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Updated:02 Dec, 2021, 15:57 PM IST

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Directors' report

Dear Members,

The Directors present their report on the business and operations of your Company along with the Annual Report and audited financial statements of the Company for the financial year 2014–15.

Performance 

On consolidated basis, your Company's revenue stood at Rs. 39,049 million this year, an increase of 4.4% from Rs. 37,413 million of the previous financial year. The net income was Rs. 11,923 million this year, a decrease of 12.3% primarily on account of lower interest income.

On an unconsolidated basis, your Company's revenue grew to Rs. 33,411 million during the financial year 2014–15 from Rs. 31,595 million last year. This represents a growth of 5.8%. The Company's net profit for the financial year 2014–15 was Rs. 10,580 million, a decrease of 7.9% over the previous financial year primarily on account of lower interest income.

A detailed analysis of the financials is given in the Management's discussion and analysis report that forms a part of this Directors' report.

Dividend

The Company had distributed an interim dividend of Rs. 485 per equity share of Rs. 5 each in September 2014. Further, your Board is pleased to recommend a final dividend of Rs. 180 per equity share of face value of Rs. 5 each for the financial year ended March 31, 2015.

The Register of Members and Share Transfer Books will remain closed from Monday, September 7, 2015 to Friday, September 11, 2015 for the purpose of payment of the final dividend for the financial year ended March 31, 2015, and the Annual General Meeting. The Annual General Meeting is scheduled to be held on Friday, September 11, 2015. The dividend, if approved at the forthcoming Annual General Meeting, will be paid to those shareholders whose names appear on the Register of Members as on Friday, September 4, 2015.

Transfer to reserves

The Company does not propose to transfer any amount to the General Reserve out of the amount available for appropriation. 

Particulars of loans, guarantees or investments 

Pursuant to Section 186 of the Companies Act, 2013, there are no new loans granted or investments made by the Company during the financial year 2014–15.

Share capital

During the year the Company allotted 470,725 equity shares of face value of Rs. 5 each to its eligible employees who exercised their options under the prevailing Employee Stock Option Schemes of the Company. As a result, as on March 31, 2015, the paid–up equity share capital of the Company was Rs. 423,074,295 divided into 84,614,859 equity shares of face value of Rs. 5 each.

Extract of annual return

Pursuant to Section 92(3) of the Companies Act, 2013 ("the Act") and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return (in form MGT–9) is annexed as Annexure 1.

Directors and key managerial personnel

Mr. Derek H Williams, Mr. Chaitanya Kamat and Ms. Samantha Wellington, Directors of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re–appointment.

Pursuant to Section 161 of the Companies Act, 2013, Ms. Maria Smith and Mr. Sridhar Srinivasan were appointed as Additional Directors of the Company on July 23, 2015 and hold office up to the date of ensuing Annual General Meeting. The Company has received Notices in writing from Members, pursuant to Section 160 of the Companies Act, 2013, proposing the candidature of Ms. Maria Smith and Mr. Sridhar Srinivasan for the office of the Director.

In accordance with provisions of Sections 149, 152 read with Schedule IV and any other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Clause 49 of the Listing Agreement, Mr. Sridhar Srinivasan is recommended to be appointed as an Independent Director of the Company for a term up to March 31, 2020, not liable to retire by rotation.

The Board recommends to the Members the resolutions for re–appointment of Mr. Derek H Williams, Mr. Chaitanya Kamat and Ms. Samantha Wellington as Directors of the Company and appointments of Ms. Maria Smith as a Director and Mr. Sridhar Srinivasan as an Independent Director of the Company.

Mr. Y M Kale, Non–Executive Independent Director, resigned with effect from December 15, 2014. The Board placed on record its appreciation of the valuable contributions rendered by Mr. Kale during his tenure as a Director of the Company.

Mr. William Corey West, Non–Executive Non–Independent Director, resigned with effect from July 22, 2015. The Board placed on record its appreciation of the valuable contributions rendered by Mr. William Corey West during his tenure as a Director of the Company.

