axtel industries share price Directors report

To,

The Members,

Your Directors have pleasure in presenting their 31st Annual Report on the business and operations of the Company and the accounts for the Financial Year ended 31st March, 2023.

1. Financial summary

The financial results for the year are as under: [Rupees in Lacs]

Particulars	Year ended	Year ended
	31.03.2023	31.03.2022
Sales and other Income	18382.05	14712.38
Profit before depreciation, amortization and exceptional items	2536.84	2363.57
Less: Depreciation and amortization	241.20	284.46
Less: Exceptional items	0.00	196.87
Profit before tax	2295.64	1882.24
Less: Provision for tax	556.79	508.69
Provision for deferred tax	8.57	(9.73)
Profit after taxation	1730.28	1383.28

2. Dividend

Your Board had declared final dividend @ Rs. 2 (Rupee Two Only) per equity share (i.e. 20%) of Rs.10 for the financial year 2021-22 as per recommendation of the Board of Directors at the annual general meeting of the Company held on 29th September, 2022.

The Board recommends dividend @ Rs. 3 (Rupee Three Only) per equity share (i.e. 30%) of Rs. 10 for the financial year 2022-23 as final dividend for the financial year 2022-23.

As stipulated in Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, the Company has adopted dividend distribution policy and the same can be viewed at https://axtelindia.com/userfiles/corporate_governance/document/1629293145.pdf

3. Reserves

Your Board does not propose to carry to any reserves for the financial year 2022-23.

4. Brief description of the Companys working during the year/State of Companys affair

Total turnover during the year 2022-23 was Rs. 18014.57 lacs compared to Rs. 14398.55 lacs of previous year 2021-22 which shows increase of Rs. 3616.02 lacs (25.11%). There is profit of Rs. 1730.28 lacs (after tax) during the year 2022-23 compared to profit of Rs. 1383.28 lacs (after tax) during the year 2021-22.

5. Change in the nature of business, if any

There is no change in the nature of business during the financial year 2022-23.

6. Material changes and commitments, if any, 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

No material changes occurred subsequent to the close of the financial year of the Company to which the balance sheet relates and the date of the report.

7. 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 orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future during the financial year and or subsequent to the close of the financial year of the Company to which the balance sheet relates and the date of the report.

8. Details in respect of adequacy of internal financial controls with reference to the Financial Statements.

The Company has appointed internal auditor for adequacy of internal financial controls and your Board has taken adequate care for financial control.

9. Details of Subsidiary/Joint Ventures/Associate Companies

Your Company has no Subsidiary/Joint Ventures/Associate Companies during the year.

10. Performance and financial position of each of the subsidiaries, associates and joint venture companies included in the consolidated financial statement, if any.

Your Company has no Subsidiary/Joint Ventures/Associate Companies during the year.

11. Deposits

Your Company has not accepted any deposit during the year and there was no deposit at the beginning of the year. Therefore the details relating to deposits, covered under Chapter V of the Act is not applicable.

12. Statutory Auditors & Internal Auditors Statutory Auditors:

M/s. VRCA & Associates, Chartered Accountants has been appointed for a period five years pursuant to the provisions of section 139 of the Companies Act 2013 at the AGM held on 29th September, 2022 and is eligible to act as statutory auditor for the current financial year.

Internal Auditors:

M/s. K. C. Mehta & Co LLP was appointed at the meeting of the board of directors held on 12th February, 2022 for FY 2022-23 for conducting internal audit of the Company.

13. Auditors Report

The observations of the Auditors are explained, wherever necessary, in an appropriate note to the Audited Statement of Accounts. No qualification, reservation or adverse remark or disclaimer has been made by the auditor in their auditors report for the year 2022-23.

14. Share Capital

During the year under review, the Company has not issued any securities nor has granted any stock option or sweat equity.

15. Annual return

As per latest amendment in section 92 of the Companies Act, 2013, a copy of annual return will be displayed on Companys web site i.e. www.axtelindia.com after filing annual return, on completion of ensuing annual general meeting, with the Registrar of Companies within the time stipulated in said Section 92 of Act.

16. Conservation of energy, technology absorption and foreign exchange earnings and outgo

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are attached herewith (Annexure-A)

17. Corporate Social Responsibility (CSR)

The Company is required to spend towards corporate social responsibility under section 135 of the Companies Act, 2013. Report on CSR activities in terms of section 135 of the Companies Act, 2013 is annexed to this report (Annexure-D).

18. Directors & Key Managerial Personnel

A) Following changes incorporated during the financial year 2022-23:

1. Mr. Ameet Nalin Parikh (DIN 00007036)), retires by rotation, reappointed at the annual general meeting of the Company held on 29th September, 2022.

