I welcome you to the 12th Annual General Meeting of your Company. I have great pleasure in reporting that your company once again has had a successful year, despite a volatile external environment. It has achieved total Revenue of Rs. 642.56 Million.
A journey of success always requires the qualities of foresight, strategy and preparedness. All these, along with the power of trust are at the core of all our operations. Our inspiration comes from your trust and willingness to believe in our capability to deliver.
We have continued our practice to consistently reward our shareholders with a dividend. This year the company has paid a dividend to all the shareholders @ 1.5% on the face value of Rs. 10/- per equity share capital of the company. The total outgo on account of dividend, inclusive of dividend tax was Rs. 18,13,590.
Commitment, hard work, commonsense and perseverance have helped the company to be on par with international companies in terms of standards of performance and quality of projects. The journey towards excellence is inspired by what Firstobject has always done – deliver superior value for all those who depend on us, work with us and invest in us.
Looking ahead to 2012-13, global macro-economic challenges persist, especially in USA where the bulk of our operations take place. The world is witnessing slower GDP growth as well as minimal employment prospects across developed and emerging markets. Currency volatility continues. Corporations across the world are walking a tightrope trying to juggle tight IT budgets, control on costs and stock market and investor expectations. These issues are likely to cloud prospects in the short-term. However, this is not a new phenomenon and global corporations recognize that they need to be nimble to adapt to changes in the environment by bringing new products and solutions to market.
To remain in business, organizations have to constantly think of newer ideas. Firstobject has built skills and resources in the areas of E- Education which comprises ICT-Interactive Class Room Teaching through the educational content which can offer competitive advantage to organization. We are working hard in scaling up the level of revenues in this area.
Our business philosophy is to come up to the expectations of our clients. Our efforts have been geared to delight our clients by providing them truly quality solutions. In our constant endeavor to improve and reach to the heights of excellence, we have always valued the participation, support and direction of our esteemed clients.
We continually strive to innovate and improvise our methodology so as to provide the best work solutions for our existing clients and reach out to the new ones with equal fervor.
I would like to sincerely thank all our valued customers, both domestic and international, for their unstinted support at all times. Their active involvement has been a source of great encouragement and inspiration.
I am sure that your company will continue to have your blessings.
I take this opportunity to express my sincere thanks to The Government of India, The Government of Andhra Pradesh and Government of Maharashtra and the financial institutions and banks for their encouragement and support to our company.
I would like to thank our collaborators for their everlasting help and assistance.
The Company recognizes that its real strength is its employees. All efforts will continue to keep them motivated and happy. I sincerely appreciate the contributions of all our employees and request them to carry on the good work for the great future of Firstobject Technologies Limited.
I with great pleasure thank all our shareholders for their sustained support and encouragement at all times.
While concluding, I convey my personal gratitude for the confidence that you have reposed in your company’s Board of Directors. I sincerely hope that you will continue to extend your whole-hearted support to us so that we, along with the management team, and all employees will further accelerate the growth and progress of the company.
Dr. Vivek Hebbar
Chairman, Board of Directors