nexus software ltd Directors report

NEXUS SOFTWARE LIMITED 1999-2000 DIRECTORS REPORT To The Shareholders Nexus Software Limited, Vadodara. Your Directors have pleasure in presenting the Audited Accounts of the Company for the year ended 31st March,2000. OPERATING RESULTS: Your directors are pleased to inform you that during the year the income from operation and from other sources has increased to Rs.824 Lacs as against the income of Rs.39.00 Lacs of the previous year. The company has been able to make Net Profit of Rs. 45.00 Lacs after depreciation. ~s reported earlier the work of starting Computer Education Centre in all the metropolitan Cities of Gujarat, Maharashtra and Karnataka are in progress and your directors are hopeful to start the same in near future. Looking to the present trend in the software and information technology sector, your directors expect to come out with the better performance in the current year. PREFERENTIAL ALLOTMENT: The proposal to allot shares for augment of the long term capital on right issue basis was dropped in view of the lengthy procedure and heavy expenses. Your company however made preferential allotment of 55.00 lacs equity shares of Rs.10/- each at premium of Rs.22/- per share in accordance with the guide lines issued by SEBI. INDUSTRIAL RELATIONS: The industrial relations during the year under review were cordial. AUDITORS: The retiring Auditors of the company M/s. Mahendra P. Shah & Co. Chartered Accountants retires by rotation and offers themselves to reappointment as Auditors of the company to hold office as such from the conclusion of the ensuing Annual General Meeting upto the conclusion of next Annual General Meeting. Your directors recommend their appointment. AUDITORS REPORT: As regards the observations of the Auditors in their report, the relevant notes on the accounts are self- explanatory. The Company expects to employ a qualified Company Secretary within few months. OTHER INFORMATION: The information pertaining to conservation of energy, technology absorption, foreign exchange earning and outgo forming part of this report is annexed. There were no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act,1956. ACKNOWLEDGMENT: The Board acknowledge the valuable support and co-operation of the various Government Agencies financial institutions, Banks, Customers, Suppliers, Shareholders and Employees of the Company and look forward to their continued support. On Behalf of the Board Dated: 20/8/2000 Place: VADODARA Chairman