ASM Technologies Ltd
Chairman Speech
Dear Fellow Shareholder,
2020 was a year of great strife, challenges, and worries. The COVID-19 pandemic
disrupted lives and businesses, shook up supply chains, and upended human society. As we
continue to grapple with the crisis, our thoughts and prayers remain with those
individuals, families and communities most affected by the Pandemic.
Our company was not immune to these challenges. Like thousands of firms worldwide, we
also experienced the pandemic's health, economic and business repercussions.
Our leadership and management made sure that our customers' business continuity was
never affected. To this end, they efficiently managed our transition to a work-from-home
model, ensuring zero impact on deliverables or customer relationships. Our existing
Business Continuity Plan (BCP) enabled us to meet these goals smoothly and painlessly.
Following national lockdowns in early 2020, some of our manufacturing facilities had to be
shut down partially or fully.This affected our production, but we successfully made up for
most shortfalls in the subsequent months.
Adapting to the New Normal
Collectively, we adapted to the post-pandemic "new normal" with newer
business models, a more pragmatic world view, and a keener appreciation for human grit and
resilience. Every employee and partner is part of the ASM family, it's always been
peoplefirst, profits later. Over the past year, the ties binding us have strengthened,and
together, we have discovered ways to grow, progress, and prepare for future successes.
In the new, unprecedented environment of the post-pandemic world, we are focusing on
opportunities, not challenges. We have also renewed our commitment to generate greater
value for stakeholders. Our original mission to deliver engineering innovation is a big
part of this pledge, and has enabled usto outperform our expectations with respect to
achievements, accolades and goals.
We're especially proud of these recent accomplishments:
• CII Award: RV Forms & Gears, one of our group companies, won the prestigious
Confederation of Indian Industry (CII) Industrial Innovation Award 2020 under the
"Top 25 Most Innovative Companies" category for its SmartFix 4.0 solution
• Acquisition: We acquired the Semcon AB's India delivery centre. ASM Digital
Engineering Pvt Ltd (Formerly Known as Semcon India Pvt Ltd) expandour delivery expertise
in engineering services, with particular focus on automotive and Digital Engineering. This
acquisition has given access to marquee customers in Northern and Central Europe.
Key highlights for the year 2020-21
• ASM Ventures: We are makingkey strategic investments in several emerging
technology companies, while co-creating innovative new products in future-focused areas
like Cloud, forefront of cutting-edge technologies.and allow us to take advantage of the
huge growth potential in these areas.
Some of our strategic investments are:
• Lavelle Networks: Leading provider of SD-WAN solutions
• RV Forms and Gears: Pioneer in Design Led manufacturing for working holding,
lloT, Industry 4.0, Special Purpose Machines, Manufacturing Engineering.
• Polylogyx Inc: Endpoint detection and response. Polylogyx was acquired by
Eclectic 10 (https://www.eclecticiq.com/).
• Semcon India Pvt Ltd (now known as ASM Digital Engineering Pvt Ltd) specialising
in Digital Engineering, Vehicle Engineering, Value Engineering with marquee customers in
Europe.
* BARO Vehicles Ltd: Intelligent robots and autonomous vehicles.
• Kogence Inc.: Cloud-native workflow orchestration engine for engineering
modelling and simulation workflows.
- Our revenues have grown by 35. 04 % a high over 2019-20 to hit a high of 1132.17 Mn.
and a digital revenue of Rs. 261.55 Mn (23.10%) for the year 2020-21.
Looking back on the year, I'm more proud of our performance and achievements than I can
ever express. I'm also excited about what the future has in store for us. Our acquisition,
expansion and patent applications are all geared towards the goal of bringing the most
innovativeofferings to our esteemed customers.
New Initiatives for 2021 and Beyond
We're particularly excited by these new initiatives in the pipeline: Engineering
Services
In the current era, digital transformation is a key business imperative across many
industries. This has increased the demand for Semiconductors & Electronics.
Semiconductor Engineering and Electronics Engineering continue to be focus areas for ASM.
