The Directors are presenting the 6th Annual Report of the Company
together with Audited Accounts for the year ended March 31, 2008.
FINANCIAL RESULTS (Rupees in Lacs)
2007 - 2008 2006 - 2007
1 Net Sales/Income from Operations 4272.40 3813.28
2 Total Income 4272.40 3813.28
3 Total Expenditure (Excluding
Interest and Depriciation) 4054.22 3537.36
4 Interest 86.29 85.94
5 Gross Profit after Interest but
before Depreciation and
Taxation (2-3-4) 131.89 189.98
6 Depreciation 121.59 55.11
7 Profit before Taxation (5 - 6) 10.30 134.87
8 Provision for Taxation 3.46 45.39
9 Net Profit after Tax (7-8) 6.84 89.48
Business Overview: Present business & future prospectus
The Company has till date successfully launched its low budget laptops
in the market gaining substantial media coverage and brand awareness.
The demand for this low budget laptops has been far greater than
expected with the Company having to limit its marketing to try and meet
its demand in order to support the Companys financial model. Due to
the high demand of our current models, the Company has withheld its
launch of its sub-Rs.15,000 laptop till first quarter of 2009 to ensure
full disposal of its previous models (to prevent product obsolescence)
and to create a big impact in the market with better cash flow model
generated from sales of its previous models. The new Rs. 15,000 product
has been fully tested and ready for supply since June 2008.
The Company has installed its service unit in vasai and it is planned
to be fully functional with state of the art machinery within next few
The Company has installed a software division and has already
successfully accomplished part of its first contract from US.
Within year 2009, the Company shall makes its national service hub in
vasai fully functional. This shall provide chip-level diagnostics and
repairs of all PCBs within laptops of any brand giving ACI an edge over
all its competitors, providing cost effective repairs to systems of all
brands and in turn winning over customers. The Company is currently
working on a sub-Rs. 10,000 laptop which it intends to announce and
launch June/July 2009. The Company plans to strengthen its software
division in year 2009 to help increase its top bottom line venturing
into real-time embedded software.
Due to fire broke out in our Accounts dept., all the records had been
destroyed and management in trying to revive datas and records.
During the year, Mr. Jay Sampat and Ms. Namita Agarwal have been
appointed as an Additional Directors of the Company. They holds the
office up to the date of the forthcoming Annual General Meeting under
Section 260 of the Companies Act, 1956. Notice has been received by
your company from a member along with the required deposit, under
section 257 of the Act, proposing their candidature for appointment as
During the year, Mr. Bharat Vyas, Wholetime Director and Mr. Sanjay B
Mehta resigned due to their own accord.
Mr. Kanti R Pindoria, Director and Mr. K.K.Patel, Director retire by
rotation at the forthcoming Annual General Meeting, and being eligible,
offer themselves for re-appointment.
In absence of the adequate profits, the directors do not recommended
any dividend during the financial year.
The Company has not accepted any deposits from the public during the
year under review.
Your Company believes in coherent and self-regulatory approach in the
conduct of its business to achieve highest standard of Corporate
Governance. It has complied with the requirement of the Corporate
Governance as stipulated by SEBI. A separate report on Corporate
Governance along with Auditors Certificate on its compliance is
annexed to and forms part of the report.
Relations between the employees and the Management continued to be
cordial during the year. A statement of particulars of employees as
required under section 217 (2A) of the Companies Act, 1956 is not
annexed hereto as none of the employees drawing remuneration exceeding
Rs.2,00,000/- p.m. or Rs.24,00,000/- p.a.
Your Company continued to receive unstinted support and co-operation
from its retailers, stockist, suppliers of goods/ services and all
others associated with it. Your Board wishes to record its appreciation
and your Company would continue to build and maintain strong links with
its business partners.
Energy, Technology Absorption and Foreign Exchange:
Details of energy conservation and research and development activities
undertaken by the Company along with the information in accordance with
the provisions of Section 217(1)(e) of the Companies Act read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, are annexed hereto and forms part of this
M/s G.C.Patel & Co., Chartered Accountants, was appointed as Auditor of
your Company in the last Annual General Meeting of the Company.
However, M/s. G.C.Patel & Co. has since resigned as the auditors of
your Company and M/s. Uday Pasad & Associates., Chartered Accountants
was appointed as Auditors of your Company by the Postal Ballot held on
18th November, 2008 and hold the office as Auditor of your Company till
the conclusion of the forthcoming Annual General Meeting and have
expressed their willingness to be reappointed. Their reappointment, if
made, would be within the limits specified under section 224 (1-B) of
the Companies Act, 1956. Members are requested to reappoint them and
fix their remuneration.
Directors Responsibility Statement:
Pursuant to Section 217 (2A) of the Companies Act, 1956, the Directors,
based on the representation received from the Operating Management,
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii) That the Directors 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 ended on
31st March, 2008 and of the profit of the Company for that period;
iii) 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
iv) That the Directors have prepared the annual accounts on a going
The Directors sincerely appreciate the high degree of professionalism,
commitment and dedication of the employees at all levels.
Registered Office : For and on behalf of the Board
501-503, Morya Estate,
New Link Road,
Mumbai - 400 053.
Hirji Kanji Patel Jay Sampat
Date: 30th November, 2008 Managing Director Director