SHELL INFOTECH LIMITED
ANNUAL REPORT 2007-2008
SHELL INFOTECH LIMITED,
Your Directors have great pleasure in presenting ANNUAL REPORT along with
the Audited Balance Sheet and Profit And Loss Account, for the year ended
31st March, 2008.
1. FINANCIAL RESULTS:
PARTICULARS Year ended
(Amt. In Rs.)
Total Income 1335500.00 229813.00
Depreciation 85264.60 0
Profit/(Loss) before Taxation 953026.62 77901.00
Less Provision for Taxation
Current Year 58875.00 8740.00
Deferred Tax 477515.00 (62052.00)
Fringe Benefit Tax 1824.00
Profit after Tax 414812.62 7109.00
Balance B/F From Previous year (1088736.00) (1095845.00)
Balance Carried to Balance Sheet (673923.38) (1088736.00)
During the year Companys performance was satisfactory in comparison to
previous year as net profit before tax is Rs.953026/- compared to previous
year figure of Rs.77901/- The company is planning to focus on software
development and consultancy services in future.
In order to use the earnings for the future growth, your Directors do not
recommend any dividend for the current year.
During the year Mr. Bhanwarlal Motilal Jain, Mr. Harshadkumar Kantilal
Savaliya and Mr. Suresh Ghewarchand Nahata appointed as an additional
Director of the company.
5. DIRECTORS RESPONSIBILITY STATEMENT:
The Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. That the Directors have selected such, accounting policies and applied
them consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the financial year and of
the Profit of the Company for that period.
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared the Annual accounts on a going concern
During the year your company has not accepted any deposits from the public.
M/s. Shabbir & Associates, Chartered Accountant will hold office from the
conclusion of the this Annual General Meeting till the conclusion of Next
AGM. He has signified his willingness to accept appointment and has further
confirmed his eligibility under Section 224 (1B) of the Companies Act,
Since the Company has no subsidiaries, provision of section 212 of the
Companies Act, 1956 is not applicable.
9. CORPORATE GOVERNANCE CODE:
The Board had implemented Corporate Governance Code in pursuance of clause
49 of Listing Agreement during the year. The report on Corporate Governance
is annexed hereto forming part of this report. The requisite certificate
from Statutory Auditors of the Company on implementation of requirements of
the Corporate Governance is also annexed herewith forming part of this
10. PARTICULARS OF EMPLOYEES:
Particulars of employees, as requires by section 217 (2A) of the Companies
Act, 1956 read with companies (Particulars of Employees) Rules, 1975 as
amended, are not given as no employees are drawing salary in excess of the
limits of the section 217 (2A).
11. CONSERVATION OF ENERGY:
Even though, the major activity of your company does not involve high
consumption of energy, your company is making all efforts to optimize usage
12. TECHNOLOGY ABSORPTION:
Your Company have not imported any technology, hence no details are given.
The Directors wish to take this opportunity to thank all the Shareholders,
Banks & Customers for their Co-Operation & support extended to the company.
BY ORDER OF THE BOARD
For SHELL INFOTECH LIMITED
PLACE: MUMBAI JAGADEESHA KOTA PAI
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
a) Industry structure and developments:
As per Industry predictions; India would continue to dominate as an
offshore destination in the foreseeable future. As per the recent IDC,
surveys report the Global IT services spending is projected to grow at a
compounded annual growth rate of 6.4% for the next few years. In dollar
terms it is expected to be approximately around USD 512 billion by 2009.
Global corporations have started adopting offshore outsourcing as their
ready choice for cost effectiveness. But more importantly are now bold
enough to work with smaller and mid size companies more. willingly than 3-5
Large clients are now more knowledgeable in evaluating and recognizing the
true value of working with a smaller but competent vendor than before.
Therefore, the opportunities for special and niche service provider is
never more abundant than at present.
b) Opportunities, Threats, Risks and Concerns:
While the Global IT market is growing at a competitive phase, it also has
the risks and threats associated with it. We highlight here the
opportunities and associated risks present in the market and your Companys
capabilities in brief.
The opportunities in the Global market for special and niche services that
your company is offering are plenty. We are also shielded from the price
and competitive pressures that normally make it harder for small to mid
size companies from acquiring new business from large corporations.
d) Threats, Risks and Concerns,
Some of the risks and threats associated are discussed in brief:
Hiring and retention of qualified employees. Your company like any other
typical IT services company has a challenge to hire, train and retain
specialized talent that is suitable to execute large, multi-year projects
that we are signing up. Your company has adopted numerous measures to
address this including designing proper policies to retain employees and so
e) Internal Control System And Their Adequacy:
An appropriate and adequate system of internal controls exists in your
company to ensure that all assets are safeguarded and protected against
loss from misuse or disposition, and that the transactions are authorized,
recorded and reported suitably. Internal control systems are ensuring
effectiveness of operations, accuracy and promptness of financial reporting
and observance with laws & regulations.
The internal control is supplemented on an ongoing basis, by an extensive
program of internal audit being implemented through out the year, by the in
house internal auditor. The internal audit reports along with management
comments thereon are review by the Audit Committee of the Board comprising
of independent and nonexecutive Directors, on a regular basis.
Implementations of the suggestions are also monitored by the Audit
Committee. The internal control is designed to ensure that the financial
and other records of the company are reliable for preparing financial
statements and other data, and for maintaining accountability of assets,
E) HUMAN RESOURCES POLICIES:
Your Company has a well qualified and experienced team of professionals who
have contributed to the performance of the Company. Labour relations at all
the manufacturing units of the Company continued to remain condia
throughout the year. There was no industrial unrest during the year.
F) CAUTIONARY STATEMENT:
The statements in report of the Board of Directors and The Management
Discussion & Analysis Report describing the Companys outlook, estimates or
predictions may be forward looking statements within the meaning of
applicable securities laws and regulations. Actual results could differ
materially from those expressed or implied since the Companys operations
are influenced by many external and internal factors beyond the control of
the Company. The Company takes no responsibility for keeping the members
updated en changes in these factors except as may be statutorily required
from time to time.
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