Cadsys (India) Ltd
Directors Reports
For the year ended 31st March 2023
To,
The Members,
Cadsys (India) Limited
Dear Members,
Your Directors are pleased to present the 31st Annual Report of your Company
on the business and operations of the Company together with the Audited Financial
Statements for the financial year ended on 31st March 2023, the Board's Report
and the Auditor's Report thereon. The summary of financial performance of the Company and
its Subsidiaries for the year under review is given hereunder:
DISCLOSURES AS PER RULE 8(5) OF COMPANIES (ACCOUNTS) RULES, 2014:
FINANCIAL HIGHLIGHTS
(Rs in Lacs)
|
Standalone |
Consolidated |
Particulars |
For the financial year 2022-23 |
For the financial year 2021-22 |
For the financial year 2022-23 |
For the financial year 2021-22 |
Total Revenue |
2181.93 |
1,518.78 |
17,893.84 |
6,806.67 |
Total Expenses |
2036.00 |
1,459.70 |
17,107.76 |
7,535.31 |
Finance Cost |
84.38 |
49.76 |
338.10 |
156.02 |
Depreciation |
69.81 |
42.40 |
467.19 |
326.37 |
Exceptional Items |
- |
- |
- |
(293.50) |
Profit before Tax |
145.93 |
59.08 |
786.08 |
(435.14) |
Tax Expense |
33.43 |
25.72 |
38.91 |
64.77 |
Profit after Tax |
112.50 |
33.36 |
468.80 |
(455.05) |
Earnings per share (Basic &Diluted) |
1.50 |
0.44 |
6.25 |
(6.07) |
FINANCIAL PERFORMANCE
During the year under review, the performance of the Company has improved multifold
times and both on the Standalone and consolidated basis. On Standalone front - the revenue
for the year was Rs. 2181.93 lacs as against Rs. 1,518.78 lacs for the previous year. The
PAT attributable to the members was Rs. 112.50 lacs as against Rs. 33.36 lacs for the
previous year.
Your Directors are continuously making effort for the future growth and expansion of
the Company by exploring all possible avenues in the market both in India and abroad.
Further, during the year under review, there were no changes in the Nature of Business
of the Company. EXPORTS
The exports of the Company continue to be a major chunk of revenue accounting for a
volume of Rs. 2017.82 lacs as against Rs. 1,459.85 lacs in previous year.
TRANSFER TO RESERVES IN TERMS OF SECTION 134(3)(J) OF THE COMPANIES ACT, 2013
For the financial year ended on 31st March, 2023, the Company has not
transferred any amount to Reserves.
DIVIDEND
With a view to conserve the resources in long run, your Board of Directors has not
recommended any dividend for the financial year ended 31st March, 2023.
TRANSFER OF UNPAID & UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
(IEPF)
Pursuant to the provisions of the Companies Act, 2013, read with IEPF Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, declared dividends along
with underlying equity shares which remained unpaid or unclaimed for a period of seven
years are supposed to be transferred to IEPF. Presently, there is no amount which is
required to be transferred to IEPF by the Company. However, the details of unpaid and
unclaimed dividend can be accessed on Company's website i.e.,
https://www.cadsvstech.com/investor/.
SHARE CAPITAL
Pursuant to In-principle approvals granted by National Stock Exchange of India Limited
- NSE Emerge vide their respective letters dated 02nd March, 2023 and approval
of members at the Extra-Ordinary General Meeting of the Company held on 03rd
March, 2023, the Board of Directors at its Meeting held on 17th March, 2023 has
considered and approved the Allotment of 25,00,000 (Twenty Five Lakhs) convertible
warrants on preferential basis ("Warrants") at a price of Rs. 50/- (Rupees Fifty
Only) per Warrant ("Warrant Issue Price") each convertible into and exchangeable
for 1 (One) fully paid-up Equity Share of the face value of Rs. 10/- (Rupees Ten only)
each of the Company ("Equity Shares") at a premium of Rs. 40/- (Rupees Forty
Only) within a period of 18 (Eighteen) months from the date of allotment of the Warrants,
for an amount upto Rs. 12,50,00,000/- (Rupees Twelve Crores Fifty Lakhs Only).
