Mar 31, 2014
The Members of Omnitech InfoSolutions Limited
The Directors have pleasure in presenting the 24th Annual Report
together with the audited accounts of the company for the year ended
3lst March 2014.
I. FINANCIAL HIGHLIGHTS:
The Performance of the Company for the financial year ended March 31,
2014 is summarised below: Rs. In lacs)
PARTICULARS 2013-14 2012-13
Income from Operations 19131.15 44938.80
Profit before Interest, Depreciation and
Tax (PBIDT) - 11547.94
Interest including finance expenses 3103.50 2658.04
Depreciation 6244.34 5329.22
Profit before Tax (PBT) -13587.02 3560.68
Provision for Taxation including FBT &
Deferred Tax 1061.10 1691.02
Profit after Tax (PAT) -14648.12 1869.66
Balance brought forward from previous year 20813.07 19301.77
Transfer back of amount appropriated for
Dividend and Dividend 263.36 -
Tax
Amount Available for Appropriation 6428.31 21171.43
Appropriations:
Proposed Dividend - 225.03
Dividend Tax - 38.33
General Reserve - 95.00
Balance Carried Forward to Balance Sheet 6428.31 19301.78
II. REVIEW OF PERFORMANCE
a. Operating Results;
During the Year, your Company achieved income from Operations amounting
to Rs.19131.15 iacs as compared to Rs. 44938.90 iacs in the previous
year thereby recording an decrease of 57.42%. The Net Loss after tax
for the year was Rs. 14648.12 lacs as compared to a Net Profit after
tax of Rs. 1869.66 lacs in the previous year.
Last year has been very challenging for Your Company, due to economic
slowdown, global uncertainty, competition and rising interest costs and
also due to our subsidtaries in Europe and Asia facing the similar
challenges.
Your Company htis been able to make an agreement with its lending banks
to restructure its borrowings through Corporate Debt Restructuring
Mechanism (CDR) in such a way, which is needed to restore the normalcy
in business and come out of this challenging phase. Your company hopes
to have the CDR implemented during the year 2014-15.
b. Financing Cost:
The Finance Cost has increased by Rs 445.45 lacs as compared to the
previous year, which is mainly due to raising of additional working
capital facility.
III. DIVIDEND
Your Board of Directors recommends no dividend for the year 2013-14.
IV. FIXED DEPOSITS
Your company accepted deposits from the public during the year.
V. SUBSIDIARY COMPANIES
The Company has the following 4 subsidiaries as on 31st March, 2014.
- Omnitech Technologies Inc. USA
- Europe Omnitech Technology Services B.V., Netherlands
- Omnitech Services Pte. Ltd., Singapore
- Omnitech (Singapore) Holding Pte Ltd, Singapore
The Company has the following 4 step down subsidiaries as on 31st
March, 2014.
1. Avensus Nederland B.V
2. Omnitech (UK) Technologies Ltd
3. Omnitech Services Limited, Hongkong
4. Omnitech Services Japan Co. Ltd.
5. Omnitech Australia Pty Ltd.
As required under the provisions of Section 212 of the Companies Act,
1956, a statement showing the holding company''s interest in the
subsidiary companies forms part of the Annual Report.
VI. CONSOLIDATED FINANCIAL STATEMENTS
Your Directors have pleasure in presenting Consolidated Financial
Statements which form part of the Annual Report. However, since there
has not been any operation in Omnitech (Singapore) Holding Pte Ltd,
Singapore, Omnitech (UK) Technologies Ltd. During the Financial Year
2013-14, its accounts have not been considered for consolidation.
VII. QUAUTY
Your company recognizes quality as an important differentiator in
industry. Therefore, it has well defined stringent quality standards
with customer focus and management commitment and involvement across
hierarchies. Your company has been certified for ISO 9001:2008 ISO
20000:2005, ISO 27001:2005 and BS 25999:2007. These certifications
reflect that your Company has well defined Quality processes and
procedures in place, which lead to total customer satisfaction as
regards Quality Management.
Quality Policy: "To achieve business leadership in IT solutions and
services through customer loyalty, satisfaction & trust, integrating
innovative technology, quality processes, secured information,
resilient infrastructure &. trained manpower supported by effective
customer relationship & efficient services."
VIII. HUMAN RESOURCES
Your company employed a total of 151 employees as on 31st March, 2014.
Due to scaling down of business as enumerated under Review of
Performance, the manpower has drastically gone down as compared to last
year. However, your Company will continue to strive hard to scale up
the business, thereby hiring and nurturing the professionals.
While the work culture emphasizes leadership through teamwork, your
Company stresses individual growth through innovation as your Company
believes that progress is a dynamic process that continually throws up
challenges demanding innovative solutions from creative thinkers.
Your Company''s personnel policies are hence aimed at nurturing the
professional growth of employees by providing a stimulating work
environment, a variety of challenges, and a host of material rewards.
IX. CORPORATE GOVERNANCE
A report on Corporate Governance along with Auditors'' certificate on
compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement, is provided elsewhere in the Annual
report.
X. CORPORATE SOCIAL RESPONSIBILITY
Your Company believes that society is one of Its important stakeholders
and approaches its social responsibility as a corporate citizen.
Reaffirming its role as a contributing member of the social and
economic milieu it occupies, the Company aligns its business operations
with social values. As a responsible corporate citizen, the Company is
committed to extend its hand to the under privileged in areas of
education, healthcare, etc.
XI DIREaORS
In terms of the Articles of Association of your Company and relevant
provisions of the Companies Act, 2013 and rules made thereunder, Mr.
Devarshi D. Buch retire at the forthcoming Annual General Meeting and
being eligible, offer themselves for re-appointment. Further, pursuant
to the provisions of Section 149,150,152 read with Schedule IV of the
Companies Act, 2013 and clause 49 of listing agreement, Mr. Vasudeva
V. Kamath, Dr. Ram K. Mangal and Dr. Kalimohan Bhattacharya are
proposed to be appointed as Non-executive Independent Directors, not
liable to retire by rotation at the ensuing Annual General Meeting.
