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LEMITINC
Director's Report
Auditor's Report
Balance Sheet
Profit & Loss Account
Schedules 'A' to 'F'
Cash Flow Statement
35
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LEMIT EUROPE SA
Director's Report
Auditor's Report
Balance Sheet
Profit & Loss Account
Schedules 'A' to 'H'
Cash Flow Statement
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www.reportjunction.com
Technical Director
Mr. Y. N.Thakkar
Director
Mr. C. N. Govintlaraju
Director
Mr.H.R. K. Murlhy
Director
AUDITORS
Mr. V. Raghavendran
Chartered Accountant
BANKERS
UNION B A N K O F I N D I A
CORPORATION BANK
REGISTERED OFFICE
No. 17. II Floor, 100 Ft. Ring Road,
6th Block, 3rd Phase, Kalhriguppe,
Banashankari 111 Stage,
BANGALORE-560085.
SUBSIDIARIES
1.
Leniitlnc
Newyork, U.S.A.
2.
www.reportjunction.com
Selling uniquely
Package services
Migration of legacy systems is an invasive process
that needs lot of mentoring and guidance. As each
coupling
a l l adds
its own d i m e n s i o n to
marketing pressures.
acceptance
"Pool
of
support".
talents"
and " A u t o m a t i o n
user
scripts", "Training
lor new
Setting up techniques
Migration has become mulli dimensional from the
Compounding solutions
its segment.
2006
2005
196.55
134.30
92. 1 1
(45.34)
2.30
4.94
77.85
67.01
Corporate Governance:
As required under Clause 49 of the Listing Agreement,
a report on Corporate Governance is provided
elsewhere in this Annual Report along with Auditor's
certificate on the compliance thereof.
2.60
46.22
(39.41)
Public Deposits:
(36.86)
(77.88)
Review of operations:
Directors:
Mr.H.R.K.Murthy. Director, retires by rotation at this
Annual General Meeting and being eligible, offers
himself for re-appointment. A brief profile of the
Director is given in ihe notes to die ensuing AGM.
)
Energy & Technology Absorption:
Auditors:
Auditor Mr. V.Raghavendran, Chartered Accountant,
retires at the conclusion of the Nineteenth A n n u a l
General Meeting and being eligible, offers himself for
reappointment. The Company has received Certificate
under section 224( 1B) of the Companies Act, 1956 from
Mr.V. Raghavcnclran.
Conservation of Energy:
S.Ragothamaii
Chairman & Managing
Director
Glohiil IT scenario
il)
l>)
e)
1')
g)
Financial highlights
1.
Revenues
Rs. 123.81
sized companies.
c)
Outlook
2.
Fixed Assets
The C o m p a n y added to its f i x e d assets
2006
Net Worth
The Networth stood at Rs. 1757.24 lacs as
against Rs. 1772.12 lacs for the same period
previous year.
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Corporate Governance
IL
Philosophy:
Governance
which
envisages
Agreement.
on 29.04.05.29.06.05,07.07.05.29.07.05,29.10.05
and 30.01.06. Directors' attendance at the Board
Governance.
III
follows:
I'.xeculivc / Noil executive Status
Director
Mr.
Mrs.
Mr.
Mr.
Mr.
Board Of Directors:
S. Kugolhanum
Usha P. Kaikar
Y. N. Thakkar
C. N. Goviiidurajii
H. R. K. Munhy
No. ol
Board Meet
-ings held
-ings iiUciulcci
Yes .
ft
Yes
Yes
ft
ft
Audit committee:
Terms of Reference
Nil
YM J
Yes J
Meetings held
Mr. C. N. Govindaraju
Mr. H.R.K.Murthy
Meetings Attended
etc.
Composition
Chairman
Member
Member
Mr. H.R.K.Murthy
Chairman
Member
By Invitation
Mr.V. Raghavendran
Mr.S. Vasudevan
No. of member
ships in Boards of
other public CD'S
Attendance at
the last A(iM
on (W.tW.OS
Secretary
The Audit Committee comprises of three Independent - NonExecutive Directors including the Chairman. All are
professionals and well qualified to carry out their
responsibilities as members of the committee.
Composition
Mr. Y ,N Thakkar
Mr. C.N.Govindaraju
Mr. H.R.K.Munhy
No. ol
Hoiml Meet
Statutory Auditor
Internal Auditor
to the Directors.
Mr. S. Ragothaman
Managing Director
Mrs.Usha P. Raikar
Tech. Director
Rs.8.78 lacs
Nil
Nil
Service Contract
Notice period
Six months
Six months
Severance tees
Nil
Nil
Nil
Nil
Rs. 20,000
Mr. C.N.Govindaraju
Mr. H.R.K.Murthy
Rs'. 20,000
Rs. 30,000
Terms of Reference
Year
Chairman
Member
Member
Meetings held
4
Mr. S. Ragothaman
Mr. H.R.K.Murthy
Nil
Nil
Nil
Special
Resolutions
Passed
M e e t i n g s a n d a t t e n d a n c e d u r i n g the f i n a n c i a l year
Director
Time
Venue
Mr. H . R . K . M u r t h y
Mrs Usha P. Raikar
Mr S. Ragothaman
Date
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VIII. Disclosures
A.
B.
IX.
X.
XI.
XII.
XIH.Compliance
The certificate dated 23.06.2006 obtained from our
statutory auditor Mr. V. Raghavendran is found elsewhere
in this Annual Report.
CEO & CFO Certification
a. We have reviewed financial statements and the cash flow
statement for the year ended 31st March, 2006 and
certify, to the best of our knowledge and belief, that :
i. these statements present a true and fair view of the
Company's affairs, and are in compliance with
ii.
Place : Bangalore
Date : 23.06.06
S. Ragothaman
Managing Director
B.Vijaya Kumar
Chief Financial Officer & Company Secretary
AUDITOR'S
CKRTIFICATK
GOVERNANCE.
ON
CORPORATE
I h a v e e x a m i n e d the c o m p l i a n c e of c o n d i t i o n s of
corporate governance by B A N G A L O R h SOFTS ELL.
LIMITED, for llie year ended on 31st March. 2006, us 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.
My examination was
limited to procedures and implementation thereof, adopted by
the Company lor ensuring the compliance of the conditions ol
the Corporate Governance.
It is n e i t h e r an audit nor an
e x p r e s s i o n of o p i n i o n on the f i n a n c i a l s t a t e m e n t s of t h e
Company.
In my opinion and to the best of my information and
according to the explanations given to me, I certify that the
Company has c o m p l i e d w i t h t h e c o n d i t i o n s of Corporate
Governance as s t i p u l a t e d in the above m e n t i o n e d L i s t i n g !
agreement. I state that no investor grievance(s) is / are pending
for a period exceeding one month against the Company as per
the records maintained by (he Investors Grievance Committee.
I f u r t h e r s t a t e t h a t such c o m p l i a n c e is n e i t h e r an
assurance as to the f u t u r e v i a b i l i t y of the company nor the
efficiency or effectiveness w i t h which the management has
conducted the affairs of the Company.
Place : Bangalore.
Dated : 23rd June 2006.
V. Raghiivendran
Chartered Accountant.
Membership No. 24151.