Click it and Unblock the Notifications
Directors Report of VXL Instruments Ltd.
Mar 31, 2024
Your Directors have pleasure in presenting the 38th (Thirty Eighth) Annual Report and Audited Financial
Statements for the financial year ended 31st March, 2024 together with the Independent Auditor''s Report.
1. FINANCIAL RESULTS (Rs. in Lakhs)
|
Particulars |
2023-24 |
2022-23 |
|
Gross Income |
779.92 |
917.07 |
|
Profit/(Loss) Before Interest and Depreciation |
(229.95) |
(178.93) |
|
Finance Charges |
22.58 |
15.01 |
|
Gross Profit |
266.03 |
257.13 |
|
Provision for Depreciation |
5.49 |
6.59 |
|
Profit (Loss) before exceptional and extraordinary items and tax |
(258.02) |
(200.54) |
|
Exceptional Items |
- |
50.22 |
|
Provision for Tax |
- |
- |
|
Net Profit (Loss) After Tax |
(258.02) |
(150.31) |
|
Other Comprehensive Income |
1.44 |
5.42 |
|
Total Comprehensive Income |
(256.58) |
(144.90) |
|
Total Comprehensive Income Attributable to |
- |
- |
|
a) Owners |
- |
- |
|
b) Non-Controlling Interest |
- |
- |
|
Earnings per Equity Share of Rs. 10/- each |
||
|
Basic |
(1.93) |
(1.09) |
|
Diluted |
(1.93) |
(1.09) |
|
Proposed Dividend on Equity Shares |
- |
|
|
Tax on proposed Dividend |
- |
- |
2. PERFORMANCE OF THE COMPANY:
Although plan was to achieve better results in the year that has passed, the company could not achieve
the expected target. This primarily was due to the lack of orders from the European customers.
The continuing war and the recessionary trends have taken a toll on the receivable from the customers.
Domestic orders have covered up to a certain extent but not adequate enough to fill up the entire gap.
The R&D Team is working in hybrid mode, whereas the Manufacturing division employees are in physical
working mode. Due to this arrangement, the company could vacate one floor in the Corporate Office at
Bangalore thus saving costs on the rentals and power. Your Board is pleased to inform that the above
arrangement has not affected the productivity adversely. Your Company has delivered all the orders
received on time. Further, R&D developed customized solutions in embedded/ applicable software and
thin client hardware, to customers. These solutions were well accepted and appreciated by the customers.
FUTURE PROSPECTS
The trend of customers adopting cloud-based solutions in a big way continues, which is beneficial to the
Company since the Company specializes in providing the end point solutions in the form of Thin clients.
The Company is also looking at providing further value added offering to our exiting customers
3. RESERVES:
In view of the losses, the question of transferring any amount to Reserves does not arise.
4. SHARE CAPITAL:
There were no changes in the Share Capital of the Company during the financial year.
Capital structure remained as follows:
Authorized Share Capital-Rs. 15,00,00,000/- divided into 1,50,00,000 Equity Shares of Rs. 10/- each.
Issued Share Capital-Rs. 13,35,00,000/- divided into 1,33,50,000 Equity Shares of Rs. 10/- each fully paid.
Paid up Share Capital -Rs. 13,32,48,000/- divided into 1,33,24,800 Equity Shares of Rs. 10/- each fully paid.
Disclosure regarding Issue of Equity Shares with Differential Voting Rights
During the financial year under review, the Company has not issued Shares with Differential Voting
Rights.
Disclosure regarding issue of Employee Stock Options
During the financial year under review, the Company has not issued Shares under Employee Stock
Options.
Disclosure regarding issue of Sweat Equity Shares
During the financial year under review, the Company has not issued Sweat Equity Shares.
5. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY,
BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT:
There were no material changes and commitments which occurred, between the end of the financial year
and the date of the Report, which affect the financial position of the Company.
6. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
There are no material events after 31st March, 2024 till the date of signing of the Financial Statements.
7. CHANGE IN NATURE OF BUSINESS:
There were no changes in the nature of business during the year under review as prescribed in Rule 8(ii)
of the Companies (Accounts) Rules, 2014.
8. DIVIDEND:
Whilst the Directors understand the sentiments of the Investors, the financial year that has passed, does
not enable the Board to recommend any Dividend. The Board regrets its inability to recommend any
Dividend.
However, the Directors will strive hard to bring the Company back to Dividend track before long and the
improving performance of the Company is hoped to continue to facilitate consideration of Dividend in the
days to come.
9. BOARD MEETINGS:
The Meetings of the Board are held at regular intervals with a time gap of not more than 120 days between
two consecutive Meetings. Additional Meetings of the Board of Directors are held when necessary.
The Agenda of the Meeting is circulated to the Directors in advance. Minutes of the Meetings of the Board
of Directors are circulated amongst the Members of the Board for their perusal.
The Board of Directors duly met Five (5) times during the financial year on 26th May, 2023, 10th August,
2023, 7th November, 2023, 8th February, 2024 and 29th March, 2024.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The composition of the Board and Key Managerial Personnel is as follows on 31.03.2024:
|
SI. No. |
Name |
Designation |
DIN |
|
1. |
Mr. Vittal Mangalore Shetty |
Whole Time Director |
00515711 |
|
2. |
Ms. Hema Kiran Thakur |
Non-Executive and Independent Director |
01363454 |
|
3. |
Ms. Anita Jaiswal |
Non-Executive and Independent Director |
08485642 |
|
4. |
Ms. Shruti Bhuwania |
Non-Executive Director |
06630867 |
|
5. |
Mr. Mahesh Kumar K V |
Chief Financial Officer ( upto 4th May |
NA |
|
6. |
Mrs Reshma M |
Company Secretary and Compliance |
NA |
|
7. |
Ms Sachi Lakhotia |
Company Secretary and Compliance |
NA |
Notes: 1. Mr Vittal Mangalore Shetty and Ms Anita Jaiswal resigned from their offices of Whole Time
Director and Independent Director respectively effective from 30.4.2024 and 29.03.2024.
2. Ms Sachi Lakhotia and Mr Mahesh Kumar V resigned from the offices of Company Secretary &
Compliance Officer and Chief Financial Officer from 10th April, 2024 and 4th May, 2024 respectively.
Changes in the Board Composition During the year:
There were no changes in the Board Composition during the year except cessation of office of Director by
Ms Anita Jaiswal.
11. INDEPENDENT DIRECTORS:
As required by the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019
and the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019, Ms.
Hema Kiran Thakur and Ms. Anita Jaiswal have registered their names in the data bank of Independent
Directors maintained by Indian Institute of Corporate Affairs. Annual Declarations received from both of
them for the year 2023-24 contain affirmations regarding registrations in the data bank.
The Board has its opinion with regard to integrity, expertise and experience (including the proficiency) of
the Independent Directors appointed during the year as per provisions of Companies (Account) Rules,
2014.
Securities and Exchange Board of India (Listing Regulations and Disclosure Requirements) Regulations,
2018 ("the Listing Regulations") have changed the evaluation criteria of Independent Directors from April
1, 2019. As per the amendment, evaluation of Independent Directors by the entire Board shall include:
(a) Performance of Directors and
(b) Fulfilment of independence criteria as specified in the Listing Regulations, and their independence
from the management.
The Board has evaluated the Independent Directors and confirms that Ms. Hema Kiran Thakur and Ms.
Anita Jaiswal fulfilled the independence criteria as specified in the Listing Regulations and their
independence from the management.
The Company has received necessary declaration from each Independent Director under Section 149(7)
of the Companies Act, 2013, that they meet the criteria of Independence laid down in Section 149(6) of
the Companies Act, 2013 and Regulation 25 of the Listing Regulations (Annexure I).
Details on terms of appointment of Independent Directors and the familiarization program have been
displayed on website of the Company at https://www.vxl.net/investors/independent-directors and
https://www.vxl.net/investors/disclosures respectively.
12. COMMITTEES OF THE BOARD:
Currently, the Board has three (3) Committees viz. Audit Committee, Nomination and Remuneration
Committee and Stakeholders'' Relationship Committee. A detailed note on the composition of Committees
and other related particulars are provided in the Report on Corporate Governance forming part of this
Report.
However, Ms Anita Jaiswal resigned from the office of Independent Director with effect from 29th March,
2024.
As on 31st March, 2024, the Committees were comprised as follows:
AUDIT COMMITTEE:
a) Ms. Hema Kiran Thakur - Chairperson
b) Ms. Anita Jaiswal* - Member
c) Mr. Vittal Mangalore Shetty** - Member
*Ms. Anita Jaiswal resigned from the Board with effect from 29th March ,2024 and subsequently from the
Committee.
** Mr. Vittal Mangalore Shetty resigned from the Board on 29th March, 2024 effective from 30th April,
2024 and subsequently from the Committee.
