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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 '13    « Mar 12
To , The Members of CAPRICORN SYSTEMS GLOBAL SOLUTIONS LIMITED
 
 The Directors have pleasure in presenting the Twenty Eight Annual
 Report of your Company together with the Audited Accounts for the
 financial year ended 31st March, 2013 and the report of the Auditors
 thereon.
 
                                               (Rs. Lakhs)
 
 Particulars                             2012-13        2011-12
 
 Total Income                            332.20          241.99
 
 Expenditure                             304.83          229.85
 
 Profit before Tax, 
 Interest and Depreciation                27.37           12.14
 
 Less : Depreciation                       9.81            7.56
 
 Less : Interest                           9.83            0.21
 
 Profit before Tax                         7.73            4.37
 
 Provision for Income Tax                  2.86            2.18
 
 Provision for Deferred Tax Liability      0.38            0.71
 
 Net Profit after Tax                      4.49            1.48
 
 Profit brought forward                   60.47           58.99
 
 Balance available for appropriation      64.96           60.47
 
 Profit carried to Balance Sheet          64.96           60.47
 
 OPERATIONS & FUTURE PROPSECTS:
 
 During the year the company has successfully added new works to its
 existing contracts due to which the turnover of the company has taken a
 quantum leap compared to the earlier periods. Considering the buoyancy
 being witnessed in the US markets from where all the turnover of the
 company is presently derived, 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 Exchange
 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
 2012-13
 
 DIRECTORS:
 
 Sri. S. Murali Krishna, G. Surender Reddy have resigned as the
 Directors of the company during the year.  Your board places on record
 appreciation for the dedicated services rendered by them to the company
 during their tenure Mr. G. Ramesh Babu and Mr. K V Srinivasa Rao,
 Directors of the company who retire by rotation and being eligible
 offer them self for re appointment. The Board recommends their re
 appointment.
 
 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 Company has received a
 notice stating that they would be within the limits as prescribed under
 the provisions of Section 224 (1B) of the Companies Act, 1956. The
 Board recommends their re-appointment
 
 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.
 
 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, 2013, 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 preventing
 and detecting fraud and other irregularities;
 
 (iv) that we had prepared the annual accounts for the year ended 31st
 March, 2013 on a going concern basis.
 
 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 (Disclosure of particulars in the Report of
 the Board of Directors) Rules, 1988, for the year ended March 31, 2013
 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 USA. The management does
 not have any immediate plans to export its services to other countries.
 
 2.  Total Foreign Exchange used and earned:
 
 2012 - 2013 2011 - 2012
 
 S.
 No. Particulars of the transaction
 
                                       (in Rs.)       (in Rs.)
 
 1.  Total Foreign Exchange 
     earnings                         345,86,434     23,812,269
 
 2.  Foreign Exchange outgo               Nil           Nil
 
 a. on account of Travel                  Nil           Nil
 
 Total Foreign Exchange outgo             Nil           Nil
 
 COMPLIANCE CERTIFICATE:
 
 The Company has complied with the provisions of Corporate Governance
 under listing agreement. A Certificate from the Auditors of the Company
 regarding compliance of conditions of Corporate Governance as
 stipulated under clause 49 of the listing agreement is attached to this
 report.
 
 ACKNOWLEDGEMENTS:
 
 The Board places a record of appreciation to the Bankers, Government
 and Non Government authorities, Members and Employees of the Company
 for their continued support and confidence in the Company.
 
                             For and on behalf of the Board
 
                             For Capricorn Systems Global 
                             Solutions Limited
 
 Place: HYDERABAD
 
 Date : 02 September 2013    Sd/-
 
                             S. Man Mohan Rao
 
                             Managing Director
Source : Dion Global Solutions Limited
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