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AKG Exim Ltd.

BSE: 535110 Sector: Others
NSE: AKG ISIN Code: INE00Y801016
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AKG Exim Ltd. (AKG) - Director Report

Company director report

Dear Members of AKG EXIM LIMITED

Your Directors are pleased to present the 16th Annual Report together with the AuditedFinancial Statements of the Company for the financial year ended 31st March 2021.

FINANCIAL HIGHLIGHTS:

The Financial highlights for the year under review are given below: -

Consolidated (Rs. in Lakhs) Standalone (Rs. In Lakhs)
Particulars For the year ended 31st March 2021 For the year ended 31st March 2020* For the year ended 31st March 2021 For the year ended 31st March 2020
Total Income 10669.04 N.A. 7887.49 6970.08
Total Expenses 10491.41 N.A. 7742.40 6818.66
Profit before 177.63 N.A. 145.09 151.42
Exceptional and
Extraordinary Item
Prior Period Items - N.A. - -
Profit Before Tax 177.63 N.A. 145.09 151.42
Tax Expense:
Current Tax 46.18 N.A. 21.31 36.10
Deferred Tax 0.45 N.A. 0.42 6.78
Taxes of Earlier Years - N.A. - -
Profit After tax 130.99 N.A. 123.36 108.54

 

* During the year ended 31st March 2020 the Company has not anysubsidiary. Therefore Consolidated Financial Statements has not required to be made.

YEAR UNDER REVIEW:

On Standalone basis for the year 2020-21 your Company has achieved a Net Profit aftertax of 123.36 Lacs as against 108.54 Lacs in the year 2019-20. The total turnoverincluding other income for the year 2020-21 stood at 7887.49 Lacs as compared to 6970.08Lacs for the year 2019-20 indicating a increase of 11.63%.

Your Company has achieved a consolidated revenue of 10669.04 lacs during the yearunder review.

DIVIDEND:

The Board of Directors has not recommended any Dividend on paid up share capital duringthe year ended 31st March 2021.

CHANGE IN CAPITAL STRUCTURE:

The Authorized Share Capital of your Company as on 31st March 2021 stood at107500000/- divided into 10750000 equity shares of 10/- each.

The Issued & Subscribed Paid-Up Share capital of the Company as on 31st March2021stood at to 105921920/- divided into 10592192 equity Shares of 10/- each.

During the year under review

 

- the Authorized Share Capital has been increased from 100000000 divided into10000000 equity shares of 10/- each to 107500000/- divided into 10750000 equityshares of 10/- each.

-the Issued & Subscribed Paid Up Share Capital has been increased from 66101200divided into 6610120 equity Shares of 10/- each to 105921920/- divided into10592192 equity Shares of 10/- each.

TRANSFER TO GENERAL RESERVE:

During the year under review your directors have not transferred any amount to generalreserves.

TRANSFER AMOUNT TO INVESTOR EDUCATION & PROTECTION FUND:

As per the provisions of Section 125 of the Companies Act 2013 deposits /dividend remaining unclaimed for a period of seven years from the date they become due forpayment have to be transferred to Investor Education & Protection Fund (IEPF)established by the Central Government.

During the year under review there has been no any unclaimed deposit/dividendremaining to transfer.

MATERIAL AND SIGNIFICANT ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

No significant and material orders have been passed by the regulators or courts ortribunals against the Company impacting the going concern status and Company's operationsin future.

DETAILS OF SUBSIDIARIES:

During the Financial Year 2020-21 your Company had below mentioned SubsidiaryCompanies.:

1. M/s. BKS Metalics Pvt. Ltd.

2. M/s. ASRI Trade Pte. Ltd.

A separate statement containing the salient features of Financial Statements ofsubsidiaries of your Company prescribed in Form AOC-1 forms part of Consolidated FinancialStatements in compliance with Section 129 and other applicable provisions if any of theCompanies Act 2013 (Act) read with Rule 5 of the Companies (Accounts) Rules 2014 (asamended) is set out as "Annexure II" to this Report

In accordance with Section 136 of the Act the Audited Financial Statements includingthe Consolidated Financial Statements and related information of the Company and thefinancial statements of each of the subsidiary companies are available on our website atwww.akg-global.com.