Brief Resume of the Directors proposed to be reappointed, nature of
their expertise in specific functionai areas, the names of the
Companies in which they hold Directorships & memberships/chairmanships
of Board Committees and their shareholdings in the Company, as
stipulated under Clause 49 of the Listing Agreements with the Stock
Exchanges in India, are provided in the Notice of Annual General
Meeting.
XM. AUDITORS'' REPORT
The observations made in the Auditors'' report are self-explanatory and
therefore do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
Your Directors request you to appoint Auditors for the Financial Year
2014-15. In this regard, attention of the Members is invited to Item 3
of the accompanying Notice convening forthcoming Annual General
Meeting.
XIII. STATUTORY INFORMATION
The particulars relating to energy conservation, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
section 217|l)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of continued Particulars in the Report of Board of
Directors) Rules, 1988, are set out in the Annexure ''A'' included in
this report.
As required by the provisions of Section 217 (2A) of the Companies Act,
1956 as amended, read with the Companies (Particulars of Employees)
Rules, 1975, the names and other particulars of the employees are set
out in the Annexure ''B'' to this Report As required by SEBI (ESOP 8i
ESOS) Guidelines, 1999, the relevant disclosure is set out in the
Annexure ''C to this report.
XIV. DIREaORS'' RESPONSIBILITY STATEMENT
Based on representations from the Management, the Directors state, in
pursuance of Section 217 (2AA) of the Companies Act, 1956, that;
i) the Company has, in the preparation of the annual accounts for the
year ended 31st March 2014, followed the applicable accounting
standards along with proper explanations relating to material
departures, if any; ''
ii) the Directors have 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 as at 31st March 2014 and of the profit of the Company
for the financial year ended 31st March 2014;
ill) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
iv) the Directors have prepared the annual accounts on a going concern
basis.
XV. ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank ail the Shareholders,
Customers, Vendors, Bankers, and Regulatory & Government Authorities
for the strong support that they have continued to extend to your
Company.
The Board also takes this opportunity to place on record its
appreciation of the outstanding performance and dedication of your
Company''s employees at all levels, without whose commitment the
achievement of results as indicated above could not have been possible.
By Order of the Board of Directors
Omnitech InfoSolutions Limited
Sd/- Sd/-
(Atui Hemani) (Avinash Pitaie)
Managing Director & Jt. Managing Director
CEO
Place: Mumbai
Date: 28th May, 2014
Mar 31, 2013
The Members of Omnitech Info Solutions Limited
The Directors have pleasure in presenting the 23rd Annual Report
together with the audited accounts of the company for the year ended
31st March 2013.
I. FINANCIAL HIGHLIGHTS:
The Performance of the Company for the financial year ended 31st March,
2013 is summarized below:
(Rs. in Lacs)
PARTICULARS 2012-13 2011-12
Income from Operations 44,938.80 42,093.79
Profit before Interest,
Depreciation and 11,547.94 13,549.54
Tax (PBIDT)
Interest including
finance expenses 2,658.04 1,431.19
Depreciation 5,329.22 3,746.15
Profit before Tax (PBT) 3,560.68 8,372.20
Provision for Taxation
including FBT & 1,691.02 2,870.00
Deferred Tax
Profit after Tax (PAT) 1,869.66 5,502.19
Balance brought forward from 19,301.77 14,828.98
previous year
Amount Available for
Appropriation 21,171.43 20,331.18
Appropriations:
Proposed Dividend 225.03 412.29
Dividend Tax 38.33 66.90
General Reserve 95.00 550.22
Balance Carried
Forward to Balance 19301.78 14828.98
Sheet
II. REVIEW OF PERFORMANCE
a. Operating Results
During the Year, your Company achieved Income from Operations amounting
to Rs.44938.90 lacs as compared to Rs. 42093.79 lacs in the previous
year thereby recording an increase of 6.76%. The Net Loss after tax for
the year was Rs.1869.66 lacs as compared to Rs. 5502.20 lacs in the
previous year, thereby an decrease of 66.02 %.
b. Finance Cost
The Finance Cost has increased by Rs 1226.86 lacs as compared to the
previous year, which is mainly due to raising of additional working
capital facility.
III. DIVIDEND
Your Board of Directors recommends Dividend @ 15%. i.e. Rs. 1.5 per
equity share for the year ended 31st March, 2013. Dividend as
recommended if declared will absorb Rs. 225.03 lacs for the payment to
the shareholders and Rs. 38.33 lacs as Corporate Dividend Tax.
IV. FIXED DEPOSITS
Your company has accepted deposits from the public during the year.
V. SUBSIDIARY COMPANIES
The Company has the following 4 subsidiaries as on 31st March,2013.
1. Omnitech Technologies Inc. USA
2. Europe Omnitech Technology Services B.V., Netherlands
3. Omnitech Services Pte. Ltd., Singapore
4. Omnitech (Singapore) Holding Pte Ltd, Singapore
The Company has the following 4 step down subsidiaries as on 31st
March, 2013.
1. Avensus Netherland B.V *
2. Omnitech (UK) Technologies Ltd **
3. Omnitech Services Limited, Hongkong ***
4. Omnitech Services Japan Co. Ltd. ****
5. Omnitech Australia Pty Ltd. *****
As required under the provisions of Section 212 of the Companies Act,
1956, a statement showing the holding company''s interest in the
subsidiary companies forms part of the Annual Report. *Europe Omnitech
Technology Services B.V., Netherlands holds 95% shares of Avensus
Netherland B.V
** Europe Omnitech Technology Services B.V., Netherlands also have a
step down subsidiary viz. Omnitech (UK) Technologies Ltd.
***Omnitech Services Pte. Ltd., Singapore holds 100% shares of Omnitech
Services Limited, Hongkong
****Another subsidiary, Omnitech Services Pte. Ltd., Singapore formed a
step down subsidiary viz. Omnitech Services Japan Co. Ltd, Japan.
***** During the Year 2012- 13, Omnitech Services Pte. Ltd, Singapore
formed a step down subsidiary viz. Omnitech Australia Pty. Ltd.
