mini soft ltd Directors report

MINI SOFT LIMITED ANNUAL REPORT 2010-2011 DIRECTORS REPORT TO THE MEMBERS MINI SOFT LIMITED. The Director have pleasure in presenting the 31st Annual Report together with the audited accounts of your company for the year ended 31st March, 2011. FINANCIAL RESULTS: Financial results of the operation for the year ended 31st March, 2011 are set out below. YEAR 2010-2011 YEAR 2009-2010 (Rs.) (Rs.) Income 9,12,086 9,78,000 Expenditure 8,33,762 13,65,562 Depreciation 1,55,551 1,39,094 Profit before Taxation (73,227) (5,26,656) Provision for Tax 1,00,000 Nil Profit after tax (1,73,227) (5,26,656) Profit brought forward from Last Year 1,67,09229 1,61,82,573 Balance Carried forward to Balance Sheet (1,68,82,456) (1,67,09,229) DIVIDEND: Due to insufficiency of Profits no dividend has been declared during the year. The Book Value of companys share stands at Rs 7.89 as at 31-03-2011. DIRECTORS: Mr. S.J.K. Adya retires by rotation and has offered him self for re- appointment. PARTICULARS OF EMPLOYEES: None of the employees of the company fall under the provisions of Section 217(2-A) of the Companies (Particulars of Employees) Rules, 1975 as amended up-to-date. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to section 217(2AA) of the companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed: 1) That in the preparation of the accounts for the financial year ended 31st March 2011, the applicable accounting standards have been followed along with proper explanation relating to the material departures; 2) That the directors have selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable and prudent so as to give a true and fair of the state of affairs of the company at the end of the financial year and of the profit of the company for the year under review. (3) That the Director have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safe guarding the assets of the Company and preventing and detecting fraud and other irregularities; and (4) That the Director have prepared the accounts for the financial year ended 31st March, 2011 on a going concern basis. (5) That two Directors other than the Managing Director form the audit committee and oversee the financial activities. The internal control system, and the observations of the audit committee have been discussed in the board meetings held to review the quarterly/half-yearly and annual financial statements and found to be adequate and commensurate with volume of business. Fixed Deposits: The company has not accepted any fixed deposits during the year under review. Dividend: Due to in sufficiency of profits no dividend has been declared during the year. AUDITORS: A.C. Mehta & Co. Chartered Accountants, the retiring Auditors being eligible offer themselves for re-appointment. The board is authorized to appoint an auditors and fix their remuneration. CONSERVATION OF ENERGY: Measures are taken to optimise the economical use of energy to check the waste and to find out alternative sources of energy creation. Presently there is no consumption. TECHNOLOGY ABSORPTION: There is no manufacturing activity so no technology absorption required. There has been no Foreign Exchange earning and out go. ACKNOWLEDGEMENT: The Board of Directors record their appreciation and gratitude to its employees, customers and vendors and bankers for their support and cooperation. On behalf of the Board of Directors SURESH ADYA (MANAGING DIRECTOR) Place: FAREDABAD Date : 24th August, 2011.