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Palsoft Infosystems Directors Report, Palsoft Infosys Reports by Directors
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Palsoft Infosystems

BSE: 511597|ISIN: INE969B01016|SECTOR: Computers - Software Medium & Small
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Directors Report Year End : Mar '14    Mar 13
Dear Members,
 
 The Directors have pleasure in presenting their 21st Report and
 audited accounts for the financial year ended on March 31, 2014.
 
 FINANCIAL RESULTS
 
                                                        (Rs. in Lacs)
 PARTICULARS                                       2013-14   2012-13
 
 Total Income                                       32.65     28.50
 
 Profit/(Loss) before                                0.44      0.01
 
 Depreciation & Provisions
 Depreciation                                        0.14      0.15
 
 Provisions for Doubtful                             0.00     89.30
 
 Debts & Diminution in value of Investment
 Provisions written back                             0.00     89.83
 
 Tax Expenses                                        0.00      0.00
 
 Net Profit/(Loss)                                   0.30      0.39
 
 OPERATIONS
 
 During the year under review, the Company earned total income of
 Rs.32.65 Lacs as against Rs.28.50 Lacs during the year 2012-13.
 However, the Net Profit for the year under review was Rs.0.30 Lacs as
 compared to a profit of Rs.0.39 Lacs during the year 2012-13.
 
 DIVIDEND
 
 In view of the inadequate profits in the current financial year, the
 Board regrets its inability to recommend any dividend for the year
 under review.
 
 RESERVES
 
 During the year, no amount was transferred to reserves.
 
 AUDITORS
 
 TheAuditors of the Company M/s Kalani & Company, Chartered Accountants,
 Jaipur, retire at the ensuing Annual General Meeting and being
 eligible, offer themselves for re-appointment. The Audit Committee has
 recommended to the Board, the re-appointment of M/s Kalani & Company,
 Chartered Accountants, Jaipur, the present Auditors of the Company as
 StatutoryAuditors of the Company from the conclusion of forthcoming
 Annual General Meeting for a period of 3 years till the conclusion of
 24th Annual General Meeting of the Company to be held in 2017, subject
 to approval of the shareholders at the Annual General Meeting. The
 auditors have furnished a certificate to the effect that the proposed
 re-appointment, if made, will be in accordance with Section 141 of the
 Companies Act, 2013.
 
 COST AUDITORS
 
 During the year, Board had appointed PRJ & Associates, Cost Accountant
 to furnish Compliance certificate under Companies (Cost Accounting
 Records) Rules, 2011. The Company shall duly file the Compliance
 certificate for the financial year ended March 31, 2014 with the
 Ministry of CorporateAffairs.
 
 AUDITOR''S OBSERVATIONS
 
 Observations of auditor are self explanatory and do not require any
 further to be commented by directors in this report.
 
 DIRECTORS
 
 There was no change in composition of Board of Directors during the
 financial year 2013-14. As per the provisions of newly applicable
 Companies Act, 2013, Shri Naveen Gupta will retire by rotation at the
 ensuing Annual General Meeting (AGM) of the Company and being eligible
 seeks re-appointment. To
 
 comply with the provisions of Section 149 and other applicable
 provisions of Companies Act, 2013, the Board has recommended
 appointment of Shri Naresh Kumar Gupta and Shri Rajendra Prasad Daga as
 Independent Directors of the Company for a period of five years as
 mentioned in the notice of the forthcoming Annual General Meeting.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees fall under the purview of Section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of employees)
 Rules, 1975.
 
 SUBSIDIARIES
 
 The Company does not have any subsidiary Company.
 
 CORPORATE GOVERNANCE
 
 A report on Corporate Governance along with a certificate from the
 Practicing Company Secretary regarding compliance of conditions of
 Corporate Governance is annexed and forms part of this annual report.
 
 MANAGEMENT DISCUSSION & ANALYSIS
 
 The report on Management Discussion & Analysis as required under the
 Listing Agreement with the Stock Exchanges is annexed and forms part
 ofAnnual Report.
 
 COMPLIANCE CERTIFICATE
 
 Pursuant to proviso to Section 383A of the Companies Act, 1956, a
 Company having paid up share capital of Rs. 10 Lacs and above but upto
 Rs. 500 Lacs is required to obtain Compliance Certificate from Company
 Secretary or where the Company has not employed Company Secretary then
 by Company Secretary in whole time practice.
 
 The Compliance certificate obtained from the Company Secretary is
 annexed and forms part of the Directors'' Report.
 
 PUBLIC DEPOSITS
 
 During the year under review, your Company has not
 
 accepted any deposits from public.
 
 DELISTING OF SHARES FROM JAIPUR STOCK EXCHANGE AND DELHI STOCK EXCHANGE
 
 Your directors recommended the voluntary delisting of shares from
 Jaipur Stock Exchange Limited and Delhi Stock Exchange as these Stock
 Exchanges have lost their relevance in the recent past as the
 transaction in securities are done online and in dematerialized form.
 
 The Special Resolution for delisting was passed in last AGM but the
 same could not be carried out.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the CompaniesAct, 1956, the Directors
 confirm that:
 
 1. In the preparation of the annual accounts, the applicable accounting
 have been followed along with proper explanation relating to material
 departures;
 
 2. 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 true and fair view of the state of affairs of
 your company at the end of the financial year and of the profit of your
 company for that period;
 
 3. The directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for preventing and detecting fraud and other
 irregularities;
 
 4. The Directors have prepared the annual accounts on a going concern
 basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 The particulars 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, is given in Annexure - I to 
 this Directors Report.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their appreciation for the
 co-operation extended by the Government authorities, Bankers, Customers
 and other business associates and are grateful for their assistance,
 guidance and support. Your Directors are also grateful to the
 employees, shareholders and general public for their support and
 confidence reposed in the management.
 
                            For and on behalf of the Board of Directors 
                                     Sd/-                 Sd/-
 Place : Jaipur                 (Anubha Gupta)         (Naveen Gupta)
 Date : 12.08.2014              Whole-time Director      Director
                                 DIN : 02914072        DIN : 01335569
Source : Dion Global Solutions Limited
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