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AJEL LTD.

01 November 2024 | 12:00

Industry >> IT Consulting & Software

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ISIN No INE229B01015 BSE Code / NSE Code 530713 / AJEL Book Value (Rs.) 12.74 Face Value 10.00
Bookclosure 30/09/2015 52Week High 29 EPS 0.70 P/E 22.50
Market Cap. 18.22 Cr. 52Week Low 13 P/BV / Div Yield (%) 1.23 / 0.00 Market Lot 1.00
Security Type Other

DIRECTOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2014-03 
Dear members,

The Directors have pleasure in presenting the 20th Annual Report of the company on the business and operations of the company together with the Audited Accounts for the year ended 31st March 2014..

FINANCIAL RESULTS

The Standalone Financial Results of the Company for the financial year ended March 31, 2014, is summarized below.

PARTICULARS	         Standalone             Consolidated
                       2014	2013	     2014	  2013

Income 93625912 91980309 457557107 588415572

Total Expenditure 86048698 76612160 476212205 554474815

Finance Cost          218337	  187636    3898467	  4507966
Depreciation 2416864 2277693 11712683 8926022

Expenditure W/off	   0	       0	  0	        0
Operating Profit/(Loss) 7577214 15368149 -18655098 33940757

Profit / (Loss) before tax 4942013 12902820 -34266248 20506769

Less: Taxes 1124936 5060575 1124936 5060575

Profit/(Loss) after tax 3817077 7842245 -35391184 15446194

EPS (equity shares, per value Rs.10 each) 0.36 0.73 -3.29 1.44

BUSINESS PERFORMANCE

The performance of your company during the year under report has shown stable over previous year. Your Company has been adopting a number of "continuous improvement" initiatives during the year.

DIVIDEND:

Keeping the company's expansion and growth plans in mind, your Directors have decided not to recommend dividend for the year.

TRANSFER TO RESERVES

No profits are intended to be transferred to reserves during the year.

OUTLOOK

AJEL is a premier provider of full range of information technology services for the agile business. We combine strategic consulting, process innovation, custom and package software deployment, and application monitoring to rapidly deliver end-to-end business systems that create immediate bottom-line impact for our clients to achieve their business objectives.

Our Outsourcing Solution enables customers to gain efficiency in operations, minimize Costs, and keep to a strategy of staying lean, flexible and nimble. And best of all, we truly believe in collaborative partnership to provide longterm value to our clients.

DIRECTORS

Mr. Vijay Kumar Ravindra Nath was appointed as Additional Director w.e.f. 25th February, 2014 pursuant to Section 161 of the Companies Act, 2013. His term of office shall be liable to retire by rotation. In accordance with section 160 of the Companies Act, 2013, Mr. Vijay Kumar Ravindra Nath, vacates office at the ensuing Annual General Meeting and being eligible, offer himself for appointment.

In accordance with the provisions of Section l52 of the Companies Act, 2013, Mr. Jadda Amara Reddy and Ms. Vasantha Madasu retires by rotation and being eligible, has offered himself for re-appointment

The brief resume of the directors who are to be appointed/re-appointed the nature of their expertise in specific functional areas, names of companies in which they held directorships, committee memberships/chairmanships their shareholding etc., are furnished to the explanatory statement to the notice of the ensuing Annual General Meeting.

Your Directors recommend their appointment/re-appointment atthe ensuing Annual General Meeting. SUBSIDIARY COMPANY

Your company has one wholly owned subsidiary namely Ajel Technologies India Private Limited in Hyderabad, and the subsidiary has its wholly owned subsidiary namely Ajel Technologies Inc, USA.

Pursuant to the provisions of Section 212 of the Companies Act, 1956 (Act), documents in respect of the various subsidiaries Viz., Director's Report, Auditor's Report, Balance Sheet and Profit and Loss Account, are required to be attached to the Balance Sheet of the holding company. However, in terms of the provisions of Section 212(8} of the Act, the Government of India, Ministry of Corporate Affairs, has vide Circular No. 2/2011 dated 8th February, 2011 granted exemption from the provisions of Section 212(1) of the Act. Accordingly, the Annual Report does not contain the financial statements of the subsidiaries of the Company. However, the Company will make available the audited annual accounts and related detailed information of the subsidiaries to the shareholders upon request in accordance with the applicable law. These documents are also available for inspection atthe Registered Office of the Company during business hours.

AUDITORS AND THEIR REPORT

The Statutory Auditors of the Company M/s. Boppudi & Associates, Chartered Accountants, hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received letter to the effect that the re-appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re-appointment.

