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IEC Education Ltd.

BSE: 531840 | NSE: | Series: NA | ISIN: INE172B01017 | SECTOR: Computers - Software Medium & Small

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IEC Education is not traded on BSE in the last 30 days

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IEC Education is not listed on NSE

Annual Report

For Year :
2009 2008 2002

Chairman's Speech

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 Business. 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 education sector. 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 of excellence. 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 best students. 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. Sincerely Naveen Gupta CEO & MD