| Dear Members,
The Directors feel pleasure in presenting 26th Annual Report along with
the audited accounts for the year ended 31st March 2014.
FINANCIAL RESULT
The Directors wish to inform you that the total revenue for the year is
22.09 cr as compared to previous year where it was Rs 33.12 cr .
The income from the BPO business for the current year is Rs 10.33 cr as
compared to the 18.43 in the previous year. There is decrease in the
revenue due to low volume of work received from the foreign clients.
Your Directors are constantly looking for new projects to the taken up.
During the financial year 2013-2014 ,In the real estate business, the
company has completed the construction of major part of the industrial
building at Gurgaon and the lease deed for the building has also been
signed with the tenant.
The summarized operating results are as under:-
FINANCIAL HIGHLIGHTS
(Rs. In lacs)
As on 31.3.2014 As on 31.3.2013
SALES & OTHER INCOME 2209.74 3312.01
PROFIT BEFORE FIN CHARGE 727.22 1095.90
INTEREST / FINANCIAL EXP 235.35 226.86
PROFIT AFTER TAX 423.44 514.85
Profit of the company has decreased from Rs. 514.85 to 423.44 . Your
Directors are constantly working for getting new projects and it is
hopeful that results for the financial year 2014-15 will be better.
DIVIDEND AND RESERVE
The company propose to transfer Rs 42343749 to the general reserve out
of the profit during the year. Your Directors propose to conserve the
profit for the future requirement of the company. Hence do not propose
to declare any dividend during the year under consideration.
RETIRING DIRECTORS
Mr Parmanand Sharma, Mr Devinder Kumar Vasistha, Sh Kuldeep Sandhu and
Mrs Nirmala Malik Directors , the office of whom are liable to retire
by rotation at the forth coming Annual General meeting . They have
shown their inability to continue as Directors of the company and have
not offered themselves for reappointment.
Mrs. Nisha Malik and Mr. Vijay Singh Kadan Directors, retire by
rotation and being eligible , have offered themselves for
reappointment.
DIRECTOR'S RESPONSIBILITY STATEMENT
The Directors confirm that
1. In the preparation of annual accounts, the applicable accounting
standards have been followed except the A.S. 15 regarding accounting
for retirement benefits i.e. provision for retirement benefits has not
been made.
2. That appropriate accounting policies have been selected and applied
consistently, and judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at 31st March 2014 and profit of the company for the
year ending on that date.
3. That 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; and
4. That the annual accounts for the financial year ending 31st March,
2014 have been prepared on going concern basis .
FIXED DEPOSITS
Company has not accepted any deposits during the year nor there any
unclaimed deposits due for repayment at the close of the financial
year.
SUSPENSION OF TRADING OF SHARES
Your Directors are consistently following up the matter of revocation
of suspension of share trading with Stock Exchanges and have completed
all necessary documents from time to time as per the direction of the
exchanges.
The company is regularly doing all the compliances time to time as per
the requirement of listing agreement and laws relating thereto.
The company has also filed applications with NSDL and CDSL for
dematerialization of share. However the process will be completed as
soon as the company gets the listing ce rtificate from the from the
Stock Exchange.
REAL ESTATE BUSINESS
Duri ng the financial year 2013-2014, in the real estate business, the
company has completed the construction of major part of the industrial
building at Gurgaon and the lease deed for the building is also signed
with the tenant.
AUDITORS
M/s. Vinod Kumar & Associates, Chartered Accountants hold the office
till the conclusion of ensuing annual general meeting and being
eligible offers them self for reappointment.
AUDITOR'S REPORT
The Auditors report on the accounts have been extensively dealt with in
the notes to the accounts and is self explanatory.
EMPLOYEES
Yours Directors wish to place on record the appreciation for the
dedication and hard work put in by the employees at all levels.
CORPORATE GOVERNANCE
A certificate from the auditors of the company regarding compliance of
conditions of corporate governance as stipulated in the clause 49 of
listing agreement is attached to this report.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation of the sincere
contributions by our bankers and other Government departments for their
support. Your Directors also acknowledge with thanks the continued
confidence and valued cooperation extended by the business constituents
and shareholders of the company
For and on behalf of the Board
For Hartron Communications Limited
Randhir Singh Malik
Place: Panchkula Chairman
Date: 14.08.2014 DIN NO 00307612 | 