Annexure - VI
Orchasp Limited is a conventional IT Services firm known for its bespoke software
services. Our innovative and cost- effective services ensure our customers gain
competitive edge and remain on par with cutting edge technologies. Our focus remains on
maintaining quality standards in our key deliverables. We ensure to deliver best-of breed
technological solutions to enable our customers to meet their software development
requirements. We are a public limited company based in India, and have our registered and
corporate office at Hyderabad, Telangana. Our company is listed on the Bombay Stock
Exchange (BSE).
Our services include, compiling and selling products for general IT use and domain
specific solutions. Some of the services we provide are listed below:
Application Development And Automation Services
Cloud Enablement
Blockchain In Healthcare
Internet Of Things
Services
Cyber Security
Data Analytics, Ai&ml
BUSINESS PROCESS SERVICES
The Company is a highly customer-centric, flexible and transparent service provider.
The Company believes in enhancing its clients business experience by taking process
responsibility, improving cost efficiencies and adding value through continuous process
improvements and quality assurances.
Application development & Automation services
Our expert team can build quick, reliable, and secure web applications.
• We use modern web frameworks.
• Our expert team of UI/UX designers translates concepts into wireframes through
multiple iterations.
• We transform wireframes into a fully functional, production-ready web
application.
We believe in automating repetitive, mundane tasks and can help your business with:
• Automating builds, tests, and deployments
• Scaling up in the cloud
• Monitoring applications to proactively address any issues
Cloud Enablement
As a cloud-first attitude becomes pervasive, and not just popular, companies must
ensure that every cloud enablement box is selected. Gartner predicts that more than 95% of
all new digital workloads will be deployed on cloud-native platforms by 2025. In addition,
85% of companies will adopt the cloud-first principle within the same timeframe,
increasing the integration of cloud- native architectures and technologies. However, their
plans to explore new revenue streams, reduce operational costs, and increase agility and
scalability will not succeed without leveraging disruptive cloud patterns and benefits to
deliver new-age resilient services and systems.
For those that are yet to start their cloud journey, the challenge is less about
letting go of legacy infrastructure and processes, and more about making the digital
experiences that cloud creates the primary focus.
The ubiquitous nature of the cloud means that companies need to be aware of what needs
to be done and when. Simply migrating to the cloud wont solve the business need. Ensuring
that the cloud solution is resilient, optimized, automated, and compatible with other
cloud environments will be equally important.
Orchasp offers a comprehensive set of cloud-enablement services ranging from strategy,
design and testing, to migration, integration, deployment and ongoing support. These
services are tailored to address the needs of different organizations, their industry, and
their level of cloud maturity.
Cyber Security
The cyber threat landscape is constantly evolving and increasingly complex, and most
companies dont have the cyber security tools and capacity in-house to keep security
measures up-to-date. Because its easier than
ever for hackers to initiate an attack, organizations now experience increased risk and
higher levels of uncertainty. Subsequently, breaches and successful attacks can cost
companies millions — not to mention the harm to your brands reputation.
Our portfolio of cyber security solutions consists of a variety of services designed to
meet all of your companys needs. Theyre also customizable to your specific requirements
and provide detailed notifications, reporting, and dashboards. We help you choose the best
solution, tailored specifically for the cyber security threats your organization faces.
Data Analytics, AI&ML
Every organization faces the challenge of prioritizing use cases and realizing tangible
business value from Data Analytics, AI & ML initiatives.
Orchasp transforms Data Analytics, AI & ML goals into reality with solutions that
help across every stage of Data Analytics, AI & ML maturity. Our solutions ensure
successful business outcomes from your Data Analytics, AI & ML investments through a
framework that helps prioritize use cases, define platform architecture, scale model
development, and operationalize models across the enterprise.
We have helped clients across industries accelerate development to operationalization
of Data Analytics, AI & ML solutions with our expertise.
Blockchain in Healthcare
The most important thing to understand when it comes to using blockchains in healthcare
is the scope of the opportunities. Several inherent advantages of blockchain technology,
including its cost-effectiveness, security, and transparency, provide significant benefits
when applied to the healthcare sector.
Probably the most important blockchain use case in healthcare is in securing patient
data. Currently, most patient data exists in silos that arent connected to each other.
For example, your primary care physician has access to some of your medical data but not
to data that specialists such as a cardiologist or an OB-GYN can access and vice versa.
