Mar 31, 2016
Dear Shareholders,
The Directors have pleasure in placing before you the 21st Annual Report on the working and progress of the Company along with audited accounts of the company for the financial year ended 31st March, 2016 and the report of the auditors thereon.
FINANCIAL RESULTS
Key aspects of the companyâs financial performance for the year 2015-16 are tabulated below:
Particulars |
2015-16 (Rs. in Lakhs) |
2014-15 (Rs. in Lakhs) |
Gross Revenue |
967.21 |
13912.47 |
Total Expenditure |
6109.11 |
14022.10 |
Profit before Depreciation and taxation |
(4673.27) |
2867.92 |
Depreciation |
468.62 |
396.42 |
Profit/(Loss) before tax(PBT) |
(5141.90) |
(109.63) |
Less: Provision for Current tax |
35.42 |
(224.34) |
Profit/(Loss) after tax |
(5177.32) |
114.71 |
Prior Period Items |
- |
- |
Profit / (Loss) after Prior Period Items |
(5177.32) |
114.71 |
Profit Brought Forward from previous year |
8788.00 |
8675.51 |
Adjustment on account of Change in Depreciation accounting policy |
- |
(2.21) |
Net Profit / (Loss) carried to Balance Sheet |
3610.67 |
8788.00 |
EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
The Company''s bankers PNB has taken action under SARFEASI act and taken possession of the Company''s properties resulting total stoppage of Company''s operations.
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
During the financial year 2015-2016, the company has not change the nature of business.
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, your Directors have decided not to recommend dividend for the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The management discussion and analysis of the financial condition and results of operations of the company for the period under review as required under clause 49 of the listing agreement of the stock exchange, is given as a separate statement forming part of this Annual report.
BUSINESS INNOVATION, EXPANSION AND DIVERSIFICATION
The Company''s operations were affected and become nil as the Company''s bankers issued notice under SARFEASI act and taken possessions of the properties of the Company.
DIRECTORS AND KEY MANANGERIAL PERSONNEL:
Details of re-appointment /appointment of the director:
Name of the Director |
Dr. A. Ramaiah |
|
Date of Birth |
14/09/1934 |
|
Date of Appointment |
30/04/2007 |
|
Qualifications |
P.hd. in BioChemistry |
|
No. of Shares held in the Company |
16,80,619 |
|
Directorships held in other companies (excluding private limited and foreign companies) |
Nil |
|
Positions held in mandatory committees of other companies |
Nil |
Details of re-appointment /appointment of the director:
Name of the Director |
Dr. K.S.R. Siva Sai |
Date of Birth |
02/12/1963 |
Date of Appointment |
30/04/2007 |
Qualifications |
Post Doctoral in Immunology |
No. of Shares held in the Company |
16,80,619 |
Directorships held in other companies (excluding private limited and foreign companies) |
Nil |
Positions held in mandatory committees of other companies |
Nil |
DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS
The Company has received necessary declaration from Sri Dr. A Ramaiah, Sri Dr. K S R Siva Sai and Sri Dr. S S N Murthy Independent Directors of the Company under Section 149(7) of the Companies Act, 2013 that they as Independent Directors of the Company meet with the criteria of their Independence laid down in Section 149(6).(Format Annexure II)
VIGIL MECHANISM:
Vigil Mechanism Policy has been established by the Company for directors and employees to report genuine concerns pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013. The same has been placed on the website of the Company.
DIRECTOR''S RESPONSIBILITY STATEMENT: In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm that:
(7) 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;
⬠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; and
⬠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.
(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.
APPOINTMENT OF AUDITORS:
M/s. M. M. Reddy & Co., Statutory Auditors of the company retires at the ensuing annual general meeting and is eligible for reappointment. As required under the provisions of Section 139 of the Companies Act, 2013, the Company has received a written consent from the auditors to their reappointment and a certificate to the effect that their re-appointment, if made, would be in accordance with the Companies Act, 2013 and the rules framed there under and that they have satisfied the criteria provided in Section 141 of the Companies Act, 2013.
The Board recommends the re-appointment of M/s. M. M. Reddy & Co., as the statutory auditors of the Company from the conclusion of this Annual General meeting till the conclusion of the next Annual General Meeting.
INTERNAL AUDIT:
The company has not appointed any Internal Auditors for the financial year 2015-16.
