Dear Shareholders,
Your Directors have pleasure in presenting their 43rd Annual Report and audited
financials for the financial year 2022-23. The financial highlights of the Company are as
follows:
Financial Results
|
STANDALONE |
CONSOLIDATED |
PARTICULARS |
2022-2023 |
2021-2022 |
2022-2023 |
2021-2022 |
| Total Income |
1,411.02 |
1,927.41 |
15,161.08 |
11,988.65 |
| Finance Charges |
3.76 |
12.70 |
11.73 |
35.49 |
| Depreciation And Amortization |
41.76 |
42.82 |
94.92 |
81.38 |
| Profit / (Loss) Before Tax |
34.23 |
62.20 |
72.40 |
1359.36 |
| Provision for Tax |
13.34 |
56.49 |
50.61 |
105.78 |
| Profit / (Loss) After Tax |
20.89 |
5.71 |
21.79 |
1253.58 |
| Profit bought forward from previous year |
709.34 |
703.63 |
(1795.82) |
(3049.40) |
| Surplus carried forward |
730.23 |
709.34 |
(1,774.03) |
(1795.82) |
| Earnings Per Share |
0.33 |
0.09 |
0.35 |
19.98 |
Accounting treatment in preparation of Financial Statements
The Financial Statements have been prepared in accordance with Indian Accounting
Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified
under Section 133 and other relevant provisions of the Companies Act, 2013.
State of Company Affairs
During the Period under review the revenue from operations is 1,407.60 Lakhs. For the
year ended on March 31, 2023, the Company's Profit before tax stood at 34.23 Lakhs.
Dividend
Your Directors', keeping in view of the prevailing circumstances, have decided not to
recommend payment of any dividend for the year.
Subsidiary Companies
The Company has three subsidiaries (apart from step down subsidiary companies) as on
March 31, 2023.
A Statement containing the details of the subsidiaries of the Company is appended as an
Annexure to this Report.
1. SITI Corporation, USA
2. AccelForce Pte. Ltd., Singapore
3. 5Element Homes Private Limited
Step Down Subsidiaries
1. Solix Technologies Inc., USA 2. Emagia Corporation., USA
3. Solix Softech Private Limited, India (Subsidiary of Solix Technologies Inc., USA)
Business Areas
Our capacity to generate value within our portfolio companies has consistently been
supported by our unique combination of abundant resources, extensive knowledge, and
far-reaching networks. With a proven history of delivering inventive value-added
solutions, we have refined an exceptionally successful approach that remains our primary
execution strategy.
Our array of software products is designed to address distinct technical hurdles and
can be purchased individually. Nevertheless, our product development and sales endeavors
primarily concentrate on crafting solutions that empower businesses to enhance their
cost-efficiency, flexibility, and productivity. Our product line is categorized into three
main domains: Enterprise Data Management, Enterprise Cash Flow Management, and Enterprise
Talent Management.
Enterprise Data Management: Embracing Digital Transformation and Harnessing Data's
Power
In the landscape of business evolution, digital transformation stands as the guiding
light, with data serving as its very core. Business leaders are awakening to the potential
of digital technology to not only supercharge performance but also disrupt entire markets.
Those who embark on this journey early hold the key to substantial competitive edge, while
those who lag behind face an uphill battle for survival. The corporate drive to leverage
the vast reservoirs of data generated through digital transformation is now more fervent
than ever, aiming to deliver unparalleled customer experiences, streamline operations, and
fuel greater revenue streams.
On a global scale, enterprises are turning their attention towards comprehensive
enterprise data management solutions to power their digital transformation endeavors.
Amidst all the technological advancements, the primary objective of digital transformation
remains constant: to cultivate a culture of data-driven decision-making. Enterprises
ascend to a higher level of competitiveness by capturing pivotal business events through
data. These events encompass intricate activities drawn from diverse sources such as the
web, customer systems, ERP transactions, social media, IoT, streaming platforms, and even
machine-generated data. Through the real-time collection and processing of event-driven
data, managers attain a heightened situational awareness, empowering them to make astute
decisions with precision.