The Company's Policy for determining material subsidiaries may be accessed on thewebsite of the Company at www.akg-global.com.

The Company does have only one material subsidiary which is M/s. ASRI Trade Pte. Ltd.as per aforesaid policy.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS:

According to Section 134 (5) (e) of the Companies Act 2013 the term InternalFinancial Control ("IFC") means the policies and procedures adopted by theCompany for ensuring the orderly and efficient conduct of its business including adherenceto Company's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information.

During the Year under review the system and controls of your Company are audited bythe Internal Auditor and their findings and recommendations are reviewed by the AuditCommittee which ensures timely implementation.

PUBLIC DEPOSITS:

During the Financial Year 2020-21 your Company has not accepted any deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 read together with the Companies(Acceptance of Deposits) Rules 2014 as amended upto date.

STATUTORY AUDITORS:

The Board of Directors in their meeting held on 25th June 2018 on the basis ofrecommendations of the Audit Committee and in accordance with the provisions of Section139(1) of the Companies Act 2013 read with the Companies (Audit and Auditors) Rules2014 had appointed M/s. Sharma Sharma & Co. Chartered Accountants (havingRegistration No. 009462N) to act as the Statutory Auditors of your Company from theconclusion of 13th Annual General Meeting till the conclusion of 16thAnnual General Meeting i.e.(for the Financial Years 2018-19 2019-20 & 2020-21).

The Peer Review Report in respect of M/s. Sharma Sharma & Co. CharteredAccountants (having Registration No. 009462N) has been considered by the Peer ReviewBoard (ICAI) in its meeting held on 2nd September 2021 and accepted for issuanceof Peer Review Certificate.

The Company had received a certificate from the Auditors to the effect that theappointment is in accordance with the limits specified under Section 139(9) and Section141 of the Companies Act 2013. M/s. Sharma Sharma & Co. has confirmed that they arenot disqualified from continuing as Auditors of the Company.

STATUTORY AUDITORS' REPORT:

The Auditors have issued an unmodified opinion on the Financial Statements (Standalone& Consolidated) for the financial year ended 31 March 2021. The Auditors' Report(Standalone & Consolidated given by the Auditor for the financial year ended 31 March2021 on the financial statements of the Company forms part of this Annual Report.

There being no reservation qualification adverse remarks in the Auditors' Report nofurther explanations are required.

SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act 2013 read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 (as amendedfrom time to time) your Board at its Meeting held on Tuesday 16th June 2020 appointedMr. Gagan Goel (ICSI Membership No. FCS 3381 and C. P. No. 4882) Proprietor of M/s.Gagan Goel & Co. Practicing Company Secretaries Delhi as the Secretarial Auditors ofthe Company to conduct the Secretarial Audit for the financial year ended March 31 2021and to submit Secretarial Audit Report.

The Secretarial Audit Report for the financial year 2020-21 is annexed herewith as "AnnexureI." does not contain any qualification reservation or adverse remark. There hasbeen no observation in the Secretarial Audit Report as annexed hereto.

INTERNAL AUDITOR AND INTERNAL AUDIT REPORT:

In accordance with provisions of Section 138 of the Companies Act 2013 and rulesframed thereunder your Company has appointed Ms. Esha Behl; Chartered Accountants as anInternal Auditors of the Company for the Financial Year 2020-21 and takes theirsuggestions and recommendations to improve and strengthen the Internal Control Systems.

The Internal Audit Report for the financial year 2020-21 has been discussed in theBoard Meeting of the Company which did not contain any qualification reservation oradverse remark. There has been no observation in the Internal Audit Report as annexedhereto.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLETO THE CENTRAL GOVERNMENT:

The Statutory Auditors or Secretarial Auditors or Internal Auditor of the Company havenot reported any frauds to the Audit Committee or to the Board of Directors under Section143(12) of the Companies Act 2013 including rules made thereunder.

