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Net Vista Venture Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
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Year End :2012-06 
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

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