To accommodate the said conversion of warrants into equity shares of the Company, the
Company has increased its authorized share capital from Rs. 850 lacs comprising of 85 lacs
Equity Shares of Rs. 10/- each to Rs. 1200 lacs comprising of 120 lacs Equity Shares of
Rs. 10/- each vide approval of members at the Extra Ordinary General Meeting of the
Company held on 03rd March, 2023. The issued, subscribed and the Paid-up Share
Capital of your Company as on 31st March, 2023 is Rs 750.25 lacs.
EXTRACT OF ANNUAL RETURN
In accordance with the Companies Act, 2013, the annual return in the prescribed format
is available at http://www.cadsystech.com/investor/.
EXTRACT OF ANNUAL RETURN
The Board represents an optimum mix of professionalism, knowledge and experience. The
Company's policy is to maintain optimum combination of Executive, Non-Executive
Directors and Independent Directors.
Following were the Directors and Key Managerial Personnel of the Company as on 31st
March, 2023:
S. No. |
Name of the Directors |
Designation |
DIN/PAN |
1. |
Nallani Chakravarthi Venkata Rangacharya |
Managing Director |
01067596 |
2. |
Nallani Chakravarthi Padmaja |
Whole-Time Director and Chief Finance Officer |
01173673 |
3. |
Madhavi Chilakamarri |
Non-Executive Director |
01067690 |
4. |
Sripadarajan Nagarajan |
Non-Executive Director |
05262644 |
5. |
Sai Sridhar Sangineni |
Independent & Nonexecutive Director |
03274134 |
6. |
Appala Charyulu Chilakamarri |
Independent & Nonexecutive Director |
01601712 |
7. |
Babladi Shailaja |
Company Secretary and Compliance Officer |
ARXPB4192L |
Changes during the Financial Year ended 31st March, 2023:
I. Cessation and Appointment of Director/KMP:
During the year under review, there was no Change in the Composition of Board of
Directors.
I. Retire by Rotation:
In accordance with the provisions of the Companies Act, 2013, Mrs. Madhavi
Chilakamarri, Director of the company retires by rotation at the ensuing AGM of the
Company and being eligible, offers herself for reappointment. The brief profile of the
Director is presented in this Annual Report.
DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT
The Company has received necessary declaration from each independent director under
Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of
independence laid down in Section 149(6), Code for independent directors of the Companies
Act, 2013 and of the Listing Regulations.
In the opinion of the Board, the Independent Directors possess there requisite
expertise and experience and are persons of high integrity and repute. They fulfill the
conditions specified in the Companies Act, 2013 ('the Act') as well as the Rules made
thereunder and are independent of the management.
COMPOSITION OF VARIOUS COMMITTEES OF BOARD OF DIRECTORS OF THE COMPANY & ITS
MEETINGS
The Board had constituted various Committees as required under the provisions of
Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The provisions of Companies Act, 2013 read
with Secretarial Standard - 1 issued by the Institute of Company Secretaries of India
(ICSI) and SEBI (LODR) Regulations, 2015 were adhered while conducting Committee Meetings.
The details of various committees constituted by the Board are covered hereunder:
I. AUDIT COMMITTEE:
Audit Committee was constituted to monitor, oversee and provide effective supervision
of the management's financial reporting process with a view to ensuring accurate, timely
and proper disclosure and transparency, integrity and quality of financial reporting. The
Committee adheres to the compliance with the applicable provisions under the Companies
Act, 2013 and rules made thereunder. The committee policy is available on the website, at
http://www.cadsvstech.com/investor/
During the year under review, there was no change in the Composition of the Audit
Committee. As such, the Composition of the members of the Committee are shown below.