2. Mr. Ajay Nalin Parikh, Whole-time Director of the Company re-appointed for a period of five years with effect from 1st August, 2023 at the annual general meeting of the Company held on 29th September, 2022.

B) Mr. Ajitsingh Mohansingh Bubber (DIN 00454111), retires by rotation at the ensuing annual general meeting and being eligible offered himself for re-appointment as Director.

C) Declaration by an Independent Director(s) and re- appointment, if any

Declarations

A declaration, by Independent Directors that they have met the criteria provided in sub-section (6) of Section 149 of the Companies Act, 2013, have been received.

The Independent Directors of the Company have also confirmed compliance of relevant provisions of Rule 6 of the Companies (Appointments and Qualifications of Directors) Rules, 2014.

Re-appointments:

The Directors to be appointed have given their consents and declarations under Form DIR-8 pursuant to Section 164(2) read with Rule 14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014:

1. Mr. Ajitsingh Mohansingh Bubber (DIN 00454111), Director of the Company retiring by rotation and eligible for reappointment.

2. Mr. Nimish Patel proposed to be re-appointed as an Independent Director

3. Ms. Deepti Sharma proposed to be re-appointed as an Independent Director

Details of Mr. Ajitsingh Mohansingh Bubber, Director seeking re-appointment and Mr. Nimish Patel & Ms. Deepti Sharma proposed to be re-appointed as Independent Directors as per Regulation 36 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 with the Bombay stock exchange is already annexed to the notice of the annual general meeting.

C) Formal Annual Evaluation

The Company has devised a policy for performance evaluation of Independent Directors, Board, Committees and individual Directors which includes criteria for performance evaluation of executive directors and non-executive directors. In evaluating the suitability of individual Board members, the Committee may take into account factors, such as: i. General understanding of the Companys business; ii. Educational back ground and experience: iii. Personal and professional ethics, integrity and values; iv. Willingness to devote sufficient time and energy in carrying out their duties and responsibilities effectively.

D) Opinion of the Board:

Your Board is of opinion that independent directors of the Company, possess requisite qualifications, experience and expertise and they hold good standard of integrity in various fields.

19. Number of meetings of the Board of Directors

During the year from 1st April, 2022 to 31st March, 2023 the Board of Directors met five times on the following dates:

Sr No.	Date	Board Strength	No. of  Directors Present
1	30-05-2022	7	5
2	17-06-2022	7	5
3	10-08-2022	7	6
4	12-11-2022	7	7
5	06-02-2023	7	7

The intervening gap between the Meetings was within the period prescribed under Companies Act, 2013 and the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the erstwhile Listing Agreement.

20. Audit Committee

The members of the Audit Committee of the Company as on 31st March, 2023 are as under:

Sr. No.	Name of Director	Designation
1	Mr. Sandeep Gul Lalwani	Non-Executive Independent Director
2	Mr. Nimish Patel	Non-Executive Independent Director
3	Mr. Ameet Nalin Parikh	Non-Executive Director
4	Mrs. Deepti Sharma	Non-Executive Independent Director

There was no occasion regarding non acceptance of any recommendation of the Audit Committee during the year. The Audit Committee Meetings were held on 30-05-2022, 10-08-2022, 12-11-2022 & 06-02-2023.

21. Details of establishment of vigil mechanism for directors and employees

The Board has appointed the following persons as members of vigil committee:

Sr. No.	Name of Director	Designation
1	Mr. Ajay Naishad Desai	Whole-time Director
2	Mr. Sandeep Gul Lalwani	Non-Executive Independent Director
3	Mr. Ameet Nalin Parikh	Non-Executive Director

The Company has framed a whistle blower policy in terms of listing agreement and the same may be accessed on the Companys website.

22. Nomination and Remuneration Committee

The members of Nomination and Remuneration Committee of the Company as on 31st March, 2023 are as under:

Sr. No.	Name of Director	Designation
1	Mr. Sandeep Gul Lalwani	Non-Executive Independent Director
2	Mr. Nimish Patel	Non-Executive Independent Director
3	Mrs. Deepti Sharma	Non-Executive Independent Director

The policy formulated by nomination and remuneration committee:

The terms of reference of the committee inter alia include succession planning for Board of Directors and Senior

Management Employees, identifying and selection of candidates for appointment of Directors/Independent Directors based on certain laid down criteria, identifying potential individuals for appointment of Key Managerial personnel and other senior managerial position and review the performance of the Board of Directors and Senior Management personnel including Key managerial personnel based on certain criteria approved by the Board. While reviewing the performance, the committee ensures that the remuneration is reasonable and sufficient to attract, retain and motivate the best managerial talents, remuneration commensurate with the performance of individual and group and also maintains a balance between both short and long-term objectives of the company.