VI. CONSOLIDATED FINANCIAL STATEMENTS
Your Directors have pleasure in presenting Consolidated Financial
Statements which form part of the Annual Report. However, since there
has not been any operation in Omnitech (Singapore) Holding Pte Ltd,
Singapore, Omnitech (UK) Technologies Ltd. During the Financial Year
2012-13, its accounts have not been considered for consolidation.
VII. QUALITY
Your company recognizes quality as an important differentiator in
industry. Therefore, it has well defined stringent quality standards
with customer focus and management commitment and involvement across
hierarchies. During the Year, your company has been certified for ISO
9001:2008 ISO 20000:2005, ISO 27001:2005 and BS 25999:2007. These
certifications reflect that your Company has well defined Quality
processes and procedures in place, which lead to total customer
satisfaction as regards Quality Management.
Quality Policy: "To achieve business leadership in IT solutions and
services through customer loyalty, satisfaction & trust, integrating
innovative technology, quality processes, secured information,
resilient infrastructure & trained manpower supported by effective
customer relationship & efficient services"
VIII. HUMAN RESOURCES
Your company employed a total of 1259 employees as on 31st March, 2013.
Your Company is driven by a team of dedicated professionals - a highly
qualified team that is customer-focused, obsessed with excellence, and
believes in product leadership
and people power. Your company focuses on long term career aspirations
of its employees, providing them with both a platform and a launching
pad to success.
While the work culture emphasizes leadership through teamwork, your
Company stresses individual growth through innovation as your Company
believes that progress is a dynamic process that continually throws up
challenges demanding innovative solutions from creative thinkers.
Your Company''s personnel policies are hence aimed at nurturing the
professional growth of employees by providing a stimulating work
environment, a variety of challenges, and a host of material rewards.
As informed by your Company to you in the Directors Report for the
financial year 2011-12, the Company had taken a few initiatives like
vEngage, Paathshala and Ask HR aiming at a better employee
satisfaction.
During the year 2012-13, your Company continued those initiatives and
strived hard for better employment satisfaction.
During the year, your Company granted 3751 further options to selected
employee under Omnitech ESOS 2009 to reward their performance,
dedication and hard work towards your company. These options have been
granted at a price of Rs.150/- per option.
IX AWARDS & RECOGNITIONS
During the year, your Company was recognized and awarded with the
following:
1. Ranked among the "Dream Companies" to work with in ''DQ CMR
Best Employer Survey 2012''
2. Deloitte Technology Fast 500 Asia Awards
3. Global Services 100 award
4. CRN Xcellence Awards for ''Best Managed Services Provider - Large''
5. Omnitech ranked 114 in DQ Top 20 Awards
X. CORPORATE GOVERNANCE
A report on Corporate Governance along with Auditors'' certificate on
compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement, is provided elsewhere in the Annual
report.
XI. CORPORATE SOCIAL RESPONSIBILITY
Your Company believes that society is one of its important stakeholders
and approaches its social responsibility as a corporate citizen.
Reaffirming its role as a contributing member of the social and
economic milieu it occupies, the Company aligns its business operations
with social values. As a responsible corporate citizen, the Company is
committed to extend its hand to the under privileged in areas of
education, healthcare, etc.
XII. DIRECTORS
In terms of the Articles of Association of your Company, Dr. Kalimohan
Bhattacharya and Mr. Avinash Pitale retire at the forthcoming Annual
General Meeting and being eligible, offer themselves for
re-appointment. Brief Resume of the Directors proposed to be
reappointed, nature of their expertise in specific functional areas,
the names of the Companies in which they hold Directorships &
memberships/chairmanships of Board Committees and their shareholdings
in the Company, as stipulated under Clause 49 of the Listing Agreements
with the Stock Exchanges in India, are provided in the Notice of Annual
General Meeting.
XIII. AUDITORS'' REPORT
The observations made in the Auditors'' report are self-explanatory and
therefore do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
Your Directors request you to appoint Auditors for the Financial Year
2013-14. In this regard, attention of the Members is invited to Item No
5 of the accompanying Notice convening forthcoming Annual General
Meeting.
XIV. STATUTORY INFORMATION
The particulars relating to energy conservation, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of continued Particulars in the Report of Board of
Directors) Rules, 1988, are set out in the Annexure ''A'' included in
this report.
As required by the provisions of Section 217 (2A) of the Companies Act,
1956 as amended, read with the Companies (Particulars of Employees)
Rules, 1975, the names and other particulars of the employees are set
out in the Annexure ''B'' to this Report
As required by SEBI (ESOP & ESOS) Guidelines, 1999, the relevant
disclosure is set out in the Annexure ''C'' to this report.
XV. DIRECTORS'' RESPONSIBILITY STATEMENT
Based on representations from the Management, the Directors state, in
pursuance of Section 217 (2AA) of the Companies Act, 1956, that:
i. the Company has, in the preparation of the annual accounts for the
year ended 31st March 2013, followed the applicable accounting
standards along with proper explanations relating to material
departures, if any;
ii) the Directors have 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 as at 31st March 2013 and of the profit of the Company
for the financial year ended 31st March 2013;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
iv) the Directors have prepared the annual accounts on a going concern
basis.
XVI. ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank all the Shareholders,
Customers, Vendors, Bankers, and Regulatory & Government Authorities
for the strong support that they have continued to extend to your
Company.
The Board also takes this opportunity to place on record its
appreciation of the outstanding performance and dedication of your
Company''s employees at all levels, without whose commitment the
achievement of results as indicated above could not have been possible.
Place: Mumbai By Order of the Board of Directors
Date: 28th May, 2013 Omnitech InfoSolutions Limited
Sd/- Sd/-
(Atul Hemani) (Avinash Pitale)
Managing Director & CEO Jt. Managing Director
Mar 31, 2012
To The Members of Omnitech InfoSolutions Limited
The Directors have pleasure in presenting the 22nd Annual Report
together with the audited accounts of the company for the year ended
31st March, 2012.
