I am delighted to present before you, the progress, your Company has
made in its 14th year of its existence inspite of the long period of
murkiness. Beginning of the Year 2007 was with a dawn of new milestones
to be achieved, new pathways to be followed, new benchmarks to be set,
to outperform its own achievements so far.
The entire journey of IEC Softwares Limited has moved through various
ups and downs. Starting from the date of incorporation, the Company has
experienced every face of life viz. growth, recession, revival,
restructuring and now the Company is all set with its bright expansion
plan to venture into new array of activities.
The Company during the period 1995 to 2002 had shown a remarkable
growth in terms of revenues and profitability. During this period, the
Company had generated huge revenue from Turnkey IT Education Projects,
Software Development Projects, Software Training, and Franchise
However, by the beginning of the year 2002 many IT giants started
facing the heat of global IT slowdown and our company was no exception.
This global slowdown dented us as well with considerable losses on
account of bad debts. But, inspite of all the problems and
difficulties, IEC has continuously strived to raise its services to the
highest level of excellence. It is only because of its constant
fighting spirit, today it has positioned itself among the well known
names of the Education Industry.
Notwithstanding the above grim past in the Year 2007-08 a restructuring
exercise has been carried out in the company to make an entry in formal
The Company is all set to wipe of accumulated losses out of its
reserves and it is expected that by the end of FY 2009 the Balance
Sheet of your Company would get rid of accumulated losses.
As a part of the restructuring the Company is also exploring the
organic as well as inorganic initiatives and thus IEC is willing to
merge VEF Information Systems Pvt Ltd which is providing various
educational and support services to certain private educational
institutes in North India and conducting Educational and Consulting
programmes in order to develop over all personality of the students.
Since VEF already has a good client base and as both companies are
under the same management, the managements of the both Companies feel
desirable to amalgamate both the entities and consolidate the resources
and businesses of the companies. The resultant amalgamation will help
in synergizing the operational advantages and to achieve economies of
scale of operations and elimination of overheads; Optimum and efficient
utilization of capital, resources, assets and facilities; Enhancement
of competitive strengths including financial resources; Consolidation
of business and enhancement of economic value addition and shareholder
value; and Better management and focus on growing the businesses.
Presently, the Companys current business is imparting computer
education. However due to the upward swing in the Core Education
sector, the Company has decided to nurture this sector. It would be
advantageous to enter into this new but related sector. Today,
Education in India is seen as one of the ways to upward social
mobility. Good education is seen as a stepping stone to a high flying
career. Education System in India currently represents a great paradox.
On the one hand we have IIMs & NTs that rank among the best institutes
in the world and on the other hand there are number of schools in the
country that dont even have the basic infrastructure. Even after more
than 50 years after independence we are far away from the goal of
universal literacy. But on a positive note, Indian professionals are
considered among the best in the world are in great demand. This
signifies the inherent strength of Indian education system.
India today is the second largest higher education network in the
world. Universities in India are set up by the Central or State
Governments by means of legislation, while colleges are established by
either the State Governments or private bodies / trusts. All colleges
are affiliated to some university.
India is fast emerging as a Knowledge Economy. Its spectacular
performance in the IT sector has helped the countrys offshoring sector
emerge as the worlds largest and fastest growing. Knowledge has
replaced capital as the most important determinant of development.
This shift from material to knowledge-based resources opens up vast
opportunities for the developing countries to accelerate the pace of
development. Indias rate of economic growth can be substantially
increased if the country becomes a superpower in knowledge and if the
potentials of information and information technology are fully
understood and exploited. Therefore, the Company has been making
conscious efforts to broad base its Business activities.
For this purpose, the Company has altered its object clause by passing
a resolution through postal ballot, so as to enable the Company to
enter into the new business area of imparting Education, and diverting
from its existing line of business.
Further, it is also proposed to change the name of the Company so that
the proposed name more significantly reflects its business expansion
programs and companys transition from an IT training, developer of
Software projects and an exporter of Computer Software to a Quality
Embedded Higher Education Institution catering to education and
technology needs of the students, building systems and processes to
ensure quality and delivery of education and to pursue global standards
The new identity will enable EC to better leverage its global reach,
infrastructure and brand visibility of IEC to accelerate the growth.
The fast changing world has set new standards for success based on ever
increasing quest for knowledge and excellence with pragmatic mindset.
We at IEC endeavors to nurture quality, creative ability and innovation
which provide the key to success in globalized environment.
Further, we have to benchmark ourselves on a global scale with the best
education institutions, and become the institution-of-choice for the
IEC has committed himself to the cause of evolving minds and
sensitizing hearts to achieve the goal of Educating, Enlightening,
Enriching, Empowering and Enabling.
Looking forward to your profound growth with IEC.
CEO & MD