Annual Report: 2022
ACS Technologies Limited 40th Annual Report 2021-22 Summary:
Overview The document is the 40th Annual Report for ACS Technologies Limited, covering the financial year 2021-22. It includes the Director’s Report, financial statements (both standalone and consolidated), auditor’s reports, and other relevant corporate governance information. The annual general meeting will be held on Friday 30th September, 2022 at 12.00 PM.
Board of Directors and Key Personnel The report identifies the Board of Directors, including Mr. Ashok Kumar Buddharaju (Chairman and Managing Director), Mr. Anitha Alokam (Whole-Time Director), Mr. CVSN Murthy and Mr. Srinivasan Neti (Independent Directors), and Mr. Bhaskar Kishore Varma (Additional Non-Executive Director). Key managerial personnel include Mr. Prabhakara Rao Alokam (Chief Financial Officer) and Mr. P.V Nagarjuna (Company Secretary).
Ordinary Business The ordinary businesses to be transacted during the Annual General Meeting include to receive, consider and adopt the Audited financial Statements of the company for the financial year ended March 31, 2022 the Reports of the Board of directors and Auditors thereon; To reappoint Mr. Ashok Kumar Buddharaju (DIN 03389822) as Director, who retires by rotation; To reappoint Statutory Auditors from the conclusion of this Annual General Meeting until the conclusion of the Sixth consecutive Annual General Meeting and to fix their remuneration.
Special Business The special business to be transacted during the Annual General Meeting includes Regularization of appointment of MR. BHASKARAKISHORE VARMA MANTENA (DIN:-09631430) as director of the company.
Financial Performance Summary (Consolidated):
Financial Performance Summary (Standalone): *Revenue from operations for the standalone entity stood at Rs. 66.75 Cr for the year ended March 31, 2022 as compared to Rs. 64.47 Cr for the year ended March 31, 2021. *Profit after tax stood at Rs. 1.14 Cr for the year ended March 31, 2022 as compared to Rs. 2.02 Cr for the year ended March 31, 2021.
Company Activities and Business Verticals ACS Technologies is engaged in the business of IT/ITES. The company focuses on IT Infrastructure Management, Software Products and Solutions, Security and Surveillance Solutions, and Smart Technologies.
IT Infrastructure Management: The company provides end-to-end optimization of Data Centers aligned with business trends and latest technologies. Services include turnkey projects for Network Design & Implementation, Smart Server Solutions, Storage Solutions, security and Infrastructure.
Security & Surveillance Solutions: ACS offers services in Electronic Security and Dynamic Security, including Design, Installation, Commissioning and Management of systems like CCTV, Access Control, Fire Detection & Alarm, Perimeter Protection, etc. The company leverages IP based security systems and analytics.
Smart Technologies: ACS markets its Home and Office intelligence products under the brand name "IOTIQ". They focus on providing automation that requires no human intervention, with a vision to include online service providers and e-commerce websites in their system. Indian Home Automation Industry will grow with a double-digit CAGR of 15.62% during 2021-2027.
Software Solutions: ACS offers custom software application development with expertise in data analytics, Big Data, and various container architectures. Products include ACS IntelliQ (Queue Management), ACS DMS (Document Management), ACS HelpDesk, ACS CMS (Content Management), and ACS LMS (Learning Management System).
ACS USPs
Future Outlook ACS plans to establish an R&D division focusing on Industrial IoT (IIOT) and solutions for Construction, Manufacturing, Pharma, Health and Agriculture. They also aim to lower production and supply chain costs by building an in-house setup with personnel, electronics assembly line equipment and a test center. The company will focus on high-value contracts in the B2B and B2G segments. ACS is enhancing its sales team, expanding nationally and globally, and increasing branding and digital awareness campaigns. It plans to set up sales offices in major cities in India and in the Middle East and APAC regions.
Corporate Governance The report provides details of the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and Internal Complaints Committee (ICC), including the names of the members and their designations.
Loans, Guarantees and Investments The Company has outstanding unsecured loans taken from directors amounting to Rs.64,19,377/- as on 31st March,2022. The company has given unsecured loan to its subsidiary namely IOTIQ Innovations Private Limited and its outstanding as on 31st March, 2022 is of Rs.98,48,848/-
Material Changes and Commitments The Directors have not recommended any dividend for the current financial year. 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 relates and the date of this report.
Auditor's Report The auditor's report indicates that the standalone and consolidated financial statements give a true and fair view of the company's affairs and comply with the accounting standards. The report also includes annexures related to internal financial controls and other regulatory requirements. The independent directors have submitted a declaration confirming that they meet the criteria of independence as laid down under Section 149(6) of the Act as the committee of Independent Director.
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