Using blockchain technology could help solve this issue. A blockchain-based application
might enable connecting to existing electronic medical record (EMR) systems at different
healthcare providers. Anytime new information is put into any of these EMR systems,
encrypted data about the information would be put into the blockchain. Other healthcare
providers could access this information only when the patient consents, with the entire
process managed by the blockchain app.
Internet of Things
Companies around the world are constantly seeking new opportunities for innovation and
growth. And businesses have been able to seize exponential growth through the adoption of
Internet of Things (IoT) technologies.
Large enterprises have been reaping benefits from IoT solutions (even during a year
marred by the global
pandemic) as they were early adopters of the technology. It is now time for small and
medium businesses to take advantage of IoT.
We specialize in full-stack IoT development for Industry 4.0 & Enterprises and the
implementation of embedded technologies for Connected Vehicles. Leveraging our experience
in Artificial Intelligence (AI) and Machine Learning (ML), we have developed the
infrastructure for Predictive Maintenance in industries and intuitive Driver Monitoring
Apps.
Business Process Services
We partner with enterprises, fuelling their growth by our focus on delivering
exceptional business process services. We bring together the best in people, process and
technology with an extreme focus on delivering value and best in class customer
experience. Our methodology involves a holistic view from experts across all possible
avenues of business process transformation. This involves bringing forth our operational
expertise, domain knowledge and business process automation by harnessing Robotic Process
Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI).
Services
Orchasp makes available a range of capable software developers on an immediate basis.
All you need to do is add your requirements and have a developer on board! software
platform. Based on your needs and preferences.
Our staff augmentation services are designed to provide you with skilled, dedicated,
and qualified IT Staff Augmentation that help you in completing your projects in the best
way possible. Based on your specific requirements, needs, and preferences, we help you
hire IT Staff Augmentation who have excelled in their respective fields and are equipped
to leverage your overall productivity.
With our staff augmentation services, you can have access to dedicated professionals
who are focused entirely on the project at hand. As they will not be affiliated with your
company, there will be no distractions from the work they are assigned to do, helping you
complete your projects effectively and on time.
Moreover, our services help you cut down the cost of hiring full-time IT employees for
your organization. We help you in hiring IT professionals for performing dedicated tasks
only when they are required. This prevents you from paying a fixed salary to your
employees even for the times when their services are not required. You can rest assured
that Orchasp would help you augment your IT staff withprofessionals who know their work
and have garnered enough experience to provide you with their expertise.
Our future technology roadmap will be based on industry 4.0 related technologies as we
are planning to gear up our strategies to in line with Industry 4.0 as shown below.
Client Acquisition
The Company has put in place a strong sales team in India and US and our sales pipeline
has been consistently improving. We believe that we will be able to improve on our strong
track record and have long term relationships with our domestic and international
customers.
Our sales team is in place across major cities in India and we have sales in presence
in UAE & USA as well. The twin engines for growth in this business will come from both
domestic and international customers. We are also focussing on providing more end-to-end
services to existing customers.
Quality
The Company has a robust Quality Management and Information Security Management system
in place to identify potential risks, areas for improvement and further to have smooth
business operations. Periodic Management Review meetings are conducted to review these.
Attrition
While attrition is an industry wide concern, the Company recognises the need to take
proactive measures to ensure that we have an uninterrupted supply of right talent and have
increased focus and rigor on retaining them through active engagement measures.
In order to maintain a seamless pipeline of talent, the Company has tied up with
several skill development institutes. This ensures a steady supply of skilled talent with
a good language mix, especially for the consulting business.
Our recruitment team conducted virtual campus drives at various colleges across the
country for our internal hiring. Employee engagement during a period when most of the
employees are working remote is an area that the Company has focused. Multiple virtual
events were conducted on occasions to bring together the employees on a virtual platform.
We also moved our entire training online and integrated with our HRM.
This helped ensure employees did not miss key training events that would help them
develop in their career.
Global IT Services Market Size
The global IT professional services market size was valued at USD 777.28 billion in
2021 and is expected to register a compound annual growth rate (CAGR) of 11.2% from 2022
to 2030. The rise of automation to eliminate mundane tasks and radical shifts in customer
demand such as customized pricing and enhanced customer experience are pushing enterprises
to implement IT services across the globe. Additionally, the COVID-19 pandemic tested the
professional services industry by forcing them to implement remote working at a large
scale and adjust their business strategies to the rapidly changing market conditions.