According to the market report released by the U.S., the enterprise data management
market's size is projected in terms of USD Billion for the years 2020 to 2030. The global
market for enterprise data management achieved a valuation of USD 89.34 billion in 2022
and anticipates a Compound Annual Growth Rate (CAGR) of 12.1% from 2023 to 2030. The
expansion of this industry is attributed to several key factors, including the increasing
adoption of parallel processing architecture, heightened emphasis on risk management, the
progressive transition from manual to automated business operations, the exponential surge
in data volume, and the escalating concerns regarding security. In response to the global
crisis, organizations across the globe have increasingly relied upon enterprise data
management providers for a diverse array of services and solutions. This trend is poised
to persist in the foreseeable future.
This sector extends significant advantages to businesses and enterprises by furnishing
cohesive integration with consuming applications, meticulous data oversight, elevated
levels of transparency, and adept support for ongoing regulatory frameworks and compliance
measures. The surging demand for seamless data integration and advanced visual analytics
has been instrumental in propelling the industry's growth trajectory.
Through the facilitation of real-time analysis, the incorporation of Artificial
Intelligence (AI) within cognitive media solutions, such as whiteboard videos and
animations, empowers the instantaneous synthesis of data to enable efficacious
decision-making. Furthermore, vendors are introducing AI-driven products aimed at
bolstering the AI capabilities of analytics. Consequently, numerous enterprises are
integrating business analytics software into their operational frameworks to achieve
dynamic representations of data.
In the realm of IT, digital technology is orchestrating a profound shift from its
traditional role of mere cost control to one of strategic empowerment and innovation. This
transformation is elevating digitalization to the zenith of priorities for enterprise
Chief Information Officers (CIOs). Leading the charge in the digital revolution, companies
are witnessing their IT teams evolve into pivotal partners, enabling the realization of
desired outcomes. It's pivotal to recognize that the crux of digital transformation lies
less in the technologies themselves and more in the transformative effects they wield over
processes, productivity, customer experiences, and the identification of competitive
prospects.
Businesses are resolutely embracing digital technology with the overarching aim of
instilling a data-driven ethos. Nevertheless, a contemporary approach is imperative to
manage the escalating volume, diversity, and rapidity of the influx of new data, along
with the substantial computational resources essential for its processing. The unchecked
proliferation of data can swiftly shift the promise of digital transformation into a
predicament, as the unparalleled growth of data is intrinsically linked to this ongoing
revolution.
This data surge stems from the dynamic redefinition of enterprise data. While
structured data residing in
Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems
remains pivotal, the ascendancy of unstructured data is notable. In the contemporary
landscape, a significant portion approximately 80% of "enterprise data"
constitutes unstructured data, encompassing documents, text, CSV files, audio, video,
online click streams, social media posts, and logs from Internet of Things (IoT) devices.
Consequently, every organization today finds itself enveloped in a wealth of data, a
promising harbinger for the success of their missions, as data lies at the nucleus of the
digital revolution and stands as a cardinal ingredient in the triumph of digital
transformation.
However, the exponential surge in data volume poses challenges, potentially inundating
organizations that lack preparedness. This scenario can culminate in escalated storage and
maintenance costs, compromised application performance and availability, and intricacies
in data access, privacy, and regulatory compliance. While data deletion might seem a
solution for managing data growth, it often clashes with the demands of business
operations, legal obligations, and compliance standards, which increasingly necessitate
real-time access to comprehensive information over extended periods. Mismanagement of
these demands can impede the success of Data Transformation initiatives.
Rising Trend of Embracing Cloud Solutions
The ongoing surge in the adoption of cloud-based solutions is playing a pivotal role in
propelling overall industry growth. This trend spans across businesses of varying scales
from large corporations to medium and small enterprises owing to the enticing combination
of cost-effectiveness and on-demand scalability presented by cloud technology. Cloud
deployments are swiftly emerging as the favored choice, attributed to their rapid
deployment capabilities, seamless data access across diverse locations, adaptable storage
expansion as per requirements, and considerably lower support and maintenance costs
compared to traditional on-premise setups.