ASM will continued to focus on customer acquisition in the Semiconductor Engineering,
Vehicle Engineering, Automotive, Industrials, and Electronics sectors. This sector has
seen sustained demand and will continue to scale in these sectors. We will continue to
increase our presence in Product Development and Design led Manufacturing to these
verticals.
In the area of automotive engineering, the increasing demand for new mobilitysolutions
like autonomous vehicles have also opened up huge opportunities, which we plan to explore
in the near future.
Digital Engineering and Product R&D
ASM expects to be at the forefront of these developments, helping companies to rapidly
digitise and grow at scale. We're already using these technologies for our current Product
R&D customers in the areas of wireless, networking, cybersecurity and expanding to
lloT, AI/ML, Edge Computing and Intelligent Automation,
In the near future, we will be offering "Compromise Assessment" as a Managed
Service to further expand our service portfolio.
Increased Focus on Design-Led Manufacturing
ASM will continue to focus on highly-engineered, complex, medium-volume Design led
manufacturing. We will continue to innovate in our design to create high-quality products
serving a diverse customer base and use cases. Our goal is to combine the benefits of
Software, systems engineering, advanced processes, product development, testing and
evaluation to meet previously-unmet needs with precision, highly-customised products.
ASM is also leading the way with digitisation in Manufacturing Engineering with our
SmartFix 4.0 solution across various industry verticals including Automotive, Industrials,
Electronics, and Semiconductors.
Future prospects
We plan to focus more of our energies and attention on increasing our revenues from
digital initiatives. We will be developing our digital competencies to expand our
offerings for both existing and new customers.
Our plans to expand into other geographies in Asia and Europe, particularly Japan and
the UK, are also on track.
The COVID-19 pandemic has reinforced the importance of community and empathy- qualities
that only human beings can bring to our beleaguered planet. As we shift our goalposts, and
aim for newer, more ambitious goals in a post-COVID world, we trust that you, our
shareholders, vendor partners and customers will continue to support and encourage us.As
always, we're grateful for your faith in our capabilities, and your trust in our brand.
On behalf of the company management and leadership, I take this opportunity to thank:
• Our esteemed customers, stakeholders, vendors, business partners, advisors and
consultants for their support,
• Employees for their valuable contributions, sustained efforts, and dedicated
spirit,
• State Bank of India, Incube Branch, HSBC Bank Limited, ICICI Limited,
Bangalore, Indian Bank, Singapore, HSBD Bank, New York, USA and First Federal Bank,
Ohio, USA for support
• Central and State Government, Customs, Reserve Bank of India, Software
Technology Parks (STPI) and NASSCOM for their guidance.
| Place: Bangalore |
Rabindra Srikantan |
| Date: 26.05.2021 |
Managing Director |
ASM Technologies Ltd
Directors Reports
To the Boards' Members,
We are pleased to present the 30th Annual Report together with the
Audited Accounts of your Company for the year ended 31st March 2022
1. Financial Results
(Rs. In Mn.)
|
2021-2022 |
2020-2021 |
| Income from Software services and Products |
1410.71 |
1132.17 |
| Other operating income |
61.42 |
34.56 |
| Expenses |
|
|
| Employee benefits expense |
936.78 |
730.27 |
| Finance Costs |
31.35 |
18.93 |
| Depreciation |
18.08 |
10.07 |
| Other expenses |
300.61 |
227.86 |
| Profit/(Loss) before tax |
185.31 |
179.60 |
| Current Tax |
54.93 |
44.45 |
| Deferred Tax Income/expense |
(8.42) |
0.98 |
| Excess provision of earlier years |
7.03 |
7.64 |
| Profit/(Loss)for the year |
131.77 |
126.53 |
| Other Comprehensive Income |
|
|
| A (i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans |
2.34 |
(1.45) |
| (ii) Income tax relating to items that will not be
reclassified to profit or loss Deferred tax on remeasurement of defined benefit plans |
(0.59) |
0.37 |
| B (i) Items that will be reclassified to profit or loss
Changes in fair value of investments in equity instruments |
26.39 |
(1.19) |
| (ii) Income tax relating to items that will be reclassified
to profit or loss Deferred tax on changes in fair value of investments in equity
instruments |
(6.64) |
0.30 |
| Total comprehensive income for the year |
153.27 |
124.56 |
2. Results of Operation
ASM along with its subsidiaries provide world class consulting and
product development services in the areas of Engineering Services, Product R&D
Services and Digital Transformation with successful Offshore Development with Support
Centers in India and Overseas for its global clientele.
