To The Members
The Directors have great pleasure in presenting the TWENTY SECOND
Annual Report together with the Audited Accounts of your Company for
the Financial Year ended 31.03.2013.
Members would be happy to note that your company has had a successful
year of operation, which has resulted in an after tax profit of Rs.
The highlights of the Financial Results of your Company are as under:-
year ended For the
Sl. Particulars 31.3.2013 31.3.2012
No. Rs. in Lacs Rs. in Lacs
1 Income from operations 2115.57 1687.72
2 Non-operating income 53.64 59.68
3 Total expenditure (including financial 1367.18 1111.88
charges and Depreciation)
4 Profit before Taxes 802.03 635.51
5 Provision for deferred tax (16.87) (15.84)
6 Provision for current tax 280.00 230.00
7 Net Profit 538.90 421.35
8 Dividend & tax thereon 65.52 55.79
9 Transfer to General Reserve 200.00 200.00
10 Balance carried forward to Balance Sheet 273.38 165.56
11 Paid up Equity Share Capital 400.00 400.00
Your Directors are pleased to recommend a dividend of 14% on the Equity
Share Capital of the Company for the year ended March 31, 2013. The
dividend, if approved by the Shareholders will be paid out of the
profits of the Company for the year to all those equity shareholders
whose names appear on the Register of Members of the Company as on
20.06.2013, being the record date and to those whose names appear as
beneficial owners on the records of National Securities Depository
Limited and Central Depository Services (I) Limited as on 20.06.2013.
Your Company currently enjoys 100% occupancy level. The company had
expanded the lettable area to another 26000 sqft by modifying and
refurbishing the erstwhile administrative block.
The statement pursuant to Sec 212 of the Companies Act, 1956,
containing the relevant details of the Company''s subsidiary is
Pursuant to Section 233(B)(2) of the Companies Act, 1956, the Board of
Directors on the recommmendation of the Audit Committee, appointed
Shri.P.Raju Iyer, a Cost Accountant, as Cost Auditor of the Company.
Your Company follows the principles of effective Corporate Governance
Practices. The Company has taken steps to comply with the revised
Clause 49 of the Listing Agreement with the Stock Exchanges. A report
on Corporate Governance is given under separate section titled
Report on Corporate Governance and forms part of the Annual
The Management Discussion and Analysis Report also form part of the
LISTING OF SHARES
Your Company''s shares are listed presently in Madras Stock Exchange
Limited and Bombay Stock Exchange Limited. Also, the Company''s shares
are traded on the National Stock Exchange.
DEMATERIALISATION OF EQUITY SHARES
As on 31.03.2013, 37,40,836 numbers of equity shares are held in
Dematerialized Form, which constitutes 93.52% of total shareholding.
The company has not invited and accepted Fixed Deposits from the
Under the provisions of the Articles of Association of the Company
three of your Directors Thiru P.S.Kumar, Thiru R. Ganapathi and Thiru
K. Kasim retire by rotation at the forth coming Annual General Meeting.
All of them, being eligible, offer themselves for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Sec. 217(2AA) of the Companies (Amendment) Act, 2000, the
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2013, the applicable Accounting Standards have
been followed and that there are no material departures;
(ii) that they have 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 they have taken proper and sufficient care to the best of
their knowledge and ability for the maintenance of the 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 they have prepared the annual accounts on a going concern
M/s S.H. Bhandari & Co. Chartered Accountants, Chennai, the Statutory
Auditors of the Company retire at the conclusion of this Annual General
Meeting and have expressed their willingness to continue as auditors of
the company for the ensuing financial year. Necessary special
resolution has been proposed for appointing them as auditors pursuant
to Sec 224A of the Companies Act, 1956.
Industrial relations, during the period under review, continued to
PARTICULARS OF EMPLOYEES
None of the employees of the Company were in receipt of remuneration,
which in the aggregate exceeded the limits fixed under sub-section (2A)
of Section 217 of the Companies Act, 1956. CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
As the company is not an industrial undertaking, particulars with
regard to conservation of energy and technology absorption required to
be given under these heads in accordance with the provisions of Section
217(1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 are not applicable.
EARNINGS IN FOREIGN EXCHANGE : NIL
EXPENSES INCURRED IN FOREIGN CURRENCY DURING THE YEAR : NIL
Your Directors wish to express their sincere thanks to the Government
of Tamil Nadu, Electronics Corporation of Tamil Nadu Ltd., State Bank
of India, Industrial Finance Branch, Chennai and the Company''s
customers for their support and co-operation extended to the Company.
Your Directors also wish to place on record their appreciation for the
good work put in by the employees of your Company.
For and on behalf of the Board of Directors,
Place : Chennai Atul Anand, IAS
Date : 03.05.2013 CHAIRMAN