cadsys india ltd Directors report

For the year ended 31^st March 2023

To,

The Members,

Cadsys (India) Limited

Dear Members,

Your Directors are pleased to present the 31^st Annual Report of your Company on the business and operations of the Company together with the Audited Financial Statements for the financial year ended on 31^st March 2023, the Boards Report and the Auditors Report thereon. The summary of financial performance of the Company and its Subsidiaries for the year under review is given hereunder:

DISCLOSURES AS PER RULE 8(5) OF COMPANIES (ACCOUNTS) RULES, 2014:

FINANCIAL HIGHLIGHTS

(Rs in Lacs)

	Standalone		Consolidated
Particulars	For the financial year 2022-23	For the financial year 2021-22	For the financial year 2022-23	For the financial year 2021-22
Total Revenue	2181.93	1,518.78	17,893.84	6,806.67
Total Expenses	2036.00	1,459.70	17,107.76	7,535.31
Finance Cost	84.38	49.76	338.10	156.02
Depreciation	69.81	42.40	467.19	326.37
Exceptional Items	-	-	-	(293.50)
Profit before Tax	145.93	59.08	786.08	(435.14)
Tax Expense	33.43	25.72	38.91	64.77
Profit after Tax	112.50	33.36	468.80	(455.05)
Earnings per share (Basic &Diluted)	1.50	0.44	6.25	(6.07)

FINANCIAL PERFORMANCE

During the year under review, the performance of the Company has improved multifold times and both on the Standalone and consolidated basis. On Standalone front - the revenue for the year was Rs. 2181.93 lacs as against Rs. 1,518.78 lacs for the previous year. The PAT attributable to the members was Rs. 112.50 lacs as against Rs. 33.36 lacs for the previous year.

Your Directors are continuously making effort for the future growth and expansion of the Company by exploring all possible avenues in the market both in India and abroad.

Further, during the year under review, there were no changes in the Nature of Business of the Company. EXPORTS

The exports of the Company continue to be a major chunk of revenue accounting for a volume of Rs. 2017.82 lacs as against Rs. 1,459.85 lacs in previous year.

TRANSFER TO RESERVES IN TERMS OF SECTION 134(3)(J) OF THE COMPANIES ACT, 2013

For the financial year ended on 31^st March, 2023, the Company has not transferred any amount to Reserves.

DIVIDEND

With a view to conserve the resources in long run, your Board of Directors has not recommended any dividend for the financial year ended 31^st March, 2023.

TRANSFER OF UNPAID & UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the provisions of the Companies Act, 2013, read with IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, declared dividends along with underlying equity shares which remained unpaid or unclaimed for a period of seven years are supposed to be transferred to IEPF. Presently, there is no amount which is required to be transferred to IEPF by the Company. However, the details of unpaid and unclaimed dividend can be accessed on Companys website i.e., https://www.cadsvstech.com/investor/.

SHARE CAPITAL

Pursuant to In-principle approvals granted by National Stock Exchange of India Limited - NSE Emerge vide their respective letters dated 02^nd March, 2023 and approval of members at the Extra-Ordinary General Meeting of the Company held on 03^rd March, 2023, the Board of Directors at its Meeting held on 17^th March, 2023 has considered and approved the Allotment of 25,00,000 (Twenty Five Lakhs) convertible warrants on preferential basis ("Warrants") at a price of Rs. 50/- (Rupees Fifty Only) per Warrant ("Warrant Issue Price") each convertible into and exchangeable for 1 (One) fully paid-up Equity Share of the face value of Rs. 10/- (Rupees Ten only) each of the Company ("Equity Shares") at a premium of Rs. 40/- (Rupees Forty Only) within a period of 18 (Eighteen) months from the date of allotment of the Warrants, for an amount upto Rs. 12,50,00,000/- (Rupees Twelve Crores Fifty Lakhs Only).

To accommodate the said conversion of warrants into equity shares of the Company, the Company has increased its authorized share capital from Rs. 850 lacs comprising of 85 lacs Equity Shares of Rs. 10/- each to Rs. 1200 lacs comprising of 120 lacs Equity Shares of Rs. 10/- each vide approval of members at the Extra Ordinary General Meeting of the Company held on 03^rd March, 2023. The issued, subscribed and the Paid-up Share Capital of your Company as on 31^st March, 2023 is Rs 750.25 lacs.