I. FINANCIAL HIGHLIGHTS:
The Performance of the Company for the financial year ended 31st March,
2012 is summarised below:
(Rs. in Lacs)
PARTICULARS 2011-12 2010-11
Income from Operations 42093.79 31625.12
Profit before Interest, Depreciation 13549.54 10472.71
and Tax (PBIDT)
Interest including finance expenses 1431.19 597.24
Depreciation 3746.15 2449.48
Profit before Tax (PBT) 8372.20 7432.69
Provision for Taxation including FBT 2870.00 2285.17
& Deferred Tax
Profit after Tax (PAT) 5502.19 5147.52
Balance brought forward from 14828.98 10645.47
previous year
Amount Available for Appropriation 20331.18 15792.99
Appropriations:
Proposed Dividend 412.29 374.23
Dividend Tax 66.90 62.16
General Reserve 550.22 527.62
II. REVIEW OF PERFORMANCE
a. Operating Results
Your Company continued to achieve strong and desired growth in the
financial year 2011-12 into international as well as domestic markets.
In the current slowdown where companies were looking at reducing costs,
your Company offered its customers a solution that can help them to
reduce the costs substantially and this has helped your Company to post
a healthy growth rate inspite of the current economic downturn. It has
also helped your Company to renew most of the contracts with existing
customers.
During the Year, your Company achieved Income from Operations amounting
to Rs.42093.79 Lacs as compared to Rs.31625.12 Lacs in the previous year
thereby recording an increase of 33.10%. The Net Profit after tax (PAT)
for the year was Rs.5502.19 Lacs as compared to Rs.5147.52 Lacs in the
previous year, thereby an increase of 6.89%.
b. Finance Cost
The Finance Cost has increased by Rs 833.95 Lacs as compared to the
previous year, which is mainly due to raising of additional working
capital facility for covering up the increase in Gross Sales.
III. DIVIDEND
Your Board of Directors recommends a Final Dividend @ 28%. i.e. Rs.2.80
per equity share for the year ended 31st March, 2012. Dividend as
recommended if declared will absorb Rs.412.29 Lacs for the payment to the
shareholders and Rs.66.89 Lacs as Corporate Dividend Tax.
IV. FIXED DEPOSITS
Your company has not accepted or invited any deposits from the public
during the year.
V. SUBSIDIARY COMPANIES
The Company has the following 4 subsidiaries as on 31st March, 2012.
1. Omnitech Technologies Inc. USA
2. Europe Omnitech Technology Services B.V., Netherlands
3. Omnitech Services Pte. Ltd., Singapore
4. Omnitech (Singapore) Holding Pte Ltd, Singapore
The Company has the following 4 step down subsidiaries as on 31st
March, 2012.
1. Avensus Nederland B.V *
2. Omnitech Services Limited **
3. Omnitech (UK) Technologies Ltd ***
4. Omnitech Services Japan Co. Ltd. ****
As required under the provisions of Section 212 of the Companies Act,
1956, a statement showing the holding company's interest in the
subsidiary companies forms part of the Annual Report.
* Europe Omnitech Technology Services B.V., Netherlands holds 95%
shares of Avensus Netherland B.V
**Omnitech Services Pte. Ltd., Singapore holds 100% shares of Omnitech
Services Limited, Hongkong
***During the Year ended 31st March, 2012, Europe Omnitech Technology
Services B.V., Netherlands formed a step down subsidiary viz. Omnitech
(UK) Technologies Ltd.
****Another subsidiary, Omnitech Services Pte. Ltd., Singapore formed a
step down subsidiary viz. Omnitech Services Japan Co. Ltd, Japan.
The operations of Avensus Netherland B.V. have impacted adversely due
to slow down in Europe Economical condition and Due to adverse impact,
the financial results of Avensus are in negative.
Further, during the year, Omnitech Services Pte. Ltd. (OSPL) has
expanded its operations further in other countries of Asia pacific
Region, which has resulted in the incurring of heavy onetime costs to
OSPL. During the year, OSPL has also hired high skill manpower. This
expansion of operations and hiring of high skill manpower has resulted
in the financial results of OSPL to be negative.
VI. CONSOLIDATED FINANCIAL STATEMENTS
Your Directors have pleasure in presenting Consolidated Financial
Statements which form part of the Annual Report. However, since there
has not been any operations in Omnitech (Singapore) Holding Pte Ltd,
Singapore, Omnitech (UK) Technologies Ltd and Omnitech Services Japan
Co. Ltd, Japan. during the Financial Year 2011-12, its accounts have
not been considered for consolidation.
VII. QUALITY
Your company recognizes quality as an important differentiator in
industry. Therefore, it has well defined stringent quality standards
with customer focus and management commitment and involvement across
hierarchies. During the Year, your company has been certified for ISO
9001:2008 ISO 20000:2005, ISO 27001:2005 and BS 25999:2007. These
certifications reflect that your Company has well defined Quality
processes and procedures in place, which lead to total customer
satisfaction as regards Quality Management. Your Company have also
initiated the process to achieve CMMI L3 V1.3 Dev & SVC level
certification.
Quality Policy: "To achieve business leadership in IT solutions and
services through customer loyalty, satisfaction & trust, integrating
innovative technology, quality processes, secured information,
resilient infrastructure & trained manpower supported by effective
customer relationship & efficient services."
VIII. HUMAN RESOURCES
Your company employed a total of 1306 employees as on 31st March, 2012.
Your Company is driven by a team of dedicated professionals - a highly
qualified team that is customer- focused, obsessed with excellence, and
believes in product leadership and people power. Your company focuses
on long term career aspirations of its employees, providing them with
both a platform and a launching pad to success.
While the work culture emphasizes leadership through teamwork, your
Company stresses individual growth through innovation as your Company
believes that progress is a dynamic process that continually throws up
challenges demanding innovative solutions from creative thinkers.
Your Company's personnel policies are hence aimed at nurturing the
professional growth of employees by providing a stimulating work
environment, a variety of challenges, and a host of material rewards.
Your Company takes different Initiatives to make working at Omnitech
Fun and Energetic. A few initiatives taken by your company are as
follows:
- vEngage - An initiative to engage employees to the organization and
knowing our resonance Level. This initiative calls for a survey of
Employees to understand the current Gen Y(Employees born between 1981
to 1991) their needs and wants from their Workplace and to make
Omnitech the BEST PLACE TO WORK. The feedback received from Employees.
help in taking important initiatives for employees.