Every new independent director of the Board attends a familiarization program. The program provides an insight into the Company's products, competition, emerging technologies, etc. to gain a better understanding of the business environment as also covers the regulatory landscape. The familiarization program for Independent Directors is available on Company's website, http://www.oracle.com/us/industries/financial–services/financial–familarization–program–2547373.pdf

A formal letter of appointment outlining his/her role, function, duties and responsibilities is issued to the Independent Director at the time of appointment. The model of the letter of appointment of Independent Director is available on Company's website, http://www.oracle.com/us/industries/financial–services/model–letter–appointment–director–2399432.pdf

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

As stipulated under Clause 49 of the Listing Agreement, brief resumes of the Directors proposed to be appointed / re–appointed, the nature of their expertise in specific functional areas and the names of companies in which they hold directorships and membership / chairmanship of Board Committees, etc. are provided in the Notice and / or Report on Corporate Governance forming a part of the Annual Report.

The Board of Directors at its meeting held on May 16, 2014 appointed Mr. Chaitanya Kamat, Managing Director & CEO, Mr. Makarand Padalkar, Chief Financial Officer and Mr. Hoshi D Bhagwagar, Company Secretary and Compliance Officer as the whole–time Key Managerial Personnel (KMP) of the Company effective April 1, 2014. Mr. Hoshi D Bhagwagar resigned as the Company Secretary and Compliance Officer with effect from June 6, 2014. Mr. Jayant Joshi was appointed as the Company Secretary and Compliance Officer of the Company with effect from September 29, 2014. Mr. Jayant Joshi relinquished the position as the Company Secretary and Compliance Officer with effect from May 31, 2015. The Board of Directors at its meeting held on May 15, 2015 has appointed Mr. Onkarnath Banerjee as the Company Secretary and Compliance Officer and a whole–time Key Managerial Personnel (KMP) of the Company effective June 1, 2015. 

Board diversity policy 

The Board Diversity Policy sets out the guidelines for composition of the Board comprising of members with relevant professional qualifications and wide industry experience. The policy also sets out the gender diversity norms and composition of independent directors in compliance with the Companies Act, 2013 and the Listing Agreement.

Board evaluation policy

In accordance with the requirements of the Companies Act, 2013 and the Clause 49 of the Listing Agreement, the Directors perform annual evaluation of the Board. The evaluation process is led by the Chairman of the Nomination and Remuneration Committee who obtains the feedback of the Board members on contribution of the members, effectiveness of Board processes and areas of improvement. The feedback is used to enhance Board effectiveness and helps in validating that the Board has the right level of expertise.

During the year, the performance of the Board and its Committees was evaluated after seeking inputs from all the directors on the basis of the criteria such as the contribution, participation, effectiveness of Board processes, timeliness and relevance of information to the Board, etc. The evaluation also included evaluation of individual directors. In a separate meeting of Independent Directors, performance of non–independent directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non–executive directors. The same was discussed in the board meeting that followed.

Directors' appointment policy

The Nomination and Remuneration Committee ("NRC") of the Company has formulated the policy on Directors' Appointment. As per the Policy, NRC frames the criteria in terms of skills and experience based on the feedback from the Board and executive management. NRC may utilize services of a search firm or use other networks to shortlist the candidates. The selection process involves meetings / review of the candidates by at least three other directors.

The tenure of the Independent Directors shall not exceed two consecutive terms of 5 years each.

Remuneration policy

The Nomination and Remuneration Committee determines the quantum of commission payable to the Directors within the limits approved by the shareholders. Periodic review of the commission paid to the Independent Non–Executive Directors is made based on industry benchmarks.

The remuneration to Key Managerial Personnel and Senior Management consists of fixed pay and incentive pay, in compliance with the policies of the Company.

The Committee determines the stock options and other share based awards / payments to be made to Key Managerial Personnel and employees of the Company.

