Directors Report of AION-TECH Solutions Ltd.
Mar 31, 2023
The Board of Directors are pleased to present the Company''s Twenty Ninth Annual Report and the Company''s audited financial statements (standalone and consolidated) for the financial year ended March 31,2023.
The financial highlights of the Company for the year ended on 31st March, 2023 are summarized as below:
|
(Rs. In Millions Except Otherwise Stated) |
||||
|
Particulars |
Standalone |
Consolidated |
||
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
|
|
Revenue from Operations |
748.60 |
549.09 |
929.61 |
609.21 |
|
Other Income |
11.35 |
27.35 |
11.35 |
27.35 |
|
Total Expenses |
711.03 |
558.15 |
911.00 |
622.64 |
|
PBITDA |
48.92 |
18.29 |
29.96 |
13.92 |
|
Interest |
3.36 |
1.44 |
5.46 |
1.52 |
|
Depreciation & Amortization expense |
7.47 |
3.78 |
8.20 |
3.79 |
|
Profit before Tax |
38.09 |
13.07 |
16.30 |
8.61 |
|
Current Tax |
12.42 |
1.91 |
12.56 |
2.07 |
|
Deferred Tax |
(0.82) |
1.46 |
(0.82) |
1.46 |
|
Profit for the year |
26.49 |
9.70 |
4.56 |
5.08 |
|
Other Comprehensive Income Re-measurement of gains on defined benefit plan |
1.56 |
1.83 |
5.61 |
5.61 |
|
Income tax effect |
(0.43) |
(0.51) |
(0.43) |
(0.51) |
|
Total Comprehensive Income for the Year |
27.62 |
11.02 |
15.81 |
10.18 |
|
Equity Share Capital (3,45,82,066 Shares of Rs 10/- each) |
345.82 |
345.82 |
345.82 |
345.82 |
|
E.P.S (After Prior Period Items) (Rupees) |
0.77 |
0.37 |
0.13 |
0.19 |
|
Net Worth |
576.23 |
548.61 |
691.01 |
675.11 |
|
Book Value in Rs. (Face Value of Rs. 10/- each ) |
16.66 |
15.86 |
19.98 |
19.52 |
STATE OF AFFAIRS/GENERAL REVIEW OF OPERATIONS:Standalone:
During the year under review, your Company has achieved Standalone turnover of Rs. 748.60 million as against a turnover of Rs. 549.09 million during the previous year. The Standalone Net Profit is Rs. 26.49 million during the year in comparison to Net Profit of Rs. 9.70 million during the previous year.
During the year under review, your Company has achieved a consolidated turnover of Rs. 929.61 million as compared to Rs. 609.21 million for the previous financial year. The Consolidated Net Profit for the year 2022-23 is Rs. 4.56 million in comparison to Net Profit Rs. 5.08 million during the previous year.
No amount has been transferred to General Reserves during the year.
During the year the Company does not have adequate profits and hence, your Board has not recommended any dividend for the financial year 2022-23.
During the year under review there were no changes in authorized capital and the paid-up share capital of the Company. The Authorised Share Capital of the company is Rs. 50,00,00,000 (Rupees Fifty Crores Only) divided in to 5,00,00,000 (Five Crores Only) equity shares of Rs. 10/- each and the Paid-up capital of the company is Rs. 34,58,20,660/-(Rupees Thirty Four Crores, Fifty Eight Lakhs, Twenty Thousand, Six Hundred and Sixty Only) divided in to 3,45,82,066 (Three Crores Forty Five Lakhs Eighty Two Thousand Sixty Six Only) equity shares of Rs 10/- each
As on March 31, 2023, except Mr. L.P. Sashikumar having 757 shares none of the other Directors of the Company hold shares or convertible instruments of the Company.
EMPLOYEE STOCK OPTION PLAN (ESOP):
The management is of the view that Equity based compensation is considered to be integral part of employee compensation across sectors which enables alignment of personal goals of the employees with organizational objectives. Management believes that equity-based compensation schemes are an effective tool to reward the employees of the Company in the growth of the Company, to create an employee ownership in the Company, to attract new talents, to retain the key resources in the organization and for the benefit of the present and future employees of the Company. With this objective, management intends to implement the Employee Stock Option Plan 2022 for the employees of the Company.
Further the management is keen on implementing the equity based compensation to its'' employees in this regard the Board again in their meeting held on 11th February, 2022 has discussed on implementation of the ''Goldstone Technologies Limited Employee Stock Option Plan-2022'' (''GTLESOP 2022'') and in view of the same and in pursuance of the Section 62 of the Companies Act, 2013 and rules thereof, SEBI (Share Based Employee Benefits) Regulations, 2014 and SEBI (LODR) Regulations, 2015 and other relevant provisions, the Board of Directors of the Company at their meeting held on 11th February, 2022 has approved the ''Goldstone Technologies Limited Employee Stock Option Plan-2022'' (''GTLESOP 2022''), and the same was also approved by the shareholders vide special resolution passed through postal ballot notice dated 28th March, 2022 the resolution was deemed to approved by the members as on 15th May, 2022 (Last date of E-Voting for Postal Ballot). The management is taking further steps to implement ''Goldstone Technologies Limited Employee Stock Option Plan-2022'' (''GTLESOP 2022'') in the best interest of the Company as well as its'' Employees. The updates on the same will be disseminated to the members through announcements to the stock exchanges.
There is no change in accounting treatment in the year under review, as compared to previous Financial Year.
CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under the review the following changes were made.
⢠Mr. Deepankar Tiwari (DIN: 07621583), was appointed as an Independent Director of the company with effect from 14* November, 2022 in the Board Meeting held on 14th November, 2022 and the same was approved by the members through Special Resolution passed through postal ballot notice dated 10â January, 2023 and the resolution was deemed to approved by the members as on 12th February, 2023 (Last date of e-Voting for Postal Ballot).
⢠After the closure of financial year 202223, based on the recommendations of the Nomination and Remuneration Committee and approval of the Board Mr. Srinivas Chilukuri was appointed as the Chief Executive Officer (CEO) and whole time Key Managerial Personnel (KMP) of the Company with effect from 29th May, 2023, for a term of Three years i.e. upto 28th May, 2026, subject to approval of members. However, the Board of Directors of the Company (Based on the recommendations of the Nomination and Remuneration Committee), has approved Change in role of Mr. Srinivas Chilukuri from the position of CEO to enable him to focus on building new product development in the field of emerging Technologies like Artificial Intelligence etc. His role and designation would be decided by the board after receiving the detailed product development plan from him. Accordingly, Mr. Srinivas Chilukuri ceased to be the Chief Executive Officer (CEO) and Whole Time
Key Managerial Personnel (KMP) of the Company with effect from 10.08.2023.
⢠Mr. Bernd Michael Perschke (DIN: 10194539) was appointed as an Additional Director of the Company with effect from 10th August, 2023, in the Board meeting held on 10th August, 2023. The Board recommends the Ordinary Resolution set out at Item no. 3 of the Notice for approval of the Members. Brief profile of Mr. Bernd Michael Perschke has been given in the Notice convening the Annual General Meeting.
⢠Mr. Seetepalli Venkat Raghunand (DIN: 10267020) was appointed as an Additional Director and Executive Director of the Company with effect from 10th August, 2023, in the Board meeting held on 10th August, 2023. The Board recommends the Special Resolution set out at Item no. 4 & 5 of the Notice for approval of the Members. Brief profile of Mr. Settepali Venkat Raghunand has been given in the Notice convening the Annual General Meeting.
⢠Based on the terms of appointment, executive directors and the non-executive and non-independent chairman are subject to retirement by rotation. Accordingly, Mr. Paul Sashikumar Lam (DIN: 00016679), retires by rotation at the 29th Annual General Meeting and being eligible, offers himself for re-appointment. Brief profile of Mr. Paul Sashikumar Lam has been given in the Notice convening the Annual General Meeting. Based on performance evaluation and the recommendation of the nomination and remuneration committee, the Board recommends his re-appointment.
Resignations & Cessation:
⢠Mr. Venkata Ramana Vedula (DIN: 02660082) has resigned as the Independent Director of the Company with
effect from 14th November, 2022 due to personal reasons and pre-occupations.
