INNOVATION SOFTWARE INNOVATION SOFTWARE INNOVATION SOFTWARE INNOVATION SOFTWARE
EXPORTS LIMITEDEXPORTS LIMITEDEXPORTS LIMITEDEXPORTS LIMITED
ANNUAL REPORT
(2010-2011)
INNOVATION SOFTWARE EXPORTS LIMITED
Regd. Office: No. 3/5, Alankar Adarsh, 7th Avenue, Ashok Nagar, Chennai-600083.
Nineteenth Annual Report
Board of Directors
T Rajendran (from 01.08.2011)
Whole-time Director
N. Aravind
Director
A.Anitha
Director
H .C. Kothari (up to 08.08.2011)
Director
Registered Office
No.3/5, Alankar Adarsh,
7th Avenue, Ashok Nagar,
Chennai-600083.
Auditors
M/s Ramraj & Co.,
Chartered Accountants,
No.23/31, 3rd Cross Street,
Lakshmi Nagar IV Stage,
Nanganallur,
Chennai-600061.
Registrars & Share Transfer Agents
System Support Services (P) Limited
Gala No209, Shivai Ind.Estate
Near Logitech Park 89, Andheri Kurla Road,
Sakinaka, Andheri East
Mumbai – 400 072.
Equity Shares Listed At
The Madras Stock Exchange Ltd., Chennai
The Bombay Stock Exchange Ltd., Mumbai
Committees
Share Transfer Committee
N. Aravind, Chairman
A.Anitha, Member
H.C.Kothari, Member
Shareholder/Investors Grievance
Committee
H.C.Kothari, Chairman
A.Anitha, Member
N. Aravind, Member
Audit Committee
A.Anitha, Chairman
N.Aravind, Member
H.C.Kothari, Member
CONTENTS
Sl.No.
Particulars
Page No.
1.
Notice 1
2.
Report of Directors 4
3. Management Discussion & Analysis 6
4. Report on Corporate Governance 7
5. Compliance Certificate 12
6.
Auditor’s Report 16
7
Balance Sheet 20
8.
Profit & Loss Account 21
9.
Schedules 22
10.
Cash Flow Statements 25
11.
Significant Accounting policies &
Notes on Accounts
26
12.
Balance Sheet Abstract 29
Innovation Software Exports Limited
1
NOTICE
NOTICE is hereby given that the Nineteenth Annual General Meeting of the Shareholders of
the Company will be held at 10.00 A.M. on Friday, the 30th September 2011 at No.3/5,
Alankar Adarsh, 7th Avenue, Ashok Nagar, Chennai-600 083.
ORDINARY BUSINESS:
1. To receive, consider and adopt the audited Balance Sheet of the Company as at 31st
March 2011, the Profit & Loss A/c for the period ended on that date together with Directors’
and Auditors’ Report thereon.
2. To appoint a Director in place of Mr. N.Aravind, who retires by rotation, and being eligible,
offers himself for reappointment.
3. To consider and if thought fit, to pass, with or without modification, the following Resolution
as an Ordinary Resolution.
RESOLVED THAT, pursuant to Section 224 of the Companies Act, 1956, M/s.Ramraj & Co.,
Chartered Accountants, Chennai, the retiring Auditors, be and are hereby re-appointed as
the Statutory Auditors of the Company, to hold office from the conclusion of this Annual
General Meeting until the conclusion of the next Annual General Meeting of the Company
on a remuneration to be fixed by the Board of Directors of the Company in connection
with the Company’s Audit.
SPECIAL BUSINESS:
4. To consider and if thought fit to pass, with or without modification the following resolution
as an Ordinary Resolution.
“RESOLVED THAT, Mr. T Rajendran who was appointed as an Additional Director on the Board
during the year and who ceases to hold office at this meeting under Section 260 of the
Companies Act, 1956, and in respect of whom the Company has received a notice in writing
proposing his candidature for the office of the Director, be and is hereby appointed as a
Director of the Company liable to retire by rotation”.
“RESOLVED FURTHER THAT, pursuant to Section 269, 309 and Schedule XIII and other
applicable provisions, if any of the Companies Act, 1956, consent of the Company be and is
hereby given to the appointment of Mr. T Rajendran as a whole time Director for a period of
3 years with effect from 01st August 2011”.
RESOLVED FURTER THAT, pursuant to the provisions of Schedule XIII to the Companies Act,
1956, approval of the members be and is hereby accorded to the Board on fixation of
remuneration of Mr. T Rajendran as per the terms as set out by the board which may be less
than the minimum remuneration, subject to the approval of the Remuneration Committee.
RESOLVED FURTER THAT, for the purpose of giving effect to this resolution, the Board be and is
hereby authorized to execute all such documents and to do all such acts, deeds, matters
and things as it may in its absolute discretion deem necessary, expedient and proper.
By order of Board
For Innovation Software Exports Limited
Sd/-
Place: Chennai (N.Aravind)
Date: 02.09.2011 Director
Innovation Software Exports Limited
2
Notes:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A
PROXY / PROXIES TO ATTEND AND VOTE INSTEAD OF HIM / HERSELF AND THE PROXY
NEED NOT BE A MEMBER OF THE COMPANY. Proxies in order to be effective must be
received at the registered office of the company not less than 48 hours before the
meeting.
2. The Register of Members and Share Transfer Books of the Company will remain closed
from Sunday, September 25th, 2011 to Friday, September 30th, 2011 (both days
inclusive).
3. For the convenience of members, an attendance slip is annexed to the Proxy form.
Members are requested to fill in and append their signature(s) at the space provided
thereof and hand over the attendance slip at the entrance of the place of the
meeting. Proxy/ representative of a member should mark on the attendance slip as
‘Proxy’ or ‘Representative’ as the case may be. Members are also requested not to
bring with them any person, who is not a Member / Proxy.
4. Members are requested to notify immediately changes in their address, if any,
quoting their Client ID No./ Folio No., Number of Shares held, etc. to the Company’s
Shares Transfer Agents, M/s System Support Services Private Limited, Gala No.209,
Shivai Ind.Estate, Near Logitech Park89, Andheri Kurla Road, Sakinaka, Andheri East,
Mumbai – 400 072. Tele: 022-28500835 (5 Lines), Fax: 022-28501438, email:
5. All enquiries and correspondence regarding Transfer of Shares, Dematerialisation, etc.
should be addressed to Registrar and Share Transfer Agents of the Company M/s
System Support Services Private Limited, Gala No.209, Shivai Ind.Estate, Near Logitech
Park89, Andheri Kurla Road, Sakinaka, Andheri East, Mumbai – 400 072.
