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Polaris Consulting & Services

BSE: 532254|NSE: POLARIS|ISIN: INE763A01023|SECTOR: Computers - Software
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Directors Report Year End : Mar '17    Mar 16

To the Members,

The are pleased to present the Twenty Fourth Annual Report on our business and operations for the year ended 31st March 2017, of Polaris Consulting & Services Limited (“Company”).

1. Results of Operations

Vide notification dated February 16, 2015, the Ministry of Corporate Affairs notified the Indian Accounting Standards (“Ind AS”) to be applicable to certain class of companies including listed companies, for the accounting periods beginning on or after April 1, 2016, with comparatives to be provided for the period ending on March 31, 2016. Ind AS has replaced the existing Indian GAAP prescribed under section 133 of the Companies Act, 2013. The standalone and consolidated financial statements for the financial year ended March 31, 2017 as well as March 31, 2016 forming part of this Annual Report, have been prepared in accordance with Ind AS with a transition date of April 1, 2015.

Explanations capturing areas of differences and reconciliations from Indian GAAP to Ind AS have been provided in the notes to accounts to the standalone and consolidated financial statements.

Rs. in Lakhs

Description

Standalone

Consolidated

March 31, 2017

March 31, 2016

March 31, 2017

March 31, 2016

Income (Including Other Income)

153,071.12

160,815.39

210,060.57

207,051.47

Expenses(Including exceptional items)

135,006. 52

142,810.13

184,139.40

183,959.37

Profit before Interest, Depreciation & Tax (PBIDTA)

18,064.60

18,005.26

25,921.17

23,092.10

Finance Charges

Depreciation & amortization

2,227.63

2,493.72

2,333.00

2,643.32

Net Profit Before Tax

15,836.97

15,511.54

23,588.17

20,448.78

Provision for tax including Deferred Tax

5,903.21

8,878.06

7,381.23

10,235.70

Net Profit after tax

9,933.76

6,633.48

16,206.94

10,213.08

Add / (Less): Share of Profit / (Loss) on Joint venture

(62.60)

(8.19)

Add / (Less): Minority Interest - Share of Loss / (Profit)

5.32

Net Profit

9,933.76

6,633.48

16,144.34

10,210.21

EPS

Basic Rs.

9.78

6.62

15.90

10.19

Diluted Rs.

9.71

6.54

15.79

10.07

2. Business Performances

The consolidated revenue of the Company from Software Development Services for the year ended March 31, 2017 stood at Rs.207,974.23 lakhs as against the previous year’s revenue of Rs.205,135.16 lakhs. The consolidated Net Profit for the fiscal year ended March 31, 2017 stood at Rs.16,144.34 lakhs as against the previous year’s Net Profit of Rs.10,204.89 lakhs.

The stand alone revenue of the Company for the year ended March 31, 2017 stood at Rs.151,097.91 lakhs as against the previous year’s revenue of Rs.157,638.50 lakhs. The Stand alone Net Profit for the fiscal year ended March 31, 2017 stood at Rs.9,933.76 lakhs as against the previous year’s Net Profit of Rs.6,633.48 lakhs.

The reserves and surplus as of 31st March 2017 stood at Rs. 70,882.88 lakhs as against Rs.58,572.68 lakhs of the period as of March 31, 2016.

3. Subsidiaries

Details of Subsidiary Companies, Joint Ventures and and their financial position.

Your Company has 14 subsidiary company(ies) for the financial year ended on March 31, 2017 and a Joint Venture company The information as required under the first provision to sub-section (3) of Section 129 is given in Form AOC-1 in Annexure [1].

Further, pursuant to the provisions of Section 136 of the Companies Act, 2013, (“Act”) financial statements of the Company, Consolidated Financial Statements along with the relevant documents and separate audited accounts in respect of the subsidiaries of the Company are available in the website of the Company and the weblink is provided below: www.polarisft.com/investor/ investor.asp.

4. Cash & Cash Equivalents

Your Company’s liquidity remains healthy with a cash reserve of Rs.537.04 crores. The DSO is at an impressive 81 days.

