Dear
Members of AKG EXIM LIMITED
Your Directors are pleased to present the 18th Annual Report together with the Audited
Financial Statements of the Company for the financial year ended 31st March, 2023.
FINANCIAL HIGHLIGHTS:
The Financial highlights for the year under review are given below: -
|
Consolidated (Rs. in Lakhs) |
Standalone (Rs. In Lakhs) |
Particulars |
For the year ended 31st March, 2022 |
For the year ended 31st March, 2023 |
For the year ended 31st March, 2022 |
For the year ended 31st March, 2023 |
Total Income |
18,679.95 |
22,225.11 |
12,404.30 |
8633.49 |
Total Expenses |
18,438.09 |
21,926.42 |
12,228.81 |
8454.64 |
Profit before Exceptional and Extraordinary Item |
241.86 |
298.69 |
175.49 |
178.85 |
Prior Period Items |
- |
- |
- |
- |
Profit Before Tax |
241.86 |
298.69 |
175.49 |
178.85 |
Tax Expense: |
|
|
|
|
Current Tax |
48.82 |
49.76 |
48.02 |
49.76 |
Deferred Tax |
-0.86 |
1.13 |
-0.86 |
1.13 |
Taxes of Earlier Years |
- |
- |
- |
- |
Profit After tax |
193.90 |
247.80 |
127.53 |
127.96 |
YEAR UNDER REVIEW:
On Standalone basis for the year 2022-23, your Company has achieved a Net Profit after
tax of Rs. 127.96 Lacs as against Rs. 127.53 Lacs in the year 2021 -22. The total turnover
including other income for the year 2022-23 stood at Rs. 8,633.49 Lacs as compared to Rs.
12,404.30 Lacs for the year 2021-22.
Your Company has achieved a consolidated turnover of Rs. 22,225.11 lacs during the year
under review as against the consolidated turnover of Rs. 18,679.95 Lacs in the last year
2021 -22.
DIVIDEND:
The Board of Directors has not recommended any Dividend on paid up share capital during
the year ended 31st March, 2023.
CHANGE IN CAPITAL STRUCTURE:
The Authorized Share Capital of your Company as on 31st March, 2023 stood at Rs.
32,50,00,000/- divided into 3,25,00,000 equity shares of Rs.10/- each.
The Issued & Subscribed Paid-Up Share capital of the Company as on 31st March, 2023
stood at to Rs. 31,77,65,760/- divided into 3,17,76,576 equity Shares of Rs. 10/-
each.
During the year under review, pursuant to the approval of the Board of Directors in its
meeting held on 9th April, 2023, National Stock Exchange of India Limited had
approved the Basis of Allotment for the Right Issue on 1st February, 2023, Accordingly,
the Right issue Committee duly authorised by the Board of Directors, in its meeting held
on 1st February, 2023 had approved the allotment of 2,11,84,384 Equity Shares of Rs. 10
each at a Price of Rs. 12 per equity shares aggregating to Rs. 25.42 Crores through Right
Issue.
TRANSFER TO GENERAL RESERVE:
During the year under review, your directors have not transferred any amount to general
reserves.
TRANSFER AMOUNT TO INVESTOR EDUCATION & PROTECTION FUND:
As per the provisions of Section 125 of the Companies Act, 2013, deposits / dividend
remaining unclaimed for a period of seven years from the date they become due for payment
have to be transferred to Investor Education & Protection Fund (IEPF) established by
the Central Government.
During the year under review, there has been no any unclaimed deposit/dividend
remaining to transfer.
MATERIAL AND SIGNIFICANT ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
No significant and material orders have been passed by the regulators or courts or
tribunals against the Company impacting the going concern status and Companys operations
in future.
