Annual Report07-08

8/4/2019 Annual Report07-08

1/19

AKLSoFT l{DH{FoSYSlllDlA}rD13.Nill{UAL EPORT

YEAR l{llED31.03.2008


2/19

AKL SOFTAND INFOSYS INDIA) LTD.NOTICE of the 13'r'AnnualGeneralMeeting

Noticc s hercbygiven hat the 13'r'AnnualGeneralMeetingof theMembcrs of "RrL SOFTAND INFOSYSINDIA)LIMITED"u'i l l beheldon Monday.the 30'hSep2008at 10.00 m at 325,PatelRoad,Rar.n agar,Coirnbatore 641009 totransacto he ollou ngbusiness:-ORDINARYBUSINESS

l. To receive, onsider ndadopt he AuditedBalance heet f the colnpany s at

2.

31" March2008and he Profitand LossAccount or the lnancialyearended s onthat datealongwith Reports f theBoardof Directors ndAuditors he hereon.To appointa Director n the placeof Mr.K.N. Vittal who retiresby rotationandbeingeligible,offershirnself or re appointment.To appoint heAuditorsand ix their emuneration.

Place CoimbatoreDate 28th uly2008

By orderof theBoard

Sd/ V. JagadishManagingDirector

NOTESl. A rnernber ntitled o attend ndvoteat themeeting s entitled o appointa PROXY to

attendand vote on his behalfand heproxyso appointed eednot be a rnember f thecompany.Proxies o be effectivemust be deliveredat the RegisteredOfhce of thecompanynot ess han48 hoursbeforemeeting.

2. The ShareTransfbrBook and Register f Members f the companywill rernain losedfiom 25tr'September008 o 27't'September008,bothdays nclusive.


3/19

AKL SOFTAND TNFOSYSrNDtA)LTD.DIRECTOR'S REPORT'TO SHARE IIOLDERS

Your directors re happy o present ou the l3thAnnual Reportof your Company orthe yearended3 " March 2008

PERFORMANCEThe financial year, under review u,as parlicularly a very unlavorableone to the

soft\varendustry.The slow down of the westemeconomies dversely ffected o the Indiansoftware ndustry n suflered lossof Rs.7,01,045or theyearas cornparedo Rs. 12,76,566last year.Your directorshopc that in the currentyear the colnpanywill be able to post abetterperforrnance.

DIVIDENDIn view of tl -reosssuff'eredy thecompany o dividend ouldbe recommended.

DEPOSI'I 'SThe Cornpanyhas not accepted ny Fixed Deposits,within the meaningof Section

58A of Cornpanies ct, 1956.DIRECTORS

Mr. MANI VIJAYA RAGHAVAN is retiring by rotation at the ensuingAnnualGeneral Meeting and being eligible offers hirnself for reappointrnent. r.Mani VijayaRaghavan s a successful usinessrnan aving yearsof experience n management. iscontinuationn theboardwill be beneficial o the organization.

-3-


4/19

CONSER\/ATIO\ OF' E\T-RG\'. TF-CI{\OI,OGY.' ABSORPTION AND FOREIGNEXCI IANGEEARI \GS .{ \D OI . ' t ( ]O :

During thc' \ L-alunder rfpoft tncrc $ as no uranuf-acturingctivity in the company.Nou netv technology tas been adoptedor absorbed nd therewas no foreign exchangeeanrings f outgo.

PARTICULARS OF EMPLOYF]ESUNDER SECTON 217 (2A) OI. ' THECON,IPANIESCT, I956.

Thereareno ernployeefallingwitliin the irnitsprescribedy the Section 17 24)anclas such he requirernentf statementnder he provisions f the saidsections notattached.

DIRECTORSOF EMPT,OYEES NDERSECTION217 2A)OF'THECOMPANIESACT,1956.Theboard f directorsereby onfirrnhat:

r) In the preparation f the annualaccounts,he applicable ccounting tandardshadbeen ollowed.The accountingpolicies are reasonable nd prudent and are consistentlyfbllowed o givea trueand air view of thestateof aff-airs f the company'

Properanclsufllcientcare s taken or the maintenancef adequate ccountingrecords tbr safcguardingassetsof the cornpanyand for prevention anddeteclion f fraudor irregulari l ies.The arurual ccounts avebeenprepared n a'going concern'basis'

i i )

i i)

iv)

-4-


5/19

Now tlie saidauditorsare retiring with the conclusion f the ensuingAnnualGeneralMeetingand are offbring. hemselvesbr reappointment.fhe said auditorshave confirmedthe heirappointmentouldbc wcll within he imitsprescribedy Section 24(l-B) of theCornpaniesct, 1956.