5. Share Capital

During the year, under ASOP 2003 Scheme the company has allotted 46,500 equity shares of Rs.5/- each to 17 Associates / Directors and under ASOP 2011 Scheme company has allotted 704,630 equity shares of Rs.5/- each to 74 Associates/Directors pursuant to exercise of options granted and under ASOP 2015 Scheme company has allotted 2,750 equity shares of Rs.5/- each to 4 Associates pursuant to exercise of options granted.

As the result of the above allotments paid-up equity share capital of the company was increased from Rs.506,834,370/- comprising of 101,366,874 number of equity shares of Rs.5/- each as on March 31, 2016 to Rs.510,603,770/- comprising of 102,120,754 number of equity shares of Rs.5/- each as on March 31, 2017. The allotted equity shares are listed and traded in the Stock Exchanges.

The information as required under the provisions of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 read with Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014, and also the information required under the Guidance note of ICAI, in relation to ESOPs are set out in the Annexure 2 to the Directors’ Report.

During the year under review, the Company has not issued shares with differential voting rights and sweat equity shares.

6. Research and Development Expenses

The details of Research and Development Expenses are as under:

Rs. in Lakhs

Expenditure on R&D

Standalone

Consolidated

FY 2017

FY 2016

FY 2017

FY 2016

Capital

277.41

-

277.41

-

Recurring

-

125.00

583.94

291.00

Total

277.41

125.00

861.34

291.00

Capital:

Fintech Lab is an investment made in developing reusable assets in the new and emerging technology areas in Banking Technology, like Blockchain, Machine Learning & Cognitive Science, API Exchange, Process automation etc. that will be used by the company to demonstrate its capabilities around these niche areas in Banking space.

Recurring:

Cost of employees worked in customer projects in UK as part of Fintech lab solely for the purpose of process improvement and to bring in efficiency in the process.

7. Dividend

Pursuant to regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board approved a dividend distribution policy at its meeting held on 8th February 2017. The Policy details various consideration based on which the Board may recommend or declare dividend, utilization of retained earnings etc., The policy is available on the company’s website at www.polarisft.com/investor/policies and is provided under Annexure 9

The Company has not declared any dividend during the financial year 2016-17.

As required under the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer & Refund) Rules, 2016 and Section 124(5) and 125(2)(c) of Companies Act, 2013, dividends that remain unpaid/unclaimed for a period of seven years, are to be transferred to the account administered by the Central Government viz: Investor Education and Protection Fund (“IEPF”). Once the amounts that are due for refund are transferred to the IEPF, no claim shall lie in respect of those amounts against the Company. The Company had transferred unpaid dividend amounts within the stipulated time to the IEPF. During the financial year 2016-17, unpaid or unclaimed dividend for the Final Dividend for the year ended 31st March 2009 declared on 16/07/2009 amounting to Rs.606,078 and Interim dividend for the year ended 31st March 2010 declared on 20/01/2010 amounting to Rs.653,336 were transferred to Investors Education and Protection Fund on 17/08/2016 and 23/02/2017 respectively.

As required under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer & Refund) Rules, 2016 the equity shares in respect of which dividend has not been claimed for the financial years mentioned above will be transferred to the IEPF authority in accordance with the aforesaid rules.

The Board draws your attention that the unclaimed/unpaid dividend for the Final Dividend declared for the financial year ended 31st March 2010 are due for transfer to IEPF on 16th August 2017. Members, who have not yet encashed their dividend warrant or those, are yet to claim their dividend amounts which were declared on 17/07/2010 for the financial year ended 31st March 2010 may write to the Company/Company’s Registrar and Share Transfer Agent, Karvy Computershare Private Limited.

8. Closure of Register of Members and Share Transfer Books :

The Register of Members and Share Transfer books of the company will be closed with effect from 14th September 2017 to 25th September 2017 (both days inclusive).

9. Transfer to Reserves

The company did not transfer any amounts to General Reserve during the year.

10. Business Responsibility Reporting

As per SEBI circular vide reference SEBI/HO/CFD/CMD/CIR/P/2017/10 dated February 6, 2017, SEBI has mandated the requirement of submission of Business Responsibility Report (‘BRR’) for top 500 listed entities under Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (“SEBI LODR”). Therefore the statutory section on Business Responsibility Report has been adopted by the Company and is provided elsewhere in this Annual Report

11. Corporate Governance

Your Company has been complying with the provisions of Corporate Governance as stipulated in Regulations 24, 27 and other relevant provisions of SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015. A separate report on Corporate Governance along with Auditors’ certificate on compliance of the Corporate Governance norms as stipulated in Regulation 34(3) of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 and Management Discussion & Analysis forming part of this report are provided elsewhere in this Annual Report.

