| Dear Members,
The Directors are delighted to present their 22nd Annual Report along
with the Audited Accounts for the financial year ended 31st March 2014.
Financial Performance :
Particulars Standalone Consolidated
2014 2013 2014
Income From Operations
Job work Charges 1129500 944000 1129500
Sale of Software Exports 4100000 - 4100000
Sale of News paper 2895000 155000 2895000
Sale of Solar Power Pack - - 55000
Other Income 358473 4507 416473
Total Income from Operations 8482973 1103507 8595973
Profit before Depreciation & Tax 97109 50522 102339
Less: Depreciation 62885 15642 62885
Profit before taxation 34224 34880 39454
Less: Provision for Taxation
Less: Depreciation 6521 - 8123
MAT Credit Entitlement -6521 - -6521
Deferred Tax 10575 10464 10575
Net Profit after tax 23649 24416 27277
Add: Balance b\f from previous -15132953 -15157369 -15132953
year
Balance available for -15109304 -15132953 -15105676
appropriation
Appropriation - - -
Balance carried to Balance Sheet -15109304 -15132953 -15105676
RESULTS OF OPERATIONS
our Company has recorded a total income of Rs 84.82 lacs in 2014 of
which 52.29 lacs from Software and Information Technology Business, Rs.
28.95 lacs from Newspaper & Publishing and Rs. 3.58 lacs as interest
income. In the last year income from Software and Information
Technology Business was Rs.9.44 lacs , from Newspaper & Publishing was
Rs. 1.55 lacs and as interest income was Rs. .045. The Net Profit after
tax is Rs.0.23 lacs in 2013 against the Net Profit after tax of Rs.
0.024 lacs in the previous year.
RESERVES
Looking to the accumulated losses, the board proposes no transfer to
reserve for the period.
DIVIDEND
The Directors of the Company are not recommending any dividend looking
to the accumulated loss in the Company.
BUSINESS
The Company is engaged in Information Technology Business and News
Paper Printing and Publishing and has started earning profit. The
Company expects a good business in coming years.
SUBSIDIARY COMPANIES
During the year your company has acquired whole equity shares of the
Sakshi Powertech Private Limited, except for maintained requisite no.
of member in the company.
During the year, the board of director reviewed the affairs of the
subsidiary companies. As per section 212 of the companies act, 1956, we
are required to attached the Balance Sheet, Statement of Profit and
Loss Account and other document of our subsidiary. The Ministry of
Corporate Affairs, Government of India vide its Circular No. 2/2011
dated February 8, 2011, exempted companies from complying with section
212 , provided such companies publish the audited consolidated
financial statement in the Annual Report. The company has published the
audited consolidated financial statement for the fiscal year 2014 and
the same forms part of this Annual Report. Accordingly, this Annual
Report does not contain the financial statement of our subsidiary. As
per Accounting Standards -21 "Consolidated Financial Statements" Para
30 On the first occasion that consolidated financial statements are
Presented, comparative figures for the previous period need not be
presented.", hence we are presenting only current financial year's
consolidated financial performance.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS
The Company has been proactive in following the principles and
practices of good governance. The Company has taken adequate steps to
ensure that the condition of corporate governance as stipulated in
Clause 49 of the Listing agreements of the Stock Exchange is complied
with.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000,
the Directors hereby state and confirm that:
(i) In the preparation of the annual accounts, the applicable
accounting Standards have been followed along with proper explanation
relating to Material departures.
(ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are responsible
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 of the Profit and Loss Account
and Cash Flow Statement for the year ended March 31st, 2014.
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting standards 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.
(iv) The annual accounts have been prepared on a going concern basis.
FIXED DEPOSITS
The Company has not accepted any Fixed Deposits during the year. The
Company does not have any Fixed Deposits with it since inception.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Particulars with regards to conservation of energy etc, as required
under Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are not applicable as the Company is not a
manufacturing Company.
The foreign exchange earning and expenditure of the Company is as
follows
1. Earning Foreign Exchange US $ 68610.10
2. Expenses in Foreign Exchange Nil
DIRECTORS
Shri Vineet Shrivatsava director of the Company retires by rotation and
being eligible offer himself for re- election.
AUDITORS
M/s M.S. Dahiya and Company Chartered Accountants (ICAI FRN.-013855C),
Statutory Auditor of the company, hold office till the conclusion of
the ensuing Annual General Meeting and are eligible for re-appointment.
The Company has received letter from M/s M.S. Dahiya and Company to the
effect that their appointment, if made, would be in accordance with
section 139 of the Companies Act, 2013 and that, they are not
disqualified for such appointment within the meaning of section 141 of
the Companies Act, 2013.
The notes on Accounts referred to in the Auditors Report are
self-explanatory and therefore do not call for any further comments.
PARTICULARS OF EMPLOYEES
The particulars of employees, required to be furnished under section
217(2A) of the companies Act 1956 read with companies (Particulars of
Employees ), Rules 1975 as amended, there are no employees covered by
the said Rules.
ACKNOWLEDGEMENT
The Directors place on record their sincere appreciation for the
encouragement, co-operation and support receive by the Company from the
local authorities, banks, customers, suppliers, and business their
sincere appreciation of the valuable services rendered by the employees
of the Company at all levels.
For & on Behalf of Board of Directors
Rajesh Jain
Place : Indore Director
Date : 17/05/2014 |