6. Information pursuant to clause 49 of the listing agreement in respect of proposed
appointment/re-appointment of Directors.
Name Mr. N. Aravind
Age 42 years
Qualifications Bachelor of Engineering ( Electrical & Electronics)
Other Directorships Name of the
Company
M/s Crazy InfoTech Limited
M/s. Aaanjaay Software Limited
M/s. Agrata Biotech Limited
Committee Memberships, if any,
with position
Chairman in Share Transfer Committee and
Member in Audit Committee & Shareholders
Grievances Committee
Date of Appointment 15-07-2008
None of the directors are interested in this resolution.
Innovation Software Exports Limited
3
Explanatory Statement
(Pursuant to Section 173 of the Companies Act, 1956)
Item No:4
Mr. T Rajendran is a distinguished personality in business and administration carrying rich
experience that would help the Company and was appointed as an Additional Director on
01.08.2008 and was placed himself for election under section 257. Brief information about him
is placed below:-
Name Mr. T Rajendran
Age 58
Other Directorships Name of the
Company
M/s Crazy InfoTech Limited
Committee Memberships, if any,
with position
Chairman in Shareholders Grievances committee
and member in Audit Committee & Remuneration
committee.
Date of Appointment 01.08.2011
None of the directors interested in this resolution.
Innovation Software Exports Limited
4
DIRECTOR’S REPORT
To the Members,
Your Directors hereby present the Nineteenth Annual Report of your Company with the
Audited Accounts for the period ended 31st March, 2011.
Financial Results
Rs. In Lacs
Particulars Period ended
31.03.2011
Period ended
31.03.2010
Profit/(Loss) before depreciation & tax 16.04 41.88
Less: Depreciation 0.48 0.48
Profit/(loss) before extra ordinary items 15.56 41.40
Profit/(loss) after extra ordinary items 15.56 41.40
Less: Provisions for tax/deferred tax 0.05 (0.12)
Profit/(Loss) after tax 15.51 41.27
Add: Profit/(Loss) b/f from previous year (109.09) (166.17)
Net profit/(Loss) carried over (109.09) (124.60)
Dividend
For the Financial Year 2010-11, your directors do not recommend any dividend.
Performance Overview
During the period under review, your Company has done moderate business to the tune of
turnover in Rs. 106.00 Lacs and the profit after tax was Rs.15.45 Lacs.
Issue of Shares
During the period under review, your Company has not issued any shares.
Fixed Deposits
The public liability in the form of Public Deposits is nil as the Company has not accepted any
public deposits.
Internal Controls and adequacy
The Internal control systems are commensurate to the size of the operation of the Company.
Whenever it is required, the systems and procedures are upgraded to suit the changing
business needs.
Corporate Governance and due Compliances
Your Company has taken necessary steps to give effect to the Corporate Governance. Your
Company has complied with the requirements regarding corporate governance as required
under clause 49 of the Listing Agreement of the Stock Exchanges where its shares are listed.
A Certificate from the Statutory Auditor regarding compliance of conditions of corporate
governance is attached to this report.
Directors
Your Company is taking necessary steps to increase the board size. It will add few well
known and experts in the industry in which your Company is proposed to do business.
Innovation Software Exports Limited
5
Auditors
The retiring auditors, Ramraj & Co., Chartered Accountants have expressed their willingness
to continue in office, if appointed. They have furnished to the Company a certificate of their
eligibility for appointment as auditors, pursuant to section 224(1B) of the Companies Act,
1956. The Board of Directors recommends to the members to appoint them as auditors and
fix their remuneration.
Your Company is in the process of obtaining confirmation of balances from various parties
mentioned in the Auditors’ Report.
The Company has also taken steps to appoint suitable in house personnel in order to
strengthen the internal control procedures.
The qualifications given in the Auditors’ Report are self explanatory.
DIRECTORS’ RESPONSIBILITY STATEMENT
1. In the preparation of the annual accounts for the year ended 31st March, 2011, the
applicable accounting standards had been followed along with proper explanation
relating to material departures.
2. The Directors had 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 state of affairs of the company at the end of the year ended 31st
March, 2011 and of the profit or loss of the company for the period.
3. The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other
irregularities.
4. The Directors had prepared the annual accounts on a going concern basis.
Conservation of energy, Technology absorption, Foreign exchange earnings and outgo
Your company has no business activities in relation to conservation of energy, technology
Absorption, foreign exchange and outgo.
Particulars of employees
No employee has received remuneration, which will apply the provisions of section 217(2A)
of the Companies Act, 1956 read with the Companies (Particulars of employees) rules, 1975.
Acknowledgement
Your Directors thank the investors, Bankers and Business associates for the continued support
extended to your Company. Your Directors also thank various Government Departments for
the support extended by them. Finally your Directors wished to place on record their
appreciation to the employees at all levels for their hard work and commitment.
For and on behalf of the Board of Directors
Sd/- Sd/-
Chennai N.Aravind A.Anitha
Date: 02.09.2011 Director Director
Innovation Software Exports Limited
6
MANAGEMENT DISCUSSION AND ANALYSIS
a. Industry structure and Developments.
The Indian economy is trying to sustain its growth and its visible improvement creates investor
confidence. With the specialization in the computer industry is taking to share the company
need to develop and nurture and recruit the workforce of the company so as to suit the
standards.
B. Opportunities and Threats
Your Company intends to benefit from this study growth in the outsourcing opportunities and
has taken the necessary initiatives in this direction. Recruitment cum training drive has been
initiated and required up gradation in the existing infrastructure is also being taken up. Your
Company plans a modest beginning subsequently moving up the value chain thereby
increasing the margins.
c. Segment- wise or product-wise performance
Your Company operates only in one segment; hence there are no separate segments to be
reported.
d. Outlook
Apart from expanding the facilities to meet the requirements from the growth both from
existing as well as new customers, your company has also identified various areas which will
drive the company’s growth plans. Some of the key growth drivers are domain expertise,
enhancement of service portfolio to clients, tap new geographies, strengthening marketing
teams and inorganic initiatives.
e. Risks and concerns
The main risks causing concern to the IT industry and your company as well are Economic
slowdown, ability to attract and retain talent, withdrawal of Tax Benefits, currency Exchange
risks, etc.
f. Internal control systems and their adequacy
The Company is trying to develop the internal Control systems suitable to the business which
it envisages to start.
g. Discussion on financial performance with respect to operational performance
Company is trying to improve operational performance with respect to increase financial
performance to meet the demand & quality.
h. Material developments in Human Resources/Industrial Relations front, including number of
people employed.
