DIRECTORSTo,
The Members,
Your Directors have pleasure in presenting the 16th Annual Report of yourcompany together with the Audited Statement of Accounts for the year ending 31stMarch, 2010.
1. FINANCIAL RESULTS:
The financial results for the year ended 31st March, 2010 are summarised asunder .
| | (Rs. in Lakhs) |
| 2009-10 | 2008-09 |
| Total Income | 144.84 | 213.08 |
| Total Expenditure | 113.92 | 172.16 |
| Profit before Tax | 30.92 | 40.92 |
| Less : Provision for Taxation | (5.87) | 3.08 |
| Profit after Tax | 36.79 | 37.84 |
| Balance of Profit b/f | 101.40 | 103.66 |
| Profit available for appropriation | 138.19 | 141.50 |
| Less : (i) Proposed Dividend | 30.00 | 30.00 |
| Less : (ii) Tax on Dividend | 5.10 | 5.10 |
| Less : (iii) Transferred to Reserve Fund | 5.00 | 5.00 |
| Balance carried to Balance Sheet | 98.09 | 101.40 |
2. DIVIDEND:
The Board of Directors have recommended dividend @ 10% on the paid up equity sharecapital of the company for the year ended 31st March, 2010. The dividend will be paid whendeclared by the shareholders in accordance with law. The dividend will be free of tax inthe hands of shareholders. However, the company will have to pay dividend distribution taxplus applicable surcharge and education cess.
3. OPERATIONS / REVIEW OF PERFORMANCE :
The Performance of the Company was reasonably good for the Financial year 2009-2010 TheMedical Transcription business is doing good inspite of global recession.
4. DIRECTORS:
Shri B.N. Rathi and Dr. B. Priyadarshini Directors of the company retire at the ensuingAnnual General Meeting and being eligible offer themselves for re-appointment.
5. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Provisions of Sec.217 (2AA) of the Companies Act,1956 Directors of yourCompany hereby confirm that:
(i) The Annual Accounts of the Company have been prepared in accordance with applicableAccounting Standards.
(ii) The Company has been consistently following selected accounting policies and madejudgement and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of the Profit& Loss account of the Company.
(iii) The Company has taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 for safeguarding assets of the Company and for preventing and detecting fraud and otherirregularities.
(iv) The Annual Accounts have been prepared on a going concern basis.
6. AUDITORS:
M/s Laxminiwas & Jain, Chartered Accountants retire at the conclusion of the AnnualGeneral Meeting and are recommended for re-appointment. The necessary certificate from theAuditors has been received to the effect that their re-appointment if made, would bewithin the prescribed limits u/s 224 (1B) of the Companies Act, 1956.
7. PARTICULARS OF EMPLOYEES:
None of the employees who are employed throughout the year are covered under Section217(2A) of the Companies Act, 1956 read with the Companies (Particulars of employees)Rules, 1975 as amended from time to time.
8. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION :
The Provisions of the Companies (disclosure of particulars in report of Board ofDirectors) Rules, 1988 relating to conservation of energy are not applicable and since thecompany is not engaged in any manufacturing or processing activities, there is noinformation to be disclosed under this head.
9. FOREIGN EXCHANGE EARNINGS AND OUTGO :
During the financial year 2009-2010 receipts from Medical Transcription Division of theCompany stood at Rs.1,09,29,398/- equivalent to US $2,29,664.
10. LISTING:
The Equity Shares of your Company are listed at The Bombay Stock Exchange Ltd., and therequisite Annual Listing Fee is paid.
11. FIXED DEPOSIT:
Your Company has not accepted any deposits U/S 58A and as such no amount of Principalor Interest was outstanding on the date of the Balance Sheet.
12. CORPORATE GOVERANCE:
Your company has complied with the applicable provisions of Corporate Governance asprescribed in the revised Clause 49 of the Listing Agreement with the Stock Exchanges Aseparate section on Corporate Governance followed by the Company together with theCertificate from the Auditors of the Company confirming Compliance is set out in theAnnexure forming part of this Report.
13. SEGMENTWISE PERFORMANCE:
Your Company considers Medical Transcription, Investment in shares and Real Estates asthe primary segment for reporting.
14. ACKNOWLEDGEMENT:
Your Directors wish to place on record their appreciation for the valuable co-operationand support received from the Government Authorities, Securities and Exchange Board ofIndia, The Bombay Stock Exchange Ltd., The National Commodity & Derivatives ExchangeLtd., Reserve Bank of India and STPI. Your Directors also acknowledge the continuedsupport given by Business Associates and the sincere and dedicated services of theemployees of the Company at all levels. Your Directors also like to express their thanksto the shareholders for the confidence which they reposed in them.
| On behalf of the Board of Directors, |
| Place : Hyderabad | B. N. RATHI |
| Date : 30.07.2010 | Chairman |