NOMINATION AND REMUNERATION COMMITTEE:
a) Ms. Hema Kiran Thakur - Chairperson
b) Ms. Anita Jaiswal* - Member
c) Ms. Shruti Bhuwania - Member
*Ms. Anita Jaiswal resigned from the Board with effect from 29th March ,2024 and subsequently from the
Committee.
STAKEHOLDERS'' RELATIONSHIP COMMITTEE:
a) Ms. Hema Kiran Thakur - Chairperson
b) Ms. Anita Jaiswal* - Member
c) Mr. Vittal Mangalore Shetty** - Member
*Ms. Anita Jaiswal resigned from the Board with effect from 29th March ,2024 and subsequently from the
Committee.
** Mr. Vittal Mangalore Shetty resigned from the Board on 29th March, 2024 effective from 30th April,
2024 and subsequently from the Committee.
13. NOMINATION AND REMUNERATION POLICY:
The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a Policy
for selection and appointment of Directors, Senior Management and for other employees and their
remuneration. The same has been disclosed on the website of the Company at
https://www.vxl.net/investors/nomination-remuneration-policy.
The Composition, criteria for selection of Directors and the terms of reference of the Nomination and
Remuneration Committee is stated in the Corporate Governance Report.
14. RISK MANAGEMENT POLICY:
The Company has not yet formulated a Risk Management Policy and has in place a mechanism to in form
the Board/Audit Committee Members about risk assessment and minimization procedures and
undertakes periodical review to ensure that executive management controls risk by means of a properly
designed framework.
15. VIGIL MECHANISM/ WHISTLE BLOWER POLICY:
The Company has established an effective Vigil Mechanism pursuant to the provisions of Sections 177(9)
and (10) of the Companies Act, 2013 and as per Regulation 4(2)(d)(iv) of the Listing Regulations which is
available on website of the Company at
http://www.vxl.net/percheditor/resources/vxlwhistleblowerpolicy and there were no cases reported
during the period under review.
16. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR SECURITY
PROVIDED BY THE COMPANY:
The Company has not given any loan or guarantees covered under the provisions of Section 186 of the
Companies Act, 2013.
17. DIRECTORS'' RESPONSIBILITY STATEMENT:
In pursuance of Section 134(3)(c) of the Companies Act, 2013, the Directors hereby confirm that:
a) In the preparation of the Financial Statements, the applicable Accounting Standards had been
followed along with proper explanation relating to material departures;
b) 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 the
state of affairs of the Company at the end of the financial year and of the profit and loss of the
Company for that period;
c) 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;
d) The Directors had prepared the Financial Statements on a going concern basis;
e) The Directors had laid down internal financial controls to be followed by the Company and that
such internal financial controls are adequate and were operating effectively, and
f) The Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
18. ANNUAL RETURN:
As required under Section 92(3) of the Companies Act, 2013 and rule 12 of the Companies (Management
and Administration) Rules, 2014 read with Companies Amendment Act, 2020, an annual return in MGT-7
is placed in the website of the Company i.e. https://www.vxl.net/investors/disclosures
19. STATUTORY AUDITORS:
Messrs YCRJ & Associates, Chartered Accountants (ICAI Firm Registration No. 006927S) were appointed
as the Statutory Auditors of the Company for a period of 5 (Five) years from the conclusion of the 36th
Annual General Meeting up to the conclusion of the 41st Annual General Meeting.
As per the Companies (Amendment) Act, 2017 and Rules made there under, with effect from 7th May,
2018, the Central Government notified the omission of the requirement related to ratification of
appointment of Statutory Auditors by Members at every Annual General Meeting. Accordingly, the
Resolution for ratification has not been placed before the Members.
QUALIFICATIONS IN THE AUDIT REPORT:
Following are the qualifications or observations made by the Auditors in their Audit Report. And
Explanations by the Board on the comments of Statutory Auditors:
|
Sl. No. |
Qualifications made by the Statutory Auditors |
Explanations by the Board |
|
a. |
Carrying value of the Trade receivables of the |
With respect to the qualification |
20. SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Vijayakrishna
KT, Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Report of the
Secretarial Auditor in the form of MR-3 is annexed to this Report as Annexure - II.
There were no qualifications or observations by the Secretarial Auditor in Secretarial Audit Report.
21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
(A)Conservation of energy:
|
Steps taken / impact on conservation of |
The Company''s operations are not power intensive. |
|
(i) Steps taken by the company for utilizing |
Nil |
|
alternate sources of energy including waste |
|
|
generated |
|
|
(ii) Capital investment on energy |
Not Applicable |
|
conservation equipment |
|
Total energy consumption and energy |
Not Applicable |
|
consumption per unit of production as per |
(B)Technology absorption:
|
Efforts in brief, made towards technology |
Nil |
|
Benefits derived as a result of the above |
Not Applicable |
|
In case of imported technology (imported |
Nil |
|
Technology imported |
Not Applicable |
|
Year of Import |
Not Applicable |
|
Has technology been fully absorbed |
Not Applicable |
|
If not fully absorbed, areas where this has |
Not Applicable |
(C) Research and Development (R&D)
|
Specific areas in which R & D carried out by |
Research & Development Expenditures in respect |
|
Benefits derived as a result of the above R & |
Not Applicable |
|
Future plan of action |
Not Applicable |
|
Expenditure on R & D |
|
|
(a) Capital |
Nil |
|
(b) Recurring |
Nil |
|
(c) Total |
Nil |
|
(d) Total R & D expenditure as a percentage |
Nil |
|
of total turnover |
(D)Foreign exchange earnings and Outgo
|
Activities relating to exports |
Company is under Export Oriented Unit & focus |
|
Initiatives taken to increase exports |
We are putting continuous effort to increase Export |
|
Development of new export markets for |
Efforts are on to develop new Export market. |
|
Export plans |
Efforts are on to develop new Export market. |
|
Total Exchange used (Cash basis) |
As on 31st March, 2024: Nil |
|
Total Foreign Exchange Earned (Accrual Basis) |
As on 31st March, 2024: Nil |
22. DEPOSITS:
The Company has not invited/accepted/renewed any deposits from public as defined under the
provisions of Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014 and accordingly,
there were no deposits which were due for repayment on or before 31st March, 2024.
23. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company continued to maintain, high standards of internal control designed to provide adequate
assurance on the efficiency of operations and security of its assets. The adequacy and effectiveness of the
internal control across various activities, as well as compliance with laid-down systems and policies are
comprehensively and frequently monitored by your Company''s management at all levels of the
organization. The Audit Committee, which meets at least four times a year, actively reviews internal
control systems as well as financial disclosures with adequate participation, inputs from the Statutory,
Internal and Corporate Secretarial Auditors.
The Directors have laid down internal financial controls to be followed by the Company and such policies
and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business,
including adherence to Company''s policies, safeguarding of its assets, prevention and detection of frauds
and errors, accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information.
24. MATERIAL ORDER PASSED BY ANY COURT OR REGULATOR OR TRIBUNAL IMPACTING GOING
CONCERN STATUS OF COMPANY:
No order was passed by any court or tribunal during the period under review which impacts going concern
status of the Company.
25. RELATED PARTY TRANSACTIONS (RPTs):
All Related Party Transactions are placed before the Audit Committee as also the Board for approval. Prior
omnibus approval of the Audit Committee is obtained for the transactions which are of a foreseen and
repetitive nature. The transactions entered into pursuant to the omnibus approval so granted are audited
and a statement giving details of all related party transactions is placed before the Audit Committee and
the Board of Directors for their approval.
The Policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website.
Web link for the same is https://www.vxl.net/investors/disclosures. Particulars of Contracts or
Arrangements with Related parties referred to in Section 188(1) of the Companies Act, 2013 in Form AOC-
2 annexed to this Report as Annexure - III.
26. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:
Your Company recognizes the critical significance of competent and experienced employees. The team
VXL Instruments continued to stand by the Company during tiring and tough times and your Board places
its appreciation for these relentless efforts, untiring dedication and sense of belongingness exhibited by
the employees at all levels. Your Company focuses on long term Human Resources planning aimed at
managing change more efficiently, grooming internal talent for future roles and also driving efficiency
within the Organization.
Certain cases relating to workmen, which were pending earlier have been resolved fully.
Industrial relations have been cordial and constructive, which have helped your Company to meet
customers'' demands.
27. DETAILS OF HOLDING COMPANY/SUBSIDIARIES/JV:
VXL Instruments Limited, UK, a Subsidiary Company was wound up by the Hon''ble High Court of Justice,
Chancery Division, Companies Court, United Kingdom vide its Order dated 7th November, 2016. Further,
to the Insolvency Proceedings under the Insolvency Act, 1986, VXL Instruments Limited, UK was dissolved
on 11th March, 2018. Pursuant to this, the Company has requested permission from the Reserve Bank of
India for writing off the Investments of £ 108,000 in the Joint Venture.
28. ANNUAL BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board has carried
out an annual evaluation of its own performance, Board Committees and individual Directors. The manner
in which the evaluation has been carried out has been explained in the Corporate Governance Report.