- Paathshala - Paathshala is a continuous complete Learning and
Development Program for Employees to develop and enhance knowledge,
capabilities and leadership through various workshops, trainings and
courses. The expenses involved in such training are borne by your
Company itself. The types of training vary from entry level training
to seminar/ workshops to certifications. One of the program taken under
Paathshala is Communication HUB. The Communication HUB is a free form
forum, where everybody is a participant ("No trainer- trainee concept)
& will learn by sharing, refreshing and enhancing knowledge on Soft
Skills like personality development, communiqué- play with words,
presentation skills, business English. It's a launch for the
improvement and enhancement of Soft Skills.
- Ask HR - Your Company launched an initiative called "Ask HR" the
global HR desk for the benefit of all the employees of your Company
around the globe. The objective of Ask HR is to provide a dedicated
service window for its employees to register their HR related queries.
The employees just need to dial a toll free number and register their
queries, or can also email their queries. The queries are responded
within 30 minutes and will be resolved in 16 hours maximum. This has
indeed proved to be an effective measure for the Company and its
employees.
During the year, your Company granted 6783 further options to selected
employees under Omnitech ESOS 2009 to reward their performance,
dedication and hard work towards your company. These options have been
granted at a discounted price of ?140/- per option.
IX AWARDS & RECOGNITIONS
During the year, your Company was recognized and awarded with the
following:
Global:
1. Forbes Asia Best under a Billion Company Awards by Forbes Asia.
2. Deloitte Technology Fast 500 Asia Pacific by Deloitte Touche
Tohmatsu India Private Limited (DTTIPL).
3. Global Services 100 award by Global Services.
Domestic:
4. Top 5 DR BCP Brands in India by PC Quest.
5. Deloitte Technology Fast 50 India Awards by Deloitte Touche
Tohmatsu India Private Limited (DTTIPL).
6. DQ Top 20 Awards by Dataquest.
7. 'HR Leadership Award' at the 6th Employer Branding Awards by
Employer.
Branding
8. BCI Continuity & Resilience Awards, 2011 in the category of
Specialist Business Continuity / Recovery Company by BCI, UK & KPMG
India.
9. The Third Annual Inc. India 500 Awards by Inc India (9.9 Media).
10. Channel World Premier 100 by Channel World.
11. Partner Leadership Award for 'Best Solution Provider - IT
Infrastructure' by ITPV.
X. CORPORATE GOVERNANCE
A report on Corporate Governance along with Auditors' certificate on
compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement, is provided elsewhere in the Annual
report.
XI. CORPORATE SOCIAL RESPONSIBILITY
Your Company believes that society is one of its important stakeholders
and approaches its social responsibility as a corporate citizen.
Reaffirming its role as a contributing member of the social and
economic milieu it occupies, the Company aligns its business operations
with social values. As a responsible corporate citizen, the Company is
committed to extend its hand to the under privileged in areas of
education, healthcare, etc. During the year, your Company organized a
food festival at Omnitech House. The amount so collected was donated to
an orphanage named "Handmaids of the Blessed Trinity".
XII. DIRECTORS
In terms of the Articles of Association of your Company, Mr. Maganlal
Hemani and Dr. Ram K Mangal retire at the forthcoming Annual General
Meeting and being eligible, offer themselves for re-appointment. Brief
Resume of the Directors proposed to be reappointed, nature of their
expertise in specific functional areas, the names of the Companies in
which they hold Directorships & memberships/chairmanships of Board
Committees and their shareholdings in the Company, as stipulated under
Clause 49 of the Listing Agreements with the Stock Exchanges in India,
are provided in the Notice of Annual General Meeting.
XIII. AUDITORSÃ REPORT
The observations made in the Auditors' report are self explanatory and
therefore do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
Your Directors request you to appoint Auditors for the Financial Year
2012-13. In this regard, attention of the Members is invited to Item
No.5 of the accompanying Notice convening forthcoming Annual General
Meeting.
XIV. STATUTORY INFORMATION
The particulars relating to energy conservation, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of continued Particulars in the Report of Board of
Directors) Rules, 1988, are set out in the Annexure 'A' included in
this report.
As required by the provisions of Section 217 (2A) of the Companies Act,
1956 as amended, read with the Companies (Particulars of Employees)
Rules, 1975, the names and other particulars of the employees are set
out in the Annexure 'B' to this Report
As required by SEBI (ESOP & ESOS) Guidelines, 1999, the relevant
disclosure is set out in the Annexure 'CÃ to this report.
XV. DIRECTORSÃ RESPONSIBILITY STATEMENT
Based on representations from the Management, the Directors state, in
pursuance of Section 217 (2AA) of the Companies Act, 1956, that:
i. the Company has, in the preparation of the annual accounts for the
year ended 31st March, 2012, followed the applicable accounting
standards along with proper explanations relating to material
departures, if any;
ii. the Directors have 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 as at 31st March, 2012 and of the profit of the Company
for the financial year ended 31st March, 2012;
iii. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
iv. the Directors have prepared the annual accounts on a going concern
basis.
XVI. ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank all the Shareholders,
Customers, Vendors, Bankers, and Regulatory & Government Authorities
for the strong support that they have continued to extend to your
Company.
The Board also takes this opportunity to place on record its
appreciation of the outstanding performance and dedication of your
Company's employees at all levels, without whose commitment the
achievement of results as indicated above could not have been possible.
By Order of the Board of Directors
Omnitech InfoSolutions Limited
Sd/- Sd/-
(Atul Hemani) (Avinash Pitale)
Managing Director & CEO Jt. Managing Director
Place: Mumbai
Date : 29th May, 2012
Mar 31, 2011
The Members of
Omnitech Info Solutions Limited
The Directors have pleasure in presenting the 21st Annual Report
together with the audited accounts of the company for the year ended
31st March 2011.