⢠The Board of Directors of the Company (Based on the recommendations of the Nomination and Remuneration Committee), has approved Change in role of Mr. Srinivas Chilukuri from the position of CEO to enable him to focus on building new product development in the field of emerging Technologies like Artificial Intelligence etc. His role and designation would be decided by the board after receiving the detailed product development plan from him. Accordingly, Mr. Srinivas Chilukuri ceased to be the Chief Executive Officer (CEO) and Whole Time Key Managerial Personnel (KMP) of the Company with effect from 10.08.2023.
In accordance with the provisions of Section(s) 2(51), and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.The following are the Key Managerial Personnel as on the Board''s Report date:
⢠Mr. Pavan Chavali - Managing Director
⢠Mr. Vithal VSSNK Popuri - Chief Financial Officer
⢠Ms. Niralee Rasesh Kotdawala -
Company Secretary & Compliance
Officer
Pursuant to the provisions of the Companies Act, 2013 and the applicable regulations of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements),
Regulations, 2015, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholders'' Relationship Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.
The performance evaluation of the Independent Directors was completed during the year under review. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors and Non-Executive Directors. The Board of Directors expressed their satisfaction with the evaluation process.
The Ministry of Corporate Affairs (''MCA'') vide Notification No. G.S.R. 804(E) dated October 22, 2019 and effective from December 01, 2019 has introduced the provision relating to inclusion of names of Independent Directors in the Data Bank maintained by Indian Institute of Corporate Affairs (''IICA''). All Independent Directors of your Company are registered with IICA.
In the opinion of the Board, the independent directors possess the requisite integrity, experience, expertise, proficiency and qualifications.
The Board has on the recommendation of the Nomination & Remuneration Committee framed and adopted a policy for selection and appointment of Directors, Key Managerial Personnel and other employees and their remuneration. The Nomination and Remuneration Policy is placed on website of the Company at https://www.goldstonetech.com/ investor-corner/.
The Nomination and Remuneration Policy and other matters provided in Section 178(3) of the Act and Regulation 19 of SEBI Listing Regulations have been disclosed in the Corporate Governance Report, which forms part of this Report.
During the year under review, 8 (Eight) Board Meetings, 6 (Six) Audit Committee Meetings, 3 (Three) Nomination and Remuneration Committee Meeting, 6 (Six) Stakeholder Relationship Committee Meetings and 1 (One) Independent Directors Meeting were convened
and held. The details of which are given in the Corporate Governance Report.
The intervening gap between the Meetings were within the period prescribed under the Companies Act, 2013 and Listing Regulations.
There are various Board constituted Committees as stipulated under the Act and Listing Regulations namely Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee. Brief details pertaining to composition, terms of reference, meetings held and attendance of these Committees during the year have been enumerated in the Corporate Governance Report.
AUDIT COMMITTEE RECOMMENDATIONS:
During the year, all recommendations of Audit Committee were approved by the Board of Directors.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:
The details on the familiarization program for Independent Directors are reported in the Corporate Governance Report.
DIRECTOR''S RESPONSIBILITY STATEMENT:
In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) 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 and of the profit and loss of the company for that period;
c) the directors had 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 detecting fraud and other irregularities;
d) the directors had prepared the annual accounts on a going concern basis;
e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
SUBSIDIARIES AND ASSOCIATES:
As on 31st March 2023, we are having two wholly owned subsidiary Companies;
a) Staytop Systems Inc., having its Registered Office situated at 9660 Falls of Neuse Rd., Ste. 138 Unit 161, Raleigh, North Carolina, 27615 and
b) Wowtruck Technologies Private Limited (formerly known as Equitas Technologies Private Limited) having its Registered Office situated at 601,6h Floor, Phase I, Spencer Plaza, 769, Anna Salai, Mount Road, Chennai â 600002, Tamil Nadu.
We would like to bring to the notice of the members that during the financial year, the Board in its meeting held on 16th May, 2022 had decided to acquire substantial stake ranging from 51% to 100% in the equity share capital of M/s. Equitas Technologies Private Limited (âETPLâ). Consequently on 5th July, 2022, the Company had completed the acquisition of M/s. Equitas Technologies Private Limited (âETPLâ) (now known as âWowtruck Technologies
Private Limitedâ) by acquiring the equity shares from M/s. Equitas Holdings Limited in terms of the Share Purchase Agreement and other related documents (the âAgreementâ) which were executed between the Company, M/s. Equitas Technologies Private Limited (âETPLâ) and M/s. Equitas Holdings Limited. Therefore, pursuant to the acquisition of 2,49,99,999 equity shares (99.62% stake) by the company from Equitas Holdings Limited, and balance 96,000 equity shares (0.38% stake) from an Individual shareholder Mr. MVP Mohan Sharma, M/s. Equitas Technologies Private Limited (âETPLâ) now known as M/s. Wowtruck Technologies Private Limited has become Wholly-Owned Subsidiary of the Company i.e. M/s. Goldstone Technologies Limited. Post the acquisition the name of the Company was changed from M/s. Equitas Technologies Private Limited to M/s. Wowtruck Technologies Private Limited w.e.f. 4th November, 2022. The acquisition will help the Company in its foray into the e-commerce and fintech space as M/s. Wowtruck Technologies Limited (âWTPLâ) (formally known as âEquitas Technologies Private Limitedâ) is an existing aggregator of trucks/logistics provider having substantial presence in Southern India region with 30,000 plus registered users. Post this acquisition, the Company is planning to introduce electric vehicle fleet into the portal and also providing finance solutions for the fleet owners through tie ups with NBFCs/Financing organizations under one umbrella.
During the year under review except as mentioned above, no further investments were made in the subsidiaries. Other than the above no other company is Associate or Joint Venture during the year under review.
M/s. Staytop Systems Inc and M/s. Wowtruck Technologies Private Limited (formerly known as M/s. Equitas Technologies Private Limited, are material subsidiaries of the Company as per the thresholds laid down under the applicable regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements), Regulations, 2015. The Company has framed a policy on Material Subsidiaries as approved by the Board and the same has been uploaded on the Company''s website https://www.goldstonetech.com/investor-corner/
Pursuant to sub-section (3) of section 129 of the Act, the statement containing the salient feature of the financial statement of a company''s subsidiary or subsidiaries, associate company or companies and joint venture or ventures is in the prescribed format AOC-1 are appended as âAnnexure 1 â to the Board''s report.
CONSOLIDATED FINANCIAL STATEMENTS:
The Board of Directors (''the Board'') reviewed the affairs of the Subsidiaries. In accordance with Section 129 (3) of the Companies Act, 2013 and applicable Accounting Standards we have prepared consolidated financial statements of the Company and its subsidiaries which will form part of the Annual Report.
In accordance with Section 136 of the Companies Act, 2013 the Audited financial statements including the consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries are available on website of the Company https://www.goldstonetech.com/ investor-corner/. These documents will also be available for inspection during the business hours at the registered office of the Company.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
At Goldstone, we maintain a system of well-established policies and procedures for internal control of operations and activities. We constantly strive to integrate the entire organisation, strategic support functions, such as finance, human resources, and regulatory affairs into core operations, such as Analytics segment, consulting services and license reselling, technical, support, and the supply chain. The internal audit function is further strengthened in conjunction with the statutory auditors to monitor
statutory and operational matters. Adherence to statutory compliance is a key focus area for the entire leadership team of the Company.
The Audit Committee deliberated with the members of the management, considered the systems as laid down and met the internal auditors and statutory auditors to ascertain, their views on the internal financial control systems. The Audit Committee satisfied itself as to the adequacy and effectiveness of the internal financial control system as laid down and kept the Board of Directors informed. Internal Audit system brings significant issues to the attention of the Audit Committee for periodic review. However, the Company recognizes that no matter how the internal control framework is, it has inherent limitations and accordingly, periodic audits and reviews ensure that such systems are updated on regular intervals.
The deposits covered under Chapter V of the Companies Act, 2013 were neither accepted during the year nor remained unpaid or unclaimed as at the end of the financial year 2022- 23. As such, there has been no default in repayment of deposits or payment of interest thereon at the beginning or at the end of the year.
Maintenance of cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013, is not applicable on the Company. Accordingly, such records are not made and maintained.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
As per the provisions of Section 135 of Companies Act, 2013, every company having net worth of rupees five hundred crore or more or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more, during immediately preceding financial year shall constitute a Corporate Social Responsibility Committee of the Board. As your
company doesn''t fall under the provisions of section 135 of Companies Act, 2013, hence it is not applicable to company.