12. Policy on Director’s Appointment and Remuneration

The Nomination and Remuneration Committee has framed a policy for selection and appointment of Directors including determining qualifications and independence of a Director, Key Managerial Personnel, Senior Management Personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013. The policy covering these requirements is provided elsewhere in the Annual Report and is also hosted in the Company’s website at www.polarisft.com . We affirm that the remuneration paid to Directors is as per the remuneration policy of the Company.

13. Internal Financial Control and their adequacy

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business including adherence to the company’s policies, the safeguarding of its assets, the prevention and detection of fraud, error reporting mechanism, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.

14. Conservation of energy, technology absorption, foreign exchange earnings and outgo

The particulars as prescribed under Section 134(3)(m) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, are set out in the Annexure 3 to this Report.

15. Particulars of employees

Information required pursuant to Section 197(12) of Companies Act,2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided as Annexure 4A to this report.

A statement containing inter alia the names of the top 10 employees in terms of remuneration drawn and every employee employed throughout the financial year and in receipt of remuneration of Rs.102 lakhs or more and employees employed for part of the year and in receipt of Rs. 8.50 lakhs or more per month pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided as Annexure 4B to this report.

In accordance with Rule 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the particulars of employees drawing salary outside India is not forming part of this report. The details of the same are available at the registered office of the Company. Any member interested in obtaining a copy of the same may write to the Company secretary.

16. Directors’ responsibility statement as required under Section 134(5) of the Companies Act, 2013

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013 the Directors of your company confirm that:

a) In the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

d) The Directors have prepared the Annual Accounts on a “going concern basis”.

e) The Board of Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

f) The Board of Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

17. Board Meetings, Board of Directors, Key Managerial Personnel & Committees of Directors

(a) Board Meetings:

The Board of Directors of the Company met 6 times during 2016-17. The details of various Board Meetings are provided in the Corporate Governance Report. The gap intervening between two meetings of the board is within the limits as prescribed in the Companies Act 2013.

(b) Changes in Directors & Key Managerial Personnel (b-1) Directors :

Mr.Jitin Goyal has resigned from the Board of Directors of the Company effective 9th November 2016.

(c) Re-Appointment

As per Article 10.22 of the Articles of Association of the Company, one third of the Directors are liable to retire by rotation at the Annual General Meeting of the Company. Mrs.Rama Sivaraman (DIN:07425519) retires by rotation and being eligible, offers herself for re-appointment at the ensuing Annual General Meeting.

(d) Independent Directors

The Company has received necessary declaration from each Independent Director of the Company under Section 149(7) of the Act, that they meet the criteria of independence as laid down in Section 149(6) of the Act.

(e) Details of remuneration to Directors:

The information relating to remuneration of directors as required under Section 197(12) of the Act, is given as part of MGT 9.

(f) Board Committees

The Company has the following Committees of the Board:

1. Audit Committee

2. Nomination and Remuneration committee

3. Stakeholder’s Relationship committee

4. Corporate Social Responsibility committee

5. Risk Management Committee

Sub-committees:

1. Share transfer Committee

2. M&A Committee

The composition of each of the above Committees, their respective role and responsibility is as detailed in the Report of Corporate Governance.

The extract of the policy framed by the Nomination and Remuneration committee under the provisions of Section 178 of the Act, is as below:

Remuneration policy

The Company’s Remuneration Policy is aimed to attract and retain the best talents by ensuring a fair, transparent and equitable remuneration to employees and Directors, based inter alia on individual roles and responsibilities, experience, the performance of the Company and the performance / contribution of the individual employee. The policy enables a framework that allows for fair rewards for the achievement of key deliverables, in line with industry and Group practice.

The Board in consultation with the Nomination and Remuneration Committee decides the remuneration policy for directors, Key Managerial Personnel and Senior Management Personnel. The Company has made adequate disclosures to the members on the remuneration paid to Directors from time to time.

