| The directors have pleasure in presenting their 28th Annual Report
together with the Audited accounts of the Company for the year ended 31
st March 2013.
FINANCIAL PERFORMANCE
The performance of the Company during the year and the highlights are
given below:
(in Rupees)
PARTICULARS 2013 2012
Profit/ (Loss) before Interest and
Finance Charges and Depreciation 6,98,195 8,17,097
Interest and Finance Charges 1,45,985 1,35,242
Profit/(Loss) before Depreciation 5,52,210 6,81,855
Depreciation 4,81,861 5,58,097
Profit/(Loss) after Depreciation before Tax 70,349 1,23,758
Preliminary Expenses Nil Nil
Profit/(Loss) before Tax 70,349 1,23,758
Provision for Income Tax, Current Tax,
Deferred Tax Nil Nil
Profit/(Loss)after Tax but before dividend 70,349 1,23,758
BUSINESS PLAN
The Company has its presence spanning across USA, UK, Germany and UAE
and its focus areas are Web / e-commerce solutions, software
application development and information processing. The Company is
doing software projects in PHP, Java, Web applications, Android
applications etc. The Company is committed to software development in
open source platform. The Company has a social networking portal called
vanavil.com.
DIRECTORS
Mr. D. Ravichandra Babu retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
His re-appointment is recommended.
CORPORATE GOVERNANCE
Your Company attaches considerable significance to good Corporate
Governance as an important step towards building investor confidence
and maximize long term shareholder value. Pursuant to Clause 49 of the
Listing Agreement with the Stock exchange, a Compliance Certificate on
Corporate Governance has been annexed as a part of this Annual Report.
DEPOSITS
The Company has not accepted any Fixed Deposits from the public.
DIVIDEND
No dividend is recommended during the financial year ended 31 st March
2013.
AUDITORS
Mr. W.S. Madhavann FCA, Chartered Accountant, Chennai, Statutory
Auditor of the Company retires at the ensuring Annual General Meeting.
His re-appointment is recommended.
COMPLIANCE CERTIFICATE
As per the provisions of Companies Act, 1956 the Company has to
circulate the Compliance Certificate from a Company Secretary.
Accordingly, Mr. P. Srinivasa Rao, Practising Company Secretary has
issued a certificate and the same is circulated along with this report.
DISCLOSURE OF PARTICULARS
Disclosure as per requirements of Section 217 (2) (e) of the Companies
Act, 1956 read with the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules 1988, with respect to energy
conservation, technology absorption is nil.
In respect of Foreign Exchange earnings and Outgo (in US $), details
are given below:-
Foreign Exchange Earnings: US $ 39,400
Foreign Exchange Outgo: US $ 12,000
PERSONNEL
There were no employees in the Company who were in receipt of
remuneration pursuant to the provisions of Section 217 (2A) of the
Companies Act, 1956 and the rules framed thereunder.
DIRECTORS RESPONSIBILITY STATEMENT
In Compliance with the provisions of Section 217 (2AA) of the Companies
Act, 1956 (the Act) your Directors hereby confirm that:
- In preparing the Annual Accounts for the year ended 31.03.2013 all
the applicable standards have been followed.
- Accounting policies were adopted and applied 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 as at
31.03.2013.
- Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing/detecting
fraud and irregularities have been taken.
- The Annual accounts have been prepared on a 'going concern' basis.
ACKNOWLEDGEMENT
Your directors thank and acknowledge the continuous co-operation and
assistance extended by Bank of Maharashtra, Punjab National Bank,
Indian Bank, BSE Limited, Cameo Corporate Services Ltd., our employees
and the various customers who are patronising our products.
For and on behalf of the Board
Sd./-
V. PARANDHAMAN
Chairman
Date: 6.8.2013
Place: Chennai
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