29. CORPORATE SOCIAL RESPONSIBILITY:
Since the Company does not meet the criteria for the applicability of Section 135 of the Companies Act
read with the Companies (Accounts) Rules, 2015, the same is not applicable.
30. RATIO OF REMUNERATION TO EACH DIRECTOR:
Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5(1)(2)(3) of the Companies
(Appointment and Remuneration) Rules, 2014, details/ disclosures of Ratio of Remuneration to each
Director to the median employee''s remuneration is annexed to this report as Annexure-IV.
31. LISTING WITH STOCK EXCHANGE:
The Company confirms that it has paid the Annual Listing fees for the Financial Year 2024-25 to BSE
Limited where the Company''s Shares are listed.
32. CORPORATE GOVERNANCE AND SHAREHOLDERS'' INFORMATION:
A separate Report on Corporate Governance in terms of Regulation 34 of the Listing Regulations along
with a Certificate from a Practising Company Secretary regarding compliance to the conditions stipulated
under Chapter IV of the Listing Regulations is attached to this report as Annexure V.
33. CAPITAL EXPENDITURE:
There were no capital expenditures during the year under report.
34. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual
Harassment of women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal
Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment.
All employees (permanent, contractual, temporary, trainees) are covered under this Policy.
The following is a summary of sexual harassment complaints received and disposed off during the
Financial Year 2023-24:
No. of complaints received: NIL
No. of complaints disposed off: NIL
35. MANAGEMENT DISCUSSION AND ANALYSIS:
As per the Listing Regulations, the Management Discussion and Analysis forms part of this report.
ECONOMIC SCENARIO AND OUTLOOK
Although Covid 19 is behind us, the Ukraine war is dragging on. Recessionary trends in the western market
are affecting out export business. Component availability has improved marginally. While situation is
improving, the raw material cost is increasing as well. The Company is trying its best to overcome the
challenges by judicious planning and execution.
INDUSTRY OUTLOOK AND OPPORTUNITIES
Historically, IIP has been a good indicator for business sentiments in Capital Goods Order Intake. Industrial
production Index of India in Feb 2023 rose 5.6% beating many peers. The S&P Global India Manufacturing
PMI also increased in March beating market expectations. The March PMI index is at a 3-month high, due
to faster expansions in both new orders and output, amid a post Covid 19 spurt in demand.
Business scenario in India is optimistic whereas the western market scenario is uncertain.
The Company keeps developing new customized solutions which are well accepted by the customers.
Microsoft have released new Windows Embedded products with better security features which are the
need of the hour. Moreover, customers are adopting cloud computing at a fast pace. There is an exciting
new opportunity the company is working on in the QSR (Quick Service Restaurant) line. All this help our
business to grow next year.
36. DISCLOSURE REQUIREMENTS:
The Company has devised proper systems to ensure compliance with the provisions of all applicable
Secretarial Standards issued by the Institute of Company Secretaries of India from time to time and that
such systems are adequate and operating effectively.
37. MEETING OF INDEPENDENT DIRECTORS:
The Independent Directors of the Company had met on 8th February, 2024 during the year to review the
performance of Non-Independent Directors and the Board as a whole, to review the performance of the
Non-Executive Directors and other items as stipulated under the Listing Regulations. The Independent
Directors have also declared their independence.
38. RECEIPT OF ANY COMMISSION BY MD / WTD FROM A COMPANY OR FOR RECEIPT OF COMMISSION
/ REMUNERATION FROM ITS HOLDING OR SUBSIDIARY:
No Director has received any commission from your Company.
39. DISCLOSURE RELATING TO REMUNERATION OF EMPLOYEES:
There are no employees receiving remuneration more than Rs. 1,02,00,000/- (Rupees One Crore Two
Lakhs only) per annum and /or Rs. 8,50,000/- (Rupees Eight Lakhs Fifty Thousand only) per month.
Therefore, statement/disclosure pursuant to Sub Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is not required.
There are no employees posted and working in a country outside India, not being Directors or relatives,
drawing more than Rs. 60,00,000/- (Rupees Sixty Lakhs only) per financial year or Rs. 5,00,000/- (Rupees
Five Lakhs only) per month as the case may be. Therefore, statement/disclosure pursuant to Sub Rule 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is not required
to be circulated to the members and is not attached to the Annual Report.
40. INVESTORS'' EDUCATION AND PROTECTION FUND:
Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed Dividends
are required to be transferred by the Company to the IEPF, established by the Government of India, after
the completion of seven years. Further, according to the Rules, the Shares on which Dividend has not been
paid or claimed by the Shareholders for seven consecutive years or more shall also be transferred to the
Demat account of the IEPF Authority.
During the year under review there were no unpaid or unclaimed amounts required to be transferred to
IEPF account.
41. REPORTING OF FRAUD:
The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the
Companies Act, 2013. Further, no case of Fraud has been reported to the Management from any other
sources.
42. COMPLIANCE WITH THE APPLICABLE SECRETARIAL STANDARDS:
The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of
India on Board Meetings and Annual General Meetings.
43. MAINTENANCE OF COST RECORDS:
The Company has maintained the Cost Records as specified by the Central Government under Sub-Section
(1) of Section 148 of the Companies Act, 2013.
44. REVISION OF FINANCIAL STATEMENT OR THE REPORT:
As per the Secretarial Standards-4 in case the company has revised its financial statement or the Report
in respect of any of the three preceding financial years either voluntarily or pursuant to the order of a
judicial authority, the detailed reasons for such revision shall be disclosed in the Report of the year as well
as in the Report of the relevant financial year in which such revision is made.
In your Company there is no revision of Financial Statement in any of the three preceding financial years
under consideration.
45. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (IBC):
There is no such process initiated during the year, therefore said clause is not applicable to the Company.
46. FAILURE TO IMPLEMENT ANY CORPORATE ACTION:
There were no such events took place during the year under consideration.
47. CREDIT RATING OF SECURITIES
Your Company has not obtained any rating from the credit rating agency for the securities during the year.
Therefore, the said clause is not applicable to the Company.
48. ACKNOWLEDGEMENTS:
The Directors place on record their appreciation for valuable contribution made by employees at all levels,
active support and encouragement received from the Government of India, Government of Maharashtra,
Government of Karnataka, Company''s Bankers, Customers, Principals, Business Associates and other
Acquaintances.
Your Directors recognize the continued support extended by all the Shareholders and gratefully
acknowledge with a firm belief that the support and trust will continue in future also.
For and on behalf of the Board of Directors of
VXL Instruments Limited
Place: Mumbai Shruti Bhuwania Rajeshree Maruti Chougule
Date: 30.05.2024 Director Director
DIN: 06630867 DIN: 10647042
Address: 99, Dariya MahaL Address: B-310, Mahatma
17th Floor, 80, Nepean Sea
Phule Sadan, S.B. Pawar
Road, Malabar Hill, Mumbai-
400006 Marg, Currey Road, Mumbai
400013
Mar 31, 2015
The Board of Directors has pleasure in presenting the 29th Annual
Report and Audited statement of Accounts for the year ended 31st March,
2015 together with the Independent Auditors' Report.
1. FINANCIAL RESULTS:
Rs. in Lakhs
Particulars 2014-15 2013-14
Net Revenue from
operations 7323 8650
Other Income 57 34
Profit / (Loss) before
Depreciation (47) (851)
Depreciation 30 45
Profit / (Loss) before
Taxation (77) (806)
Provision for Taxation
(Deferred Tax Adjustments) 508 304
Profit / (Loss) after Taxation (585) (1110)
Exceptional Items 16 1723
Profit / (Loss) for the period (569) 613
Uncertainty in economic conditions around the world has resulted in
reduced sales during the year under review. The Company's profitability
was affected adversely by a squeeze on the margins, brought about by
the sluggish market conditions. However, loss before taxation reduced
from Rs. 806 lakhs in the previous year to Rs. 77 Lakhs during the year
under review even though loss for the period was Rs. 569 Lakhs against
profit of Rs. 613 Lakhs during the previous period.
FUTURE PROSPECTS:
Long term market drivers such as the push to virtualization technology,
a transition from PC to thin clients and sustained economic expansion
are expected to push the demand for thin clients during the year
2015-16.
2. RESERVES:
In view of the losses, the question of transferring any amount to
Reserves does not arise.
3. SHARE CAPITAL:
There were no changes in the Share Capital of the Company during the
year.
4. MATERIAL CHANGES & COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY, BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE
REPORT:
There are no material changes and commitments between the end of the
Financial Year and the Date of the Report, which affect the financial
position of the Company.
5. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
There are no material changes after 31st March, 2015 till the signing
of this Report. However, based on the recommendation of the Board,
approval of the shareholders has been sought by way of Postal Ballot to
shift the Registered Office of the Company from the State of Karnataka
to the State of Maharashtra to derive more economic and efficient
operational advantages. Necessary approval from the Ministry of
Corporate Affairs will also be sought.
