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Capricorn Systems Global Solutions Directors Report, Capricorn Reports by Directors
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Capricorn Systems Global Solutions
BSE: 512169|ISIN: INE968E01012|SECTOR: Computers - Software Medium & Small
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Directors Report Year End : Mar '14    « Mar 13
The Members,
 
 CAPRICORN SYSTEMS GLOBAL SOLUTIONS LIMITED
 
 The Directors have pleasure in presenting the Twenty Ninth Annual
 Report of your Company together with the Audited Accounts for the 
 financial year ended 31st March, 2014 and the report of the Auditors 
 thereon.
 
                                                       (Rs. Lakhs)
 Particulars                                        2013-14  2012-13
 
 Total Income                                        416.38   332.20
 
 Expenditure                                         394.20   304.83
 
 Profit before Tax, Interest and Depreciation         22.18    27.37
 
 Less : Depreciation                                   9.20     9.81
 
 Less : Interest                                       0.51     9.83
 
 Profit before Tax                                    12.48     7.73
 
 Provision for Income Tax                              5.55     2.86
 
 Provision for Deferred Tax Liability                 (0.39)    0.38
 
 Net Profit after Tax                                  7.32     4.49
 
 Profit brought forward                               64.96    60.47
 
 Balance available for appropriation                  72.28    64.96
 
 Profit carried to Balance Sheet                      72.28    64.96
 
 OPERATIONS & FUTURE PROPSECTS:
 
 During the year the company has been successful in delivering the works
 to its existing contracts. Backed by the robust committed orders the
 turnover of the company has recorded a consistent growth path.
 Considering the consistent recovery being made in the n the US markets
 from where the business of the company is sourced , the outlook for the
 company is healthier the company expects to achieve higher turnover
 during the coming years .
 
 CORPORATE GOVERNANCE:
 
 The Corporate Governance Report regarding compliance of the conditions
 of corporate governance by your Company as stipulated in clause 49 of
 the Listing Agreement entered into with The Bombay Stock Ex- change
 Limited is annexed to this Report.
 
 MATERIAL CHANGES:
 
 There are no material changes affecting the business of the Company
 after the date of the Balance Sheet.  DEPOSITS:
 
 During the year under review the Company has not accepted any deposits
 from public as defined under the provisions of Section 58 A of the
 Companies Act, 1956
 
 DIVIDEND:
 
 No dividend is recommended by the Board of Directors for the year
 2013-14 DIRECTORS:
 
 Pursuant to Section 149 of the Companies Act,2013 , the Board at its
 meeting held on 1st September, 2014 recommended appointment of Mr.
 Anand Deshmukh, Mr. K.V. Srinivasa Rao and Mr. G. Ramesh Babu as
 independent directors of the company not liable to retire by rotation
 for 5 years from the date of its 29th Annual General Meeting of the
 company subject to approval of the members of the Company.
 
 The Directors have given declaration to the Board that they meet
 criteria of independence as provided under Section 149(6) of the said
 Act and also confirmed that they would abide by the provisions as
 mentioned in Schedule IV of the Companies Act,2013. The Board
 recommends the resolutions for your approval for the above
 appointments.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956
 we, the Board of Directors of the Company hereby state:
 
 (i) that in the preparation of the annual accounts for the year ended
 31st March, 2014, the applicable accounting standards had been followed
 along with proper explanation relating to material departures;
 
 (ii) that we 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 profit of the
 Company for that period;
 
 (iii) that we 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 prevent-
 ing and detecting fraud and other irregularities;
 
 (iv) that we had prepared the annual accounts for the year ended 31st
 March, 2014 on a going concern basis.
 
 AUDITORS:
 
 M/s Satyanarayana & Co., Chartered Accountants, the Statutory Auditors
 of the Company retire at the conclusion of the ensuing Annual General
 Meeting and are eligible for re-appointment. The said auditors have
 furnished the certificate of their eligibility for the reappointment.
 Pursuant to the provisions of the Section 139 of the Companies Act,2013
 and the Rules framed there under, it is proposed to appoint M/s.
 Satyanarayana & Co as Statutory Auditors of the Company from the
 Conclusion of the forthcoming AGM till the conclusion of the 32nd
 Annual General Meeting to be held in the year 2017 subject to
 ratification of their appointment at the subsequent AGMs.
 
 PERSONNEL:
 
 During the year under review, there were no employees drawing
 remuneration in excess of the limits laid down in Section 217(2A) of
 the Companies Act, 1956 read with the Companies (Particulars of
 Employee''s) Rules, 1975.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 The disclosures required under Section 217(1) (e) of the Companies Act,
 1956 read with Companies (Dis- closure of particulars in the Report of
 the Board of Directors) Rules, 1988, for the year ended March 31, 2014
 are as follows:
 
 A. CONSERVATION OF ENERGY:
 
 a. Adequate measures have been taken to conserve energy wherever
 possible.
 
 b. Additional investments and proposals, if any, being implemented for
 reduction of consumption of energy: NIL
 
 c. Impact of measures for reduction of energy consumption / energy
 conservation: NIL
 
 B. RESEARCH AND DEVELOPMENT & TECHNOLOGY ABSORPTION :
 
 1. The company has an Inhouse team for upgradation / development of
 technologies and products.
 
 2. Benefits Derived : Faster turn around time in delivery of the
 projects.
 
 3. Future plan of action : Enhancing the capacity & capability of the
 team as per growth needs of the company.
 
 C. In case of imported technology, imported during the last 5 years
 reckoned from the beginning of the financial year, following
 information may be furnished:
 
 a. Technology Imported: N. A. b. Year of Import: N. A.
 
 c. Has technology fully absorbed areas where this has not been taken
 place, reasons thereof and plan of action: N. A.
 
 D. FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 1. Activities relating to exports, initiatives taken to increase
 exports, development of new export markets for products and services,
 and export plans:
 
 The entire software developed is exported to the Company belonging to
 the promoters. The management does not have any immediate plans to
 export its services to other countries.
 
 2. Total Foreign Exchange used and earned:
 
 Particulars of the transaction              2013 - 2014   2012 - 2013
                                                 (in Rs.)  (in Rs.)
 
 Total Foreign Exchange earnings             359,91,018    345,86,434
 
 Foreign Exchange outgo                             Nil          Nil
 
 a. on account of Travel                            Nil          Nil
 
 Total Foreign Exchange outgo                       Nil          Nil
 
                                      For and on behalf of the Board
                      For Capricorn Systems Global Solutions Limited
 
 Place: HYDERABAD
 Date : 1 September 2014    Sd/-
                            S. Man Mohan Rao
                            Managing Director 
                            DIN : 00109433
Source : Dion Global Solutions Limited
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