Material subsidiary policy

The Company has framed a Material Subsidiary Policy for identification and governance of the same. The policy is available at Company's website, http://www.oracle.com/us/industries/financial–services/policy–determining–material–2615655.pdf

Subsidiaries

Your Company has subsidiaries in Greece, India, Republic of Chile, Republic of China, Republic of Mauritius, Singapore, The Netherlands and United States of America.

The Ministry of Corporate Affairs has issued a General Circular No.: 2/2011 dated February 8, 2011 granting a general exemption to the companies stating that the provisions of Section 129 of the Companies Act, 2013 shall not apply in relation to subsidiaries of companies subject to the company fulfilling certain conditions stated in the said circular.

The Company is in compliance with the conditions stipulated by the Ministry of Corporate Affairs. Therefore, the accounts and related reports of the subsidiary companies are not attached to the Annual Report of the Company for the year ended March 31, 2015. Pursuant to sub–section 3 of Section 129 of the Companies Act, 2013 ("the Act"), the statement containing the salient feature of the financial statement of the subsidiaries is attached to the financial statements in form AOC–1.

The Company will make available the accounts and related information of the subsidiary companies upon request by any member / investor of the Company or its subsidiaries. Further, the accounts and related information of the subsidiary companies will be kept open for inspection by any Member, at the registered office of the Company and at the registered office of the subsidiaries during office hours of the Company / subsidiaries and the same will also be made available on the website of the Company www.oracle.com/financialservices 

Related party transactions 

The Company has framed a related party transactions policy in accordance with the provisions of the Companies Act, 2013 and the Listing Agreement. All related party transactions which were entered into during the financial year 2014–15 were on an arm's length basis and in the ordinary course of business. Form AOC–2 providing the details of related party transactions of the Company is annexed to this report as Annexure 2.

The policy is available at: http://www.oracle.com/us/industries/financial–services/ofss–party–transactions–policy–2288144.pdf

Partners and alliances

Your Company continues to focus on building, nurturing and growing a robust partner ecosystem, which helps deliver the solutions that address the nuanced needs of diverse countries, regions and markets of the world efficiently. Your Company conducts periodic knowledge transfer for its products and services offerings empowering the partner, as indeed the user, community. These programs provide users with superior product knowledge and services capabilities, as well as a better understanding of partners' resources and implementation capabilities.

In August 2014, your Company hosted the third annual Oracle FLEXCUBE Developers Conclave in India. More than 150 customers and partners from 40+ countries attended and received training on how to leverage Oracle FLEXCUBE open development tools to meet new business requirements by leveraging Oracle FLEXCUBE web services for integration. Besides, the new Oracle University certifications for Oracle FLEXCUBE have also been made available, allowing partners to train and obtain certification for functional, technical, and advanced levels.

Research and Development

Your Company continuously makes significant investments in research and development to develop solutions that the global banking industry needs today and will need tomorrow. Your Company strives to be at the forefront of innovation, at the same time taking the technology risk away from the banks by future proofing their investments. Your Company's dedicated in–house research and development (R&D) centres have produced a number of products that are today used by banks in more than 120 countries around the world for running their most critical operations. The investments your Company makes in building applications coupled with access to Oracle's technology provides a unique competitive edge to its offerings.

Fixed deposits

During the financial year 2014–15, the Company has not accepted any fixed deposits within the meaning of Rule 2(c) of the Companies (Acceptance of Deposits) Rules, 2014, and as such, no amount of principal or interest was outstanding as of the date of the Balance Sheet.

Corporate governance

The Company has taken appropriate steps and measures to comply with all the corporate governance regulations and related requirements as envisaged under Clause 49 of the Listing Agreement entered with the stock exchanges.

Your Company has constituted seven committees consisting of Board Members and other senior officials of the Company, namely, Audit Committee, Nomination and Remuneration Committee, ESOP Allotment Committee, Transfer Committee, Stakeholder's Relationship Committee, Corporate Social Responsibility Committee and Risk Management Committee. There is a separate report on Corporate Governance which forms a part of this Annual Report alongwith a certificate of Practicing Company Secretary with regard to compliance of conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.

