ANNUAL REPORT 1999-2000
INFORMATION TECHNOLOGIES LIMITED
I welcome you to the 9th Annual General Meeting of your Company. I have
great pleasure in reporting that your company once again has had a
successful year. It has achieved turnover of Rs. 1454 lacs;
There has been an increase of 71.33 % in turnover, the profit after tax has
increased from Rs.223.16 lacs to Rs.387.15 lacs, an increase of 73.42%.
This has been possible on account of the dedicated and sincere efforts put
by the managerial and technical staff. Participation by consensus is a key
success factor. Management experts,Software architects, project executives,
programmers and accountants form a team of skilled and experienced
professional who are strongly motivated, innovative and enterprising.
The Company has a very representative Board of Directors with members from
various professions and technocrats. Mr. Aniket Jathar,Director-Technical,
advises and guides the Company on new technologies. Mr Sharad Gupta,
Marketing Director, under whose able leadership the Company has spread its
geographical wings to new areas in UK and Germany. To further strengthen
the management operations of the Company, efforts have been made to
implement code of Corporate Governance. As a first step towards the same
the Company inducted Dr.Uday Pai and Mrs. Amita Desai, both Professional,
on its Board during the year. Dr. Uday Pai advises the Company on HR policy
and Mrs. Amita Desai, Company Secretary, advises on Corporate governance,
Company Law matter, and ESOP policies.
The Company has restructured its organization chart with clear definitions
of the duties and responsibilities amongst the Managing Director, and
Directors and reporting structure. Board has formed a compensation
committee to administer the ESOP plans as per the guidelines laid down by
the SEBI. Composition of the committee has been elaborated elsewhere in
this Annual Report.
Your Company is one of the few Indian Software Companies, having constant
exposure to the European market. Amex is also active in increasing its
investment in UK and Germany. It would also like to embark upon a growth
strategy through acquisition and tie-ups.
Your Company is also sourcing expertise from Vishal Information
Technologies Ltd, a company in which your company holds 39% stake,for IT
enabled services. Amex's shareholders will gain from the value of an IT
enabled Company whose promoters propose to transfer their shares to Amex at
par and convert this group Company to an 80%,held subsidiary of Amex.
To remain in business, organizations have to constantly think of newer
ideas. One big are,is E-commerce. Amex has built skills and resources in
the areas of E-commerce and Web enabling services which can offer
competitive advantage to organization.
Your Company is developing technologies in WAP, M-commerce, Telephony and
universal messaging. WAP enables mobiles phones and other wireless devices
to access the internet contents and carry out transaction. Your Company has
the required exposure to telephony and wireless network such as SMS,CDMA
etc. to produce desired results.
On behalf of the Board of Directors of the Company, I would like to extend
gratitude to all of you for having extended whole hearted support towards
the growth and success of your Company.
G. S. Chandrashekar