INDUSTRY STRUCTURE AND DEVELOPMENT:
Aris International Limited ("Company") established in 21/08/1995.
The Company is engaged in: (1) Software Development (2) Real-estate &
(3) Manufacturing and marketing of auto parts and equipments
The auto industry of India has not performed well during the year under review. The company started the development of real-estate and advanced for land development in the state of Maharashtra. The slowdown in the real-estate sector and in absence of actual borrower, the company decided to wait and watch. The Software development on a contract basis started during the year under review.
OPPORTUNITIES AND RISKS:
Todays equipments manufacturers are faced with a spectrum of challenges as they strive for consistent quality products while reducing input costs. The fluctuating customer demands, high energy costs, strict environmental limits are few of the threats faced by the Industry. The Company also strives to improve its efficiency levels in all areas of its operations by reducing the costs thereby increasing the profits. The economic slowdown forced the company to not to venture into auto industries.
The Company can see a better future in real-estate sector and want to go for development. Presently the sector is for reason of recession and interest rate not generating much interest amongst actual user. The company in the long run will venture in the said segment.
The company even though there was lot of recession in the software industry got few contracts for development and will continue the said businesses accordingly.
SEGMENT WISE OR PRODUCT WISE PERFORMANCE:
The Company during the year mainly engaged in contact work of software development. Also the company invested in real-estate development. Due to adverse market condition the company is presently exploring new opportunities.
1. The worlds top car makers turn to India for the nuts and bolts of their vehicles. Due to slowdown in the auto segment, it would be difficult to go for retail segment. Manufacturing the parts also not cost effective.
2. In Use and Europe the software segment started showing improvement. The Company can go for procuring businesses abroad. The chances of getting business in this segment just started in a revised trend.
3. The real-estate sector presently witnessing downturn and hopefully after the general election and correction in interest rate will give a boost which actually has a bright future in the long run.
a. I certify that I have reviewed the financial statements and the cash flow statement for the year 2022- 2023 and that to the best of our knowledge and belief:
These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
These statements together present a true and fair view of the companies affairs and are in compliance with existing accounting standards, applicable laws and regulations;
b. There are, to the best of our knowledge and belief, no transactions entered into by the company during the year 2022-2023 which are fraudulent, illegal or volatize of the companies code of conduct;
4. We accept responsibility for establishing and maintaining internal controls and that we have evaluated the effectiveness of the internal control systems of the company and we have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of the internal control, if any, of which we are aware of and the steps we have taken or propose to take to rectify these deficiencies.
5. We have indicated to the Auditors and the Audit Committee
a. There have been no significant changes in internal control over the financial reporting during the year 2022-2023.
b. There have been no significant changes in accounting policies during the year 2022-2023; and
c. There have been no instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the companys internal control system over the financial reporting
|For and on Behalf of Board of the Directors of|
|ARIS INTERNATIONAL LIMITED|
|Date: 10-08-2023||(DIN: 00206671)|