Mar 31, 2014
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
Mar 31, 2013
To The Members,
The Directors have pleasure in presenting the Nineteenth Annual Report
of the company on the Business and Operations of the Company, together
with the Audited Accounts forthe year ended 31st March 2013.
FINANCIAL RESULTS
The Standalone Financial Results of the Company for the financial year
ended March 31, 2013, is summarized below.
PARTICULARS (Rs. In Lacs)
2012-2013 2011-2012
Gross Turnover 910.60 642.43
Other Income 9.20 13.81
Total Income 919.80 656.24
Total Expenditure 766.12 521.87
Profit Before Interest,
Depreciation & Tax 153.69 38.14
Profit before Taxes 129.03 21.16
Tax Expenses 50.61 9.53
Profit After Tax 78.42 11.33
REVIEW OF PERFORMANCE
Members will notice that the revenue from Operations climbed by 41.74%
to Rs 910.60 Lacs from Rs. 642.43 Lacs of previous year. The Total
Income also increased to Rs 919.80 Lacs from Rs. 656.24 Lacs of
Previous year.
The Profit after Tax, for the year under review, increased to Rs.78.42
Lacs as against Rs. 11.33 Lacs of Previous Year.
The Company has identified new avenues for growth and is focusing its
energies to develop business. The Company is continuously striving to
improve efficiency and deliver excellence in project execution. The
huge increase in turnover, is a testimony to the strength of your
Company''s technical competence and execution capabilities.
DIVIDEND:
Keeping the company''s expansion and growth plans in mind, your
Directors have decided not to recommend dividend forthe year.
TRANSFER TO RESEVES:
No profits are intended to be transfered to reserves during the year.
SHARE CAPITAL
The authorised share capital of the company as on March 31, 2013 is Rs.
12,00,00,000/- divided into 1,20,00,000 Equity shares of Rs. 10/-each.
Issued, subscribed and paid up capital of the company as on March
31,2013 is Rs. 10,75,00,000/- divided into 1,07,50,000 Equity shares of
Rs. 10 (Rupees Ten) each
DIRECTORS
Re-Appointment:
Approval of the shareholders is being sought for the Re-appointment of
Mr Darshan Dhrupadalal Majmudar and Mr. Mahender Reddy Musuku,
Directors of the Company, who retire by rotation at the ensuing Annual
General Meeting of the Company and being eligible offer themselves for
re-appointment in accordance with the provisions of the Companies Act,
1956 and pursuant to Articles of Association of the Company. Profile
of Directors who are retiring and offers re-appointment at this Annual
General Meeting is furnished in the Corporate Governance Report.
Resignations:
(i) Mr Bharat Champaklal Sutaria, Chairman has resigned from his office
at the Board meeting held
on 29th August 2012 (ii) Mr. Arikatla Venkateswarlu, Director has
resigned from his office at the Board meeting held on
29th August 2012 The Board placed on record its sincere appreciation
forthe services rendered by Mr Bharat Champaklal Sutaria and Mr.
Arikatla Venkateswarlu during theirtenure as directors of the company.
Change in designations:
Mr. Srinivasa Reddy Arikatla was appointed as Chairman of the Com any
and was re-designated as Chairman and Managing Director at the Board
meeting held on 29th August 2012.
DIRECTORS'' RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
OF THE COMPANIES ACT, 1956.
In pursuance of Section 217(2AA) of the Companies Amendment Act, 1956
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
CORPORATE GOVERNANCE
Ajel has always been devoted to adopting and adhering to the best
corporate governance practices recognized globally. The company
understands and respects its fiduciary role and responsibility towards
stakeholders and the society at large, and strives hard to serve their
interest, resulting in creation of value and wealth for all
stakeholders.
The Compliance Report on Corporate Governance and a Certificate from
Auditor of the Company regarding compliance of the conditions of
Corporate Governance, as stipulated under Clause 49 of Listing
Agreement is annexed separately to this Annual report.
Certificate of the CEO/CFO, inter alia confirming the correctness of
the financial statement, compliance with
Company''s Code of Conduct, adequacy of the internal control measures
and reporting of matters to the Audit Committee in terms of Clause 49
of the Listing Agreement.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management''s Discussion and Analysis forms part of the Annual
Report.
