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Our Bureau

Chennai , June 24

POLARIS Software Lab has invested an additional Rs 12 crore during 2004-05 in Optimus Outsourcing Company Ltd, which spearheads the company's BPO (business process outsourcing) initiatives.

With the new investment, the company's total investment in Optimus was at Rs 17 crore, according to Polaris' annual report 2004-2005.

For the year ended March 31, Optimus registered a net loss of Rs 7 lakh on revenue of Rs 2.94 crore, the report says.

Optimus provides a complete spectrum of back office services in the banking and financial services sector. During 2004-05, Polaris incorporated Polaris Software Lab Canada with an initial investment of Canadian $296,350 to provide near shore support to the US market, the report adds.

Except Optimus and the Canadian subsidiary, all the other subsidiaries of Polaris reported profits during 2004-05. The Singapore subsidiary reported a net profit of Rs 7.54 crore on revenues of Rs 72.53 crore. The German subsidiary reported a net profit of Rs 3 crore on revenues of Rs 26.38 crore, and the UK subsidiary a net profit of Rs 2.71 crore on revenues of Rs 60.01 crore. The Japanese subsidiary reported a net profit of Rs 1.01 crore on revenues of Rs 25.05 crore and the Swiss subsidiary had a net profit of Rs 1.14 crore on revenues of Rs 6.30 crore, the annual report says.

The company's other subsidiaries — Polaris Retail, Polaris Australia and Polaris Ireland - - reported net profit of less than Rs 1 crore.Polaris' equity ownership interest in Adrenalin Systems Ltd (formerly known as Empower Works Ltd) has reduced to 46.59 per cent from 49 per cent. Adrenalin is engaged in the business of providing specific solutions to human relations suite of software solutions and products, the annual report says.

A retired judge has been appointed as a mediator by a US District Court to resolve the dispute between Polaris and the US-based Data Inc, and the mediation proceedings are continuing. It may be recalled that Mr Arun Verma and Data Inc. have filed a complaint against Polaris in a US Court for damage of $100,000 towards breach of contract and fraud, for non-acquisition of Data Inc.

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