To
The Members, AJEL LIMITED
Your Directors hereby present their 29th Annual Report on the business and
operations of your Company for the financial year ended March 31st, 2023.
Financial Results
The standalone and consolidated financial performance of the Company for the financial
year ended March 31st, 2023 is summarized below:
(Amount in Lakh)
|
Standalone |
Consolidated |
Particulars |
Current |
Previous |
Current |
Previous Year |
|
Year |
Year |
Year |
31-03-2022 |
|
31-03-2023 |
31-03-2022 |
31-03-2023 |
|
| Gross Revenue from Operations |
317.53 |
219.11 |
813.51 |
414.65 |
| Other Income |
0.07 |
-Nil- |
0.07 |
-Nil- |
| Total Revenue |
317.60 |
219.11 |
813.58 |
414.65 |
| Total Expenditure |
352.92 |
238.83 |
828.75 |
422.37 |
| Profit / (loss) Finance Costs, |
(35.32) |
(19.72) |
(11.58) |
(5.36) |
| Exceptional items and Tax |
|
|
|
|
| Finance Costs |
-Nil- |
-Nil- |
3.59 |
2.36 |
Profit / (loss) Before Exceptional items and Tax |
(35.32) |
(19.72) |
(15.18) |
(7.73) |
| Less: Exceptional items |
(40.23) |
(11.11) |
(94.51) |
(15.52) |
| Profit/ (loss) Before Tax |
4.91 |
(8.61) |
79.33 |
7.80 |
| Less: - Deferred Tax |
(1.68) |
(1.68) |
(1.68) |
(1.68) |
| Profit / (loss) After Tax |
6.60 |
(6.93) |
81.01 |
9.48 |
| Other Comprehensive Income |
19.02 |
43.73 |
19.02 |
43.73 |
| (OCI) |
|
|
|
|
| Total Comprehensive Income |
25.61 |
36.80 |
100.03 |
53.21 |
Review of Performance and state of the companys affairs;
During the year under review, the overall performance of the Company was reasonable,
the management is determined to achieve the targeted avenues, to take the company on the
new heights. Members will notice that the revenue on a standalone basis increased to Rs.
3,17,53,000/- as against Rs. 2,19,11,000/- for the previous year. Members will further
notice that the revenue from operations on a consolidated basis increased to Rs.
8,13,51,000/- as against Rs. 4,14,65,000/- of the previous year.
The Company incurred Net Profit of Rs. 25,61,000/- in the Current Year, as compared to
the Net Profit of Rs. 36,80,000/- in the Previous year.
The Company is continuously striving to improve efficiency and deliver excellence in
its professional services and project execution. The Company has identified new avenues
for growth and is focusing its energies to develop business. The Company continues to
focus on delivering services to its identified market segments in its core technology
areas. It continues to align its sales and delivery organizations to an offshore centric
model as well as big foray into Domestic market.
Dividend;
Board of Directors have not recommended any dividend for the Financial Year 2022-23.
Transfer to Reserves;
There were no transfers to Reserves during the Financial Year 2022-23.
Share Capital;
The Authorized Share Capital of the Company stands at Rs. 12,00,00,000/- (Rupees Twelve
Crores only) divided into 1,20,00,000 (One Crore Twenty Lakhs) Equity Shares of Rs. 10/-
(Rupees Ten) each.
As on date Paid up Share Capital stands at Rs. 11,65,00,000/- (Rupees Eleven Crores
Sixty-Five Lacs) divided into 1,16,50,000 (One Crore Sixteen Lakhs and Fifty Thousand)
equity shares of Rs. 10/- each.
The Company has not issued any shares with differential rights and hence no information
as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies
(Share Capital and Debenture) Rules, 2014 is furnished.
Consolidated Financial Results:
Pursuant to Regulation 33 of SEBI (Listing Obligations & Disclosures Requirements)
Regulations 2015, and the Companies Act, 2013, the Consolidated Financial Statements
prepared as per Companies Act, 2013 and Accounting Standards, duly audited forms part of
the Annual Report.
Listing;
The Company entered into Listing agreement with the BSE Limited.
Board of Directors and Key Managerial Personnel:
The Board of Directors of your Company is duly constituted.
Proposed Reappointment:
The Directors on the Board of Directors of the Company are appointed for specific
terms. And also, the Executive Directors who are appointed on Board as on date are
eligible to retire by rotation as per their terms of appointment, hence, the resolution
for the same is proposed in the Notice of 29th Annual General Meeting.
