Skytech Infinite Platform Ltd Directors Report

To,

The Members of,

SKYTECH INFINITE PLATFORM LIMITED

Your Directors have pleasure in presenting their Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended 31st March, 2024 and on the state of affairs of the Company.

1. FINANCIAL PERFORMANCE:

The Companys Financial Performance for the financial year ended on 31st March, 2024 under review alongwith previous years figures are given hereunder:

Particulars	2023-24	2022-23
Total Income	4,414,484.93	3,515,558.77
Total Expenses	4,214,146.45	3,300,509.95
Profit before tax	20,068.48	21,048.82
Current tax	6,743.77	5,197.58
Deferred tax	(212.56)	241.56
Profit / (Loss) after tax	13,537.27	15,609.68
Earnings per share	0.0020	0.0023

2. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

The Company has earned a net profit of 13,537.27 thousand for the year under review. The Company has been converted from being a Private Limited Company to a Public Limited Company and intends to proceed for an IPO to expand the business. Your Directors are continuously looking for avenues for future growth of the Company.

3. DIVIDEND:

In order to conserve resources, the Board does not recommend any final dividend for the financial year ended on 31st March, 2024.

4. DISCLOSURES OF AMOUNTS, IF ANY, TRANSFER TO ANY RESERVES.

The Company has not transferred any amount to the reserves.

5. SUBSIDIARY COMPANY:

The Company has no subsidiary and the Company is not a subsidiary of any other Company.

6. SHARE CAPITAL:

There is no change in the composition of share capital structure of the Company during the year under review.

7. DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS:

The Company has not issued any equity shares with differential rights during the period under review.

8. DISCLOSURE REGARDING EMPLOYEE STOCK OPTIONS:

The Company has not provided any Stock Option Scheme to the employees.

9. DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES:

The Company has not issued sweat equity shares during the year under review.

10. CORPORATE SOCIAL RESPONSIBILITY:

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the provisions of Section 135 of the Companies Act, 2013 are not applicable.

11. STATUTORY AUDITORS:

The tenure of the office of the statutory auditor concludes in the ensuing annual general meeting. The board of directors recommend the re-appointment of M/s. Ranga & Co., Chartered Accountants, Bangalore, (FRN: 003042S) as per the applicable provisions of the Companies Act, 2013.

12. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There was no qualification, reservation or adverse remark made by the Auditors in their report for the year under review.

There were NO frauds reported by auditors under sub-section (12) of section 143.

The provisions of Section 204 of the Companies Act, 2013 relating to submission of Secretarial Audit Report is not applicable to the Company.

13. MAINTAINANCE OF COST RECORDS

The cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is not applicable for the Company and accordingly such accounts and records are not made and maintained.

14. DIRECTORS:

The Board of Directors of the Company constitutes:

PARAMASHIVAM DEIVEKAN

SUMA DEIVEKAN

VENUMUDDALA VIVEK REDDY

Mr. VENUMUDDALA VIVEK REDDY has been appointed as the Director of the Company with effect from 15/03/2024.

15. DECLARATION OF INDEPENDENT DIRECTORS

The provisions of Section 149 pertaining to the appointment of independent Directors do not apply to our Company during the year under review. However, Mr. VENUMUDDALA VIVEK REDDY was appointed as independent director of the Company with effect from 15/03/2024.

16. BOARD MEETINGS:

During the financial year 2023-24, the Board met 10 times and the attendance of Directors is as given below in the Board Meetings:

Sl. No.	Board Meeting Dates	PARAMASHIVAM DEIVEKAN	SUMA DEIVEKAN	VENUMUDDALA VIVEK REDDY
1	01/06/2023	Present	Present	NA
2	19/06/2023	Present	Present	NA
3	20/06/2023	Present	Present	NA
4	01/09/2023	Present	Present	NA
5	01/12/2023	Present	Present	NA
6	23/01/2024	Present	Present	NA
7	29/01/2024	Present	Present	NA
8	15/03/2024	Present	Present	NA
9	16/03/2024	Present	Present	Present
10	23/03/2024	Present	Present	Present

During the year under review, apart from the Annual General Meeting which was held on 30/09/2023, the Company has held two extra-ordinary general meetings on 15/03/2024 and 26/03/2024.

The Company has complied with the applicable provisions of the secretarial standards as provided issued by The Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013 during the financial year under review.

17. COMPANYS POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES

The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee were not applicable to the Company during the year under review.

