| The Directors have pleasure in presenting the Thirteenth Annual Report
on the working of your Company together with the Audited Annual
Accounts of the Company for the financial year ended 31st March 2009.
FINANCIAL RESULTS
The comparative financial position of the Company for the year under
report and the previous year is as follows in accordance with the
provisions of clause (a) of sub-section (1) of section 217 of the
Companies Act, 1956:
Particulars Year Ended 31/03/2009 Year Ended 31/03/2008
Total Income 169,175,482 157,785,155
Expenditure
-Direct Expenses 84,425,856 69,732,600
-Personnel Expenses 42,188,857 40,830,903
-Other Expenses 21,765,314 22,307,439
-Financial Expenses 1,789,462 1,235,731
-Depreciation 4,186,942 3,920,929
Profit Before Tax for
the year 14,819,052 19,757,553
Provision for Taxation 4,433,099 7,787,000
Profit After Tax for
the year 10,385,953 11,970,553
FINANCIAL/OPERATION PERFORMANCE REVIEW : The Company has shown growth
in 2008-09, from Rs. 157.79 million in FY08 to Rs.169.17 million in
FY09 being a growth rate of 7.2% and further the Company has booked a
profit of Rs. 10.38 million in the financial year 2008-09 as compared
to Rs. 11.97 million in financial year 2007-08.
Recognitions : The IDC brand was ranked amongst the top ten firms in
consultancy space in year 2009 in a survey conducted by Business
Today-Cirrus.
TRANSFER TO RESERVES : An amount of Rs.1,244,538 has been transferred
to the reserves.
INTERIM DIVIDEND : Your Company declared an interim dividend of Rs.
3.333 per share in Financial Year 2008-09 which involved an outflow of
Rs. 5,000,000 towards dividend and Rs. 849,750 towards dividend tax.
BUY BACK OF SHARES : Your Company has not bought back any shares during
the financial year
SUBSIDIARIES : Your Company does not have any subsidiary.
PUBLIC DEPOSITS : During the year under review, your Company has not
accepted any deposits under the provisions of Section 58A of the
Companies Act, 1956, and Rules made there under.
MATERIAL CHANGES AFTER THE DATE OF BALANCE SHEET : There are no
material changes / events after the date of the Balance Sheet.
DIRECTORS RESPONSIBILITY STATEMENT : The Directors Responsibility
Statement setting out the compliance with the accounting and financial
reporting requirements specified under Section 217(2AA) of the
Companies Act, 1956, in respect of the financial statements, is as
follows:
The Directors hereby state:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
2. That the Directors had selected such accounting policies and
applied them consistently and made judgment 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 and of the
profit and loss of the Company for that period.
3. 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 prevention and detection of fraud and other
irregularities.
4. That the Directors had prepared the annual accounts on an ongoing
basis.
DIRECTORS : In accordance with the provisions of the Companies Act,
1956 and the Articles of Association of the Company, Mr. Pradeep Gupta,
Director of the Company, retires by rotation at the ensuing Annual
General Meeting and being eligible offers himself for re- appointment.
Your Directors recommend his re-appointment.
DIRECTOR IDENTIFICATION NUMBER: Pradeep Gupta: 00007520; Krishan
KantTulshan; 00009764; Shyam Malhotra: 00006456.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO : Information relating to conservation of energy,
foreign exchange earning and outgo, technology absorption viz: research
and development, Technology absorption, adaptation, and Innovation
forming part of directors report in terms of 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 as amended, has
been given in Annexure A to this report.
AUDITORS : M/s N.K. Goel & Co., Chartered Accountants and Auditors of
the Company retire at the ensuing Annual General Meeting and being
eligible offer themselves for re- appointment.
Your Directors recommend their re-appointment.
AUDITORS REPORT : The observations made by the Auditors with reference
to notes on accounts for the year under report are self-explanatory.
PARTICULARS OF EMPLOYEES : Your Company does not have any employee to
be disclosed under the provisions of sub-section 2A of Section 217 of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
HUMAN RESOURCE DEVELOPMENT : Your Company has always valued its
employees. The HR department is geared towards ensuring recruitment,
retention and development of the best talent in the industry.
Your Company practices various interactive sessions on Team Building,
Motivation and on Stress Management to keep the employees motivated and
improve their work style. Your Company also conducted various training
programs across departments for enhancing the Sales, Edit and
Managerial skill of the employees.
INDUSTRIAL RELATIONS : The relation between the Company and its
employees remained cordial throughout the year. Not a single day was
spent idle due to any strike or bad relations with the employees.
SECRETARIAL COMPLIANCE REPORT : A Secretarial Compliance Report
pursuant to the provisions of Section 383A of the Companies Act, 1956
as issued by M/s. Sanjay Graver & Associates, Company Secretaries is
annexed with this report.
ACKNOWLEDGEMENTS : Your Directors acknowledge with thanks, the support
and cooperation of the members and associates of the Company. Your
Directors also extend their gratitude toward International Data
Corporation, Inc. for providing its valued support.
Last but not the least your Directors wish to record their appreciation
for the dedicated and loyal services of the employees at all levels
without whose cooperation and efforts the achievements made by your
Company would not have been possible.
Above all, the Directors thank the valued clients for the continued
patronage extended by them to your Company.
For and on behalf of the
Board of Directors of IDC (India) Limited
Sd/- Sd/-
Place: New Delhi Pradeep Gupta Krishan Kant Tulshan
Date: 23 June, 2009 Director Director |