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IOL Netcom

BSE: 512185|NSE: IOLN|ISIN: INE517C01011|SECTOR: Computers - Software Medium & Small
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IOL Netcom is not listed on BSE
IOL Netcom is not listed on NSE
Download Annual Report PDF Format 0611
Directors Report Year End : Jun '11    Jun 10
Dear Members,
 
 The Directors have pleasure in presenting the 26th Annual Report on
 the business and operations of your Company and the Audited Financial
 Statements for the year ended 30th June 2011.
 
 FINANCIAL RESULTS
 
                                                    (Amount in Rupees)
 
 Particulars                           For the year ended
                                30th June 2011         30th June 2010
 
 Total Income                      1,14,52,319            9,19,11,110
 
 Total Expenditure                 2,45,31,610           16,07,80,182
 
 Profit / (Loss) before 
 interest and depreciation        (1,30,79,291)         (6,88,69,072)
 
 Less: Interest                      55,88,819             61,07,570
 
 Depreciation                     10,66,92,378          14,07,88,162
 
 Profit / (Loss) before 
 prior period expenses          (12,53,60,488)        (21,57,64,804)
 
 Less: Prior period Expenses        0.00 0.00                 -
 
 Profit / (Loss) Before Tax     (12,53,60,488)        (21,57,64,804)
 
 Less : Fringe Benefit Tax             -                    8,22,000
 
 Deferred Tax                          -                      -
 
 Profit / (Loss) After Tax      (12,53,60,488)        (21,65,86,804)
 
 Balance brought forward        (67,90,22,597)        (46,24,35,792)
 
 Balance carried to 
 Balance Sheet                  (80,43,83,085)        (67,90,22,597)
 
 Transfer to Reserves
 
 In view of the loss incurred by the Company for the year ended June 30,
 2011 no amount is proposed to be transferred to the Reserves.
 
 Dividend
 
 In view of the loss incurred during the year, your Directors do not
 recommend any dividend.
 
 Capital Expenditure
 
 The Company has made no capital expenditure during the financial year.
 
 Review of Operations
 
 The company has achieved net sales of Rs. 114.52 lacs during the year
 end June 30, 2011 as against sale of Rs. 919.11 lacs during the
 previous year, a decrease by 87.54%. The net loss for the year ended
 June 30, 2011 increased to Rs. 912.26 lacs from previous year. On a
 paid up capital of Rs. 2939.14 lacs the earning per share work out to
 Rs. (4.58).
 
 SIGNIFICANT CORPORATE DEVELOPMENTS
 
 The Board has forfeited the 92,50,000 warrant issued on November 28,
 2001 and December 1, 2009 due to non receipt of the remaining amount
 within the period of 18 month from the date of allotment. The period of
 18 month expire on May 2011. The company has obtained listing approval
 from NSE of 20,38,043 equity shares allotted to HT Media Ltd.  on
 December 29, 2009. However the listing approval from BSE is still in
 process.
 
 SUBSIDIARY COMPANY
 
 There is no subsidiary company as on date.
 
 DISCLOSURE OF EMPLOYEE STOCK OPTIONS AS PER SEBI (EMPLOYEE STOCK OPTION
 SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME) GUIDELINES, 1999
 
 As of date, Company has not granted any options under the ESOP Scheme
 2005.
 
 PUBLIC DEPOSITS
 
 Your Company has neither invited nor accepted or renewed any deposits
 from the public during the year under report.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of the Company, Shri P L Chaturvedi, Independent Director of
 the Company, who is due to retire at the forthcoming Annual general
 meeting has given his unwillingness for re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to requirement under Section 217(2AA) of the Companies Act,
 1956 and based on the representations received from the Operating
 Management and on the basis of discussion with Statutory Auditors, the
 Board of Directors hereby confirms;
 
 in the preparation of the annual accounts for the financial year ended
 30th June 2011, the applicable accounting standards have been followed
 along with proper explanation relating to all material departures;
 
 that the Directors had selected such accounting policies and have
 applied them consistently and made judgments and estimates that were
 reasonable and prudent so as to give a true & 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;
 
 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
 irregularities;
 
 that the Directors have prepared the annual accounts for the financial
 year ended 30th June 2011 on a ''going concern'' basis.
 
 COMMITTEE
 
 There are no Committee after the death of Shri S N Parikh. The Company
 is in process of appointment of new Independent Directors.
 
 REPORT ON CORPORATE GOVERNANCE
 
 The Company has made due compliance revised clause 49 of the listing
 agreement.
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, a Management Discussion and Analysis Report and a Corporate
 Governance Report are made as a part of this Annual Report.
 
 A Certificate from the Chartered Accountant in practice regarding
 compliance of the conditions of Corporate Governance as stipulated by
 Clause 49 of the Listing Agreement is attached to this report.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS / OUTGO
 
 The information required under Section 217(1)(e) of the Companies Act,
 1956 read with the Companies (Disclosure of Particulars in the Report
 of the Board of Directors) Rules, 1988, with respect to this matter is
 appended hereto and forms part of this report.
 
 EMPLOYEES
 
 There are no employee which information is furnished as required under
 Section 217(2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975.
 
 AUDITORS
 
 M/s Dargar & Co., Chartered Accountants, the Auditors of your Company,
 holds office till the conclusion of the ensuing Annual General Meeting
 and is eligible for re-appointment. The Company has received a letter
 from M/s. Dargar & Co., to the effect that their appointment as
 Auditors, if made would be within the limits under Section 224(1-B) of
 the Companies Act, 1956.
 
 AUDITORS'' REPORT
 
 The observation of Auditors contained in their report have been
 adequate, dealt with in the notes to accounts given in schedule ''N''
 which are self -explanatory and therefore do not call for any comments.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Since the Company is a provider of telecommunication services, most of
 the information as required under Section 217(1)(e) of the Companies
 Act, 1956, read with the Companies (Disclosure of particulars in the
 report of the Board of Directors) Rules, 1988, as amended is not
 applicable. However, the information as applicable has been given in
 annexure A to this report.
 
 APPRECIATION
 
 Your Directors would like to place on record their sincere gratitude to
 the Stakeholders, Department of Telecommunications (DoT), Telecom
 Regulatory Authority of India (TRAI), the Central Government, the State
 Governments, Financial Institutions, Business Associates and Company''s
 Bankers for their continued support and faith in the Company. Your
 Directors are also happy to place on record their appreciation for the
 whole-hearted co-operation, commitment and contribution made by all the
 employees and look forward to their continued support.
 
                             For and on behalf of the Board of Directors
 
                                                                    Sd/-
                                                       Siddhartha S Bose
                                                       Managing Director
 
 Place: Mumbai
 
 Date: November 14, 2011
Source : Dion Global Solutions Limited
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