During the financial year, the Company explored new growth
opportunities and performed significantly well in both the domestic as well as
international markets. The performance reflects ASM's journey to reposition itself as a
unique technology solutions provider that is committed to develop an emerging breed of
platforms, thus enabling its customers to gain competitive advantage through the
Company's future ready digital transformation initiatives.
On the standalone front your company registered a total revenue of
Rs.1410.71 Mn for the year ended 31st March 2022.
Domestic sales was Rs. 606.84 Mn while Export sales was Rs. 803.87Mn.
EBIDTA was at Rs.234.74 Mn and Net profit after tax was Rs.131.77 Mn.
The Consolidated total revenue for the year ended 31st March 2022 was
Rs.1916.73 Mn. EBIDTA was at Rs. 279.18 Mn and Net Profit after tax at Rs. 139.01 Mn.
3. Dividend/ Transfer to reserves
During the year 2021-22 the company declared an Interim dividend of Rs.
1.00/- on 7th August, 2021 and 2nd Interim dividend of Rs. 2.50/- on 30th
October, 2021 followed by 3rd Interim dividend of Rs.2.50/- on 1st February
2022. In keeping with the Dividend policy your Directors are pleased to recommend for
approval of the members a final dividend of Rs.2.50/- per equity share of Rs 10/-each for
the financial year 20212022. The dividend amount paid/payable if approved by shareholders
will be Rs. 25.75 Mn.
The dividend payout for the year under review has been formulated in
accordance with the Company's policy to pay sustainable dividend linked to long term
growth objectives of the company to be met by internal cash accruals and the
shareholders' aspirations.
Your Company has not transferred any amount to reserve for the
Financial Year ended 31st March, 2022.
The paid up Share Capital of your Company is Rs. 100 Mn divided into
100,00,000 equity shares of Rs 10/- each. Your company had offered Right Entitlements 1
Rights Equity Shares for every 10 fully paid up Equity Shares held during the financial
year under review.
4. Subsidiary Companies
The consolidated Accounts of your Company and its subsidiaries viz.,
ASM Digital Technologies Pte Ltd (Formely known as Advanced Synergic Pte Ltd), Singapore,
ASM Digital Technologies Inc (Formely known as Pinnacle Talent Inc), USA, ASM Technologies
KK, Japan, RV Forms & Gears LLP,ASM Digital Engineering Pvt Ltd. and ASM HHV
Engineering Pvt Ltd( wef 21.01.2022) duly audited, are presented as part of this Report in
accordance with Indian Accounting Standards ( IndAs) and the Listing Regulations with the
Stock Exchange, wherever applicable. The statement pursuant to the provisions to Section
129(3) of the Companies Act 2013, containing salient features of the financial statement
of the Company's Subsidiaries in Form AOC1 is given in Annexure - II. The Accounts
of the Subsidiaries audited for the purpose of consolidation shall be placed on your
Company's website and made available for inspection by any Shareholder at the
Company's Registered Office and at the respective registered offices of the
Subsidiary companies. Copies can be made available on request, to the shareholders of the
Company.
Your Company has formulated and adopted a "Policy for determining
Material Subsidiaries" so that your company could identify such subsidiaries and
formulate governance framework for them. The Policy for determining ‘material'
subsidiaries is posted on Company's website: https://www.asmltd.com/policy-
disclosures
5. Future Outlook
This has been provided in letter to the shareholders
6. Management Discussion and Analysis Report
Management Discussion and Analysis Report as required under Regulation
34 of SEBI (Listing Obligations and Disclosure Requirements ) Regulations 2015, is
disclosed separately in the Annual Report.
7. Board Meetings
During the year under review the Board of Directors held 7 meetings, on
26.05.2021, 08.07.2021, 07.08.2021, 30.10.2021, 14.01.2022, 01.02.2022 and 15.02.2022 The
maximum interval between two meetings did not exceed 120 days.