The Company has identified certain new projects for which it may require adequate human
sources. It may find the suitable system for HR and Industrial relations for the proposed
business.
Innovation Software Exports Limited
7
CORPORATE GOVERNANCE
The Company submits its reports on the matters mentioned in clause 49 of the Listing
Agreement with the stock exchanges as follows.
1. Company’s philosophy on Code of Governance
a. Innovation Software Exports Limited philosophy on corporate Governance envisages
the attainment of the highest levels of transparency, accountability and equity, in all
facets of its operations, in all its interactions with its stake holders, including share
holders, the government and lenders.
b. Innovation Software Exports Limited is committed to achieve the highest standards of
corporate Governance.
c. Innovation Software Exports Limited believes that all its operations and actions must
serve the underlying goal of enhancing overall shareholder value, over a sustained
period of time.
2. Board composition and particulars of Directors.
During the year, the composition and category of Directors were as follows:
Category Name of the Director
Executive Director Mr. T Rajendran (w.e.f.01.08.2011)
Non-Executive Directors Mr. N. Aravind
Mrs. A.Anita
Mr. H.C. Kothari (up to 08.08.2011)
Attendance of each Director at the Board Meetings (held during the year 2011-11), last
Annual General Meeting and Number of other Directorship and Chairmanship/Membership
of Committee of each Director in various Companies.
Attendance
Particulars
No. of other directorship and Committee member
/chairmanship
Name of the
Director
Board
Meeting
Last
AGM
Other
Directorship
Committee
Memberships
Committee
Chairmanship
H.C. Kothari 4 Yes 5 2 1
N. Aravind 5 Yes 3 2 1
A. Anita 6 Yes 3 2 1
3. AUDIT COMMITTEE
a. The audit committee comprises of three Directors viz. Mr. N. Aravind, Mrs. A.Anitha
and Mr. H.C. Kothari and Mrs. A. Anitha presides as the Chairman of the meetings of
Audit Committee.
b. The constitution of Audit Committee also meets with the requirements under Section
292A of the Companies Act, 1956.
c. The Committee met four times on 28.05.2010, 30.07.2010, 27.10.2010 and 10.02.2011
during the financial review under review. This committee was reconstituted on
01.08.2011.
The terms of reference stipulated by the Board to the Audit Committee are, as contained
under Clause 49 of the listing Agreement:
Innovation Software Exports Limited
8
a. Oversight of the Company’s financial reporting process and the disclosure of its
financial information.
b. Recommending the appointment and removal of external auditors, fixation of audit
fee and also approval for payment for any other services.
c. Reviewing with management the annual financial statements before submission to
the board, focusing primarily on (i) any changes in accounting policies and practices
, (ii) major accounting entries based on exercise of judgments by management., (iii)
qualifications in draft audit report, (iv) significant adjustments arising out of audit, (v)
the going concern assumption, (vi) compliance with accounting standards, (vii)
compliance with stock exchange and legal requirements concerning financial
statements and (viii) any related party transaction i.e., transactions of the company
of material nature, with promoters or the management, their subsidiaries or relatives
etc., that may have potential conflict with the interests of Company at large.
d. Reviewing with the management external and internal auditors, the adequacy of
internal control systems.
e. Reviewing the adequacy of internal audit functions.
f. Discussion with internal auditors any significant findings and follow up thereon.
g. Reviewing the findings of any internal investigations by the internal auditor into
matters where there is suspected fraud or irregularity or a failure of internal control
systems of a material nature and reporting the matter to the board.
h. Discussion with external auditors before the audit commences, nature and scope of
audit as well as to have post audit discussion to ascertain any area of concern.
i. Reviewing the Company’s financial and risk management policies.
j. To look in to the reasons for substantial defaults in the payment to the shareholders (in
case of non payment of declared dividends) and creditors.
4. REMUNERATION/COMPENSATION COMMITTEE
a. The Compensation committee was set up to evaluate compensation and benefits for
Executive Directors and to frame policies and systems.
b. It has been constituted with two Directors and One Non-Executive Director.
i. Mr. C.K. Kothari, Chairman (Non-Executive Director)
ii. Mr. N. Aravind, Member (Director)
iii. Mrs. A. Anitha, Member (Director)
c. During the year the Committee met 4 times and all members attended all meetings.
This Committee also reconstituted on 15th July, 2011.
d. None of the directors has pecuniary relationship/transaction with company and other
related parties. During the year, no sitting fees has been paid to any of the Directors
for the Board meetings or of any Committees of the Board attended by them.
5. SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE
a. The Shareholders/Investors Grievance Committee comprised of Directors viz., Ms. A.
Anita, Mr. N. Aravind and Mr. H.C. Kothari (Chairman).
b. The committee overseas and reviews all matters connected with the securities
transfers. The committee also looks into redressing of shareholders complaints like
transfer of shares, non-receipt of balance sheet, non receipt of declared dividends,
etc.
c. The committee oversees the performance of the Registrar and Transfer Agents and
recommends measures for overall improvement in the quality of investor services. The
Board of Directors has delegated the power of approving transfer of securities to the
share Transfer Committee.
Innovation Software Exports Limited
9
The total number of complaints which were received and replied to the satisfaction of
shareholders during the year under review was 08. Outstanding complaints as on 31st March,
2011 were nil.
6. GENERAL BODY MEETINGS
Location and time for last 3 Annual General Meetings
Financial
year
Ended
AGM Location Date Time
31.03.2008 AGM No.3/5,Alankar Adarsh, 7th Avenue, Ashok
Nagar, Chennai – 600 083
25.09.2008 12.30
PM
31.03.2009 AGM No.3/5,Alankar Adarsh, 7th Avenue,
Ashok Nagar, Chennai – 600 083
25.09.2009 10.00
AM
31.03.2010 AGM No.3/5,Alankar Adarsh, 7th Avenue,
Ashok Nagar, Chennai – 600 083
30.09.2010 10.00
AM
7. DISCLOSURES
a. No resolution requiring a postal ballot under Section 192-A of the Companies Act,
1956, was placed before the last Annual General Meeting.
b. No special resolution requiring a postal ballot is being proposed at the ensuing
Annual General Meeting.
c. Disclosures on materially significant related partly transactions i.e., transactions of the
Company of material nature, with its promoters, the directors of the management,
their subsidiaries or relatives, etc., that may have potential conflict with the interests of
the company at large.