Enterprise Cash Flow Management
In the realm of business vitality, cash flow reigns supreme. In the present landscape,
corporations are confronted with significant pressures to optimize the performance of
their receivables. Often referred to as trade credit, receivables stand as the most
economically sound means to expedite cash flow.
However, the challenge lies in the timely accessibility of information pertaining to
receivables, especially when it is dispersed across various disconnected systems. The
intricate web of disjointed manual processes further exacerbates the complexity, hindering
finance executives from effectively assessing credit risk and the efficiency of
collections.
The realm of efficient receivables management extends beyond mere transactional
processes. It encompasses the judicious management of credit policies and the automation
of credit-to-cash workflows. This, in turn, amplifies the efficiency of a company's cash
conversion operations. By expediting revenue cycles and strategically minimizing credit
constraints, the intrinsic value of the company is maximized, ushering in enhanced
financial vigor.
Enterprise Talent Management
We are committed to fortifying our technological prowess and expertise in technology
and IT-focused recruitment automation and services. By combining our cutting-edge
technology solutions with Recruitment Process Outsourcing (RPO) services, we augment the
value proposition for talent management and staffing organizations. Our strategic vision
revolves around reinforcing our technology-driven recruitment process outsourcing
services, with a dedicated focus on serving our clientele in North America.
Within our portfolio of professional services lies a diverse array of consulting
offerings, encompassing critical areas like systems planning, design, installation, and
seamless integration, all underpinned by our comprehensive suite of products. Our
professional services are available both during the initial implementation of our products
and on an ongoing basis, ensuring our clients' evolving needs are met. Our robust network
of resellers, professional service providers, and system integrators plays a pivotal role
in product deployment, bolstering our capabilities and amplifying the technical expertise
available for delivering the full spectrum of professional services necessary for product
deployment.
To cater to the diverse requirements of our expansive customer base, we present an
array of software support and maintenance options. These comprehensive support plans
include around-the-clock coverage, available seven days a week, every day of the year, to
cater to the global demands of our customers. Our robust support infrastructure spans the
globe, with major support centers strategically located in Santa Clara, California, USA,
and Hyderabad, India, supplemented by our extensive reseller network.
In addition to our geographically dispersed support teams, we offer an accessible
customer support website designed to empower our clients. This platform enables
streamlined service request submissions, offers confirmations upon request receipt, and
provides real-time updates on the status of these requests. Our customer support website
is not only a hub for service-related interactions but also a comprehensive resource for
accessing our support protocols, escalation channels for updates, and up-to-date
information about our products.
Consolidated financial statements
In compliance with Accounting Standards AS-21 and AS-27 on consolidated financial
statements, read with Accounting Standard AS-23 on Accounting for Investments in
Associates and Section 129(3) and other relevant provisions of Companies Act 2013, your
Directors have pleasure in attaching the consolidated financial statements for the
financial year ended on March 31, 2023, which form part of this Annual Report.
The Company will make available the Annual Reports of the aforesaid subsidiaries upon
request by any member/investor of the Company/subsidiary companies. Further, the Annual
Reports of the subsidiary companies will also be kept open for inspection by any
member/investor at the Company's registered office and that of the subsidiaries concerned.
Meetings of the Committees and Board of Directors
Board Meetings: During the financial year 2022-23, 5 (Five) Board Meetings were
held.
The dates on which the Board meetings were held 23rd May, 2022, 10th August,
2022, 02nd September, 2022,
14th November, 2022, and 13th February, 2023.