Pursuant to Companies Act, 2013, your Company recommends the appointment of Statutory Auditors to hold office from the conclusion of the 20th Annual General Meeting till the conclusion of the 21st Annual General Meeting, subject to ratification atthe every Annual General Meeting of the Company.

The observation of the Auditors, together with the Notes to Accounts referred to in the Auditors' Report, are self explanatory and do not call for any further explanation from the Directors.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 134(5} of the Companies Act, 2013 (erstwhile section 217(2AA) of the Companies Act, 1956) with respect to the Directors' Responsibility Statement, it is hereby confirmed:

1. That in the preparation of the Accounts for the period ended March 31,2014, the applicable accounting standards have been followed along with proper explanation relating to material departures, as explained in earlier paragraph;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. That the accounts have been prepared on a 'going concern' basis, for the period ended March 31,2014;

5. That the Company, had laid down internal financial controls and that such internal financial controls are adequate and were operating effectively.

PARTICULARS OF EMPLOYEES:

In pursuance of the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975, the Directors are to report that there are no employees who are in receipt of remuneration of Rs.60,00,000/- or more per annum or Rs.5,00,000/- or more per month where employed for a part of the year.

PUBLIC DEPOSITS:

The Company has not accepted any fixed deposits as on 31st March, 2014 so as to attract the provisions of Section 58A and 58AA of the Companies Act, 1956 read with Companies (Acceptance of the Deposits)Rules, 1975 as amended from time to time.

NEW COMPANIES BILL 2013

The new Companies Bill is a landmark in the history of Corporate India. The bill is a step towards globalization and is an attempt to meet the changing environment and is progressive and futuristic duly envisaging the technological and legal developments. Your Company will transform its policies / provisions / etc., to be in conformity with the new Companies Bill.

INFORMATION UNDER SECTION 217 (11 (el OF THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS! RULES. 1988:

Conservation of Energy

Company's operations require electrical energy for its use in air conditioning the premises, for power supply to computer systems and lighting which are not energy intensive. However, adequate measures have been taken to reduce energy consumption, wherever possible.

Technology absorption

Your company continues to use state-of-the-art technology for improving the productivity and quality of its products and services. To create adequate infrastructure, your Company continues to invest in the latest hardware and software.

To support its growth plans, the company continues to invest in global solutions that are configured consistently for its core business processes.

Research & Development

Your company will continue to focus and invest in its R & D activities in software engineering, technologies and products. Your company leverages its excellence in technology for producing World Class Products and solutions. The continual exposure to new technologies has helped maintain high motivation levels in employees and to generate higher levels of productivity, efficiency and quality. Your company continues to give due importance to research and development to maintain its leadership in the field of leading edge technologies.

Foreign Exchange Earnings & Outgo

Particulars	               FY2013-14	FY2013-14
Foreign Exchange Earnings: - Rs.11,900,000

Foreign Exchange Outgo :          -
MANAGEMENT DISCUSSION AND ANALYSIS:

Management's Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange in India, is presented in a separate section forming part of the Annual Report

HUMAN RESOURCES

Your Company believes that Competent Human Resources are the driving force for any Organization that enables a company to grow in leaps and bounds. The Company has been able to create a favorable work environment that encourages continuous learning and thereby leading to innovation. With vibrant work atmosphere, your Company provides an opportunity to employees to work with New Technologies. Your Company has put in place a Scalable Recruitment and Human Resources Plan, devised to attract and retain high caliber personnel.

Ajel has been fortunate in having a set of committed employees at all levels and looks forward to nurture them and retain their loyalty. The Company recognized the value of the committed workers and efforts are being made to enhance the bonding between the Company and the committed employees.

CORPORATE GOVERNANCE:

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by SEBI. The Report on corporate governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report.

The requisite certificate from the Practicing Company Secretary confirming compliance with the conditions of corporate governance as stipulated under the aforesaid Clause 49 is attached to the report on corporate governance.

STATEMENT PURSUANT TO LISTING AGREEMENT

The equity shares of the company are listed with the Bombay stock exchange (BSE) and Ahmedabad Stock Exchange (ASE). Your company has paid the respective Annual Listing Fees up-to-date.

ACKNOWLEDGMENTS:

Your Company is grateful to the customers and business partners for their support and encouragement especially in the time of slow economic growth. Your Board is appreciative of the passion, dedication and commitment demonstrated on the job by all the employees. Your Directors wish to place on record their gratitude to the Customers, Government, Financial Institutions, Banks and Shareholders for their continuing support, guidance, and assistance over the years.

                               For and on behalf of Board of Directors
Place: Mumbai	                                                  Sd/-
Date: 29.05.2014	                      Srinivasa Reddy Arikatla
                                          Chairman & Managing Director