6. CHANGE IN NATURE OF BUSINESS:
There were no changes in the nature of business during the year under
review as prescribed in Rule 8(ii) of the Companies (Accounts) Rules,
2014.
7. DIVIDEND:
Whilst your Directors understand the sentiments of the Investors, the
financials in the year that has passed, do not enable the Board to
recommend any dividend. However, the Directors will strive hard to
bring the Company back to dividend track before long and the improving
performance of the Company is hoped to continue to facilitate
consideration of dividend in the days to come.
8. BOARD MEETINGS:
The Meetings of the Board are held at regular intervals with a time gap
of not more than 120 days between two consecutive Meetings. Additional
Meetings of the Board of Directors are held when necessary
The Board of Directors duly met 6 (Six) times from 1st April, 2014 to
31st March, 2015 on 30th May 2014, 29th July 2014, 30th September 2014,
31st October 2014, 31st January 2015 and 31st March 2015.
9. DIRECTORS AND KEY MANANGERIAL PERSONNEL:
Mr. Prakash H Rao and Mrs. Kumkum Bhuwania, who were appointed as
Additional Directors, hold office up to the date of ensuing Annual
General Meeting; they are proposed to be appointed as Independent
Directors of your Company. Notice has been received from a member of
the Company under Section 160 of the Companies Act, 2013 along with the
requisite deposits. Mr. Prakash H Rao and Mrs. Kumkum Bhuwania,
Directors of the Company, are proposed to be appointed as Independent
Directors for consecutive 5 years and they fulfill the requirements as
per the Companies Act, 2013. Their appointments are proposed under
Special Business.
Mr. M. V Shetty, Executive Director, retires by rotation, as per the
Companies Act, 2013 and being eligible, offers himself for
re-appointment.
10. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS:
The Company has received necessary declaration from each Independent
Director of the Company under Section 149(7) of the Companies Act, 2013
that the Independent Directors of the Company meet with the criteria of
their Independence laid down in Section 149(6).
11. COMPOSITION OF AUDIT COMMITTEE, NOMINATION AND REMUNERATION
COMMITTEE & STAKEHOLDERS' RELATIONSHIP COMMITTEE:
Following are the composition of various Committees:
i) Composition of Audit Committee:
a) Mr. N. V. Maslekar - Chairman
b) Mr. K. Prakash - Member
c) Mr. Prakash H Rao - Member
d) Mrs. Kumkum Bhuwania - Member
ii) Nomination and Remuneration Committee:
a) Mr. N. V. Maslekar - Chairman
b) Mr. A K Bhuwania - Member
c) Mr. Prakash H Rao - Member
d) Mr. K Prakash - Member
iii) Composition of Stakeholders' Relationship Committee:
a) Mr. K Prakash - Chairman
b) Mr. N V Maslekar - Member
c) Mr. Prakash H Rao - Member
12. RISK MANAGEMENT POLICY:
The Company has not yet formulated a Risk Management Policy and has in
place a mechanism to inform the Board Members about risk assessment and
minimization procedures and undertakes periodical review to ensure that
executive management controls risk by means of a properly designed
framework.
13. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a whistle blower policy for vigil mechanism which is
available on the website of the company and there were no cases
reported during the applicability of Section 135 of the Companies Act
read with the Companies (Accounts) Rules, 2015. However this clause is
not applicable to the Company.
15. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR
SECURITY PROVIDED BY THE COMPANY:
The Company has not given any loan or guarantee covered under the
provisions of section 186 of the Companies Act, 2013.
16. DIRECTORS' RESPONSIBILITY STATEMENT:
In pursuance of Section 134 (3) (c) of the Companies Act, 2013, the
Directors hereby confirm that:
(a) in the preparation of the annual accounts, the applicable
Accounting Standards had been followed along with proper explanation
relating to material departures;
(b) 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 the state of affairs
of the Company at the end of the financial year and of the profit and
loss of the Company for that period;
(c) 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;
(d) the Directors had prepared the annual accounts on a going concern
basis;
(e) the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively; and
(f) the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively;
17. EXTRACT OF ANNUAL RETURN:
As required pursuant to Section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of Annual return in MGT-9 is attached as a part of
this Annual Report. as Annexure-I.
18. AUDITORS:
The Auditors, Messrs Ishwar & Gopal Chartered Accountants, Bengaluru,
retire at the ensuing Annual General Meeting. The Company has received
a certificate under Section 141 of the Companies Act, 2013 from them
that their appointment would be within the limits specified therein.
19. SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Mr. S Kedarnath,
Bengaluru, a Company Secretary in Practice to undertake the Secretarial
Audit of the Company. The Report of the Secretarial Auditor in the form
of MR-3 is annexed to this Report as Annexure-II.
EXPLANATION BY BOARD ON ADVERSE COMMENTS BY AUDITORS:
The Auditors have pointed out under "Emphasis of Matters" with regard
to non- provision in respect of Company's investments in and
receivables from its Subsidiary . In view of the long term prospects
and the steps taken to recover these receivables and cash flow of the
Subsidiary, the Directors feel that no provision need be made in the
accounts.
20. CONSERVATION OF ENERGY:
Your Company gives high priority for conservation of energy through
better supervision and training of employees to economize the usage of
electricity.
TECHNOLOGY ABSORPTION:
The Company's products are manufactured by using in-house know how and
Research facilities and no outside technology is being used for
manufacturing activities. Therefore no technology absorption is
required. The Company constantly strives for maintenance and
improvement in quality of its products and entire Research &
Development activities are directed to achieve the aforesaid goal.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The Company earned Rs. 61,42,38,969/- in foreign exchange and expended
Rs. 43,89,02,693/- in foreign exchange during the period under review.
21. DEPOSITS:
Your Company has not invited/accepted/renewed any deposits from public
as defined under the provisions of Companies Act, 2013 and Companies
(Acceptance of Deposits) Rules, 2014 and accordingly, there were no
deposits which were due for repayment on or before 31st March, 2015.
22. INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY:
The Company continued to maintain, high standards of internal control
designed to provide adequate assurance on the efficiency of operations
and security of its assets. The adequacy and effectiveness of the
internal control across various activities, as well as compliance with
laid-down systems and policies are comprehensively and frequently
monitored by your Company's management at all levels of the
organization. The Audit Committee, which meets at-least four times a
year, actively reviews internal control systems as well as financial
disclosures with adequate participation and inputs from the Statutory,
Internal and Corporate Secretarial Auditors.
23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company have duly complied with the provision of Section 186 of the
Companies Act, 2013 and it has taken:
Secured Loans: Rs. 29,52,036/- Unsecured Loans: Rs. 3,75,00,000/-
Current / Non-Current Investments: Rs. 51,80,261/- Guarantees: NIL
Securities Extended: Hypothecation of vehicles for Secured Loans
24. MATERIAL ORDER PASSED BY ANY COURT OR REGULATOR OR TRIBNUAL
IMPACTING GOING CONCERN STATUS OF COMPANY:
No order was passed by any court or regulator or tribunal during the
period under review which impacts going concern status of the Company.
25. RELATED PARTY TRANSACTIONS (RPTs):
All Related Party Transactions are placed before the Audit Committee as
also the Board for approval. Prior omnibus approval of the Audit
Committee is obtained for the transactions which are of a foreseen and
repetitive nature. The transactions entered into pursuant to the
omnibus approval so granted are audited and a statement giving details
of all related party transactions is placed before the Audit Committee
and the Board of Directors for their approval.
The policy on Related Party Transactions as approved by the Board is
uploaded on the Company's website. Web link for the same is
www.vxl.net.in/Investors/vxl-disclosures.aspx Particulars of Contracts
or Arrangements with Related parties referred to in Section 188(1) of
the Companies Act, 2013 in Form AOC- 2 annexed to this Report as
Annexure-III.
26. HUMAN RESOURCES & INDUSTRIAL RELATIONS:
Your Company recognizes the critical significance of competent and
experienced employees. The team VXL Instruments continued to stand by
the Company during tiring and tough times and your
Board places its appreciation for these relentless efforts, untiring
dedication and sense of belongingness exhibited by the employees at all
levels. Your Company focuses on long term Human Resource planning aimed
at managing change more efficiently, grooming internal talent for
future roles and also driving efficiency within the Organisation.
Pursuant to the closure of the unit manufacturing CRT Terminals caused
by the phase out of GVX Terminals, the matter is before the Honourable
High Court of Karnataka. As per the directions of the Honourable High
Court, pending final decision, the Company has been directed to deposit
the amount payable to the workmen with the Honourable High Court. This
has been complied with. Industrial relations have been cordial and
constructive, which have helped your Company to achieve production
targets.
