Jul 29, 2022 | Business
GeM has achieved total procurement value of ₹2,70,384 Crore (as on 25 July 2022), since its inception. The Government of India set up the Government e-Marketplace (GeM) in 2016 as an e-marketplace to revolutionize public procurement in India by leveraging technology. Union Cabinet in its meeting held on 01.06.2022 has given its approval for expanding the mandate of GeM to allow procurement by Cooperatives as buyers on GeM.
Previously, public procurement in India was characterized by inefficient, opaque, and time consuming manual processes conducted offline, complicated by a fragmented and complex policy landscape.
GeM’s approach is underlined by commitment to three pillars of transparency, efficiency and inclusiveness elaborated as under:
(i) Transparency: GeM is an open marketplace wherein it promotes open access to information in a transparent manner. Relevant information on Sellers, Goods and Services is easy to find and readily available for users. GeM provides database insights to support its users in decision-making process.
(ii) Inclusiveness: GeM’s focus on inclusiveness is multifaceted, involving not only making the platform usable and trusted by every type of seller but also conducting active outreach to onboard marginalized and underserved seller segments including Small and Medium Enterprises, Women Entrepreneurs, Startups and Artisans.
(iii) Efficiency: In view of being an end to end online and integrated portal, GeM brings efficiency in Public Procurement by removing manual interventions at various stages of Public Procurement.
Government has amended the General Financial Rules 2017 (GFR) and made a provision under Rule 149 for making it mandatory to procure Goods and Services through GeM.
This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Rajya Sabha today.
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Jul 4, 2022 | Business
axiusSoftware, a Software Development and Digital Consulting Company with Global presence, is thrilled to achieve 9001:2015 ISO certification, a reflection of our continued commitment to meet the quality expectations and requirements of their clients through an effective quality management system.
ISO 9001:2015 is an internationally recognized set of requirements for a Quality Management System (QMS) focusing on improving quality of the products and services of the organization with an aim to enhance customer satisfaction, including processes for improvement of the overall system.
Kiki Li, Co-Founder of axiusSoftware says, “Quality blends smoothly within the organization. With the focus on Committed Delivery, Consistent Quality & Continual Process Improvement, axiusSoftware has been able to gain Trust & Long-Term Relationship with the clients with improvements in repeat business. As axiusSoftware continues the growth journey, this certification will certainly help to give added confidence to the clients on quality delivery.”
The journey towards achieving this certification has required lot of dedication and time for axiusSoftware. The Quality process documents and manuals serves as a guideline and standards for the employees. axiusSoftware aims to strictly adhere to those as well as continue to improve towards a quality delivery and services.
About axiusSoftware:
axiusSoftware is an ISO 9001:2015 certified Software Development & Digital Consulting company, with registered offices in India & China. axiusSoftware provides IT & Outsourcing, Digital Transformation Services, Business Solutions & Consulting. Operating for more than 8+ years, axiusSoftware works with clients across the globe in 15 countries, to bring values through our cutting-edge technologies. axiusSoftware aims to Build Long-Term, Value Centric Relationship with the Clients & Partners combined with Near-To-Client Centric Model to Deliver Results.
With a leadership team of 28+ years of combined experience, axiusSoftware is an Agile, Experienced and Dynamic team with the right blend of Domain and Technical knowledge.
May 16, 2022 | Business
Tam Jai International Co. Limited (“TJI” or the “Company”, and together with its subsidiaries, the “Group”; HKEX stock code: 2217), a leading and renowned mixian-specialised fast casual restaurant chain, announced its first annual results after its listing in Hong Kong. Revenue of the Group saw a notable year-on-year increase of 26.8% to HK$2,275.3 million for the year ended 31 March 2022 (“FY2022”), despite the 5th wave of COVID-19 outbreak in Hong Kong in the last quarter of FY2022. Excluding one-off listing expenses and government subsidies in relation to COVID-19, its adjusted profit for the year rose by 17.8% to HK$165.5 million in FY2022.