Composition of Audit Committee:
Sl. No. |
Name of the Director/KMP |
Designation in the Committee |
1. |
Appala Charyulu Chilakamarri |
Chairman |
2. |
Sai Sridhar Sangineni |
Member |
3. |
Nallani Chakravarthi Venkata Rangacharya |
Member |
4. |
Babladi Shailaja |
Secretary |
Details of Audit Committee Meetings:
The Audit Committee met 5 times during the year under review on 30th May,
2022, 07th September, 2022, 12th September 2022, 14th
November, 2022 and 17th March, 2023. The necessary quorum was present for all
the meetings held during such year. The details of attendance of each Member at the Audit
Committee meetings held during the year are as under:
S. No. |
Name of the Director/KMP |
Number wise meetings attendance |
No. of Meetings Attended |
|
|
1 |
2 |
3 |
4 |
5 |
|
1. |
Appala Charyulu Chilakamarri |
YES |
YES |
YES |
YES |
YES |
5 |
2. |
Sai Sridhar Sangineni |
YES |
YES |
YES |
YES |
X |
4 |
3. |
Nallani Chakravarthi Venkata Rangacharya |
YES |
YES |
YES |
YES |
YES |
5 |
4. |
Babladi Shailaja |
YES |
YES |
YES |
YES |
YES |
5 |
I. NOMINATION AND REMUNERATION COMMITTEE:
The Committee was constituted to screen and review individuals qualified to serve as
executive directors, non- Executive directors and independent directors, consistent
with criteria approved by the Board, and to recommend, for approval by the Board, nominees
for election at the General Meeting. The Committee also designs, benchmarks and
continuously reviews the compensation program for the Board and senior management against
the achievement of measurable performance goals. The Committee adheres to the compliance
with the provisions of Section 178 of the Companies Act, 2013 and rules made thereunder.
The committee also regularly reviews from time to time the policy for selection and
appointment of Directors, Key Managerial Personnel and senior management employees and
their remuneration.
During the year under review, there was no change in the Composition of the Nomination
and Remuneration Committee. As such, the composition members of the Committee are shown
below.
Composition of Nomination and Remuneration Committee:
Sl. No. |
Name of the Directors |
Designation in the Committee |
1. |
Sai Sridhar Sangineni |
Chairman |
2. |
Sripadarajan Nagarajan |
Member |
3. |
Appala Charyulu Chilakamarri |
Member |
4. |
Babladi Shailaja |
Secretary |
Details of Nomination and Remuneration Committee Meetings:
The Nomination and Remuneration Committee met 2 times during the year under review on
30th May, 2022 and 07th September, 2022. The necessary quorum was
present for both the meetings. The details of attendance of each Member at the Nomination
& Remuneration Committee meetings held during the year are as under:
S.No. |
Name of the Director |
Number wise meetings attendance |
No. of Meetings Attended |
|
|
1 |
2 |
|
1. |
Sai Sridhar Sangineni |
YES |
YES |
2 |
2. |
Sripadarajan Nagarajan |
YES |
YES |
2 |
3. |
Appala Charyulu Chilakamarri |
YES |
YES |
2 |
4. |
Babladi Shailaja |
YES |
YES |
2 |
I. STAKEHOLDER'S RELATIONSHIP COMMITTEE:
The Stakeholder's Relationship Committee was constituted to review matters related to
grievances of Shareholders and Investors. The committee primarily focuses on review of
investor complaints, its redressal and queries received from investors i.e.., transfer of
Shares, issue of Duplicate Share Certificates, non-receipt of Annual Reports,
Dematerialization/ Re-materialization etc. and reviews the reports presented by the Share
Transfer Agents of the Company. The Committee adheres to the compliance with the
applicable provisions of Companies Act, 2013 and rules made thereunder.
Composition of the Stakeholder's Relationship Committee:
S. No. |
Name of the Directors |
Designation in the Committee |
1. |
Madhavi Chilakamarri |
Chairperson |
2. |
Nallani Chakravarthi Padmaja |
Member |
3. |
Nallani Chakravarthi Venkata Rangacharya |
Member |
BOARD MEETINGS
The provisions of Companies Act, 2013 read with Secretarial Standards issued by the
Institute of Company Secretaries of India (ICSI) and SEBI (LODR) Regulations, 2015 were
adhered while conducting Board Meetings. The details of the Board Meetings are covered
hereunder:
Details of Board Meetings:
During the FY 2022-23, the Board of Directors met 06 times dated 30th May,
2022, 07th September, 2022, 12th September, 2022, 14th
November, 2022, 02nd February, 2023 and 17th March, 2023.
