It gives me great pleasure in welcoming you all to the 17th Annual General Meeting of the Company.
Ladies and Gentlemen, turning to your Company’s performance, the Annual Report for the year ended 31st March, 2017 along with the Directors’ Report and audited Annual Accounts of the Company have been circulated to you and I request your kind permission to take them as read.
The year that has just gone by and before have been particularly difficult because of significant developments taken place domestically and internationally. On the global front, a new political establishment took over the reins in the USA, with a change in the outlook toward hiring and outsourcing. The year gone by gave us testing times as growth and demand were weak and attrition was high across the globe for software business. Our Company has registered a drop in its traditional low margin IT business over its previous year. In a situation like this, what characteristics must a company display, to survive and thrive? The answer is resilience. And while our results this year are not though ideal, I do believe that they are, nevertheless appreciable in a difficult year, and prove that your company has the resilience to ride out volatility and uncertainty. The company has been striving to come out of the low margin IT software businesses in a phased manner.
We have witnessed some encouraging growth in our education business and will continue to lead and grow in this space with new product introductions, also reaching out to customers in smaller cities and towns through new sales and service points. Our current and historic success would not have been possible without the unstinted support and cooperation of all stakeholders and on behalf of the Board and on my own behalf I, would like to place on record my deep sense of gratitude to each and every one of you.
We thank all partners and stakeholders of Firstobject Technologies for their valuable support and seek their continued guidance in the pursuit of our mission of ‘Promoting Quality Education.’
I would like to take this opportunity to thank Your Company’s stakeholders, especially our valued customers, employees and suppliers, Central and State Governments, Regulatory Authorities, investors, bankers and financial institutions for their continued faith and trust.
I thank all my colleagues on the Board for helping me in creating good governance culture across the organization and fulfilling the responsibilities of Board.
I would like to place on record the sincerity, hard work, commitment and dedication of the entire team at Firstobject Technologies.
I seek your continued support in making the Company more sustainable and resilient to external challenges.