DETAILS OF SUBSIDIARY COMPANIES:
During the Financial Year 2022-23, your Company had below mentioned Subsidiary
Companies.:
1. M/s. BKS Metalics Pvt. Ltd.
2. M/s. ASRI Trade Pte. Ltd.
A separate statement containing the salient features of Financial Statements of
subsidiaries of your Company prescribed in Form AOC-1 forms part of Consolidated Financial
Statements in compliance with Section 129 and other applicable provisions, if any, of the
Companies Act, 2013 (Act) read with Rule 5 of the Companies (Accounts) Rules, 2014 (as
amended) is set out as "Annexure I" to this Report,
In accordance with Section 136 of the Act, the Audited Financial Statements, including
the Consolidated Financial Statements and related information of the Company and the
financial statements of each of the subsidiary companies, are available on our website at
www.akg-global.com. The Companys Policy for determining material subsidiaries may be
accessed on the website of the Company at www.akg-global.com.
The Company does have only one material subsidiary which is M/s. ASRI Trade Pte. Ltd.
as per aforesaid policy.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS:
According to Section 134 (5) (e) of the Companies Act, 2013, the term Internal
Financial Control ("IFC") means the policies and procedures adopted by the
Company for ensuring the orderly and efficient conduct of its business including adherence
to Companys policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records and the timely
preparation of reliable financial information.
During the Year under review, the system and controls of your Company are audited by
the Internal Auditor and their findings and recommendations are reviewed by the Audit
Committee which ensures timely implementation.
REPORTING OF FRAUDS
There have been no instances of fraud reported by the Statutory Auditors of the Company
under Section 143(12) of the Companies Act, 2013 and the Rules framed thereunder either to
the Company or to the Central Government.
SECRETARIAL STANDARDS
The Company complies with all applicable Secretarial Standards issued by the Institute
of Company Secretaries of India.
PUBLIC DEPOSITS:
During the Financial Year 2022-23, your Company has not accepted any deposit within the
meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies
(Acceptance of Deposits) Rules, 2014 as amended upto date.
STATUTORY AUDITORS:
M/s Dharam Taneja Associates, Chartered Accountants, (FRN-003563N) Statutory Auditors
of the Company were appointed as the Statutory Auditors of the Company for a period of 5
(Five) consecutive years till the conclusion of the 22nd AGM.
STATUTORY AUDITORS REPORT:
The Auditors have issued an unmodified opinion on the Financial Statements (Standalone
& Consolidated) for the financial year ended 31st March, 2023. The
Auditors Report (Standalone & Consolidated given by the Auditor for the financial
year ended 31st March, 2023 on the financial statements of the Company forms
part of this Annual Report.
There being no reservation, qualification, adverse remarks in the Auditors Report, no
further explanations are required.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended
from time to time), your Board at its Meeting held on 30th May, 2022 appointed
Mr. Gagan Goel, (ICSI Membership No. FCS 3381 and C. P. No. 4882), Proprietor of M/s.
Gagan Goel & Co., Practicing Company Secretaries, New Delhi as the Secretarial
Auditors of the Company, to conduct the Secretarial Audit for the financial year ended
March 31,2023 and to submit Secretarial Audit Report.
The Secretarial Audit Report for the financial year 2022-23 is annexed herewith as "Annexure
II." The Board of Directors in its meeting held on 27th May, 2023
considered the same and ensured that the compliance shall be done in line with applicable
regulations and effective steps shall be taken for the compliances for the Company and its
subsidiary Company.
INTERNAL AUDITOR AND INTERNAL AUDIT REPORT:
M/s. Sharma Sharma & Co., Chartered Accountants were appointed as an Internal
Auditors of the Company for the Financial Year 2022-23 and our Company take their
suggestions and recommendations to improve and strengthen the Internal Control Systems.
The Internal Audit Report for the financial year 2022-23 has been discussed in the
Board Meeting of the Company, which did not contain any qualification, reservation or
adverse remark.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE
TO THE CENTRAL GOVERNMENT:
The Statutory Auditors or Secretarial Auditors or Internal Auditor of the Company have
not reported any frauds to the Audit Committee or to the Board of Directors under Section
143( 12) of the Companies Act, 2013, including rules made thereunder.