AUDIT COMMITTEEThe Board of directorshave conslitutedan Audit Cornrnittee,he compositionof

which s as ollows:

Mr.K.N.VittalMr.Mani Vijaya Raghavan

AUDIT OBSERVATIONSAs regards he observationmade by Auditors regardingnon-recoverability f loans

andsundrydebtors. teps rebeing aken o recover he same.

Steps realso akeno registerhe and n thename f theCornpany.

ACKNOWLEDGEMENTYour directors ish o thank heGovernmentgencies,uthoritiesndDepartments,

bankers,ustomersndernployeesbr theirsuppoft ndco-operation.For andon behalfofthe Board

Place CoirnbatoreDate 2lJ'r 'July008

Sd -V. JagadishManagingDirector

l .2.

".5-


6/19

REPORTOF THE AUDITORS O THB MEMBERS\ \ 'e hare auditcd he attachedBalancedSheetof AKL SOFT AND INFOSYS

(INDIA) LIN'IITED s at 3 " March2008and he annexed rofitand ossAccount br thevearended n thatdate.

l. We conducted ur audit n accordance ith auditingstandards enerallyacceptednIndia.These tandardsequire hat we planandperform he audit o obtain easonableassuranceabout whether the financial statelnentsare free frotn any rnaterialmisstatement. n audit includesexatniningon test basis,evidencesupporting heamounts nd disclosuresn the financialstatements. n audit also ncludes, ssessingthe accounting rinciples sedandsignificant stimatesnade y tnanagement,swellas evaluatinghe overallpresentation f the financialstatements. e bel ieve hat ourauditprovidesa reasonableasis or our opinion.

2. (.1) We haveobtained ll the nfonnationand explanations hich to the bestof ourknowledge ndbeliefwerenecessaryor theproposals four audit.In our opinionproperbooksof accounts, s required y law havebeenkeptbythe company o far asappearsonn our examination fthosebooks.

(iii) The BalanceSheet nd heProfitandLossAccount eferredo in this repoftarein asreement ith the booksof accounts.

(iv) ln our opinion he BalanceSheet ndProfit andLossAccountdealtwith by thereport are in compliancewith the accounting tandardseferred o in Section211 3C)of theCornpaniesct 1956.

( i i )

-6-


7/19

(") Based n the nfonration andexplanationumished o us,we areof theopirliorrthat noneof the directorsare disqualifiesor appointr-nents a Directorof thecornpanyn tems of Section 7a(l) (g)of theCompaniesct I 956.

In our opinion and to the best of our infonnation and according o theexplanations iven to us. subject o recoverabilityof loans and advancesamountingo Rs.76,24,830nd Sundrydebtorsatnountingo Rs.14,19,972which n our opinionarenot recoverable.he oss s understatedo thc extentofRs.90,44,802 nd he said accountsogetherwith Accountingpoliciesand notgive the information equiredby the CornpanicsAct, 1956 n the tnannersorequiredand the Balance Sheetgives a true and fair views of stateof theCornpany's ffair as o 3 " March 2002and he Profit andLoss Accountgivesa trueand air view ofthe loss or thevearendedon that date.

(u )

3. As requiredby the Manufacturing nd otherCornpaniesAuditors eporr)order 1988issuedby the CompanyLaw Board n termsof Section227 (4A) of the ColnpanresAct 1956andon the basisof infonnationandexplanation iven to us and booksandrecordsexaminedby us in the normal courseof our audit and to the best of ourkno',vledee nd belief.we further state hat

(i ) The cornpany asmaintained roper ecords howing ul l particularsncludingthe quantitative etailsand situation f fixed assets. s per the nformation ndexplanations iven to us the fixed assets avebeenphysicallyverified by themanagernenturing he periodandno materialdiscrepanciesavebeennoticedon suchverificationexcept hatcertain ixed assets re yet to be transfered nthenameof the cornpanv.

-1-


8/19

( i )

( i i )

Nonc of the f-rrcd ssets avebeen evalued uring heyear.

I'he conrpany asnot taken oan from theparlies isted n thc registersnaintainedunclerSectiorr 0 - I of the Companies ct, I 956 and frotn cotnpanies nder hesar.ne anagcmentsdefinecl nclerSection 70 (lB) of theCornpanies ct, 1956.