All the properties of your Company including its building, systems, servers & Machinery has been covered by adequate Insurance Coverage and also the Company has Insurance coverage for Director and Officer and other liability insurance have been adequately insured.
M/s. P. Murali & Co., Chartered Accountants, Hyderabad were appointed as the statutory auditors of the Company by the Board of Directors of the Company in their meeting held on 27th May, 2022 for a term of 5 (Five) consecutive years commencing from the conclusion of the 28th Annual General Meeting until the conclusion of the 33 d Annual General Meeting. The appointment was also approved by the members of the Company by way Ordinary Resolution in the 28th Annual General Meeting of the Company held on 28th September, 2022.
Pursuant to the amendments made to Section 139 by the Companies (Amendment) Act, 2017, effective from May 7, 2018, the requirement of seeking ratification of the members for appointment of Statutory Auditors has been withdrawn. In view of the same, the ratification of members for continuance of appointed M/s. P. Murali & Co., Chartered Accountants, as the Statutory Auditors of the Company, will not be sought in the ensuing Annual General Meetings.
The Audit Committee of your Company meets periodically with Statutory Auditors and Internal Auditors to review the performance of the Internal Audit, to discuss the nature and scope of statutory auditors functions, and to discuss auditing, internal control and financial reporting issues. To ensure complete independence, the statutory auditor and the internal auditor have full access to the Members of the Audit Committee to discuss any matter of substance.
The Report of the Auditors for the year ended 31st March, 2023 forming part of this Annual Report does not contain any qualification, reservation, observation, adverse remark or disclaimer.
M/s. CKS & Associates, Chartered Accountants, Hyderabad were appointed as internal Auditors for conducting the internal audit of the company for the financial year 2022-23. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry.
The summary of Significant Audit Observations along with recommendations and its implementations are reviewed by the Audit Committee on a periodical basis and concerns, if any, are reported to Board. There were no adverse remarks or qualification on accounts of the Company from the Internal Auditor.
The company had appointed M/s. Prathap Satla & Associates, Practising Company Secretaries, Hyderabad to undertake the Secretarial Audit of the Company for the financial year 2022-23 pursuant to provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The Secretarial Audit report for the financial year 2022-23 is annexed herewith as âAnnexure - 2â to the Board Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark. During the year under review, the Company has complied with the applicable provisions of the Secretarial Standards.
Annual Secretarial Compliance Report:
M/s. Prathap Satla & Associates, Practising Company Secretaries, Hyderabad had undertaken an audit for the financial year ended March 31,2023 and accordingly issued the Annual Secretarial Compliance Report for
the year ended 31st March, 2023, with all applicable compliances as per SEBI''s Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report issued by M/s. Prathap Satla & Associates, Practising Company Secretaries, Hyderabad had been submitted to the Stock Exchanges.
Reporting of frauds by auditors:
During the year under review, neither the statutory auditors nor the secretarial auditor has reported any instances of fraud committed against the Company by its officers or employees to the audit committee, under Section 143 (12) of the Companies Act, 2013.
The Board has devised proper systems and processes for complying with the requirements of applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) and that such systems were adequate and operating effectively.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of The Companies Act, 2013 are given in Note no. 31 of Standalone Financial Statements and to Note No. 30 of Consolidated Financial Statements.
There are no materially significant related party transactions made by the Company with Promoters, Key Managerial Personnel or with entities where promoter/KMPs /Directors are interested and other related parties who may have potential conflict of interest with the Company. All the related party transactions which were entered into by the Company during the year under review, were on arms'' length basis and in the ordinary course of business. The related party transactions are disclosed in the notes to the accounts, as per the relevant accounting standards.
Accordingly, the disclosure of related party transactions as required in Form AOC- 2 pursuant to Rule 8 (2) of the Companies (Accounts) Rules, 2014 are not required.
During the year, pursuant to Regulation 23 of the SEBI Listing Regulations, all related party transactions were placed before the Audit Committee for approval and also disclosed to the stock exchanges on half yearly basis. The same are also available on the website of the Company.
A Policy on materiality of RPTs stipulating the threshold limits and also on dealing with, pursuant to SEBI Listing Regulations has been placed on the Company''s website https://www.goldstonetech.com/investor-corner/.
Pursuant to Section 134 (3) (n) and Regulation 21 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 read with relevant provisions of the Companies Act 2013, the Company is implementing all measures to mitigate and manage the risk including identification therein of elements of risk if any which in the opinion of the Board may threaten the existence of the company.
At present the company has not identified any element of risk which may threaten the existence of the company.
PREVENTION OF INSIDER TRADING:
Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended, the Company has adopted the Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Designated Persons and their Immediate Relatives along with Code of Fair Disclosures and a copy of the same are available on company''s website at https://www.goldstonetech.com/investor-corner.
POLICIES UNDER SEBI (LODR) REGULATIONS 2015:
We seek to promote and follow the highest level of ethical standards in all our business transactions guided by our value system. The Board has formulated and adopted the following policies as required under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
? Archival Policy
? Policy on Material Subsidiary
? Determination of Materiality of Events
? Preservation of Documents Policy
All the policies adopted are hosted on the website of the Company https://www. goldstonetech.com/investor-corner. The policies are reviewed periodically by the Board and updated as needed.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
As per the provisions of the Section 177 (9) & (10) of the Companies Act 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board adopted a Vigil Mechanism called ''Whistle Blower Policy'' for directors and employees to report the management /Audit Committee instances of unethical behavior, actual or suspected, fraud or violation of company''s code of conduct or ethics policy. There were no allegations / disclosures / concerns received during the year under review in terms of the vigil mechanism established by the Company.
The Vigil Mechanism also provided adequate safeguards against victimization of employees who avail of the mechanism and also provides for direct access to the Chairman of the Audit committee in exceptional cases further it has also been uploaded in the Company''s web site; https://www.goldstonetech.com/investor-corner/
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
Your Company strongly supports the rights of all its employees to work in an environment free
from all forms of harassment. In order to comply with provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder, the Company has formulated and implemented a policy on prevention, prohibition and redressal of complaints related to sexual harassment of women at the workplace. All women employees permanent, temporary or contractual are covered under the above policy. The policy aims to provide protection to Employees at the workplace.
An Internal Complaint Committee (ICC) has been set up in compliance with the said Act. To build awareness in this area, the Company has been conducting awareness sessions during induction. During the year under review, no complaints pertaining to sexual harassment of women employees were reported.
EXTRACT OF ANNUAL RETURN:
In pursuant to the provisions of Section 134 (3)(a) of the Companies Act, 2013, extract of Annual Return in form MGT-9 is placed on the website of the Company. Pursuant to provisions of section 92(3) of the Act, Form MGT-9 is available on the website of the company at www.goldstonetech.com/investor-corner/.
LISTING ON STOCK EXCHANGES:
Presently, the Company''s Shares are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The Company confirms that it has paid Annual Listing Fees due to all the Stock Exchanges where the Company''s securities are listed for the year 2023-24.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS:
As per the Regulation 34(3) read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 the Corporate Governance and Management Discussion & Analysis Report, which form an integral part of this Report, are attached as
âAnnexure - 3â and âAnnexure - 4â
respectively, together with the Certificate from the auditors of the Company regarding compliance with the requirements of Corporate Governance.
MANAGING DIRECTOR AND CFO CERTIFICATION:
As required under the SEBI (LODR) Regulations, 2015, the Managing Director and the CFO Certification is attached to Corporate Governance Report.
DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT
The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he/ she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Independent Directors have also confirmed that they have complied with Schedule IV of the Act and the Company''s Code of Conduct.
In terms of Regulations 25(8) of the Listing Regulations, the Independent Directors have confirmed that he/ she meets the criteria of independence as provided in clause (b) of subregulation (1) of regulation 16 and that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence.
During the year, Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board of Directors and Committee(s). The Directors possess integrity, expertise and experience in their respective fields.
N O N - E X E C U T I V E DIRECTORS'' COMPENSATION AND DISCLOSURES:
None of the Independent / Non-Executive Directors have any pecuniary relationship or transactions with the Company which in the Judgment of the Board may affect the independence of the Directors.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There were no material changes and commitments affecting the financial position of the Company that have occurred between the end of the financial year i.e. 31st March, 2023 to which the financial statements relate and the date of the Report except for the fact that the Company is in process of entering into a Joint Venture Agreement to set up a Joint Venture Company partnering with German e-mobility major, Quantron AG. The JV will operate out of Augsburg, in Germany and from Hyderabad, with plans to set up a US entity in Q3 2023. The JV company operating out of Germany will be focusing on providing various solutions through an AI supported platform. With these developments, the business is expected to grow significantly and expects to increase profits and also the company has put in place measures to reduce cost and improve the bottom-line.