8. Directors and Key Managerial Personnel
As per the provision of companies Act 2013 Ms. Preeti Rabindra (DIN
00216818) Director, retires by rotation and being eligible, offers herself for
re-appointment at the ensuing Annual General Meeting (AGM).
The Board recommends his appointment for consideration of members of
the Company. Brief profile of Ms. Preeti Rabindra is given in the notes to the Notice of
the ensuing AGM.
9. Disclosure on compliance with Secretarial Standards
Directors confirm that the Secretarial Standards issued by the
Institute of Company Secretaries of India, have been complied with.
10. Independent Directors
Your Company has laid down procedures to be followed for familiarizing
the Independent Directors with your Company, their roles, rights, responsibilities in your
Company and to impart the required information and training to enable them contribute
significantly to your Company. All the Independent Directors of the Company have given
declarations that they meet the criteria of independence as laid down under section 149(6)
of the Act and Regulation 16(1)(b) of Listing Regulations. The Independent Directors have
also confirmed that they have complied with the Company's Code of Conduct. All the
Independent Directors of the Company have given declarations that they meet the criteria
of independence as laid down under section 149(6) of the Act and Regulation 16(1)(b) of
Listing Regulations.
11. Director's Responsibility Statement
Pursuant to the provisions of Section 134 (5)of the Companies Act 2013,
the Directors hereby confirm that:
a) in the preparation of the annual financial statements for the year
ended 31st March 2022 the applicable accounting standards has been followed along with
proper explanation relating to material departures:
b) the Directors 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 at the end of the
financial year and of the profit or loss of the company for that period;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the company and for preventing and detecting fraud and
other irregularities;
d) the Directors have prepared annual accounts of the company on a
going concern basis.
e) the Directors have 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 have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
12. Significant and material orders passed by the regulators or courts
and Material Changes and commitments affecting the financial position of the company.
There are no significant material orders passed by the
Regulators/Courts which would impact the going concern status of the company and its
future operations. There are no material changes and commitments, if any, affecting the
financial position of the company which occurred between the end the financial year of the
company to which the financial statements relate and the date of this report.
13. Audit Committee
The Audit committee met four times during the financial year under
review and all its recommendations were accepted by the Board.
Your Company has established the Vigil Mechanism, an Ombuds process
which is a channel for receiving and redressing of employees complaints. This mechanism
covers questionable financial or accounting matters and reporting fraudulent financial
information to the shareholders, the government or any other legal authority. This meets
the requirement under Section 177(9) and(10) of the Companies Act, 2013 and Regulation 22
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
14. Nomination and Remuneration Committee and Stakeholders Relationship
and Share Transfer Committee
The Nomination and Remuneration Committee has framed a policy for
selection and appointment of Directors including determining qualifications of Independent
Director, Key Managerial Personnel, Senior Management Personnel and their remuneration as
part of its charter and other matters provided under Section 178(3) of the Companies Act,
2013. A copy of the policy forms part of this report vide Annexure- I. The
Nomination and Remuneration Committee of a company has been obligated under Section 178 of
the Act to formulate a policy for recommending to the Board of directors of the company
for setting the criteria based on which the performance of every Director including the
performance of the Board as a whole shall be assessed by the Board of Directors of the
Company.
15. Familiarisation Programme
The Company has put in place an induction and familiarisation programme
for all its Directors including the Independent Directors. The familiarisation programme
for Independent Directors in terms of provisions of Regulation 46(2)(i) of Listing
Regulations, is uploaded on the website of the Company.-https://www.asmltd.
com/policy-disclosures
16. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed BMP & Co., LLP, Company Secretaries, to undertake the
Secretarial Audit of the Company. The Report of the Secretarial Audit in Form MR3 for the
financial year ended March 31, 2022 is annexed as Annexure - III to the Report.
There are no qualifications, reservations or adverse marks made by Secretarial Auditor in
the Report.
17. Auditor's Report
There are no qualifications, reservations or adverse remarks made by
M/s B K Ramadhyani & Co, LLP, Chartered Accountants Statutory Auditors, in their
report for the financial Year ended 31st March, 2022. The Statutory Auditors have not
reported any incident of fraud under Section 143(12) of the Act and the rules made
thereunder to the Audit Committee of the company in the year under review.