The Practicing Company Secretary has noted in his certificate on Corporate Governance, and Secretarial Audit Report that the Composition of Board of Directors of the Company was not as per Section 149(4) of the Companies Act, 2013 and Clause 49IIA(2) of the Listing Agreement during the period from 15th December, 2014 to 31st March, 2015. The Directors clarify that the Company had initiated all necessary steps to fill in the position as quickly as possible. After following the appropriate selection process, the Company has appointed Mr. Sridhar Srinivasan, as a Non–Executive, Independent director on July 23, 2015. Accordingly, the composition of the Board of Directors and its Committees is as per aforesaid regulations.

A certificate from the Managing Director & CEO and Chief Financial Officer of the Company confirming internal controls and checks pertaining to financial statements, as also declaring that all Board Members and Senior Managerial Personnel have affirmed compliance with the Code of Ethics and Business Conduct for the financial year ended March 31, 2015, was placed before the Board of Directors and the Board had noted the same. The said certificate is annexed to the Directors' report.

Secretarial audit

In terms of Section 204 of the Companies Act 2013, and the Rules made thereunder, the Secretarial Audit report issued by Practicing Company Secretary is enclosed as Annexure 3 to this report.

Vigil mechanism / whistle blower policy

The Company has established a Code of Ethics and Business Conduct ("Code") which is applicable to its employees. The Code also extends to the Company's suppliers and partners. Regular dissemination of the Code and trainings are conducted to reinforce the concepts and ensure that any changes are communicated. The Company's vigil mechanism deals with reporting and dealing with instances of fraud and mismanagement, and forms part of the Code. The Company has in place a confidential reporting mechanism for any whistle blower to report a matter. 

In terms of Companies Act, 2013 and Clause 49 of the Listing Agreement entered with the stock exchanges, the Vigil Mechanism / Whistle Blower Policy forms part of the Company's Code of Ethics and Business Conduct which is placed on website of the Company at http://www.oracle.com/us/industries/financial–services/046571.html

Business responsibility report

Securities and Exchange Board of India (SEBI) through circular dated August 13, 2012, has mandated the inclusion of Business Responsibility Report ("BR Report") as part of the Annual Report for the top 100 listed entities based on their market capitalization on BSE Limited and National Stock Exchange of India Limited as at March 31, 2012. The SEBI circular is effective from financial year ending on or after December 31, 2012. In line with the press release and FAQ's dated May 10, 2013 issued by SEBI, the BR Report which forms part of this Annual Report has been hosted on the Company's website www.oracle.com/financialservices. The members who wish to obtain a printed copy of the report, may write to the Company Secretary at the Registered Office of the Company.

Employee stock option plan ("ESOP")

The Members at their Annual General Meeting held on August 14, 2001 approved grant of ESOPs to the employees / directors of the Company and its subsidiaries up to 7.5% of the issued and paid–up capital of the Company from time to time. This said limit was enhanced and approved up to 12.5% of the issued and paid–up capital of the Company from time to time, by the Members at their Annual General Meeting held on August 18, 2011. This extended limit is an all inclusive limit applicable for stock options granted in the past and in force and those that will be granted by the Company under this authorization.

Pursuant to ESOP scheme approved by the shareholders of the Company on August 14, 2001, the Board of Directors, on March 4, 2002 approved the Employees Stock Option Scheme ("Scheme 2002") for issue of 4,753,600 options to the employees and directors of the Company and its subsidiaries. According to the Scheme 2002, the Company has granted 4,548,920 options prior to the IPO and 619,000 options at various dates after IPO (including the grants of options out of options forfeited earlier). On August 25, 2010, the Board of Directors approved the Employees Stock Option Plan 2010 Scheme ("Scheme 2010") for issue of 618,000 options to the employees and directors of the Company and its subsidiaries. According to the Scheme 2010, the Company has granted 638,000 options (including the grants of options out of options forfeited earlier).