SUBSIDIARIES
We have one wholly owned subsidiary namely Ajel Technologies India
Private Limited at Hyderabad, and said subsidiary company has its
wholly owned subsidiary namely Ajel Technologies Inc, USA which is a
step down subsidiary of our company.
Pursuant to section 212(8) of the Act, the Ministry of Corporate
Affairs vide its circular dated February 8,2012, has granted General
Exemption from attaching Balance Sheet, Profit and Loss Account and
other Documents of the Subsidiary Companies with the Annual report of
the parent Company. Accordingly the company has availed an exemption
from attaching the Balance Sheet, Profit and Loss Account and other
Documents of the Subsidiary Companies.
A statement containing brief particulars of the subsidiaries for the
Financial Year ended 31.03.2013 is annexed. The annual accounts of the
subsidiary companies and the related detailed information shall be made
available to shareholders of the holding and subsidiary companies
seeking such information at any point of time. The annual accounts of
the subsidiary companies shall also be kept for inspection by any
shareholders in the registered office of the holding company and of the
subsidiary companies concerned.
BRANCHES
The Company has three branches at HYDERABAD, MUMBAI and NEW JERSEY -
USA which are fully equipped and operating actively.
CONSOLIDATED FINANCIAL STATEMENTS
In compliance with Clause 32 of the Listing Agreement entered into with
the Stock Exchanges by the Company and in compliance with the
Accounting Standards AS -21 and AS - 27 on consolidated financial
statements, read with the Accounting Standard AS - 23 on Accounting for
investments in Associates, your Directors have pleasure in attaching
the consolidated financial statements for the financial year ended
March 31, 2013, which from a part of this Annual Report.
AUDITORS
The auditors M/s . Boppudi & Associates., Chartered Accountants, retire
at the ensuing Annual General Meeting and have expressed their
willingness for re-appointment.
The Board recommends the re-appointment of M/s. Boppudi & Associates,
Chartered Accountants, as Statutory Auditors of the Company. The Board
has received their offer in writing about their willingness for
appointment as Statutory Auditors of the Company along with Certificate
under Section 224(1B) of the Companies Act, 1956.
The Board of Directors and the Committees thereof recommend their
re-appointment. Appropriate resolutions form part of the Agenda of the
Annual General Meeting
PUBLIC DEPOSITS
We have not accepted any deposits from Public and, as such, no amount
of principal or interest was outstanding as of the Balance Sheet date.
ISO 9001:2008
Your Company continues to maintain its Certification as per
International Standards ISO 9001:2008 Quality Management System and
your Company isfully committed to continually improve upon the
implemented QMS
PARTICULARS OF EMPLOYEES:
In terms of the provisions of Section 217 (2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975
and any amendments thereof, no employees are drawing remuneration in
excess of the prescribed limits.
INFORMATION UNDER SECTION 217 (1) (e) OF THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:
CONSERVATION OF ENERGY
Your Company consumes electricity mainly for the operation of its
computers. Though the consumption of electricity is negligible as
compared to the turnover of the company, your company has taken
effective steps at every stage to reduce consumption of electricity.
TECHNOLOGY ABSORPTION
This is not applicable to your company as it has not purchased or
acquired any Technology for development of software from any outside
party.
RESEARCH & DEVELOPMENT
Research & Development (R&D) center set-up in Hyderabad has been
concentrating in developing services process / system to improve the
quality of the service at minimal cost. R&D enhancements, innovative
process and systems bring additional value to all our customers. R&D
continually concentrate to improve services and processes using the
effective quality management system and testing methodology, by
implementing changes required to maintain the quality standard.
FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings : Rs. 11,900,000/-
Foreign Exchange Outgo : NIL
HUMAN RESOURCES MANAGEMENT
Our employees are our vital and most valuable assets. We have created a
favorable work environment that encourages innovation and meritocracy.
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.
STATEMENT PURSUANTTO LISTING AGREEMENT
The equity shares of the company are listed with the Bombay Stock
Exchange Limited (BSE) and Ahmedabad Stock Exchange (ASE) Limited.
ACKNOWLEDGMENTS:
We thank our customers, vendors, investors and bankers for their
continued support during the year. We place on record our appreciation
of the contribution made by our employees at all levels. Our
consistent growth was made possible by their hard work, solidarity,
cooperation and support.