EXTRACT OF ANNUAL RETURN

In accordance with the Companies Act, 2013, the annual return in the prescribed format is available at http://www.cadsystech.com/investor/.

EXTRACT OF ANNUAL RETURN

The Board represents an optimum mix of professionalism, knowledge and experience. The Companys policy is to maintain optimum combination of Executive, Non-Executive Directors and Independent Directors.

Following were the Directors and Key Managerial Personnel of the Company as on 31^st March, 2023:

S. No.	Name of the Directors	Designation	DIN/PAN
1.	Nallani Chakravarthi Venkata Rangacharya	Managing Director	01067596
2.	Nallani Chakravarthi Padmaja	Whole-Time Director and Chief Finance Officer	01173673
3.	Madhavi Chilakamarri	Non-Executive Director	01067690
4.	Sripadarajan Nagarajan	Non-Executive Director	05262644
5.	Sai Sridhar Sangineni	Independent & Nonexecutive Director	03274134
6.	Appala Charyulu Chilakamarri	Independent & Nonexecutive Director	01601712
7.	Babladi Shailaja	Company Secretary and Compliance Officer	ARXPB4192L

Changes during the Financial Year ended 31^st March, 2023:

I. Cessation and Appointment of Director/KMP:

During the year under review, there was no Change in the Composition of Board of Directors.

I. Retire by Rotation:

In accordance with the provisions of the Companies Act, 2013, Mrs. Madhavi Chilakamarri, Director of the company retires by rotation at the ensuing AGM of the Company and being eligible, offers herself for reappointment. The brief profile of the Director is presented in this Annual Report.

DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6), Code for independent directors of the Companies Act, 2013 and of the Listing Regulations.

In the opinion of the Board, the Independent Directors possess there requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Companies Act, 2013 (the Act) as well as the Rules made thereunder and are independent of the management.

COMPOSITION OF VARIOUS COMMITTEES OF BOARD OF DIRECTORS OF THE COMPANY & ITS MEETINGS

The Board had constituted various Committees as required under the provisions of Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The provisions of Companies Act, 2013 read with Secretarial Standard - 1 issued by the Institute of Company Secretaries of India (ICSI) and SEBI (LODR) Regulations, 2015 were adhered while conducting Committee Meetings. The details of various committees constituted by the Board are covered hereunder:

I. AUDIT COMMITTEE:

Audit Committee was constituted to monitor, oversee and provide effective supervision of the managements financial reporting process with a view to ensuring accurate, timely and proper disclosure and transparency, integrity and quality of financial reporting. The Committee adheres to the compliance with the applicable provisions under the Companies Act, 2013 and rules made thereunder. The committee policy is available on the website, at http://www.cadsvstech.com/investor/

During the year under review, there was no change in the Composition of the Audit Committee. As such, the Composition of the members of the Committee are shown below.

Composition of Audit Committee:

Sl. No.	Name of the Director/KMP	Designation in the Committee
1.	Appala Charyulu Chilakamarri	Chairman
2.	Sai Sridhar Sangineni	Member
3.	Nallani Chakravarthi Venkata Rangacharya	Member
4.	Babladi Shailaja	Secretary

Details of Audit Committee Meetings:

The Audit Committee met 5 times during the year under review on 30^th May, 2022, 07^th September, 2022, 12^th September 2022, 14^th November, 2022 and 17^th March, 2023. The necessary quorum was present for all the meetings held during such year. The details of attendance of each Member at the Audit Committee meetings held during the year are as under:

S. No.	Name of the Director/KMP	Number wise meetings attendance					No. of Meetings Attended
		1	2	3	4	5
1.	Appala Charyulu Chilakamarri	YES	YES	YES	YES	YES	5
2.	Sai Sridhar Sangineni	YES	YES	YES	YES	X	4
3.	Nallani Chakravarthi Venkata Rangacharya	YES	YES	YES	YES	YES	5
4.	Babladi Shailaja	YES	YES	YES	YES	YES	5

I. NOMINATION AND REMUNERATION COMMITTEE:

The Committee was constituted to screen and review individuals qualified to serve as executive directors, non- Executive directors and independent directors, consistent with criteria approved by the Board, and to recommend, for approval by the Board, nominees for election at the General Meeting. The Committee also designs, benchmarks and continuously reviews the compensation program for the Board and senior management against the achievement of measurable performance goals. The Committee adheres to the compliance with the provisions of Section 178 of the Companies Act, 2013 and rules made thereunder. The committee also regularly reviews from time to time the policy for selection and appointment of Directors, Key Managerial Personnel and senior management employees and their remuneration.