PARTICULARS OF CONSERVATION OF ENERGY / TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGOINGS:
Information on conservation of energy, technology absorption, foreign exchange and outgo as required under sec 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the companies (Account) Rules, 2014 is annexed herewith as âAnnexure - 5â.
PARTICULARS OF EMPLOYEES:
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 (''Rules'') are enclosed as âAnnexure â 6â to the Board''s report.
During the year none of the employees is drawing a remuneration of Rs. 1,02,00,000/-and above per annum or Rs. 8,50,000/- and above in aggregate per month, the limits specified under the Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
In terms of the first proviso to Section 136 of the Act, the Reports and Accounts are being sent to the Shareholders excluding the information required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Members who are interested in obtaining the same may write to the Company Secretary at the Registered Office of the Company. The said information is available for inspection by the Members at the Registered Office of the Company on any working days of the Company upto the date of the 29th Annual General Meeting.
PERSONNEL:
Personnel relations have remained very cordial during the period.
GOING CONCERN STATUS:
There were no significant and material orders passed by Regulators or Courts or Tribunal impacting the Company''s going concern status and / or its future operations.
EVENT BASED DISCLOSURES:
a) Postal Ballot Notice sent on 15.04.2022:
Based on the approval of the Board of Directors of the Company in their meetings held on 11.02.2022 and 28.03.2022, the following resolutions were also passed by the members of the Company vide postal ballot notice date 28.03.2022, sent on Friday, 15th April, 2022 to those Members of the
Company whose names appeared in the Register of Members / List of Beneficial Owners maintained by the Company/ Depositories respectively as at close of business hours on Friday 8th April, 2022 (the ''Cut-off date'') seeking their approval on the following resolutions, being Special Resolution(s), through Postal Ballot. The remote e-voting period for this postal ballot notice commenced on Saturday, April 16, 2022 from 9.00 a.m. (IST) and ended on Sunday, May 15, 2022 at 5.00 p.m. (IST) and the following resolutions were deemed to be approved on 15.05.2022 (the last date of E-Voting).
a. Alteration of the main objects clause of the Memorandum of Association of the Company.
b. A d o p t i o n o f n e w s e t o f Memorandum of Association of the Company as per the Companies Act, 2013.
c. Adoption of new set of Articles of Association of the Company as per the Companies Act, 2013.
d. Approve Goldstone Technologies Limited Employee Stock Option Plan (GTLESOP 2022).
e. Change in designation of Mr. Pavan Chavali (DIN: 08432078) from Whole-time Director of the Company to Managing Director of the Company for a term of 5 (five) years.
f. T o a p p r o v e i n c r e a s e i n remuneration of Mr. Pavan Chavali, Managing Director of the Company.
b) Acquisition of M/s. Wowtruck Technologies Private Limited (Formally known as Equitas Technologies Private Limited:
As approved by the Board of Directors of the Company in their meeting held on 16h May, 2022, the Company completed the acquisition of M/s.
Wowtruck Technologies Private Limited (formally known as M/s. Equitas Technologies Private Limited (âETPLâ) on 5h July, 2022 by acquiring the equity shares from M/s. Equitas Holdings Limited in terms of the Share Purchase Agreement and other related documents (the âAgreementâ) which were executed between the Company, M/s. Equitas Technologies Private Limited (âETPLâ) and M/s. Equitas Holdings Limited. Therefore, pursuant to the acquisition of 2,49,99,999 equity shares (99.62% stake) by the company from Equitas Holdings Limited, and balance 96,000 equity shares (0.38% stake) from an Individual shareholder Mr. MVP Mohan Sharma, M/s. Equitas Technologies Private Limited (âETPLâ) now known as M/s. Wowtruck Technologies Private Limited has become Wholly-Owned Subsidiary of the Company. Post the acquisition the name of the Company was changed from M/s. Equitas Technologies Private Limited to M/s. Wowtruck Technologies Private Limited w.e.f. 4th November, 2022. The acquisition will help the Company in its foray into the e-commerce and fintech space as M/s. Wowtruck Technologies Limited (âWTPLâ) (formally known as âEquitas Technologies Private Limitedâ) is an existing aggregator of trucks/logistics provider having substantial presence in Southern India region with 30,000 plus registered users. Post this acquisition, the Company is planning to introduce electric vehicle fleet into the portal and also providing finance solutions for the fleet owners through tie ups with NBFCs/Financing organizations under one umbrella.
c) Postal Ballot Notice sent on 12.01.2023:
Based on the approval of the Board of
Directors of the Company in their meetings held on 10th January, 2023, the Postal Ballot notice dated 10th January, 2023 was sent on Thursday, 12th January, 2023 to those Members of the Company whose names appeared in the Register of Members / List of Beneficial Owners maintained by the Company/ Depositories respectively as at close of business hours on Friday 6th January, 2023 (the ''Cut-off date'') seeking their approval for Appointment of Mr. Deepankar Tiwari (DIN: 07621583) as the Independent Director of the Company. The remote e-voting period for this postal ballot notice commenced on Saturday, January 14, 2023 from 9.00 a.m. (IST) and ended on Sunday, February 12, 2023 at 5.00 p.m. (IST) and the special resolution for approval of Appointment of Mr. Deepankar Tiwari (DIN: 07621583) as the Independent Director of the Company was deemed to be approved on 12.02.2023 (the last date of E-Voting).
Your Directors convey their sincere thanks to ICICI Bank and State Bank of India for their support, guidance and assistance.
Your Directors wish to place on record their appreciation, for the contribution made by the employees at all levels but for whose hard work, and support, your Company''s achievements would not have been possible. Your Directors also wish to thank its customers, dealers, agents, suppliers, consultants, investors for their continued support and faith reposed in the Company.
Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the Twenty First Annual
Report of your Company and the Audited Financial Accounts for the year
ended on March 31,2015.
Financial Results :
(Rs. in Millions)
Standalone
Particulars 2014-15 2013-14
Net Sales/Income from Operations 290.66 261.76
Total Expenses 244.46 211.31
Profit from Operations before
Other Income, Interest, Depreciation &
Exceptional Items 46.20 50.45
Other Income 1.88 18.00
Profit before Interest, Depreciation &
Exceptional Items 48.08 68.45
Interest 1.01 4.89
Depreciation 47.61 47.52
Profit after Interest but before
Exceptional Items (0.54) 16.04
Exceptional Items - -
Profit before Tax (0.54) 16.04
Tax expenses 36.01 5.17
Net Profit/(Loss) after Tax (36.55) 10.87
Extraordinary Items (Net of Tax) 1.45 0.06
Net Profit for the period (38.00) 10.81
Equity Share Capital
(1,87,82,066 Shares of Rs. 10/- each;
Previous year 1,87,82,066 Shares of
Rs. 10/- each) 187.82 187.82
E.PS (After Prior Period Items) (Rupees) (2.02) 0.58
Net Worth 476.74 521.25
Book Value (Face Value of Rs. 10/- each) 25.38 27.75
(Rs. in Millions)
Consolidated
Particulars 2014-15 2013-14
Net Sales/Income from Operations 697.18 736.49
Total Expenses 642.49 670.15
Profit from Operations before
Other Income, Interest, Depreciation &
Exceptional Items 54.69 66.34
Other Income 11.09 18.00
Profit before Interest, Depreciation &
Exceptional Items 65.78 84.34
Interest 1.05 4.95
Depreciation 47.65 47.67
Profit after Interest but before
Exceptional Items 17.08 31.72
Exceptional Items - -
Profit before Tax 17.08 31.72
Tax expenses 42.90 12.02
Net Profit/(Loss) after Tax (25.82) 19.70
Extraordinary Items (Net of Tax) 1.45 0.06
Net Profit for the period (27.27) 19.64
Equity Share Capital
(1,87,82,066 Shares of Rs. 10/- each;
Previous year 1,87,82,066 Shares of
Rs. 10/- each) 187.82 187.82
E.PS (After Prior Period Items) (Rupees) (1.45) 1.05
Net Worth 619.83 653.60
Book Value (Face Value of Rs. 10/- each) 33.00 34.80
Review of Operations :
During the year under review, your Company has reached a consolidated
turnover of Rs.697.18 Million as compared to Rs.736.49 Million for the
previous financial year. The Standalone turnover was Rs.290.66 Million
as against a turnover of Rs.261.76 Million during the previous year.