SECRETARIAL AUDIT:
Pursuant to the provisions of Section 134(3)(f) & Section 204 of the Companies Act, 2013, Secretarial audit report as provided by Mr. Vivek Surana, Practising Company Secretaries is annexed to this Report as annexure.
AUDIT REPORTS:
The Board has duly reviewed the Statutory Auditor''s Report on the Accounts for the year ended March 31, 2015 and given explanations in Notes to Accounts annexed to Balance Sheet.
However, the Board decided to further strengthen the existing system and procedures to meet all kinds of challenges associated with the business.
The Board has duly reviewed the Secretarial Audit Report on the Compliances according to the provisions of section 204 of the Companies Act 2013, and noted is at the same that there is no company secretary, CFO and Internal Auditors appointed during the year in the company but the company is taking necessary measures to appoint the same at the earliest.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
The required information as per Sec.134 (3) (m) of the Companies Act 2013 is provided hereunder:
7. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures have been taken to conserve energy wherever possible by using energy efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D): NIL
2. Technology absorption, adoption and innovation: NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings: NIL
Foreign Exchange Outgo: NIL
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning of Sec. 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules 2014, during the financial year under review.
DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
Your Company has well established procedures for internal control across its various locations, commensurate with its size and operations. The organization is adequately staffed with qualified and experienced personnel for implementing and monitoring the internal control environment. The internal audit function is adequately resourced commensurate with the operations of the Company and reports to the Audit Committee of the Board.
INSURANCE:
The properties and assets of your Company are adequately insured.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of loans, guarantees or investments made under section 186 of the companies Act, 2013 are given in the notes to the financial statements.
CREDIT & GUARANTEE FACILITIES:
The Company has been availing facilities of Credit and Guarantee as and when required, for the business of the Company, from Punjab National Bank.
RISK MANAGEMENT POLICY:
Your Company follows a comprehensive system of Risk Management. Your Company has adopted a procedure for assessment and minimization of probable risks. It ensures that all the risks are timely defined and mitigated in accordance with the well structured risk management process.
CORPORATE SOCIAL RESPONSIBILTY POLICY:
Since your Company do not have the net worth of Rs. 500 Crore or more, or turnover of Rs. 1000 Crore or more, or a net profit of Rs. 5 Crore or more during the financial year, section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not applicable and hence the Company need not adopt any Corporate Social Responsibility Policy.
RELATED PARTY TRANSACTIONS:
As required under clause 49(VIII)(A)(2) of the listing agreement, the Company has disclosed the policy on dealing with related party transactions at Company''s website at www.palred.com.
Your Directors draw attention of the members to Note 33 to the financial statement which sets out related party disclosures.
DISCLOSURE ABOUT COST AUDIT:
Cost Audit is not applicable to your Company.
RATIO OF REMUNERATION TO EACH DIRECTOR:
Under section 197(12) of the Companies Act, 2013, and Rule 5(1)(2) & (3) of the Companies(Appointment & Remuneration) Rules, 2014, the remuneration of Rs. 63,00,000/-p.a. has been provided but not paid to Mr. P. Sudhakar, Managing Director of the Company due to financial crisis.
LISTING WITH STOCK EXCHANGES:
The Company is listed with BSE Limited and National Stock Exchange India Limited (NSE) and confirms that it has paid the Annual Listing Fees where the Company''s Shares are listed.
CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION
Directors are happy to report that your Company is compliant with the Corporate Governance requirements as per Clause 49 of the Listing Agreement with the Stock Exchanges. A separate section on Corporate Governance and Management Discussion and Analysis together with a certificate from the Statutory Auditor confirming compliance is set out in the Annexure forming part of this report.
INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS GOVERNING THE COMPANY
The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures is not required.
SECRETARIAL STANDARDS EVENT BASED DISCLOSURES
During the year under review, the Company has not taken up any of the following activities:
1. Issue of sweat equity share: NA
2. Issue of shares with differential rights: NA
3. Issue of shares under employee''s stock option scheme: NA
4. Disclosure on purchase by company or giving of loans by it for purchase of its shares: NA
6. Disclosure about revision: NA
7. Preferential Allotment of Shares: NA
EMPLOYEE RELATIONS:
Your Directors are pleased to record their sincere appreciation of the contribution by the staff at all levels in the improved performance of the Company.