The attendance record of the Directors at the Board Meetings held during the financial
year 2022-23 and at the 42nd Annual General Meeting held on 29th
September 2022 is as given here under:
Name of the Director |
No. of Board Meetings held |
No. of Board Meetings attended |
Whether attended last AGM |
| Mr. Sai Gundavelli |
5 |
1 |
Yes |
| Mrs. Veena Gundavelli |
5 |
1 |
Yes |
| Mrs. Geetanjali Toopran |
5 |
4 |
Yes |
Mr. Venkata Satya Suryanarayana Raju Chiluvuri |
5 |
4 |
No |
| Dr. Rafiq K. Dossani |
5 |
1 |
No |
| Mr. Jnana Ranjan Dash |
5 |
1 |
No |
| Dr. Ananda Prabhu Valaboju Kesari |
5 |
4 |
No |
Audit Committee
During the Financial Year 2022-23, Audit Committee met Four times. The maximum time gap
between any two meetings was not more than four months. The Audit Committee meetings were
held 23rd May, 2022, 10th
August, 2022, 14th November, 2022, and 13th February, 2023.
The Composition and attendance of members at the Committee meetings is given here
under.
|
|
|
No. of Meetings |
Name of the Director |
Category |
Designation |
Held |
Attended |
| Dr. Ananda Prabhu Valaboju Kesari |
Independent Director |
Chairman |
4 |
4 |
Mr. Venkata Satya Suryanarayana Raju Chiluvuri |
Independent Director |
Member |
4 |
4 |
| Mrs. Geetanjali Toopran |
Whole Time Director & CFO |
Member |
4 |
4 |
There is no such incidence where Board has not accepted the recommendations of the
Audit Committee during the year under review.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee of the Company comprises Three Non-Executive
Directors as members. 2 of them are Independent Directors. During the year 2022-23, the
Nomination and Remuneration Committee has met on 23rd May, 2022 and 13th
February, 2023.
Stakeholders Relationship Committee
The Stakeholders Relationship Committee consists of Two Non-Executive Directors and One
Executive
Director.
During 2022-23, the Committee has met on 23rd May, 2022, 10th August, 2022, 14th
November, 2022, and 13th February, 2023.
Composition of the Stakeholders Relationship Committee and the details of meetings held
and attended by its members are given below:
|
|
|
No. of Meetings |
Name of the Director |
Category |
Designation |
Held |
Attended |
| Dr. Ananda Prabhu Valaboju Kesari |
Independent Director |
Chairman |
4 |
4 |
Mr. Venkata Satya Suryanarayana Raju Chiluvuri |
Independent Director |
Member |
4 |
4 |
| Mrs. Geetanjali Toopran |
Whole Time Director & CFO |
Member |
4 |
4 |
Directors Responsibility Statements as required under Section 134 of the Companies Act,
2013
Pursuant to the requirement under Section 134 of the Companies Act, 2013 with respect
to Directors' Responsibility Statement, it is hereby confirmed that:
i. in the preparation of the Annual Accounts for the year ended on 31st March, 2023,
the applicable Accounting Standards read with requirements set out under Schedule III to
the Companies Act, 2013, have been followed and that there are no material departures from
the same; i
i. the Directors have 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 as at 31st March, 2023 and of the profit
for the year ended on that date; ii
i. the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities; and
iv. the Annual Accounts for the year ended on 31st March, 2023 have been prepared 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. v
i. the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating efficiently.
Statement of Declaration given by Independent Directors under Sub-Section (6) of
Section 149 of the Companies Act, 2013
The Independent Directors have submitted the declaration of independence, as required
under Section 149 (7) of the Companies Act, 2013 stating that they meet the criteria of
independence as provided in Section 149(6).
Statement of Particulars of Employees pursuant to the provisions of Section 197(12) of
the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014
There were no employees, who employed throughout the relevant financial year and in
receipt of remuneration, in aggregate, exceeding 1.02 Crore (Rupees One Crore and Two
Lakhs) per year or 8.50 Lakhs (Rupees Eight Lakhs and Fifty Thousand) per month, if
employed for a part of the relevant financial year.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of following 3 Directors namely Dr.
Ananda Prabhu
Valaboju Kesari, Mr. Venkata Satya Suryanarayana Raju Chiluvuri and Mr. Sai Gundavelli
as members.