During the year under review, there was no change in the Composition of the Nomination and Remuneration Committee. As such, the composition members of the Committee are shown below.

Composition of Nomination and Remuneration Committee:

Sl. No.	Name of the Directors	Designation in the Committee
1.	Sai Sridhar Sangineni	Chairman
2.	Sripadarajan Nagarajan	Member
3.	Appala Charyulu Chilakamarri	Member
4.	Babladi Shailaja	Secretary

Details of Nomination and Remuneration Committee Meetings:

The Nomination and Remuneration Committee met 2 times during the year under review on 30^th May, 2022 and 07^th September, 2022. The necessary quorum was present for both the meetings. The details of attendance of each Member at the Nomination & Remuneration Committee meetings held during the year are as under:

S.No.	Name of the Director	Number wise meetings attendance		No. of Meetings Attended
		1	2
1.	Sai Sridhar Sangineni	YES	YES	2
2.	Sripadarajan Nagarajan	YES	YES	2
3.	Appala Charyulu Chilakamarri	YES	YES	2
4.	Babladi Shailaja	YES	YES	2

I. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee was constituted to review matters related to grievances of Shareholders and Investors. The committee primarily focuses on review of investor complaints, its redressal and queries received from investors i.e.., transfer of Shares, issue of Duplicate Share Certificates, non-receipt of Annual Reports, Dematerialization/ Re-materialization etc. and reviews the reports presented by the Share Transfer Agents of the Company. The Committee adheres to the compliance with the applicable provisions of Companies Act, 2013 and rules made thereunder.

Composition of the Stakeholders Relationship Committee:

S. No.	Name of the Directors	Designation in the Committee
1.	Madhavi Chilakamarri	Chairperson
2.	Nallani Chakravarthi Padmaja	Member
3.	Nallani Chakravarthi Venkata Rangacharya	Member

BOARD MEETINGS

The provisions of Companies Act, 2013 read with Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) and SEBI (LODR) Regulations, 2015 were adhered while conducting Board Meetings. The details of the Board Meetings are covered hereunder:

Details of Board Meetings:

During the FY 2022-23, the Board of Directors met 06 times dated 30^th May, 2022, 07^th September, 2022, 12^th September, 2022, 14^th November, 2022, 02^nd February, 2023 and 17^th March, 2023.

S.No.	Name of the Director	Number wise meetings attendance						No. of Board Meetings Attended
		1	2	3	4	5	6
1.	Nallani Chakravarthi Venkata Rangacharya	YES	YES	YES	YES	YES	YES	6
2.	Nallani Chakravarthi Padmaja	YES	YES	YES	YES	YES	YES	6
3.	Madhavi Chilakamarri	YES	YES	YES	YES	YES	YES	6
4.	Sripadarajan Nagarajan	YES	YES	YES	YES	YES	YES	6
5.	Sai Sridhar Sangineni	YES	YES	YES	YES	X	X	4
6.	Appala Charyulu Chilakamarri	YES	YES	YES	YES	YES	YES	6

COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, The Company complies with all applicable secretarial standards issued by the Institute of Company Secretaries of India.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive, non-executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As of March 31, 2023. The details of Board and committee composition, and other details are available in the corporate information that forms part of this Integrated Annual Report. The policy of the Company on directors appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website, at http://www.cadsystech.com/investor/

We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

PERFORMANCE EVALUATION OF THE BOARD

The Board of Directors has carried out an annual evaluation of its own performance, Board Committees and individual Directors pursuant to the provisions of the Companies Act, 2013 and rules made thereunder.

The performance of the Board and the committees was evaluated by the Board, after seeking inputs from all the Directors and the members of the Committees, on the basis of the criteria such as the composition and structure, effectiveness of Board and Committee processes, information and functioning, etc. The Board and the Nomination and Remuneration Committee reviewed the performance of the individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and Committee Meetings.

Separate meeting of Independent Directors was held to evaluate the performance of non-independent Directors, performance of the Board as a whole taking into account the views of Executive Directors and NonExecutive Directors.