27. DETAILS OF HOLDING COMPANY/ SUBSIDIARIES/JV:
The Company's Subsidiary Company is VXL Instruments Limited (UK)
located in the United Kingdom. Financial performance of the Subsidiary
Company referred to in Section 129 of the Companies Act, 2013 in Form
AOC-1 is annexed to this Report as Annexure-IV.
28. ANNUAL BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration and Compliance Committees.
29. RATIO OF REMUNERATION TO EACH DIRECTOR:
Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 (1)
(2) (3) of the Companies (Appointment and Remuneration) Rules, 2014,
details/disclosures of Ratio of Remuneration of each Director to the
median employee's remuneration is annexed to this report as Annexure V
30. LISTING WITH STOCK EXCHANGE:
The Company confirms that it has paid the Annual Listing Fees for the
year 2015-16 to BSE where the Company's Shares are listed.
31. CORPORATE GOVERNANCE AND SHAREHOLDERS' INFORMATION:
In compliance with the Listing Agreement with the Stock Exchange, your
Board has adhered to the Corporate Governance Code. All the requisite
Committees are functioning in line with the guidelines.
As reported earlier, a reputed firm of independent Chartered
Accountants has been carrying out the responsibilities of Internal
Auditors and periodically they have been reporting their findings of
systems, procedures and management practices.
As required under Clause 49 of the Listing Agreement with the Stock
Exchange, a report on Corporate Governance and a Certificate from
Messrs Ishwar & Gopal Chartered Accountants, confirming compliance with
the requirements of Corporate Governance forms integral part of this
Report as Annexure VI.
32. CAPITAL EXPENDITURE:
As on 31st March, 2015, the gross tangible and intangible assets stood
at Rs. 18,43,33,771/- and the net tangible and intangible assets, at
Rs. 17,07,92,765/-. Additions during the year amounted to Rs.
38,63,957/-. The Company has not purchased any assets under lease.
33. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the sexual harassment of women at the work place
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and
disposed off during the year 2014-15:
Number of complaints received : NIL
Number of complaints disposed off : NIL
34. MANAGEMENT DISCUSSION AND ANALYSIS:
As requisite and appropriate Management Discussion & Analysis is
covered under this Report itself, a separate note on the same is not
being furnished.
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration.
35. ACKNOWLEDGEMENTS:
The Directors place on record their appreciation for valuable
contribution made by employees at all levels, active support and
encouragement received from the Government of India, Government of
Karnataka, Company's Bankers, Customers, Principals, Business
Associates and other Acquaintances.
Your Directors recognize the continued support extended by all the
Shareholders and gratefully acknowledge with a firm belief that the
support and trust will continue in future also.
For and on behalf of the Board of Directors
Madireddy V Nagaraj M.V. Shetty
Managing Director Whole Time Director
DIN: 00515419 DIN: 00515711
Place : Bengaluru
Date : 30th July, 2015
Mar 31, 2014
Dear Members,
The Directors present their report on the business and operations of
your Company for the year ended 31st March 2014. As notified by McA
Circular No. 1/19/2013-CL-V dated 04.04.2014, the Company has followed
the Companies Act, 1956, in respect of the report.
FINANCIAL RESULTS Rs. in Lakhs
Particulars 2013-14 2012-13
Net Sales & Other Income 8,684 8,562
Depreciation/Amortization 45 81
Profit / (Loss) before taxation &
Exceptional items (806) 40
Exceptional items 1,722 -
Income Tax 303 4
Profit/(Loss) after Taxation &
Exceptional items 613 36
Balance carried forward (1,243) (1,856)
YEAR UNDER REVIEW
During the year under review, your Company achieved a net turnover of
Rs. 8,684 lakhs as compared to Rs. 8,562 lakhs in the previous
financial year.
Tough economic conditions around the world have impacted on the
expected sales growth.
Though the Company registered a marginal growth in overall Sales Value,
the Company''s Profitability was affected by a severe squeeze on the
margins, brought about by sluggish market conditions in all markets,
resulting in operating loss of Rs.806 lakhs. However, during the year
under report, your Company disposed off one of the idle properties.
Exceptional income of Rs. 1,722 lakhs, mainly from the sale of
property, resulted in overall profit of Rs 613 lakhs.
OVERSEAS OPERATIONS
VXL-UK has been able to extend good support in terms of marketing of
the Company''s products in Europe and especially in USA during the year
under review. VXL has been one of the first Indian companies to
venture into the export market and inspite of many obstacles and
misconceptions about Indian progress as IT Hardware compared to Indian
Software, VXLhas established itself worldwide as a player of the long
run.
FUTURE PROSPECTS
According to International Experts, after showing a strong double-
digit growth for three years, the Global thin client market may end
with flat performance of 1% in its unit shipments in 2014.
Globally, the thin client sales growth has fallen in recent years, hurt
by surging demand for tablets and other mobile devices
We can look for some recovery in emerging regions going forward, but it
may coincide with slower growth in mature regions, and we do not see
the recent gains as a motive to raise the long term outlook
RESEARCH AND DEVELOPMENT
Your Company recognizes R & D as one of its major focus areas in both
Hardware and Software. This focus has helped your Company to design
fully ROHS compliant products carrying better features and ergonomics.
These products have been well received by our customers.
SUBSIDIARY COMPANIES
VXL, UK has managed to earn a profit of GBP 43,973 during the current
financial year.
PARTICULARS OF EMPLOYEES
None of the employees drew remuneration in excess of the limits
prescribed in Sec. 217 (2A) of the Companies Act, 1956.
DIRECTORS
Mr. N V Maslekar, Director, retires by rotation and being eligible,
offer himself for re-appointment. In terms of the requirement of the
new Companies Act, 2013, his appointment as Independent Director is
proposed under Special Business.
Mr. K Prakash, Director, retires by rotation as per the new Companies
Act, 2013 and being eligible, offers himself for re-appointment.
AUDIT COMMITTEE
Audit Committee constituted by the Board of Directors with requisite
composition to fall in line with the prevailing laws continued to
discharge its functions during the year under report.
AUDITORS
Messrs Ishwar & Gopal, Chartered Accountants, Auditors of the Company,
being eligible, offer themselves for re-appointment.
AUDITORS'' REPORT
The Auditors have pointed out in their report with regard to
non-provision in respect of Company''s investments in and receivables
from a subsidiary and accounting of deferred tax credits. In view of
the long term prospects and steps taken to recover these receivables,
the Directors feel that no provision need be made in the accounts.
FIXED DEPOSITS
The total amount of fixed deposits accepted from Directors as on 31st
March, 2014 was NIL. There were no unclaimed deposits as at that date.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, the
Directors state and confirm that
(a) The financial statements have been prepared in conformity with the
generally accepted accounting standards and principles and in terms of
the requirement of the Companies Act, 1956. Reasonable and prudent
judgments and estimates have been made wherever necessary.
(b) The accounting policies selected and applied consistently give a
true and fair view of the financial statements.
(c) The Company has implemented adequate internal controls to provide
reasonable assurance of the reliability of its financial records,
proper safe guarding and use of its assets and detection of frauds and
irregularities.
(d) The Directors have prepared the annual accounts on a "going
concern" basis.
CORPORATE GOVERNANCE
The Board meets at regular intervals and transacts various businesses.
The Company consistently forwards the quarterly financial results to
the Stock Exchange and publishes the same in the newspapers as per the
listing agreement.
INDUSTRIAL RELATIONS
The industrial relations during the year was cordial and harmonious.
The Company has closed the unit manufacturing CRT Terminals as the
product GVX terminal has been phased out. On this, workmen raised
certain objection which was rejected by the Secretary, Department of
Labour. Now the matter is before the High Court of Karnataka as per
whose directive the Company has deposited the amount payable to Workmen
with the High Court. This idle property was sold last year.
There was no complaint lodged by any woman employee under Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, with the Company during the period under report.
Bank Operation
On the back of sale proceeds of one of the company''s idle properties,
your company was able to repay the credit facilities
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required to be furnished under Section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the Report of the Board of Directors) Rules, 1988 is annexed hereto
and forms part of this Report.
APPRECIATION
The Directors wish to thank the Customers, Vendors, Business
Associates, employees and the Investors for the continued support
during the year.
The Directors also thank State Bank of India for the unstinted
co-operation extended by them.
For and on behalf of the Board of Directors
Madireddy V Nagaraj M.V. Shetty
Managing Director Whole Time Director
Place : Bangalore
Date : 29th July, 2014
Mar 31, 2013
To The Members
The Directors present their report on the business and operations of
your Company for the year ended 31st March 2013.
FINANCIAL RESULTS
Rs. in Lakhs
Particulars 2012-13 2011-12
Net Sales & Other Income 8,562 8,066
Depreciation/Amortization 81 111
Profit before taxation 40 286
Income Tax 4 13
Profit/(Loss) after Taxation 36 273
Balance carried forward (1,856) (1,892)
YEAR UNDER REVIEW
During the year under review, your Company achieved a net turnover of
Rs. 8,562 lakhs as compared to Rs. 8,066 lakhs in the previous
financial year. Your Company has earned a profit after taxation of Rs.