S.No. |
Name of the Director |
Number wise meetings attendance |
No. of Board Meetings Attended |
|
|
1 |
2 |
3 |
4 |
5 |
6 |
|
1. |
Nallani Chakravarthi Venkata Rangacharya |
YES |
YES |
YES |
YES |
YES |
YES |
6 |
2. |
Nallani Chakravarthi Padmaja |
YES |
YES |
YES |
YES |
YES |
YES |
6 |
3. |
Madhavi Chilakamarri |
YES |
YES |
YES |
YES |
YES |
YES |
6 |
4. |
Sripadarajan Nagarajan |
YES |
YES |
YES |
YES |
YES |
YES |
6 |
5. |
Sai Sridhar Sangineni |
YES |
YES |
YES |
YES |
X |
X |
4 |
6. |
Appala Charyulu Chilakamarri |
YES |
YES |
YES |
YES |
YES |
YES |
6 |
COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, The Company complies with all applicable secretarial
standards issued by the Institute of Company Secretaries of India.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The current policy is to have an appropriate mix of executive, non-executive and
independent directors to maintain the independence of the Board and separate its functions
of governance and management. As of March 31, 2023. The details of Board and committee
composition, and other details are available in the corporate information that forms part
of this Integrated Annual Report. The policy of the Company on directors' appointment and
remuneration, including the criteria for determining qualifications, positive attributes,
independence of a director and other matters, as required under sub-section (3) of Section
178 of the Companies Act, 2013, is available on our website, at
http://www.cadsystech.com/investor/
We affirm that the remuneration paid to the directors is as per the terms laid out in
the Nomination and Remuneration Policy of the Company.
PERFORMANCE EVALUATION OF THE BOARD
The Board of Directors has carried out an annual evaluation of its own performance,
Board Committees and individual Directors pursuant to the provisions of the Companies Act,
2013 and rules made thereunder.
The performance of the Board and the committees was evaluated by the Board, after
seeking inputs from all the Directors and the members of the Committees, on the basis of
the criteria such as the composition and structure, effectiveness of Board and Committee
processes, information and functioning, etc. The Board and the Nomination and Remuneration
Committee reviewed the performance of the individual Directors on the basis of the
criteria such as the contribution of the individual Director to the Board and Committee
Meetings.
Separate meeting of Independent Directors was held to evaluate the performance of
non-independent Directors, performance of the Board as a whole taking into account the
views of Executive Directors and NonExecutive Directors.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors state that:
(I) For the preparation of the annual financial statements for the year ended 31st
March, 2023, the applicable accounting standards have been adopted and followed;
(ii) The applicable accounting policies are applied consistently to make judgements and
estimates that are reasonable and prudent so as to give a true and fair view of the state
of affairs and profits of the company as at the end of the financial year under review;
(iii) Proper and sufficient care has been taken 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;
(iv) The Directors have prepared the annual accounts on a "going concern
basis";
(v) Proper internal financial controls were in place and followed by the Company and
that such internal financial controls are adequate for effective operations; and
(vi) Proper systems are devised by the Company to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO
A. Conservation of energy:
| (i) |
the steps taken or impact on conservation of energy |
Efforts are made towards minimizing wastage in all areas of operations of
the Company. |
| (ii) |
the steps taken by the company for utilizing alternate sources of energy |
|
| (iii) |
the capital investment on energy conservation equipment's |
No additional investment was made for reduction in consumption of energy. |
B. Technology absorption:
During the year under review there has been no transaction of technology absorption.
C. Foreign Exchange earnings and outgo (Rs in Lacs):
Particulars |
Financial Year 2022-23 |
Financial Year 2021-22 |
Foreign Exchange Earnings |
1108.39 |
1,307.01 |
Foreign Exchange Outgo |
7.41 |
5.27 |
CONSOLIDATED FINANCIAL STATEMENTS OF SUBSIDIARIES
As on 31st March, 2023 your Company has following subsidiaries:
Sl. No |
Name of the Company |
Percentage of Holding |
1) |
Apex Engineers (India) Private Limited |
80% |
2) |
Apex Advanced Technology LLC, USA |
63.50% |
3) |
Cadsys Technologies LLC, USA |
96.87% |
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement
containing salient features of Financial Statements of subsidiary companies in Form No.