For and on behalf of Board of Directors
Place: Hyderabad Sd/- Sd/-
Date: 17.06.2013 Vijay Sanatbhai Chokshi Srinivasa Reddy Arikatla
WholeTime Director Chairman & Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the Eighteenth Annual Report
of the company on the Business and Operations of the Company, together
with the Audited Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS
The Standalone Financial Results of the Company for the financial year
ended March 31, 2012, is summarized below.
PARTICULARS (Rs. In Lacs)
2011-2012 2010-2011
Gross Turnover 642.43 407.01
Other Income 13.81 11.81
Total Income 656.24 418.82
Total Expenditure 521.87 208.85
Profit Before Interest,
Depreciation & Tax 38.14 130.71
Profit before Taxes 21.16 112.48
Tax Expenses 9.83 11.95
Profit After Tax 11.33 100.52
REVIEW OF PERFORMANCE
Members will notice that the revenue from Operations climbed by 57.84%
to Rs. 642.43 Lacs from Rs.407.01 Lacs of previous year. The Total
Income also increased to Rs.656.24 Lacs from Rs.418.82 Lacs of Previous
Year.
The Profit after Tax, for the year under review, decreased to Rs. 11.33
Lacs as against Rs.112.48 Lacs of Previous Year, due to huge
expenditure incurred on account of Employee Benefits and Administration
Expenses.
The company has identified new avenues for growth and is focusing its
energies to develop business. The company is continuously striving to
improve efficiency and deliver excellence in project execution. The
huge increase in turnover, is a testimony to the strength of your
company's technical competence and execution capabilities.
DIVIDEND:
Keeping the company's expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
TRANSFER TO RESEVES:
No profits are intended to be transfered to reserves during the year.
DIRECTORS
Approval of the shareholders is being sought for re-appointment of Mr.
Bharath Champaklal Sutaria and Mr. Vijay Sanatbhai Choskhi, who retire
by rotation at forth coming Annual General Meeting of the company and
being eligible, offer themselves for re-appointment in accordance with
article 104 of the Articles of Association and Companies Act, 1956.
Ms. Vasantha Madasu was inducted as Additional Director on the Board
during the year under review as per provisions of section 260 of the
Companies Act, 1956, she holds office only upto the date of this Annual
General Meeting of the Company. Approval of the shareholders is being
sought for her appointment as director, liable to retire by rotation,
at the ensuing Annual General Meeting of the Company under Section 257
of the Companies Act, 1956.
The brief resume of the Directors who are to be appointed/re-appointed
are furnished to the Explanatory Statement to the notice of the ensuing
Annual General Meeting as Annexure A.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT. 1956.
In pursuance of Section 217(2AA) of the Companies Act, 1956, your
Directors confirm:
1. that the Directors in the preparation of the Annual Accounts the
applicable Accounting standards have been followed along with proper
explanations relating to material departures.
2. that the Directors have selected such Accounting Policies and
applied them consistently and made judgements and estimates that are
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.
3. that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the Assets of the Company and
for preventing and deleting fraud and other irregularities.
4. that the Directors had prepared the Annual Accounts on the ongoing
concern basis.
CORPORATE GOVERNANCE
Ajel Limited has always been devoted to adopting and adhering to the
best Corporate Governance practices recognized globally. The Company
understands and respects its fiduciary role and responsibility towards
stakeholders and the society at large, and strives hard to serve their
interest, resulting in creation of value and wealth for all
stakeholders.
The Compliance report on Corporate Governance and Certificate from
Auditor of the Company Regarding Compliance of the conditions of
Corporate Governance, as stipulated under Clause 49 of the Listing
Agreement is Annexed separately to this Annual Report.
Certificate of the CEO/CFO, inter alia confirming the correctness of
the financial statement, compliance with Company's Code of Conduct,
adequacy of the internal control measures and reporting of matters to
the Audit Committee in terms of Clause 49 of the Listing Agreement.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management's Discussion and Analysis forms part of the Annual Report.
SUBSIDIARIES
We have two subsidiary companies namely Ajel Technologies India Private
Limited in Hyderabad, and Ajel Technologies lnc, USA.