Pursuant to ESOP scheme approved by the shareholders of the Company in their meeting held on August 18, 2011, the Board of Directors approved the Employees Stock Option Plan 2011 Scheme ("Scheme 2011"). Accordingly, the Company has granted 1,950,500 options under the Scheme 2011. Nomination and Remuneration Committee in their meeting held on August 7, 2014 approved Oracle Financial Services Software Limited Stock Option Plan 2014 ("OFSS Stock Plan 2014") and during the year 2014–15, the Company granted 58,370 Stock Options and 147,889 Restricted Stock Units (RSUs) under OFSS Stock Plan 2014.

The Stock Options granted under the Scheme 2002, Scheme 2010 and Scheme 2011, each of 20% of the total options granted will vest on completion of 12, 24, 36, 48 and 60 months from the date of grant and is subject to continued employment of the employee or directorship of the director with the Company or its subsidiaries. Options have exercise period of 10 years from the date of grant. The employee pays the exercise price upon exercise of option.

The Stock Options / RSUs granted in Financial year 2014–15 under OFSS Stock Plan 2014, each of 25% of the total Stock Options / RSUs will vest on completion of 12, 24, 36 and 48 months from the date of grant and is subject to continued employment of the employee of the Company or its subsidiaries. Options have exercise period of 10 years from the date of grant. The employee pays the exercise price upon exercise of option. 

Employee stock purchase scheme ("ESPS")

The Company has adopted the ESPS administered through a Trust with name i–flex Employee Stock Option Trust ("the Trust") to provide equity based incentives to key employees of the Company. i–flex Solution Trustee Company Ltd. is the Trustee of this Trust. As per the scheme, the Trust can purchase shares of the Company from market using the proceeds of loans obtained from the Company. Such shares are allocated by the Trust to nominated employees at an exercise price, which approximates the fair value on the date of the grant. The shares vest in the employees over a period of five years and the employees can purchase the shares from the Trust over a period of ten years based on continued employment, until which, the Trust holds the shares for the benefit of the employees. The employees are entitled to receive dividends, bonus, etc., that may be declared by the Company from time to time for the entire portion of shares held by the Trust on behalf of the employees.

On the acceptance of the offer, the selected employee undertakes to purchase the shares from the Trust within ten years from the date of grant. In case an employee resigns from employment, the rights relating to vested shares, which are eligible for exercise, may be purchased by the employee by payment of the exercise price whereas, the balance shares are forfeited in favor of the Trust. The Trustees have the right of recourse against the employees for any amounts that may remain unpaid on the shares accepted by them. As of the balance sheet date, the Trust has repaid the entire loan obtained from the Company on receipt of payments from employees against shares exercised.

No allocation of shares to the employees have been made through the Trust since 2005 and all selected employees under the Trust have exercised their right of purchase of shares prior to March 31, 2014. In this regard, the Trustee Company has also filed a petition in the Hon'ble Bombay High Court to seek directions for utilization of the remaining unallocated shares along with the other assets held by the Trust for the benefit of the employees of the Company and the matter is presently pending before the Hon'ble Bombay High Court.

Human resources  

Your Company maintains a healthy and productive environment and offers clean and ergonomic workspaces. Human Resources are key assets of the your Company, and your Company invests continuously in imparting latest technology skills together with a range of soft skills to help them excel in their roles. Your Company has a strong performance management system together with a formal talent management processes to nurture employee careers, groom future leaders, and create a high performance workforce. Your Company follows global best HR practices.

Your Company's total manpower at the end of March 31, 2015 was 8,928 as compared to 9,220 as on March 31, 2014 (including employees of subsidiaries). 

During the financial year, one complaint was filed under Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, during the financial year and the same was resolved. There was no complaint outstanding as at the end of financial year.

Corporate social responsibility

The Company has constituted a Corporate Social Responsibility Committee and the Committee has formulated the Company's Corporate Social Responsibility ("CSR") Policy. The CSR Policy is in line with the provisions listed in Section 135 and Schedule VII of the Companies Act, 2013.

The policy is available at: http://www.oracle.com/us/industries/financial–services/ofss–social–responsibility–2437852.pdf

Pursuant to Rule 8 of Companies (Corporate Social Responsibility) Rules, 2014, a report on the CSR activities for the financial year ended March 31, 2015 is enclosed as Annexure 4.