AOC-1 forms part of Board's Report as "ANNEXURE-I".
COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES/JOINT VENTURES AND ASSOCIATE
There are no other companies which have become or ceased to be its subsidiaries/joint
venture/associate companies during the year.
RELATED PARTY TRANSACTIONS
All the related party transactions that were entered into during the financial year
were on an arm's length basis and were in the ordinary course of business. The Particulars
of contracts or arrangements with related parties referred to in sub-section (1) of
section 188 in the prescribed Form AOC-2 pursuant to clause (h) of subsection (3) of
secti'on134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, forms part
of this report as "ANNEXURE-II".
UNSECURED LOANS FROM DIRECTORS/ RELATIVES OF DIRECTORS
During the year under review, the Company has not accepted any unsecured loans from
Directors/Relatives of Directors pursuant to provisions of Companies Act, 2013.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013
form part of the Notes to the financial statements provided in this Annual Report.
DEPOSITS
The Company has not accepted any public deposits and as such no amount on account of
principal or interest on public Deposits was outstanding as on 31st March,
2023.
PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under section 197(12) of the Companies Act, 2013 read with
Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
forms part of this report as "ANNEXURE-III". Further, the Company has no
employee drawing remuneration exceeding the limits prescribed under Section 197(12) of
Companies Act, 2013 read with Sub-Rule 2 of Rule 5 of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
RISK MANAGEMENT
Risk management is the process of identification, assessment, and prioritization, of
risk followed by coordinated efforts to minimize, monitor and mitigate/control the
probability and/or impact of unfortunate events or to maximize the realization of
opportunities. The Company has laid a comprehensive risk assessments and minimization
procedure which is reviewed by the Audit Committee and approved by Board.
VIGIL MECHANISM
In accordance with the provisions of Section 177 of the Companies Act, 2013 and the
SEBI (LODR) Regulations, 2015, the Company has formulated a vigil mechanism to address the
instances of fraud and mismanagement, if any. The policy can also be accessed on the
Company's website, the web address for which is http://www.cadsvstech.com/investor/.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year under review as stipulated under
Regulation 34(2)(e) of the SEBI (LODR) Regulations, 2015 is presented in a separate
section forming part of this Annual Report.
CORPORATE GOVERNANCE
The Company is listed under Chapter XB of the SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009, i.e., on SME Platform of National Stock Exchange of India
Limited - NSE EMERGE. As such, according to Regulation 15(2)(b) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the compliances with respect
to Corporate Governance disclosures are not applicable to your Company. However, your
Company strives to incorporate the appropriate standards for Corporate Governance in the
interest of the stakeholders of the Company.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIALPOSITION OF THE
COMPANY
Except as disclosed elsewhere in this report, there have been no other material changes
and commitments, which can affect the financial position of the Company, occurred between
the end of the financial year of the Company and date of this report.
IMPACT OF COVID-19 PANDEMIC:
Cadsys is continuing to monitor and gauge the situation of the pandemic from time to
time. In addition, the Government relaxing the COVID norms, the company has adopted hybrid
working mode - partly work from home, partly work from office. With the pandemic still not
completely behind us, we continue to monitor the global situation and will continue to
keep the best interests of our employees, customers and partners as the topmost priority.
COMPLIANCE WITH PROVISIONS OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company is committed to uphold and maintain the dignity of woman employees and
Company has in place a POSH policy as required under Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. A copy of the policy can also
be accessed on the Company's website, the web address for which is
http://www.cadsvstech.com/investor/ .
Your Company has constituted Internal Complaints Committee as required under the said
Act to oversee the complaints received, if any, and redress the same. Your Directors
further state that during the year under review, there were no cases filed pursuant to
said Act. Also, Company frequently conducts workshops/ programmes for all the employees/
staff briefing them about the Act and the rights of women employees at the workplace.
