To The Members,
The directors are pleased to present the 27th Annual Report and the
Audited Accounts for the financial year ended 31st March, 2012.
CURRENT YEAR PREVIOUS YEAR
(Rs. In Lacs) (Rs. In Lacs)
Sales & Services 18.67 26.15
Other Income 0.20 0.40
Total Income 18.87 26.55
Total Expenditure 35.34 33.61
Profit / (Loss) for the period (16.47) (7.06)
Forward (16.47) (7.06)
In view of losses, your Directors do not recommend any dividend for the
year under review.
BUSINESS OUTLOOK OFTHE COMPANY
The current economic situation is extremely challenging and the
Management is planning various business initiatives to achieve growth
in the years to come. The availability of resources is big challenge in
the current business scenario. Nevertheless the Management is in
discussion with its business associates to start the business of
Monitoring of Patients''s Health Parameter. This area of business has a
vast potential. Also the company is pursuing a Mobile Banking
initiative for Rural India. There has been considerable delay in
implementing various business due to downturn in economy and difficulty
in availability of resources. However, the management is confident of
commencing these initiatives in ayear or two.
CORPORATE GOVERNANCEAND MANAGEMENT DISCUSSIONANALYSIS
A separate report on the Corporate Governance and Management Discussion
Analysis for the year under review, as stipulated in Clause-49 of the
Listing Agreement with the Stock Exchanges, has been attached as part
of this annual report.
Mr. R.Mohanlal, who retire by rotation and being eligible, offer
themselves for reappointment at the ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section-217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement - is
hereby confirmed that:
1) That in the preparation of the accounts for the financial year ended
31st March, 2012; the applicable accounting standards have been
followed along with proper explanation relating to material departures.
2) That the Directors have selected such accounting policies and
applied them consistently and made judgements 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 year and of the 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 the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
4) That the Directors have prepared the accounts for the year ended
31st hMarch, 2012, on a going concern basis.
OBSERVATIONS OF AUDITORS
As regards the observations of Auditors, in Item No.3(d) of their
Report regarding amortization of technology fees, the Board wish to
state that in view of inadequacy of profits and meltdown in business
situation all over world, the technology fees have not been amortized
and the same would be done as soon as adequate profits are available in
As regards Item No.3(f)of their Report regarding confirmation of
account balances of customers and suppliers, the Management has taken
necessary steps to obtain the confirmations. Since, all the dues from
Debtors are collectable, Hence there is no necessity of making
provision for Bad and Doubtful debts. The Board is of the view that
this would not have any material impact on the financial statement of
The members are requested to appoint Auditors for the period from
conclusion of the ensuing Annual General Meeting till the conclusion of
next Annual General Meeting. M/s Vivekanandan Associates, Chartered
Accountants retire at the ensuing Annual General Meeting and are
eligible for reappointment. The Audit Committee of the Board has
recommended their reappointment. M/s Vivekanandan Associates have
furnished the Certificate of their eligibility for reappointment under
Section-224(1) of the Companies Act, 1956. The requisite resolution is
being placed for the shareholders'' approval.
During the year under review, the Company has not accepted any fixed
deposits from the public.
None of the employees of the was in receipt of remuneration in excess
of the limits specified in Section-217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employees) Rules, 1975, as
Your Directors would like to take this opportunity to express sincere
gratitude for the assistance and co-operation from the employees,
Bankers, Customers, Vendors and Shareholders during the year under
ANNEXURE TO DIRECTORS'' REPORT
INFORMATION AS REQUIRED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT,
1956, READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF
BOARD OF DIRECTORS) RULES, 1988
A. CONSERVATION OF ENERGY
The activities of the Company require minimal consumption of energy and
every effort has been made to ensure the optimal use of energy. All
possible measures have been taken to conserve energy.
The Company has developed expertise for technology required for its
business and the same has been fully absorbed.
C. DETAILS OF POWERAND FUELCONSUMPTION
Not applicable due to nature of business
D. FOREIGN EXCHANGE EARNINGSAND OUTGO
Foreign Exchange earnings NIL
Foreign Exchange outgo NIL
Place: Chennai For and on behalf of the Board of Directors
Date: 24th May, 2012