Atishay Ltd Management Discussions.

Economic Overview

Indias economic growth stood at 6.7% during FY2018, compared with 7.1% in the previous year, the slowest pace in five years, as the disruptive efiects of the withdrawal of high-value bank notes in November 2016 and the 1st July switch to the Goods & Services Tax (GST) began to fade. India has grown on an average 7.5% in the past three years and has become a US$ 2.5 trillion economy – the worlds 7th largest economy, stated Indias Finance Minister Arun Jaitley during the Union Budget Speech of 2018-19. Along with GST, several other reforms and policies have also been implemented with the intent of building a more productive and efficient economy.

Road Ahead

Indias GDP is expected to reach US$ 6 trillion by FY2027 and achieve an upper middle class income status on the back of digitisation, globalisation, favourable demographics and reforms, according to a report by the India Brand Equity Foundation. A Boston Consulting Group (BCG) Report expects India to be the 3rd largest consumer economy as its consumption may triple to US$ 4 trillion by 2025, owing to a shift in consumer behavior and expenditure pattern, and with sustained, comprehensive and holistic development. A report by PricewaterhouseCoopers projects India to surpass USA to become the 2nd largest economy in terms of purchasing power parity (PPP) by 2040.

The country is projected to become the worlds fastest growing large economy for the rest of the decade, according to the World Banks Global Economic Prospects Report. It is on track to overtake the United Kingdom to become the worlds 5th largest economy in 2018, as per the data and forecast by the International Monetary Fund (IMF). By 2020, it is likely to overtake Germany to become the 4th largest, trailing only the United States, China and Japan, the World Bank stated.

Industry Overview

The global systems integration market is expected to reach US$ 528.2 billion by 2025, according to a report by Grand View Research Inc. Increased spending on system integration solutions by key players in the market has enriched IT infrastructure and subsequently eliminated redundancies. A growing requirement for eradicating heterogeneity, multiplicity and _uctuation distinctiveness of vital applications and infrastructure are expected to fuel the systems integration market during the forecast period.

India is gaining prominence in terms of intellectual capital, and remained the worlds top sourcing destination during FY2016-17 with a share of 55%. The IT industry has led to Indias economic transformation and altered its perception in the global economy. Indias cost competitiveness in providing IT services, which is approximately 3-4 times cheaper than the United States, continues to be its unique selling proposition (USP) in the global sourcing market. (Source: IBEF Report)

The globalisation, digitisation, and decentralisation of business processes is making companies opt for economical and distributed information technology solutions. Systems integration provides a cost-efiective solution for IT application software and infrastructure worldwide. It facilitates better infrastructure management, reduces data redundancy and maintains data integrity, which helps in increasing organisational productivity and efficiency.



Key Drivers for Growth:

Concern for automation and integrated approach in business processes

Advancements in cloud technologies and virtualisation


E-Governance is basically associated with carrying out the functions and achieving the results of governance through the utilization of Information, Communication & Technology (ICT). ICT provides efficient storing and retrieval of data, instantaneous transmission of information, processing information and data faster than the earlier manual systems, speeding up governmental processes, taking decisions expeditiously and judiciously, increasing transparency and enforcing accountability. It helps in increasing the reach of the Government – both geographically and demographically.

The Government is using IT to make Government processes more efficient and efiective across domains. The work_ow inside Government departments and agencies is being automated to enable efficient government processes and allow visibility of these processes to citizens. IT is being used to automate, respond and analyse data to identify and resolve persistent problems. (Source:

Benefits of E-Governance:

Exchange of information communication transactions

Integration of various stand-alone systems and services from Government to customers, businesses & other Government

Management of back-office processes and interactions within the Government system

Common Models for e-Governance

Government to Citizen (G2C)

National E-Governance Plan

In India, the e-governance initiative is handled via the National e-Governance Plan (NeGP)._In India, e-Governance has steadily evolved from computerisation of Government Departments to initiatives that encapsulate the finer points of Governance, such as citizen centricity, service orientation and transparency. Lessons from previous e-Governance initiatives have played an important role in shaping the progressive e-Governance strategy of the country. Due cognizance has been taken of the notion that to speed up e-Governance implementation across the various arms of Government at National, State, and Local levels, a programme approach needs to be adopted, guided by a common vision and strategy. This approach has the potential of enabling huge savings in costs through sharing of core and support infrastructure, enabling interoperability through standards, and of presenting a seamless view of Government to citizens.