( ii) The cornpanysamewas yetrecoverable.

has rnadeadvancesn the natureof loans o somepartiesand theto be rcnaid.We were nlorrncd y the corltparlyhe salne s no

(iv) In our opinionandaccordingo the nfomration ndexplanationsiven o us, herearc adequate nternal control procedures, olnmensurate ith the size of thecompanyand natureof its business, or the purchaseof stores, aw materialsincludingcomponents, lant andmachinery, quipurents nd otherassets n


9/19

(iii) According o the nfbmation andexplanationsiven o us' thereareundisputedamounts,payable n respectof lncoue Tax' Sales

-l'ax and Excise Dut;outstandingbr a periodexceeding ix rnonths son thebalance heet ate'

(iv) According to the infonnation and explanationsgiven toexpenses f ernployees r directors avebeenchargedo the

other that thosepayableuncler ontractual bligationsor in

generally cccptedusines: ractces

us no Personalrevenue ccountaccordance ith

a sick industrialcotnpanywithin the ureaning f Clauseof the sick industrialcompaniesspecialprovisions)Act

For,Apaji Admin & Co'CharleredAccountants

(T.B.Sethna)Pafiner

(v)

(vi) ln our opintonrestof the clauses f the said orderare not applicable o thecompany.

The companY s not(O) of Section (1)1985 .

Place AhrlredabadDate

-9.'


10/19

AKL SOFTAND INSOFYS INDIA) LIMITEDBALANCE HEETASAT 31-03-2008

DESCRIPTION SCHEDULB As at31" Mar. 08 As at3l 't Mar.07SOURCESOF FUNDS:Share oldersFundShareCapitalReserves nd Surplus

APPLICATION OF FUNDS:FixedAssetsInvestrnentsCurrentAssets,oans& Advanccs

Current AssetsInventoriesSundryDebtorsCash& Bank BalanceLoans& Advances

Less:CurrentLiabilities& ProvisionsCunent iabilitiesProvisions

Net CurrentAssetsMiscellaneous xpenditureTOTAL

ITOTAL

345

2.79,02.2s0U

2.79.02.2s0t,2.19,02.250 2,79,02.250

50,114280

014,19,97214,,47,408|,21,60,025

0t4,19,9'7214,59,658r ,2 ,39,655

0

|,50,21405 | 5 0 t q 6 5 569,7580

1,49,5'7,64718,73,175

69.,758U

t,49,69,89778,60,9252,79,02.,250 2,79,02,250

For Apaji Adrnin & Co.CHARTEREDACCOUNTANTS

(T.B.SETHNA)PARTNER

PLACE:AHMEDABADDATED 18/06/200ti

DIRECTOR

DIRECTOR

PLACE COIMBATOREDATED 2810712008

-10 -


11/19

AKL SOFTAND INSOFYS INDIA) LIMITEDPROFI'f LOSS CCOUNT ORTHEYEARENDED 1.03-2008

DESCRIP]-ION SCHEDULE As at31" Mar . 08As at31" Mar.07

INCOME:Otlter Incotne

EXPENDITURE:Personnel os tOtheroperating xPensesFinancialChargesDepreciation

Net Loss rom operation efore axationProvisionor TaxationLossAftcr TaxationBalance /f from previousYear

Balancen profit & lossaccount

8TOTAL

9l0

TOTAL

0U

4,6544.654

010,500I ,750

0

3,0003,72,855

5,0s0) )4 794

12,250

(12,2s0)U

(12,2s0)(73,t7,684)(13,29,934)

7,05,699(7,01045)

0(7,0,04s)

(66,r ,63e)(73,17,684)

ForApajiAdmin& Co.CHARTEREDCCOUNTANTS

(T.8.SETHNA)PARTNER

PLACE AI'{MEDABADDATED: l8/06/2008

DIRECTOR

DIRECTOR

PLACE COIMBATOREDATED 2810712008

- i l *


12/19

SCHEDUT-E\ \ \L\L,D TO BALANCESHEETASON3I-03-2008Dcscr ip t ion As at31"Mar.08

As at31"Mar.07

SCHEDL 'LE ' _ STT-TNCAPITALAuthorized hare aPital55.00.000quity hare f Rs.l0/-eachIssued. ubscribed paidup capital