Pursuant to section 212(8) of the Act, the Ministry of Corporate
Affairs vide its circular dated February 8, 2012, has granted General
Exemption from attaching Balance Sheet, Profit and Loss Account and
other Documents of the Subsidiary Companies with the Annual report of
the parent Company. Accordingly the company has availed an exemption
from attaching the Balance Sheet, Profit and Loss Account and other
Documents of the Subsidiary Companies.
A statement containing brief particulars of the subsidiaries for the
Financial Year ended 31.03.2012 is annexed. The annual accounts of the
subsidiary companies shall also be kept for inspection during business
hours at our registered office of the company.
AUDITORS
The auditors M/s K N Murthy & Co., Chartered Accountants, retire at the
ensuing Annual General Meeting and have expressed their unwillingness
to be re-appointed.
The Board recommends appointment of M/s Boppudi & Associates, Chartered
Accountants, as Statutory Auditors of the Company. The Board has
received in writing their willingness for appointment as Statutory
Auditors of the Company along with Certificate under Section 224(1B) of
the Companies Act, 1956.
The Board of Directors and the Committees thereof recommend their
re-appointment. Appropriate resolutions form part of the Agenda of the
Annual General Meeting.
PUBLIC DEPOSITS
We have not accepted any deposits from Public and, as such, no amount
of principal or interest was outstanding as of the Balance Sheet date.
ISO 9001:2008
Your Company continues to maintain its Certification as per
International Standards ISO 9001:2008 Quality Management System and
your Company is fully committed to continually improve upon the
implemented QMS
HUMAN RESOURCES
Employees are our vital and most valuable assets. We have created a
favorable work environment that encourages innovation and meritocracy.
With vibrant work atmosphere, your Company provide an opportunity to
employees to work with New Technologies. Your Company has put in place
a Scalbele Recruitment and Human Resources Plan, devised to attract and
retain high caliber personnel.
Ajel Limited 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 between the Company and the committed employees.
PARTICULARS OF EMPLOYEES:
In terms of the provisions of Section 217 (2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975
and any amendments thereof, no employees are drawing remuneration in
excess of the prescribed limits.
INFORMATION UNDER SECTION 217( 1)(e) OFTHE COMPANIES ACT. 1956REAPWITH
(DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES.
1988:
CONSERVATION OF ENERGY
Your company consumes electricity mainly for the operation of its
computers. Though the consumption of electricity is negligible as
compared to the turnover of the company, your company has taken
effective steps at every stage to reduce consumption of electricity.
TECHNOLOGY ABSORPTION
This is not applicable to your company as it has not purchased or
acquired any Technology for development of software from any outside
party.
RESEARCH & DEVELOPMENT
Research & Development ( R&D) center set-up in Hyderabad has been
concentrating in developing products and production process/system to
improve the quality of the product at minimal cost. R & D enhancements,
innovative process and production technology bring additional value to
all customers. R & D continually concentrate to improve products,
service and processes using the effective quality management system and
testing methodology, by implementing changes required to maintain the
quality standard.
FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings : Rs. 5,07,48,915/-
Foreign Exchange Outgo : Rs. 9,94,651/-
STATEMEIMTPURSUANTTOLISTING AGREEMENT
The equity shares of the company are listed with the Bombay Stock
Exchange Limited (BSE) and Ahmedabad Stock Exchange Limited (ASE).
ACKNOWLEDGMENTS:
We thank our customers, vendors, investors and bankers for their
continued support during the year. We place on record our appreciation
of the contribution made by our employees at all levels. Our
consistent growth was made possible by their hard work, solidarity,
cooperation and support.
By order of the Board of Directors
Place: Mumbai Sd/- Sd/-
Date: 03.08.2012 Vijay Sanatbhai Chokshi Srinivasa Reddy Arikatla
Whole Time Director Vice Chairman & Managing
Director
Mar 31, 2011
The Members,
The Directors have pleasure in presenting the 17th Annual Report of
the company on the business and operations of the company together with
the Audited Accounts for the year ended 31st March 2011
FINANCIAL RESULTS
Consolidated Standalone
For the year
ended 31 March 2011 2010 2011 2010
Income 70,51,12,142 48,11,06,807 4,18,81,586 1,28,02,458
Total Expenditure 65,58,19,321 45,27,30,486 2,88,10,693 1,72,07,748
Finance Cost 44,42,364 26,70,252 14,47,494 2,47,493
Depreciation 11,99,847 10,87,847 2,35,163 2,05,368
Expenditure W/off 1,50,901 1,50,901 1,40,400 1,40,400
Profit / (Loss)
before tax 4,34,99,710 2,44,67,321 1,12,47,836 (49,98,551)
Less: Taxes 1,58,25,761 1,41,17,977 11,95,792 -
Profit / (Loss)
after tax 2,76,73,949 1,03,49,344 1,00,52,044 (49,98,551)
EPS (equity shares,
par value 2.73 1.02 0.99 (0.49)
Rs.10 each)
BUSINESS PERFORMANCE:
The performance of your company during the year under report has shown
significant improvement over previous year, the total consolidated
turnover for the year ended 31st March, 2011 amounted to Rs.