The Nomination and Remuneration Committee Meetings were held on 10-08-2022 and 09-03-2023 during the year ended 31st March, 2023.

23. CSR Committee

The members of CSR Committee of the Company as on 31st March, 2023 are as under:

Sr. No.	Name of Director	Designation
1	Mr. Sandeep Gul Lalwani	Non-Executive Independent Director
2	Mr. Ajay Nalin Parikh	Whole-time Director
3	Mr. Ameet Nalin Parikh	Non-Executive Director

The Corporate Social Responsibility Committee Meeting was held on 10-08-2022 during the year ended 31st March, 2023.

The Annual report on CSR Activities for the year under review as per Annexure II inserted vide MCA notification dated 22nd January, 2021 is attached in Annexure D.

24. Stakeholders Committee:

The members of stakeholders Committee of the Company as on 31st March, 2023 are as under:

Sr. No.	Name of Director	Designation
1	Mr. Ajay Naishad Desai	Executive Director
2	Mr. Ajay Nalin Parikh	Executive Director
3	Mrs. Deepti Sharma	Independent Director

The Stakeholders relationship Committee Meetings were held on 30-05-2022, 10-08-2022, 12-11-2022 & 06-02-2023 during the year ended 31st March, 2023.

25. Risk Management Committee:

The members of Risk Management Committee of the Company as on 31st March, 2023 are as under:

Sr. No.	Name of Director	Designation
1	Mr. Ameet Nalin Parikh	Non- Executive Director
2	Mr. Ajay Nalin Parikh	Executive Director
3	Mr. Sandeep Gul Lalwani	Independent Director

The Risk management Committee Meeting were held on 30-05-2022, 10-08-2022 & 06-02-2023 during the year ended 31st March, 2023.

26. Particulars of loans, guarantees or investments under section 186:

The Company has not given any loan, guarantees or made investments under section 186 to any person or body corporate except loan to employees of the Company as per Companys policy for employees and investment in mutual funds.

27. Particulars of contracts or arrangements with related parties:

The Company has entered into contract or arrangement with related party referred to in sub-section (1) of section 188 of the Companies Act, 2013 with Morphis Business Advisory LLP, Bombay with effect from 1st December, 2018, which has been approved by the Board of Directors at the meeting, held on 5th November, 2018 for a period of five years. The Company has entered into revised contract in form of MOU with Morphis Business Advisory LLP, Bombay with effect from 1st April, 2023 for a period of five years, which has been approved by the Board of Directors at the meeting, held on 18th May, 2023.

Form No. AOC -2 regarding transactions under section 188 of the Companies Act, 2013 is enclosed herewith (Annexure-B). 28. Managerial Remuneration

Disclosures pursuant to section 197(12) of the Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are enclosed herewith (Annexure-C).

29. Secretarial Audit Report

The Secretarial Audit Report pursuant to section 204(1) of the Companies Act, 2013 given by M/s. DRP & Associates, Practicing Company Secretaries has been enclosed herewith along with Annual Secretarial Compliance Report as required under Regulation 24A of LODR Regulations, 2015. (Annexure-E).

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

30. Corporate Governance Report

A detailed corporate governance report including compliance certificate received from M/s. DRP & Associates, Practicing Company Secretaries, regarding compliance of conditions of corporate governance as stipulated in Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 is attached as Annexure F.

The management discussion and analysis report as stipulated in Regulation 34 (2) (e) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 has been annexed to Directors report as

Annexure G.

The Business Responsibility and Sustainability Reporting as stipulated in Regulation 34 (2) (f) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 has been annexed to Directors report as Annexure H.

31. Code of Conduct

The Company has adopted a code of conduct for its directors and senior designated management personn el. All the Board members and senior management personnel have affirmed their compliance of code of conduct.

