It is my pleasure and privilege to present the Annual Report of your company for theFinancial year 2016-1 7. The top line has registered a slight decline of about 6.05%which is mainly due to the shortfall in government orders and also due to general declinein the IT software sector. The bottom line has also clocked a substantial decline of79.14% mainly due to the writing off of bad debts. In order to portray the true picture ofthe financial health of your company this year also the management has taken a decisionto write off the bad debts to the tune of Rs. 15.80 corers during the current financialyear 2016-1 7. All these bad debts have been written off conforming to the ICAI standards.
During the Financial Year 2016-1 7 However despite this fact the liquidity position ofyour company is very good and accordingly the management of the company has decided toreward its shareholders by way of maintaining its track record of payment of dividend. TheBoard of Directors has recommended a dividend of Ten paisa per share for the FinancialYear 2016-1 7 which amounts to Rs. 79 Lacs approx.
The Financial Year 2016-1 7 has been a year full of challenges. It is a fact that statefunded projects have a very large operating cycle which affects the overall profitabilityof the Company therefore it has been decided to invest into such projects which providefast cash generation. For this purpose we have identified hospitality sector andempowerment of rural India sector by way of technology amusement and food park andinnovative tools.
On behalf of my management team I assure you that we shall strive hard to take yourcompany to new heights and to achieve this we shall put in our best and sincere efforts. Iexpress my heartfelt thanks to the Honourable members of board and various committeesstakeholders financers vendors clients Central and State government administratorsBSE NSE CSE and staff members for extending continuous support and encouragement.
With Warm Regards
(Surendra Kumar Surana)
Managing Director & CEO