The Consolidated Net (Loss) for the year 2014-2015 was (Rs.27.27)
Million in comparison with Net profit of '19.64 Million during the
previous year and the Standalone Net (Loss) is (Rs.38.01) Million
during the year and in comparison with Net profit of '10.81 Million
during the previous year. However the consolidated cash profit for the
FY 2014-15 has been reported at Rs. 20.38 Million as compared to '67.30
Million in the previous year and Standalone cash profit has been
reported at Rs.9.61 Million as compared to Rs.58.33 Million during the
previous year.
Dividend :
During the year the Company does not have adequate profits and hence,
your Board has not recommended any dividend for the financial year
2014-15.
Share Capital :
The Paid up capital as on 31st March, 2015 was Rs.18,78,20,660 (having
1,87,82,066 Equity Shares @ Rs. 10/- each). During the year under
review the company has not issued any shares either to the public or to
the promoters During the year under review, the Company has not issued
shares with differential voting rights nor granted stock options nor
sweat equity. As on March 31, 2015 none of the Directors of the Company
hold shares or convertible instruments of the Company.
Finance :
Cash and cash equivalents as at 31st March, 2015 was Consolidated
Rs.177.36 Million & Standalone '27.15 Million the Company continuous to
focus on judicious management of its working capital, receivables,
inventories and other working capital parameters were kept under strict
check through continuous monitoring.
Directors :
Mr. L.P.Sashikumar Director, who retires by rotation at the 21st Annual
General Meeting and being eligible, offer himself for re- appointment.
As per the resolution passed by the Board of Directors in their meeting
held on 27th May, 2015 Subject to the approval of the Members of the
Company Mr.PS.Parthasarathy has been appointed as Managing Director of
the Company for a period of two years with effect from 27th May, 2015.
Mr.K.S.Sarma, Mr. Vedula Venkata Ramana, Mrs. Promilla Shankar have
been appointed as independent directors of the Company for a term of 5
(Five) years from 27th September, 2014 to 26th September, 2019 not
liable to retirement by rotation.
Mrs. Promilla Shankar has resigned from her position w.e.f 12th July,
2015.
All independent directors have given declarations that they meet the
criteria of independence as laid down under section 149(6) of the
Companies Act, 2013 and clause 49 of the Listing Agreement.
Board Evaluation :
Pursuant to the Provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an evaluation of its
own performance, the directors individually as well as the evaluation
of the working of its Audit, Nomination & Remuneration Committees. The
manner in which the evaluation has been carried out has been explained
in the Corporate Governance Report.
Remuneration Policy :
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
Meetings :
During the year Seven Board Meetings and Four Audit Committee Meetings
were convened and held. The details of which are given in the Corporate
Governance Report. The intervening gap between the Meetings was within
the period prescribed under the Companies Act, 2013.
Meeting of Independent Directors :
The details on the separate meeting of Independent Directors is
reported in the Corporate Governance Report.
Familiarization Programme for Independent Directors :
The details on the familiarization programme for Independent Directors
is reported in the Corporate Governance Report.
DIRECTOR'S RESPONSIBILITY STATEMENT:
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) 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 or
loss of the Company for the year under review.
iii) 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 detecting fraud and other irregularities.
iv) The directors have prepared the annual accounts on a going concern
basis.
v) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The directors had devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
Consolidated Financial Statements:
During the year the Board of Directors ('the Board') reviewed the
affairs of the Subsidiaries. In accordance with Section 129 (3) of the
Companies Act, 2013 and applicable Accounting Standards we have
prepared consolidated financial statements of the Company and its
subsidiaries which will form part of the Annual Report. Further a
statement containing the salient features of the financial statements
of our subsidiaries in the prescribed format AOC-1 are appended to the
Board's report.
In accordance with Section 136 of the Companies Act, 2013 the Audited
financial statements including the consolidated financial statements
and related information of the Company and audited accounts of each of
its subsidiaries are available on the website of the Company
www.goldstonetech.com. These documents will also be available for
inspection during the business hours at the registered office of the
Company.
Subsidiaries and Associates
As on 31st March, 2015 we are having two wholly owned subsidiaries
namely Staytop Systems Inc and Staytop Systems and Software Pvt Ltd.
Till date Staytop Systems and Software Pvt Ltd has no business
operations. Further the Company does not have any other Associates or
Joint Ventures.
Further as per the revised Clause 49 of the Listing Agreement the
Company has framed a policy on Material Subsidiaries as approved by the
Board same has been uploaded on the Company's website
www.goldstonetech.com.
During the year no further investments were made in the subsidiaries.
Statement containing salient features of financial statements of
subsidiaries
Pursuant to sub-section (3) of Section 129 of the Act, the statement
containing the salient feature of the financial statement of a
company's subsidiary or subsidiaries, associate company or companies
and joint venture or ventures is in the prescribed format AOC-1 are
appended as Annexure 1 to the Board's report.
Report on the performance of Subsidiaries, Joint Ventures and
Associates:
Further, brief about the business of the each of the Subsidiaries and
Associates is given hereunder:-
Performance of the Staytop Systems Inc;
Staytop Systems, Inc., (a foreign wholly owned subsidiary company of
Goldstone Technologies Limited) is engaged in business of IT Consulting
and Staffing across USA.
The following is the brief summary of the financial performance during
the year;
($ In Millions)
Particulars 2014-15 2013-14
Turnover 6.70 7.85
Profit before Tax 0.29 0.26
Net Profit/(Loss)
after Tax 0.18 0.15
Till date the Staytop Systems and Software
Pvt Ltd has no business operations and the Company has no associates as
well as Joint Ventures.
Internal control systems and their adequacy:
The Company has an Internal Audit and Internal Control System,
commensurate with the size, scale and complexity of its operations. To
maintain its objectivity and independence, the Internal Audit function
reports to the Chairman of the Audit Committee of the Board.
The Internal Audit function monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations
of the Company. Based on the report of internal audit function,
process owners undertake corrective action in their respective areas
and thereby strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
Insurance:
All the properties of your Company including its building, plant &
machinery and stocks have been adequately insured.
Statutory Auditors:
M/s. P Murali & Company (FRN: 007257S), Chartered Accountants,
Hyderabad, Statutory Auditors of the Company holds office in accordance
with the provisions of the Companies Act, 2013 up to the conclusion of
forth-coming Annual General Meeting and are eligible for
re-appointment. Pursuant to the provisions of the Section 139 (2) of
the Companies Act, 2013 and based on recommendations of the Audit
Committee they being eligible, offer themselves for re-appointment.
They have furnished a certificate stating that their re-appointment, if
made, will be within the limits laid down under Section 141 (3) (g) of
the Companies Act, 2013 read with Companies (Audit and Auditors) Rules
2014.
The Audit Committee of your Company meets periodically with Statutory
Auditors and Internal Auditors to review the performance of the
Internal Audit, to discuss the nature and scope of statutory auditors
functions, and to discuss auditing, internal control and financial
reporting issues. To ensure complete independence, the statutory
auditor and the internal auditor have full access to the Members of the
Audit Committee to discuss any matter of substance.
Particulars of Loans, Guarantees or Investments;
The following are the details of the Loans, Guarantees given or
Investments made by the Company during the Year.
S.No Loan/Guarantee/Investment given/Provided Description
1. Collateral Security; For the total credit
facilities which have
The Company has offered its land admeasuring been availed by the
26092 sq.yards situated at Sy No. 249(part), M/s. Goldstone Infratech
250 (part) & 251 (part) and buildings Limited from State Bank
thereon at Cherlapally Village, of Hyderabad to the
Ghatkesar mandal, Kapra Municipality as a extent of Rs. 89.00
security by way of mortgage in favour of Crores.
the State Bank of Hyderabad for the credit
facilities availed by the M/s. Goldstone
Infratech Limited.
Corporate Guarantee;
Extended corporate guarantee in favour of
State Bank of Hyderabad, Panjagutta Branch
for and on behalf of the M/s. Goldstone
Infratech Limited.
Related Party Transactions;
There are no materially significant related party transactions entered
into by the Company with Promoters, Directors, Key Managerial Personnel
or other designated persons which may have a potential conflict with
the interest of the Company at large.
