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This report contains forward-looking statements based on certain assumptions and expectations of future events. The Company, therefore, cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievements can thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.
The year under review has been continued to be difficult, as expected contracts have not materialized. The business of the company was significantly affected during the year. The company had managed to increase its turnover compared to previous years. However, the management is trying to increase its strength and core competencies to increase its turnover and profitability in the coming financial years.
Internal Control Systems and their Adequacy
Management has put in place effective Internal Control Systems to provide reasonable assurance for:
Safeguarding Assets and their usage.
Maintenance of Proper Accounting Records and
Adequacy and Reliability of the information used for carrying on Business Operations.
Key elements of the Internal Control Systems are as follows:
Existence of Authority Manuals and periodical updating of the same for all Functions.
Existence of clearly denied organizational structure and authority.
Existence of corporate policies for Financial Reporting and Accounting.
Existence of Management information system updated from time to time as may be required.
Existence of Annual Budgets and Long Term Business Plans.
Existence of Internal Audit System.
Periodical review of opportunities and risk factors depending on the Global / Domestic Scenario and to undertake measures as may be necessary.
The Company has appointed an Independent Auditor to ensure compliance and effectiveness of the Internal Control Systems in place. The Audit Committee is regularly reviewing the Audit Reports for the auditing carried out in all the key areas of the operations. Additionally the Audit Committee approves all the audit plans and reports for significant issues raised by the Internal and External Auditors. Regular reports on the business development, future plans and projections are given to the Board of Directors. Internal Audit Reports are regularly circulated for perusal of Senior Management for appropriate action as required.
Normal foreseeable risks of the Companys assets are adequately covered by comprehensive Insurance Risk assessments, inspections and safety audits are carried out periodically.
Human Resources Development and Industrial Relations
The Company is maintaining good employee relations and no man days are lost during the year. The Company continued the welfare activities for the employees, which include Medical Care, Group Insurance, and Canteen Facility. To enrich the skills of employees and enrich their experience, the Company arranges, Practical Training Courses by Internal and External Faculty. The Company has constituted an Internal Complaint Committee (ICC) in pursuant to the Provisions of Companies Act, 2013 for prevention, prohibition and redressal of complaints /grievances on the sexual harassment of women at work places.
Compliance with Code of Business Conduct and Ethics
As provided under the Listing Agreement with the Stock Exchanges, the Board Members and the Senior Management Personnel have confirmed compliance with the Code of Conduct and Ethics for the year ended March 31, 2018.
|For and on behalf of the Board of Directors|
|Seshachal Tehnologies Limited|
|Place: Hyderabad||Anita Chitturi||Sourav Jain|
|Date: 03.07.2018||Managing Director||Whole-Time Director|