None of the transactions with any of the related parties were in conflict with the
interest of the Company.
d. Details of non-compliance by the Company, penalties and structures imposed on the
Company by stock Exchanges or SEBI or any statutory authority on any matter related
to capital markets, during the last three years.
None
e. The Company has formed good whistle blower policies and confirmed that no
personnel have been denied access to the audit committee.
f. The Company has not made any payment in the form of sitting fees or remuneration
to any directors as all directors have waived off their monetary rights/ claims because
of the continuous loss incurred in earlier years in the Company.
g. The Company has complied with all the mandatory requirements of Corporate
Governance, as required under the Listing Agreement.
MEANS OF COMMUNICATION
a. The Half-yearly and Quarterly results are published in the Trinity Mirror and Makkal
Kural.
b. All material information about the Company is promptly sent through fax to the
concerned stock exchanges wherein the Company’s Shares are listed.
c. Besides, these are all given to press for information of the public at large. Moreover,
Company disseminates information through press meets and analyst meets.
d. Management discussion and analysis has been made a part of the annual report.
Innovation Software Exports Limited
10
GENERAL SHARHOLDER INFORMATION
Sl.
No.
Particulars Description
1 19th Annual General Meeting 30th September 2011 at 10.00 am at No.3/5,
Alankar Adarsh, 7th Avenue, Ashok Nagar,
Chennai – 600 083.
2 Financial Year 01st April 2011 to 31st March 2012
3 Book Closure Date 25th September, 2011 to 30th September, 2011
4 Listed Stock Exchange The Madras Tock Exchange Ltd., Chennai
The Bombay Stock Exchange Ltd., Mumbai.
5 Registrar & Transfer Agents
(Share Transfer and communication
regarding share certificates and
change of address)
M/S System Support Services Private Limited,
Gala No.209, Shivai Ind.Estate, Near Logitech
Park89, Andheri Kurla Road, Sakinaka, Andheri
East, Mumbai – 400 072.
6 Share Transfer System Presently, the share transfers which are received
in physical form are processed and the share
certificates returned within a period the 15 to 20
days from the date of receipt, subject to the
documents being valid and complete in all
respects.
7 Dividend payment Date No dividend declared
8 Stock code Scrip Name : INSOE
Scrip Code : 517433
9 Stock price data As per the
10 Address for Correspondence No.3/5, Alankar Adarsh, 7th Avenue,
Ashok Nagar, Chennai – 600 083.
• Stock Price
Market Price Data: (in Rs.)
Bombay Stock Exchange Date
High (Rs.) Low (Rs.)
April 2010 0.00 0.00
May 2010 0.00 0.00
June 2010 0.00 0.00
July 2010 0.00 0.00
August 2010 0.00 0.00
September 2010 0.00 0.00
October 2010 49.90 9.61
November 2010 12.81 8.00
December 2010 10.96 6.30
January 2011 11.22 7.30
February 2011 8.54 4.94
March 2011 7.44 4.95
Innovation Software Exports Limited
11
Shareholding pattern as on 31st March, 2011
CATEGORY NO. OF
SHARES
% OF
SHARE
HOLDING
A PROMOTER’S HOLDING
1 Promoters
-Indian Promoters 60300 2.01
-Foreign promoters - -
2 Persons acting in concert** 0 0
SUB-TOTAL 60300 2.01
B
NON-PROMOTERS HOLDING
3 Institutional investors
a Mutual Funds and UTI Nil 0
b Banks, Financial Institutions, Insurance
companies(Central/State Government
Institutions/Non-Government Institutions)
Nil 0
c Foreign Institutional Investors - -
4 OTHERS
a Private Corporate Bodies 92051 3.07
b Indian Public 2827724 94.26
c NRIs/OCBs 12884 0.43
d Clearing Member 2465 0.08
e Hindu Undivided Families 4576 0.15
SUB-TOTAL 2939700 97.99
GRAND TOTAL 30,00,000 100
• Distribution of Share holding (Size wise) as on 31.03.11
Shareholding of
Nominal Value Rs.
No. of
Shareholders
Percentage
of
Total
No. of
Shares held
Percentage
of Total
1-5000 6908 92.82 11283080 37.61
5001-10000 315 4.23 2594480 8.64
10001-20000 127 1.70 1954440 6.51
20001-30000 38 0.51 962000 3.20
30001-40000 7 0.09 260300 0.86
40001-50000 11 0.14 514740 1.71
50001-100000 15 0.20 1031150 3.43
100001 and above 21 0.28 11399810 37.99
Total 7442 100.00 30000000 100.00
• Dematerialization of Shares & Liquidity
The Company’s shares are available for Dematerialization with National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). As on 31st
March, 2011 the status of Dematerialization is as under:
Held in dematerialized form in CDSL 319355
Held in dematerialized form in NSDL 1635433
Held in physical form 1045212
Innovation Software Exports Limited
12
COMPLIANCE CERTIFICATE
(Pursuant to Section 383A of the Companies Act, 1956)
CIN No. of the Company : L30006TN1992PLC023734
Nominal Capital : Rs.3,00,00,000/-
Paid-up Capital : Rs.2,99,95,124/-
To
The Members of the Company,
Innovation Software Exports Limited,
Chennai.
I have examined the registers, records, books and papers of Innovation Software Exports
Limited, as required to be maintained under the Companies Act, 1956, and the rules made
there under and also the provisions contained in the Memorandum and Articles of
Association of the Company for the financial year ended 31st March, 2011. In my opinion and
to the best of my information and according to the examinations carried out by me and
explanations furnished to me by the Company, its officers and agents, I certify that in respect
of the aforesaid financial year:
1. The Company has kept and maintained all registers as stated in Annexure ‘A’ to this
certificate, as per the provisions and the rules made there under and all entries therein
have been recorded.
2. The Company has filed the forms and returns as stated in Annexure ‘B’ to this certificate,
with the Registrar of Companies, Regional Director, Central Government, Company Law
Board or other authorities under the Act and the rules made thereunder.
3. The Company being Public Limited Company has the minimum prescribed paid-up
capital.
4. The Board of Directors duly met 6 (six) times on 28.05.2010, 30.07.2010, 02.09.2010,
15.10.2010, 27.10.2010 & 10.02.2011 during the year in respect of which meetings proper
notices were given and the proceedings were properly recorded in the Minutes Book
maintained for the purpose.