EXTRACT OF THE ANNUAL RETURN:
The Annual Return of the Company as on 31 March 2023 in Form MGT - 7 in accordance with
Section 92(3) of the Companies Act, 2013 read with the Companies (Management and
Administration) Rules, 2014, is available on the website of the Company at
www.akg-global.com.
DIRECTORS:
During the year under review, there was change in the composition of the Board of
Directors of your Company as given below:
(A) RESIGNATION AND APPOINTMENT:
During the year under review, there has been no resignation of any Director from the
Board of your Company.
However, during the year under review, Ms. Chetna was appointed as an Independent
director of the Company by the Board of Director in its meeting held on 09th
April, 2022 that was confirmed by the Shareholders of the Company through postal ballot
the result of which was declared on 08th July, 2022.
(B) RETIRE BY ROTATION:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Rajeev Goel, Non-Executive Director, is liable
to retire by rotation at the ensuing Annual General Meeting of the Company and being
eligible, offered himself for re-appointment.
The matter of appointing him, as Non-Executive Director, appears as an Agenda in the
Notice of the 18th Annual General Meeting.
A brief profile of the above-named Director seeking appointment at the ensuing Annual
General Meeting of the Company has been provided in the Notice of the 18th Annual General
Meeting.
(C) INDEPENDENT DIRECTORS:
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under sub-section (6)
of the section 149 of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing
Regulations.
A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND
EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTOR.
The Board of Directors has considered the integrity, expertise and experience
(including the proficiency) of Mr. Rakesh Mohan, Mr. Rao Laxman Singh and Ms. Chetna who
were appointed as an Independent Directors on the recommendation of Nomination and
Remuneration Committee.
KEY MANAGERIAL PERSONNEL(S) (KMP):
Pursuant to Section 203 of the Companies Act, 2013 read with The Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, In addition to Managing Director,
the Company has employed the Company Secretary and Chief Financial Officer of the Company
as Key Managerial Personnel.
Based on the recommendation of the Nomination and Remuneration Committee of the Board,
Ms. Reeta a Qualified Company Secretary, was appointed by the Board of Directors at its
meeting held on 10th August, 2022 as the Company Secretary & Compliance
Officer and KMP of the Company, w.e.f. 10th August, 2022.
During the year under review, Ms. Mahak, Company Secretary resigned w.e.f. 30th
June, 2022 which was taken on record by the Board of Directors in its meeting held on 10th
August, 2022.
Following were the KMP during the Financial Year ended 31st March, 2023
Name and Designation |
Date of change |
Ms. Mahak (Company Secretary) |
30th June, 2022 (Resignation) |
Ms. Reeta (Company Secretary) |
10th August, 2022 (Appointment) |
Mr. Mahima Goel (Managing Director) |
No change during the year |
Mr. Rahul Bajaj (Chief Financial Officer) |
No change during the year |
COMMITTEES OF THE BOARD
Following are the Committees of the Board of Director during the year ended 31st
March, 2023:
> Audit Committee
> Nomination & Remuneration Committee
> Stakeholder Relationship Committee
> Sub-Committee
Details of all the above Committees of the Board are as follows;-
AUDIT COMMITTEE:
The Board of Directors of your Company has duly constituted an Audit Committee in
compliance with the provisions of Section 177 of the Act, the Rules framed thereunder read
with Regulation 18 of the Listing Regulations.
The Audit Committee of your Company comprises of the following members:-
Mr. Rakesh Mohan Chairman
Mrs. Mahima Goel Member
Mr. Rao Laxman Singh Member
Apart from Mrs. Mahima Goel, all other Committee members are Independent Directors.
Members of the Audit Committee possess financial/accounting expertise/ exposure.
During the year under review, there was no such recommendation of the Audit Committee
which was not accepted by the Board.
Number of meetings held during the year under review, terms of reference and other
requisite details have been provided in the Corporate Governance Report which forms part
of this Annual Report.