A comprehensive policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 shall be devised as the Company is pursuing for an IPO subsequent to its conversion into a Public Limited Company.

18. INFORMATION PURSUANT TO RULE 5 (2) OF COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The Company has not appointed any employee(s) in receipt of remuneration exceeding the limits specified under Rule 5 (2) of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014.

19. DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review.

20. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has duly set up an Internal Complaints Committee (ICC) in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013, to redress complaints received regarding sexual harassment.

The following is a summary of sexual harassment complaints received and disposed off during the year 2023-24.

No of complaints received: Nil
No of complaints disposed off: Nil

21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The company has neither given any loan or guarantee, nor has made any investment during the year under report attracting the compliance of the provisions of section 185 or Section 186 of the companys act 2013.

22. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statement relate on the date of this report.

23. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished as given in the following:

[A] CONSERVATION OF ENERGY:

a) Energy Conservation Measures Taken: Companys operations does not consume significant amount of energy. However steps are being taken by managing them to emphasise on conservation of energy with all employees.
b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy: NIL.
c) Impact of the measures at (a) & (b) above for reduction of energy consumption & consequent impact on the cost of production of goods: Nil.
d) Steps taken by company to use alternate source of energy, if any: NIL.
e) Capital investment on energy conservation equipments: NIL.

[B] TECHNOLOGY ABSORPTION:

There has been no technology absorption.

[C] RESEARCH & DEVELOPMENT

a. Specific areas in which R & D was carried out by the Company: Nil
b. Benefits derived as a result of the above R & D: NA

[D] FOREIGN EXCHANGE EARNINGS AND OUTGO:

• Amount in Rs. In Thousands

Details of earnings in foreign exchange:

Particulars	2023-24	2022-23
Total export of goods and services	807.66	984.32
Realization from exports	490.41	9833.02

Details of expenditure in foreign exchange:

Particulars	2023-24	2022-23
Total expenditure in foreign exchange	0	0

24. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT

The Company has developed & implemented Risk Management Policy. However, Company has not come across any element of risk which may threaten the existence of the Company.

25. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNAL IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATION IN FUTURE

There are no significant material orders passed by the Regulators / Courts / Tribunal which would impact the going concern status of the Company and its future operations. Hence, disclosure pursuant to Rule 8 (5) (vii) of Companies (Accounts) Rules, 2014 is not required.

26. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS PURSUANT TO RULE 8 (5) (viii) OF COMPANIES (ACCOUNTS) RULES, 2014:

The Company has an adequate internal financial control system, commensurate with the size of its business operations.

27. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES MADE PURSUANT TO SECTION 188 OF THE COMPANIES ACT, 2013

There were no related party transactions during the financial year under review which attracted the compliance of the provisions of the section 183 of the Companies Act 2013 and therefore Form AOC-2 is not provided separately.

28. ANNUAL RETURN

The copy of the Annual Return shall be published on the website of the Company www.skytechinfinite.com as per the applicable provisions of the Companies Act.

29. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM

The provisions of Section 177 of the Companies Act, 2013 read with Rule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 is not applicable to the Company. Hence, disclosure pursuant to Section 177 (8) & (9) of the Companies Act, 2013 is not required.

30. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013, your Directors state that:

a. In the preparation of the annual accounts, the applicable accounting standards have been followed with proper explanation relating to material departures, if any;

b. They have, in the selection of the accounting policies, consulted the Statutory Auditors and have 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, 2024 and of its Profit/Loss for the year ended on that date;

c. They have taken proper and sufficient care to the best of their knowledge and ability 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, and

d. They have prepared the annual accounts for the year ended 31st March, 2024 on a going concern basis; and

e. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

31. ACKNOWLEDGEMENTS:

The Directors wish to place on record their appreciation to the wholehearted help and co-operation the Company has received from the business associates, partners, vendors, clients, government authorities, and bankers of the Company.

The relations between the management and the staff were cordial during the period under review.

The Company also wishes to put on record the appreciation of the work done by the staff. Your Directors appreciate and value the trust imposed upon them by the members of the Company.

Date: 05/09/2024

Place: Bangalore

For SKYTECH INFINITE PLATFORM LIMITED

MANAGING DIRECTOR

PARAMASHIVAM DEIVEKAN - DIN: 00774083

For SKYTECH INFINITE PLATFORM LIMITED

DIRECTOR

SUMA DEIVEKAN - DIN: 02586853