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Acs technologies Ltd Shares

Annual Report: 2023

Year: 2023

Annual Report Summary

ACS Technologies Limited Annual Report 2022-23 Summary:

Overview: This report details the 30th Annual General Meeting for ACS Technologies Limited (formerly LN Industries India Limited) for the financial year 2022-23. The meeting is scheduled for Saturday, September 30th, 2023, at 12:00 PM at the company's registered office in Hyderabad. The report includes information on the board of directors, key managerial personnel, company secretaries, statutory auditors, bankers, registrars, and share transfer agents. It also covers the initiation of the Corporate Insolvency Resolution Process (CIRP), the financial summary and state of the company's affairs, management discussion and analysis, and notes to the financial statements.

Key Personnel & Contact Information:

  • Board of Directors: Ashok Kumar Buddharaju (Chairman and Managing Director), Anitha Alokam, and Ramadevi (both Non-Executive Directors).
  • Key Managerial Personnel: Prabhakara Rao Alokam (Chief Financial Officer).
  • Company Secretary & Compliance Officer: P.V. Nagarjuna.
  • Registered Office: Level-7, Pardha Picasa Building, Madhapur, Hyderabad, Telangana, India.
  • Statutory Auditors: M/s. Gorantla & Co., Chartered Accountants, Hyderabad.
  • Bankers: HDFC Bank Limited, Banjara Hills Branch, Hyderabad.
  • Registrars and Share Transfer Agents: Skyline Financial Services Pvt. Ltd., Mumbai.

Ordinary Business & Resolutions: The AGM includes agenda items to:

  • Receive, consider, and adopt the audited financial statements for the year ended March 31, 2023, including the reports of the Board of Directors and Auditors.
  • Re-appoint Mrs. Anitha Alokam as Director, who is retiring by rotation.
  • Re-appoint Statutory Auditors (M/s. GORANTLA & Co.) from the conclusion of the current AGM until the conclusion of the Sixth consecutive AGM and to fix their remuneration.
  • Approve the appointments of Mr. SRINIVASAN NETI and Mr. CHALAGALLA VENKATA SATYANARAYANA MURTHY as Independent Directors for five-year terms.
  • Approve the appointment of Shri. Ashok Kumar Buddharaju as Chairman and Managing Director for a five-year term.

CIRP & Financial Performance:

  • The company was undergoing CIRP, initiated on July 1, 2022. A resolution plan submitted by Mr. Ashok Kumar Buddharaju and Mr. Ratakonda Vivek Kumar was approved. The objects of the business have been changed to Information Technology/Information Technology Enabled Services. ACS Technologies Limited has been merged with LN Industries India Limited with effect from March 31, 2022. The name of the company has been changed from LN Industries India Limited to ACS Technologies Limited with effect from June 26,2023.
  • The Financial Summary shows standalone and consolidated figures (in Lakhs) for 31-Mar-23 and 31-Mar-22, including revenue from operations, other income, total revenue, profit/loss before interest, depreciation & tax, depreciation, financial charges, profit/loss before tax, tax expenses, and profit/loss for the year after tax.

Management Discussion and Analysis Highlights:

  • The company's core business verticals include IT Infrastructure Management, Software Products and Solutions, Security and Surveillance Solutions, and Smart Technologies.
  • IT Infrastructure Management involves providing end-to-end optimization of Data Centers.
  • Security & Surveillance solutions involve physical and IP-based security systems.
  • The company markets Home and Office intelligence products under the branch name “IOTIQ”.

Technology and Future Outlook:

  • The company plans to set up an R&D division focusing on Industrial IOT (IIOT) and solutions for Construction, Manufacturing, Pharma, Health and Agriculture industries. Some targeted areas include Sensor and Data Acquisition Systems, Intelligent Occupancy Sensors, Proximity Detection, Smart Helmets, and Smart Farming.

Corporate Governance & Other Details:

  • The report includes sections on Corporate Governance, Directors' Responsibility Statement, declaration by Independent Directors, particulars of Directors/KMP/specified employees, details of loans/guarantees/investments, information on shares, related party transactions, and export activities. Also, mentions the existence of a formal internal control system, and states that the Board hasn't recommended dividend.
  • M/s VCSR and Associates is the secretarial auditor.

Annexures: Provide detailed data, including shareholding patterns, director details, and other compliance-related information, as required by regulatory bodies such as SEBI. Instructions and details related to e-voting are also provided.

  • Note:- As per NCLT order No. CP(IB) NO.17/9/HDB/2022, Dated 24.03.2023, all promoter shareholding cancelled and 98% public shareholding had been cancelled.

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