OTHER DISCLOSURES PURSUANT TO THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2021:
Ministry of Corporate Affairs vide its notification dated 24th March, 2021
has come up with the Companies (Accounts) Amendment Rules, 2021 mandating the Companies to
disclose the following details under rule 8, in sub-rule (5) of The Companies (Accounts)
Rules, 2014 w.e.f 01st April, 2021. Details pursuant to said amendment are as
follows:
Details of application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status
as at the end of the financial year. |
During the year under review, there were no applications made or
proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code,
2016. |
Details of difference between amount of the valuation done at the
time of one time settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons there of. |
During the year under review, there has been no one time settlement of
loans taken from the banks and Financial Institutions. |
CORPORATE SOCIAL RESPONSIBILITY
The Company is not required to constitute a Corporate Social Responsibility Committee
as it does not fall within purview of Secti'on135(1) of the Companies Act, 2013 and hence
it is not required to formulate policy on corporate social responsibility.
ORDERS, IF ANY, PASSED BY REGULATORS OR COURTS OR TRIBUNALS
During the year under review, there were no significant material orders passed by the
Regulators or Courts or Tribunals, which could adversely impact the going concern status
of the Company and its operations in the future.
INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY
Your Company is committed to constantly improve the effectiveness of internal financial
controls and processes for the efficient conduct of its business operations and ensuring
security to its assets and timely preparation of reliable financial information. In the
opinion of the Board, the internal financial control system of the Company is commensurate
with the size, scale and complexity of business operations of the Company. Further, the
internal financial controls concerning the Financial Statements are adequate in the
opinion of the Board of Directors and were operating effectively.
The Company has a proper system of internal controls to ensure that all assets are
safeguarded and protected against loss from unauthorized use or disposition and that the
transactions are authorized, recorded and reported correctly.
The internal control is supplemented by an extensive programme of internal, external
audit and periodic review by the Management. This system is designed to adequately ensure
that financial and other records are reliable for preparing financial information and
other data and maintaining assets accountability.
STATUTORY AUDITORS
Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules
framed thereunder, the Company in its 28th Annual General Meeting (AGM) had
appointed M/s Darapaneni & Co., Chartered Accountants (Firm registration No. 000685S),
Chartered Accountants, as Statutory Auditors of the Company, for a term of five
consecutive years, from the conclusion of that Annual General Meeting till the conclusion
of the 33rd Annual General Meeting to be held in the year 2025.
Further the remuneration of the Auditors shall be fixed by the Board of Directors of
the Company in consultation with the Auditors.
INTERNAL AUDITORS:
M/s J. Madhava & Co., Chartered Accountants, were appointed during the year under
review to perform the duties of internal Auditors of the Company and their reports are
reviewed by the Audit Committee from time to time.
SECRETARIAL AUDITORS:
Pursuant to the provisions of Sections 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the company has
appointed M/s Atluri Ramesh & Associates, Company Secretaries to undertake the
Secretarial Audit of the Company for the year ended on 31st March 2023. The
Secretarial Auditor's Report for the year ended 31st March 2023 forms part of
this report as "ANNEXURE-IV".
COST AUDITORS:
In terms of Cost (Records and Audit) Amendment Rules, 2014 dated 31st
December 2014 issued by the Central Government, the requirement for Cost Audit is not
applicable to the Company.
REPORTING OF FRAUDS BY THE AUDITORS
During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the Audit Committee, under Section 143 (12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Board's report, which forms part of
this Integrated Annual Report.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their gratitude to members for the confidence
reposed by them and thank all the members, customers, Bankers, Registrar to the Company,
dealers, suppliers and other business associates for their contribution to your Company's
growth. Your Directors also wish to place on record their appreciation for the
contribution made by the employees at all levels without whom the growth of the Company is
unattainable. Your Directors also thank the Central/State Government, for their support.
Your Directors seek and look forward for the same support in future.
|
For and on behalf of Board of Directors |
|
Cadsys (India) Limited |
|
Sd/- |
Sd/- |
|
N.C.V. Rangacharya |
N.C Padmaja |
Date: 29th May, 2023 |
Managing Director |
Whole Time Director |
Place: Hyderabad |
DIN:01067596 |
DIN: 01173673 |
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