Crystal Software Solutions Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2012

Dear Members,

The Directors have great pleasure in presenting their TWENTY EIGHTTH ANNUAL REPORT and Audited Balance Sheet and Profit & Loss account for the year ended on 31st March 2012.

1 FINANCIAL RESULT:

Rs in Lacs FY 11-12 FY10-11

Revenue from Operations 7.75 6.61

Profit Before Interest, Depreciation & Tax (0.00) (0.00)

Interest - -

Depreciation 12.75 9.33 Income Tax - -

Deferred Tax - -

Net Profit/(Loss) (162.62) (24.34)

During the year under review the company has suffered a loss of Rs 16261858/- as against a Loss of Rs.2434364/- in the previous year.

2 DIVIDENDS: In view of the working of the Company your directors regret their inability to declare any dividend.

3 BUSINESS: The company is running well and your directors are hopeful of doing good business this year.

4 BORROWINGS: Your directors acknowledge the co-operation and assistance provided by the banks from time to time.

5 EMPLOYEES: In accordance with requirements of section 217 (2A) of the companies Act 1956 we hereby state that there was no employee with the

AUDITORS: At the Annual General Meeting, Members are requested to re - appoint the Auditors for the current year and to fix their remuneration. The firm of Auditors M/s. Jain Ambavat & Associates hereby retires and the said firm is eligible for reappointment as Company's Auditors.

CONSERVATION OF ENERGY: There is nothing to be disclosed in the Directors Report as required by the Companies (Disclosure of particulars in the report of Board of Directors) Rule 1988 under section 217(1) (e) of the Companies Act 1956, as such the details thereof have not been given.

8 Director's Responsibility Statement Pursuant to stction 217 (2AA)

In. terms of recent amendment to section 217 of the Companies Act, 1956, your directors have to state as under in respect of the audited accounts for the year ended 31.03.2012

i) That in the preparation of the annual accounts, the proper accounting standards as applicable have been followed along with proper explanation relating to material departures;

ii) That the Directors have adopted such accounting policies and applied them consistently and made judgements and estimates that are responsible 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 profit and loss of the company for the year;

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance of this Act for safe guarding the assets of the company and preventing and detecting frauds and other irregularities;

iv) That the Directors have prepared the annual accounts on a going concern basis.

The certificate obtained from practicing Company Secretary in respect of compliance with all the provisions of The Companies Act is attached herewith. Your Directors take this opportunity to thank you all.

FOR & ON BEHALF OF BOARD OF DIRECTORS DIRFCTOR

Place: MUMBAI

Date: 3l-Aug-12

---

Mar 31, 2010

1. The Directors deem great pleasure in submitting their TWENTY SIXTH Annual Report and Audited Accounts for the year ended on 31th March 2010.

FINANCIAL RESULTS

2. These are as under:- (Rs. in Lakhs)

2009-2010 2008-2009

Sales & Other Income 126.44 1551.82

Profit/(Loss) Before Tax (30.70) 0.17

Provision for Tax 0.03 0.05

Add: Balance brought Forward (123.05) (125.86)

from Previous year



Balance carried to the Balance (153.79) (123.05) Sheet

3. BUSINESS

The Company has carried on activities of back office operations & traded in computer software. The company has registered loss of Rs. 30.70 Lacs, during the year compared to previous years profit of Rs. 0.17 Lacs. The company has very business opportunities and directors are hopeful of achieving sustain growth.

DIVIDEND

4. In view of Loss suffered by the company during the year 2009-2010, the directors do not recommend any dividend for the yearended31* March, 2010.

STATEMENT OF EMPLOYEES PARTICULARS

5. The Company had no employee of the category indicated under section 217(2 A) of the Companies Act, 1956, as amended to date.

ADDITIONAL DISCLOSURES

6. The information pursuant to Section 217( 1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988, with regard to conservation of energy, technology absorption and foreign exchange earnings and outgo, is given below: -

a. Conservation of Energy: The Company continues to adopt the requiste measures for conservation of energy.

b. Technology Absorption: The Company continues its efforts to stabilize the new products development with the support of R&D efforts and adopts all sorts of measures for this purpose.

c. Foreign Exchange: The information in respect of foreign exchange earnings and outgo, to the extent applicable, has been given in the notes forming part of the accounts for the year ended 31th March, 2010.

DIRECTORS RESPONSIBILITY STATEMENT

7. As required by Section 217(2 AA) of the Companies Act, 1956, the Directors confirm mat:

a. In the preparation of the annual accounts, the applicable accounting standard have been followed;

b. Appropriate accounting policies have been selected and applied consistently and judgement and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2010 and of the profit of the Company for the year ended 31st March 2010.

c. Proper and sufficient care have been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. The annual accounts have been prepared on a going concern basi s.

SUBSIDIARY COMPANIES

8. The Company does not have any subsidiary under its control at the end of the year and accordingly the provisions of section 212 of the Companies Act 1956 are not applicable.

DIRECTORS

9. As per the provisions of Companies Act 1956, Mr. Anil Gupta & Mr. Mehmood Mulla Directors of the Company retire by rotation & offer themselves for reappointment.

AUDITORS OBSERVATION:

10. The observation of the auditors contained in this Report has been adequately dealt with in the Notes forming part of the Accounts for the period ended 31" March 2010 which are self explanatory and therefore, they do not call for any further comments.

AUDITORS

11. Messrs. Jain Ambavat & Associates, Chartered Accountants, the retiring Auditors of the Company, being eligible, offer themselves for reappointment.

FIXED DEPOSITS

12. The Company has not accepted any public deposits and as such, no amount on account of principal or interest on public deposits was outstanding on the date of the Balance Sheet.

13. A report on Corporate Governance is attached to this report and also a Management Discussion and Analysis Statement.

GENERAL

14. With reference to the Auditors remark in their Report at Item No. 2e & f., the Notes forming part of the Accounts are self explanatory.

ACKNOWLEGEMENT:

15.Your Directors would like to express their sincere appreciation to the Banks & the companys valued investors for their continued co-operation & support. Your Company also fake this opportunity to acknowledge the dedicated efforts made by staff and officers at all level for their contribution to the company.

By Order of the Board Mumbai,

Sd/-

11st August 2010 MehmoodMulla

Director