The Board of Directors of your Company is duly constituted with a Managing Director, a
Whole Time Director, one executive Director and Three Non-Executive Independent Directors.
During the period under review the following changes took place in the Board:
1. Mr. Sridhar Reddy Gireddy (DIN: 00948239), has resigned from the Company as
Director w.e.f. 05.05.2022
2. Mr. Ashrith Reddy Gireddy (DIN: 09568296), was appointed as an Additional
Director of the Company by the Board of the Company w.e.f. 05.05.2022.
3. Members of the Company at their 28th Annual General meeting held
on 30.09.2022 has regularized the appointment of Mr. Ashrith Reddy Gireddy (DIN: 09568296)
as the Executive Director of the Company.
4. Mr. Srinivasarao Yelamanchili (DIN: 07766151), was appointed as an Additional
Director of the Company by the Board of the Company w.e.f. 26.09.2022.
5. Mr. Sirangivi (DIN: 08578821), has resigned from the Company as Independent
Director w.e.f. 26.09.2022
6. Mr. Rama Rao Madasu (DIN: 01954086), was appointed as an Additional Director
of the Company by the Board of the Company w.e.f. 11.11.2022
7. Ms. Shruthi Rathi, has resigned from the Company as the Company
Secretary/Compliance Officer of the Company w.e.f. 04.01.2023.
8. Members of the Company at their Extra Ordinary General meeting held on
23.03.2023 has regularized the appointment of Mr. Srinivasarao Yelamanchili (DIN:
07766151) and Mr. Rama Rao Madasu (DIN: 01954086) as the Independent Director of the
Company
9. Mr. Srinivasarao Yelamanchili (DIN: 07766151), and Mr. Narendra Parupalli
(DIN: 08369204) has resigned from the Company as Independent Director w.e.f.
04.05.2023 10. Mrs. Pasupuleti Madhavilatha (DIN: 07329817), was appointed as an
Additional Director of the Company by the Board of the Company w.e.f. 04.05.2023. 11. Mr.
Rishabh Dev Chauhan (M.No: 71439), was appointed as the Company Secretary/Compliance
Officer of the Company w.e.f. 05.05.2023
12. Mr. Venkata Stayanarayana Reddy Chintakuntla (DIN: 08582621), was appointed as an
Additional
Director of the Company by the Board of the Company w.e.f. 10.07.2023.
13. Mr. Sumanth John Wesley Kumaraswamy (DIN: 08369205), has resigned from the Company
as
Independent Director w.e.f. 10.07.2023
Number of meetings of the Board:
During the period under review 7 (Seven) Board meetings were held on 05-05-2022,
30-05-2022, 11-08-2022, 26-09-2022, 11-11-2022, 31-01-2023 and 24-02-2023 and the gap
between any two Board Meetings is within the period prescribed by the Companies Act, 2013
and SEBI (LODR) Regulations, 2015.
Declarations by Independent Directors:
The Company has received declarations form the Independent Director under Section
149(6) of the Companies Act, 2013 confirming their independence vis-?-vis the Company.
Board evaluation and assessment;
The company believes formal evaluation of the board and of the individual directors, on
an annual basis, is a potentially effective way to respond to the demand for greater board
accountability and effectiveness. For the company, evaluation provides an ongoing means
for directors to assess their individual and collective performance and effectiveness. In
addition to greater board accountability, evaluation of board members helps in; a. More
effective board process b. Better collaboration and communication c. Greater clarity with
regard to members roles and responsibilities d. Improved chairman managing directors and
board relations The evaluation process covers the following aspects
- Self-evaluation of directors
- Evaluation of the performance and effectiveness of the board
- Evaluation of the performance and effectiveness of the committees
- Feedback from the nonexecutive directors to the chairman
- Feedback on management support to the board. Familiarization Programme for
Independent Directors;
The Company shall through its Senior Managerial personnel familiarize the Independent
Directors with the strategy, operations and functions of the Company. The Independent
Directors will also be familiarized with their roles, rights and responsibilities and
orientation on Statutory Compliances as a Board Member. On appointment of the Independent
Directors, they will be asked to get familiarized about the Companys operations and
businesses. An Interaction with the key executives of the Company is also facilitated to
make them more familiar with the operations carried by the company. Detailed presentations
on the business of the company are also made to the Directors. Direct meetings with the
Chairman and the Managing Director are further facilitated for the new appointee to
familiarize him/her about the Company/its businesses and the group practices as the case
may be and link is available at the website www.ajel.in
Directors Responsibility Statement;
Pursuant to the requirement under section 134 (3) and (5) of the Companies Act 2013,
with respect to
Directors Responsibility Statement, your board of directors to the best of their
knowledge and ability confirm that:
a. in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
b. such accounting policies have been selected and applied consistently and the
Directors made judgments and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at 31st March,
2023 and of the profit/loss of the Company for that year;
c. proper and sufficient care was taken for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
d. the annual accounts of the Company have been prepared on a going concern basis; e.