(g) Board Evaluation

In line with the requirements of the Companies Act, 2013 the Annual Performance Evaluation was conducted for all Board Members as well as the working of the Board and its Committees on the 8th of February 2017.

This evaluation was led by the Chairman of the Nomination and Remuneration Committee with specific focus on the performance and effective functioning of the Board. The Board evaluation framework has been designed in compliance with the requirements under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in consonance with Guidance Note on Board Evaluation issued by SEBI recently. The Board evaluation was conducted through questionnaire having qualitative parameters and feedback based on ratings

(h) Vigil Mechanism

The Company has established a whistle-blower policy and also established a mechanism for directors and employees to report their concerns. The details of the same is explained in the Corporate Governance Report.

(i) Related Party Transactions

All related party transactions that were entered into during the financial year were on an arm’s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company during the year with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

The details of the related party transactions as required under Section 134(3)(h) read with Rule 8 of the Companies (Accounts) Rules, 2014, is attached as Annexure 5.

18) Statutory Auditors and Report

The Company’s statutory auditors M/s B S R & Co., LLP, Chartered Accountants (firm registration no. 101248W/W-100022) issued their report on the standalone and consolidated financial statements of the company. The Auditor’s Report on the Standalone and Consolidated Financial Statements does not contain any qualification, reservation or adverse remarks.

In terms of Section 139 of the Companies Act, 2013, the term of appointment of M/s B S R & Co., LLP appointed at the 23rd Annual General Meeting of the Company held on the 7th of July 2016 is till the conclusion of the Annual General Meeting of the Company to be held in the calendar year 2021.

The Board at its meeting held on the 15th of May 2017 have approved the ratification of the appointment of auditors in the ensuing Annual General Meeting.

The Company has received a certificate from B S R & Co., LLP Chartered Accountants to the effect that that their appointment, if made would be in accordance with the provisions of the Companies Act, 2013, and that they are not disqualified in terms of provisions of the Companies Act, 2013 from being appointed as Statutory Auditors of the Company. B S R & Co., LLP, Chartered accountants are subjected to the peer review process of the Institute of Chartered accountants of India (ICAI) and hold a valid certificate issued by the peer review Board of the ICAI.

Pursuant to provisions of section 143(12) of the Companies Act, 2013, the Statutory Auditors have not reported any incident of fraud to the Audit Committee during the year under review.

19) Secretarial Auditors Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Secretarial Audit has been carried out by Mr.S.Bhaskar, BP & Associates, Practising Company Secretary, and his report is annexed as Annexure 6. There are no qualifications, reservations or adverse remarks made by the Secretarial Auditor in his report.

20) Fixed Deposits

Our Company has not accepted any deposits during the financial year and as such, no amount of principal or interest was outstanding as on March 31, 2017.

21) Details of CSR activity through its implementation Agencies

Your company has contributed towards CSR activities through Ullas Trust, Computer Shiksha and Oxfam for the financial year 2016-17. A brief note about these organisations are as given under.

a) Ullas Trust

A Social initiative started in 1997 with an aim to integrate associates with the larger community to enable them to enjoy the bliss of working with young minds in the country continues to grow into a movement exemplifying the power of inclusive CSR. In its 20 year journey the Ullas movement has grown beyond our associate community to include committed partners to the cause of igniting young minds. These partners include family and friends of our associates, associates from our clients, Civil Society Organizations, and youth from colleges in the districts of Tamil Nadu all united by the common purpose of shaping the thinking of adolescent young students.

Over the 2 decades, Ullas has awarded merit scholarships to more than 52,000 students across Chennai, Delhi, Hyderabad, Mumbai and Pune. While the merit scholarships recognize their academic excellence, these “young achievers” as they are called, receive weekend enrichment programs aptly titled as SUMMIT is delivered by our associate community - through packaged modules of 5 interventions of 3 hours each - 15 magical hours per year over the four year period of the child’s association with Ullas. This academic year, over 6200 children from Corporation, Government and Government-Aided schools in five cities - Chennai, Delhi, Hyderabad, Mumbai, and Pune attended these intervention programs - that aid not just with life skills but also in design thinking. Under the rural re-connect program “Touch The Soil”, over 2 lakh young minds were ignited with the power of “CAN DO” and “Planning” with the active engagement and support of over 1600 volunteers across 82 districts in 5 states.