The policy on Related Party Transactions as approved by the Board is
uploaded on the Company's website www.goldstonetech.com none of the
Directors has any pecuniary relationships or transactions vis-a-vis the
Company.
The details of contracts or arrangements with related parties made by
the company during the year 2014-15 is enclosed in form AOC-2 as
Annexure-2 to the Board's report.
Secretarial Audit:
Pursuant to provisions of Section 204 of the Companies Act, 2013 read
with The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 the Company has appointed M/s. VCSR & Associates,
a firm of Company Secretaries in practice to undertake the Secretarial
Audit of the Company. The Secretarial Audit report is annexed herewith
as " Annexure 3 to the Board's Report"
Risk Management Policy
In terms of the requirements of Section 134 (3) (n) and clause 49 of
the Listing Agreement read with relevant provisions of the Companies
Act, 2013, the Company has developed and implemented the Risk
Management Policy and constituted the Risk Management Committee and the
Committee reviews the same periodically. The details of the Policy are
reported in the Report on Corporate Governance which forms part of the
Board's Report.
At present the company has not identified any element of risk which may
threaten the existence of the company.
Code of Conduct:
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course
of day to day business operations of the company. The Company believes
in "Zero Tolerance" against bribery, corruption and unethical dealings /
behaviors of any form and the Board has laid down the directives to
counter such acts. The code laid down by the Board is known as "code of
business conduct" which forms an Appendix to the Code. The Code has been
posted on the Company's website www.goldstonetech.com.
The Code lays down the standard procedure of business conduct which is
expected to be followed by the Directors and the designated employees
in their business dealings and in particular on matters relating to
integrity in the work place, in business practices and in dealing with
stakeholders. In addition to the above as per Clause 49 of the Listing
Agreement read with Schedule IV of the Companies Act, 2013 duties of
the Independent Directors and code of Independent Directors have been
placed on the website of the Company www.goldstonetech.com.
All the Board Members and the Senior Management personnel have
confirmed compliance with the Code. All Management Staff were given
appropriate training in this regard.
Declaration given by Managing Director of the Company regarding
compliance of Code of Conduct enclosed as Annexure to the Corporate
Governance Report.
PREVENTION OF INSIDER TRADING:
In Pursuance of SEBI (Prohibition of Insider Trading) Regulations, 2015
the Company has framed adopted the following policies for regulating,
monitoring and reporting of trading by Insiders and uploaded in website
of the Company.
i) Code of Internal Procedures and Conduct for Regulating, Monitoring
and Reporting of Trading by Insiders;
ii) Code of Practices & Procedures for Fair Disclolsure of Unpublished
Price Sensitive Information;
The Board is responsible for implementation of the Code. All Board of
Directors and the designated employees have confirmed compliance with
the Code.
Vigil mechanism / whistle blower policy:
As per the provisions of the Section 177 (9) & (10) of the Companies
Act, 2013 read with amended Clause 49 of the Listing. Agreement, the
Board had its meeting held on 17th May, 2014 adopted a Vigil Mechanism
called 'Whistle Blower Policy' for directors and employees to report
the management /Audit Committee instances of unethical behavior, actual
or suspected, fraud or violation of company's code of conduct or ethics
policy. The Vigil Mechanism also provided adequate safeguards against
victimization of employees who avail of the mechanism and also provides
for direct access to the Chairman of the Audit committee in exceptional
cases further it has also been uploaded in the Company's web site;
www.goldstonetech.com.
Extract of Annual Return:
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure 4 to the Board's Report".
Stock Exchange Listing:
Presently, the Equity Shares of the Company are listed on National
Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange
Limited (BSE). The Company confirms that it has paid Annual Listing
Fees due to all the Stock Exchanges where the Company's securities are
listed for the year 2015-16.
Corporate Governance and Management Discussion & Analysis Reports
As per the Clause 49 of the Listing Agreement the Corporate Governance
and Management Discussion & Analysis Report, which form an integral part
of this Report, are set out as separate Annexures, together with the
Certificate from the auditors of the Company regarding compliance with
the requirements of Corporate Governance as stipulated in Clause 49 of
the Listing Agreement.
Managing Director and CFO Certification:
As required under the SEBI Guidelines, the Managing Director and the
CFO Certification is attached to Corporate Governance Report.
Material changes and commitments affecting the financial position of
the company which have occurred between the end of the financial year
i.e., 31.03.2015 to which financial statements relate and the date of
the Board's Report:
There were no material changes and commitments affecting the financial
position of the company between the end of the financial year i.e.,
31.03.2015 and date of this report.
Particulars of Conservation of energy / technology absorption, foreign
exchange earnings and outgoings:
Particulars in respect of Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo required under Companies
(Disclosure of particulars in the Directors Report) Rules 1988 are as
follows:
A. CONSERVATION OF ENERGY:
Your company's operations involve low energy consumption. However,
adequate measures have been taken to conserve and reduce the energy
consumption.
B. 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.
C. FOREIGN EXCHANGE EARNINGS AND OUT GO:
Rs. In Millions
Particulars 2014-15 2013-14
Foreign Exchange
Earnings 30.72 190.21
Foreign Exchange
Outgo 32.03 11.55
PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, is enclosed as
Annexure 5 to the Board's report.
Personnel:
Personnel relations have remained very cordial during the period.
Acknowledgements:
Your Directors convey their sincere thanks to CITI Bank and Central
Bank of India for their support, guidance and assistance.
Your Directors thank all the Employees of your company for their
dedicated service, which enabled your company to achieve satisfactory
results and performance during the year. Your Directors thank the
shareholders for their support and confidence reposed in the company
and the management and look forward to their continued co-operation and
support.
For and on behalf of the Board
Sd/- Sd/-
L P Sashikumar P.S.Parthasarathy
Director Managing Director
DIN: 00016679 DIN: 01837281
Place: Secunderabad
Date: 05th August, 2015
Mar 31, 2013
To The Members Goldstone Technologies Limited
The Directors have pleasure in presenting the Nineteenth Annual Report
of your company and the Audited Financial Accounts for the year ended
on March 31, 2013.
Financial Results (Consolidated)
(Rs. in Millions)
Particulars 2012-13 2011-12
Net Sales/Income from Operations 735.68 677.57
Total Expenses 657.03 635.00
Profit from Operations before Other
Income,
Interest & Exceptional Items 78.60 42.57
Other Income 2.63 8.54
Profit before Interest & Exceptional Items 81.28 51.11
Interest 9.94 15.57
Profit after Interest but before Exceptional
Items 71.34 35.54
Exceptional Items 0.00 0.00
Profit before Tax 71.34 35.54
Tax expenses 25.56 5.95
Net Profit after Tax 45.75 29.59
Extraordinary Items (Net of Tax) 0.00 1.88
Net Profit for the period 45.75 27.71
Equity Share Capital
(1,87,82,066 Shares of Rs 10/- each; Previous
year 1,87,82,066 Shares of Rs 10/- each) 187.82 187.82
E.P.S (After Prior Period Items) (Rupees) 2.44 1.48
Net Worth 594.87 574.23
Book Value (face Value of Rs. 10/- each) 31.67 30.57
Review of Operations
During the year under review, your Company has achieved a consolidated
turnover of Rs. 735.68 Million as compared to Rs. 677.57 Million during
the previous financial year. The standalone turnover was Rs.287.58
Million as against a turnover of Rs. 242.93 Million during the previous
year. The consolidated net profit for the period increased to Rs.45.75
Million from Rs. 27.71 Million during the previous year and the
standalone profit increased to Rs.20.63 Million from Rs. 16.43 Million.
Dividend
In order to conserve resources for future requirements, the Board has
decided to retain the profits generated and consequently, your Board
did not recommend any dividend for the financial year 2012-13.
Fixed deposits
The Company has not accepted any Fixed Deposits, falling within the
purview of Section 58A of the Companies Act, 1956.
Insurance
All the properties of your Company have been adequately insured.
Subsidiaries
Your Company has a wholly owned subsidiary incorporated in USA, namely
Staytop Systems Inc. Further, it has another subsidiary company in
India namely Staytop Systems and Software Private Limited, which is yet
to commence its operations.
