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Nexxoft Infotel Director Report
BSE:532045 | IND:Others | ISIN code:INE249H01010 | SECT:General
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You can view full text of the Director's Report for Nexxoft Infotel Ltd.
Director Report
We have pleasure in presenting the 22nd Annual Report with Audited
Statements of Accounts for the year ended 31st March 2013.
FINANCIAL HIGHLIGHTS FOR THE YEAR 2012-13:
Rupees in Lakhs
Particulars 2012-13 2011-12
Income
-Software Development Services 1567.05 2928.10
-Other Income Nil Nil
Total Income 1567.05 2928.10
Expenditure 1064.38 2168.32
Depreciation 971.20 1196.23
Profit before the Tax (551.06) (915.44)
Less: Provision for tax (including 438.79 (57.72)
fringe benefit tax and deferred
tax)
Profit (Loss) after Tax (112.26) (973.16)
OPERATIONS:
The Ministry of Corporate Affairs (MCA) vide notification no. S.O.
447(E) dated 28th February, 2011 amended the existing Schedule VI to
the Companies Act, 1956. The Revised Schedule VI is applicable from
financial year commencing from 1st April, 2011. The financial
statements of your Company for the year ended 31st March, 2013 have
been prepared in accordance with the Revised Schedule VI and
accordingly, the previous year''s figures have been reclassified/
regrouped to conform to this year''s classification.
The Company has recorded a turnover of Rs. 2928.10 lakhs and loss of
Rs. 973.16 Lakhs in the current year against the turnover of Rs 8851.21
lakhs and loss of Rs. 257.08 Lakhs in the previous financial year
ending 31.03.2013.
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, 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 Bombay Stock Exchange.
CAPITAL OF THE COMPANY:
Authorized capital of the company stands at Rs. 370,000,000 divided
into 37000000 equity shares of Rs. 10/- each. Paid up capital of the
company stands at Rs.272,260,500 divided into 27,226,050 equity shares
of Rs. 10/- each.
INSURANCE:
The company''s properties have been adequately insured against major
risks. All the insurable interests of your Company including
inventories, buildings, plant and machinery and liabilities under
legislative enactments are adequately insured.
DIRECTORS:
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Director namely Mr. Ganesh Rao retires
by rotation and being eligible, offers himself for re- appointment at
this ensuing Annual General Meeting. Your Directors recommend his re-
appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
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 director 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 director had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT GO:
The required information as per Sec.217 (1) (e) of the Companies Act
1956 is provided hereunder:
A. Conservation of Energy:
Your 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.
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. A declaration signed by the Managing Director is given in
Annexure.
AUDITORS:
Your directors propose reappointment of M/s. MM 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.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed review of operations, performance and future outlook of your
Company and its businesses is given in if Management Discussion and
Analysis, which forms part of this Report.
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
Nexxoft Infotel Limited
Sd/-
Place: Hyderabad G. Dhananjaya Reddy
Managing Director
Statements of Accounts for the year ended 31st March 2013.
FINANCIAL HIGHLIGHTS FOR THE YEAR 2012-13:
Rupees in Lakhs
Particulars 2012-13 2011-12
Income
-Software Development Services 1567.05 2928.10
-Other Income Nil Nil
Total Income 1567.05 2928.10
Expenditure 1064.38 2168.32
Depreciation 971.20 1196.23
Profit before the Tax (551.06) (915.44)
Less: Provision for tax (including 438.79 (57.72)
fringe benefit tax and deferred
tax)
Profit (Loss) after Tax (112.26) (973.16)
OPERATIONS:
The Ministry of Corporate Affairs (MCA) vide notification no. S.O.
447(E) dated 28th February, 2011 amended the existing Schedule VI to
the Companies Act, 1956. The Revised Schedule VI is applicable from
financial year commencing from 1st April, 2011. The financial
statements of your Company for the year ended 31st March, 2013 have
been prepared in accordance with the Revised Schedule VI and
accordingly, the previous year''s figures have been reclassified/
regrouped to conform to this year''s classification.
The Company has recorded a turnover of Rs. 2928.10 lakhs and loss of
Rs. 973.16 Lakhs in the current year against the turnover of Rs 8851.21
lakhs and loss of Rs. 257.08 Lakhs in the previous financial year
ending 31.03.2013.
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, 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 Bombay Stock Exchange.
CAPITAL OF THE COMPANY:
Authorized capital of the company stands at Rs. 370,000,000 divided
into 37000000 equity shares of Rs. 10/- each. Paid up capital of the
company stands at Rs.272,260,500 divided into 27,226,050 equity shares
of Rs. 10/- each.
INSURANCE:
The company''s properties have been adequately insured against major
risks. All the insurable interests of your Company including
inventories, buildings, plant and machinery and liabilities under
legislative enactments are adequately insured.
DIRECTORS:
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Director namely Mr. Ganesh Rao retires
by rotation and being eligible, offers himself for re- appointment at
this ensuing Annual General Meeting. Your Directors recommend his re-
appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
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 director 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 director had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT GO:
The required information as per Sec.217 (1) (e) of the Companies Act
1956 is provided hereunder:
A. Conservation of Energy:
Your 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.
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. A declaration signed by the Managing Director is given in
Annexure.
AUDITORS:
Your directors propose reappointment of M/s. MM 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.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed review of operations, performance and future outlook of your
Company and its businesses is given in if Management Discussion and
Analysis, which forms part of this Report.
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
Nexxoft Infotel Limited
Sd/-
Place: Hyderabad G. Dhananjaya Reddy
Managing Director
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
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