internal financial controls have been laid down to be followed by the Company and that
such internal financial controls are adequate and were operating effectively; f. proper
systems have been devised to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively;
AUDIT COMMITTEE;
The Audit Committee of the Company is duly constituted as per section 177 of the
Companies act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Composition and Scope of Audit Committee is as follows As
one of the members of the committee, Mr. Sirangivi (DIN: 08578821), Independent
Director, has resigned from the board on 26th September 2022, the Audit
Committee was again reconstituted w.e.f 26.09.2022 by appointing Mr. Srinivasarao
Yelamanchili (DIN: 07766151)as a member of the committee, who satisfies the criteria
of having at least 2/3rd of the members of the committee as Independent
Directors on board as per Section 177 of the companies act, 2013 and Regulation 18 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, Mr.
Srinivasarao Yelamanchili (DIN: 07766151), Independent Director, has resigned from the
board on 04.05.2023, the Audit Committee was again reconstituted w.e.f 04.05.2022 by
appointing Mrs. Pasupuleti Madhavilatha (DIN: 07329817)as a member of the
committee, who satisfies the criteria of having at least 2/3rd of the members
of the committee as Independent Directors on board as per Section 177 of the companies
act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Further, Mr. Sumanth John Wesley Kumaraswamy (DIN: 08369205), Independent
Director, has resigned from the board on 10.07.2023, the Audit Committee was again
reconstituted w.e.f 10.07.2023 by appointing Mr. Venkata Stayanarayana Reddy
Chintakuntla (DIN: 08582621) as a member of the committee, who satisfies the criteria
of having at least 2/3rd of the members of the committee as Independent
Directors on board as per Section 177 of the companies act, 2013 and Regulation 18 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The following are the members of the Audit Committee:
| S. Name |
Category of Director |
Designation |
| No |
|
|
| 1. Mr. Rama Rao Madasu |
Independent Director |
Chairperson |
| 2. Mr. Venkata Stayanarayana Reddy Chintakuntala |
Independent Director |
Member |
| 3. Mrs. Madhavi Latha Pasupuleti |
Whole time Director |
Member |
During the Period under review Audit committee has met 6 (Six) times in a year
Scope of Committee:
The terms of reference of the Audit Committee include the following: a. Oversight of
the Companys financial reporting process and the disclosure of its financial information
to ensure that the financial statement is correct, sufficient and credible;
b. Recommending the appointment, removal of external auditors, fixation of audit fee,
terms of appointment and also approval for payment for any other services.
c. Reviewing with the management, the annual financial statements and auditors report
thereon before submission to the Board for approval, focusing primarily on:
? Matters required to be included in the directors responsibility statement to be
included in the boards report in terms of clause (c) of sub-section (3) of Section 134 of
the Companies Act, 2013;
? Any changes in accounting policies and practices and reasons for the same;
? Major accounting entries involving estimates based on the exercise of judgment by
management;
? Qualifications in the draft audit report;
? Significant adjustments made in the financial statements arising out of audit;
? The going concern assumption;
? Compliance with accounting standards;
? Compliance with listing and legal requirements concerning financial statements; d.
Reviewing, with the management and auditors, and the adequacy of internal control systems;
e. Review and monitor the auditors independence and performance, and effectiveness of
audit process;
f. Reviewing, with the management, the quarterly financial statements and auditors
report before submission to the Board for approval; g. Reviewing, with the management, the
statement of uses/application of funds raised through an issue, the statement of funds
utilized for purposes other than those stated in the offer document/prospectus/notice and
the report submitted by the monitoring agency monitoring the utilization of proceeds of a
public or rights issue, and making appropriate recommendations to the board to take up
steps in this matter;
h. Approval or any subsequent modification of transactions of the listed entity with
related parties; i. Scrutiny of inter-corporate loans and investments; j. Valuation of
undertakings or assets of the listed entity, wherever it is necessary; k. Evaluation of
internal financial controls and risk management systems;
l. Discussion with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern;
m. To look into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors;
n. To review the functioning of the whistle blower mechanism;
o. Approval of the appointment of Chief Financial Officer after assessing the
qualifications, experience and background, etc. of the candidate.
p. Composition, name of members and Chairperson
Remuneration Policy;
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration.
