The Board of AXISCADES Engineering Technologies has taken note of resignation of Mritunjay Singh, current CEO and Executive Director (Key Managerial Personnel) with immediate effect. The Board approved the appointment of Sharadhi Chandra Babu (DIN No. 02809502) currently Chief Operating officer of wholly owned subsidiary AXISCADES Aerospace & Technologies as additional director in the capacity of the Acting Chief Executive Officer (CEO) and Executive Director of the Company with effect from 21 January 2019 for the interim. The shall be an additional charge to his current responsibilities.

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The Board of AXISCADES Engineering Technologies at its meeting held on 14 January 2019 has approved recourse to legal action to recover dues from customer in USA. The company's wholly owned subsidiary, AXISCADES Inc. had provided engineering design services worth USD 934,675 to a customer in the USA during the financial year 2017-18. Despite repeated follow up, the amount due was not received as per contractual terms. In line with the prudential norms and as per Company policy, the Company had made 100% provisions for the same in its accounts, subsequently.

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AXISCADES Aerospace & Technologies, a wholly owned subsidiary of AXISCADES Engineering Technologies announced the winning of two key contracts - one with Global OEM for design to build of Test Equipment and Maintenance of Strategic Systems and the other for building subsystems ofFull Motion Full Mission Simulator.

The above contracts have been won against stiff global competition, reinforcing strong technical capabilities, core domain knowledge in designing and developing complex technology products and solutions. Both these contracts have initial value of USD 20Million with potential to multiply.

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The announcement was made after market hours yesterday, 27 November 2018.

Meanwhile, the S&P BSE Sensex was up 189.28 points or 0.53% at 35,702.42.

On the BSE, 27,000 shares were traded on the counter so far as against average daily volumes of 46,000 shares in the past two weeks. The stock had hit a high of Rs 96.65 and a low of Rs 92.95 so far during the day. The stock had hit a 52-week high of Rs 228 on 12 January 2018 and a 52-week low of Rs 63.20 on 25 October 2017.

AXISCADES Aerospace & Technologies, a wholly owned subsidiary of AXISCADES Engineering Technologies (AXISCADES), announced winning of two contracts - one with global OEM for design to build of test equipment and maintenance of strategic systems and the other for building subsystems of full motion full mission simulator. Both these contracts have initial value of $20 million with potential to multiply.

AXISCADES Aerospace & Technologies is a fast growing niche technology company focused on high-end strategic technologies for the aerospace and defense domain, product and solutions.

On a consolidated basis, AXISCADES Engineering Technologies' net profit dropped 91.3% to Rs 0.08 crore on 49.46% rise in total income to Rs 178.41 crore in Q2 September 2018 over Q2 September 2017.

AXISCADES Engineering Technologies is a product engineering and hightechnology solutions company catering to the futuristic needs of aerospace, defense, heavy engineering, automotive, energy, medical & healthcare sectors.

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