Separate meetings of the Independent Directors
The Independent Directors met once on 13th February, 2023, to discuss, inter
alia:
Review the performance of Non-Independent Directors and the Board of Directors as a
whole;
Review the performance of the Chairperson of the company;
Assess the quality, content and timeliness of flow of information between the
Management and the
Board that is necessary for the Board to effectively and reasonably perform its duties.
Performance evaluation criteria for Independent Directors
The performance of Independent Directors is evaluated annually on the following
parameters:
Understanding of the company's business as well as the markets and industry it operates
in
Effective usage of the experience brought to the board
Level of involvement and participation in the meetings as also in the affairs of the
company
Engagement with other directors and senior leadership of the company.
Brief description of terms of reference:
- Identifying persons who are qualified to become Directors and who may be appointed in
senior management in accordance with the criteria laid down and recommend to the Board for
their appointment and removal;
- Carry on the evaluation of every Director's performance; formulation of the criteria
for determining qualifications, positive attributes and independence of a Director;
- Recommend to the Board a policy relating to the remuneration of the Directors, Key
Managerial Personnel and other employees;
- Formulation of criteria for evaluation of Independent Directors and the Board;
- Devising a policy on Board diversity; and
- Any other matter as the Board may decide from time to time.
Nomination and Remuneration policy
The objectives of the Policy
1. To lay down criteria and terms and conditions with regard to identifying persons who
are qualified to become Directors (Executive and Non-Executive) and persons who may be
appointed in Senior Management and Key Managerial positions and to determine their
remuneration.
2. To determine remuneration based on the Company's size and financial position and
trends and practices on remuneration prevailing in peer companies.
3. To carry out evaluation of the performance of Directors.
4. To provide them rewards linked directly to their effort, performance, dedication and
achievement relating to the Company's operations.
5. To retain, motivate and promote talent and to ensure long term sustainability of
talented managerial persons and create competitive advantage.
Corporate Governance
Your Company continues to place greater emphasis on managing its affairs with
diligence, transparency, responsibility and accountability and is committed to adopting
and adhering to best Corporate Governance practices. The Board considers itself as a
trustee of its shareholders and acknowledges its responsibilities towards them for
creation and safeguarding their wealth. The Company has set itself the objective of
expanding its capacities.
As per the provision of Regulation 15(2) of the Listing Regulations, Compliance with
Corporate Governance provisions as specified in the regulations 17 to 27 and clause (b) to
(i) of Regulation 46(2) and para C, D and E of Schedule V shall not apply to listed
entites having paid-up equity share capital not exceeding 10 Crores and net worth not
exceeding 25 Crores as on the last date of previous financial year. The Company being
falling under the specified limits of above regulation, requirement of giving Corporate
Governance report in
Annual Report as per the Para C of the Schedule V is exempted.
Particulars of Contracts or Arrangements with Related Parties Referred to in
Sub-Section (1) of Section 188 of the Companies Act, 2013
During the period under review, all transactions entered into with the related parties
as defined under the Companies Act, 2013 were in the ordinary course of business and on an
arm's length pricing basis and do not attract the provisions of Section 188 of the
Companies Act, 2013. The Company is exempted from Regulation 23 of SEBI (LODR)
Regulations, 2015 and hence the Company is not mandated to seek approval from members for
entering into transactions which are material in nature. The details of related party
transactions are mentioned in AOC-2, which is enclosed as Annexure I to this
Report. Also suitable disclosure as required by the Indian Accounting Standards (Ind AS
24) has been made in the Standalone Financial Statement, which is forming part of the
Annual Report.
All Related Party Transactions are placed before the Audit Committee for review and
approval. Prior omnibus approval of the Audit Committee is obtained for the transactions
which are repetitive in nature. A statement of all Related Party Transactions is placed
before the Audit Committee for its review on a quarterly basis, specifying the nature,
value and terms and conditions of the transactions. There were no particulars of contracts
or arrangements with related parties referred to in Sub-Section (1) of Section 188 of the
Companies
Act, 2013, which are not on an arm's length basis.