EXTRACT OF THE ANNUAL RETURN:

The Annual Return of the Company as on 31 March 2021 in Form MGT - 7 in accordance withSection 92(3) of the Companies Act 2013 read with the Companies (Management andAdministration) Rules 2014 would be available on the website of the Company atwww.akg-global.com.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

During the year under review there was change in the composition of the Board ofDirectors of your Company as given below:

 

(A) RESIGNATION:

During the year under review Mr. Rajeev Goel (DIN: 01507297) has given his resignationon 11th June 2020 as Managing Director of the Company which has been taken onrecord by the Board of Directors in its meeting held on 16th June 2020.However he is continuing as a Non-Executive Director on the Board of the Company.

 

(B) APPOINTMENT:

(i) During the year under review Mr. Rahul Bajaj (DIN: 03408766) was appointed as aRegular Executive Director of your Company by the Board of Directors in its meeting heldon the 16th June 2020.

(ii) During the year under review Mr. Kartik Guglani (DIN: 08666676) was appointed asan Independent Director (Non-Executive) of your Company by the Board of Directors in itsmeeting held on the 16th June 2020.

(iii) During the year under review Mrs. Mahima Goel (DIN: 02205003) was appointed as aManaging Director by the Board of Directors in its meeting held on 16th June2020.

(C) RETIRE BY ROTATION:

In accordance with the provisions of Section 152 of the Companies Act 2013 and theArticles of Association of the Company Mr. Rajeev Goel Non - Executive Director (DIN:01507297) is liable to retire by rotation at the ensuing Annual General Meeting of theCompany and being eligible offers himself for re-appointment.

The matter of appointing him as Non-Executive Director appears as an Agenda in theNotice of the 16th Annual General Meeting.

A brief profile of the above-named Director seeking appointment at the ensuing AnnualGeneral Meeting of the Company has been provided in the Notice of the 16th Annual GeneralMeeting.

(D ) INDEPENDENT DIRECTORS:

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed under sub-section (6)of the section 149 of the Companies Act 2013 and Regulation 16(1)(b) of the ListingRegulations.

A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY EXPERTISE ANDEXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTOR APPOINTED DURING THEYEAR.

The Board of Directors has considered the integrity expertise and experience(including the proficiency) of Mr. Rao Laxman Singh (DIN: 08055192) who was appointed asan Independent Director in its meeting held on 11th January 2021 on therecommendation of Nomination and Remuneration Committee subject to the approval ofshareholders of the Company at the ensuing 16th AGM.

The matter of appointing him as an Independent Director appears as an Agenda in theNotice of the 16th Annual General Meeting.

A brief profile of the above-named Director seeking appointment at the ensuing AnnualGeneral Meeting of the Company has been provided in the Notice of the 16thAnnual General Meeting.

KEY MANAGERIAL PERSONNEL(S) (KMP):

Pursuant to Section 203 of the Companies Act 2013 read with The Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 In addition to Managing Directorthe Company has employed the Company Secretary and Chief Financial Officer of the Companyas Key Managerial Personnel.

Based on the recommendation of the Nomination and Remuneration Committee of the BoardMs. Pragati Parnika a Qualified Company Secretary was appointed by the Board ofDirectors at its meeting held on September 04 2020 as the Company Secretary &Compliance Officer and KMP of the Company w.e.f. September 04 2020.

Following were the KMP during the Financial Year ended 31st March 2021

Name and Designation Date of change
Mr. Rajeev Goel (Non-Executive Director) 11th June 2020 (Change in designation from
Managing Director to Non-Executive Director)
Mrs. Mahima Goel (Managing Director) 16th June 2020 (Appointment)
Mr. Rahul Bajaj (Chief Financial Officer) -
Mr. Rahul Bajaj (Executive Director) 16th June 2020 (Appointment)
Ms. Simpal Kumari (Company Secretary) 24th July 2020 (Resignation)
Ms. Pragati Parnika (Company Secretary) 04th September 2020 (Appointment)

COMMITTEES OF THE BOARD

Following are the Committees of the Board of Director during the year ended 31stMarch 2021: Audit Committee Nomination & Remuneration Committee StakeholderRelationship Committee Sub-Committee

Details of all the above Committees of the Board are as follows;-

AUDIT COMMITTEE:

The Board of Directors of your Company has duly constituted an Audit Committee incompliance with the provisions of Section 177 of the Act the Rules framed thereunder readwith Regulation 18 of the Listing Regulations.