18. Conservation of energy, technology absorption and Foreign Exchange
Outgo
The company's operations involve low energy consumption. However
the efforts to conserve and optimize the use of energy through improved operational method
and other means will continue.
The company has not imported any technology. Foreign exchange earnings
and outgo
During the financial year under review 56.98% of the revenue came from
export of software services resulting in a foreign exchange inflow of Rs. 803.87 Mn and
the foreign exchange outgo on account of overseas salaries, traveling etc was Rs. 122.31
Mn.
19. Public Deposits
Your Company has not accepted any deposits from the public during the
financial year under review.
20. Disclosures as required under Section 22 of Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act , 2013
Your Company has in place a Prevention of Sexual Harassment ( POSH)
Policy in line with the requirements of Sexual harassment of Women at Workplace (
Prevention, Prohibition and Redressal) Act 2013. Your Company has through the Policy
constituted a committee and has established a grievance procedure for protection against
victimization. Your Company is committed to provide a healthy environment to all employees
conducive to work without the fear of prejudice and gender bias. During the year under
review , there were no cases filed pursuant to the said Act.
| Number of complaint filed during the financial year 2021-22 |
Nil |
| Number of complaint disposed off during the financial year
2021-22 |
Nil |
| Number of complaint pending as end of the financial year |
Nil |
21. Details of Adequacy of Internal Financial Controls
Your Company has deployed adequate Internal Control Systems in place to
ensure a smooth functioning of its business. The processes and systems are reviewed
constantly and improved upon to meet the changing business environment. The Control
Systems provide a reasonable assurance of recording the transactions of its operations in
all material aspects and of providing protection against misuse or loss of Company's
assets. The Internal auditors periodically review the internal control systems, policies
and procedures for their adequacy, effectiveness and continuous operation for addressing
risk management and mitigation strategies.
22. Particulars of Loans, guarantees or investments
During the Financial Year under review, your Company had given
Corporate Guarantee to its subsidiary, RV Forms & Gears LLP and ASM Digital
Engineering Pvt Limited and loan to RV forms and Gears LLP at prevailing bank lending rate
for meeting its working capital requirements. The balance outstanding as on 31st March,
2022 is Rs 254.13 Mn.
23. Risk Management Policy
The Risk management Policy of your company continuously evaluates the
various risks surrounding business and seeks to review and upgrade its risk management
process. To further the endeavour your Board constantly formulates strategies directed at
mitigating these risks which get implemented at the Executive Management level and a
regular update is provided to the Board.
24. Credit rating of securities:
(a) credit rating obtained in respect of various securities: NA
(b) name of the credit rating agency; NA
(c) date on which the credit rating was obtained: NA
(d) revision in the credit rating: NA
(e) reasons provided by the rating agency for a downward revision, if
any: NA
25. Corporate Social Responsibility Policy (CSR)
Your company has formulated CSR policy which is posted on the website
at https://www.asmltd.com/policy- disclosures. In pursuance to the provisions of Section
135 and Schedule VII of the Companies Act, 2013 the company constituted a CSR Committee of
the Board to (a) formulate and recommend a CSR policy (b) recommend the amount of
expenditure to be incurred on the CSR activities and (c) monitor implementation of the CSR
policy from time to time. The terms of reference of the CSR committee are in accordance
with Section 135 of the Companies Act 2013. The Annual Report on CSR in the prescribed
format is enclosed to this Report as Annexure-IV.
26. Related Party Transactions
The company has in place formulated a Policy on materiality of Related
Party transactions for dealing with such transactions in line with the requirements of the
Listing Regulations with the Stock Exchange. . The policy on related party transactions is
available on the Company's website at -https://www.asmltd.com/ policy-disclosures.
Particulars of contracts or Arrangements with related parties referred
to in Section 188(1) of the Companies Act 2013 in the format specified as Form AOC2 forms
part of this Report as Annexure- V
27. Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the Listing
Regulations, the Board is required to monitor and review the Board evaluation framework.
