| To, The Members of Dot Com Global Limited
The Directors have pleasure in presenting before you the 21st ANNUAL
REPORT of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2013.
(Amounts in Lakhs)
FINANCIAL RESULTS 2012-2013 2011-2012
Revenue from Operation 36.73 35.25
Employee Benefit Expenses 32.56 11.13
Depreciation and Amortization 0.22 0.29
Expenses
Other Expenses 484.82 23.84
Profit (Loss) Before Tax (480.88) (0.02)
Provision for Taxation - -
Profit (Loss) After Tax (480.88) (0.02)
OPERATIONAL HIGHLIGHTS
During the year under review, company has posted a turnover of Rs.36.73
Lacs as against previous year turnover of Rs.35.25 Lacs registering
about 4.20% growth. Company has made significant efforts in creation of
market and name for its quality it services and Software activity.
Further to report that Company is taken serious initiatives for
development of business and make dent in market share through good
marketing strategies. Your directors are therefore confident of coming
out with significant growth in the future years and thereby wiping out
losses incurred in the previous years and posting a decent growth.
The Company faces huge loss on sale of its investments of Rs.39 lacs
this year. Apart from it there are also write-off of Advances and
Sundry Debtors of Rs. 195.31 Lacs and Rs.237.58 Lacs respectively. The
loss of the Company therefore increased contrary to the promised made
by the management last year.
DIVIDEND
Your directors do not recommend any Dividend for the year ended on 31st
March 2013 due to expansion and growth plans.
PUBLIC DEPOSITS
During the period under review the Company did not accept deposits in
terms of Section 58A of the Companies Act, 1956 and pursuant to the
provision of the Non-Banking Financial Companies (Reserve Bank)
Direction 1997.
DIRECTORS
- Mr. Somasekharareddy Nallappareddy Chittor has been appointed as
Additional Directors of the Company on February 22, 2013. As per the
provisions of Section 260 of the Act, he shall hold office only up to
the date of the forthcoming Annual General Meeting (AGM) of the Company
and is eligible for appointment as Directors. The Company has received
notice under Section 257 of the Act, in respect of the above person,
proposing his appointment as a Director of the Company. Resolutions
seeking approval of the members for the appointment of Mr. Somasekhara
Reddy Nallappareddy Chittor as Director of the Company have been
incorporated in the Notice of the forthcoming AGM along with brief
details about them.
- Mr. Srivenkata Ramana Tammisetti and Mr. P. Obul Reddy, Directors,
retire by rotation and being eligible have offered themselves for
re-appointment.
- Ms. Suneetha Indukuri has resigned from the office of Director of
the Company with effect from February 22, 2013.
AUDITORS
M/s L N P & Co Chartered Accountants, Hyderabad, who are the statutory
auditors of the Company, hold office, in accordance with the provision
of the Act up to the conclusion of the forthcoming AGM and are eligible
for re-appointment.
The Company has received letter from them to the effect that their
appointment if made would be within the prescribed limits under Section
224 (1B) of the Companies Act, 1956.
SUBSIDIARY COMPANIES
The Company does not have any group companies and Subsidiary companies.
CHANGE IN REGISTERED OFFICE:
During the year the Registered office of the company is shifted from
Nawab House, 2nd Floor, 63, Maharshi Karve Road, Mumbai,
Maharashtra-400002 to The Avenue, #604/605, 6th Floor, Opposite Hotel
Leela, Sahar Road, Andheri (East), Mumbai - 400099 with effect from
18th January 2013.
LISTING
The Equity Shares of the Company are listed on the Bombay Stock
Exchange (BSE) where the trading of the securities is currently
suspended w.e.f 01.10.2002.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended up to
date.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors hereby report that:
a) in the preparation of annual accounts, the applicable accounting
standards have been followed;
b) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are responsible and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year ended 31st March 2013;
c) Proper and sufficient care has been taken 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;
d) annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report as Annexure A certificate from
Statutory Auditors with regards to the compliance of the corporate
governance, as stipulated in Clause 49 of the Listing Agreement, by the
company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non-mandatory provisions of
Clause 49.
ACKNOWLEDGEMENT
The Board of Directors takes the opportunity to thank the Bankers and
Government for the Co- operations and support by them from time to time
in the operation of the company during the year. The Board also places
on record its deep appreciation for the contribution made by the
employees at all levels.
Place :Mumbai By order of the Board
Date : 31-08-2013 For Dot Com Global Limited
SD/-
Mallikarjuna Reddy C N)
Chairman | 