70,51,12,142/- as against Rs. 48,11,06,807/- in the previous year. Your
Company has been successful in adopting a number of "continuous
improvement" initiatives during the year, which has helped in
controlling costs and hence resulting good profits for the year wiping
out the complete previous years losses and getting into positive Net
worth after a long time on a consolidated basis as per Indian GAAP
Accounting.
DIVIDEND:
Keeping the Company's expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
RESERVES & SURPLUS
During the year under review the Company has transferred Rs.
2,76,73,949/- to Reserves and Surplus.
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 long-term value to our clients.
We are increasing our focus on key growth areas namely Banking &
Financial Services (BFSI), Healthcare, Media & Entertainment,
Information Management, Mobility Solutions and Professional Services.
We have a strong focus on the domestic market in India for localized
software products and eGovernance initiatives at the gram panchayat
levels. We believe this diversified approach will allow us to create
long-term value for our shareholders.
Harnessing the pooled computing resources delivered over the Internet,
Ajel Cloud Computing Services provides an agile cloud infrastructure
designed to provide rapid access to security-rich, enterprise-class
virtual server environments, well suited for development and test
activities and other dynamic workloads. Depending on the platform, an
application can scale dynamically and increase its share of resources
on-the-fly to meet increasing traffic demands or huge traffic spikes.
And on other hand Technology Services, Enterprise Solutions, Mobility
Solutions etc
Ajel has partnered with Futura Retail Solution AG, a leading retail
merchandise management solution provider for the fashion and lifestyle
industry in Germany and Europe to market, deploy, and support the
solution for the Indian market. It offers FuturERS, an integrated
retail management system that serves various areas of a company through
which an item passes, such as order planning, moves on, goods received,
checking of supplier invoices, allocating the goods to the branches, PC
POS or touch POS, customer order, replenishment, inter branch transfer,
integrated financial accounting, statistical analyses, and automated
data exchange with the branches.
Futura Retail Solution AG was founded in 1975 and is based in Stelle,
Germany with an additional office in Horgen, Switzerland. Futura is
specifically developed for multi site specialty retailers, in over 30
countries worldwide. Futura was launched in 1992 as one of the first
fully integrated retail management systems. There are currently more
than 35,000 FuturERS installations worldwide running our enterprise
retail software.
Today, FuturERS is one of the most affordable, proven and reliable
solutions available. Despite being so simple to use, it can analyze
profits and fine tune promotional activity, yet be rapidly deployed to
meet the most demanding timescales.
However, during the current financial year the company will continue to
focus on acquisitions to achieve the growth in business in view of
global economic slow down and more so in US. US Economy is on recovery
path and we do hope to have a marginal organic growth in the current
fiscal which we wish to grow significantly in the in-organic growth
through acquisitions. The Company proposes to pass an enabling
resolution to raise the funds for the said acquisitions.
DIRECTORS:
As per Section 255 of Companies Act , 1956 and in terms of Article 104
of the Articles of Association of the Company Mr. Jadda Amara Reddy and
Mr. Venkateswarlu Arikatla retire by rotation at the ensuing Annual
General Meeting and being eligible, offers themselves for reappointment
in terms of Article 105 of the Articles of Association of the company.
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.
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. The Director's
report including balance sheet and profit & loss account for the year
ended 31st march, 2011 of the subsidiary companies have been attached
to this report.
ISO 9001: 2008
Your Company continues to maintain its Certification as per
International Standards ISO 9001:2008 Quality Management System and
your Company is fully committed to continually improve upon the
implemented QMS
CHANGE OF NAME OF THE COMPANY
During the year the Name of the company has been changed to Ajel
Limited. The Members of the Company accorded their consent in the 16th
Annual General Meeting.