32. Risk management policy

In todays economic environment, risk management is a very important part of business. The main aim of risk management is to identify, monitor and take precautionary measures in respect of the events that may pose risks for the business. Your Companys risk management is embedded in the business processes. Your company has identified the following risks:

Key Risk	Impact to Axtel Industries Ltd	Mitigation Plans
Commodity Price Risk	Risk of price fluctuation on basic raw materials like steel, components, power as well as finished goods used in the process of manufacturing.	The Company commands excellent business relationship with the buyers. In case of major fluctuation either upwards or downwards, the matter will be mutually discussed and compensated both ways. Also by focusing on new value added products helps in lowering the impact of price fluctuation in finished goods.
Uncertain global economic environment – slow growth in global economy Interest Rate Risk	Impact on demand and realization of exports of food processing plant and machinery. Any increase in interest rate can affect the finance cost.	The people do not compromise on food and it will not affect much. Dependence on debt is very minimum and Company has enough funds to meet the need arises.
Foreign Exchange Risk	Any volatility in the currency market can impact the overall profitability.	The Company has potentiality in domestic market. In case of major fluctuation either upwards or downwards, the effect will be minimal.
Human Resources Risk	Your Company’s ability to deliver value is dependent on its ability to attract, retain and nurture talent. Attrition and non- availability of the required talent resource can affect the overall performance of the Company	By continuously benchmarking of the best HR practices and carrying out necessary improvements to attract and retain the best talent. Company does not anticipate any major issue for the coming years.
Competition Risk	Every company is always exposed to competition risk. The increase in competition can create pressure on margins, market share etc.	By continuous efforts to enhance the brand image of the Company by focusing on quality, cost, timely delivery and customer service. By introducing new product range commensurate with demands, your company plans to mitigate the risks so involved.
Compliance Risk – Increasing regulatory Requirements.	Any default can attract penal provisions.	By regularly monitoring and review of changes in regulatory framework.
Industrial Safety, Employee Health and Safety Risk.	The engineering industry is exposed to accidents and injury risk due to human negligence.	By development and implementation of critical safety standards across the various departments of the factory, establishing training need identification at each level of employee.

33. Directors Responsibility Statement

Your Directors state 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. the directors had 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 at the end of the financial year and of the profit and loss of the company for that period; c. the directors had taken proper and sufficient care 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 directors had prepared the annual accounts on a going concern basis; e. the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; f. the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

34. Compliance with Secretarial Standards and SEBI (Listing Obligation and Disclosure Requirement) Regulations 2015:

The Company has complied with secretarial standards issued by the Institute of Company Secretaries of India and SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 from time to time.

35. Cost Audit.

M/s. K. H. Shah & Co., Cost Accountants, were appointed with the approval of the Board to carry out the cost audit for F.Y. 2022-23.

Based on the recommendation of the Audit Committee, M/s. K. H. Shah & Co., Cost Accountants, being eligible, have also been appointed by the Board of Directors in their meeting held on 18-05-2023 as the Cost Auditors for F.Y. 2023-24. The remuneration to be paid to M/s. K. H. Shah & Co., for F.Y. 2023-24 is subject to ratification by the shareholders at the ensuing AGM.

Cost records as specified by the Central Government under sub-section 1 of section 148 of the Companies Act, 2013, are maintained by the Company for the financial year 2022-23.

36. Details of fraud reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government.

There was no fraud reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government.

37. Details of proceedings under the Insolvency and Bankruptcy Code, 2016

There was no proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016 d uring the year under review.

38. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has been employing about 9 women employees in various cadres within the factory premises. The Company has in place an anti-harassment policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee has been set up to redress complaints received regularly and are monitored by women line supervisors who directly report to the Executive Director. All employees (permanent, contractual, temporary, trainees) are covered under the policy. There was no complaint during the financial year 2022-23 and hence no complaint is outstanding as on 31.03.2023 for redressal.

39. Acknowledgements

The Board of Directors gratefully acknowledge the assistance and co-operation received from the Bank of Baroda and all other statutory and non-statutory agencies for their co-operation. The Board of Directors also wish to place on record their gratitude and appreciation to the members for their trust and confidence shown in the Company. The Board of Directors would like to especially thank all the employees of the Company for their dedication and loyalty.

ANNEXURE - A

Particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Income and Outgo as per rule 8(3) of the Companies (Accounts) Rules,2014: A) Conservation of energy:

No.	Particulars	Steps taken
(i)	The steps taken or impact on conservation of energy	Low power illumination is used in factory.
(ii)	The steps taken by the company for utilising alternate sources	The Company has already installed solar power
	of energy	system in past.
(iii)	The capital investment on energy conservation equipment	N.A.

(B) Technology absorption:

No.	Particulars	Steps taken
(i)	The efforts made towards technology absorption	Technology developed by the Whole-time Directors
(ii)	The benefits derived like product improvement, cost reduction, product development or import substitution	The Company developed, improved various products, and import substitution in- house.
(iii)	in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)
	a) the details of technology imported
	b) the year of import	N.A.
	c) whether the technology been fully absorbed
	d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof
(iv)	The expenditure incurred on Research and Development	N.A.

