Financial Year: 2023
ACS TECHNOLOGIES LIMITED Annual Report 2022-23 Summary:
This is the 30th Annual Report for the financial year 2022-23. The Board of Directors consists of Mr. Ashok Kumar Buddharaju (Chairman and Managing Director), Mrs. Anitha Alokam and Mrs. Ramadevi (Non-Executive Directors). Mr. Prabhakara Rao Alokam is the Chief Financial Officer, and Mr. P.V Nagarjuna is the Company Secretary & Compliance Officer. The Annual General Meeting (AGM) will be held on Saturday, 30th September, 2023 at 12:00 PM at the registered office in Hyderabad. The book closure is from 24th September 2023 to 30th September 2023. The registrars and share transfer agents are Skyline Financial Services Pvt. Ltd.
The notice outlines the ordinary and special business to be conducted at the AGM, which includes: adopting the audited financial statements for the year ended March 31, 2023; reappointing Mrs. Anitha Alokam as a Director; reappointing M/s. GORANTLA & Co. as Statutory Auditors; appointing Mr. SRINIVASAN NETI and Mr. CHALAGALLA VENKATA SATYANARAYANA MURTHY as Independent Directors for five years; and appointing Shri. Ashok Kumar Buddharaju as Chairman and Managing Director for five years.
Notes regarding attending and voting at the meeting are provided, including proxy procedures, inspection of proxies, requirements for corporate representatives, and the use of e-voting. The e-voting period begins on September 27th, 2023 and ends on September 29th, 2023 and the Company has engaged Central Depository Services Limited (CDSL) for e-voting facility.
The Board recommends the appointment of Shri. SRINIVASAN NETI and Shri. CHALAGALLA VENKATA SATYANARAYANA MURTHY as independent directors, noting their experience and independence. The board also recommends Shri. Ashok Kumar Buddharaju’s appointment as Chairman and Managing Director and his experience and other directorships are listed.
Annexures provide details of the directors seeking re-appointment (Mrs. Anitha Alokam) and the proposed independent directors and their experience. The instructions for shareholders voting electronically are included, detailing the login methods for different types of shareholders.
The Directors' Report provides a financial summary and state of the company's affairs, which includes revenue of Rs. 6,883.57 Lakhs from ACS TECHNOLOGIES LIMITED, which has been merged with LN Industries India Limited. The report also discusses core business verticals (IT Infrastructure Management, Software Products and Solutions, Security and Surveillance Solutions, and Smart Technologies), highlighting the company's strengths in each area and its client base which includes military establishments, government organizations, banks, airports and corporate sector. Detailed aspects and industry forecasts related to Security & Surveillance Solutions and Smart Technologies (specifically Home & Office Intelligence) are mentioned. The company markets its Home and Office intelligence products under the branch name “IOTIQ”. Key benefits for India Home Automation Market and Athena Smart Analytics are detailed.
The report also details software solutions including the Intelligent Queue Management System, Enterprise Document Management System, Service and Help Ticketing and Resolution System, Digital Content Management System, Learning Management System; and mentions USPs for IOT Solutions and Athena. The Future Outlook section discusses Technology R&D and product/solution segments being targeted for development. The report mentions number of board meetings, details of fraud reported by auditor, and auditor and secretarial auditor appointments. An increase in authorized share capital is noted. Loans taken from directors amounting to Rs.87,46,961/-. Material changes include the scheme of arrangement with ACS TECHNOLOGIES LIMITED and name change of LN Industries India Limited to ACS TECHNOLOGIES LIMITED. Appointed/resigned/vacated directors are listed.
Directors' Responsibility Statement confirms adherence to accounting standards and proper record keeping. Exports of Products/Services were $11,59,915 USD and 4,33,470.20 EURO. Conservation of energy and technology absorption are addressed, and foreign exchange earnings and outgo are listed.
The report includes the Secretarial Audit Report, which notes the Corporate Insolvency Resolution Process (CIRP) the company was under during the audit period. The report also notes instances where regulations and guidelines were not applicable due to the CIRP. The Corporate Governance Report indicates compliance is not ascertainable, given the CIRP process and states code of conduct. The report discusses Board meetings, Meetings of Independent Directors, Performance Evaluation, and Committees of the Board, and concludes by stating that internal controls are in effect.
Finally, the report includes financial statements, auditor's reports, notes on accounting policies, and various annexures related to shareholding, indebtedness, and other financial details. A certificate of non-disqualification of directors is included. The consolidated revenue from operations is Rs. 6,94,497.62 (in Thousands). A brief discussion about Equity is also presented.
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