Highlights
Prominent Performance in FY2022
— Revenue increased by 26.8% to HK$2,275.3 million year-on-year, mainly attributable to the increased number of restaurants in operation and growth in comparable restaurants revenue
— Operating profit of restaurant operations increased by 38.2% to HK$476.7 million
— Operating profit margin up by 1.7 percentage points to 20.9%
— Excluding the one-off listing expenses and government subsidies in relation to COVID-19, adjusted profit for the year increased by 17.8% to HK$165.5 million
Expanding Restaurant Network
— The unique and authentic TamJai tastes were successfully brought to different regions. The responses the Group has received from Shenzhen, Guangzhou and Tokyo were instantaneous and overwhelming
— As at 31 March 2022, there were 175 restaurants in operation across Hong Kong, Mainland China, Singapore and Japan, a net increase of 28 restaurants as compared to 31 March 2021
— Eight restaurants were opened in the Mainland China and the first restaurant in Japan was met with a rapturous reception
— TJI aims to further expand its restaurant network in Hong Kong, the Greater Bay Area, Singapore and Japan, with two more restaurants planned to open in Kichijoji and Ebisu in Tokyo, Japan in the first quarter of FY2023
Revenue of TJI’s Hong Kong restaurants saw a speedy and strong recovery to the pre-COVID-19 level during the first three quarters of FY2022 as the pandemic eased. This was due to the support of a community of loyal customers as it consistently delivers quality food with a variety of options and exceptional service. While the entire catering industry in Hong Kong was reeling from the impact of COVID-19 outbreak in the fourth quarter of FY2022, the Group managed to stay afloat thanks to its wide brand recognition, great success of the introduction of premium toppings, snacks and new products, and the continued support from its loyal customers.
The rise in revenue in FY2022 was mainly attributable to the increase in the number of restaurants in operation, and the steady growth in comparable restaurants revenue in Hong Kong. Meanwhile, operating profit increased by 38.2% to HK$476.7 million, with operating profit margin improving by 1.7 percentage points to 20.9%. This was due to the decrease in staff costs as a percentage of revenue attributable to the improvement of manpower efficiency, and the decrease in depreciation of right-of-use assets, rental and related expenses as a percentage of revenue, attributable to the improvement in its restaurant performance. The Group also continued to achieve a healthy financial position and had cash and cash equivalents of HK$1,365.2 million as at 31 March 2022.
The Board recommends paying a final dividend of HK11.4 cents per share for FY2022, or approximately HK$152.4 million in total.
Business Review
Steady comparable restaurants revenue growth despite 5th wave of COVID-19 outbreak
As part of its strategies in menu design, TJI has launched more than two dozen new products in FY2022 including toppings, soup base, snacks and beverages. The introduction of premium toppings and snacks, combined with successful marketing campaigns as well as a menu price adjustment in February 2022, resulted in an across-the-board increase in the average spending per customer, and the average daily number of bowls served per seat.
During the first three quarters of FY2022, the comparable revenue of TJI’s Hong Kong restaurants had recovered to the pre-COVID-19 level. To mitigate the impact of the 5th wave of COVID-19 outbreak in the last quarter of FY2022, the Group had quickly boosted its takeaway/food delivery capacity, by offering takeaway promotions and maintaining a strong partnership with third-party delivery platforms. It has also carefully managed its supply chain and workforce to minimise service interruptions amid the pandemic. The decrease in dine-in revenue in the last quarter of FY2022 was partially offset by the increase in proportion of takeaway/food delivery revenue.
Striving for improvements
Despite global logistics interruptions, and the upward pressure on the cost of food and beverages consumed in face of the ongoing pandemic, the Group managed to mitigate general cost inflation through supply chain management, and product substitution or upgrade. The integration of the central kitchens of TamJai Yunnan Mixian (“TamJai”) and TamJai SamGor Mixian (“SamGor”) brands also contributed to the reduction in the costs in facilities, enhancement in efficiency, and optimisation of food production. New supply chain management systems were also set up to optimise cost control and to enhance production planning process.
In addition, a Smart Rostering was implemented to help maintain the right level of frontline staff and productivity, and thereby optimise labour costs, as business volume fluctuates in tandem with the pandemic situation. It also made swift decisions regarding restaurant operating hours, renovation projects and restaurant opening schedule by re-assessing the market needs.
Expansion of restaurant network
As of 31 March 2022, TJI operates a total of 175 restaurants, with geographical presence expanding to Japan on 31 March 2022, in addition to the existing markets of Hong Kong, Mainland China and Singapore. The responses it has received from its first restaurant in Japan were overwhelming: hundreds of customers queued for hours outside its Shinjuku restaurant in Tokyo, eager to be among the first to enjoy a steaming noodle bowl packed with Hong Kong flavours and culture. There is clearly an international appetite for authentic Hong Kong food experience. And this has encouraged TJI to continue looking for new global avenues to bring the perfect taste abroad.