NOMINATION AND REMUNERATION COMMITTEE:
The Board of Directors of your Company has duly constituted a Nomination &
Remuneration Committee in compliance with the provisions of Section 178 of the Act, the
Rules framed thereunder read with Regulation 19 of the Listing Regulations which amongst
others is responsible for identifying and recommending persons who are qualified to become
directors or appointed as part of senior management of the Company and laying down
remuneration policy.
The Nomination and Remuneration Committee of your Company comprises of the following
Directors as members:-
Mr. Rakesh Mohan Chairman
Mr. Rao Laxman Singh Member
Mr. Rajeev Goel Member
During the year under review, there was no such recommendation of the Nomination &
Remuneration Committee which was not accepted by the Board.
Number of meetings held during the year under review, terms of reference and other
requisite details have been provided in the Corporate Governance Report which forms part
of this Annual Report.
STAKEHOLDER RELATIONSHIP COMMITTEE:
Our Company has constituted a Stakeholders Relationship Committee to redress the
complaints of the shareholders pursuant to Regulation 20 of the Listing Regulations.
The Stakeholder Relationship Committee of your Company comprises of the following
Directors as members: -
Mr. Rakesh Mohan Chairman
Mr. Rao Laxman Singh Member
Mr. Rajeev Goel Member
SUB COMMITTEE:
The Board had constituted the Sub Committee for dealing with the day-to-day matters of
the Company.
The Committee of your Company comprises of the following members: -
Mr. Rajeev Goel Chairman
Mrs. Mahima Goel Member
INDEPENDENT DIRECTORS MEETING:
A separate meeting of Independent Directors, pursuant to Section 149(7) read with
Schedule VI of the Companies Act, 2013 and Regulation 25 was held on 11th
February 2023.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
In Compliance with Regulation 25(7) of the SEBI (Listing Obligations and disclosure
Requirements) Regulations, 2015, the company has put in place the familiarization program
for the Independent directors to familiarize them with their roles, rights,
responsibilities in the Company, nature of the industry in which the Company operates,
business model of the company, roles rights and their responsibilities and any other
relevant matters if any through various programs. The Policy on Familiarization programs
for independent directors adopted by the Board is also available on the companys website
at www.akg-global.com.
CORPOARTE SOCIAL RESPONSIBILITY:
During the year under review, the provisions of the Section 135 of the Companies Act,
2013 are not applicable on the Company.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
Pursuant to Section 134(3)(b), details of Board Meetings held during the year are given
in the report on Corporate Governance which forms part of this Annual Report.
During the year ended 31st March, 2023, the Board of Directors of your Company met Six
(06) times details of which are given in the Corporate Governance Report. The intervening
gap between the meetings was within the period prescribed under the Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:
As a part of its philosophy of adhering to the highest ethical standards, transparency
and accountability, your Company has historically adopted the practice of undertaking
related party transaction in ordinary course of business and on arms length basis. In
line with the Companies Act, 2013 and Listing Regulations, the Board has approved the
policy on related party transaction and the same is placed on the website of the Company.
During the year under review, your Company has entered into any contract or
arrangements or transactions with related parties.
During the financial year 2022-23, your Company has entered into transactions with
related parties as defined under Section 2(76) of the Companies Act, 2013. All
transactions with related parties were reviewed and approved by the Audit Committee. All
related party transactions that were entered were on an arms length basis and were in the
ordinary course of business.
There are no materially significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large.
Disclosures of transactions of the listed entity with any person or entity belonging to
the promoter/promoter group which hold(s) 10% or more shareholding in the listed entity,
in the format prescribed in the relevant accounting standards for annual results - Not
Applicable.
Form AOC-2 pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2)
of the Companies (Accounts) Rules, 2014 is set out as "Annexure III" to
this Report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS DETAILS OF LOANS:
During the year under review, No Loans provided by your Company, under Section 186 of
the Companies Act, 2013 read with The Companies (Meeting of Board and its Powers) Rules,
2014.