I. FINANCIAL HIGHLIGHTS:
The Performance of the Company for the financial year ended March 31,
2011 is summarised below:
(R In Lacs)
PARTICULARS 2010-11 2009-10
Income from Operations 31625.12 21649.66
Profit before Interest, Depreciation and
Tax (PBIDT) 10472.71 7057.12
Interest including Finance Expenses 590.54 462.45
Depreciation 2449.48 1565.89
Profit before Tax (PBT) 7432.69 5028.80
Provision for Taxation including FBT &
Deferred Tax 2285.17 1089.84
Profit after Tax (PAT) 5147.52 3938.96
Balance brought forward from previous year 10645.47 7150.61
Amount Available for Appropriation 15792.99 11089.57
Appropriations:
Proposed Dividend 374.23 207.88
Dividend Tax 62.16 35.33
General Reserve 527.62 200.89
Balance Carried Forward to Balance Sheet 14828.98 10645.47
II. REVIEW OF PERFORMANCE
a. Operating Results:
Your Company continued to achieve strong and desired growth in the
financial year 2010-11 into international as well as domestic markets.
In the current slowdown where companies were looking at reducing costs,
your Company offered its customers a solution that can help them to
reduce the costs substantially and this has helped your Company to post
a healthy growth rate in spite of the current economic downturn. It has
also helped your Company to renew most of the contracts with existing
customers.
During the Year, your Company achieved Income from Operations amounting
to R31625.12 Lacs as compared to R21649.66 Lacs in the previous year
thereby recording an increase of 46.08%. The Net Profit after tax (PAT)
for the year was R5147.52 Lacs as compared to R3938.96 Lacs in the
previous year, thereby an increase of 30.68%.
b. Financing Cost:
The Finance Cost has increased by R128.10. Lacs as compared to the
previous year, which is mainly due to raising of additional working
capital facility for covering up the increase in Gross Sales.
III. DIVIDEND
Your Board of Directors recommends Dividend @ 27%. i.e R2.7 per equity
share for the year ended 31st March, 2011. Dividend as recommended if
declared will absorb R374.23 lacs for the payment to the shareholders
and R62.16 Lacs as Corporate Dividend Tax.
IV. FIXED DEPOSITS
Your company has not accepted or invited any deposits from the public
during the year.
V. SUBSIDIARY COMPANIES
The Company has the following 4 subsidiaries as on 31st March, 2011.
1. Omnitech Technologies Inc. USA
2. Europe Omnitech Technology Services B.V., Netherlands
3. Omnitech Services Pte. Ltd., Singapore
4. Omnitech (Singapore) Holding Pte Ltd, Singapore
As required under the provisions of Section 212 of the Companies Act,
1956, a statement showing the holding Company's interest in the
subsidiary companies forms part of the Annual Report.
During the Year ended 31st March, 2011, the Company's Subsidiary Europe
Omnitech Technology Services B.V. acquired 95% stake in Avensus
Netherland B.V., a company based in Netherlands.
During the Year ended 31st March, 2011, the Company's Subsidiary
Omnitech Services Pte. Ltd., Singapore has formed a wholly- owned
subsidiary viz. Omnitech Services Limited, Hongkong.
The operational performance of the Subsidiaries during the year has
been as per the projections anticipated by your Company.
VI. CONSOLIDATED FINANCIAL STATEMENTS
Your Directors have pleasure in presenting Consolidated Financial
Statements which form part of the Annual Report. However, since there
has not been any operations in Omnitech (Singapore) Holding Pte. Ltd
during the Financial Year 2010-11, its accounts have not been
considered for consolidation.
VII. QUALITY
Your Company recognizes quality as an important differentiator in
industry. Therefore, it has well defined stringent quality standards
with customer focus and management commitment and involvement across
hierarchies. During the Year, your Company has been certified for ISO
9001:2008 ISO 20000:2005, ISO 27001:2005 and BS 25999:2007. These
certifications reflect that your Company has well defined Quality
processes and procedures in place, which lead to total customer
satisfaction as regards Quality Management.
Quality Policy: "To achieve business leadership in IT solutions and
services through customer loyalty, satisfaction & trust, integrating
innovative technology, quality processes, secured information,
resilient infrastructure & trained manpower supported by effective
customer relationship & efficient services."
VIII. HUMAN RESOURCES
Your company's HR policies and processes are aligned to effectively
drive its expanding business and emerging opportunities. This has been
achieved by continuously investing in learning and development
programs, creating an employee-friendly work environment, empowering
employees at all levels and maintaining well-structured reward and
recognition mechanisms. Your company recognizes its employees as Key
Assets and strives to retain and attract them.
Your company employed a total of 1125 employees as on 31st March, 2011.
During the year, your Company organized various Learning and
Development programs for its employees such as Conflict Management,
Inter-departmental communication skills, Entry Level Training Program
(ELTP) etc. During the year, your company held open House forums to
provide transparent platform for employees to share their views, ideas,
suggestions, grievances directly with the management etc. During the
year, the Company took various other employee friendly initiatives.
During the year, your company organized Dusshera Puja, Holi and various
sports events and small get together to combine fun with work.
During the year, your Company granted 19714 further options to 5
selected employees under Omnitech ESOS 2009. These options have been
granted at a discounted price of Rs.140/- per option.
Your company has approached various top notch B Schools and colleges
across the country. Today the company is one of the preferred places to
work for professionals across the country.
IX AWARDS & RECOGNITIONS
During the year, your Company was recognized and awarded with the
following:
1. Channel World Premier 100, 2010 Award
2. Kaseya 'Managed Services Award', 2010
3. Forbes Asia Best under Billion Company Award 2010
4. BCI Continuity & Resilience Awards, 2010
5. WebSphere Partner of the Year 2010' award by IBM Software Universe
6. The Second Annual Inc. India 500 Awards (2010)
7. Deloitte Technology Fast 500 Asia Pacific 2010
8. Channel Excellence Awards 2011
9. Channel World Premier 100, 2011 Award
10. Cyberoam Award, 2011
X. CORPORATE GOVERNANCE
A report on Corporate Governance along with Auditors' certificate on
compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement, is provided elsewhere in the Annual
report.
XI. CORPORATE SOCIAL RESPONSIBILITY
Your Company believes that society is one of its important stakeholders
and approaches its social responsibility as a corporate citizen.