NOMINATION AND REMUNERATION COMMITTEE:
The Company had constituted the Nomination and Remuneration Committee under section 178
of the Companies Act, 2013.
During the Year under review the Committee was reconstituted.
(a) Composition of the Committee:
The Nomination and Remuneration Committee comprises of the following members
| S. No Name |
Category of Director |
Designation |
| 1. Mr. Venkata Stayanarayana Reddy Chintakuntala |
Independent Director |
Chairperson |
| 2. Mr. Rama Rao Madasu |
Independent Director |
Member |
| 3. Mrs. Madhavi Latha Pasupuleti |
Independent Director |
Member |
During the Period under review Nomination & Remuneration committee has met 6 (Six)
times in a year.
(b) Selection and Evaluation of Directors;
The Board has based on recommendations of the nomination and remuneration Committee,
laid down following policies:
1. Policy for Determining qualifications, Positive Attributes and Independence of a
Director
2. Policy for Board & Independent Directors Evaluation
(c) Performance Evaluation of Board, Committees and Directors;
The company believes formal evaluation of the board and of the individual directors, on
an annual basis, is a potentially effective way to respond to the demand for greater board
accountability and effectiveness. For the company, evaluation provides an ongoing means
for directors to assess their individual and collective performance and effectiveness. In
addition to greater board accountability, evaluation of board members helps in;
? More effective board process
? Better collaboration and communication
? Greater clarity with regard to members roles and responsibilities
? Improved chairman managing directors and board relations
The evaluation process covers the following aspects
- Self-evaluation of directors
- Evaluation of the performance and effectiveness of the board
- Evaluation of the performance and effectiveness of the committees
- Feedback from the non-executive directors to the chairman
- Feedback on management support to the board.
(d) Remuneration Policy for Directors
- Ensuring that the level and composition of remuneration is reasonable and sufficient
to attract, retain and motivate Directors of the quality required to run the company
successfully;
- Ensuring that relationship of remuneration to performance is clear and meets the
performance benchmarks; and
- Ensuring that remuneration involves a balance between fixed and incentive pay
reflecting short- and long-term performance objectives appropriate to the working of the
company and its goals.
Management Discussion & Analysis
The Management Discussion and Analysis Report highlighting the industry structure and
developments, opportunities and threats, future outlook, risks and concerns etc. is
furnished separately and forms part of this report as Annexure VI.
Subsidiary Companies
The Company has one Subsidiary Company, the details of which is appended as
‘Annexure I to this Report.
Particulars of Contracts or arrangements with related parties
All the related party transactions that were entered during the financial years were in
the ordinary course of business of the company and were on arm length basis. There were no
materially significant related party transactions entered by the company during the year
with the promoters, directors, key managerial personnel or other persons which may have a
potential conflict with the interest of the company.
The policy on related party transactions as approved by the board of directors is
hosted on the website of the company viz. www.ajel.in.
Particulars of every contract or arrangements entered into by the Company with related
parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including
certain arms length transactions under third proviso thereto shall be disclosed in Form
No. AOC-2 as ‘Annexure II to this report.
Particulars of Employees
A table containing the particulars in accordance with the provisions of Section 197(12)
of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is appended as ‘Annexure III to this Report.
In terms of Section 136 of the Companies Act, 2013 the same is open for inspection at
the Registered Office of the Company.
Copies of this statement may be obtained by the members by writing to the Company
Secretary at the Registered Office of the Company.
The ratio of the remuneration of each Director to the median employees remuneration
and other details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are
enclosed in Annexure IV and forms part of this Report.
Statutory Auditors
In terms of Section 139 of the Companies Act, 2013 and the rules made there under M/s.
Ramesh Athasniya & Co., Chartered Accountants (Firm Registration no. 007480S), was
appointed as statutory auditors of the company in the 25th Annual General
Meeting for a period of four years from the conclusion of 25th AGM till the
conclusion of 29th AGM.
Now that the term of the auditor has come to end, In terms of Section 139 of the
Companies Act, 2013 and the rules made thereunder, Resolution with respect to appointment
of M/s. Ramesh Athasniya & Co., Chartered Accountants (Firm Registration no. 007480S)
Chartered Accountants, as Statutory Auditor of the company for a period of 5 years, is
proposed for the members approval at the ensuing Annual General Meeting.