Ullas - Chennai

Ullas Trust celebrated its 19th Annual workshop on Sep 3rd, 2016 at The Music Academy Auditorium in Chennai. The workshop was all about Igniting Young Minds and celebrated over 1230 grade IX Ullas Young Achievers from 218 - Corporation, Government and Government-Aided schools, who not only participated in the aspirational “CAN DO” workshop but also were awarded the Ullas Young Achievers Scholarships. The workshop saw real life role models Mr. Sunil Paliwal, IAS (MD-Aavin, Co-operative Milk Federation, Tamil Nadu), and Dr. Sankar (Pediatric Orthopedic Surgeon) - share their life journey - events and incidents that shaped them, inspire and interact with the students. Continuing its endeavor of recognizing and Encouraging Excellence in Education (EEE), 3 schools one each from corporation, government, and government aided were awarded the EEE award. Associate volunteers conducted the weekend enrichment program (SUMMIT) across 7 venues in the city (including our corporate offices) covering over 3,752 young achievers from grade 9-12. As part of the Touch The Soil program, over 400 volunteers visited 403 schools in the 32 districts of TN, igniting over 1.51 lakh grade 9-12 students, conducting the Diary of Dreams and Planning workshop. A total of 3579 scholarships were given to toppers in grade 9 and 10 in the district schools. During this academic year Ullas inducted 68 Higher Education Scholars (26 professional stream, and 42 arts and science students) while continuing to support an overall of 198 Higher Education Scholars who come back as mentors to the incoming Ullas Young Achievers. These Higher Education Scholars not only inspire their juniors but also dazzle the associate mentors with their commitment and thirst to give back! Ullas continues to sponsor Easy Learning English (ELE) program of Vidyarambam Trust (VT) for grade 6 to 8 students in over 25 schools in 5 districts of TN. Vidyarambam Akkas also deliver our SUMMIT interventions to over 2,500 grade 9 and 10 students in these schools, further extending the engagement with these young minds! In the spirit of partnering with likeminded partners to reach as many young minds in schools, Talent Quest for India (TQI) a student volunteer body movement has taken the SUMMIT Level 1, 2 and 3 interventions to over 7,200 students (grade 9,10 and 11) in 19 schools, across 15 districts of TN, through their army of over 250 college student volunteers from 32 different colleges. The second edition of Ullas Confluence was held in Feb 2017, to celebrate and recognize these young TQI volunteers from various colleges across the districts who are giving back selflessly. Common purpose and intent unites these partners with Ullas in reaching not just the students from the urban schools but also rural schools enabling dreams and aspirations!

Ullas - Mumbai

Mumbai Ullas chapter conducted the “CAN DO” workshop on 26th November at Damodar Hall, Parel, celebrating over 530 young achievers from 23 schools (13 Municipal and 10 Govt-Aided schools). The interactive workshop encouraged the students to dream big, and dream big with conviction. Associate volunteers including over 50 volunteers from our client partner - Morgan Stanley conducted SUMMIT in the chapter schools during the weekends - reaching out to a total of 1029 students between grade 9 and 10. As part of the Touch The Soil program, 98 volunteers visited 85 schools in 32 talukas of 10 districts covering 13,404 grade 9 and 10 students with 650 scholarships for the toppers in 9th and 10th, and conducting the Diary of Dreams and Planning workshop for the young minds.

Ullas - Hyderabad

In Hyderabad, 280 students enthusiastically participated in the Annual “CAN DO” Workshop on January 7th, 2017 which was held at Sardar Patel Auditorium, in Kesava Memorial Institute of Science and Technology. The Young Achievers enthralled everyone with their rendering of Saraswathi Vandanam and cultural performances. The Diary of Dreams workshop was very interactive and enabled students to share their aspirational dreams. SUMMIT classes also saw our associate volunteers conduct the weekend intervention program for 280 grade 9 students and 254 grade 10 students at 9 school chapters. As part of the Touch the Soil initiative, over 80 associate volunteers, their family and friends went in teams to 167 schools from 56 talukas, in 21 districts conducting the “CAN DO” and Planning workshop for 22,125 students, along with 1428 merit scholarships for deserving grade 9 and 10 students.