I 9,73, 00 equityshare f Rs. 0/- each ully paid28,g9,100quity hare f Rs'101-achRs'2'50 artlypaidupi,t+,+bOequity hares f Rs.l0/-eachRs 5'00paftypaidup

SCHEDULB3-SUNDRYDEBTORS(Unsecured ndconsidered ood)More than 6 IronlhsOthers

I scnpouln 4-cASHANDBANKBALANCESt ^ _I L asnBalanceI BankBalanceI o.^-, r^-, r / -L^,+orprl l l . inr l lqvs Rank

5s,00,000 55,00,000

1,97,3,000

9,22,000

1,97,31,000

9,22,0002,79,02.250 2,79,02,250

14.|s,e'72|

t+,tr,ozz14,19,972| 14,r9,912It4,37,042 14,47,s42s,201 5,201s. l6s 6,915

SCHEDULE s-LOANS AND ADVANCESUnsecured considered oubtfulAdvancesecoverablen cashor kind or for theValueto be receivedAdvance owards aPital tetnsSundrvDePosits

SCHEDULE _ CURRENT IABILITIESSundryCreditors

t4,47.408 r4,59,6s8

78,25,9s543,30,0004.070

7 ' t 7 5 9 5 543,30,0004,0'70

I 2 ,60.02 1,21,60,025

69,'75869,T8 69,75869"75ft

- l2 -


13/19

As at31"Mar.08Description

74.t374,69,104

13,29,93478,73, t '7s

10,5000U0

r0,s00

74,1374,69,104

13,1768478,60,925

10.5002,s0,000

18,53493,821

r 7) R55

SCHEDULE _ I\IISCELLANEOUSXPENDITUREPrelirninary xpenditurePublic ssueExpenditureProfit andLossAccount

SCIIEDULE _OTHER NCOMElnterest nbankdeposits

SCHEDULE9 _ OTHER OPERATION EXPENSESAudit FeesTechnical now how writtenof fPrelirninary xpenses rittenof fPublic ssueexpenses rittenof f

SCHEDULE O FINANCALCHARGESBank hareesndcornmission

As at31"

Mar.07

- | ) -


14/19

SCHEDULE 2 FIXEDASSE'TS

GROSSLOCK DepreciationTotal31.032003

I ForUpto I theI YearTotal son31.032002

Ne tBlockAson31.03.2008

Ason31.032008ARTICULARS

Land

COSTSON0'1.04.2002ADDITIONS13,21604 0 13,21604 0 0 0 13,21604 13,21604

57,66918,88,704

0 57,669 2,74,880 2,74,880Bui ld ings 3,32,549 0 3,32,5490 18.88,70430,08,4000,08,400Plant Machinery 48,97.104 0 48,97,1041,52,349 68,373 0 68,373 83,976 83,976Equipments 1 52,349 0

2,00,544 0 2,00,544 1 75,079 1,75,079Vehicle 3,75,623 0 3,75,623 0 67,438 1 49,182 1 49,82Computer 2,16,620 0 2.16,620 67,4382 AO4 0 2,404 24,096 24,096UPS 26,500 0 26,5003,289 0 3,289 34,211 34,211AirConditioner 27,500 0 37,500

22,88,421 0 22,88,421 50,71,42850,71,428Total 73,59,849 0 73,59,8491963626.8 0 324194 22,88,42150,71,428Previousear 7359849 0 7359849

-14-


15/19

SCHEDULE : l4 NOTESON ACCOTINTSACCOTJNTINGPOLTCIES

BASISOF ACCOUNTINGThe financial tatelnentsreprepared nderhistorical os tconvention ndon accrual asis.

FIXED ASSETSAND DEPREDCIAT'IONFixedAssets restated t costand ncludcsal l expenditure f Capitalnature.Depreciationhad been provided on straight Line Method in accordancewith the ratespecified nderSchedule IV ofthe Cornpanies ct 1956.Depreciation n additions uringthe year s providedon pro-ralebasiswith referenceo the, ate of installation. t respect fassetsostingup to Rs.5,000each, he policyof thecompany s to charge 00o/o epreciationin theyear n which suchassets re nstalled r put to use.Hou'ever, o depreciations provided or theyearunderconsideration,s here s no businessduring the year.

RETIREMENT BENEFITSl. Provident und s not applicableo the company.2. At present ratuity s not applicableo the company.

