ONWARD TECHNOLOGIES Share price

The Company was incorporated as a Private Limited Company on July 18 1991 in the state of Maharashtra under thename of Onward Engineering Technologists Private Limited.Subsequently vide special resolutions passed on 14-06-94it was converted into a Public Limited Company and the nameof the Company was changed to Onward Technologies Limitedand the Registrar of Companies Maharashtra issued freshcertificate of incorporation on 25-07-1994. OTL is promoted by Mr. Harish Mehta and belongs to theOnward Group. Mr. Mehta is an Electrical Engineer andholds a Masters Degree in Computer Science from BrooklynUniversity U.S.A. He has a rich experience in thecomputer industry for over 20 years and has spent about 5years in the areas of technology development and softwaremanufacturing with leading corporations in the U.S.A likeAmerican Can Company Travellers Insurance Company. OTL isone of the leading companies of India operating in thefield of Information Technology. It specializes inoffering "High End" software solutions. Its focus is onCAD/CAM/CAE Banking and Networking solutions. It hasstrategic alliances with organisations like SDRC (forsolid modelling solutions) Viewlogic (for electronic CAD)Aspen Tech (for process simulation and modelling) APC (forintelligent UPS). The Company offers "Computing Platformlndependent solutions. It also offers customer support andcomputer maintenance as an integral part of its services.The Onward Group of Mr. Harish Mehta consists of OnwardTechnologies Ltd (OTL) Onward Computer Technologies Pvt.Ltd. (OCTPL) Onward Network Technologies Pvt Ltd (ONTPL)and Onward Novell Software (India) Pvt. Ltd. The Groupturnover for the year 1993-94 was about Rs.2677 Lacs. TheOnward Group has initiated steps for consolidation of itssynergistic business lines in Information Technology (IT)presently being carried out by different companies in theGroup in OTL with a view to having a focussed growth.Accordingly Onward Technologies Ltd has acquired thebusiness lines and some of the assets of Onward ComputerTechnologies Pvt. Ltd. (OCTPL) and Onward NetworkTechnologies Pvt Ltd (ONTPL). No liabilities have beentaken over from the aforesaid companies. The processcommenced on January 1 1994 and was completed by August31 1994.OTL has acquired assets (fixed assets and spares) worthRs. 108.36 Lacs from OCTPL and Rs.10.62 Lacs from ONTPL.Brief details of the assets are as follows: (Rs.in Lacs)Nature of Assets OCTPL ONTPL TOTALComputer Hardware Software 80.87 0.09 80.96 InstrumentsAccessories and spares Research & Development Assets 17.800.00 17.80 Office Equipments Electrical Fittings &Vehicles 9.69 10.53 20.22 Total 108.36 10.62 118.98The basis of valuation of the Fixed Assets and Sparesacquired from OCTPL and ONTPL was at Book Value. Theamount due to OCTPL was paid by issue of 800000 EquityShares of Rs. 1O/- each fully paid up at par; the balancewas adjusted against the payment due in favour of it. Theamount due to ONTPL was adjusted against the amount due toit. The consolidation of activities would enable OTL toprovide value added Information Technology (IT) solutionsand Systems Integration services in the fields ofNetworking Banking production of specialised softwarefor Computer Aided Design (CAD) Computer AidedManufacture (CAM) and Computer Aided Engineering (CAE) andother engineering applications. OCTPL and ONTPL wouldcease to operate in the activities carried on by OTL afterthe aforesaid consolidation of their business lines withOTL. OTL also represents international Software companiesfor marketing their software packages. The System Integration DivisionThe System Integration Division specialises in providingtotal integrated solutions. This involves providingnecessary software related hardware items computertraining development of applications after conductingsystems engineering studies maintenance upgradation etc.The solutions are provided in the areas of manufacturingprocess control modelling and simulation etc.OTL has forged strategic alliances with the followinginternational companies and acts as their representativeagents for selling providing support and consultancyservices in respect of their products :Company ActivitySDRC Solid modelling solutions. View Logic Electronic CAD.Aspen Tech Process Simulation & Modelling APC IntelligentUPSThe Engineering Consultancy DivisionThe Engineering solution and consultancy division offers awide range of services in the areas of Manufacturing-CADEngineering- CAD and Digitising/Scanning to over 2000customers in India and abroad. These services offeredcover interalia the following areas:* Finite Element Analysis* Solid Modelling and Research Analysis* Electronic CAD* Chemical processing and analysis for large refinerieslike HPCL BPCL IOCL GAIL etc. * Engineering Consultancy in the areas of CAD CAM CAE andInterface design work for organisations like EngineersIndia Limited SAC etc.* Piping Design and analysis for Ship BuildingOrganisations like SCI Goa Shipyard and Mazagaon Dock etc.BankingThe Banking Group offers Branch Automation Solutions forleading Banks like Bank of Baroda Dena Bank Canara BankState Bank of Patiala State Bank of Bikaner & Jaipur andBank of Maharashtra etc. The areas in which OTL hasspecialised and offered solutions to the banking sector areas under:* Supply of microcomputer based advanced ledger postingmachines with customized Software to handle savings andcurrent account operations. All these solutions in termsof installations have been successfully completed in morethan 300 branches of various Banks all over India.* The Company has been associated with Central Bank ofIndia for establishing the SWIFT Network. The SWIFTInterface Software is a highly advanced software developedby OTL at its Software Development Division. The Companyforesees potential in this segment of the banking industry.The Banking group has also developed a PC LAN Netware basedTotal Branch Mechanisation (TBM) solution which has beensuccessfully commissioned in the Saki Naka Branch at Bombayof Bank of Baroda.OTL''s major source of strength has been its personnel. OTLemploys highly qualified personnel with many years ofexperience and expertise in application areas like BankingEngineering and Design thereby aiding in providing valueadded service. The Company has Branch/Representativeoffices at 24 locations all over the country. Theseinclude Bombay Ahmedabad Bangalore Baroda CalcuttaChandigarh Cochin Delhi Hyderabad Pune Madras NasikSurat Lucknow Rajkot Jaipur Satara VelloreAurangabad Ranchi Trivandrum Dhanbad.