Reaffirming its role as a contributing member of the social and
economic milieu it occupies, the Company aligns its
business operations with social values. As a responsible corporate
citizen, the Company is committed to extend its hand to the under
privileged in areas of education, healthcare, etc. During the year,
your Company participated in various forums for creating awareness for
Disaster Management. As a part of Corporate Social Responsibility, your
company organised Eye Testing Camp for employees and their families.
XII. DIRECTORS
In terms of the Articles of Association of your Company, Mr. V.V.
Kamath, Independent Director and Prof. V. H. Iyer, Independent Director
retire at the forthcoming Annual General Meeting and being eligible,
offer themselves for re-appointment. Brief Resume of the Directors
proposed to be reappointed, nature of their expertise in specific
functional areas, the names of the Companies in which they hold
Directorships & memberships/chairmanships of Board Committees and their
shareholdings in the Company, as stipulated under Clause 49 of the
Listing Agreements with the Stock Exchanges in India, are provided in
the Notice of Annual General Meeting.
Further, the tenure of MD & Whole Time Directors has expired. Hence, a
resolution is incorporated in the Notice of Annual General Meeting,
proposing their re-appointment.
XIII. AUDITORS' REPORT
The observations made in the Auditors' report are self explanatory and
therefore do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
Your Directors request you to appoint Auditors for the Financial Year
2011-12. In this regard, attention of the Members is invited to Item
No.5 of the accompanying Notice convening forthcoming Annual General
Meeting.
XIV. STATUTORY INFORMATION
The particulars relating to energy conservation, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of continued Particulars in the Report of Board of
Directors) Rules, 1988, are set out in the Annexure 'A' included in
this report.
As required by the provisions of Section 217 (2A) of the Companies Act,
1956 as amended, read with the Companies (Particulars of Employees)
Rules, 1975, the names and other particulars of the employees are set
out in the Annexure 'B' to this Report
As required by SEBI (ESOP & ESOS) Guidelines, 1999, the relevant
disclosure is set out in the Annexure 'C to this report.
XV. DIRECTORS' RESPONSIBILITY STATEMENT
Based on representations from the Management, the Directors state, in
pursuance of Section 217 (2AA) of the Companies Act, 1956, that:
i) the Company has, in the preparation of the annual accounts for the
year ended 31st March 2011, followed the applicable accounting
standards along with proper explanations relating to material
departures, if any;
ii) the Directors have 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 as at 31st March 2011 and of the profit of the Company
for the financial year ended 31st March 2011;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
iv) the Directors have prepared the annual accounts on a going concern
basis.
XVI. ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank all the Shareholders,
Customers, Vendors, Bankers, and Regulatory & Government Authorities
for the strong support that they have continued to extend to your
Company.
The Board also takes this opportunity to place on record its
appreciation of the outstanding performance and dedication of your
Company's employees at all levels, without whose commitment the
achievement of results as indicated above could not have been possible.
By Order of the Board of Directors
Omnitech InfoSolutions Limited
Sd/- Sd/-
(Atul Hemani) (Avinash Pitale)
Managing Director & CEO Jt. Managing Director
Place: Mumbai
Date: 27th May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 20th Annual Report
together with the audited accounts of the company for the year ended
31 March 2010.
I. FINANCIAL HIGHLIGHTS:
The Performance of the Company for the financial year ended 3 I March
2010 is summarised below:
(Rs. in Lakhs)
Particular 2009-10 2008-09
Income from Operations 21649.66 17142.62
Profit before Interest, Depreciation
and Tax (PBIDT) 7057.12 5351.94
Interest including Finance Expenses 462.45 379.04
Depreciation 1565.89 795.01
Profit before Tax (PBT) 5028.79 4177.88
Provision for Taxation including
Deferred Tax 1089.84 868.00
Profit after Tax (PAT) 3938.95 3309.89
Balance brought forward from previous
year 7150.61 4110.19
Amount Available for Appropriation 11089.56 7420.08
Appropriations:
Proposed Dividend 207.88 157.67
Dividend Tax 35.33 26.80
General Reserve 200.89 85.00
Balance Carried Forward to Balance
Sheet 10645.46 7150.61
II. REVIEW OF PERFORMANCE
a. Operating Results:
Your Company continued to achieve strong and desired growth in the
financial year 2009-10 into international as well as domestic markets.
In the current slowdown where companies were looking at reducing costs,
your Company offered its customers a solution that can help them to
reduce the costs substantially and this has helped your Company to post
a healthy growth rate in spite of the current economic downturn. It has
also helped your Company to renew most of the contracts with existing
customers.
During the Year, your Company achieved Income from Operations amounting
to Rs. 21649.66 Lakhs as compared to Rs. 17142.62 Lakhs in the previous
year thereby recording an increase of 26.29%. The Net Profit after tax
(PAT) for the year was Rs. 3938.95 Lakhs as compared to Rs. 3309.89
Lakhs in the previous year, thereby an increase of 19.01%
b. Financing Cost:
The Finance Cost has increased by Rs. 83.41 Lakhs as compared to the
previous year, which is mainly due to raising of additional working
capital facility for covering up the increase in Gross Sales.
III. DIVIDEND
Your Board of Directors recommend Dividend @ 15% i.e. Rs 1.50 per
equity share for the year ended 31 March, 2010. Dividend as recommended
if declared will absorb Rs. 207.88 Lakhs for the payment to the
shareholders and Rs. 35.33 Lakhs as Corporate Dividend Tax.
IV. FIXED DEPOSITS
Your company has not accepted or invited any deposits from the public
during the year.
V. SUBSIDIARY COMPANIES
The Company has the following 3 subsidiaries as on 3 I March, 2010:
1. Omnitech Technologies Inc. USA
2. Europe Omnitech Technology Services B.V, Netherlands
3. Omnitech Services Pte. Ltd., Singapore
As required under the provisions of Section 212 of the Companies Act,
1956, a statement showing the holding companys interest in the
subsidiary companies forms part of the Annual Report.
The operational performance of the Subsidiaries during the year has
been as per the projections anticipated by your company.
VI. CONSOLIDATED FINANCIAL STATEMENTS
Your Directors have pleasure in presenting Consolidated Financial
Statements which form part of the Annual Report.