DETAILS OF INVESTMENTS:
During the year under review, your Company has not made the investment under Section
186 of the Companies Act, 2013 read with The Companies (Meeting of Board and its Powers)
Rules, 2014.
DETAILS OF GUARANTEES & SECURITIES:
During the year under review, your Company has not given any guarantee or provided any
security to any person or Body Corporate in accordance with Section 186 of the Companies
Act, 2013 read with the rules issued thereunder.
RISK MANAGEMENT:
Your Company has evaluated a risk management to monitor the risk management plan for
the company. They ensures that all the risks are timely defined and mitigated in
accordance with the risk management process including identification of elements of risk
which might threaten the existence of your Company.
NOMINATION & REMUNERATION POLICY:
The salient features of the Nomination and Remuneration Policy of the Company and other
matters provided in Section 178(3) of the act are set out in the Corporate Governance
Report which forms part of this Annual Report.
The said policy of the Company, inter alia, provides that the Nomination and
Remuneration Committee shall formulate the criteria for appointment & re-appointment
of directors on the Board of the Company and persons holding senior management positions
in the Company, including their remuneration and other matters as provided under Section
178 of the act and Listing Regulations. The Nomination and Remuneration Policy is
available on the website of the Company at www.akg-global.com.
The remuneration paid to the directors, key managerial personnel and senior management
is in accordance with the Nomination and Remuneration Policy formulated in accordance with
Section 178 of the Act and Regulation 19 of the Listing Regulations.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has in place an established and effective mechanism called the Vigil
Mechanism Policy which is in compliance with the provisions of Section 177(10) of the
Companies Act, 2013 and Regulation 22 of the Listing Regulations.
The mechanism under the policy has been appropriately communicated within the Company.
The purpose of this policy is to provide a framework to promote responsible whistle
blowing by employees. It protects employees wishing to raise a concern about serious
irregularities, unethical behavior, actual or suspected fraud within the Company.
The concerned employees can directly access the Vigilance Officer/ Managing Director/
Chairman of the Audit Committee through e-mail, writing and telephone for reporting the
matter.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION
AND REDRESSAL) ACT, 2013
Your Company has always believed in providing a safe and harassment free workplace for
every individual working in the premises of the Company. Your Company always endeavours to
create and provide an environment that is free from discrimination and harassment
including sexual harassment. In view of the same, your Company has adopted a policy on
prevention, prohibition and redressal of Sexual Harassment at Workplace in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed there under for prevention and redressal of
complaints of sexual harassment at workplace.
During the year under review, your Company has not received any complaint from any of
its employee, hence, no complaint is outstanding for redressal.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH
HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE REPORT
During the year under review there have been no other material changes and commitments
affecting the financial position of the Company which occurred between the end of the
Financial Year of the Company as on 31st March 2023 and the date of this
report.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The disclosures required to be made under the provisions of Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of
conservation of energy, technology absorption is not applicable to the Company as the
Company is not involved in any manufacturing processing. The Company mainly engaged in the
Trading of various products.
Foreign exchange inflow of the Company during the year were Rs. 1 9.76 Lakhs/- (INR in
Lakhs) and outgo during the year was Rs. 80.17 Lakhs /- (INR in Lakhs).
DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROL:
The Company is well equipped with adequate internal financial controls. The Company has
a continues monitoring mechanism which enables the organization to maintain the same
standards of the control systems and help them in managing defaults, if any, on timely
basis because of strong reporting mechanism followed by the Company.
The Audit Committee which meets at regular intervals also reviews the internal control
systems with the Management and the internal auditors. The internal audit is conducted at
the registered office of the Company and covers all key areas. All audit observations and
follow up actions are discussed with the Management as also the Statutory Auditors and the
Audit Committee reviews them regularly.
DEMATERIALSATION OF SHARES:
99.99% equity shares of the Company are in Demat form. 1600 Equity shares are in
physical form.