5. The Company closed its Register of Members from 25th September 2010 to 30th September
2010 and necessary compliance of Section 154 of the Act has been made.
6. The Annual General Meeting for the financial year ended on 31.03.2010 was held on
30.09.2010 after giving due notice to the members of the Company and the resolutions
passed threat were duly recorded in minutes book maintained for the purpose..
7. No Extraordinary General Meeting was held during the financial year.
8. The Company has not advanced any loan to its directors and/or persons or firms or
companies referred in the Section 295 of the Companies Act, 1956 during the financial
year.
9. The Company has not entered into any contract falling within the purview of Section 297
of the Companies Act, 1956.
10. The Company has made necessary entries in the register maintained under Section 301
of the Act.
Innovation Software Exports Limited
13
11. As there were no instances falling within purview of Section 314 of the Act, the Company
was not required to obtain necessary approvals from the Board of Directors, members
and previous approval of the Central Government, as the case may be.
12. The Company has not issued any duplicate share certificates during the financial year.
13. The Company:
(i) has effected all the transfers within the time and share certificates were
dispatched. There was no allotment/transmission of securities during the year.
(ii) was not required to deposit any amount in a separate bank account as no
dividend was declared during the financial year.
(iii) was not required to post dividend warrants to any member of the Company as no
dividend was declared during the financial year.
(iv) was not required to transfer the amounts to Investor Education and Protection
Fund as there was no such amount outstanding during the financial year under
review.
(v) has generally complied with the requirements of Section 217 of the Act.
14. The Board of Directors of the Company is duly constituted. There was no appointment of
Additional Directors, Alternate Directors and Directors to fill casual vacancies during the
year. During the year under review, there was cessation of one Director due to
resignation.
15. The Company has not appointed any Managing Director/ Whole-time Director/ Manager
during the financial year under scrutiny.
16. The Company has not appointed any sole-selling agent during the financial year.
17. The Company was not required to obtain any approvals of the Central Government,
Company Law Board, Regional Director, Registrar or such other authorities as may be
prescribed under the various provisions of the Act during the financial year.
18. The directors have disclosed their interest in other firms/companies to the Board of
Directors pursuant to the provisions of the Act and the rules made there under.
19. The Company has not issued any shares/securities during the financial year.
20. The Company has not bought back any shares during the financial year.
21. The Company has no preference shares; hence, redemption of the same does not arise.
22. There was no transaction necessitating the Company to keep in abeyance the rights to
dividend, rights shares and bonus shares pending registration of transfer of shares.
23. The Company has not accepted deposits from public during the financial year.
24. The Company has not made any borrowings during the financial year under review.
25. The Company has not made any loans or advances, or given guarantees or provided
securities to other bodies corporate and consequently no entries has been made in the
register kept for the purpose.
26. The Company has not altered the provisions of the memorandum with respect to
situation of the Company’s registered office from one state to another during the
financial year under review.
Innovation Software Exports Limited
14
27. The Company has not altered the provisions of the memorandum with respect to the
objects of the Company during the financial year.
28. The Company has not altered the provisions of the memorandum with respect to name
of the Company during the financial year.
29. The Company has not altered the provisions of the memorandum with respect to share
capital of the company during the year under scrutiny.
30. The Company has not altered its articles of association during the financial year.
31. As per explanations given to us, there was no prosecution initiated against or show cause
notices received by the Company and no fines/penalties or any other punishment
imposed on the Company during the financial year for offences under the act.
32. The Company has not received any security deposit from its employees during the
financial year under scrutiny.
33. The provisions of Section 418 of the Act are not applicable to the Company.
Place: Chennai A.KUMAR REDDY
Date: 22.08.2011 Practising Company Secretary
C P No.: 7843
ANNEXURE -A
Registers as maintained by the Company
SI. No. Under Section Name of the Register
1 150 Register of Members
2 193 Minutes of all Board of Directors and General Meetings
3 143 Register of Charges
4 303 Register of Directors
5 307 Register of Directors' Share holding
6 301 Register of Contracts, Companies and firms in which the
directors are interested.
ANNEXURE -B
Returns / Documents / Forms as filed by the Company with the Registrar of Companies / Regional
Director / Company Law Board/Central Government or other authorities from 01.04.2010 to
31.03.2011.
SI.
No.
Form No. Under
Section
Description Date o filing
1. 20B 159 Annual Return made up to the date of AGM
i.e. 30.09.2010.
30.10.2010
2. 23AC &
23ACA
220 Balance Sheet and Profit & Loss Account for
the financial year ended 31.03.2010.
30.10.2010
3. 66 383A Compliance Certificate for the financial year
ended 31.03.2010.
30.10.2010
4. 32 303 Change in Constitution of Board 23.04.2010
5. 32 303 Change in Constitution of Board 15.10.2010
Innovation Software Exports Limited
15
COMPLIANCE CERTIFICATE ON CORPORATE GOVERNANCE
To
The members of M/S Innovation Software Exports Limited.
Chennai.
We have examined the compliance of conditions of Corporate Governance by Innovation
Software Exports Limited for the year ended on March 31, 2011 as stipulated in clause 49 of
the Listing Agreement of the said Company with Stock Exchange(s).
The compliance of conditions of Corporate Governance is the responsibility of the
management. Our examination was limited to procedures and implementation thereof,
adopted by the Company for ensuring the compliance of the conditions of the Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In our opinion and to the best of our information and according to the explanations given to
us, we certify that the Company has compiled with the conditions of Corporate Governance
as stipulated in the above Listing Agreement.
We state that no grievance(s) is / are pending for the period exceeding one month against
the Company as per the records maintained by the Investors Grievance Committee.
We further state that such compliance is neither an assurance as to the future viability of the
Company nor the efficiency or effectiveness with which the management has conducted
the affairs of the Company.
For RAMRAJ & Co.,
Chartered Accountants
Sd/-
Chennai A. AMARNATHA REDDY
Date: 22nd August, 2011 Partner
Innovation Software Exports Limited
16
AUDITOR’S REPORT
To
The members of Innovation Software Exports Limited.
1. We have audited the attached Balance Sheet of Innovation Software Exports Limited,
Chennai as at 31st March, 2011 the Profit and Loss Account and the cash flow statement for
the year ended on that date. These financial statements are the responsibility of the
Company’s Management. Our responsibility is to express an opinion on these financial
statements based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted
in India. These standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from any material misstatements.
