
with both the depositories namely Central Depository Services (India)
Limited and National Securities Depository Limited. As on June 30,
2012, 86.92% of the Company's paid-up share capital representing
1,200,000 equity shares is in dematerialized form. In view of the
numerous advantages offered by the Depository system, Members holding
shares in physical mode are requested to avail of the facility of
dematerialization of the Company's shares on either of Depositories.
GO GREEN INITIATIVE:
Very recently the Ministry of Corporate Affairs, Government of India,
through its Circular nos. 17/2011 and 18/2011 dated April21, 2011 and
April 29, 2011 respectively, has allowed companies to send the annual
reports and other official documents totheir shareholders
electronically as part of its green initiatives in Corporate, provided
the email address of the shareholder is obtained by the Company from
the shareholders.
This move by the Ministry will benefit the society at large through
reduction in paper consumption and contribution towards a Greener
Environment. It will also ensure prompt receipt of communication and
avoid loss in postal transit. Keeping the above in view, your Company
proposes to send documents such as the Notice of the Annual General
Meeting and Annual Reports henceforth to the shareholders by Electronic
means, to the e- mail address provided by them and/or made available to
the Company by the Depositories. In absence of any communication from
the shareholders, email id in the records of depositories shall be
considered registered email id of the respective shareholder. All the
shareholders who hold their shares in physical form and whose e-mail
address are not available with the Company, may if they wish to receive
the Annual Report in electronic form, please send their email to
netvistaltd@gmail.com.The Company solicits active cooperation of
shareholders in helping the Company to implement the e-governance
initiatives of the Government.
PARTICULARS ON CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
This information is required as per Section 217(1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 and forming part of the
Directors' Report for the year ended March 31, 2008 is annexed hereto.
FOREIGN EXCHANGE
Foreign exchange earned during the period under consideration was Nil.
Foreign exchange expenditure incurred during year amounted to Nil.
HUMAN RESOURCES
Your Company enjoys cordial relations with its employees. The key focus
of your Company is to attract, retain and develop talent. The Board
wishes to place on the record its appreciation of the contributions
made by all employees ensuring high levels of performance and growth
during the year.
APPRECIATION
Your Directors wish to place their gratitude and appreciation for the
devoted service of the staff and workers of the company and would also
like to place on record their gratitude to the company's bankers for
their continuous support.
ACKNOWLEDGEMENT
Finally your directors would like to thank the Shareholders for the
continued support & Co-operation. We also appreciate the valuable
support and sincere efforts put in us by you. An employee at all levels
has helped the Company to reach the position it enjoys today.
For and on behalf of the Board
Place : Mumbai Sd/- Sd/-
Dated : August 20th ,2012 Hiren Patel Ankit Shah
Managing Director Director | 