Axles India Limited Unlisted Shares

Annual Report Summary

Axles India Limited Forty First Annual Report 2022-23 Summary:

General Information: Axles India Limited's registered office is located at 21, Patullos Road, Chennai 600 002. The CIN is U27209TN1981PLC008630, and the website is www.axlesindia.com. The factories are in Singaperumal Koil Road, Sriperumbudur, Tamil Nadu 602 105, and Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu 604 410. HDFC Bank Limited is the banker. Cameo Corporate Services Limited, "Subramanian Building," 1, Club House Road, Chennai 600 002, Phone: 2846 0395, 2846 0390, Fax: 2846 0129, E-mail: investor@cameoindia.com is the Registrar and Share Transfer Agent.

Board of Directors: S Ram (Chairman), V Madhavan (Managing Director), Srivats Ram, Rafael Aquique, Gajanan Gandhe, Saket Sapra, and Radha Unni.

Audit Committee: S Ram (Chairman), V Madhavan, and Saket Sapra.

Stakeholders Relationship Committee: S Ram (Chairman), V Madhavan, and Srivats Ram.

Corporate Social Responsibility Committee: S Ram (Chairman), V Madhavan, and Saket Sapra.

Auditors: Price Waterhouse & Co Chartered Accountants LLP, Chartered Accountants, 7th & 10th Floor, Menon Eternity, 165, St. Mary's Road, Alwarpet, Chennai 600018.

Key Management: Y Krishnamoorthy (Chief Financial Officer) and C Bharathi (Company Secretary).

Notice to Shareholders: The Forty First Annual General Meeting will be held on Friday, June 30, 2023, at 10:25 A.M. through Video Conference. Ordinary business includes adopting financial statements for the year ended March 31, 2023, declaring a dividend for 2022-23, and electing directors Mr. Rafael Aquique (DIN 05204786) and Mrs. Radha Unni (DIN 03242769) who are retiring by rotation. The MCA has permitted holding the AGM through VC/OAVM without physical presence. Physical attendance of shareholders has been dispensed with. The Register of Shareholders will be closed from June 23, 2023, to June 30, 2023, for dividend payment. Unclaimed dividends for the financial year ended 2015-16 will be transferred to the IEPF. The company has transferred 2552 shares pertaining to the financial year 2014-15 to the Demat Account of the IEPF Authority maintained with CSDL. Remote e-voting will commence on June 27, 2023, at 9:00 A.M. (IST) and conclude on June 29, 2023, at 5:00 P.M. (IST). The e-voting facility will be available at www.evotingindia.com. The Scrutinizer shall submit a Consolidated Scrutinizer's Report of the total votes cast in favour of or against, if any, not later than 48 hours after the conclusion of the meeting.

Instructions to Shareholders Regarding e-Voting: Shareholders can cast their vote electronically between June 27-29, 2023. Individual shareholders holding securities in demat mode can vote through their demat accounts maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility. The process for e-Voting differs slightly based on whether the demat account is held with CDSL or NSDL. Physical shareholders will log on to the e-Voting website www.evotingindia.com.

Report of the Directors: The Directors present the Forty First Annual Report along with audited accounts for the year ended March 31, 2023. The company recommends a final dividend of Rs. 9/- per equity share for the year ended March 31, 2023. There are no Associate Companies for the Company as per the Act, 2013; therefore relevant Form -AOC 1 is not applicable. Mr. Rafael Aquique and Mrs. Radha Unni retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.

Financial Performance (in crores): Sales: 746.35 (2022-23) vs 569.56 (2021-22). Profit before depreciation: 82.41 vs 55.83. Depreciation: (11.68) vs (10.65). Profit before tax: 70.73 vs 45.18. Profit after tax: 52.64 vs 33.83. Total Comprehensive Income: 45.91 vs 39.88. Axles Housings sale of Axles Housings in the Domestic market in FY'23 was 198,000 Nos. as against 148,000 Nos. in FY'22. Your Company's export in FY'23 was 87,000 Nos. as compared to 92,000 Nos in FY'22.

Board Evaluation, Remuneration Policy, and CSR: The Board has framed a policy for determining qualifications, attributes, and independence of Directors. The company has spent Rs.42.36 Lakhs during the year 2022-23 on CSR activities. The Corporate Social Responsibility Committee comprises of Mr. S Ram, Chairman, Mr. V Madhavan and Mr. Saket Sapra as members. There are no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

Other Information: None of the employees of the Company was in receipt of remuneration in excess of the limits prescribed under the Companies Act, 2013. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has complied with the Secretarial Standards for the Board Meetings (SS-1) and the General Meetings (SS-2) during the year 2022-23. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Act, read with rule 8(3) of the Companies (Accounts) rules, 2014 are enclosed as Annexure 4. Foreign Exchange used: Rs. 140.80 lakhs Foreign Exchange earned: Rs. 23,169.69 lakhs