The Audit Committee of your Company comprises of the following members:-

Mr. Rakesh Mohan Chairman
Mrs. Mahima Goel Member
Mr. Kartik Guglani Member

Committee possess financial/accounting expertise/ exposure.

During the year under review there was no such recommendation of the Audit Committeewhich was not accepted by the Board.

Number of meetings held during the year under review terms of reference and otherrequisite details have been provided in the Corporate Governance Report which forms partof this Annual Report.

NOMINATION AND REMUNERATION COMMITTEE:

The Board of Directors of your Company has duly constituted a Nomination &Remuneration Committee in compliance with the provisions of Section 178 of the Act theRules framed thereunder read with Regulation 19 of the Listing Regulations which amongstothers is responsible for identifying and recommending persons who are qualified to becomedirectors or appointed as part of senior management of the Company and laying downremuneration policy.

The Nomination and Remuneration Committee of your Company comprises of the followingDirectors as members:-

Mr. Rakesh Mohan Chairman
Mr. Rao Laxman Singh Member
Mr. Kartik Guglani Member

During the year under review there was no such recommendation of the Nomination &Remuneration Committee which was not accepted by the Board.

Number of meetings held during the year under review terms of reference and otherrequisite details have been provided in the Corporate Governance Report which forms partof this Annual Report.

STAKEHOLDER RELATIONSHIP COMMITTEE:

Our Company has constituted a Stakeholder's Relationship Committee to redress thecomplaints of the shareholders pursuant to Regulation 20 of the Listing Regulations.

The Stakeholder Relationship Committee of your Company comprises of the followingDirectors as members: -

Mr. Rakesh Mohan Chairman
Mr. Rao Laxman Singh Member
Mr. Kartik Guglani Member

SUB COMMITTEE:

The Board had constituted the Sub Committee for dealing with the day-to-day matters ofthe Company.

The Committee of your Company comprises of the following members: -

Mr. Rajeev Goel Chairman
Mrs. Mahima Goel Member

INDEPENDENT DIRECTORS MEETING:

A separate meeting of Independent Directors pursuant to Section 149(7) read withSchedule VI of the Companies Act 2013 and Regulation 25 was held on 13th February 2021.

CORPOARTE SOCIAL RESPONSIBILITY:

During the year under review the provisions of the Section 135 of the Companies Act2013 are not applicable on the Company.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

Pursuant to Section 134(3)(b) details of Board Meetings held during the year are givenin the report on Corporate Governance which forms part of this Annual Report.

During the year ended 31st March 2021 the Board of Directors of your Company metEight (08) times details of which are given in the Corporate Governance Report. Theintervening gap between the meetings was within the period prescribed under the CompaniesAct 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:

During the year under review your Company has not entered into any contract orarrangements or transactions with new/other related parties.

During the financial year 2020-21 your Company has entered into transactions withrelated parties as defined under Section 2(76) of the Companies Act 2013. Alltransactions with related parties were reviewed and approved by the Audit Committee. Allrelated party transactions that were entered were on an arm's length basis and were in theordinary course of business.

There are no materially significant related party transactions made by the Company withPromoters Directors Key Managerial Personnel or other designated persons which may havea potential conflict with the interest of the Company at large.

Form AOC-2 pursuant to Section 134(3)(h) of the Companies Act 2013 read with Rule 8(2)of the Companies (Accounts) Rules 2014 is set out as "Annexure III" tothis Report.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

 

DETAILS OF LOANS:

During the year under review your company has not provided any loan to any person orBody Corporate in accordance with Section 186 of the Companies Act 2013 read with therules issued thereunder.

DETAILS OF INVESTMENTS:

During the year under review your Company has made the investment under Section 186 ofthe Companies Act 2013 read with The Companies (Meeting of Board and its Powers) Rules2014 in Equity Shares of the below mentioned Company:

1. In M/s. BKS Metalics Pvt. Ltd. (held 153000 Equity Shares of 10/- eachwhich constitutes 51% holding) i.e. a Subsidiary of your Company.

