To,The Members of ABEE INFO-CONSUMABLES LIMITED.
The Directors hereby present the 20th Annual Report together with the
Audited Accounts of your company for the year ended March 31, 2012.
1. FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2012
are as under:
PARTICULARS FOR THE YEAR ENDED
FOR THE YEAR ENDED 31.03.2012 31.03.2011
Income 1,37,47,083 1,01,14,047
Less: Expenditure 1,45,02,778 1,65,70,772
Net Profite / (Loss) before Tax (755,696) (6,456,025)
Less : Provision for Tax 0.00 0.00
Less : Deferred Income Tax (21,877) (1,77,416)
Profit / (Loss) after Tax before
Less: Extraordinary items NIL NIL
Loss after extraordinary items (733,819) (6,278,609)
Add: Opening balance (73,231,166) (66,952,557)
of General Reserves
Balance Carried over to (73,964,985) (73,231,166)
Earnings per Share (0.07) (0.63)
2. ANNUAL PERFORMANCE & FUTURE PROSPECTS:
During the period under review, the company has incurred losses of Rs.
733,819/- The Company has relatively strived to reduce the losses this
year as compared to the earlier year''s losses which were Rs.
6,278,609/-. The company''s turnover has basically reduced due to the
change in printing technology and reduction in the usage of Dot Matrix
Printers and heavy competition from the unorganized sectors.
Your Directors are continuously looking for avenues for future growth
and development of the Company.
In absence of Profits, Your Directors do not recommend any dividend for
the year ended 31st March, 2012.
4. BOARD OF DIRECTORS:
During the period under review, the following changes in the
composition of the Board of Directors took place;
a. Maj. Gen. Prabhakar Deshpande were regularized as the Independent
Directors of the company w.e.f 30th September, 2011.
b. Mr. Shamsunder Bhandari and Mr. Purushottam Kabra, who were liable
to retire by rotation at the Annual General Meeting held on 30th
September, 2011 were reappointed as the Directors of the company.
In accordance with the provisions of the Companies Act, 1956, Mrs.
Priya somani and Mrs. Radhika Joglekar, Directors of the company retire
by rotation at the ensuing Annual General Meeting. The Company has
received consent letters from the said Directors offering themselves
for reappointment as the Directors of the company.
5. COMMITTEES OFTHE BOARD OF DIRECTORS:
In pursuance to complying with the Listing Agreement, your Company has
The Details of the Committee are as follows;
Name Of The Committee Current Constitution Of The Committee
Audit Committee 1 Mr. Purushottam Kabra Independent Director
2 Maj. Gen. Prabhakar
Deshpande Independent Director
3 Mrs. Radhika Joglekar Executive Director
Grievance 1 Mr. Purushottam Kabra Independent Director
Committee 2 Mrs. Radhika Joglekar Executive Director
3 Mrs. Priya B. Somani Executive Director
Remuneration 1 Mr. Shamsunder Bhandari Independent Director
Committee 2 Maj. Gen. Prabhakar
Deshpande Independent Director
3 Mr. Purushottam Kabra Independent Director
4 Mr. Badrinarayan
B. Somani Chairman & Managing
6. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company hereby confirms that;
i. in preparation of the Annual Accounts, the applicable accounting
standards have been followed;
ii. the Directors had selected such Accounting Policies and applied
them consistently and made 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 at the end of the financial year and of the loss of the
company for that period;
iii. the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv. the Directors had prepared the Annual Accounts on a going concern
7. CASH FLOW STATEMENT:
In conformity with the provisions of Clause 32 of the Listing
Agreement, the cash flow statement for the year ended 31st March, 2012
is annexed hereto.
M/s. Pawar & Associates, Chartered Accountants, Pune retire as the
Statutory Auditors of the company at the ensuing Annual General Meeting
and being eligible offer themselves for reappointment. As required
under the provisions of Section 224(1B) of the Companies Act, 1956, the
company has obtained a written certificate from them to the effect that
their reappointment, if made, would be in conformity with the limits
specified in the said section.
9. AUDITORS REPORT:
The comments of the Directors to the Remarks made by the Auditors in
the Auditors Report have been given in Annexure 1 which forms a part of
10. PUBLIC DEPOSITS:
During the period under review, the company has not accepted any
Deposits falling within the meaning of Section 58A of the Companies
Act, 1956 read with the Companies ( Acceptance of Deposits ) Rules,
1975. The company has not any unpaid / unclaimed deposit(s) as on March
11. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OFTHE COMPANIES
The company does not have any employee in the company drawing
remuneration in excess of the prescribed limits as given under the
provisions of the Companies Act, 1956. Thus no particulars are required
to be given as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975, as amended.
12. DETAILS OF CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
The Details pertaining to the Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo have been given in
Annexure 2 which forms a part of this Report.
13. CORPORATE GOVERNANCE AND REPORT THEREON:
The Company is committed to maintain the sustainable business growth
through standards of Corporate Governance. The Directors adhere to the
requirements set out by the Securities and Exchange Board of India''s
Corporate Governance practices. The Managing Director of the company
has certified that the matters stated in the Financial Statement are
fair and true. The Report on Corporate Governance and the Management
Discussion and Analysis Report as on 31st March, 2012 as stipulated ''
under Clause 49 of the Listing Agreement forms part of this Report.
The requisite Certificate has been obtained from the Statutory Auditors
of the Company confirming compliance with the conditions of Corporate
Governance as stipulated under the Clause 49 of Listing Agreement forms
a part of this Annual Report.
14. GREEN INITIATIVE:
Asa good Corporate Governance and Environment friendly method, your
company has decided to initiate the procedure for issuing Reports/
Notices and servicing of other documents to its Members, Directors,
Auditors and all the persons entitled to receive the same through
electronic mode. For the same purpose the company has also issued
letters to all the Shareholders of the company for communicating us
their email Id. The Management requests all the shareholders to provide
their email Id''s to the company, So that the company can look forward
to the GREEN INITIATIVE. We are sure that you would appreciate the
Green Initiative taken by MCA (Ministry of Corporate Affairs and your
company''s desire to participate in such initiative.
15. SUSPENSION OF TRADING ACTIVITY IN BOMBAY STOCK EXCHANGE:
As per our earlier communication to all the Shareholders of the
company, Bombay Stock Exchange has suspended the trading of Shares of
the company since 01.01.2008. We would like to inform you that the
company has taken all necessary steps to comply with the requisite
provisions of the Companies Act, 1956 as well as the Listing Agreement.
The Company has been continuously replying to all the queries of the
Stock Exchange and getting positive replies from them. The Company is
taking continuous efforts and is attempting to revoke the suspension at
the earliest and the Directors are hopeful to get the company re-listed
in the near future.
The Directors whole-heartedly regret the inconvenience caused to the
members and Investors of the company. But the reasons for the same are
beyond the control of the management.
16. INVESTORS'' RELATION AND GRIEVANCES:
Investors'' relations have been cordial during the year. As a part of
compliance, the Company also has Shareholders'' Grievance Committee to
deal with the issues relating to investors grievances and redressed.
There are no pending investors'' grievances as on 31st March, 2012. A
confirmation to this effect has been received from the Company''s
Registrar and Share Transfer Agent.
Your Directors place on record their gratitude and appreciation for the
continued support extended during the year by the company''s clients,
business associates, bankers and government authorities. Your Directors
also place on record their appreciation of the dedication and
contributions made by employees at all levels including the workmen,
who through their commitment, hard work and support have steered the
BY ORDER OF THE BOARD
FOR ABEE INFO- CONSUMABLES LIMITED,
CHAIRMAN & MANAGING DIRECTOR