Annual Return
A copy of the Annual Return of the Company for the Financial year 2022-23, as required
under Section 92 (3) of the Companies Act, 2013 and Rule 12 of the Companies (Management
and Administration) Rules, 2014 shall be placed on the Company's website
https://www.technvision.com/investors (Annual Return 2023).
LISTING WITH STOCK EXCHANGES
The Company has paid the Annual Listing Fees for the year 2022-23 to the Exchange where
the Company's shares are listed i.e. the BSE Ltd (‘BSE').
MAINTENANCE OF COST RECORDS
Maintenance of cost records as specified by the Central Government under sub-section
(1) of Section 148 of the Companies Act, 2013, is not applicable to the Company.
The conservation of energy, technology absorption, foreign exchange earnings and outgo
pursuant to provisions of Section 134(3)(m) of the Companies Act, 2013 (Act) read with the
Companies (Accounts) Rules, 2014
Information with respect to conservation of energy, technology absorption, foreign
exchange earnings and outgo pursuant to Section 134(3)(m) of the Act read with Companies
(Accounts) Rules, 2014 is prepared and the same is enclosed as Annexure - II to
this Report.
Risk Management Policy
The Company had formulated a Risk Management Policy for dealing with different kinds of
risks which it faces in day to day operations of the Company. Risk Management Policy of
the Company outlines different kinds of risks and risk mitigating measures to be adopted
by the Board. The Company has adequate internal control systems and procedures laid down
to combat the risk. The Risk management procedure will be reviewed by the Audit Committee
and Board of Directors on a Quarterly basis at the time of review of Quarterly Financial
Results of the Company.
Mechanism for Evaluation of Board
Evaluation of all Board members is done on an annual basis. The evaluation is done by
the Board, Nomination and Remuneration Committee and Independent Directors with specific
focus on the performance and effective functioning of the Board and the Individual
Directors.
A) Criteria for evaluation of Board of Directors as a whole i. Identifying,
Defining and Extent of realising the corporate objectives. ii. Regular monitoring of plans
and Corporate results against projections. iii. Direct, monitor and evaluate Key
managerial personnel, Senior officials. iv. Review of company's ethical conduct. v. The
flow of information to board members and between board members. vi. Identify, monitor and
mitigate significant corporate risks.
B) Criteria for evaluation of the individual Directors i. Leadership and
stewardship abilities. ii. Ability to contribute by introducing best practices to address
top management issues; iii. Assess policies, structures and procedures. iv. Review of
strategic and operational plans and objectives. v. Statutory compliance & Corporate
governance. vi. Attendance and contribution at Board/Committee meetings.
Details of loans, guarantees and investments
The details of Loans, Guarantees and Investments covered under the provisions of
Section 186 of the Act, read with the Companies (Meetings of Board and Its Powers) Rules,
2014 are given in the Notes to the
Financial Statements forming part of this Annual Report.
Directors and Key Managerial Persons
Mrs. Geetanjali Toopran, Director, retire by rotation and being eligible offers
herself for re-appointment at the ensuing Annual General Meeting.
Details of Directors or Key Managerial Personnel, who has been appointed or resigned
during the Year
As on the even date of this report, the Board of Directors as per the recommendation of
Nomination and Remuneration committee, in their meeting held on 13th February, 2023 had
reappointed Mrs. Geetanjali Toopran (DIN: 01498741), as Whole Time Director on the
Board for five consecutive years.
Deposits
The Company has not accepted any deposits from the Public covered by the provisions of
Section 73 of the Companies Act, 2013.
Corporate Social Responsibility (CSR)
During the period under review, the provisions of Section 135 of the Companies Act,
2013 w.r.t. Corporate
Social Responsibility are not applicable to the Company.
Compliance with Secretarial Standards on Board and Annual General Meetings
The Company has complied with Secretarial Standards 1 & 2 issued by the Institute
of Company Secretaries of India on Board Meetings and General Meetings.
