CHAIRMANS SPEECH AT THE 8TH ANNUAL GENERAL MEETING 17th Sep 2009
Ladies and Gentlemen,
On behalf on the Board of Directors, I extend a warm welcome to you all to the 8th Annual General Meeting of your company today. The Annual Report of the company consisting of the Notice along with the Audited Annual Accounts and the Director's Report have been sent to all of you sometime back. With your permission, I take the Annual Report as read.
At the outset, I thank you very much for the tremendous support and the faith shown in your Company and its Management.
I am pleased to inform you that your company has significantly grown to be an important player in Education & Placement market in India today. Your company is one of the unique entities of its kind to provide Education and Placement as an integrated solution built into its business model. With the aggressive business model addressing the fastest growing spaces as Education and Placement with first-mover advantage, your company has been very impressive in performance in the last financial year 2008-09 and in the first quarter 2009-10. I am also pleased in inform you that your company has recommended 10% dividend for the year 2008-09.
Your company made its IPO in Feb 2009 and since then has expanded its operation and business aggressively to get into Higher Education, Job orientation, Client resourcing, Primary and Secondary Education through partner network. Your companys inherent strength of partner driven approach for growth has helped the company to achieve the spread and volume in business within a period of 6 months from IPO.
Your company had signed several prestigious relationships with Universities and Engineering colleges in the state of TN that include Mother Teresa University, Manonmaniam Sundaranar University, and a host of 20 engineering colleges affiliated to Anna University for EdCademy academic support.
Academic Support and Employment The need of the hour
India at the moment has over 22Cr students at schools and there is a significant drop-out in admissions to Higher Education by 80%. Affordability, career mismatch, employment needs are the reasons for this fall-out. This ultimately leads to poorer lifestyles, self-employment and thus adds to the already increasing socio-economic imbalance. Government of India through Ministry of HRD attempts to address these problems through Public-Private Partnership (PPP) programmes by inviting Private Sector in investing / contributing to managing primary and secondary education. Ministry of Labour and employment has also initiated the Modular Employability Skills (MES) training programmes through PPP by creating ATPs and VTPs across India to help the drop-outs and economically downtrodden to get employment after training.
Educate to Elevate EdServ mantra
The companys recent initiative to foray into schools signals the focus of the company to service the Real India, the masses at large, to educate and elevate them to ultimately address the issues mentioned with regard to education and employability. The companys focus is also to bid for PPP to contribute significantly in the said initiatives of GoI in the near future.
IDEA Industry Demand Alignment in Education, EdServs future focus
Your company plans to provide the career seeding to students in primary and secondary classes to create an Industry Demand Alignment (IDEA) for them. Through EdServs IDEA paradigm, the behaviour and performance of students shall be analyzed over a period of time and a skill development programme shall be offered based on their interests. This will map their behaviour, flair, character and skills to a career / industry that is most apt to them with specific learning curve corrections integrated as part of the programme. This Progressive Learning approach, your company believes will fix the demand-supply mismatch, providing the much needed balancing act in the employment process of Industry.
EdClass and EdLabs Schools and Colleges to benefit immensely
Your company has also planned to launch its full-fledged version of EdClass, a 2-way interactive class framework using web network, for students to touch base with tutors of their choice to learn concepts better and also to face exams without fear. EdClass shall be a boon for Engineering Students who attempt to clear their arrears as well as pass subjects in one attempt scoring higher marks. Exceptional tutors and lecturers shall be brought online through web in EdClass for students benefit.
EdClass shall also increase the value proposition in school solutions through a Virtual Class Network (VCN) to solve the issues arising out of a sudden dearth of staff / teachers by absenteeism and attrition in schools. Your company shall help setting up Edlabs with multimedia compliant internet enabled systems in Schools and work on career mapped industry orientation apart from academic support. The school expansion shall see EdServ supported school network growing to ultimately implement IDEA from K-12 to careers across Primary and Secondary education in those EdServ schools.
Your company grows on a strong foundation laid by the promoters and the management who have spent decades in Education & Training industry having served leading brands of India at senior levels. Your company, I am sure, in the years to come, will strive for a leadership to educate and elevate the masses at large of Real India, the bottom of the pyramid and a recession proof segment that needs support and guidance for education and career.
On behalf of the Board of Directors and on my own behalf, I thank our shareholders, the private equity investor at the Pre-IPO stage, constituents, banks, and financial institutions for their continued support and encouragement. I take this opportunity to thank my colleagues on the Board for their valuable counsel and guidance. I would also like to thank all the employees of your Company, for their dedication and continued contribution in building a stronger EdServ.
Dated: 17th Sep 2009
Chairman & CEO