In Hong Kong, the Group operates 81 TamJai restaurants, and 81 SamGor restaurants. Its expanding restaurant network is complementary to the delivery service coverage throughout the city, as it is aware of the importance of takeaway and delivery in the industry amid the ongoing pandemic.
In Mainland China, the Group has opened eight restaurants in total under TamJai brand for FY2022, including six in Shenzhen, and two in Guangzhou. In the financial year ending 31 March 2023 (“FY2023”), it plans to open more restaurants in the Greater Bay Area as strategies are being put in place to drive both dine-in and takeaway turnovers.
In Singapore, one new restaurant was opened in March 2022, and some locations of new restaurants have been confirmed in the pipeline for FY2023.
TJI also opened its first restaurant in Shinjuku, Japan on 31 March 2022, and plans to open two more restaurants located in Kichijoji and Ebisu in Tokyo in the first quarter of FY2023.
Prospects
While the past year has been a bumpy ride, TJI has demonstrated resilience and agility in face of unanticipated situations. As the pandemic enters its third year, the Group is optimistic that social restrictions will be lifted gradually, and its growth momentum should resume in Hong Kong, Mainland China, and the overseas markets.
In tune with the fast-changing customer behaviour in tandem with the pandemic’s development, the Group is investing in further enhancing its restaurant-level efficiency in serving dine-in, takeaway and delivery orders. It is also implementing new supply chain management systems in Hong Kong and other markets to optimise cost control and enhance production planning process, which would help cushion itself against logistics hiccoughs and changes in COVID-related policies on movements and mobility.
For the Mainland China market, the initial revenue and customers responses of the new restaurants in Shenzhen and Guangzhou had been favourable, and the business is expected to pick up as soon as the social activities resume.
Riding on the strong rebound in the Singapore market since November 2021, the Group will resume new restaurant opening activities, and adapt its business model to capitalise on the revived consumer sentiment and increase profitability. Besides, it has been encouraged by the rapturous reception of its first restaurant in Tokyo. As market activities have started picking up again in Japan, TJI will keep expanding its network healthily to capture the market momentum with the robust support of its controlling shareholder, Toridoll Holdings Corporation.
Mr. Daren Lau, Chairman, Executive Director and Chief Executive Officer of TJI, said, “We are very pleased to have navigated through the challenges posed by the pandemic in FY2022 with great agility and resilience as we continued to grow our revenue and operating profit margin. The encouraging results have proved our competitive advantages in food and service quality, restaurant operations and supply chain management. On the back of our successful listing in Hong Kong in October 2021, we will further expand our market presence, and bring our one-of-a-kind chain restaurant dining experience and distinctive ‘TamJai Tastes’ all over the world.”
About Tam Jai International Co. Limited (HKEX: 2217)
TJI has been listed on The Stock Exchange of Hong Kong Limited (stock code: 02217.HK) since October 2021. It is one of the largest and most popular fast casual resturant chains and the No.1 Asian noodle specialty restaurant operator in Hong Kong.* It primarily operates the TamJai Yunnan Mixian and TamJai SamGor Mixian brands, with operations in Hong Kong, Mainland China, Singapore and Japan. As at 31 March 2022, the Group operated a total of 175 restaurants. With the first TamJai Yunnan Mixian restaurant and the first TamJai SamGor Mixian restaurant opened in 1996 and 2008 in Hong Kong respectively, it has pioneered and popularised the new mixian trend in Hong Kong.
*In terms of both revenue and number of restaurants in 2020, according to Euromonitor
Topic: Press release summary
Apr 16, 2022 | Books, Business
Preh CEO “Charlie” Cai promotes “shoulder-to-shoulder cooperation” in 2022 between carmakers and suppliers
By: Preh, Inc.
NOVI, Mich. – April 14, 2022 – PRLog — In the past fiscal year, Preh generated sales of EUR 1.34 billion (2020: approx. EUR 1.2 billion). The automotive supplier was thus able to just meet the targets it had set for itself in an extremely difficult market environment. As the external conditions are likely to remain tense in 2022, CEO Zhengxin “Charlie” Cai sees high-cost burdens for the company and the industry as a whole.