CORPORATE GOVERNANCE:
In compliance with Regulation 34 of the Listing Regulations read with Schedule V
thereto, a separate Corporate Governance Report of your Company for the Financial Year
ended March 31, 2023 is annexed as "ANNEXURE-
IV" along with a certificate from M/s. Dharam Taneja Associates, Chartered
Accountants confirming compliance with requirement of corporate governance forms an
integral part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management discussion and analysis report has been separately furnished in the
Annual Report and is annexed as "ANNEXURE-V".
COMPLAINCE WITH SECRETRIAL STANDARDS:
The Board of Directors affirms that the Company has complied with the applicable
Secretarial Standard issued by the Institute of Company Secretaries of India (ICSI) {SS 1
and SS2} respectively relating to meetings of Board and Committees which have mandatory
applications.
PARTICULARS OF EMPLOYEES:
During the year under review, No any employees were in receipt of remuneration of Rs.
1.20 Crores or more per annum or Rs. 8.50 Lakhs per month if employed for part of the
year, hence, the particulars required to be reported under Rule 5(2) and Rule 5(3) of The
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
EMPLOYEES RELATIONS
During the year under review the relations with the employees has been cordial. Your
directors place on record their sincere appreciation for services rendered by the
employees of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134 of the Act, Yours Directors to the best of
their knowledge and belief hereby confirms that:
(i.) in the preparation of the annual accounts for the year ended 31st
March, 2023, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
(ii.) they have selected such accounting policies and applied them consistently and
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 of the Company for the year ended on that date;
(iii.) they have taken proper and sufficient care 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.) they have prepared the annual accounts on a "going concern" basis;
(v.) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and are operating effectively; and
(vi.) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and such systems are adequate and operating effectively.
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 read with the rules issued
thereunder and the Listing Regulations (including any statutory modification(s) or
re-enactment(s) for the time being in force), the process for evaluation of the annual
performance of the Directors, Board and Committees was carried out.
Regulation 17 of the Listing Regulations mandates that the Board shall monitor and
review the Board evaluation framework. The Companies Act, 2013 states that a formal annual
evaluation needs to be made by the Board of its own performance and that of its committees
and individual Directors.
The Independent Directors at their separate meeting review the performance of
Non-Independent Directors and the Board as a whole, Chairperson of the Company after
taking into account the views of Executive Director and NonExecutive Directors, the
quality, quantity and timeliness of flow of information between the Company management and
the Board that is necessary for the Board to effectively and reasonably perform their
duties.
The evaluation of all the Directors, the Board and Committees as a whole was conducted
based on the criteria and framework adopted by the Board. The evaluation process has been
explained in the Corporate Governance Report section in this annual report
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was
no dividend declared and paid last year.
INDIAN ACCOUNTING STANDARDS:
Company has adopted Indian Accounting Standard (Ind AS) notified by MCA and the
relevant provision of the Companies Act, 2013 and the general circulars issued by the
Ministry of Corporate Affairs from time to time.
ACKNOWLEDGEMENT:
It is our strong belief that caring for our business constituents has ensured our
success in the past and will do so in future. The Board acknowledges with gratitude the
co-operation and assistance provided to the company by its bankers, financial
institutions, and government as well as Non-Government agencies. The Board wishes to place
on record its appreciation to the contribution made by employees of the company during the
year under review.
The Company has achieved impressive growth through the competence, hard work,
solidarity, cooperation and support of employees at all levels. Your Directors gives their
sincere gratitude to the customers, clients, vendors and other business associates for
their continued support in the Companys growth.
The Board also takes this opportunity to express its deep gratitude for the continued
co-operation and support received from its valued shareholders
By Order of the Board of Directors For AKG Exim Limited
Sd/- |
Sd/- |
MAHIMA GOEL |
RAHUL BAJAJ |
MANAGING DIRECTOR |
EXECUTIVE DIRECTOR & CFO |
DIN:02205003 |
DIN:03408766 |
Place: Gurugram
Date: 29th August, 2023
+91-9892691696