Additionally, the COVID-19 outbreak also accelerated several technological changes across
industries, where firms survived the pandemic with the help of technology by focusing on
resource management and talent acquisition.
U.S. IT Pofessional Services Market
Size by type, 2020-2030 (USD Billion)
In the current scenario, firms are preparing for possible challenges ahead, they are
redesigning their business models to make sure they have the required skillsets, funds,
and tools to gain an advantage in the long run. IT professional services help
organizations in identifying the areas for cost-saving and offer multiple other benefits,
such as Business Intelligence (BI), accurate forecasting, improved business operations,
and reduced wastage of resources. Several firms are expected to utilize IT professional
services to streamline their business post-pandemic further boosting the business growth.
Professional service firms can offer a combination of services such as consultation,
audit & accounting, implementation support, and immunity from financial risk. They
offer analytic capabilities and a basis for managing business information. In todays
competitive market it is hard to survive with silos of data & legacy tools, so
organizations depend on IT professional services to use advanced tools. These tools
facilitate sharing of resources, automate the delivery process and provide accurate
insights, which will further drive the industry growth.
Implementation of IT professional services can be found in various private and public
sectors; some businesses may use professional services as the primary line of business,
whereas for some businesses, it works as a value driver to the core offering. As
businesses grow, firms need more robust tools to work efficiently, in such cases it is
extremely helpful to deploy professional services as it oversees projects, track time and
bill, manage resources and automate mundane backend tasks. IT professional services
utilize several advanced technologies such as Robotic Process Automation (RPA), Artificial
Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), chatbots, blockchain,
and big data analytics to create new business models and consequently map their business
strategies to enhance their returns.
Increased competition and digitalization is pushing organizations to engage with
professional service providers. These service providers primarily focus on helping
organizations to improve their operational efficiency by addressing issues related to poor
service infrastructure and improper staffing. The IT professional service providers offer
a streamlined and standardized approach to the organizations administrative processes
which help in the digital transformation of the organizations operations. Based on the
strategy, firms can categorize the usage of professional services into two sections.
First, business-centric which offers value-driven revenue models, and second,
employee-centric that can be utilized for the recruitment of hybrid talent and fill the
skill gap.
Type Insights
The project-oriented services segment dominated the IT professional services market in
2021 and accounted for a revenue share of over 35%. These services are related to
installation, modernization, timely maintenance, and decommissioning of a project. These
services are often custom-built to meet the specific client needs, assisting them to
optimize operational efficiency and deliver projects on time within the allocated budget.
Organizations can be benefitted in multiple ways as project-oriented services help in
resource management, scope management, revenue management, preparing improved quotations,
and effective delivery of the project. These are the major factors fuelling the demand for
the segment.
Information Technology Outsourcing (ITO) service segment is expected to witness the
fastest CAGR of 12.0% during the forecast period due to its ability to help organizations
across various industries to respond to changing business needs allowing organizations to
focus on innovation instead of IT infrastructure. Organizations utilize ITO services to
gain access to deep technical expertise, deliver automation, and bring down costs by
choosing an appropriate delivery model. Additionally, ITO services offer a deep pool of
resources to create an effective Return on Investment (ROI), and it bridges the gap
between legacy IT systems and innovation. High-performance computing, adherence to
compliance, security, and scalability are a few advantages that are expected to boost the
growth of this segment.
Indian Market
The global sourcing market in India continues to grow at a higher pace compared to the
IT- industry. India is the leading sourcing destination across the world, accounting for
approximately 55% market share of the US$ 200-250 billion global services sourcing
business in 2019-20.
Indias rankings improved four places to 46th position in the 2021 edition of the
Global Innovation Index (GII).
The IT industry accounted for 8% of Indias GDP in 2020. According to STPI (Software
Technology Park of India), software exports by the IT companies connected to it, stood at
Rs. 1.20 lakh crore (US$ l6.29 billion) in the first quarter of FY22.
Market Size
According to the National Association of Software and Service Companies (Nasscom), the
Indian IT industrys revenue is expected to touch US$ 227 billion in FY22 from US$ 196
billion in FY21.
According to Gartner estimates, IT spending in India is expected to increase to US$
101.8 billion in 2022 from an estimated US$ 81.89 billion in 2021.