None of the employees is drawing Rs. 5,00,000/- and above per month or Rs.60,00,000/- and above in aggregate per annum, the limits prescribed under Section 134 of the Companies Act, 2013.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees are covered under this policy.
The following is the summary of sexual harassment complaints received and disposed during the calendar year.
- No. of complaints received: Nil
- No. of complaints disposed off: Nil ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation of the contribution made by the employees at all levels, to the continued growth and prosperity of your Company.
Your Directors also wish to place on record their appreciation of business constituents, banks and other financial institutions and shareholders of the Company like SEBI, BSE, NSE, NSDL, CDSL, Punjab National Bank for their continued support for the growth of the Company.
For and on behalf of the Board of
Pochiraju Industries Limited
Sd/-
Place: Tamilnadu P.Sudhakar
Date: 12.08.2016 Managing Director
(DIN 00164844)
Mar 31, 2015
Dear Members,
We have pleasure in presenting the 20th Annual report together with
Audited accounts for the year ended 31st March, 2015.
FINANCIAL SUMMARY/HIGHLIGHTS, OPERATIONS, STATE OF AFFARIS: [INSERT AS
PER INFORMATION FROM THE COMPANY]: (Rs. In Lakhs)
Particulars 2014-2015 2013-2014
Gross Income 13912.47 11973.63
Profit Before Interest and Depreciation 949.04 2,219.96
Finance Charges 662.24 538.47
Gross Profit 286.79 1,681.49
Provision for Depreciation 396.42 570.94
Net Profit Before Tax (109.63) 1110.55
Provision for Tax (224.34) 73.88
Net Profit After Tax 114.71 1036.67
Minority Interest -- --
Balance of Profit brought forward 8675.51 7638.84
Add: Adjustment for Change in accounting 2.21 --
policy of Depreciation
Balance available for appropriation -- --
Proposed Dividend on Equity Shares -- --
Tax on proposed Dividend -- --
Transfer to General Reserve -- --
Surplus carried to Balance Sheet 8788.00 8675.51
During the year under review, the Company has recorded an income of
Rs.13912.47 lacs and the Profit of Rs.114.71 lacs as against the income
of 11973.63 lacs and reported profit of Rs. Rs.1036.67 lacs in the
previous financial year ending 31.03.2014.
EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
There were no material changes and commitments affecting financial
position of the company between 31st March and the date of Board's
Report.
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
During the financial year 2014-2015, the company has not change the
nature of business. DIVIDEND:
Keeping the Company's expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The management discussion and analysis of the financial condition and
results of operations of the company for the period under review as
required under clause 49 of the listing agreement of the stock
exchange, is given as a separate statement forming part of this Annual
report.
BUSINESS INNOVATION, EXPANSION AND DIVERSIFICATION
The Board has reviewed the progress of the Agri Division, Bio Pharma
Division and Pharma Divisions of the Company.
The Board has reviewed and taken note of the Research and Development
activities of the Bio Pharma Division and taken note the following:
The Bophirima division's R & D center was operational since 2009 and is
recognized by Department of Scientific and Industrial Research (DSIR),
Ministry of Science, Government of India. With a team of scientific
professionals the center is involved in the process development of
different segments of biologies such as vaccines, probiotics, peptides
and Therapeutic Proteins. All the research and development expenditure
including the overheads of the Bo Pharma Plant at Alexandria Knowledge
Park since last 6 years were met from the internal generations of the
Company's Agri division.
Presently there are around more than ten molecules which are ready for
commercial production which requires dedicated production blocks /suits
for dedicated segments/products for which the company has gone ahead
with Phase II expansion with an estimated additional capital cost of
around Rs. 64.00 crores . The Company has already invested around Rs.
25.00 crores on Phase II expansion from its internal generations of its
Agri Division.
The Company is looking for a Strategic Investor and was in negotiations
with potential investors. The negotiations done during December 2014
and January 2015 could not be materialized due to unacceptable terms
and conditions which the Management of the Company felt are detrimental
to the best interest of the Company.
Presently the Company is in negotiation with an Israeli MNC for turnkey
completion of Phase II and equity participation.