Risk management policy

The Company has established a Risk Management Policy ("Policy") which sets out the Company's principles and processes with regard to identification, analysis and management of applicable risks. The policy mandates the ways in which respective risks are expected to be mitigated and monitored.

The Board has constituted a Risk Management Committee to monitor and review the Risk Management Plan for the Company.

Internal financial controls

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Business Assessment & Audit team ("BAA") function is defined in the Internal Audit Charter. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

The BAA monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, risk management system, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the report of BAA, the Company undertakes corrective actions in their respective areas thereby strengthening the controls. Significant audit observations and corrective actions thereon are presented by the BAA to the Audit Committee.

Directors' responsibility statement

As required under clause (c) of sub–section 3 of Section 134 of the Companies Act, 2013, for the financial year ended on March 31, 2015, the Directors hereby 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 had selected such accounting policies and applied them consistently and made judgments 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 and loss of the company for that period;

c) the directors had 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 had prepared the annual accounts on a going concern basis; and

e) the directors, had laid down internal financial controls followed by the Company and that such internal financial controls are adequate and were operating effectively.

f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Auditors

M/s. S.R. Batliboi & Associates LLP, Chartered Accountants (Firm Registration no. 101049W), were appointed as the Statutory Auditors of the Company by the Members at their Twenty Fifth Annual General Meeting held on September 12, 2014 to hold office till the conclusion of the Annual General Meeting to be held in the year 2017, subject to the ratification of their appointment at every Annual General Meeting. M/s. S.R. Batliboi & Associates LLP have confirmed their eligibility and willingness to accept office as the Statutory Auditors and also confirmed that they have not been disqualified to be appointed as the Statutory Auditors at the ensuing Annual General Meeting.

Auditors' report

With regard to the Auditors' comment in the CARO report concerning delays in payment of a few tax payments, e.g., Foreign Income Taxes, Foreign Value Added Tax and Foreign Withholding Tax, the Company would like to state the following:

i. The Company has engaged international tax experts in the interpretation of laws and regulations relating to corporate taxes and VAT in foreign countries. The Company has however, been continuously evaluating and accruing towards any material tax exposures in the books taking a conservative approach and payments are made based on the advice of the tax experts. 

ii. The Company continually assesses Payroll Tax implications in various jurisdictions outside India on salaries and travel related reimbursements paid to its employees posted therein and accordingly makes accruals in the books. The Company is in the process of filing the returns for Payroll Tax in such jurisdiction for which the provision is already made in the books. As per the local laws of most host countries, the tax is payable by the employee, however in a few countries tax payment is a responsibility of the employer, which amounts to Rs. 1.88 Crs. The Company and the employees ensure tax compliance in such countries as advised by the tax consultants.

Conservation of energy and technology absorption and foreign exchange earnings and outgo

The particulars as prescribed under sub–section (1)(e) of Section 134 of the Companies Act, 2013 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, the relevant data pertaining to conservation of energy, technology absorption and foreign exchange earnings and outgo are furnished hereunder:

i. Conservation of energy and technology absorption

The Company regularly strives to utilize newer technologies with the view to conserve the energy and create an environmentally friendly work environment. The initiatives taken by the Company are summarized below:

Desk–top / workstation refresh: Your Company carried out a major refresh of the laptops and desktops across the Company to deploy modern and energy efficient workstations. This has brought about significant savings in power, strengthened IT Security architecture.

Network Migration: As an organization wide initiative migration of the enterprise networks to MPLS technology has commenced. This migration was strategized and designed during this financial year. The implementation has also commenced and will continue to progress through the next 6 months. The technology reduces latency thereby increasing operational efficiencies. This is possible through a mesh network architecture vis–a–vis point to point architecture. This also improvises on the data and control plane protection aspects of the unified network architecture thereby creating a more secure operating environment.