Ullas - Delhi

Ullas NCR chapter conducted the Annual CAN DO workshop on 19th November 2016, at ISKCON Auditorium, New Delhi. 262 grade 9 young achievers from 20 government and government-aided schools were inducted into the portals of Ullas Trust. The workshop also saw over 40 school teachers and 50 associate volunteers who cheered and supported the young achievers. The weekend enrichment program - SUMMIT was conducted by our associate volunteers in school chapters and our corporate office for over 874 young achievers (grade 9 to 12) and was received very well by the students and their school authorities. As part of the Touch The Soil initiative, over 40 volunteers travelled to 19 mandals, in 12 districts of NCR, reaching 9,506 students of grade 9-12 from 32 schools, inspiring and igniting young minds delivering the Diary the Diary of Dreams workshop and Planning workshop, and also with a merit scholarship to 295 toppers in 9th and 10th.

Ullas - Pune

Ullas Pune Chapter continued its engagement with 4 schools this year. The Annual Diary of Dreams workshop was conducted on Nov 26th, 2016 for incoming young achievers, covering over 200 eager students across three locations. A total of 81 scholarships were awarded in the urban schools as part of the SUMMIT program. 25 volunteers along with family and friends conducted the subsequent weekend enrichment programs in the schools over 8 weekends, covering over 860 grade 9 and 10 students. As part of the Touch The Soil initiative, 27 volunteers went to 21 talukas in 7 districts covering 53 district schools, reaching 10,072 students from grade 9 and 10 with the diary of dreams and planning workshop. 470 scholarships were given to 5 toppers each from grade 9 and 10 in these 53 schools.

The Ullas movement continues to be strengthened not just by our associates but also their family and friends, and strong long minded partners driven by the common purpose of “igniting young minds” and seeding the “CAN DO” spirit.

b) Computer Shiksha:

Computer Shiksha is an 80G and 12A certified non-profit organization working towards computer literacy among the underprivileged.

It’s vision is to see everyone in the world computer literate and mission is to provide Computer Knowledge and Training with passion and commitment, to deliver value in the form of Computer trained people, who use this skill for the betterment of their lives in every possible way.

Date of Inception

5th May 2012

Founders

- Dr. Rakesh Suri , PhD in Management, BE (BITS Pilani), ex CEO DCM Technologies. Entrepreneur

- Ms Swapnalekha Basak, B.Tech., PGDBM, ex Head - HR SAS India, Entrepreneur www.hcswellnessworld.com

Brief History

- Started with taking 15 laptops to school and 60 children (Model I)

- Had reached 1000 students by April 2013 (Model I)

- Model II launched in April 2016

- Currently we are providing computer education to 5000 students and would have 12000 students by 31st March 2018

Working Patrons

- Arjun Verma - Retired businessman. Philanthropist

- ManMohan Thandi - Serial Entrepreneur

- Sumit Malhotra - Technocrat

- Rajiv Popli - Entrepreneur

Nature of the organisation

- Computer Shiksha is a charitable trust. It does not charge any fee for its services from anyone.

- The ‘trustees’ and ‘patrons’ are senior people from the industry and work pro bono.

Curriculum

All learning is practical in nature.

Components of course:

Learning Uses and Parts of a computer; Using Paint to draw - File Management - Text processing & formatting - Using spreadsheets as database and calculator - Presentation Skills - Internet applications for browsing & searching - E-mailing - Uploading & Downloading.

Length of Course

Basic Course - 31 weeks (assuming 2 classes per week) Advanced Course - 24 weeks (assuming 2 classes per week)

Operational Model(s)

Model 1

All equipment (laptops, LCD projector, screen etc.) carried to school and class set up. Lessons delivered two days in a week to one school. 2 sets of the equipment cater to 6 schools working 6 days in a week.

Model 2

Model II (which is the only option available now) enables partner schools to conduct classes by

- enabling teachers / resources to facilitate the class

- Sharing the self learning videos and bilingual manuals which have been created.

- Providing the required hardware and maintaining it

- Monitoring the class live, wherever possible, through CCTV on internet

- Evaluating students to certify them

- Having flexibility to design their own time table.