An audit includes, examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report), Order 2003 issued by the Central
Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.
4. Further to our comments in the annexure referred to in paragraph ‘1’ above we report
that:
a) We have obtained all the information and explanations which to the best to
our knowledge and belief were necessary for the purpose of our audit.
b) In our opinion, proper books of accounts as required by law have been kept by
the company so far as appears from our examination of such books.
c) The Balance Sheet, Profit and Loss Account and cash flow statement are in
agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow
statement comply with the Accounting Standards referred to in sub section (3C) of
Section 211 of the Companies Act, 1956.
e) On the basis of the information and explanations given to us and representations
obtained by the company there are no directors of the company who, as at 31st
March 2011, are disqualified under section 274(1)(g) of the Companies Act,1956, from
being appointed as Directors.
f) The Company has not levied or collected any cess for the purpose of rehabilitation
or revival or production of the assets of the sick Industrial Company on its annual
turnover and has not paid to the credit of the Central Government, the said levy as
required u/s 441 A of the Companies Act as the same has not been notified by the
Central Government.
g) In our opinion and to the best of our information and according to the
explanations given to us, the said account read along with the notes thereon give
the information required by the Companies Act, 1956 in the manners required and
Innovation Software Exports Limited
17
also give a true and fair view in conformity with the accounting principles generally
accepted in India.
i) In so far as it relates to the Balance Sheet of the state of affairs of the
Company as at 31st March, 2011 and
ii) In so far as it relates to the Profit and Loss Account of the Profit of the
Company for the year ended on that date.
iii)In so far as it relates to the Cash flow statement, of the cash flow for the year
ended on that date.
For RAMRAJ & Co.,
Chartered Accountants
Sd/-
Chennai A. AMARNATHA REDDY
Date: 22nd August, 2011. Partner
M. No.213102
Innovation Software Exports Limited
18
ANNEXURE TO THE AUDITOR’S REPORT
(Referred to in paragraph ‘3’ of our report of even date)
As required by the Companies (Auditor’s Report) order, 2003 issued by the Central
Government in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of
such checks of the books and records of the Company, as we considered appropriate and
according to the information and explanations given to us during the course of the audit, we
report that,
1. The Company has maintained proper records showing full particulars including
quantitative details and situation of Fixed Assets. All the assets have been physically
verified by the management during the year which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets. No serious
discrepancies were noticed on such verification. None of the Fixed Assets were
disposed off during the year and therefore do not affect the going concern status of
the Company.
2. In our opinion, the company has not taken / granted loans during the year from / to
parties listed in the register maintained under section 301 of the Companies Act, 1956.
3. In our opinion and in accordance with the information and explanations given to us,
there is adequate internal control procedure commensurate with the size of the
company and nature of its business, for purchases of inventory and fixed assets and
with regard to the sale of goods.
4. In our opinion, and according to the information and explanations given to us, there
are no transactions for purchase / sale of goods, services made in purchase of
contracts or arrangements required to be entered in the register maintained under
section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in
respect of each party.
5. In our opinion, and according to the information and explanations given to us, the
company has not accepted any deposits from public.
6. In our opinion, the company does not have an internal audit system, the scope and
coverage of which needs to be strengthened to make it commensurate with the size
and nature of its business.
7. The Company is not required to maintain any cost records as prescribed by the
Central Government under section 209(1) (d) of the Companies Act, 1956 as the
same is not applicable to the Company.
8. According to the explanations given to us, the provisions of the Employees Provident
Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act,
1948 are not applicable to the Company.
9. According to the information and explanations given to us, there are no undisputed
amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st
March, 2011, for a period of more than six months from the date they became
payable. Further, according to the information and explanations give to us, there are
no disputed statutory dues pending payment.
10. On the basis of the financial statements, the Company has accumulated loss of
Rs.10,909,445 and the Company has not incurred cash losses during the year.
Innovation Software Exports Limited
19
11. The Company has not issued any debentures. According to the records of the
Company examined by us, the Company has not availed any term loan or working
capital limits from any bank of financial institution.
12. The Company has not granted loans and advances on the basis of security by way of
pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the
Order is not applicable.
13. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly,
clause 4(xiii) of the order is not applicable.
14. According to the information and the explanations given to us and based on the
records examined by us, the company is maintaining proper records in respect of the
shares dealt and the said investments (subject to note on investment) have been
held by the company in its own name as per the provisions of the Section 49 of the
Companies Act, 1956.
15. On the basis of information and explanations given to us, the company has not given
guarantee to any Bank or Financial Institution on behalf of other parties.
16. The Company has not taken any term loans. Hence clause (xvi) of para’4(A) is not
applicable.
17. On the basis of our examination of the books of account and the information and
explanation given to us, in our opinion, the funds raised on short term basis have not
been used for long term investment.
18. The Company has not made any preferential allotment of shares to any party listed in
the register maintained under section 301 of the Companies Act, 1956. Hence clause
4(xviii) of the Order is not applicable.
19. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not
applicable.
20. The Company has not raised any money by way of public issues during the year.
Hence clause 4(xx) of the Order is not applicable.
21. According to information and explanations furnished to us no fraud on or by the
company has been noticed or reported during the year other than the shortage of
cash of Rs.12, 79,248/- reported as on 31.03.2002 and same has been charged to
profit and loss account during the previous year 2008-09.
22. On the basis of financial statements, it is explained by the management that
diminution in value of investments, which are not realizable as on 31.03.2011 has been
charged to Profit& Loss Account. In the later year, if realizable, would be credited to
Profit & Loss Account.
23. The nature of the business of the company is such that the clauses II, XIII, XIV of
paragraph 4 of the Companies Act (Auditor’s Report) order 2003 are not applicable.
For RAMRAJ & Co.,
Chartered Accountants
Sd/-
Chennai A. AMARNATHA REDDY
Date: 22nd August, 2011. Partner
M. No.213102
Innovation Software Exports Limited
20
INNOVATION SOFTWARE EXPORTS LIMITED
No.3/5, Alankar Adarsh, 7th Avenue, Ashok Nagar, Chennai-600 083
BALANCE SHEET AS AT 31ST MARCH, 2011
Particulars SCH 31.03.2011 31.03.2010
SOURCES OF FUNDS Rs. Rs.
