WEBSITY INFOSYS LIMITED
ANNUAL REPORT 2000-2001
The Directors of your Company have pleasure in presenting their 17th Annual
Report on the affairs of the company together with the Audited Accounts of
the Company for the year ended 31st March, 2001.
During the year Income from operations decreased from 2352.17 Lacs to
1726.92, but by better profitability, the net profits have increased from
Rs.61.87 Lacs to Rs.101.82 Lacs. So the performance during the year was
As the company is in Software & Telecommunications business and there is
recession in the industry during the current year, the company may not
achieved the targeted results and perform like last year. However, the
management is exploring the profitable areas in this field.
The Company is not accepting any fresh deposits and re-paid all the
deposits accepted earlier excepting Rs.4.40 Lacs as on 31.03.2001, which
are unclaimed. In this regard the company has already given notices at
their available addresses and few have been paid after that.
LISTING OF SECURITIES
The Securities of the Company are presently listed at Delhi, Mumbai, Jaipur
and Ahmedabad stock exchanges.
M/s. Rajiv Prakash & Co., Chartered Accountants, New Delhi, Auditors of the
Company, retire at the conclusion of forthcoming Annual General Meeting. He
has shown his unwillingness to be re-appointed as a Statutory Auditors of
the Company. M/s. Pankaj Billa & Co. Chartered Accountants new Delhi has
consented for appointment as the Statutory Auditors of the Company and
informed that he is eligible as per Section 224(1B) of the Companies Act,
1956. The Board recommend this appointment.
Sh. Sunil Agarwal, Sh. D.D. Mangar & Sh. K.K. Agrawal resigned from the
office of the Director due to personal problems. The Board places on
records its appreciation for their valuable contribution to the Company.
Sh. S.C. Sethia and Sh. Jaswant Saini were appointed as additional
directors of the company, they also resigned due to some personal reasons.
Later on, Sh. S.C. Sethia re-jointed the Board on 31st August, 2001 as
additional director and term expires on the conclusion of ensuing Annual
General Meeting. The company has received the notice for appointment of Sh.
S.C. Sethia as director of the Company. The Board recommend his appointment
as director retiring by rotation.
During the period, Mr. Soumendra Das resigned on 31.05.2001 and Mr. Rajat
Anand joined on 01.08.2001.
The Company has an Audit Committee of its Board of Directors. The present
constituent members of the Audit Committee are Sh. S.L. Maloo, Sh. S.C.
Sethia & Sh. Ashutosh Sharma. Earlier the Audit Committee was formed with
members as Sh. K.K. Agarwal, Sh. Jaswant Saini and Sh. Sunil Agarwal.
Your Directors has always striven hard to ensure compliance with law and to
bring about transparency in its operations which are the basis objectives
of the corporate governance. The Directors recognise communication as a key
element of the overall corporate governance framework and therefore,
emphasise continuous, efficient, and relevant communication to all external
constituencies. Requisite steps have already been initiated to ensure that
all the mandatory provisions of corporate governance are complied well
within stipulated time, that is, by the end of March, 2002.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
The Company is not engaged in any mass production activity. However, power
saving gadgets have been installed to save the energy for computer
operations. The Company has installed all new computers and adopting latest
technology in the field both hardware and software for its computer uses.
PARTICULARS OF THE EMPLOYEES
Particulars of the employees as required under section 217 (2A) of the
Companies Act, 1956 are enclosed as Annexure.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section-217 (2AA) of the Companies Act, 1956 inserted by
Companies (Amendment) Act, 2000, the Directors Confirm that:-
(i) in the preparation of the annual accounts, the applicable accounting
standards have been followed;
(ii) appropriate accounting policies have been selected and applied
consistently, and have made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2001 and of the profit of the Company for the
year ended 31st March, 2001;
(iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of Companies
Act, 1956 for safeguarding the assets of the Company and preventing and
detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis.
Your Directors are pleased to place on record their appreciation for the
sincere and dedicated services of all the employees and convey their thanks
for the co-operation extended by all the members, bankers and all others,
who are associated with the Company.
For & on behalf of the board
For WEBSITY INFOSYS LIMITED
Place: New Delhi ASHUTOSH SHARMA
Dated: 01.09.2001 (Whole-time Director)