Preh’s earnings are also in line with expectations. EBITDA was acceptable overall at EUR 177.7 million (2020: EUR 127.4 million). “We owe this to the highest efforts of the team, which in a joint show of strength has mitigated external cost effects and tapped internal optimization potential—an achievement we can all be very proud of together,” said CEO Cai.
Cai is cautious about the outlook for 2022: “Rising inflation, higher energy costs, enormous price increases in materials purchasing, a shortage of skilled workers and the unstable global political situation—these are all factors that we cannot avoid. These conditions will continue to impact our costs this year, applying not only to Preh, but to the automotive industry as a whole.
“If we want to secure value creation and thus jobs in Germany, we need a joint shoulder-to-shoulder effort by carmakers and suppliers,” said Cai. In the year under review, 7,054 employees worked for Preh; in 2020, the figure was 7,194.
Innovations in the field of HMI and E-Mobility
In 2021, Preh was again able to attract attention through innovation leadership. One highlight was the Ford World Excellence Award in the category “must-have products and services”: for the touchscreen with haptic rotary knob in the Mustang Mach-E and the F-150 Lightning.
“We see great potential in smart surfaces as well as in haptic controls with a high level of function integration and in the combination of touchscreens with haptic operating elements,” observed Cai. “In the growth segment of e-mobility, we supply OnBoard Chargers (OBC) for passenger cars and commercial vehicles. Recently, an OBC went into production in the Volvo XC40 Recharge, and a new bi-directional OBC is currently in development for a well-known automotive brand.”
Overall, the demand for electrically powered vehicles is also making itself felt at Preh. The e-mobility division’s share of total sales rose from 17 percent in 2020 to 20.5 percent in the past fiscal year—an upward trend. Both pillars, HMI and e-Mobility, are to become equally strong in the future.
Sustainability as an integral part of the company vision
Preh’s innovative approach in all areas is evident both on the product side and in its financial structure. In December 2021, for example, the company concluded a syndicated loan with Commerzbank that is tied to sustainability criteria.
“The loan managed by Commerzbank places particular emphasis on environmental, social and corporate governance criteria. We have positioned ourselves for the future also in this respect and at the same time created the necessary stability and flexibility to cope with market turbulence and to finance growth,” emphasized Cai.
About Preh
As a global automotive supplier, the Preh Group currently employs around 7,000 people and in 2021 achieved sales of around EUR 1.3 billion. Preh was founded in Bad Neustadt a. d. Saale in 1919 and since 2011 has been part of the Joyson Group. Preh’s development and manufacturing expertise includes, in particular, HMI systems for cars and commercial vehicles, as well as e-mobility components in the low-voltage and high-voltage range.
As a subsidiary of the listed Joyson Electronics Corp. (600699: Shanghai), Preh is the Automotive Electronics division within the Joyson group of companies, Ningbo (China), founded by Jeff Wang in 2004. For more information, please visit http://www.preh.com
Mar 21, 2022 | Business
Border Roads Organisation (BRO) opened the gateway between Union Territories of Ladakh and Jammu & Kashmir – the Zoji La Pass – for traffic on Srinagar-Kargil-Leh road at 11,650 feet on March 19, 2022, setting up an all-time record of the pass being opened after just 73 days of its closure this year. This is the first time BRO has been able to achieve the feat, after it had kept the pass open till January 05, 2022 through relentless snow clearance operations amidst tough weather conditions.
Since February 15, 2022, the snow clearance operations were undertaken from both sides of the pass by Project Beacon and Vijayak, located in J&K and Ladakh respectively. After sustained efforts, the connectivity across Zoji La Pass was initially established on March 04, 2022. Thereafter, efforts were made to improve the road conditions to create safe passage of vehicles. First convoy of vehicles carrying essential fresh supplies moved across the Zoji La Pass and reached Kargil bringing much needed relief to the people of Ladakh. Usually, the Zoji La Pass used to remain closed for around 160-180 days during winters on account of heavy snowfall.
Various dignitaries from civil administration and the Indian Army, including Director General Border Roads (DGBR) Lt Gen Rajeev Chaudhry, were present during the re-opening of the pass. Lauding the efforts of Project Beacon and Vijayak, the DGBR said, early opening of Zoji La Pass will not only bolster the defence preparedness of the country, but will also facilitate the movement of essential commodities to the people of Ladakh. He added that the opening of the pass will assist BRO to stock the material required for construction of important infrastructure projects in Ladakh. He reiterated BRO’s commitment to be in the forefront in Nation Building.
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