Online trainings: A new initiative launched during this financial year is the new online internal video platform. From individual contributors to executives, every employee now has access to securely find, share, record and store high–quality video content internally. This platform empowers individual to create and edit video messages, slides accompanied by audio, web camera recordings. This enhances communication across the globe, minimizing travel, increasing efficiencies from a support perspective as well by making self service operations easier and effective.

Mobile Device Management: Management of external devices to an organization is constant challenge and this year, your Company introduced the Mobile Device Management platform which tracks, monitors and has the capability to delete company information from mobile devices in the event that it device is lost / stolen. This has led to better control over corporate data and thereby minimized the possibility of data loss or compromise.

Availability Management: As a part of improvising on the availability requirements across the organization, there has been a dual initiative of management and back up of product source codes, as well as provisioning of infrastructure to manage any business disruption based on the criticality of business requirements. This has lead to a more robust operating environment, creating increased operating efficiencies.

VOIP: During the year, your Company further expanded the communication infrastructure with the objective to provide a seamless multi–channel communication to all the employees by significantly enhancing the video calling options. Apart from improving productivity, this helps in reducing carbon footprint by reducing the travel.

Virtualization: Virtualization has been further ingrained into the OFSS IT architecture, wherein the OFSS computing environment is almost completely virtualized. This has lead to better performance, better utilization of resources (i.e., space and power), increased operating efficiencies and leads to a greener work environment.

All these initiatives planned lead to a more secure and efficient operating environment.

Activities relating to exports; initiatives taken to increase exports; development of new export markets for products and services; and export plans 

Your Company has established an extensive global presence across leading markets through its sales and marketing network. The Company will continue to focus on tapping various potential markets available globally. Experienced sales and marketing specialists focus on building strong international business presence to develop new export markets for your Company.

Prospects

A variety of changes are shaping the complexion and direction of the Banking and Financial Services (BFSI) industry, these challenges also raise several new opportunities. World–over, the banks are in a hurry to become relevant and competitive in the changing business landscape, and they aspire to adopt the same tools and technologies that have run one of the finest global banks. 

The compelling drive for banks to final a response to the digital opportunities, adopting globally proven product that enable them to take a several notches up in their capability, the need to leverage the power of technology such as big data, cloud and analytics to deliver superior customer experience.

Digitization is sweeping the banking world. Digitization means utilizing the right technology to deliver memorable customer experiences well into the future. Facing severe disruptive threats from young and nimble players that promise a unique financial convenience through the use of technology, financial institutions are urgently called upon to deliver superior customer experiences at the time and place determined by customers. The young generation with their here and now demand creates an opportunity for the banks to use their wealth of experience and strength of reliability to create a delightful customer experience. Banks are now strategically investing in platforms that are highly flexible, process–centric, scalable and sustainable well into the future.

With a portfolio of offerings that addresses this very need, your Company sees this as a significant opportunity, and is maintaining an unremitting focus on it. Your Company's wins in the last year have demonstrated that its products are relevant not just large banks in developed markets, but also small and specialized institutions in emerging and frontier markets. Through these and other similar successes, your Company has helped banks achieve their business vision by providing technology which preserves their investments for the long–term. Your Company will continue to pursue such opportunities vigorously.

Acknowledgements

Your Directors take this opportunity to thank the Company's customers, members, vendors and bankers for their continued support during the year. Your Directors also wish to thank the Government of India and its various agencies, Department of Electronics, the Software Technology Parks – Bangalore, Chennai, Mumbai, and Pune, Special Economic Zone authorities at SEEPZ and Cochin, the Customs and Excise Department, Ministry of Commerce, Ministry of Finance, Ministry of External Affairs, Ministry of Corporate Affairs, Department of Telecommunication, the Reserve Bank of India, the State Governments of Maharashtra, Karnataka, Haryana and Tamil Nadu and other local Government Bodies, for their support and look forward to their continued support in the future.

Your Directors also place on record their appreciation for the excellent contribution made by employees of the Company through their commitment, competence, co–operation and diligence with a view to achieving consistent growth for the Company.

For and on behalf of the Board 

S Venkatachalam

Chairman DIN:00257819

July 23, 2015 

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