36 lakhs in the current financial year as against Rs. 273 lakhs profits
in the previous year.
The uncertainty in global markets therefore continued to cause concern.
Though the Company registered a growth in overall sales value, the
Company''s profitability was affected by a severe squeeze on the
margins, brought by the sluggish market conditions in all hard currency
markets, resulting in the drop in profits.
OVERSEAS OPERATIONS
Your Company continues the tie up with Priya Limited for providing
support in Logistics and Distribution of its products in Europe and
USA. VXL-UK has been able to extend good support in terms of marketing
of the Company''s products in Europe and especially in USA during the
year under review. VXL has been one of the first Indian Companies to
venture into the export market and inspite of many obstacles and
misconceptions about Indian progress as IT Hardware compared to Indian
Software, VXL has established itself worldwide as a player of the long
run.
FUTURE PROSPECTS
It is our belief that "thin client" will continue to grow and become
even more prevalent among computer users of all types.
During the first quarter of 2013-14, our company''s turnover is
comparatively increased when compared to first quarter of 2012-13 We
expect the same improvement in the second half of the current financial
year.
VXL continues to have tie up with global leaders in the field of
Information Technology, who develop, manufacture and market high
quality secure and easy to use technology products and services,
worldwide. Through this agreement, VXL expects to increase its global
and national reach through their widely spread sales channels.
Current trends like cloud computing and virtualization help us growing
and add further values to our cost effective and remotely manageable
Thin Clients.
Your company is extending markets to new geographies like China and
Eastern Europe and expects these regions to add significant revenues to
its portfolio.
RESEARCH AND DEVELOPMENT
Your Company recognizes R & D as one of its major focus areas in both
Hardware and Software. This focus has helped your Company to design
fully ROHS compliant products carrying better features and ergonomics.
These products have been well received by our customers.
Your Company has come out with latest offering based on Eden Dual core
CPU. This product is complying with all safety and EMI related
certifications. These also comply with the stringent EPEAT
environmental requirments of Europe and USA.
Your Company has come out with its own thin client linux operating
system, Gio5. This has several variants and it is well accepted by the
market.
SUBSIDIARY COMPANIES
VXL, UK has managed to earn a profit of GBP 54,126 during the current
financial year.
PARTICULARS OF EMPLOYEES
None of the employees drew remuneration in excess of the limits
prescribed in Sec. 217 (2A) of the Companies Act, 1956.
DIRECTORS
Mr. Arun Kumar Bhuwania and Mr Dipak S. Rao retire by rotation, and
being eligible, offer themselves for re-appointment.
AUDITORS
Messrs Ishwar & Gopal, Chartered Accountants, Auditors of the Company,
being eligible, offer themselves for re-appointment.
AUDITORS'' REPORT
The Auditors have pointed out in their report with regard to
non-provision in respect of Company''s investments in and receivables
from a subsidiary and accounting of deferred tax credits. In view of
the long term prospects and steps taken to recover these receivables,
the Directors feel that no provision need be made in the accounts.
FIXED DEPOSITS
The total amount of fixed deposits accepted from Directors as on 31st
March, 2013 was Rs.4.00 lakhs. There were no unclaimed deposits as at
that date.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, the
Directors state and confirm that:
(a) The financial statements have been prepared in conformity with the
generally accepted accounting standards and principles and in terms of
the requirement of the Companies Act, 1956. Reasonable and prudent
judgements and estimates have been made wherever necessary.
(b) The accounting policies selected and applied consistently give a
true and fair view of the financial statements.
(c) The Company has implemented adequate internal controls to provide
reasonable assurance of the reliability of its financial records,
proper safeguarding and use of its assets and detection of frauds and
irregularities.
(d) The Directors have prepared the annual accounts on a "going
concern" basis.
CORPORATE GOVERNANCE:
The Board meets at regular intervals and transacts various businesses.
The Company consistently forwards the quarterly financial results to
the Stock Exchange and publishes the same in the newspapers as per the
listing agreement.
INDUSTRIAL RELATIONS
The Company has closed the unit manufacturing CRT Terminals as the
product GVX terminal has been phased out. On this, workmen raised
certain objection which has been rejected by the Secretary, Department
of Labour. Now the matter is before the High Court of Karnataka.
Provision has been made for Rs. 19,72,505/- towards settlement amount
due to employees of the unit. Additional liability, if any, on this
account is not ascertainable and will be provided on settlement of the
dispute.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required to be furnished under Section 217(1) (e) of
the Companies Act, 1956 read with the Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 is
annexed hereto and forms part of this Report.
APPRECIATION
The Directors wish to thank the Customers, Vendors, Business
Associates, Employees and the Investors for the continued support
during the year.
The Directors also thank State Bank of India for the unstinted
co-operation extended by them.
For and on behalf of the Board of Directors
Madireddy V. Nagaraj M.V. Shetty
Managing Director Whole Time Director
Place : Bangalore
Date : 29th May 2013
Mar 31, 2012
The Directors present their report on the business and operations of
your Company for the year ended 31st March 2012.
FINANCIAL RESULTS Rs. in Lakhs
Particulars 2011-12 2010-11
Net Sales & Other Income 8,066 9,536
Depreciation/Amortization 111 148
Profit before taxation 286 312
Income Tax 13 3
Profit/(Loss) after Taxation 273 309
Balance carried forward -1,892 -2,165
YEAR UNDER REVIEW
During the year under review, your Company achieved a net turnover of
Rs. 8,066 lakhs as compared to Rs.9,536 lakhs in the previous financial
year. Your Company has earned a profit after taxation of Rs. 273 lakhs
in the current financial year as against Rs. 309 lakhs profits in the
previous year. Export performance during the year under review was
affected due to the slowdown in USA and the crisis in euro currency
zone.
The uncertanity in Global Markets therefore continued to cause concern.
To offset the downturn in North America / Europe, the Company continued
to explore new geographies and is expecting to see results for these
efforts in the near future.
Your company is confident that the improved export business would
ensure a turn around in the company's operations.
OVERSEAS OPERATIONS
Your Company continues the tie up with Priya Limited for providing
support in Logistics and Distribution of its products in Europe and
USA.
VXL-UK has been able to extend good support in terms of marketing of
the Company's products in Europe and especially in USA during the
year under review.
VXL has been one of the first Indian Companies to venture into the
export market and in spite of many obstacles and misconceptions about
Indian progress as IT Hardware compared to Indian Software, VXL has
established itself worldwide as a player of the long run.
FUTURE PROSPECTS
This year Dell announced the acquisition of Wyse, a leading Company in
cloud client computing. This has validated the market potential for
thin clients and the growing interest in thin client infrastructure.
It is our belief that "thin client" will continue to grow and
become even more prevalent among computer users of all types. The IDC
supports this theory, forecasting a $3 billion market by 2015. Market
growth will be fueled by increased speed of networks, as well as
performance and efficiency improvements in hardware and software. These
growth areas will drive flexibility, scalability and usability in thin
client computing solutions.
During the first quarter of 2012-13, our company's turnover is
comparatively less when compared to first quarter of 2011-12 due to the
uncertainty in the euro zone and the slowdown in USA. We expect the
situation to improve in the second half of the current financial year.
VXL continues to have tie up with Global leaders in the field of
Information Technology, who develop, Manufacture and market high
quality secure and easy to use tachonology products and services, world
wide. Through this Agreement, VXL expects to increase its Global and
National reach through their widely spread sales channels.
With the introduction of new products carrying better features and with
the strengthening and addition of better and more features in our
complementing software products, your company expects a substantial
increase in exports during the financial year 2012-13.
RESEARCH AND DEVELOPMENT
Your Company recognizes R & D as one of its major focus areas in both
Hardware and Software. This focus has helped your Company to design
fully ROHS compliant products carrying better features and ergonomics.
These products have been well received by our customers.
SUBSIDIARY COMPANIES
VXL, UK has managed to earn a profit of GBP 41,628 during the current
financial year.
PARTICULARS OF EMPLOYEES
None of the employees drew remuneration in excess of the limits
prescribed in Sec. 217 (2A) of the Companies Act, 1956.
DIRECTORS
Mr Arun Kumar Bhuwania and Mr. K. Prakash retire by rotation, and being
eligible, offer themselves for re-appointment.
The Board inducted Mr. N.V. Maslekar as additional director on 6th
July, 2012. He holds office upto the date of ensuing Annul General
Meeting and a Notice has been received from a member under section 257
of the Companies Act, 1956 proposing his candidature.
AUDITORS
Messrs Ishwar & Gopal, Chartered Accountants, Auditors of the Company,
being eligible, offer themselves for re-appointment.
AUDITORS' REPORT
The Auditors have pointed out in their report with regard to
non-provision in respect of Company's investments in and receivables
from a subsidiary and accounting of deferred tax credits. In view of
the long term prospects and steps taken to recover these receivables,
the Directors feel that no provision need be made in the accounts.