Indian software product industry is expected to reach US$ 100 billion by 2025. Indian
companies are focusing to invest internationally to expand global footprint and enhance
their global delivery centres.
The data annotation market in India stood at US$ 250 million in FY20, of which the US
market contributed 60% to the overall value. The market is expected to reach US$ 7 billion
by 2030 due to accelerated domestic demand for AI.
Exports from the Indian IT industry stood at US$ 149 billion in FY21. Export of IT
services has been the major contributor, accounting for more than 51% of total IT export
(including hardware). BPM and Engineering and R&D (ER&D) and software products
exports accounted for 20.78% each of total IT exports during FY21. ER&D market is
expected to grow to US$ 42 billion by 2022.
The IT industry added 4.5 lakh new employees in FY22 (as of February), the highest
addition in a single year. Women accounted for 44% of the total new employees.
Risks and Concerns
The business risks involved in our industry are varied. The International business is
affected by the global slowdown and the COVID-19 Pandemic. Towards end of the year, the
market in US showed signs of returning to normalcy and we believe that this area will grow
in the current year.
The Domestic business was severely impacted due to the pandemic while the Company was
able to rebound from this, the fourth wave of the pandemic may hit us as hard as the first
and this is an area that the Company is closely monitoring.
Financial Risks
We have a global footprint and the revenues in the international segment are dependent
on clients located predominantly in US. Our international business also has been
increasing the last year. As a strategy we continue to focus on increasing the share of
our export revenues as the margins are better compared to Domestic business. As a result,
the Company is exposed to various risks typically associated with doing business in
various counties, many of which are beyond the control of the management.
Pressure on margins
Our margins can be impacted due to pressure on pricing owing to competition. The
Company engages customers regularly briefing them on the value-added support being
provided. Since our processes, especially in the consulting segment are heavily dependent
on manpower our margins may be impacted if there are increases in salaries on account of
revision in minimum wages in any of our locations.
Exchange Fluctuations
Movements in exchange rates continue to be a major threat. There has been volatility in
the exchange rate between INR and USD in the recent years and these currencies may
continue to fluctuate significantly in future as well. During the year there have been
significant volatility in the rupee with a low of INR 72.26 and a high of INR 76.40.
Our results of operation will be affected if the rupee-dol- lar rates continue to
behave in a volatile manner in future or rupee appreciates significantly against dollar
and other currencies.
Exchange Fluctuations
Movements in exchange rates continue to be a major threat. There has been volatility in
the exchange rate between INR and USD in the recent years and these currencies may
continue to fluctuate significantly in future as well. During the year there have been
significant volatility in the rupee with a low of INR 72.26 and a high of INR 76.40.
Our results of operation will be affected if the rupee-dol- lar rates continue to
behave in a volatile manner in future or rupee appreciates significantly against dollar
and other currencies.
II. Financial /operational performance:
The Company has adopted Indian Accounting Standards (Ind AS) from current financial
year in the preparation and presentation of Financial Statements.
Sources of Funds
1. Reserves and Surplus
The Companys Reserves and Surplus as on 31st March 2022 were INR 80.86 Cr as against
INR 80.79 Cr as on 31st March 2021
These reserves include an amount of Rs. 57.85 Cr pertaining to Equity Component in
Foreign Currency Convertible Bonds in accordance with Note No 34 to Notes to Accounts.
2. Property Plant and Equipment
During the year there are marginal additions to Tangible Fixed Assets or Intangible
Fixed Assets of company.
3. Investments in Subsidiaries
CIL Inc : The Company is working with partners to restart operations.
Cybermate International Unipessoal LDA : The Company has commenced efforts to
rebuild operations after the pandemic.
4. Deferred taxes - Assets and Liabilities
The Company has Deferred Tax Asset (Net) amounting to Rs. 8.54 Lacs as against Rs.15.40
Lacs in previous year.
5. Trade Receivables
The position of outstanding debtors is as follows:
|
|
Outstanding for following
periods from due date of payment |
|
Particulars |
Less than 6 months |
6 months -1 year |
1-2 years |
2-3 years |
More than 3 years |
Total |
(i) Undisputed trade receivables
considered good |
11,21,57,375 |
18,24,70,796 |
6,77,90,466 |
7,15,11,353 |
31,43,15,138 |
74,82,45,128 |
6. Inventories
The Company does not have any inventories as at 31st March 2022
7. Cash and Cash Equivalents
The balance of cash and cash equivalents as at the beginning of the year was Rs. 12.35
lacs.
