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Fourth Generation Information Systems Ltd.

BSE: 532403 | NSE: | Series: | ISIN: INE739B01039 | SECTOR: Computers - Software Medium & Small

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Fourth Generation Information Systems is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2005

Director’s Report

Dear Members, We have pleasure in presenting the 16th Annual Report with Audited Statements of Accounts for the year ended 31st March 2014. FINANCIAL HIGHLIGHTS AND OPERATIONS: The operating results for the year are as follows: (Rupees in Lakhs) Particulars 2013-2014 2012-2013 Income 43.51 66.28 Expenditure 65.71 72.37 Profit/(Loss) before tax (22.20) (6.09) OPERATIONS: During the year 2013-14, the Company had a turnover of Rs. 43.51 lakhs against which the Company incurred a net loss of Rs. 22.20 lakhs as compared to the turnover of Rs. 66.28 Lakhs and a net loss of Rs. 6.09 Lakhs in the previous year 2012-13. DIVIDEND: Your Directors have decided not to recommend dividend for the year. PUBLIC DEPOSITS: Your Company has not accepted any deposits falling within the meaning of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, during the financial year under review. LISTING: The equity shares of your company are listed on the BSE Limited and Ahmedabad Stock Exchange Limited. CAPITAL OF THE COMPANY: The Authorized capital of the company stands at Rs.12,95,00,000 divided into 1,29,50,000 equity shares of Rs. 10/- each. Paid up capital of the company stands at Rs.3,55,00,000 divided Into 35,50,000 equity shares of Rs. 10/- each. SUBSIDIARY COMPANY: The Company does not have any subsidiary company. MANAGEMENT DISCUSSION AND ANALYSIS: A detailed review of operations, performance and future outlook of your Company and its businesses is given in the Management Discussion and Analysis, which forms part of this Report. DIRECTORS: Pursuant to the notification of Section 149 and other applicable provisions of Companies Act, 2013, your Directors are seeking appointment of Mr. K. Sudheer, K. Santosh Reddy and Mr. C. N. Mallikarjuna Reddy as Independent Directors for five consecutive years for a term upto 31st March, 2019. Details of the proposal for appointment of Mr. K. Sudheer, K. Santosh Reddy and Mr. C. N. Mallikarjuna Reddy are mentioned in the Explanatory Statement under Section 102 of Companies Act, 2013 of the Notice of 16th Annual General Meeting. In accordance with the Companies Act, 2013, Mr. T. Srivenkata Ramana retires by rotation and is eligible for reappointment and your Board recommends the re-appointment of the Director above said. In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000 your directors confirm: i) that the directors in the preparation of the annual accounts the applicable accounting standards have been followed along with proper explanations relating to material departures. ii) that the directors 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. iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safe guarding the assets of the company and for preventing and deleting fraud and other irregularities. iv) that the directors had prepared the annual accounts on the going concern basis. COMPLIANCE CERTIFICATE: Your company has obtained a secretarial compliance certificate under proviso to subsection (1) of Section 383A of Companies Act, 1956 from M/s. S.S.Reddy & Associates, Practicing company secretary which forms part of this report. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUT GO : The required information as per Section 217 (1) (e) of the Companies Act 1956 is provided hereunder: A. Conservation of Energy: The Company''s operations are not energy intensive. Adequate measures have been taken to conserve energy wherever possible by using energy efficient computers and purchase of energy efficient equipment. B. Technology Absorption: 1. Research and Development (R&D) : NIL 2. Technology absorption, adoption and innovation : NIL C. Foreign Exchange Earnings and Out Go: Foreign Exchange Earnings : NIL Foreign Exchange Outgo : NIL PARTICULARS OF EMPLOYEES: There is no employee who is falling under Section 217 (2A). Therefore, the disclosures required to be made under Section 217 (2A) of the Companies Act, 1956 and the rules made there under are not applicable. CODE OF CONDUCT: The Code of conduct has been circulated to all the members of the Board and Senior Management and the compliance of the same has been affirmed by them. Code of conduct has also been placed on the website the company. A declaration signed by the Managing Director is given elsewhere in the Annual report. AUDITORS: Your directors propose the appointment of M/s. M. M. Reddy & Co., as statutory auditors to hold office until the conclusion of the next Annual General Meeting of the company. CORPORATE GOVERNANCE: As a listed company, necessary measures have been taken to comply with the listing agreements of Stock Exchanges. A report on Corporate Governance, along with a certificate of compliance from the Auditors forms part of this Report as Annexure. ACKNOWLEDGEMENTS: Your directors would like to express their grateful appreciation for assistance and co-operation received from clients, banks, investors, Government, other statutory authorities and all others associated with the company. Your directors also wish to place on record their deep sense of appreciation for the excellent contribution made by the employees at all levels, which enabled the company to achieve sustained growth in the operational performance during the year under review. For and on behalf of the Board of Fourth Generation Information Systems Limited Sd/- Place: Hyderabad C. N. Somasekhar Reddy Date: 12.08.2014 Managing Director (DIN: 02441810)

Director’s Report