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors state that:

(I) For the preparation of the annual financial statements for the year ended 31^st March, 2023, the applicable accounting standards have been adopted and followed;

(ii) The applicable accounting policies are applied consistently to make judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs and profits of the company as at the end of the financial year under review;

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) The Directors have prepared the annual accounts on a "going concern basis";

(v) Proper internal financial controls were in place and followed by the Company and that such internal financial controls are adequate for effective operations; and

(vi) Proper systems are devised by the Company to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO

A. Conservation of energy:

(i)	the steps taken or impact on conservation of energy	Efforts are made towards minimizing wastage in all areas of operations of the Company.
(ii)	the steps taken by the company for utilizing alternate sources of energy
(iii)	the capital investment on energy conservation equipments	No additional investment was made for reduction in consumption of energy.

B. Technology absorption:

During the year under review there has been no transaction of technology absorption.

C. Foreign Exchange earnings and outgo (Rs in Lacs):

Particulars	Financial Year 2022-23	Financial Year 2021-22
Foreign Exchange Earnings	1108.39	1,307.01
Foreign Exchange Outgo	7.41	5.27

CONSOLIDATED FINANCIAL STATEMENTS OF SUBSIDIARIES

As on 31^st March, 2023 your Company has following subsidiaries:

Sl. No	Name of the Company	Percentage of Holding
1)	Apex Engineers (India) Private Limited	80%
2)	Apex Advanced Technology LLC, USA	63.50%
3)	Cadsys Technologies LLC, USA	96.87%

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of Financial Statements of subsidiary companies in Form No. AOC-1 forms part of Boards Report as "ANNEXURE-I".

COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES/JOINT VENTURES AND ASSOCIATE

There are no other companies which have become or ceased to be its subsidiaries/joint venture/associate companies during the year.

RELATED PARTY TRANSACTIONS

All the related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. The Particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in the prescribed Form AOC-2 pursuant to clause (h) of subsection (3) of section134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, forms part of this report as "ANNEXURE-II".

UNSECURED LOANS FROM DIRECTORS/ RELATIVES OF DIRECTORS

During the year under review, the Company has not accepted any unsecured loans from Directors/Relatives of Directors pursuant to provisions of Companies Act, 2013.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the financial statements provided in this Annual Report.

DEPOSITS

The Company has not accepted any public deposits and as such no amount on account of principal or interest on public Deposits was outstanding as on 31^st March, 2023.

PARTICULARS OF EMPLOYEES AND REMUNERATION

The information required under section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this report as "ANNEXURE-III". Further, the Company has no employee drawing remuneration exceeding the limits prescribed under Section 197(12) of Companies Act, 2013 read with Sub-Rule 2 of Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

RISK MANAGEMENT

Risk management is the process of identification, assessment, and prioritization, of risk followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. The Company has laid a comprehensive risk assessments and minimization procedure which is reviewed by the Audit Committee and approved by Board.

VIGIL MECHANISM

In accordance with the provisions of Section 177 of the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015, the Company has formulated a vigil mechanism to address the instances of fraud and mismanagement, if any. The policy can also be accessed on the Companys website, the web address for which is http://www.cadsvstech.com/investor/.

MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report for the year under review as stipulated under Regulation 34(2)(e) of the SEBI (LODR) Regulations, 2015 is presented in a separate section forming part of this Annual Report.

CORPORATE GOVERNANCE

The Company is listed under Chapter XB of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, i.e., on SME Platform of National Stock Exchange of India Limited - NSE EMERGE. As such, according to Regulation 15(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliances with respect to Corporate Governance disclosures are not applicable to your Company. However, your Company strives to incorporate the appropriate standards for Corporate Governance in the interest of the stakeholders of the Company.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIALPOSITION OF THE COMPANY

Except as disclosed elsewhere in this report, there have been no other material changes and commitments, which can affect the financial position of the Company, occurred between the end of the financial year of the Company and date of this report.

IMPACT OF COVID-19 PANDEMIC:

Cadsys is continuing to monitor and gauge the situation of the pandemic from time to time. In addition, the Government relaxing the COVID norms, the company has adopted hybrid working mode - partly work from home, partly work from office. With the pandemic still not completely behind us, we continue to monitor the global situation and will continue to keep the best interests of our employees, customers and partners as the topmost priority.

COMPLIANCE WITH PROVISIONS OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company is committed to uphold and maintain the dignity of woman employees and Company has in place a POSH policy as required under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. A copy of the policy can also be accessed on the Companys website, the web address for which is http://www.cadsvstech.com/investor/ .