Share Holders Fund
Share Capital 1 29,995,124 29,995,124
TOTAL 29,995,124 29,995,124
APPLICATION OF FUNDS
Fixed Assets
Gross Block 10,342,111 10,342,111
Less : Depreciation 9,815,779 9,744,284
Net Block 2 526,332 597,827
Investments 3 - -
Deferred Tax Assets 4 1,439,439 1,421,184
Current Assets Loans & Advances
Sundry Debtors 5 17,238,253 16,107,820
Cash & Bank Balances 6 11,539 62,707
Loans, Advances & Deposits 7& 8 1,138,019 1,138,019
18,387,811 17,308,546
Less: Current Liabilities & Provisions 9 1,267,902 1,792,820
Net Current Assets 17,119,909 15,515,726
Miscellaneous Expenses
Profit & Loss Account 10,909,445 12,460,387
TOTAL 29,995,124 29,995,124
Notes on Accounts & Significant accounting policies As per report of even date
For Innovation Software Exports Ltd., For Ramraj & Co
Sd/- Sd/- Sd/-
N.Aravind A.Anitha A.AMARNATHA REDDY
Director Director Partner
M.No.213102
Place: Chennai
Date: 22nd August 2011.
Innovation Software Exports Limited
21
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011.
Particulars SCH 31.03.2011 31.12.2010
INCOME Rs. Rs.
Sales 10,526,670 24,870,104
Other Income 10 111,480 111,480
TOTAL 10,638,150 24,981,584
EXPENDITUTRE
Cost of Sales 11 8,715,755 20,308,187
Administrative Expenses 12 318,100 484,980
Depreciation 47,902 48,616
Profit/Loss Before Tax 1,556,393 4,139,801
Provision for Income Tax 11,092 12,370
Profit after Tax 1,545,301 4,127,431
ADD: Deferred Tax Reversal - -
ADD: Deferred Tax Asset 5,641 29,656
Balance Brought forward (12,460,387)
(16,617,474)
Balance carried forward
(10,909,445)
(12,460,387)
Notes on accounts and significant accounting policies 12
Earnings per share 0.52 1.38
Number of Shares 3,000,000 3,000,000
Notes on Accounts & Significant accounting policies As per report of even date
For Innovation Software Exports Ltd., For Ramraj & Co
Sd/- Sd/- Sd/-
N.Aravind A.Anitha A.AMARNATHA REDDY
Director Director Partner
M.No.213102
Place: Chennai
Date: 22nd August 2011.
Innovation Software Exports Limited
22
Particulars
As at
31.03.2011
As at
31.03.2010
SCHEDULE- 1 : Share Capital Rs. Rs.
Authorised Capital
3,000,000 Equity Shares of Rs.10/- each 30,000,000 30,000,000
Issued, subscribed & paid up
30,00,000 Equity Shares of Rs.10/- each 30,000,000 30,000,000
LESS: Calls in Arrears 4,876 4,876
TOTAL 29,995,124 29,995,124
SCHEDULE – 3 - Investments - -
TOTAL - -
SCHEDULE – 4 -Deferred Tax Assets
Balance as on 01.04.2010 1,421,184 1,333,734
Add: For the current Year 18,255 87,450
TOTAL 1,439,439 1,421,184
SCHEDULE – 5 - Sundry Debtors
Outstanding for less than 6 months considered good
16,111,413 14,462,070
Outstanding for more than6 months considered good
1,126,840 1,645,750
TOTAL 17,238,253 16,107,820
SCHEDULE - 6 - Cash & Bank Balance
Cash Balance
Cash on hand 1,842 46,254
Bank Balance
Oriental Bank of Commerce 9,697 16,453
TOTAL 11,539 62,707
Innovation Software Exports Limited
23
Particulars
As at
31.03.2011
As at
31.03.2010
SCHEDULE – 7 - Loans & Advances
(Unsecured Considered Good)
Tax Deducted at source - Old 79,538 79,538
Tax Deducted at source – 2006-07 13,233 13,233
Tax Deducted at source- 2007-08 7,200 7,200
Jagdish V Thakkar 495,000 495,000
Hasmukh M.Thakkar 434,000 434,000
TOTAL 1,028,971 1,028,971
SCHEDULE – 8 - Deposits
Deposits – Sales Tax 95-96 Appeal 26,448 26,448
Deposits – Sales Tax 95-96 Appeal 79,600 79,600
Deposits – Sales Tax NSC 3,000 3,000
TOTAL 109,048 109,048
SCHEDULE – 9- Current Liabilities& Provisions
Sundry Creditors 1,223,720 1,755,450
Sales Tax Payable - -
Cameo Corporate Services Limited - -
Ramraj & Co 33,090 25,000
Income Tax Provision 11,092 12,370
TOTAL 1,267,902 1,792,820
SCHEDLES – 10 - Other Income
Interest on Loan 111,480 111,480
Misc. Income 0 0
TOTAL 111,480 111,480
SCHEDULES – 11 - Purchses
Purchases 8,715,755 20,308,187
Total 8,715,755 20,308,187
SCHEDULES – 12
ADMINISTRATIVE AND OTHER EXPENSES
Salary 147,200 294,980
Bank Charges 560 1,065
Professional & Consultancy Charges 6,500 20,000
Audit Fees 33,090 25,000
Miscellaneous Expenses 114,600 76,485
Listing Fees & Registrar Charges 12,500 24,000
Postage & Telegrams 3,650 13,450
Share Transfer & Depositories Ser. Charges - 30,000
TOTAL 318,100 484,980
Innovation Software Exports Limited
24
SCHEDULE - 2
INNOVATION SOFTWARE EXPORTS LIMITED
Schedule of Depreciation as at 31.03.2011 as per Companies Act, 1956
Gross Block Depreciation Net Block
Particulars
01.04.10 Addition Deletion 31.03.2011 1.04.2010
Dep.