2. In M/s. ASRI Trade Pte. Ltd. (held 50001 Ordinary Shares of $1/- eachwhich constitutes 100% of holding) i.e. a Wholly Owned Foreign Subsidiary of yourCompany.

DETAILS OF GUARANTEES & SECURITIES:

During the year under review your Company has not given any guarantee or provided anysecurity to any person or Body Corporate in accordance with Section 186 of the CompaniesAct 2013 read with the rules issued thereunder.

RISK MANAGEMENT:

Your Company has evaluated a risk management to monitor the risk management plan forthe company. They ensures that all the risks are timely defined and mitigated inaccordance with the risk management process including identification of elements of riskwhich might threaten the existence of your Company.

NOMINATION & REMUNERATION POLICY:

The salient features of the Nomination and Remuneration Policy of the Company and othermatters provided in Section 178(3) of the act are set out in the Corporate GovernanceReport which forms part of this Annual Report.

The said policy of the Company inter alia provides that the Nomination andRemuneration Committee shall formulate the criteria for appointment & re-appointmentof directors on the Board of the Company and persons holding senior management positionsin the Company including their remuneration and other matters as provided under Section178 of the act and Listing Regulations. The Nomination and Remuneration Policy isavailable on the website of the Company at www.akg-global.com.

The remuneration paid to the directors key managerial personnel and senior managementis in accordance with the Nomination and Remuneration Policy formulated in accordance withSection 178 of the Act and Regulation 19 of the Listing Regulations.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has in place an established and effective mechanism called the VigilMechanism Policy which is in compliance with the provisions of Section 177(10) of theCompanies Act 2013 and Regulation 22 of the Listing Regulations. The mechanism under thepolicy has been appropriately communicated within the Company. The purpose of this policyis to provide a framework to promote responsible whistle blowing by employees. It protectsemployees wishing to raise a concern about serious irregularities unethical behavioractual or suspected fraud within the Company.

The concerned employees can directly access the Vigilance Officer/ Managing Director/Chairman of the Audit Committee through e-mail writing and telephone for reporting thematter.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

Your Company has always believed in providing a safe and harassment free workplace forevery individual working in the premises of the Company. Your Company always endeavors tocreate and provide an environment that is free from discrimination and harassmentincluding sexual harassment.

In view of the same your Company has adopted a policy on prevention prohibition andredressal of Sexual Harassment at Workplace in line with the requirements of the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 and therules framed there under for prevention and redressal of complaints of sexual harassmentat workplace.

During the year under review your Company has not received any complaint from any ofits employee hence no complaint is outstanding for redressal.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIALSTATEMENTS RELATE AND THE DATE OF THE REPORT

As on date the company has adequate capital.

The Company has a sound internal financial reporting and control mechanism and whereverapplicable additional controls are being added to address the current situation.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The disclosures required to be made under the provisions of Section 134(3)(m) of theCompanies Act 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 in respect ofconservation of energy technology absorption is not applicable to the Company as theCompany is not involved in any manufacturing processing. The Company mainly engaged in theTrading (Export of non-Basmati Rice and Import of Metal Scraps).

Foreign exchange earnings of the Company during the year were Rs. 1662282.61/- andoutgo during the year was Rs. 4662610.36/-.

DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROL:

The Company is well equipped with adequate internal financial controls. The Company hasa continues monitoring mechanism which enables the organization to maintain the samestandards of the control systems and help them in managing defaults if any on timelybasis because of strong reporting mechanism followed by the Company.

The Audit Committee which meets at regular intervals also reviews the internal controlsystems with the Management and the internal auditors. The internal audit is conducted atthe registered office of the Company and covers all key areas. All audit observations andfollow up actions are discussed with the Management as also the Statutory Auditors and theAudit Committee reviews them regularly.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management discussion and analysis report has been separately furnished in theAnnual Report and is annexed as "ANNEXURE-V".

DEMATERIALSATION OF SHARES:

99.98% equity shares of the Company are in Demat form.