Your Company has constituted Internal Complaints Committee as required under the said Act to oversee the complaints received, if any, and redress the same. Your Directors further state that during the year under review, there were no cases filed pursuant to said Act. Also, Company frequently conducts workshops/ programmes for all the employees/ staff briefing them about the Act and the rights of women employees at the workplace.

OTHER DISCLOSURES PURSUANT TO THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2021:

Ministry of Corporate Affairs vide its notification dated 24^th March, 2021 has come up with the Companies (Accounts) Amendment Rules, 2021 mandating the Companies to disclose the following details under rule 8, in sub-rule (5) of The Companies (Accounts) Rules, 2014 w.e.f 01^st April, 2021. Details pursuant to said amendment are as follows:

Details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year.	During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code, 2016.
Details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons there of.	During the year under review, there has been no one time settlement of loans taken from the banks and Financial Institutions.

CORPORATE SOCIAL RESPONSIBILITY

The Company is not required to constitute a Corporate Social Responsibility Committee as it does not fall within purview of Section135(1) of the Companies Act, 2013 and hence it is not required to formulate policy on corporate social responsibility.

ORDERS, IF ANY, PASSED BY REGULATORS OR COURTS OR TRIBUNALS

During the year under review, there were no significant material orders passed by the Regulators or Courts or Tribunals, which could adversely impact the going concern status of the Company and its operations in the future.

INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY

Your Company is committed to constantly improve the effectiveness of internal financial controls and processes for the efficient conduct of its business operations and ensuring security to its assets and timely preparation of reliable financial information. In the opinion of the Board, the internal financial control system of the Company is commensurate with the size, scale and complexity of business operations of the Company. Further, the internal financial controls concerning the Financial Statements are adequate in the opinion of the Board of Directors and were operating effectively.

The Company has a proper system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and that the transactions are authorized, recorded and reported correctly.

The internal control is supplemented by an extensive programme of internal, external audit and periodic review by the Management. This system is designed to adequately ensure that financial and other records are reliable for preparing financial information and other data and maintaining assets accountability.

STATUTORY AUDITORS

Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed thereunder, the Company in its 28^th Annual General Meeting (AGM) had appointed M/s Darapaneni & Co., Chartered Accountants (Firm registration No. 000685S), Chartered Accountants, as Statutory Auditors of the Company, for a term of five consecutive years, from the conclusion of that Annual General Meeting till the conclusion of the 33^rd Annual General Meeting to be held in the year 2025.

Further the remuneration of the Auditors shall be fixed by the Board of Directors of the Company in consultation with the Auditors.

INTERNAL AUDITORS:

M/s J. Madhava & Co., Chartered Accountants, were appointed during the year under review to perform the duties of internal Auditors of the Company and their reports are reviewed by the Audit Committee from time to time.

SECRETARIAL AUDITORS:

Pursuant to the provisions of Sections 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the company has appointed M/s Atluri Ramesh & Associates, Company Secretaries to undertake the Secretarial Audit of the Company for the year ended on 31^st March 2023. The Secretarial Auditors Report for the year ended 31^st March 2023 forms part of this report as "ANNEXURE-IV".

COST AUDITORS:

In terms of Cost (Records and Audit) Amendment Rules, 2014 dated 31^st December 2014 issued by the Central Government, the requirement for Cost Audit is not applicable to the Company.

REPORTING OF FRAUDS BY THE AUDITORS

During the year under review, neither the statutory auditors nor the secretarial auditor has reported to the Audit Committee, under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Boards report, which forms part of this Integrated Annual Report.

ACKNOWLEDGEMENTS

Your Directors wish to place on record their gratitude to members for the confidence reposed by them and thank all the members, customers, Bankers, Registrar to the Company, dealers, suppliers and other business associates for their contribution to your Companys growth. Your Directors also wish to place on record their appreciation for the contribution made by the employees at all levels without whom the growth of the Company is unattainable. Your Directors also thank the Central/State Government, for their support. Your Directors seek and look forward for the same support in future.

	For and on behalf of Board of Directors
	Cadsys (India) Limited
	Sd/-	Sd/-
	N.C.V. Rangacharya	N.C Padmaja
Date: 29th May, 2023	Managing Director	Whole Time Director
Place: Hyderabad	DIN:01067596	DIN: 01173673