VII. STATUS OF UTILISATION OF FUNDS RAISED IN PUBLIC ISSUE
Status of utilization of Funds raised by your Company in Public Issue
as on 31 March, 2010 forms part of Notes to Accounts.
VIII. QUALITY
Your company recognizes quality as an important differentiator in
industry. Therefore, it has well defined stringent quality standards
with customer focus and management commitment and involvement across
hierarchies. During the Year, your company has been certified for ISO
9001:2008. ISO 9001:2008 Certification reflects that your company has
well defined Quality processes and procedures in place, which lead to
total customer satisfaction as regards Quality Management.
Further, your company is on the way to get certified for the following
Certifications:
(a) ISO 20000:2005 Certification - reflects the level of best practices
followed by the Company in relation to IT Service Management.
(b) ISO 27001:2005 Certification - reflects that the Company has well
defined Internal Security Management System thereby maintaining high
level of Confidentiality of Customer Data.
(c) BS 25999:2007 Certification - reflects the resilient infrastructure
possessed by the Company in relation to Business Continuity Management.
IX. HUMAN RESOURCES
Your companys HR policies and processes are aligned to effectively
drive its expanding business and emerging opportunities. This has been
achieved by continuously investing in learning and development
programs, creating an employee-friendly work environment, empowering
employees at all levels and maintaining well-structured reward and
recognition mechanisms. Your company recognizes its employees as Key
Assets and strives to retain and attract them.
company employed a total 872 employees as on 3 I March, 2010. During
the year, your company took various initiatives to help the employees
grow their career. During the year, your company organized various
Learning and Development programs for its employees such as Conflict
Management, Inter-departmental Communication Skills etc.
During the year, your Company constituted two forums among the
employees Viz., Key Managerial Personnel (KMP) and Rising Star Forums.
The objective behind the constitution of these two forums was to
provide the employees a platform to interact and discuss various ideas,
suggestions relating to companys operations, which will ultimately
help the employees to improve their communication skills and also give
them opportunity to actively participate towards the growth of the
Company.
During the year, your company launched Omnitech Employees Stock Option
Scheme, 2009 to reward the talented employees. During the Year, your
company organized Dusshera Puja, Holi and various sports events and
small get togethers to combine fun with work.
Your company has approached various top notch B Schools, technical
schools and colleges across the country. Today the company is one of
the preferred places to work for professionals across the country.
X. AWARDS & RECOGNITIONS
During the year, your Company was awarded with the following:
1. Best SME for Corporate Governance 2009 from Business Today
2. Deloitte Technology Fast 500 Asia- Pacific 2009
3. Deloitte Technology Fast 50 India 2009
4. The Channel World Premier 100 Awards-2010
5. Specialty Continuity Recovery Company of the year 2009 award from
BCI - UK
6. Microsoft Best Breath Partner Award- 2009-10
XI. CORPORATE GOVERNANCE
A report on Corporate Governance along with Auditors certificate on
compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement, is provided elsewhere in the Annual
report.
XII. CORPORATE SOCIAL RESPONSIBILITY
Your Company believes that society is one of its important stakeholders
and approaches its social responsibility as a corporate citizen.
Reaffirming its role as a contributing member of the social and
economic milieu it occupies, the Company aligns its business operations
with social values. As a responsible corporate citizen, the Company is
committed to extend its hand in areas of education, healthcare, etc to
the under privileged people. During the year, your company participated
in various forums for creating awareness for Disaster Management. Your
Company continued to distribute booklets containing guidelines on how
to act in case of emergency. As a part of Corporate Social
Responsibility, your company organised Eye Testing Camp for employees
and their families.
XIII. DIRECTORS
In terms of the Articles of Association of your Company, Mr. Avinash
Pitale, Executive Director and Mr. Devarshi Buch, Executive Director of
your Company retire at the forthcoming Annual General Meeting and being
eligible, offer themselves for re-appointment. Brief Resume of the
Directors proposed to be reappointed, nature of their expertise in
specific functional areas, the names of the Companies in which they
hold Directorships & memberships/chairmanships of Board Committees and
their shareholdings in the Company, as stipulated under Clause 49 of
the Listing Agreements with the Stock Exchanges in India, are provided
in the Notice of Annual General Meeting.
XIV. AUDITORS REPORT
The observations made in the Auditors report are self explanatory and
therefore do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
Your Directors request you to appoint Auditors for the Financial Year
2010-11. In this regard, attention of the Members is invited to Item
No. 5 of the accompanying Notice convening forthcoming Annual General
Meeting.
XV. STATUTORY INFORMATION
The particulars relating to energy conservation, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of continued Particulars in the Report of Board of
Directors) Rules, 1988, are set out in the Annexure A to this report.
As required by the provisions of Section 217 (2A) of the Companies Act,
1956 as amended, read with the Companies (Particulars of Employees)
Rules, 1975, the names and other particulars of the employees are set
out in the Annexure B to this report.
As required by SEBI (ESOP & ESOS) Guidelines, 1999, the relevant
disclosure is set out in the Annexure ÃC to this report.
XVI. DIRECTORS RESPONSIBILITY STATEMENT
Based on representations from the Management, the Directors state, in
pursuance of Section 217 (2AA) of the Companies Act, 1956, that:
(a) the Company has, in the preparation of the annual accounts for the
year ended 3 I March 2010, followed the applicable accounting standards
along with proper explanations relating to material departures, if any;
(b) the Directors have 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 as at 3 I March 2010 and of the profit of the Company
for the financial year ended 3 I March 2010;
(c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
(d) the Directors have prepared the annual accounts on a going concern
basis.
XVII. ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank all the Shareholders,
Customers, Vendors, Bankers, and Regulatory & Government Authorities
for the strong support that they have continued to extend to your
Company.
The Board also take this opportunity to place on record its
appreciation of the outstanding performance and dedication of your
Companys employees at all levels, without whose commitment the
achievement of results as indicated above could not have been possible.
By Order of the Board of Directors
Omnitech InfoSolutions Limited
Sd/- Sd/-
Place : Mumbai (Atul Hemani) (Avinash Pitale)
Date : 18.05.2010 Managing Director Executive Director
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