However, Pursuant to notification issued by the Ministry of Corporate Affairs on 7th
May, 2018 amending section 139 of the Companies Act, 2013 and the rules framed there
under, the mandatory requirement for ratification of appointment of auditors by the
members at every Annual General Meeting ("AGM") has been omitted, and hence the
company is not proposing an item on ratification of appointment of Auditors at this AGM.
Management responses to observations in Auditors Report
The Auditors report and noted to accounts is self-explanatory do not call for any
further comments. The Auditors report is enclosed with the financial statement in this
Annual report.
With reference to observations made in the CARO report, the following are the responses
of the Management against the observation of auditor.
| S. No Audit Observation |
Management Comments |
1. Statutory dues which are due payable for more than six months from
the date on which they become payable. |
The company will ensure to pay the statutory dues upon arrangement of
funds. |
Cost Audit Report
The provisions of Section 148 of the Companies Act, 2013 does not apply to the Company
and hence, no cost auditors are appointed.
Secretarial Audit Report
Pursuant to the provisions of Section 204 read with Section 134(3) of the Companies
Act, 2013, the company is required to obtain Secretarial Audit Report from Practicing
Company Secretary. Mr. NVSS Suryanarayana Rao, practicing company secretary was appointed
to issue Secretarial Audit Report for the Financial Year 2022-23.
Secretarial Audit Report issued by Mr. NVSS Suryanarayana Rao, practicing company
secretary in Form MR-3 for the Financial Year 2022-23 is enclosed as Annexure-V to this
Report.
The following are the managements reply to the Secretarial auditors observations:
S. Observations of Secretarial Auditor No. |
Managements Reply |
1. There is a pending Listing approval for listing of 9,00,000 Equity
Shares allotted on 14.11.2012 on Preferential Basis. |
The company received listing approval for listing of 9,00,000 equity
shares vide letter dated 06.07.2023 LOD/PREF/VK/FIP/311/2023-24 |
2. The Company has not submitted information as required under
Regulation 46 and 62 of SEBI (LODR), 2015 |
The company website was technically down and couldnt be updated with
all the details due to technical issues. The management is revived the website and is in
the process of updating the details. |
3. The Company is in receipt of notice from the BSE for the compliance
related to disclosures of related party transactions |
The management has complied with said notice and the penalty has not
been paid |
4. The Management has missed the intimation of Corporate Governance,
the listed entity shall submit a quarterly compliance report on corporate governance in
the format as specified by the Board from time to time to the recognized stock exchange(s)
within twenty-one days from the end of each quarter. |
The management has complied with said notice and the penalty has not
been paid |
5. Outcome of Board Meeting to consider Financial Results, as required
under Para A.4 of Part A of Schedule III of SEBI (LODR)Regulations, 2015 mentioned above,
that the same is not disclosed within 30 minutes of the closure of the meeting. |
The management has complied with same |
6. There were few forms filed with Delay with Registrar of Companies |
Delay due to MCA technical Glitches. |
As required under the provisions of SEBI LODR Regulations, a certificate confirming
that none of the Directors on the Board have been debarred or disqualified by the
Board/Ministry of Corporate Affairs or any such statutory authority obtained from Mr. NVSS
Suryanarayana Rao, Practicing Company Secretaries is a part of these report.
Business Responsibility Report (BRR)
Securities Exchange Board of India (SEBI) by notification No. SEBI/LAD-NRO/GN/2019/45
dated 26.12.2019 (Securities and Exchange Board of India Listing Obligations and
Disclosure Requirements) (Fifth Amendment) Regulations, 2019 has mandated the inclusion of
BRR as part of the Annual Report for the top 1000 listed entities based on their market
capitalization on Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd as at
31st March of every year. In view of the requirements specified, the company is
not mandated for the providing the BRR and hence do not form part of this Report.
Annual Return
In accordance with Section 134(3) (a) of the Act, an Annual Return in the prescribed
form MGT-7 is placed on the website of the Company at www.ajel.in.
Corporate Social Responsibility
The provisions w.r.t. CSR is not applicable to the Company. Therefore, the Company had
not constituted CSR committee during the Financial Year 2022-23.
Particulars of Loans, Guarantees and Investments
Details of loans and guarantees given and investments made under Section 186 of the Act
are provided in the Notes to the Financial Statements.
