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OMC Computers Ltd.

BSE: 517409 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
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OMC Computers Ltd. (OMCCOMPUTERS) - Director Report

Company director report

1995 OMC COMPUTERS LIMITED DIRECTORS' REPORT Your Directors submit the Thirteenth Annual Report and the Accounts for the year ending 30th June 1995. OPERATIONS During the year 1994-95, operations were below the break-even level due to liquidity problems faced by the company. The Company could achieve a turnover of Rs.6.8 Crores only and Operations resulted in a net loss of Rs.3.14 Crores. Though it was proposed to raise equity by way of further issue of shares and share holders have passed special resolution to this effect during May 1995 amount could not be raised in view of the adverse capital market conditions. FUTURE PROSPECTS Company is taking steps to improve its business on several fronts particularly on education and training and export of software which have high potential and margins. Company is also taking steps to infuse long term funds into the company to over come the liquidity problems and improve its operations. SOFTWARE EXPORTS Company together with ECIL and three South African companies formed consortium and jointly participated in a global tender floated by South African Government for computerisation of hospitals in South Africa, project cost of which is about Rs.130 Crores. Company is expecting a sizeable order against this tender. Company is also expecting to sign a contract with US Company for exporting product software to the tune of about $500,000 to $600,000 which will be highly profitable. EDUCATION TRAINING Company is planning to set up its own education and training centres in important cities and also franchisee centres throughout the country. Company is also planning to impart training through Television Channel and franchisee centres. Company is also taking steps to increase its turnover of both software and hardware in the domestic market. In the light of the above steps your directors are confident that the company will turn around during the current year and achieve projected turnover and profits. DIRECTORS Dr Raj Reddy & Mr S.M Bhandarkar. who retire by rotation at the end of the ensuing Annual General Meeting being eligible offer themselves for reappointment. AUDITORS M/s.M Bhaskara Rao & Co. Chartered Accountants retire at the conclusion of the ensuing Annual General Meeting but being eligible offer themselves for reappointment. Members are requested to appoint Auditors. PARTICULARS OF EMPLOYEES Information as per Section 217 (2A) of the Companies Act 1956 read with the companies Particulars of Employees) Rules. 1975 is given In the Annexure II forming part of this report. PARTICULARS OF FOREIGN EXCHANGE EARNINGS AND OUTFLOW. RESEARCH & DEVELOPMENT ACTIVITIES AND TECHNOLOGY ABSORPTION. Particulars required to be disclosed as per Section 217 (1) (e) of the Companies Act 1956 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988 is given in the Annexure II forming part of this report GENERAL The Board of Directors place on record its grateful thanks to the Company's bankers Financial Institutions and Government Departments etc. for their continued support and assistance. The Directors also wish to particularly record their sincere appreciation of the hard work and dedicated efforts of the employees. ANNEXURE - II Information Required as per Section 217 (i) (e) of Companies Act 1956 read with Companies (Disclosures of Particulars in Report of Board of Directors) Rules 1988. FOREIGN EXCHANGE EARNED AND USED 1994 - 95 Earned Nii Used Rs. 66.39 lacs RESEARCH AND DEVELOPMENT During the year development of software viz. 2 dimensional product and 3 dimensional product has been continued. In addition software for banking back office automation and local branch machanisation has been developed. Expenditure on R&D 1994-95 A. Capital Rs. 13.32 lacs B. Recurring Rs. 51.09 lacs C. Total Rs. 64.41 lacs D. % to Turnover 7.56 % TECHNOLOGY ABSORPTION NIL. By Order of the Board N.Pradeep Reddy Managing Director Place : Hyderabad,