BRANCH OFFICES
During the year your company has opened a branch in Bangalore, India
and NJ, USA.
AUDITORS AND THEIR REPORT
The Statutory Auditors of the company M/s. KN Murthy & Co., Chartered
Accountants, Hyderabad, who will retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment as
statutory auditor for the financial year 2011-12. They have furnished a
certificate to the effect that their proposed re-reappointment, if
made, would be within the limit prescribed under section 224(1B) of the
Companies Act, 1956, and that they are not disqualified for such
re-appointment within the meaning of Section 226 of the Companies Act,
1956.
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
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
PARTICULARS OF EMPLOYEES:
No employee was in receipt of remuneration exceeding the limits
prescribed under section 217(2A) of the Companies Act, 1956 and the
rules framed there under, as amended to date.
PUBLIC DEPOSITS:
Your company has not accepted any deposits falling under Section 58A of
the Companies Act, 1956 read with the Companies (Acceptance of
Deposits) Rules 1975 during the year.
INFORMATION UNDER SECTION 217 (1) (e) OF THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:
Conservation of Energy
Your Company consumes electricity mainly for the operation of its
computers. Though the consumption of electricity is negligible as
compared to the turnover of the company, your company has taken
effective steps at every stage to reduce consumption of electricity.
Technology absorption
This is not applicable to your company as it has not purchased or
acquired any Technology for development of software from any outside
party.
Research & Development
Research & Development (R&D) center set-up in Hyderabad has been
concentrating in developing products and production process/ system to
improve the quality of the product at minimal cost. R&D enhancements,
innovative process and production technology bring additional value to
all our customers. R&D continually concentrate to improve products,
service and processes using the effective quality management system and
testing methodology, by implementing changes required to maintain the
quality standard.
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:
Ajel has always been devoted to adopting and adhering to the best
corporate governance practices recognized globally. The company
understands and respects its fiduciary role and responsibility towards
stakeholders and the society at large, and strives hard to serve their
interest, resulting in creation of value and wealth for all
stakeholders.
The Compliance Report on Corporate Governance and a Certificate from
Auditor of the Company regarding compliance of the conditions of
Corporate Governance, as stipulated under Clause 49 of Listing
Agreement is annexed separately to this Annual report.
Certificate of the CEO/CFO, inter alia confirming the correctness of
the financial statement, compliance with Company's Code of Conduct,
adequacy of the internal control measures and reporting of matters to
the Audit Committee in terms of Clause 49 of the Listing Agreement.
STATEMENT PURSUANT TO LISTING AGREEMENT
The equity shares of the company are listed with the Bombay stock
exchange (BSE) and Ahmedabad Stock Exchange Limited. Your company has
paid the respective Annual Listing Fees up-to-date. The company has
provided corporate Governance Report and cash flow statement in this
Annual report and other required details.
ACKNOWLEDGEMENT:
Your Directors place on record their gratitude to the Central
Government, State Governments and company's Banker for the assistance,
co-operation and encouragement they extended to the company. Your
Directors also wish to place on record their sincere thanks and
appreciation for the continuing support and unstinting efforts of
Investors, Dealers, Business Associates and Employees in ensuing an
excellent all around operational performance.