Whistle Blower Policy/Vigil Mechanism
Pursuant to the provisions of section 177 of the companies act, 2013 and the rules
framed there under and pursuant to the applicable provision of SEBI (Listing Obligations
and Disclosure Regulations), 2015 of the listing agreement entered with stock exchanges,
the company has established a mechanism through which all stake holders can report the
suspected frauds and genuine grievances to the appropriate authority. The Whistle blower
policy which has been approved by the board of directors of the company has been hosted on
the website of the company viz. www.ajel.in.
Remuneration Policy:
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration.
Risk Management Policy
The Board of Directors has formed a Risk Management Committee to identify, evaluate,
mitigate and monitor the risks associated with the business carried by the company. The
committee reviews the risk management plan and ensures its effectiveness. A mechanism has
been put in place which will be reviewed on regular intervals.
Policy on Sexual Harassment;
The Company has adopted policy on Prevention of Sexual Harassment of Women at Workplace
in accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013. During the financial year ended 31st March, 2023, the Company
has not received any complaints pertaining to Sexual Harassment.
Material changes and commitments, if any, affecting the financial position of the
company;
Except for the effect of Covid Pandemic and consequent lockdown resulting in a severe
slowdown of economy, there are no material changes and commitments after the closure of
the financial year, which will affect the financial position of the Company.
There are no other Material Changes and Commitments affecting the financial position of
the Company which occurred between the end of the financial year to which the financial
statements relate and the date of this Report.
Details of significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and companys operations in future;
No significant and material order has been passed by the regulators, courts, tribunals
impacting the going concern status and Companys operations in future.
Public Deposits
Your Company has not accepted any deposits from the public. As such, there was no
principal or interest outstanding on the date of the Balance Sheet.
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo Conservation of Energy which is not furnished as the relative rule is
not applicable to your company.
There is no information to be furnished regarding Technology Absorption as your company
has not undertaken any research and development activity in any manufacturing activity nor
any specific technology is obtained from any external sources which needs to be absorbed
or adapted.
Foreign Exchange Earnings and Outgo
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign
Exchange outgo during the year in terms of actual outflows is as follows:
Foreign Exchange Inflows : NIL Foreign Exchange Outflows : NIL
Internal Audit & Controls;
The Company has adequate Internal Financial Controls consistent with the nature of
business and size of the operations, to effectively provide for safety of its assets,
reliability of financial transactions with adequate checks and balances, adherence to
applicable statues, accounting policies, approval procedures and to ensure optimum use of
available resources. These systems are reviewed and improved on a regular basis. It has a
comprehensive budgetary control system to monitor revenue and expenditure against approved
budget on an ongoing basis.
Internal Financial Control Systems;
The Company has adequate Internal Financial Controls consistent with the nature of
business and size of the operations, to effectively provide for safety of its assets,
reliability of financial transactions with adequate checks and balances, adherence to
applicable statues, accounting policies, approval procedures and to ensure optimum use of
available resources. These systems are reviewed and improved on a regular basis. It has a
comprehensive budgetary control system to monitor revenue and expenditure against approved
budget on an ongoing basis.
Industrial Relations;
The company enjoyed cordial relations with its employees during the year under review
and the Board appreciates the employees across the cadres for their dedicated service to
the Company, and looks forward to their continued support and higher level of productivity
for achieving the targets set for the future.
Risk Management Framework;
Pursuant to SEBI (LODR) Regulations, 2015, the Board of Directors of the top 1000
Listed entities are mandated to constitute a Risk Management Committee. Since the Company
is not falling under the above criteria, there is no requirement to constitute such a
committee.
However, periodic assessments to identify the risk areas are carried out and management
is briefed on the risks in advance to enable the Company to control risk through a
properly defined plan. The risks are taken into ac- count while preparing the annual
business plan for the year.
Human Resources;
Your Company treats its "human resources" as one of its most important
assets.
Your Company continuously invests in attraction, retention and development of talent on
an ongoing basis. A number of programs that provide focused people attention are currently
underway. Your Company thrust is on the promotion of talent internally through job
rotation and job enlargement
Acknowledgements;
Your directors wish to express their appreciation of the support and co-operation of
the Central and the State Government, bankers, financial institutions, business
associates, employees, shareholders, customers, suppliers and alliance partners and seeks
their continued patronage in future as well. for and on behalf of the Board of
AJEL LIMITED
| Place: Hyderabad |
Sd/- |
Sd/- |
| Date: 11.07.2023 |
SRINIVASA REDDY ARIKATLA |
HARSHANA ANTHRAJI |
|
Managing Director |
Whole time Director |
|
DIN: 01673552 |
DIN: 07466984 |
+91-9892691696
