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Intergrated Digital Info Services Ltd.

BSE: 523770 Sector: IT
NSE: N.A. ISIN Code: INE762G01014
BSE 05:30 | 01 Jan Intergrated Digital Info Services Ltd
NSE 05:30 | 01 Jan Intergrated Digital Info Services Ltd

Intergrated Digital Info Services Ltd. (INTERGRATEDDIG) - Chairman Speech

Company chairman speech

INTERGRATED DIGITAL INFO SERVICES LIMITED ANNUAL REPORT 2007-2008 CHAIRMAN'S REPORT On behalf of the Board of Directors may I extend the invitation to all of you to attend the Annual General Meeting scheduled for 28th April, 2008 at Chennai. It is my great pleasure to present the 9th Annual Report of the company at this time. The year 2007-08 was akin to dusting the machines and cranking them up with lubricants to make them fit for their journey into the future. As you are aware, the dusting of rusty components and cranking them up is a slow process. It also means removing impediments such as dust and rust so that the machinery, when ready, will run smoothly and produce results as it is intended. With your approval the Company changed its name from ICNET Limited to Intergrated Digital Info Services Limited. We have developed the products and road tested them to our satisfaction. The 3rd Quarter of the year started generating results. The 4th Quarter, more or less stabilized DMR plus, one of the products. At the same time, Massman Genie has also been revved up and also gone through rigorous tests with the last Quarter seeing the first batch of orders. Now, I submit to all of you with confidence that the anxious days are over and the next year onwards your company will be on even keel and generate expected returns, so that we will be able to declare satisfactory dividend and thus justifying the confidence you have imposed by your forbearance. The efforts taken by your Directors in the last few years in meticulously identifying internal impediments and removing them will satisfy the shareholders that the company is on a road to good future. But, for the market acceptance of the product and also to quicken revenue generation, your Directors thought that it should seek external approval and testimonials from recognized agencies so that the public, by and large, can be informed of the testimonials of recognition. Milestones achieved during the year: The shareholders of a company that is reviving would be anxious to know every progress the company has made during the given period. Your Directors take pleasure in presenting various milestones reached by your company during this year. (1) Building Stability: As a first step towards creating a stable and positive base for the company, the company has moved into own office complex during September 2007. The existing building, though smaller, is built on a vast extent of land leaving behind sufficient space for growth in the next few years. To mark a beginning of this process of building this stability the company hoisted its flag, which your Directors take pleasure in positioning in the cover page of this Annual Report. (2) Forming strategic alliances and creating constructive partnership: Pioneering in technology is a thought process. To convert the thought into reality the company has to create machineries comprising of manpower and equipment. In case of information technology, it is more critical to ensure that the machinery that we create does not succumb to obsolence due to frequent changes in the technology. It is also impractical to build our own infrastructure knowing that in a few months or years the entire infrastructure created would have become obsolete. The most economical, professional and elegant way of achieving this objective is to look for constructive alliance with other like minded organizations who have, as their main objective, 'building a wealth of core technology' and keep updating it as the technology changes. I am proud to say that in the current year your Board of Directors have entered into several constructive partnerships with both national and multinational companies. The company has signed an agreement with Maction Technologies, Inc., Republic of China (Taiwan) to supplement our efforts in developing a software engine for our Vehicle Navigation product on an exclusive basis. We have entered into a Trade Agreement with M/s Union Rich Development Corporation, Republic of China (Taiwan) to manufacture Vehicle Navigation equipment in our brand name with an exclusive right to market in the whole of India. This agreement precludes M/s Union Rich Development Corporation, in marketing similar product within Indian under another brand name as well. The company has entered into a manufacturing agreement with M/s. Spaar Electronics Ltd., Bangalore for MASSMAN GENIE who will strictly manufacture it in accordance with our design and architecture. The patents for this is owned by us. The manufacturing agreement is also exclusive and extends globally. The company has entered into software development arrangement with M/s PK4 Software Technologies Ltd., Bangalore for developing DMR+ engine in accordance with our design and structure. The shareholders will appreciate that with the homogenous function of this alliance we ensure that your company is always ahead in technical implementation and continues to maintain Technical Superiority, Pioneering Spirit and Commitment to Service in conceiving new products. I am sure that we can look into the future without fear that technology will never overtake us. PATENTS, TRADE-MARKS AND ISO CERTIFICATION: I take great pride in placing before you that during the year we have acquired patents for all the products and also ISO 9001:2000 Certification and registered Trade-marks, and thus established that our products are living up to international standards. The last few weeks of 3rd Quarter and the 3 months of the 4th Quarter during which we had made satisfactory efforts in marketing by generating a turnover of Rs. 189.34 lakhs. Considering the fact that one of the products is healthcare product and the other a Mobile Asset Management product, both of which go through series of scrutiny before being accepted, it is now established that our products have met the requirements of the customers. All this has been possible by the whole time participation of the Directors of the Company and thanks to the small but dedicated Executives who have formed the nucleus that has spearheaded rebuilding of our organization. Part time Directors including Mr. K. Vasudevan, Mr. K. Sriraman and Mr. S. Gurumurthy have been enthusiastic in participating in managing the affairs of the Company and have been readily available for guidance through out the year. ACKNOWLEDGEMENTS AND SOLICITATIONS: The turnover of Rs. 189.34 lakhs might appear meager when looked at as a performance for the whole year. But, it is the result of our marketing efforts during the last few weeks of the 3rd Quarter and the 4th Quarter. In other words, the results have been achieved during one fourth of the period. I would like to acknowledge that these were all possible not only by the efforts of your Directors and the team of Executives, but also thanks for the co-operation we have received from our consultants in various disciplines. Our secured creditor The Tamilnadu Industrial Investment Corporation Limited (TIIC) who paved the way for the revival of the company, has now encouraged us to opt for 'One Time Settlement' scheme, by which, upon repayment of the principle amount due, our company can become totally debt free. At this time, the scheme is under their active consideration and I hope that during the next financial year, your company will be a debt free Company. I wish to express my gratitude on behalf of the Directors, Shareholders of the Company to The Tamilnadu Industrial Investment Corporation Limited (TIIC). Mr. R.D. Ramaswamy, CEO of Cameo Corporate Services Limited, who are our Registrars and Share Transfer Agents, has been of particular help to us in addressing various issues in share transfers within the time frame stipulated. Mr. Pandiarajan of Topline Infotech (P) Ltd., Chennai, Share Transfer Consultant has continued to be responsible in attending to the complaints from the shareholders and resolving them with care and in time. Our lawyers Mr. Satish Parasaran, Mr. Parthasarathy and Mr. Rahul Balaji have rendered timely and valuable legal counseling and advice. I consider that reviving the activities of the Company in the new name, in a new premises and managed by a new group of professionals including at the board level, is the beginning of a new leaf in the history of the Company. I once again, invite all of you to attend the Annual General Meeting scheduled on 28th April 2008. I hope that the next year will be more beneficial to one and all. Place: Chennai C. Padmanaabhan Dated: 03.04.2008 Chairman & Managing Director