For and on Behalf of Directors
Place: Hyderabad
Date: 11-08-2011
Sd/- Sd/-
VIJAY S CHOKSHI SRINIVASA REDDY ARIKATLA
Whole Time Director Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the 16th Annual Report of
the company on the business and operations of the company together with
the Audited Accounts for the year ended 31st March 2010
FINANCIAL RESULTS
Standalone
For the year ended 31 March 2010 2009
Income 1,28,02,458 36,51,157
Total Expenditure 1,72,07,748 16,50,598
Finance Cost 2,47,493 -
Depreciation 2,05,368 2,05,368
Expenditure W/off 1,40,400 1,05,300
Operating Profit/(Loss) (44,05,290) 20,00,559
Profit / (Loss) before tax (49,98,551) 16,89,891
Less:Taxes - 6,200
Profit /(Loss) after tax (49,98,551) 16,83,691
EPS (equity shares,
par value Rs.10 each) (0.49) 0.17
For the year ended 31 March Consolidated
2010 2009
Income 48,11,06,807 42,67,43,156
Total Expenditure 45,27,30,486 40,11,52,004
Finance Cost 26,70,252 32,02,197
Depreciation 10,87,847 9,59,232
Expenditure W/off 1,50,901 1,15,801
Operating Profit /(Loss) 2,83,76,321 2,55,91,152
Profit / (Loss) before tax 2,44,67,321 2,13,13,922
Less:Taxes 1,41,17,977 50,296
Profit / (Loss) after tax 1,03,49,344 2,12,63,626
EPS (equity shares,
par value Rs.1 0 each) 1.02 2.10
BUSINESS PERFORMANCE:
The performance of your company during the year under report has shown
significant improvement over previous year, the total consolidated
turnover for the year ended 31 st March, 2010 amounted to
Rs.48,11,06,807 as against Rs.42,67,43,156 in the previous year. Your
Company has been successful in adopting a number of "continuous
improvement" initiatives during the year, which has helped in
controlling costs and hence resulting good profits for the year wiping
out the complete previous years losses and getting into positive Net
worth after a long time on a consolidated basis as per Indian GAAP
Accounting.
DIVIDEND:
Evaluating the company on finanacial fronts. Your directors are of the
view the financial resource needs to be diverted and utilised for
the purpose of undertaking various expansion and growth activities.
Thus to conserve the financial reserves of the company your directors
have decided not to recommend dividend for the year under
review.
RESERVES & SURPLUS
During the year under review the Company has transferred
Rs.1,03,49,344/- to Reserves and Surplus.
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 to keep a strategy of staying lean,
flexible and nimble. And best of all, we truly believe in collaborative
partnership to provide long-term value to our clients.
We are increasing our focus on key growth areas namely Banking &
Financial Services (BFSI), Healthcare, Media & Entertainment,
Information Management, Mobility Solutions and Professional Services.
We have a strong focus on the domestic market in India for localized
software products and eGovernance initiatives at the gram panchayat
levels. We believe this diversified approach will allow us to create
long-term value for our shareholders. In order to strengthen the
Healthcare vertical, Ajel has recently initiated steps to acquire
RTEngines Software Private Limited.
Ajel is looking to increase revenue through strengthning customer
relationship. Your company is the technology partner and provided
necessary software and support for the development of the portal called
efreshindia.com and given the linkage to the international portal
efresh.com and your company has agreed to give support service to a
portal, with which your company generates 6% revenue from the portal.
However, during the current financial year the company will continue to
focus on acquisitions to achieve the growth in business in view of
global economic slow down and more so in US. US Economy is on recovery
path and we do hope to have a marginal organic growth in the current
fiscal which we wish to grow significantly in the in-organic growth
through acquisitions.The Company proposes to pass an enabling
resolution to raise the funds for the said acquisitions.
DIRECTORS
During the year Mr.Mahender R. Musuku was appointed as Additional
Director of the company on 07th July, 2010. He shall hold office upto
the date of the ensuing Annual General Meeting of the company and being
eligible, offer himself for appointment. Respective resolutions for the
appointment of said person as Director of the Company are proposed for
your approval.
As per Section 256 of Companies Act, 1956 and in terms of Article 104
of the Articles of Association of the Company Mrs. Malathy Bhimavarapu
and Mr.Darshan D Majmudar retire by rotation at the ensuing Annual
General Meeting and being eligible, offers themselves for reappointment
in terms of Article 105 of the Articles of Association of the company.
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 at the
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. The Directors
report including balance sheet and profit & loss account for the year
ended 31st March, 2010 of the subsidiary companies have been attached
to this report.
AMALGAMATION
Your companys Board of Directors met and approved on July 22,2010 the
scheme of amalgamation of RT Engines Software Private Limited, Mumbai
with Ajel Infotech Limited under Section 391 -394 of the Companies Act,
1956.The Board of Directors also accepted the valuation report
submitted by M/s. Mark Corporate Advisors Private Limited, appointed
for the purpose of recommending the share exchange ratio.
The benefits of the proposed Scheme of Amalgamation and Arrangement
are:
* Mobilizing greater resources that would enable the company to
participate in upcoming projects.