Cost of Operations

Rs. 140/- per student per month (Model 1) Less than Rs 100/- per student per month (Model 2)

Current number of Students

589 (Model 1) ; 5627 (Model 2)

Partner Schools

3 Municipal/NGO schools in Gurgaon (Model 1) 63 learning centers (as on 15-June-17) and expanding (Model 2)

Students certified

1181 till date (Model 1)(Year 2013-14 - 77; Year 2014-15 - 268; Year 2015-16 - 383, Year 2016-2017 -453)

No. of employees

11 employees

Supporting organisations

MPS, C.K.Birla Group, Polaris, Virtusa, Ethical Realty, Excel Warehousing, Human Development Foundation.

Financial Statements

Uploaded on the website http://www.computershiksha.org/ All IT returns are also uploaded

Current presence : Currently lessons happen in Gurgaon , Delhi, Aligarh, Amroha, Rajasthan, Faridabad Immediate Goal: To reach a million children i.e. 10 lakh children by 2020

c) Oxfam

Oxfam India - Oxfam is marking its 65th year in India this year. In 1951, Oxfam Great Britain launched its first full scale humanitarian response in a developing country when it came to India during the Bihar famine. Over the past six decades Oxfam has supported civil society organizations across the length and breadth of the country. In 2008, all Oxfams present in the country came together to form Oxfam India which was registered as an independent organization.

Oxfam India works to address root causes of poverty and inequality and it sees poverty as a problem where people are deprived of opportunities, choices, resources, knowledge and protection.

Oxfam seeks to address this through a Rights Based Approach where people are seen as the bearers of civil, political and social and economic rights. At the same time, institutions, both state and non-state, are seen as duty bearers to guarantee and provide those rights to the people. It is also important to underline that without augmenting people’s ability to exercise them, the rights would be meaningless.

Oxfam works to bring change in people’s lives by aiming for wider structural changes. These include:

- Greater state and institutional accountability

- Effective participation of people in decisions affecting their lives, through articulation of their demands and rights

- Increased power and influence of poor people over distribution and use of public resources and assets

- Increased social inclusion of the poor

- Changes in ideas and beliefs to inform equitable development strategies Oxfam’s work is framed by our commitment to five Rights-based aims:

- Right to a sustainable livelihood.

- Right to basic social services.

- Right to life and security.

- Right to be heard.

- Right to an identity.

Corporate Social Responsibility: Details of the policy and implementation of the CSR activities during the year are as provided under Annexure 8.

d) Audit Committee Recommendation

During the year all the recommendations of the Audit Committee were accepted by the Board. The Composition of the Audit Committee is as described in the Corporate Governance Report.

e) Extract of Annual Return

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as Annexure [7].

f) Significant & Material Orders passed by the Regulators or Courts

The company has not obtained any significant and material orders passed by any regulators or court.

g) Particulars of Loans, Guarantees and Investments u/s 186

Pursuant to section 186 of Companies Act, 2013 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 disclosure on particulars relating to Loans, Advances, Guarantees and Investments are provided as part of the financial statements.

h) Risk Management Policy:

The Board of Directors of the Company have approved Risk Management Policy in the meeting held on 29th March 2016 in accordance with Regulation 21(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Policy provides an integrated approach for managing the risks in various aspects of the business. The various risks identified by the Company and its mitigation is provided for in the MD&A.

22) Disclosure as required under Section 22 of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Internal Complaints Committee (“ICC”) has been set up to redress the complaints received regarding sexual harassment. All employees are covered under this policy.

The following is the summary of the complaints received and disposed off during the financial year 2016-17:

a) No. of complaints received : NIL

b) No. of complaints disposed off : NIL

23) Listing Fees

The Company confirms that it has paid the annual listing fees for the year 2016-17 as well as 2017-18 to both National Stock Exchange of India Limited and BSE Limited.

24) Acknowledgement

Your Directors take this opportunity to express the gratitude to all investors, clients, vendors, bankers, Regulatory and Government authorities, Stock Exchanges and business associates for their cooperation, encouragement and continued support extended to the Company. Your Directors also wish to place on record their appreciation to the Associates for their continuing support and unstinting efforts in ensuring an excellent all round operational performances at all levels.

By Order of the Board

For Polaris Consulting & Services Limited

Jayaraman Ramachandran

Director

Place: Chennai

Date : May 15, 2017

Source : Dion Global Solutions Limited
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