The National e-Governance Plan (NeGP) takes a holistic view of e-Governance initiatives across the country, integrating them into a collective vision, a shared cause. Around this idea, a massive countrywide infrastructure reaching down to the remotest of villages is evolving, and large-scale digitization of records is taking place to enable easy, reliable access over the internet. The ultimate objective is to bring public services closer home to citizens, as articulated in the Vision Statement of NeGP.

Government NeGP Mission Mode Projects

The Union Government approved the National e-Governance Plan (NeGP), comprising 27 Mission Mode Projects (MMPs) and 10 components. Considering the multiplicity of agencies involved in implementation of NeGP and the need for overall aggregation and integration, it has been decided to implement NeGP as a programme, with roles and responsibilities of each agency involved, therefore creating an appropriate programme management structure. Line Ministries/ Departments are responsible for the implementation of the assigned Mission Mode Projects (MMPs)/ Components.

Details on e-Governance Projects in India:

Central MMPs State MMPs Integrated MMPs
? Banking ? Agriculture ? Common Services Centres
? Central Excise_ ? Commercial Taxes ? e-Biz
? Income Tax_ ? e-District ? e-Courts
? Insurance ? Employment Exchange ? e-Procurement
? MCA21 ? Land Records ? e-Trade
? National Citizen Database ? e-Municipalities ? National Service Delivery
? Immigration, Visa and Foreigners ? Health ? India Portal
Registration & Tracking
? Pensions ? Education
? e-Office ? Public Distribution
? Post ? Road Transport
? Passport ? Treasuries
? Crime and Criminal Tracking
? e-Panchayats

Guiding principles for reforming Government through technology:

Form simpliffication and field reduction – Forms should be made simple and user friendly and only minimum and necessary information should be collected.

Online applications and tracking - Online applications and tracking of their status should be provided.

Online repositories - Use of online repositories e.g. for certifficates, educational degrees, identity documents, etc. should be mandated so that citizens are not required to submit these documents in physical form.

Integration of services and platforms – Integration of services and platforms e.g. Aadhaar platform of Unique Identity Authority of India (UIDAI), payment gateway, Mobile Seva platform, sharing of data through open Application Programming Interfaces (API) and middleware such as National and State Service Delivery Gateways (NSDG/SSDG) should be mandated to facilitate integrated and interoperable service delivery to citizens and businesses.



Election Commission of India – Its Evolution

India takes pride in conducting the largest elections ever and continues to be a vibrant democracy cutting across all barriers and diversities. The Election Commission of India (ECI) is the agency that single-handedly manages polls of such enormous size, scale and magnitude. Constituted as a permanent, autonomous constitutional body in 1950, the ECI is solely responsible for conducting and overseeing the election procedures in India. The role of ECI encompasses a wide range of overarching e_orts that begin with the announcement of particular elections and culminates with the announcement of the list of winners. ECI continues to brave each election, despite several logistical, political and economic challenges.

Exercises conducted by ECI:

Issuing notiffications and polling schedules

Receiving and securitising nominations

Monitoring election expenditure

Conducting elections in various phases

Counting of votes casted

ECIs Recent Initiatives:

Scheme for use of State owned Electronic Media for broadcast/telecast by Political parties

Checking criminalisation of politics

Computerisation of electoral rolls

Providing electors with Identity Cards

Simplifying the procedure for maintenance of accounts and filling by candidates

Aadhaar Enrolment

Under the Aadhaar Act 2016, the Unique Identiffication Authority of India (UIDAI) is responsible for Aadhaar enrolment and authentication, including operation and management of all stages of Aadhaar lifecycle, developing the policy, procedure and system for issuing Aadhaar numbers (Unique Identity Numbers) to individuals and performing authentication and required to ensurefithe security_of identity information and authentication records of individuals. The Aadhaar enrolment process includes visiting Enrolment Centre, filling the enrolment form, getting demographic and biometric data captured, submitting proof of Identity and address documents, before collecting acknowledgement slip containing Enrolment ID.



Information Technology and Software Development

The need for highly skilled professionals in new technology areas is driving businesses to rely on third parties to realise their IT transformation. There is an increased need for highly skilled technology professionals, thus increasing the reliance of companies on outsourcing service providers to drive future growth. Key factors contributing to the growth of IT and IT enabled services in India include high quality delivery, signifficant cost benefits and the availability of a large and growing skilled and English speaking IT professionals.