The closing balance of Cash and Cash Equivalents is Rs. 7.44 Lacs held as cash,
balances in current account and in deposit accounts and reconciliation elements.
8. Trade Payables and Other Current Liabilities
The position of trade payables is as follows:
Particulars |
Outstanding as at 31-03-2022
for following periods from due date of payment |
INR |
|
Less than 1 year |
1-2 years |
2-3 years |
More than 3 years |
|
(i) MSME |
|
|
|
|
|
(ii) other |
1,60,18,322 |
4,29,51,222 |
5,35,82,664 |
2,44,86,152 |
13,70,38,360 |
(iii) Disputedues MSME |
|
|
|
|
|
(iv) Disputed dues - others |
|
|
|
|
|
9. Provisions.
Provisions include an amount of Rs.73.87 Lacs towards outstanding Salaries and
expenses.
III. Results of Operations
1. Income
The Company has turned around its performance after the reduced operations in the
previous period on account of (a) Covid-19 Pandemic and (b) Corporate Insolvency
Resolution Process. Though the activity is not comparable in terms of the period of
operations, we report that the turnover of the company for the period 2021-22 was
Rs.3279.41 Lakhs as against Rs.818.32 Lakhs for the period 2020-21.
2. Expenditure
During the year 2021-22 the employee benefit expenses were Rs.2964.12 lakhs as against
Rs.623.15 Lakhs for the year 2020-21
Interest on Foreign Currency Convertible Bonds is provided each quarter
though it is payable at the maturity of the bonds in 2023
3. Depreciation and Amortisation
Depreciation on Tangible and Intangible assets was provided for the full year.
4. Other Income- Wet
Other income of the company includes Dividend income from investment in Shares of
Listed Companies and gain on foreign exchange rate variation.
5. Wet Profit
The Company had earned a net profit of Rs. 14.75 lakhs as against Rs. 34.44 lakhs in
the previous year.
6. EPS after Exceptions
EPS for the year was Rs. 0.01 as against 0.02 in the previous year.
7. Liquidity
Liquidity has remained challenging due to delayed realisations and reduced activity
8. Related Party Transactions
Transactions with related parties have been made at an arms length basis and hence are
not prejudicial to the interest of the company.
These have been discussed in detail in Note no 32 to the standalone financial
statements in this Annual report.
iv. Opportunities and Threats
Our Strengths
We have positioned ourselves as a custom built application development company suiting
the requirements of mid and emerging companies.
Our strengths include:
Product development -
We have invested time and effort in enhancing our domain expertise in health care,
telecom, engineering, energy, logistics and retail segments. We have been able to quickly
adopt to the emerging developments in trade practices and enabling new features to our
products to keep our customers ahead of their expectations.
End to End Offerings -
Our end to end business solutions include transaction processing, data management,
integration with third party tools and applications, independent testing and validation ,
network and surveillance, IT Support and Analytics.
Relationships-
We have long standing relationships with midsized companies and Government Business
Units and are quite seasoned in their processes which enable us seek repeat business. Our
track record delivering quality solutions help us strengthen these relationships over
time.
Quality and Process Execution-
Our clients have always been appreciative of our process implementation procedures and
documentation which helps us maintain a healthy relationship and achieve business value.
Our Strategy-
We are exploring opportunities to build strategic partnership with start-ups to create
innovative solutions in emerging technology space. We also intend to create platforms on
analytics, cyber security, IT infrastructure and Business process outsourcing capabilities
apart from strengthening our core product offerings across domains. We wish to make
significant investments in these partnerships, our acquisitions to build capabilities to
deliver emerging mobile and digital technology solutions.
Our Competition-
We compete with small and midsized companies in Government and large corporations in
application development, maintenance and business process out sourcing segments.
v. Outlook, Risks & Concerns
• Our revenue and expenses are difficult to predict and can vary significantly
from period to period.
• Our success largely depend upon retaining skilled technology professionals and
our ability to hire, motivate and retain them.
• We are a company in mid segment space and may not be providing adequate
confidence to companies / customers for long term contracts.
• We may not be able to sustain the working capital cycles.
• Our liquidity may not keep us comfortable to stay in the race in case of long
sale cycles.