CORPORATE GOVERNANCE:

In compliance with Regulation 34 of the Listing Regulations read with Schedule Vthereto a separate Corporate Governance Report of your Company for the Financial Yearended March 31 2021 is annexed as "ANNEXURE-IV" along with a certificatefrom M/s. Sharma Sharma & Co. Chartered Accountants confirming compliance withrequirement of corporate governance forms an integral part of this report.

COMPLAINCE WITH SECRETRIAL STANDARDS:

The Board of Directors affirms that the Company has complied with the applicableSecretarial Standard issued by the Institute of Company Secretaries of India (ICSI) {SS 1and SS2} respectively relating to meetings of Board and Committees which have mandatoryapplications.

PARTICULARS OF EMPLOYEES:

During the year under review no any employees of the Company were in receipt ofremuneration of Rs. 1.20 Crores or more per annum or Rs. 8.50 Lakhs per month if employedfor part of the year hence the particulars required to be reported under Rule 5(2) andRule 5(3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 not required to be submitted.

DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134 of the Act Yours Directors to the best oftheir knowledge and belief hereby confirms that:

(i.) in the preparation of the annual accounts for the year ended 31st March 2021 theapplicable accounting standards have been followed along with proper explanation relatingto material departures if any;

(ii.) they have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at 31st March 2021and of the profit of theCompany for the year ended on that date;

(iii.) they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

(iv.) they have prepared the annual accounts on a "going concern" basis;

(v.) they have laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and are operating effectively; and

(vi.) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and such systems are adequate and operating effectively.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act 2013 read with the rules issuedthereunder and the Listing Regulations (including any statutory modification(s) orre-enactment(s) for the time being in force) the process for evaluation of the annualperformance of the Directors Board and Committees was carried out. Regulation 17 of theListing Regulations mandates that the Board shall monitor and review the Board evaluationframework. The Companies Act 2013 states that a formal annual evaluation needs to be madeby the Board of its own performance and that of its committees and individual Directors.

The Independent Directors at their separate meeting review the performance ofNon-Independent Directors and the Board as a whole Chairperson of the Company aftertaking into account the views of Executive Director and Non-Executive Directors thequality quantity and timeliness of flow of information between the Company management andthe Board that is necessary for the Board to effectively and reasonably perform theirduties.

The evaluation of all the Directors the Board and Committees as a whole was conductedbased on the criteria and framework adopted by the Board. The evaluation process has beenexplained in the Corporate Governance Report section in this annual report

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there wasno dividend declared and paid last year.

INDIAN ACCOUNTING STANDARDS:

During the year under review your Company has been migrated from SME (EMERGE) Platformof National Stock Exchange of India Limited (NSE) to the Main Board of NSE as on 16thFebruary 2021. Therefore it has adopted Indian Accounting Standard (Ind AS) notified byMCA and the relevant provision of the Companies Act 2013 and the general circulars issuedby the Ministry of Corporate Affairs from time to time.

The significant accounting policies which are consistently applied have been set out inthe notes to the financial statements. In the preparation of the financial statementsfigures of previous year have been reclassified or regrouped wherever necessary to bringit in line with the Indian Accounting Standard (Ind AS).

ACKNOWLEDGEMENT:

It is our strong belief that caring for our business constituents has ensured oursuccess in the past and will do so in future. The Board acknowledges with gratitude theco-operation and assistance provided to the company by its bankers financialinstitutions and government as well as Non-Government agencies. The Board wishes to placeon record its appreciation to the contribution made by employees of the company during theyear under review.

The Company has achieved impressive growth through the competence hard worksolidarity cooperation and support of employees at all levels. Your Directors gives theirsincere gratitude to the customers clients vendors and other business associates fortheir continued support in the Company's growth.

The Board also takes this opportunity to express its deep gratitude for the continuedco-operation and support received from its valued shareholders

By Order of the Board of Directors
For AKG Exim Limited
Sd/- Sd/-
MAHIMA GOEL RAHUL BAJAJ
MANAGING DIRECTOR CFO & DIRECTOR
DIN: 02205003 DIN: 03408766
Place: Gurugram
Date: 13th August 2021

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