In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Profit and
Loss Account and other documents of the subsidiary companies are not
being attached with the Balance Sheet of the Company. The Company will
make available the Annual Accounts of the subsidiary companies and the
related detailed information to any member of the Company who may be
interested in obtaining the same. The annual accounts of the subsidiary
companies will also be kept open for inspection at the Registered
Office of the Company and that of the respective subsidiary companies.
The Consolidated Financial Statements presented by the Company include
the financial results of its subsidiary companies.
As required under listing agreement with Stock Exchanges, Consolidated
Financial statements prepared in terms of Accounting Standards 21 and
23 issued by the Institute of Chartered Accountants of India, are
attached.
Auditors
M/s. P. Murali & Company [FRN:007257S] Chartered Accountants, Statutory
Auditors of the Company, holds office in accordance with the provisions
of the Companies Act, 1956 upto the conclusion of forthcoming Annual
General Meeting and are eligible for re- appointment.
Directors
Mr. K.S.Sarma and Mr.L.P.Sashikumar, Directors who retires by rotation
at the 19th Annual General Meeting and being eligible, offers
themselves for reappointment.
Stock Exchange Listing
Presently, the Equity Shares of the Company are listed on National
Stock Exchange of India [NSE], Bombay Stock Exchange Limited [BSE]. The
Company confirms that it has paid Listing Fees due to all the Stock
Exchanges where the Company''s securities are listed for the year
2013-14.
Director''s Responsibility Statement
In accordance with the Section 217(2AA) of the Companies Act, 1956, the
Board of Directors confirms that:
a) In the preparation of the Accounts for the twelve months period
ending March 31, 2013; the applicable accounting standards have been
followed and there are no material departures there from.
b) They have selected such accounting policies in consultation with
Statutory Auditors of the Company and applied 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 as at March
31, 2013 and of the profit of the Company for the financial year.
c) They have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956.
They confirm that there are adequate systems and controls for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
d) They have prepared accounts for the year ended March 31, 2013 on a
going concern basis.
Corporate Governance and Management Discussion and Analysis Report
A separate report on Corporate Governance along with Auditors''
Certificate on its compliance and Management Discussion and analysis
forming part of this report are annexed hereto.
Particulars of Employees
None of the employees are drawing remuneration in excess of the limits
prescribed under Section 217(2A) of the Companies Act'' 1956 read with
the Companies (particulars of employees) Rules, 1975, as amended.
Particulars of Conservation of energy / technology absorption, foreign
exchange earnings and outgoings
Particulars in respect of Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo required under Companies
(Disclosure of particulars in the Directors Report) Rules 1988 are as
follows:
A. CONSERVATION OF ENERGY:
Your company''s operations involve low energy consumption. However,
adequate measures have been taken to conserve and reduce the energy
consumption.
B. 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.
Acknowledgements
Your Directors convey their sincere thanks to Central Bank of India,
ICICI Bank and CITI Bank for their support, guidance and assistance.
Your Directors thank all the Employees of your company for their
dedicated service, which enabled your company to achieve satisfactory
results and performance during the year. Your Directors thank the
shareholders for their support and confidence reposed in the company
and the management and look forward to their continued co-operation and
support.
For and on behalf of the Board
Place: Secunderabad Sd/- Sd/-
Date: 31.07.2013 L P Sashikumar P.S.Parthasarathy
Director Director
Mar 31, 2012
To The Members of Goldstone Technologies Limited
The Directors have pleasure in presenting the Eighteenth Annual Report
of your company and the Audited Financial Accounts for the year ended
on March 31, 2012.
Financial Results (Consolidated) (Rs in Millions)
Particulars 2011-12 2010-11
Net Sales/Income from Operations 677.57 617.60
Total Expenses 635.00 586.04
Profit from Operations before Other
Income, Interest & Exceptional Items 42.57 31.56
Other Income 8.54 10.67
Profit before Interest & Exceptional Items 51.11 42.23
Interest 15.57 14.56
Profit after Interest but before
Exceptional Items 35.54 27.68
Exceptional Items Nil Nil
Profit before Tax 35.54 27.68
Tax expenses 5.95 5.97
Net Profit after Tax 29.59 21.70
Extraordinary Items (Net of Tax) 1.88 0.08
Net Profit for the period 27.71 21.62
Equity Share Capital(1,87,82,066
Shares of Rs 10/- each;
Previous year 1,87,82,066,
Shares of Rs 10/- each) 187.82 187.82
E.P.S (After Prior Period Items) (Rupees) 1.48 1.15
Net Worth 574.23 557.80
Book Value (face Value of Rs. 10/- each) 33.57 29.70
Review of Operations
During the year under review, your Company has achieved a consolidated
turnover of Rs. 677.57 Million as compared to Rs.617.60 Million during
the previous financial year. The standalone turnover was Rs.242.93
Million as against a turnover of Rs.231.56 Million during the previous
year. The consolidated net profit for
the period increased to Rs.27.71 Million from Rs.21.62 Million during
the previous year and the standalone profit increased to Rs.16.43
Million from Rs.9.67 Million. In spite of having faced challenges like
decreasing margins, talent acquisition and retention, inflation, and
unclear business roadmap in terms of Goods and Services Tax (GST) and
Direct Tax Code (DTC) in India,
the performance of the Company during the period under report can be
considered as a reasonably good performance. Despite the challenges,
we, at Goldstone, will continue to re-engineer our-self and will focus
more on vertical focused service offerings and additional alliances and
partnerships.
Dividend
In order to conserve resources for future requirements, the Board has
decided to retain the profits generated and consequently, your Board
did not recommend any dividend for the financial year 2011-12.
Fixed deposits
The Company has not accepted any Fixed Deposits, falling with in the
purview of Section 58A of the Companies Act, 1956.
Insurance
All the properties of your Company have been adequately insured.
Subsidiaries
Your Company has a wholly owned subsidiary incorporated in USA, namely
Staytop Systems Inc. Further, it has another subsidiary company in
India namely Staytop Systems and Software Private Limited, which is yet
to commence its operations.
In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Statement of
Profit and Loss and other documents of the subsidiary companies are not
being attached with the Balance Sheet of the Company. The Company will
make available the Annual Accounts of the subsidiary companies and the
related detailed information to any member of the Company who may be
interested in obtaining the same. The annual accounts of the subsidiary
companies will also be kept open for inspection at the Registered
Office of the Company and that of the respective subsidiary companies.
The Consolidated Financial Statements presented by the Company include
the financial results of its subsidiary companies.
As required under listing agreement with Stock Exchanges, Consolidated
Financial statements prepared in terms of Accounting Standards 21 and
23 issued by the Institute of Chartered Accountants of India, are
attached.
Auditors
M/s. P. Murali & Company [FRN:007257S] Chartered Accountants, Statutory
Auditors of the Company, holds office in accordance with the provisions
of the Companies Act, 1956 upto the conclusion of this Annual General
Meeting and are eligible for re-appointment.
Directors
During the year, Mr. S D Rama Krishna, Managing Director, resigned from
Directorship of your Company with effect from 1st July, 2012.
Mr. Vedula Venkata Ramana, who retires by rotation at the 18th Annual
General Meeting and being eligible, offers himself for reappointment.
Mr. Clinton Travis Caddell and Mr. P Partha Sarathy were appointed as
Additional Directors of the company by the Board of Directors in their
meeting held on 30th May 2012 and through the Notice of the 18th Annual
General Meeting, the Management is seeking the approval of the Members
for their appointment as Directors of the Company liable to retire by
rotation.
Stock Exchange Listing
Presently, the Equity Shares of the Company are listed on National
Stock Exchange of India [NSE], Bombay Stock Exchange Limited [BSE].
The Company has received the Delisting approval from Madras Stock
Exchange Limited and consequently, with effect from 6th June 2012, the
equity shares of the Company stands de-listed from the Madras Stock
Exchange. The Company confirms that it has paid Listing Fees due to all
the Stock Exchanges where the Company's securities are listed for the
year 2012-13.
Director's Responsibility Statement
In accordance with Section 217(2AA) of the Companies Act, 1956, the
Board of Directors confirms that:
a) In the preparation of the Accounts for the twelve months period
ending March 31, 2012; the applicable accounting standards have been
followed and there are no material departures there-from.
b) They have selected such accounting policies in consultation with
Statutory Auditors of the Company and applied 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 as at March
31, 2012 and of the profit of the Company for the financial year.
c) They have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956.
They confirm that there are adequate systems and controls for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
d) They have prepared accounts for the year ended March 31, 2012 on a
going concern basis.
