Innovana Thinklabs Ltd Management Discussions.
FORWARD LOOKING STATEMENTS:
The Management Discussion and Analysis Report have been prepared in compliance with the requirements of Listing Agreements and contain expectations and projections about the strategy for growth.
Certain statements in the Management Discussion and Analysis Report are forward looking statements which involve a number of risks and uncertainties that could differ from actual results performance or achievements which such forward looking statements on the basis of any subsequent developments, information or events for which the Company do not bear any responsibility.
"Innovana Thinklabs Limited" was formed in the year 2015 by Mr. Chandan Garg and Mr. Kapil Garg, promoter and directors of the company. The company is engaged in software development business which directly provides services to create new applications and enhance the functionality of existing software products. Our product portfolio consists of applications and software such as Ad-blocker, Disk Cleanup, Space Reviver, File Opener, Privacy Protector, etc. We have developed numerous products and these products have registered their presence. The operations of our company are controlled from our registered office situated in Jaipur, Rajasthan.
The company got converted from Private Limited to Public Limited, after getting shareholders approval in the Extra Ordinary general meeting of the company held on 14/06/2017, Further Company got listed on NSE EMERGE platform of National Stock Exchange of India Limited on 12/12/2017.
We strive to provide our clients with exceptional software and services that will create a meaningful impact on their bottom line. We believe our success stems from the excellence of our people and our unwavering commitment to our clients.
FUTURE BUSINESS PROSPECTS:
Software developers are looking to India as development and production base for their products and a number of software packages developed in this country has gained instant recognition overseas. Over the years the growth drivers for this sector have been the verticals of manufacturing, telecommunications, insurance, banking, finance and of late the fledging retail revolution. As the new scenario unfolds it is getting clear that the future growth of IT and ITes will be fueled by the verticals of climate change, mobile applications, healthcare, energy efficiency and sustainable energy. Traditional business strongholds would make way for new geographies, there would be new customers and more and more of SMEs will go for IT application and services.
OPPORTUNITIES AND THREATS:
With the introduction of the concept of e-governance, both the Central and State Government are keen on implementing different projects to keep the activities of the governments transparent, timely and cost effective. There is an absolute increase in the fund allotment by the Governments for implementing the projects. This creates an opportunity for the experienced and expert organizations to broaden their horizon and support the Government in faster implementation of the projects. The increased volume of business attracts more number of players in the field and the competition becomes Severe. Only the effective and efficient organizations could stand a competitive situation. The management is confident that with its exposure and experience in this field of e-governance, it stands a better chance than others.
INTERNAL CONTROLS AND THEIR ADEQUACIES:
The internal control system is intended to increase transparency and accountability in an organizations process of designing and implementing a system of internal control. They have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, 3 safeguarding assets from unauthorized use, executing transaction with proper authorization and ensuring compliance of corporate policies.
The outlook of the Company remains positive. Innovana Thinklabs Limited is cautiously optimistic about its prospects in the coming years. The Company aims at providing high quality products and services to the customers and to provide them with greater satisfaction. For last couple of years, the company has taken a number of initiatives to re- structure and re- engineer the operation to enable the company to compete better in this profound competitive regime.
There are no major risks and concerns except the technology up gradation and increasing power tariff and growing competition. The company is guarding itself against these risks by laying down appropriate strategy which is to be supplemented by business plans and review mechanisms.
RISKS AND CONCERNS:
Inherent risk to accommodate technological changes due to involvement in IT industry. Unable to expand successfully beyond India. No clear product vision beyond current offering. Little brand recognition. Increased competition from local and big players. New technology changes. Changes in government policies and other regulations.
HUMAN RESOURCES DEVELOPMENT:
To retain a sustainable competitive advantage in the new knowledge economy, learning is a key catalyst for an organizations survival and success The Company provides tremendous learning and development opportunities to its employees starting from induction and orientation programme for all the new joiners to regular training programme to develop and enhance the skill levels, both functional and behavioral, for all the employees. The training programmes are tailored according to the business requirements and employee needs at various levels and designed with the help of a well-structured process of need identification connected to the business demands. Functional and technical training form an important part of the Companys annual training calendar as they are directly linked with the employees role and on the job performance.
|Date: 02 September 2019||By Order of the Board|
|Place: JAIPUR||for INNOVANA THINKLABS LIMITED|
|(Formerly known as PCVARK Software Limited)|
|CHANDAN GARG||KAPIL GARG|
|Managing Director||Whole Time Director|
|DIN: 06422150||DIN: 07143551|