During
the Year
31.03.2011 31.03.2011 31.03.2010
Plant & Machinery 267,450 - - 267,450 191,945 11,318 203,264 64,186 75,505
Furniture & Fitting 809,822 - - 809,822 774,087 35,735 809,822 0 35,735
Computer 9,240,242 - - 9,240,242 8,778,230 - 8,778,230 462,012 462,012
Office Equipment 24,597 - - 24,597 23,615 848 24,463 134 982
Total 10,342,111 - - 10,342,111 9,767,878 47,902 9,815,779 526,332 574,233
Innovation Software Exports Limited
25
CASH FLOW STATEMENT FOR THE YEAR ENDING 31.03.2011
Amount in '000
As at As at Particulars
31.03.2011 31.03.2010
Cash flow from Operating Activities
Net Profit before tax 1,556 4,139
Adjustment for Depreciation 48 49
Deferred Tax Asset (6) (30)
Provision for Cash Shortage - -
Operating Profit before Working Capital changes 1,598 4,158
Adjustments for Increase/Decrease
Loans and Advances & Debtors (2,174) (5,109)
Current liabilities 524 655
Net cash flow from operations (52) (296)
Cash flow from investing activities
Increase/Decrease in Fixed Assets - -
Increase/Decrease in Investments - -
Cash flow from financing activities
Increase/Decrease in Long term Loans -
-
Net Increase /decrease in cash & cash equivalents (52) (296)
Cash & Cash equivalents in the beginning of the
period
63 359
Cash & cash equivalents at the end of the period
11 63
Innovation Software Exports Limited
26
SCHEDULE – 12
STATEMENT ON SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS FOR THE
YEAR ENDED 31ST MARCH, 2011
A).SIGNIFICANT ACCOUNTING POLICIES
1. Basis of Accounting
The financial statements are prepared under the historical cost convention on a going
concern basis and accordance with the requirements of the Companies Act, 1956 and
applicable accounting standards.
2. Recognition of Revenue
Finance charges on Hire purchase Contracts have not been recognized during the year in
the absence of its virtual certainty.
3. Fixed Assets and Depreciation
Fixed Assets are stated at actual cost less accumulated depreciation. Depreciation on Fixed
Assets is computed on written down value method at the rates and in the manner specified
under schedule XIV to the Companies Act, 1956.
4. Payment of Gratuity has not arisen and therefore not recognized in the accounts.
5. All other expenditure has been accounted on accrual basis.
6. The Company does not carry any inventory.
B). NOTES ON ACCOUNTS
1. Accounting period
The period of accounts under review is for 12 months
2. Share Capital
During the period under review, the authorized share capital of the Company was not
changed.
3. Audit fees comprise the following.
Particulars As on 31.03.2011 As on 31.03.2011
Statutory Audit 25000 25000
Tax Audit 10000 10000
Certification & other
matters
Total 40000 40000
4. No Remuneration or sitting Fees has been paid to any Directors.
5. Figures have been rounded off to the nearest rupee.
Innovation Software Exports Limited
27
6. Previous year figures have been regrouped / reclassified wherever considered necessary.
For Innovation Software Exports Ltd., For Ramraj & Co.,
Chartered Accountants
Sd/- Sd/- Sd/-
N.Aravind A.Anitha A.AMARNATHA REDDY
DIRECTOR DIRECTOR PARTNER
M.No.213102
Place: Chennai
Date: 22nd August 2011.
Innovation Software Exports Limited
28
AUDITOR’S CERTIFICATE
We have examined the attached the cash flow statement of Innovation Software Exports
Limited for the year ended 31st March, 2011. The Statement has been prepared by the
Company in accordance with the requirements of Clauses 32 of the listing the agreement
and is based on and in agreement with the corresponding Profit & Loss Account and
Balance Sheet of the Company covered by our report of 22nd August, 2011 to the members
of the Company.
For Ramraj & Co.,
Chartered Accountants
Sd/-
A.AMARNATHA REDDY
PARTNER
Place: Chennai M.No.213102
Date: 22nd August 2011
Innovation Software Exports Limited
29
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE
A. Registration Details Rs.in '000
Registration Number :
State code : 18
Balance Sheet date : 31.03.2011
B. Capital Raised During The Year
Public Issue : NIL
Right Issue : NIL
Bonus Issue : NIL
Private Placement : NIL
C. Position of Mobilisation and Deployment of Fund
Total Liabilities and Shareholders
Funds : 29,995
Total Assets : 29,995
Sources of Funds
Paid up Capital : 29,995
Reserve and Surplus : NIL
Secured Loans : NIL
Unsecured Loans : NIL
Deferred Tax Liabilities : NIL
Application of Funds
Net Fixed Assets : 526
Deferred Tax Asset 1,439
Investment : NIL
Net Current Assets : 17,120
Micellaneous Expenditure : NIL
Profit and Loss Account : 10,910
D. Performance Of the Company
Turnover : 10,638
Total Expenditure : 9,082
Profit/(Loss) before tax : 1,556
Profit/(Loss) after tax : 1,545
Earning per Share in Rs. : 0.005
Dividend Rate % : NIL
E. Generic Names of Three Principal Products/Services of the Company
Item Code No.(ITC Code) : N A
Product Description : Software Development
For and on behalf of the board
Sd/- Sd/-
Place : Chennai N. ARAVIND A.ANITHA
Date : 22nd August 2011 Managing Director Director
Innovation Software Exports Limited
30
PROXY FORM
I / We __________________________________________ of ____________________________________
being a Member / Members of INNOVATION SOFTWARE EXPORTS LIMITED hereby appoint
_______________________________________ of _________________________________ or failing him
_______________________________________________________________________ for me / us on my /
our behalf at the 19th ANNUAL GENERAL MEETING of the said Company to be held 10.00
A.M. on Friday, the 30th September 2011 at No.3/5, Alonkar Aadharsh, 7th Avenue, Ashok
Nagar, Chennai-600 083, and at any adjournment thereof.
Signed this ___________________day ________________ of 2011
Signature(s) of the Member(s) ______________________________
Folio No. _______________________________________________
N.B. (i) This proxy must be deposited at the Registered Office of the Company, not latter
than 48 hours before the time of the meeting. A proxy need not be a member of the
Company. Shareholder / Proxy holder wishing to attend the meeting must bring the
Attendance Slip to the Meeting and handover the same at the entrance duly signed.
………………………………………………………..TEAR HERE………………………………………
INNOVATION SOFTWARE EXPORTS LIMITED No. 3/5, Alonkar Adarsh, 7th Avenue, Ashok Nagar, Chennai-600083
ATTENDANCE SLIP
To be handed over at the entrance of the Meeting Hall hereby record my presence at the
19th ANNUAL GENERAL MEETING at 10.00 A.M. on Friday, the 30th September 2011 at No.3/5,
Alonkar Aadharsh, 7th Avenue, Ashok Nagar, Chennai-600 083.
Name of the Member ____________________________________________________________________
Folio No. ______________________________________________________________________________
Name of Proxy / Representation (In Block Letter)
______________________________________________
(To be filled in the Proxy attends instead of the Member)
Signature of the Member / Proxy present
_____________________________________________________
Revenue
Stamp