Corporate Governance and Management Discussion and Analysis Report
A separate report on Corporate Governance along with Auditors'
Certificate on its compliance and Management Discussion and analysis
forming part of this report are annexed hereto.
Particulars of Employees
None of the employees are drawing remuneration in excess of the limits
prescribed under Section 217(2A) of the Companies Act' 1956 read with
the Companies (particulars of employees) Rules, 1975, as amended.
Particulars of Conservation of energy /technology absorption, foreign
exchange earnings and outgoings
Particulars in respect of Conservation of Energy Technology, Absorption
and Foreign Exchange Earnings and Outgo required under Companies
(Disclosure of particulars in the Directors Report) Rules 1988 are as
follows:
A. CONSERVATION OF ENERGY:
Your company's operations involve low energy consumption. However,
adequate measures have been taken to conserve and reduce the energy
consumption.
B. 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.
C. FOREIGN EXCHANGE EARNINGS AND OUT GO:
Rs. In Millions
Particulars 2011-12 2010-11
Foreign Exchange Earnings 198.19 127.56
Foreign Exchange Outgo 16.94 11.96
Acknowledgements
Your Directors convey their sincere thanks to CITI Bank, ICICI Bank and
Central Bank of India for their support, guidance and assistance.
Your Directors thank all the Employees of your company for their
dedicated service, which enabled your company to achieve satisfactory
results and performance during the year. Your Directors thank the
shareholders for their support and confidence reposed in the company
and the management and look forward to their continued co-operation and
support.
For and on behalf of the Board
Place: Secunderabad Sd/- Sd/-
Date: 11.08.2012 L P Sashikumar Clinton Travis Caddell
Director Director
Mar 31, 2010
The Directors have pleasure in presenting the Sixteenth Annual Report
of your company and the Audited Financial Statements for the year ended
on March 31, 2010.
Financial Results (Standalone Basis)
Rs in Millions
Particulars 2009-10 2008-09
Net Sales/Income
from Operations 231.87 313.88
Other Income 8.61 6.44
Total Income 240.48 320.32
Operating Profit (PBIDT) 47.24 39.60
Interest 9.51 5.12
Depreciation and Write Offs 31.84 20.79
Profit Before Tax 5.89 13.68
Provision for taxation
- Current 1.18 1.95
- Deferred 0.55 2.04
Extra-Ordinary Items
- Prior period
adjustments 0.12 (1.40)
Net Profit 4.04 11.09
Equity Share Capital
(1,87,82,066 Shares 187.82 187.82
of Rs 10/- each)
E.P.S (After Prior
Period Items) (Rupees) 0.22 0.52
Net Worth 674.50 666.41
Book Value in Rs. (face 35.91 35.48
Value of Rs. 10/- each)
Review of Operations
During the year under review, your Company has achieved a turnover of
Rs. 231.87 Millions as compared to Rs. 313.88 Millions during the
previous financial year. Amidst tough economical conditions prevailed
across the globe owing to the one of biggest global economic down turn
after the great depression and consequent troublesome caused thereby
particularly to small and medium size players to which your company
belongs, achievement of a gross revenues of Rs. 240.48 millions during
the year though, lower by about 25% may be viewed as satisfactory. The
Net Profit was Rs. 4.04 Millions during the year as compared to Rs.
11.09 Millions for the previous year.
Dividend
In order to fuel its growth and future requirement of funds, Board has
decided to retain the profits generated. Consequently your Directors do
not recommend any dividend for the year 2009-10.
Fixed deposits
The Company has not accepted any Fixed Deposits, falling with in the
purview of Section 58A of the Companies Act, 1956.
Insurance
All the properties of your Company including its building, plant &
machinery and stocks have been adequately insured.
Subsidiaries
Your Company has two wholly owned subsidiaries incorporated in USA,
namely Staytop Systems Inc., and Primesoft LLC, out of which the later
has no operations to report. Further, it has another wholly owned
subsidiary company in India namely Staytop Systems and Software Private
Limited, which is yet to commence its operations.
During the year under review, Staytop Systems Inc., USA has earned
revenues of US$ 7,325,476 (Rs. 347.37 Millions) as against US$
8,124,613 (Rs. 373.00 Millions) in 2008- 09 and registered a Net Profit
of US$ 253,278 (Rs. 12,010,450 Millions) as against US$ 253,449 (Rs.
11.64 Millions) in 2008-09.
As required under listing agreements with Stock exchanges, consolidated
financial statements, prepared in terms of Accounting Standards 21 and
23 issued by the Institute of Chartered Accountants of India, are
attached
A statement showing the particulars as required under Section 212(3) of
the Act is also attached hereto
During the year, your company has withdrawn investments in 4G
Informatics Private Limited.
Auditors
M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the
Company, holds office in accordance with the provisions of the
Companies Act, 1956 upto the conclusion of forthcoming Annual General
Meeting and are eligible for re-appointment.
Directors
Mr. K S Sarma and Mr. D P Sreenivas, who retire by rotation at the 16th
Annual General Meeting and being eligible, offer themselves for
reappointment. Further, in terms of provisions of section 260 of the
Act, Mr. T. Abhilash Chandran has been appointed as Additional Director
of the company with effect from May 15, 2010 and Mr. Ram Sajja has been
appointed as Additional Director of the company with effect from August
13, 2010 and they hold such office upto the date of forthcoming Annual
General Meeting. The company has received notices under section 257 of
the Act from its members, in respect of both Mr. T. Abhilash Chandran
and Mr. Ram Sajja, proposing their candidature as Directors of the
Company liable to retire by rotation. The Board recommends the above
proposals.
Delisting
During the year under review, as a cost cutting measure, your company
had applied in pursuance of regulations 6(a) read with regulation 7 of
SEBI (Delisting of Equity Shares) Regulations, 2009 for delisting of
its equity shares from Delhi Stock Exchange Limited, Ahmedabad Stock
Exchange Limited and Madras Stock Exchange Limited. As a result, its
shares are delisted from Ahmedabad Stock Exchange Limited with effect
from January 6, 2010 and Delhi Stock Exchange Association Limited with
effect from June 10, 2010 respectively. The application with Madras
Stock Exchange Limited is in process. The Companys equity shares
continue to remain listed on the National Stock Exchange of India
Limited (NSE) and Bombay Stock Exchange Limited (BSE).
Directors Responsibility Statement
In accordance with the Section 217(2AA) of the Companies Act, 1956, the
Board of Directors confirm that:
(a) in the preparation of the Accounts for the twelve months period
ending March 31, 2010, the applicable accounting standards have been
followed and there are no material departures there-from.
(b) they have selected such accounting policies in consultation with
Statutory Auditors of the Company and applied 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 as at March
31, 2010 and of the profit of the Company for the financial year.
(c) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956.
They confirm that there are adequate systems and controls for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
(d) they have prepared accounts for the year ended March 31, 2010 on a
going concern basis.
Corporate Governance and Management Discussion and Analysis Report
A separate report on Corporate Governance along with Auditors
Certificate on its compliance and Management Discussion and analysis
forming part of this report are annexed hereto.
Particulars of Employees
Information as per Section 217(2A) of the Companies Act 1956 read with
the Companies (particulars of employees) Rules, 1975 is annexed hereto
and forms part of this Report.
Particulars in respect of Conservation of Energy Technology, Absorption
and Foreign Exchange Earnings and Outgo required under Companies
(Disclosure of particulars in the Directors Report) Rules 1988 are as
follows:
A. Conservation of Energy
Your companys operations involve low energy consumption. However,
adequate measures have been taken to conserve and reduce the energy
consumption.
B. 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.
C. Foreign Exchange Earnings and Outgo
Rs. In Millions
Particulars 2009-10 2008-09
Foreign Exchange 155.70 68.38
Earnings
Foreign Exchange 18.45 41.72
Outgo
Acknowledgements
Your Directors convey their sincere thanks to Syndicate Bank, ICICI
Bank and Central Bank of India for their support, guidance and
assistance.
Your Directors thank all the Employees of your company for their
dedicated service, which enabled your company to achieve satisfactory
results and performance during the year. Your Directors thank the
customers and shareholders for their support and confidence reposed in
the company and the management and look forward to their continued
co-operation and support.
For and on behalf of the Board
Sd/- Sd/-
D P Sreenivas L P Sashikumar
Executive Director Director
Place:Secunderabad
Date:13.08.2010
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