(C) 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.

No.	Particulars	Details
(i)	Activities relating to exports	Sales of food processing plants & machinery
[ii]	Initiatives taken to increase export	The Directors visit clients abroad several times and the Company expects to receive several export orders from time to time.
[iii]	Development of new export markets for products and services
	and export plans	N.A.

Details of foreign exchange used and earned: [Rupees in Lacs]

Particulars	F.Y. 2022-23	F.Y. 2021-22
Total foreign exchange used	344.92	190.99
Total foreign exchange earned	2050.93	2480.58

Annexure-B

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014) Form for disclosure of particulars of contracts/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 arm’s length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not at arm’s length basis: NOT APPLICABLE

(a) Name(s) of the related party and nature of relationship: (b) Nature of contracts/arrangements/transactions: (c) Duration of the contracts / arrangements/transactions:

(d) Salient terms of the contracts or arrangements or transactions including the value, if any: (e) Justification for entering into such contracts or arrangements or transactions: (f) date(s) of approval by the Board: (g) Amount paid as advances, if any:

(h) Date on which the special resolution was passed in general meeting as required under first proviso to section 188:

2. Details of contracts or arrangement or transactions at arm’s length basis:

(a) Name(s) of the related party and nature of relationship: Morphis Business Advisory LLP, Mr. Ameet Nalin Parikh, Non-Executive Director of the Company is partner in the said LLP.

(b) Nature of contracts/arrangements/transactions: Availing professional service in connection with growth, value creation and financial security.

(c) Duration of arrangements: From 01.12.2018 to 30.11.2023.

(d) Salient terms of the contracts or arrangements or transactions including the value, if any: Morphis Business Advisory LLP provides services for establishment of vision and a strategy for the Company, a sound strategy for each of the enablers and for growth and implementation and monitoring the said strategies to enhance companys growth. (During the financial year: Rs. 42.00 lacs paid as professional fees) (e) Date of approval by the Board: Board approved on 5th November, 2018 for a period of from 01.12.2018 to 30.11.2023. (g) Amount paid as advances, if any: No advance is paid.

ANNEXURE-C

Information as per Section 134 of the Companies Act, 2013, read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Disclosure in the Board’s Report under Rule 5 of Companies (Appointment & Remuneration) Rules, 2014

(i) The Ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year 2022-23	Director’s Name	Ratio to median remuneration
	Mr. Ajay Naishad Desai, Whole Time Director	24.00
	Mr. Ajay Nalin Parikh, Whole Time Director	24.00
(ii) The Percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager if any in the financial year 2022-23 compared to 2021-22	Director’s/CFO/CEO/CS/name	% increase in remuneration
	Mr. Ajay Naishad Desai, WTD	0%
	Mr. Ajay Nalin Parikh, WTD	0%
	Mrs. Prerna Sudeep Bokil, CS	51.17%
	Mr. R K Bhavsar, CFO	5.88%
(iii) Percentage increase in the median remuneration of employees in the financial year 2022-23 compared to 2021-22 (iv) Number of permanent employees on the rolls of the company	8.72 %
	As on 31.03.2023	As on 31.03.2022
	205	197
	During 2022-23	During 2021-22
(viii) Average percentile increase in salaries of Employees other than managerial personnel Justification for increase / decrease with reasons for any exceptional circumstances	5.81 %	22.64%
	It is in line with the industry practice and is within the normal range.	It is in line with the industry practice and is within the normal range.

Information under Rules 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company in receipt of remuneration for the year in the aggregate of Rs. One Crore and two lakh and/ or Rs. eight lakh fifty thousand per month during the financial year 2022-23:

Name	Age - Years	Designation	Nature of employment	Qualification & Experience (Yrs)	Remuneration received (Rs.)	Date of Commencem ent of employment	Last employment/ Designation
i. Employed throughout the financial year
Mr. Ajay Naishad Desai	64	Whole time Director	Contractual	B.E.(Elec.) 41 years	1,50,00,000	01.03.1992	Age Techonologie s Pvt. Ltd./ Director
Mr. Ajay Nalin Parikh	65	Whole time Director	Contractual	B.E.(Mech.) 41 years	1,50,00,000	01.03.1992	Age Techonologie s Pvt. Ltd./ Director
ii. Employed for a part of financial year	NA	NA	NA	NA	NA	NA	NA
iii. Employed throughout the year of part thereof	NA	NA	NA	NA	NA	NA	NA

The Board of Directors of the Company affirms that the remuneration is as per the remuneration policy of the Company.