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Midpoint Software and Electro Systems Ltd. was incorporated on4th August 1992 and obtained the Certificate for Commencement ofBusiness on the 12th of August 1992 from the Registrar ofCompanies Maharashtra at Bombay. The main objects of the Companyare fully set out inthe Memorandum and Articles of Associationof the Company relevant abstract is given in the Prospectus.The immediate object of the Compoany is the expansion of existingcapacity for manufacturing and development of 24000 SoftwarePackages per annum and to set up a project with an installedcapacity for 300 computers Hardware and peripherals per annumat M.I.D.C. T.T.C. Thane Maharashtra.The Company had started within its existing set up Commercialproduction on 1st January 1993. The Companmy has recorded aturnover of Rs. 6.10 lacs for three operative months ended 31stMarch 1993 and recorded a pofit after tax of Rs. 0.55 laxs.The turnover for the year ending 31st March 1994 has been Rs.24.31 lacs and a profit after tax of Rs. 4.79 lacs has beenachieved. The full fledged commercial production is expected tocommence by July 1995.