FIXED DEPOSITS
The total amount of fixed deposits accepted from Directors as on 31st
March, 2012 was Rs.21.35 lakhs. There were no unclaimed deposits as at
that date.
DIRECTORS' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, the
Directors state and confirm that:
(a) The financial statements have been prepared in conformity with the
generally accepted accounting standards and principles and in terms of
the requirement of the Companies Act, 1956. Reasonable and prudent
judgements and estimates have been made wherever necessary.
(b) The accounting policies selected and applied consistently give a
true and fair view of the financial statements.
(c) The Company has implemented adequate internal controls to provide
reasonable assurance of the reliability of its financial records,
proper safeguarding and use of its assets and detection of frauds and
irregularities.
(d) The Directors have prepared the annual accounts on a "going
concern" basis.
CORPORATE GOVERNANCE:
The Board meets at regular intervals and transacts various businesses.
The Company consistently forwards the quarterly financial results to
the Stock Exchange and publishes the same in the newspapers as per the
listing agreement.
INDUSTRIAL RELATIONS
The Company has closed the unit manufacturing CRT Terminals as the
product GVX terminal has been phased out. On this, workmen raised
certain objection which has been rejected by the Secretary, Department
of Labour. Now the matter is before the High Court of Karnataka.
Provision has been made for Rs. 19,72,505/- towards settlement amount
due to employees of the unit. Additional liability, if any, on this
account is not ascertainable and will be provided on settlement of the
dispute.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required to be furnished under Section 217(1) (e) of
the Companies Act, 1956 read with the Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 is
annexed hereto and forms part of this Report.
APPRECIATION
The Directors wish to thank the Customers, Vendors, Business
Associates, Employees and the Investors for the continued support
during the year.
The Directors also thank State Bank of India for the unstinted
co-operation extended by them.
For and on behalf of the Board of Directors
M.V. Nagaraj M.V. Shetty
Managing Director Whole Time Director
Place : Bangalore
Date :6th July 2012
Mar 31, 2011
The Members
The Directors present their report on the business and operations of
your Company for the year ended 31st March 2011.
FINANCIAL RESULTS Rs. in Lakhs
Particulars 2010-11 2009-10
Sales 9,536 7,747
Depreciation/Amortization 148 115
Profit before taxation 311 34
Profit/(Loss) after Taxation 309 31
Balance carried forward (2,165) (2,474)
YEAR UNDER REVIEW
During the year under review, your Company achieved a net turnover of
Rs. 9536 lakhs as compared to Rs.7747 lakhs in the previous financial
year. Your Company has earned a profit after taxation of Rs. 309 lakhs
in the financial year as against Rs. 31 lakhs profits in the previous
year. Sales of thin clients have grown from 40,000 units during 2009-10
to 74,000 units during 2010-11, registering a growth of 85 %.
Your company is confident that the improved export business would
ensure a turn around in the company's operations.
OVERSEAS OPERATIONS
Your Company continues the tie up with Priya Ltd. for providing support
in Logistics and Distribution of its products in Europe and USA.
VXL-UK has been able to extend good support in terms of marketing of
the Company's products in Europe and especially in USA during the year
under review.
VXL has been one of the first Indian Companies to venture into the
export market and in spite of many obstacles and misconceptions about
Indian progress as IT Hardware compared to Indian Software, VXL has
established itself worldwide as a player of the long run.
FUTURE PROSPECTS
A. GENERAL
As has been informed to the shareholders in earlier years the Company
keeping in mind its overall competitiveness in international markets
has closed
the unit at No. 86A & B, 4th Cross, Electronics City, Hosur Road,
Bangalore à 560 100. This unit used to manufacture CRT Terminals (GVX)
for which there is no demand over many years. The workforce had become
surplus. Workmen raised certain objections on the closure of this unit
which have been rejected by the Secretary, Department of Labour,
Government of Karnataka.
B. EXPORT
With the introduction of new products carrying better features and with
the strengthening and addition of better and more features in our
complementing software products, your company expects a substantial
jump in exports in the next financial year
As per Global Industry Analysts Inc's recent global report on Thin
Clients market, the world market for Thin Clients is projected to reach
14.36 million units in sales by the year 2015. Growth will be primarily
driven by the ability of thin clients to present exceptional
environmental and cost benefits to the user. Desktop virtualization and
growing need for anytime, anywhere accessibility to corporate &
Internet networks are the other trends that augur well for thin clients
market.
Growth in the worldwide thin clients market is also fashioned by a
range of environmental benefits that thin clients offer, including
efficient use of energy and less use of raw materials. Thin clients are
also the growing phenomena across the corporate world, as companies
increasingly opt for providing their employees, just the basic systems
required for processing their assigned tasks. The much awaited
revolution in enterprise computing is now close at hand, thanks to the
proliferation of cutting edge technologies, such as, virtualization,
which is helping push thin clients into the mainstream enterprise
business.
VXL Instruments UK (subsidiary of VXL Instruments Limited, India) had
announced in 2010 an agreement with Lenovo who develop, manufacture and
market high quality, secure and easy to use technology products and
services world-wide.( Lenovo group had earlier acquired the IBM
Personal Computing Division.)
Under the agreement;
- Ã VXL thin clients will be made available through standard Lenovo
Channels.
à VXL will also be selling Lenovo's ThinkPad PCs.
Through this agreement VXL expects to increase its global and national
reach through Lenovo's widely spread sales channels.
RESEARCH AND DEVELOPMENT
Your Company recognizes R & D as one of its major focus areas in both
Hardware and Software. This focus has helped your Company to design
fully ROHS compliant products carrying better features and ergonomics.
These products have been well received by our customers.
SUBSIDIARY COMPANIES
VXL, UK has managed to earn a profit of USD 30,376 during the year.
The wholly owned Indian subsidiary, XL Net Software Systems Limited has
been wound up with effect from 8th October 2010. It did not engage in
any active business operations in the past few years.
PARTICULARS OF EMPLOYEES
None of the employees drew remuneration in excess of the limits
prescribed in Sec. 217 (2A) of the Companies Act, 1956.
DIRECTORS
Mr D. S. Rao and Mr. K. Prakash retire by rotation, and being eligible,
offer themselves for re-appointment.
Mr. Kumar Shyam ceased to be the Director of the Company with effect
from 25.05.2011 pursuant to his resignation to the office of Director
and acceptance of the same in the Meeting of the Board of Directors
held on 25.05.2011. The Board has placed on record its appreciation for
the services rendered by him.
AUDITORS
Messrs Ishwar & Gopal, Chartered Accountants, Auditors of the Company,
being eligible, offer themselves for re-appointment.
AUDITORS REPORT
The Auditors have pointed out in their report with regard to
non-provision in respect of Company's investments in and receivables
from a subsidiary and accounting of deferred tax credits. In view of
the long term prospects and steps taken to recover these receivables,
the Directors feel that no provision need be made in the accounts.
FIXED DEPOSITS
The total amount of fixed deposits accepted from Directors as on 31st
March, 2011 was Rs.21.35 lakhs. There were no unclaimed deposits as at
that date.
DIRECTORS' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, the
Directors state and confirm that:
(a) The financial statements have been prepared in conformity with the
generally accepted accounting standards and principles and in terms of
the requirement of the Companies Act, 1956. Reasonable and prudent
judgements and estimates have been made wherever necessary.
(b) The accounting policies selected and applied consistently give a
true and fair view of the financial statements.
(c) The Company has implemented adequate internal controls to provide
reasonable assurance of the reliability of its financial records,
proper safe guarding and use of its assets and detection of frauds and
irregularities.
(d) The Directors have prepared the annual accounts on a Ãgoing
concernà basis.
CORPORATE GOVERNANCE:
The Board meets at regular intervals and transacts various businesses.
The Company consistently forwards the quarterly financial results to
the Stock Exchange and publishes the same in the newspapers as per the
listing agreement.
INDUSTRIAL RELATIONS
The Company has closed the unit manufacturing CRT Terminals as the
product GVX terminal has been phased out. On this, workmen raised
certain objection which has been rejected by the Secretary, Department
of Labour.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required to be furnished under Section 217(1) (e) of
the Companies Act, 1956 read with the Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 is
annexed hereto and forms part of this Report.
APPRECIATION
The Directors wish to thank the Customers, Vendors, Business
Associates, employees and the Investors for the continued support
during the year.
The Directors also thank State Bank of India for the unstinted
co-operation extended by them.
For and on behalf of the Board of Directors
M.V. Nagaraj M.V. Shetty
Managing Director Whole Time Director
Place : Bangalore
Date : 25th May 2011
Mar 31, 2010
The Directors present their report on the business and operations of
your Company for the year ended 31st March 2010.