Increased need for O_shore Technology Service Providers:

Lowers total cost of ownership of IT infrastructure

Lowers labour costs

Improves quality and innovation

Faster delivery of technology solutions

Company Overview

About Us

Atishay Limited is end-to-end systems integrator and implementer of standalone e-Governance projects, with a sophisticated delivery model. We have a vast experience in handling a host of Government projects by leveraging its powerful back-end software, hardware, networking, data centre and data processing expertise, and a dedicated team. We have joined hands with the Government in supporting their e-Governance projects. Some of these projects include enrolment of Aadhaar cards by the Unique Identiffication Authority of India Limited (UIDAI).

We are an end-to-end systems integrator and implementer of standalone e-Governance projects, with a sophisticated delivery model.

Our Capabilities in Delivering Mission Mode Projects:

Last-mile infrastructure

Grass root level connectivity

Deep understanding of rural mindset

Ability to handle on-ground complexities

Our Project Basket


Election Commission of India

We are the vendor for the office of Chief Electoral Officer of Maharashtra and Madhya Pradesh state. We process the data of over 8.5 crore citizens at our Data Centres in Bhopal and Mumbai. Some of the project deliverable are:

Preparation and printing of PVC Voter Card

Preparation of Supplementary rolls in English, Hindi, Marathi, Urdu and Kannada

Rationalisation of Electoral rolls.

Transliteration of Electoral rolls in English, Marathi, Hindi, Urdu and Kannada.

IT Enablement of Circuit Houses

We are developing the software and doing IT enablement of State Guest Houses for General Administrative Department of the Government of Rajasthan. The software is aimed at keeping track of the occupancy at each Guest Houses by different classes of officers. The system is also targeted towards maintaining authentic records and billing, thus resulting in efficiency and cost optimisation.

IT Enablement of Legal Metrology Department

We are developing e-Tulaman, a convenient and efficient online system of the Legal Metrology Department, Rajasthan. This is a solution for the Department of Consumer A_airs, Government of Rajasthan, for improving the Ease of Doing Business, aiming at an efficient Government-to-Business services delivery. Through this, we will create the infrastructure and mechanism for an IT-enabled state-of-the-art work_ow automation system.

Aadhaar-enabled Biometric Attendance System

We are developing the software and hardware for a Biometric Attendance System to help Departments keep track of real-time in-time and out-time of employees using their Aadhaar number. The system tracks real-time attendance of employees, with features such as salary generation, leave apply and remarks, holidays information, loan application and approvals, daily work analysis and feedbacks.


We provide turnkey solutions in hardware, software and networking and certain hardware as a Systems Integrator. Through this, we aim to leverage rising opportunities in tech-oriented infrastructure projects, with the domain shifting to intelligence. We are capitalising on projects undertaken by the Government, such as surveillance, WiFi hotspots, Smart Cities, and such other prestigious projects. We have joined hands with 2 PSUs (Bharat Sanchar Nigam Limited and ITI) to provide back-end operations as a Systems Integrator. We have won contracts in Bilaspur, Chattisgarh, Jabalpur and Jaipur. We are capitalising on the large-scale IT-based infrastructure projects being made operational by the Government.


During the year, we developed Maxidoo (which is currently under testing phase) an all-in-one Hotel Enterprise Resource Planning software for the hotel management system. It is a cloud-based solution which handles all the internal operations of a hotel on a single platform. It enables hotels automate their operations, augment productivity and boost revenues. It has an easy-to-use interface and a single-point dashboard that helps hotels increase operational fiexibility, improve service efficiency, manage inventory, maintain staff control and optimise costs. Till date, we have implemented the software in 4 Hotels across India.


We are an online self-service portal ofiering a variety of services controlled by a single wallet system. We ofier services such as online mobile and DTH recharge, utility bill payments, domestic money transfer, and Aadhaar Card updation.

Our Financial Performance

Our Revenues, EBITDA (including other income) and PAT for the year ending March 31, 2018 stood at 2,264.06 Lakhs, 583.11 Lakhs and 302.92 Lakhs, respectively, against the corresponding amount for the year ending March 31, 2017, being 2,130.04 lakhs, 653.22 Lakhs and

326.71 Lakhs, respectively.

Key Highlights:

• Revenue from Operations: Revenue from Operations increased from 2,130.04 lakhs_in FY2017 to 2,264.06 lakhs_in FY2018, an increase of 6.29%_ in pursuancefito_ new projects awarded to the company during the year._

• Earnings Before Interest Tax Depreciation and Amortisation (EBITDA including Other Income):fieBITDA de-grew from 653.22 lakhs in FY2017 to_ 583.11 lakhs_in FY2018.