OTHER NOTES ON ACCOUNTSl. Estirnateclalueof Contactoutstanding n CapitalaccountNIL.2. Expenditure ncurred elating o Public Issue s a mortisedover a periodof l0years.3. Advance ecoverablen cashor kind includes dvancen the natureof loanwhichare withoutany stipulation egarding he nterest nd or which confirmations renot obtained. n the absence f stipulation s o interest o portionsof the nteres thasbeenconsidered saccrued.4. Statist icalnfomation 3 -3-2008Capacity(i ) LicensedCapacity Not applicable(ii) InstalledCapacity Not applicable

3 -03-2005Not applicableNot applicableKGS NDS

.. 5- -


16/19

Turnover'RawuraterialRarv naterialFinished oodsRawmaterial onsutnedProductionStock n HandRaw MaterialOpening tockClosing tockFinishedGoodsOpening tockClosingstock

NILNILNILNILNILNILrnaterials ndstores onsumedNILNIL

NII-N IL

NILNIL

NILNIL

Rs . 0 ,500NILNIL

NILNILNILNIL

NILNILNILNI I ,

NII-N ILNILNIL

2.

l .

3.

SemiFinishedGoodsOpening tock NILClosingstock Nll-ValueandPercentagef imported nd ndigenousaw(i) Rawmaterial-indigenous NIL(ii) Stores onsurned-lndigenous II'Valueof irnPons n CIF basrs( i) CapitalGoods NIL(ii) On Stores ndSPares NILExpendituren ForeignCurrencY(a) On ForeignTravel NII'(b) On Stores ndSPares NILManagerialRernunerationRemunerationo ManagingDirector(i) Salary Nll'(ii) Moneyvalueof perquisites NIL

A Breakup of Audit FeesFor AuditFor OtherServicesForExpensesIn caseof amountoutstandingois Rs.NIL.

srnall ndustrialundertakinghe overdrawn iability

building at Coirnbatore 'as paid toto be transferred in the name of

Rs.10,5000NILNIL

o . thethehe Purchase onsiderationor the land andManaging Director and the assetsare yetcompany.

- l6 -


17/19

l l .The cornpany as akenover he assets nd iabil i t ies f two concernsnwhich trvo of the Directorsare nterestedbased n agreement nteredwiththern). The conlpany has paid towards technical know how to thoseconccrns.

12. n the opinionof the Board,CurrentAssets, oansand advances ill fetchthearnount tated,f realized n thenormalcourse f business.

13.No provision or taxationhasbeenniadeas he companyhasnot madeanyprofit during he year.

14.Previous ears igureshavebeen egroupedwherenecessaryo confirm tocurrent ears lassification.

ForApaji Admin & Co.CHARTEREDACCOUNTANTS

(T .B. ETHNA)PARTNERPLACE:AHMEDABADDATED 18/06/2008

DIRECTOR

DIRECTORPLACE COIMBATOREDATED 2810712008

-17 - '


18/19

BALANCESHEE'I'ABSTRACTAND COMPANIESGENERALPROFILEPART lV _ SCHEDUI,EVI OF CON{PANTES CT

RBGISTRATION DETAILS

Registrationumber l8l-6017of 1995StateCode I IBalance l.reetate 3l-03-2008Public ssue NIL Bonus ssue NILRight ssue NIL PrivatePlacernent NIL

POSITIONOF MOBILTSATION NDDEVELOPI\IENT FFUNDSRs' n 000'S)

TotalLiabilitie 2'7,902'25 TotalAssets 27 902'25Source fFunds Applicationof FundsPaidup Capital 21 902'25 Net FixedAssets 5'071'43Resele & SurPlus lnvestmentsSecured oans Net CurrentAssets 14'95764'7Unsecured oans Miscellaneous 54.24

ExPenditurePERFoRMANCEoI . .THECOMPANY(Amount inRs.Thousands)TumoverTotalExPenditure 1225Proht BeforeTax 02 25)ProfitAfter Tax (12'25)EamingsPerShare NILDividendRate N IL

- l8-'


19/19

GENERIC NAMES OF TIIREE PRINCIPAL PRODUCTS

(l) IternCodeNo. (11'C ode)ProductDcscriPtion

AS PEROURREPORTOF EVENDATE

APJIADMIN & CO.CHARTEREDACCOUNTANTS(T.8. SETHNA)PARTNER

PLACE: AHMEDABADDATE : 18.06.2008

Not ApplicableSoltuare& WehDesigning.

DIRECTOR

DIRECTOR

PLACE: COIMBATOREDATE :28.07.2008

. 9 -

Documents

Annual Report07-08