Statutory Auditors
M/s. Ramu & Ravi., Chartered Accountants (Firm Registration No. 006610S) have been
appointed as statutory auditors of the company at the 42nd Annual General
Meeting held on 29.09.2022 and they are holding the office of the auditors up to the
conclusion 47th Annual General Meeting.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed M/s. JRA & ASSOCIATES LLP, Hyderabad, Practicing Company Secretaries to
undertake the secretarial audit of the company. The Secretarial Audit Report is annexed
herewith as ‘Annexure - III'.
Explanations or comments on qualification, reservation or adverse remark or disclaimer
made by the
Auditors.
i. Independent Auditors Report:
The Notes to Accounts forming part of Annual accounts are Self-Explanatory and need no
further explanation. There are no qualifications/remarks raised in Auditors Report
requiring clarification. ii. Secretarial Audit Report:
There are no qualifications/remarks raised in Secretarial Auditors Report requiring
clarifications or explanations.
Disclosure Requirements
Policy in dealing with related party transactions, whistle blower policy, prevention of
sexual harassment of women at workplace are available on the company's website:
http://www.technvision.com.
Vigil Mechanism
The Board of Directors has adopted a Whistle Blower Policy. The Whistle Blower Policy
aims for conducting the affairs in a fair and transparent manner by adopting highest
standards of professionalism, honesty, integrity and ethical behavior. All permanent
employees of the Company are covered under the Whistle Blower Policy.
A mechanism has been established for employees to report concerns about unethical
behavior, actual or suspected fraud or violation of Code of Conduct and Ethics. It also
provides for adequate safeguards against the victimization of employees who avail of the
mechanism and allows direct access to the Chairperson of the
Audit Committee in exceptional cases.
Statement of particulars of appointment and remuneration of managerial personnel
The Statement of particulars of Appointment and Remuneration of Managerial personnel as
per Rule 5 of
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
enclosed as
Annexure - IV to this Annual Report.
Internal Control Systems and their adequacy
The Company has an adequate internal control system commensurate with the size and
complexity of the organization. The Company has undertaken a comprehensive review of all
internal control systems to take care of the needs of the expanding size of the Company
and also upgraded the IT support systems. A system of internal audit to meet the statutory
requirement as well as to ensure proper implementation of management and accounting
controls is in place. The Audit Committee periodically reviews the adequacy of the
internal audit functions.
State of Affairs of the Company
The State of Affairs of the Company is presented as part of Management Discussion and
Analysis Report forming part of this Report.
Change in the nature of business
There is no change in the nature of business of the Company.
The details of significant and material orders passed by the Regulators or Courts or
Tribunals impacting the Going Concern status and company's operations in future
No Significant and material orders have been passed during the year by the Regulators
or Courts or Tribunals impacting the Going Concern status and company's operations in
future.
Material changes and commitments
There are no Material changes and commitments in the business operations of the Company
from the financial year ended on 31 March 2023 to the date of signing of the Director's
Report.
Policy on Sexual Harassment
The Company has adopted policy on Prevention of Sexual Harassment of Women at Workplace
in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013.
During the financial year ended on 31 March 2023, the Company has not received any
Complaints pertaining to Sexual Harassment from anyone.
Acknowledgement
Your Directors wish to place their sincere appreciation for the support and
co-operation that the Company has received from its Shareholders, Bankers, Customers,
Suppliers, Stockists, Selling Agents, Central and State Governments, various Statutory
Authorities and others associated with the Company.
Your Directors also wish to place on record their appreciation of all employees at all
levels for their commitment, hard work and dedicated support.
Registered Office: |
By order of the Board |
| 1486 (12-13-522), Lane No. 13, Street No. 14, |
TechNVision Ventures Ltd., |
| Tarnaka, Secunderabad - 500 017. |
|
| Telangana, India |
|
| CIN: L51900TG1980PLC054066 |
sd/- |
| Phone Nos.: 040-2717 0822, 27175157, 27177591, |
Sai Gundavelli |
| Fax No.: 040-2717 3240 |
Chairman |
| E-Mail: investor_relations@technvision.com |
DIN: 00178777 |
| Date: 04th September, 2023 |
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