The Company since inception has never ever changed its Auditor which is Venkatesh & Co. A very tiny five Employee Company who help’s the Company in producing fictitious Annual Report / balance sheet.
Review of annual report of helios and matheson information technology ltd – chennai for f.Y. 10
Name: - Helios and Matheson Information Technology Limited
Business Sector: - Information Technology
Registered office and Corporate Office: - Chennai
Shares Listed: - On BSE, NSE and Madras Stock Exchange (BSE Script Code 532347)
Also listed at Luxembourg Exchange
F.Y. dаta: - For 2010 as of 30th September for 12 months
For 2009 as of 30th September for 18 months
Annualised Date:- Previous F.Y. 09 was for 18 months, hence for comparison purpose we have annualized it by divided by 18 and multiply by 12.
Number of Customers: - Not mentioned
Number of Employee: - Not mentioned
Board of Directors: - There is no Chairman of the Company
Web Site: - www.heliosmatheson.com
Arbitration in Vmoksha Case:- See remark on Page No. 15
SEBI Penalty Order:- SEBI has passed the order levying penalty of Rs. 50 lacs for Violation of Insider Trading and other Regulations – See Page No. 49 Point E
Auditors Report: - See Page No. 38 point 9B
Income Tax Department has served a Demand Notice for A.Y. 09 for Demand of Rs. 17.85 crores. Under section 10 A and the Company has gone in for Appeal – also see page no. 48 point B
Section 10 A pertains to the Export earnings, it means Income Tax Department has disallowed the billing / sales of Export Invoices claimed by the Company.
Sales Income: - Revenue from operations – during current year was Rs. 230.45 crores v/s previous year on annualized basis Rs. 204.93 crores increases of 12.4%
Profit before depreciation and Taxes: - Were Rs. 48.55 crores v/s previous year on annualized basis of Rs. 45 crores that is increase of 7.88% - See page No. 40
Depreciation during the year: - Rs. 24.89 crores – See page No. 40 and 43
Additions to Fixed Assets: - during the year Rs. 31.96 crores – See page No. 43
Interest Paid: - Rs. 8.33 crores – See Page No. 40 Schedule N
Provision for Income Tax: - Rs. 4.02 crores – See Page No. 40
Profit after Tax: - during the year Rs. 19.64 crores v/s previous year Rs. 22.04 crores – See page No. 40
Advance: - See Page No. 41 Schedule G mentions that Company paid advance for Investment in Shares of Vmoksha Entities of Rs. 65.02 cores – similar amount previous year. (this is the fraudulent entry done through forgery, cheating, fraud and conspiracy as per the Court Order / Judgment by the Honorable Bombay High Court which is on Public Domain) http://indiankanoon.org/doc/309173/
Sundry Debtors:- Rs. 75 crores v/s previous year Rs. 75.2 crores – current year debtors are 4 months of Sales (118 days) v/s previous year 4.5 months (133 days) – See Page No. 45
Rent Payment: - During the year was Rs. 2.10 crores v/s Previous year Rs. 3.08 crores – See page No. 42
Foreign Exchange Earnings:- During the year Rs. 173.81 crores v/s previous year Rs. 185.32 crores on annualized basis inspite of over all increase in Sales Turn Over – See page No. 47.
Foreign Exchange out go: - Total out go during the year was Rs. 40.44 crores v/s previous year Rs. 114.81 crores, there is a marked decrease whereas the sales revenue has increased
Under the head employee related personal cost and allowances on site were Rs. 37.62 cores v/s previous year annualized basis of Rs. 112.03 crores, it is not clear from the data and comments as to how this reduction was achieved whereas majority of the Sales earnings are from Foreign Exchange only – See page No. 47.
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