FINANCIAL RESULTS
Rs. in Lakhs
Particulars 2009-10 2008-09
Sales 7,748 8,069
Depreciation/Amortization 115 119
Profit/(Loss) before Taxation 34 32
Profit/(Loss) after Taxation 34 (205)
Less: Excess provision for
taxation withdrawn 03 Nil
Balance carried forward (2,474) (2,511)
YEAR UNDER REVIEW
During the year under review, your Company achieved a net turnover of
Rs. 775 million as compared to Rs.807 million in the previous financial
year. Your Company has earned a profit after taxation of Rs. 3.4
million in the financial year as against Rs. 20.5 million loss in the
previous year.
Your company is confident that the improved export business would
ensure a turn around in the companyÃs operations.
During the year under review, your Company has paid all installments
due to State Bank of India on time. All the term loans have been repaid
fully. We are proud to say that now your company is a long term debt
free company.
OVERSEAS OPERATIONS
Your Company continues the tie up with Priya Ltd. for providing support
in Logistics and Distribution of its products in Europe and USA.
VXL-UK has been able to extend good support in terms of marketing of
the CompanyÃs products in Europe and especially in USA during the year
under review.
VXL has been one of the first Indian Companies to venture into the
export market and in spite of many obstacles and misconceptions about
Indian progress as IT Hardware compared to Indian Software, VXL has
established itself worldwide as a player of the long run.
FUTURE PROSPECTS
A. GENERAL
As has been informed to the shareholders in earlier years the Company
keeping in mind its overall competitiveness in international markets is
taking steps to close the unit at No. 86A & B, 4th Cross, Electronics
City, Hosur Road, Bangalore à 560 100. This unit used to manufacture
CRT Terminals (GVX) for which there is no demand over many years. The
workforce had become surplus. The closure would involve payment of
compensation under the provisions of the Industrial Disputes Act, 1947.
The closure would involve review by the concerned Labour Authorities of
the Government of Karnataka, under The Industrial Disputes Act, 1947.
The company is confident of defending the closure before the concerned
Labour Authorities.
B. EXPORT Market Forecast
The Research firm IDC reports that the thin-client market has grown by
46% in the four years since 2005 and that unit sales for 2009 were an
estimated 2.4 million units. Forecast for the coming years vary by
analyst but they all report a dramatic increase in growth, particularly
in the Asian market. The most conservative estimate is from Forrester
which is predicting annual growth rates of 45% in thin client shipments
for the next four years. IDC forecasts a dramatic increase for 2010
with unit sales more than doubling to reach 5.3 million units with
total sales of $1.25 billion. At the same time virtually all analysts
agree that PC shipments will remain flat at best with some predicting
negative growth. Two key market drivers are primarily responsible for
these growth projections in the thin client sector; virtualisation and
environmental concerns.
Virtualisation - In just about every organisation, IT departments are
being asked to do more with less. Virtualisation technologies offer a
direct and readily quantifiable means of achieving this goal by
consolidating computing resources. Employing virtualization yields both
an immediate, one-time cost saving and potentially significant ongoing
savings in reduced heating, time management etc. Additionally,
virtualisation can greatly enhance an organizationÃs business agility.
A virtualised infrastructure is better positioned to respond to the
changing demands that an organisation places on its I.T.
infrastructure.
Green Computing - The growth of the environmental lobby and the rising
cost of energy has helped to create the green computing movement which
seeks to reduce the environmental impact of I.T. The client server
model works particularly well in this regard as thin client desktops
use about a quarter of the power required to run PCs because they have
no moving parts. This in turn means greater reliability and longer
lifecycles, thus greatly reducing the quantity of obsolete computer
hardware.
Focus - VXL has been making terminals and thin clients for many years.
Unlike many of our competitors that is all that we do à our total focus
as a company is to produce thin clients which the market requires. VXL
is a true manufacturer, i.e. we actually make the majority of the
products we sell at our own manufacturing facility. This gives VXL a
significant advantage over our competitors in that it allows us to be
flexible in producing exactly what the customer requires.
Conclusion:
By general agreement of both analysts and industry experts, the thin
client market is poised to undergo a period of dramatic growth. It
seems evident that those companies who possess the skill, expertise and
focus within the thin client arena will be ideally placed to benefit
from this projected growth.
RESEARCH AND DEVELOPMENT
Your Company recognizes R & D as one of its major focus areas in both
Hardware and Software. This focus has helped your Company to design
fully ROHS compliant products carrying better features and ergonomics.
These products have been well received by our customers.
SUBSIDIARY COMPANIES
VXL, UK has managed to earn a profit of USD 7,329 for the year.
Xlnet Software Systems Limited did not engage in any active business
operations during the year.
PARTICULARS OF EMPLOYEES
None of the employees drew remuneration in excess of the limits
prescribed in Sec. 217 (2A) of the Companies Act, 1956.
DIRECTORS
Mr Arun Kumar Bhuwania and Mr. Kumar Shyam retire by rotation, and
being eligible, offer themselves for re-appointment.
AUDITORS
Messrs Ishwar & Gopal, Chartered Accountants, Auditors of the Company,
being eligible, offer themselves for re-appointment.
AUDITORS REPORT
The Auditors have pointed out in their report with regard to
non-provision in respect of CompanyÃs investments in and receivables
from a subsidiary and
accounting of deferred tax credits. In view of the long term prospects
and steps taken to recover these receivables, the Directors feel that
no provision need be made in the accounts.
FIXED DEPOSITS
Your Company has been accepting fixed deposits from the public and
shareholders. The total amount of such fixed deposits as on 31st March,
2010 was Rs.28.35 lakhs. There were no unclaimed deposits as at that
date.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, the
Directors state and confirm that:
(a) The financial statements have been prepared in conformity with the
generally accepted accounting standards and principles and in terms of
the requirement of the Companies Act, 1956. Reasonable and prudent
judgements and estimates have been made wherever necessary.
(b) The accounting policies selected and applied consistently give a
true and fair view of the financial statements.
(c) The Company has implemented adequate internal controls to provide
reasonable assurance of the reliability of its financial records,
proper safe guarding and use of its assets and detection of frauds and
irregularities.
(d) The Directors have prepared the annual accounts on a "going
concern" basis.
CORPORATE GOVERNANCE:
The Board meets at regular intervals and transacts various businesses.
The Company consistently forwards the quarterly financial results to
the Stock Exchange and publishes the same in the newspapers as per the
listing agreement.
INDUSTRIAL RELATIONS:
As mentioned earlier the company enjoys the support of the majority of
employees which has ensured smooth flow of operations despite the
strike by the employees at the GVX unit from 26.04.2008 to 03.08.2009
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information required to be furnished under Section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the Report of the Board of Directors) Rules, 1988 is annexed hereto
and forms part of this Report.
APPRECIATION
The Directors wish to thank the Customers, Vendors, Business Associates
and the Investors for the continued support during the year.
The Directors also thank State Bank of India for the unstinted
co-operation extended by them.
For and on behalf of the Board of Directors
M.V. Nagaraj M.V. Shetty
Managing Director Whole Time Director
Place : Bangalore
Date : 29th May 2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
More Information on VXL Instruments Ltd.
-
VXL Instruments Ltd. Tools
- Bulk Deals
-
VXL Instruments Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Product Mix
- Banker/Auditor/Registrar
-
Company History
- BSE Price History
-
VXL Instruments Ltd. Key Financial Ratios
- Ratios
-
VXL Instruments Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
VXL Instruments Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
VXL Instruments Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
VXL Instruments Ltd. Corporate Announcements
- Book Closure
- Board Meetings
-
Stocks To Buy Today, Dec 19: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Stocks To Buy Today, Dec 18: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday -
Stocks To Buy Today, Dec 17: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
Stocks To Buy Today, Dec 16: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
India Stock Market Weekly Review: Nifty and Sensex Fall as Caution Spreads -
Stocks To Buy Today, Dec 15: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday
-
Stocks To Buy Today, Dec 12: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Market Outlook 2026: Kotak Securities Sees Nifty 50 at 30,000; THESE 4 Sectors Lead Rally, Gold To Stay Strong -
Stocks To Buy Today, Dec 10: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
D-Street Bleeds For 2nd Day! Sensex Slumps 678 Pts; Nifty Cracks 25,800; Why Stock Market Is Falling Today? -
Stocks To Buy Today, Dec 9: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
Stocks To Buy Today, Dec 8: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday -
Stock Market Alert! Major Pre-Open Session Change From Dec 8: Full Timings, Rules & All You Need To Know -
Bank Nifty Surges: RBI’s 25 bps Rate Cut Triggers Strong Upside in Major Banking Stocks -
Closing Bell: Sensex Ends 158 pts Higher, Nifty Climbs Above 26,000; Hero MotoCorp, HAL Up 2% Each -
Stocks To Buy Today, Dec 4: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday
-
Block for 8 hours
-
Block for 12 hours
-
Block for 24 hours
-
Don't block
Sign in with Google- Male
- Female
- Others
- Under 18
- 18 to 25
- 26 to 35
- 36 to 45
- 45 to 55
- 55+