In line with the Corporate Governance Guidelines,
Annual Performance Evaluation is conducted for all Board Members as
well as the working of the Board and its Committees. The Board works with the Nomination
and Remuneration committee to lay down the evaluation criteria for the performance of
executive/nonexecutive/independent directors through a peer evaluation, excluding the
director being evaluated through a Board effectiveness survey. The questionnaire of the
survey forms an integral part of reviewing the functioning and effectiveness of the Board
and for identifying possible paths for improvement. Each Board member is required to
evaluate the effectiveness of the Board and its committees on various parameters and feed
back on each Director is part of the survey. The outcome of the Board evaluation for the
financial year 2021-22 was discussed by the Board at their meeting held on 15th
February 2022.
28. Remuneration to Director and Employees
Details/Disclosures of ratio of remuneration to each Director to median
employee's remuneration as required pursuant to Section 197(12) of the Companies Act 2013
read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 and details of remuneration paid to Employees vide Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as Annexure-
VI
29 Corporate Governance Report
Your Company has taken adequate steps to adhere to all the stipulations
as laid down in Pursuant to Schedule V (C) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015. As required, a Report on Corporate Governance is provided
elsewhere in this Annual Report along with Auditor's Certificate on compliance thereof.
30. Auditors
M/s. B K Ramadhyani & Co. LLP, Chartered Accountants, were
appointed as Statutory Auditors of the Company at the 25th Annual General Meeting
(‘AGM') held on June 20, 2017 for a period of 5 years, up to the conclusion of
30th AGM. M/s. B K Ramadhyani & Co. LLP are eligible for re-appointment for a further
period of 5 years. M/s. B K Ramadhyani & Co. LLP have given their consent for their
re-appointment as Statutory Auditors of the Company and has issued certificate confirming
that their re-appointment, if made, will be within the limits prescribed under the
provisions of Section 139 of the Companies Act, 2013 (‘the Act') and the rules
made thereunder. M/s. B K Ramadhyani & Co. LLP have confirmed that they are eligible
for the proposed appointment under the Act, the Chartered Accountants Act, 1949 and the
rules or regulations made thereunder. As confirmed to Audit Committee and stated in their
report on financial statements, the Auditors have reported their independence from the
Company and its subsidiary according to the Code of Ethics issued by the Institute of
Chartered Accountants of India (‘ICAI') and the ethical requirements relevant to
audit. Based on the recommendations of the Audit Committee and the Board of Directors, it
is hereby proposed to re-appoint M/s. B K Ramadhyani & Co. LLP, Chartered Accountants,
having registration No.0028785/S200021, as the Statutory Auditors of the Company for the
second and final term of five consecutive years, who shall hold office from the conclusion
of this 30th AGM till the conclusion of the 35 th AGM of the Company. The requirement for
the annual ratification of auditors' appointment at the AGM has been omitted as per
Companies (Amendment) Act 2017 notification on May 7 2018.
Total fees for all services paid by the Company and its subsidiaries,
on a consolidated basis, to the statutory auditor and all entities in the network
firm/network entity of which the statutory auditor is a part is given below
|
Rs. in Mn. |
| Payment to Statutory Auditors |
FY 2021-22 |
| Audit Fees |
1.15 |
| Others Service |
0.09 |
| Reimbursement of expenses |
0.00 |
| Total |
1.24 |
31. Acknowledgments
Your Directors take this opportunity to express their gratitude to -
Our esteemed customers, shareholders, vendors, business partners,
advisors and consultants for their unstinted support. The contribution made by our
employees at all levels. Our consistent growth was made possible by their solidarity,
cooperation and support.
- State Bank of India, (India), HSBC Bank Ltd (India), Axis Bank Ltd.,
(India), Indian Bank, (Singapore), HSBC Bank, (USA) and First Federal Bank, (USA) , for
their support and guidance.
- Customs, Reserve Bank of India, Software Technology Parks (STPI) and
NASSCOM, Central & State Governments, Software Technology Park (STPI) and NASSCOM for
their continued support.
|
For and on behalf of the Board of Directors |
|
ASM Technologies Ltd. |
| Place : Bangalore |
M. R. Vikram |
Rabindra Srikantan |
| Date : 30.05.2022 |
Chairman |
Managing Director |