* Unlock value in operating assets
* Best positioned to make decisions on efficient utilization of
resources (i.e. devolopment locations, product location decisions, R&D
investments, etc) without any conflict of interests
* Synergies to be derived from dove tailing of operations, sourcing etc
The scheme envisages an exchange ratio of 7 (Seven) equity shares of
Ajel Infotech Limited for every 2 (Two) equity shares of RTEngines
Software Private Limited. The proposed Scheme is subject to the
requisite approval of the shareholders / creditors of the Company, the
shareholders / creditors of the transferor Companies, other statutory
authorities in the respective jurisdictions and subject to the sanction
/ confirmation by Honorable High Court of Judicature at Bombay and any
other appropriate authority.
AUDITORS AND THEIR REPORT
The Statutory Auditors of the company M/s. KN Murthy & Co., Chartered
Accountants, Hyderabad, retire in the ensuing Annual General Meeting
being offer themselves for re-appointment as statutory auditor for the
financial year 2010-11.
A certificate has also been furnished a to the effect that their
proposed re-reappointment, if made, would be within the limit
prescribed under section 224(1 B) of the Companies Act, 1956, and that
they are not disqualified for such re-appointment within the meaning of
Section 226 of the Companies Act, 1956.
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
In pursuance of Section 217{2AA) of the Companies Amendment Act, 2000
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
PARTICULARS OF EMPLOYEES
No employee was in receipt of remuneration exceeding the limits
prescribed under section 217(2A) of the Companies Act, 1956 and the
rules framed there under, as amended to date.
PUBLIC DEPOSITS
Your company has not accepted any deposits falling under Section 58A of
the Companies Act, 1956 read with the Companies (Acceptance of
Deposits) Rules 1975 during the year.
INFORMATION UNDER SECTION 217(1) (e) OF THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988
Conservation of Energy
Your Company consumes electricity mainly for the operation of its
computers. Though the consumption of electricity is negligible as
compared to the turnover of the company, your company has taken
effective steps at every stage to reduce consumption of electricity.
Technology absorption
This is not applicable to your company as it has not purchased or
acquired any Technology for development of software from any outside
party.
Research & Development
Research & Development (R&D) center set-up in Hyderabad has been
concentrating in developing products and production process/ system to
improve the quality of the product at minimal cost. R&D enhancements,
innovative process and production technology bring additional value to
all our customers. R&D continually concentrate to improve products,
service and processes using the effective quality management system and
testing methodology, by implementing changes required to maintain the
quality standard.
Foreign Exchange Earnings & Outgo
Foreign Exchange Earnings : Nil
Foreign Exchange Outgo : Nil
MANAGEMENT DISCUSSION AND ANALYSIS
Managements 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
Ajel has always been devoted to adopting and adhering to the best
corporate governance practices recognized globally. The company
understands and respects its fiduciary role and responsibility towards
stakeholders and the society at large, and strives hard to serve their
interest, resulting in creation of value and wealth for all
stakeholders.
The Compliance Report on Corporate Governance and a Certificate from
Auditor of the Company regarding compliance of the conditions of
Corporate Governance, as stipulated under Clause 49 of Listing
Agreement is annexed separately to this Annual report.
Certificate of the CEO/CFO, inter alia confirming the correctness of
the financial statement, compliance with Companys Code of Conduct,
adequacy of the internal control measures and reporting of matters to
the Audit Committee in terms of Clause 49 of the Listing Agreement.
STATEMENT PURSUANT TO LISTING AGREEMENT
The equity shares of the company are listed with the Bombay stock
exchange (BSE).Your company has paid the respective Annual Listing Fees
up-to-date. The company has provided corporate Governance Report and
cash flow statement in this Annual report and other required details.
ACKNOLEDGMENTS
Your Directors place on record their gratitude to the Central
Government, State Governments and companys Banker for the assistance,
co-operation and encouragement they extended to the company. Your
Directors also wish to place on record their sincere thanks and
appreciation for the continuing support and unstinting efforts of
Investors, Dealers, Business Associates and Employees in ensuing an
excellent all around operational performance.
For and on Behalf of
AJEL INFOTECH LIMITED
Sd/- Sd/-
Place: Hyderabad MALATHY BHIMAVARAPU SRINIVASA REDDY ARIKATLA
Date: 28-08-2010 Director Managing Director