Avinash Information Technologies Ltd.
||ISIN Code: INE452C01011
05:30 | 01 Jan
Avinash Information Technologies Ltd
05:30 | 01 Jan
Avinash Information Technologies Ltd
Avinash Information Technologies Ltd. (AVINASHINFOTEC) - Director Report
Company director report
ANNUAL REPORT 1999-2000
AVINASH INFORMATION TECHNOLOGIES LIMITED
Your Directors have pleasure in presenting before you the Annual Report of
the Company together with Audited Statement of Accounts for the year ended
31st March 2000.
During the year under review your company was busy in implementation of its
diversification plans Into the field of Information Technology. Your
directors do not recommend any dividend for the year under review.
During the year under review. Avinash Information Technologies Private
Limited have merged with you company as per the Scheme of Amalgamation
approved by the Hon'able High Court of Gujarat. As a result of this merger
the company has diversified in the field of "IT enable services- MEDICAL
TRANSCRIPTION". The project implementation work was completed on 7th March
2000 and the trial production was started on 18th June 2000, after the
completion of manpower training programme & receipt of connectivity through
As per the Scheme of Amalgamation approved by the Hon'able High Court of
Gujarat your company has allotted 90 00.000 Equity Shares of Rs.10/- each
to the Shareholders of the amalgamating Company. The equity Shares of the
Company were listed with Mumbai and Ahmedabad Stock Exchanges during the
year under review. The Ahmedabad Stock Exchange has already granted listing
permission for additional shares of Rs.900 lacs. The Company also submitted
necessary application alongwith other documents & information for listing
to the Stock Exchange, Mumbai. The matter is being persued by the Company.
The Company has not accepted any deposits to which the provisions of
Section 58A of the Companies Act, 956 are applicable.
PARTICULARS REGARDING EMPLOYEES:
There are no employees who are in receipt of remuneration exceeding the
limit specified under section 217 (2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND
Conservation of Energy: N.A.
Company has absorbed HlS-Gemstar System Software for Medical Transcription.
Foreign Exchange Earning: US$ 157591.60
Foreign Exchange Outgo: US$ 18108.33
Consequent to the Scheme of Amalgamation and restructuring, the changes in
the Directors of the Company during the year under review since the
previous report are reported as under:
Shri Atul M Shah and Smt. Manjula M Shah have resigned from the
directorship of the Company during the year under consideration. Shri
Hiralal P Shah was appointed as Director to fill up the casual vacancy
created due to the resignation of Smt Manjula Shah. As per the Scheme of
Amalgamation approved by the Hon'able High Court of Gujarat, Shri
Chimanbhai Sathi, Shri Hanubha M Jadeja, Shri Prakash Chandra Bhandari and
Shri Pran S Fultariya have been appointed as an additional Directors on the
Board. All these additional directors shall retire at this annual general
meeting unless their appointments shall be regularised under section 257 of
the Companies Act, 1956.
You are requested to appoint Auditors from the conclusion of ensuring
Annual General meeting to the conclusion of next Annual General meeting and
fix their remuneration. The present auditor M/s Surendra Kumar Jain & Co.
has shown inability to work as the auditors of the Company. Accordingly.
Board recommends the name of M/s Bhanwar Jain & Co., Chartered Accountants,
Ahmedabad who are eligible for the aPpointment.
The company has initiated necessary steps to implement SEBI Guidelines on
The Company has already upgraded its system to make Y2K compliant.
All the properties of the Company are duly insured.
COMPLIANCE OF LISTING AGREEMENT:
Company has paid the Annual Listing fees payable to the Stock Exchange
Ahmedabad & Mumbai for the year 1999-2000 including the Additional Listing
fees. Shares of the Company are listed with the amount of US$ 90,000 as
Project Milestone achievement incentive and US$ 10,000 as production
incentive from Heartland Information Services (the foreign colloborator).
This information has been given in compliance of Clause 32 (a) of the
Listing Agreement. The amount of US$ 57591.60 mentioned above represents
the consideration received from Heartland Information Services for the
Your company has already diversified into the most buoyant field of
Information & Technology by setting up one of the largest project for
Medical Transcription in the Western India primarily for exports for an
American Company. This is a highly ambitious project. In future the company
wishes to take up other related activities such as coding of medical
records and processing of Insurance claim forms which are ancillaries to
medical transcription activities.
Apart from this the company wishes to diversify into other projects in the
field of I.T.-enable services such as:
Establishing interactive voice and Web-enabled call centres, both for
domestic as well as International market.
Back office operations.
The company has already initiated dialogues at appropriate levels and is
reviewing the economic viability of various projects. The scope in these
areas is phenomenal and your company will not leave any stone unturned to
ensure setting up of one or more projects that increases the profitability
of its operations.
The Board places on record the appreciation of the sincere and devoted
services rendered by all the employees and the continued support and
confidence of the shareholders. The Board also expresses their sincere
thanks to the Charotar Nagarik Sahakari Bank Ltd., ICICI Banking
Corporation Ltd., Global Trust Bank Ltd., Software Technology Park of India
(STPI), Excise & Customs Departments, Commissionorate of Information
Technology, Gujarat and all other well wishers.
Registered Office: For and on behalf of the Board
101 102 1S' Floor,
New York Complex,
GNFC INFOTOWER, Chimanbhai Sathi
Sarhej-Gandhinagar Highway, Chairman
Bodakdev, Ahmedabad - 54.
Date : 1st December 2000
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