• We may be unable to recoup investments made in developing our software products.
• Our success depends on our management team and key personnel and our ability to
attract and retain them.
• Our failures to complete fixed price and fixed time frame contracts or
transaction based pricing contracts within budget and on time may adversely affect our
profitability.
We may not be able to provide end to end business solutions for our clients which could
lead to clients discontinuing their work with us which in turn could impact our business.
vi. Internal Control Systems and their adequacies
The CEO and CFO certification provided in the Annual report discusses the adequacy of
our internal control systems and procedures.
vii. Material Developments in Human Resources / industrial relations , number of people
employed.
Human Capital
As at March 31st 2021, the company employed about 40 employees which include software
engineers, trainees , process executives and administration.
Recruitment
We have built our software programming skill set by recruiting new graduates from
different Engineering colleges and IT training institutes. We have recruited process
executives from Government aided foundations and aided consultancies.
We have in place a robust process which includes aptitude tests and interviews followed
by a technology task approach in screening our programmers.
Training and development
CIL has always been conducting on the job training programmes on technology , business
process , quality and presentation skills to mould its resources into tehno commercial
resources.
Compensation and Benefits
CIL has always been a midsized company attracting trainees to build their capabilities.
CIL has always been facing challenges to retain its talent from large corporations which
offer packages liked to performance and E- SOPs.
In order to address this challenge, CIL has in this year proposed a resolution to
implement E-SOPs to retain its talent.
Risk Management Framework:
In todays economic environment, Risk Management is a very important part of business.
The main aim of risk management is to identify, monitor and take precautionary measures in
respect of the events that may pose risks for the business. Your Companys Board believes
that to ensure sustainable business growth with stability of affairs and operations of the
Company, periodical review of various risks having a bearing on the business and
operations is vital to proactively manage uncertainty and changes in the internal and
external environment to limit negative impacts and capitalize on opportunities. Further,
it is also belief of your management that Risk Management Framework enables a systematic
approach to risk identification, leverage of any opportunities and provides treatment
strategies to manage, transfer and avoid or minimize the impact of the risks.
Keeping in view of the above, your Companys risk management is embedded in the
continuous business processes and as a part of review of business and operations, your
Board with the help of the management periodically reviews various risks associated with
the business and products of the Company and considers appropriate risk mitigation
process. However there are certain risks which cannot be avoided but the impact can only
be minimized.
The risks and concerns associated with each segment of your companys business are
discussed while reviewing segment-wise Management and Discussion Analysis. The other risks
that the management reviews also include:
a. Industry & Services Risk:
this includes Economic risks like demand and supply chain, Profiatability, Gestation
period etc.; Services risk like infrastructure facilities;
Market risk like consumer preferences and distribution channel etc.; Business dynamics
like inflation/deflation etc.; Competition risks like cost effectiveness
b. Management and Operational Risk:
this includes Risks to Property; Clear and well defined work process; hanges in
technology / up gradation; R&D Risks; Agency network Risks; Personnel & labour
turnover Risk; Environmental and Pollution Control Regulations etc.; Locational benefits
near metros
c. Market Risk:
this includes Raw Material rates; Quantities, quality, suppliers, lead time, interest
rates risk and forex risk.
d. Political Risk:
this includes Elections; War risk; Country/Area Risk; Insurance risk like Fire,
strikes, riots and civil commotion, marine risk, cargo risk etc.; Fiscal/Monetary Policy
Risk including Taxation risk.
e. Credit Risk:
this includes Creditworthiness; Risk in settlement of dues by clients and Provisions
for doubtful and bad debts.
f. Liquidity Risk:
this includes risks like Financial solvency and liquidity; Borrowing limits, delays;
Cash/Reserve management risks and Tax risks.
g. Disaster Risk this includes Natural calamities like fires, floods, earthquakes etc.
Manmade risk factors arising under the Factories Act, Mines Act etc.; Risk of failure
of effective disaster Management plans formulated by the Company.
h. System Risk this includes System capacities: System reliability;
Obsolescence risk; Data Integrity risk & Co-ordination and Interface risk.
i. Legal Risk: this includes Contract risk:
; Contractual liability; Frauds; Judicial Risk and Insurance risk.
j. Government Policy:
This includes Exemptions, import licenses, income tax and sales tax holidays,
subsidies, tax benefits etc.
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