• Profit/(Loss) after Tax: Profit/(Loss) After Tax decreased from profit of 326.71 lakhs_in FY2017 to 302.92 lakhs in FY2018.

• Finance Cost and Depreciation: Finance cost_declinedfifrom 48.56 lakhs_in FY2017 to 41.58 lakhs in FY2018; and depreciation and amortisationfiexpenses declined from__ 137.38 lakhs_in FY2017 to 134.11 lakhs_in FY2018.

Risk Mitigation Strategies

Risk mitigation planning is the process of developing option and action to enhance opportunities and reduce threats to project objectives. Risk mitigation implementation is the process of executing risk mitigation action. Risk mitigation progress monitoring includes tracking identiffed risks, identifying new risks and evaluating risk process efiectiveness throughout the project.

At Atishay, Risk Mitigation handling options include:

Assume/ Accept: Acknowledge the existence of a particular risk and make a deliberate decision to accept it, without engaging in special e_orts to control it.

Avoid: Adjust program requirements or constraints to eliminate or reduce the risk. This adjustment could be accommodated by a change in funding, schedule, or technical requirements.

Control: Implement action to minimise the impact or likelihood of the risk.

Transfer: Reassign organisational accountability, responsibility and authority to another stakeholder willing to accept the risk.

Watch/Monitor: Monitor the environment for changes that afiect the nature and /or the impact of the risk.

Accordingly, our Companys operations are committed to the pursuit of achieving high levels of operating performance and cost competitiveness, consolidating and building for growth, enhancing the productive asset and resource base and nurturing overall corporate reputation.

Our Company is also committed to creating value for its other stakeholders by ensuring that its corporate actions positively impact the socio-economic and environmental dimensions and contribute to sustainable growth and development. Accordingly, our Companys operations are committed to the pursuit of achieving high levels of operating performance and cost competitiveness. We are consolidating and building for growth, enhancing the productive asset and resource base and nurturing overall corporate reputation. Our Company is also committed to creating value for its other stakeholders by ensuring that its corporate actions positively impact the socioeconomic and environmental dimensions and contribute to sustainable growth and development.

Quality and Compliance

We are committed to quality and remain focused on maintaining highest quality standards and delivering defect free services to our clients. We have a dedicated Quality Control Department and Quality Assurance Policy, which guarantees consistent quality of all our processes. We focus on areas critical to our process and quality.


We have invested in state-of-the-art infrastructure for our data and servers. We have joined hands with leading technology companies for supply of enterprise class server hardware and high-end workstations for enhanced systems performance at an operational level. We use cutting edge technology to deliver our services to customers. Our hardware infrastructure has been designed for high availability and scalability to handle volumes of large transactions. With an in-house team of over 60 software and hardware technicians, we focus on provision of continuous systems integration and support for facilities. Our infrastructure supports hybrid platforms and can be configured and scaled up to match the client requirements. The hardware is designed for high availability and to handle large transaction volumes.

Human Resources

Dedicated employees are crucially important to our e_orts to create a dynamic corporate culture and drive innovation and results. We are a people-oriented company and we continue to strengthen the motivation of our employees and are committed to attracting and retaining talent. This is aimed towards ensuring maximisation of our human capital potential and enabling them balance their professional and personal lives. We strive to reward our team members with satisfying career paths that leverage their individual talents, and appropriately incentivise their performances. Our objective is to enable our team members reach their highest potential in a rapidly changing and competitive business environment. During the year, our staff strength increased by 33% to 150 employees as on March 31, 2018, as compared to 113 employees as on March 31, 2017.

Internal Control Systems

We have established thorough internal control systems to monitor and check if all financial statements are issued with complete integrity and reliability. We have a proper and adequate system of internal controls. This ensures that all the assets are safeguarded and protected against loss from unauthorised use or disposition and these transactions are authorised, recorded and reported correctly. An extensive risk based programme of internal audits and management reviews provides assurance to the Board regarding the adequacy and efficacy of internal controls. Properly documented policies, guidelines and procedures are laid down for this purpose. The internal control system has been designed to ensure that the financial and other records are reliable for preparing financial and other statements and for maintaining accountability of assets.

Cautionary Statement

This document contains statements about expected future events, financial and operating results of Atishay Limited, which are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is signifficant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualiffed in its entirely by the assumptions, qualiffications and risk factors referred to in the managements discussion and analysis of Atishay Limiteds Annual Report, FY2018.