The agro operations of the Company involve mainly 1. The floriculture
unit of the Company situated at Satyamangalam village, HosurTaluk,
Krishnagiri District, Tamilnadu, 2. Nursery Operations and 3. Trading
of fresh agro produce like Flowers, Fruits, Vegetable, Plants and other
related agro commodities. The agro division's major revenues are from
its trading activity.
The Company has tie up with around three thousand farmers all over
India for procurement of different agriculture produce. Traditionally
The Company supports the farmers by supplying inputs during the sowing
season and procures the produce during harvest and supplies the same to
local markets which involves requirement of huge working capital.
Due to the severe cyclonic storm during last year in costal Andhra
Pradesh and unseasonal rains in Southern States like Tamilnadu,
Karnataka and Kerala the production of agriculture produce was badly
affected thereby severely effecting the procurement of the same in the
third and fourth quarter of financial year 2014-2015. Traditionally the
Company's agro division used to support farmers during the unfavorable
climatic conditions thereby ensuring the supply chain of procurement.
But due to liquidity constrains the Company could not support the
farmers resulting in lower quantities of supplies.
The Company Floriculture unit is almost 17 years old and as such
Company has undertaken major replacement of top soil in its 23 acres
farm and replanting of plants which also involve substantial
non-revenue expenditure.
The Board has taken note and reviewed of all the expenditure incurred
on Bophirima division for its R & D activities and overheads incurred
during the last 5 to years, and the amount spent on capital expenditure
for Phase II expansion from the internal generations of agri division.
This is in addition to the interest and installments paid to Punjab
National Bank for the term loan taken on Pase I.
All these factors affected the financial liquidity of the Company and
resulted in working capital scarcity.
DIRECTORS AND KEY MANANGERIAL PERSONNEL:
During the year, none of the Directors got appointed, however Mr. B. V.
Ramana Reddy, Director of the company resigned w.e.f. 26.09.2014. The
Board placed on record his sincere appreciation for the valuable
services rendered by him during his tenure as Director of the Company.
DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS
The Company has received necessary declaration from Sri Dr. A Ramaiah,
Sri Dr. K S R Siva Sai and Sri Dr. S S N Murthy Independent Directors
of the Company under Section 149(7] of the Companies Act, 2013 that
they as Independent Directors of the Company meet with the criteria
oftheir Independence laid down in Section 149(6].(FormatAnnexure II]
VIGIL MECHANISM:
Vigil Mechanism Policy has been established by the Company for
directors and employees to report genuine concerns pursuant to the
provisions of section 177(9] & (10] of the Companies Act, 2013. The
same has been placed on the website of the Company.
DIRECTOR S RESPONSIBILITY STATEMENT:
In pursuance of section 134 (5) of the Companies Act, 2013, the
Directors hereby confirm 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; and
(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.
(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.
APPOINTMENT OF AUDITORS:
M/s. M. M. Reddy & Co., Statutory Auditors of the company retires at
the ensuing annual general meeting and is eligible for reappointment.
As required under the provisions of Section 139 of the Companies Act,
2013, the Company has received a written consent from the auditors to
their re-appointment and a certificate to the effect that their
re-appointment, if made, would be in accordance with the Companies Act,
2013 and the rules framed there under and that they have satisfied the
criteria provided in Section 141 of the Companies Act, 2013.
The Board recommends the re-appointment of M/s. M. M. Reddy & Co., as
the statutory auditors of the Company from the conclusion of this
Annual General meeting till the conclusion of the next Annual General
Meeting.
INTERNAL AUDIT:
The company has not appointed any Internal Auditors for the financial
year 2014-15.
SECRETARIAL AUDIT:
Pursuant to the provisions of Section 134(3](f) & Section 204 of the
Companies Act, 2013, Secretarial audit report as provided by Mr. Vivek
Surana, Practising Company Secretaries is annexed to this Report as
annexure.
AUDIT REPORTS:
The Board has duly reviewed the Statutory Auditor's Report on the
Accounts for the year ended March 31, 2015 and given explanations in
Notes to Accounts annexed to Balance Sheet.
However, the Board decided to further strengthen the existing system
and procedures to meet all kinds of challenges associated with the
business.
The Board has duly reviewed the Secretarial Audit Report on the
Compliances according to the provisions of section 204 of the Companies
Act 2013, and noted is at the same that there is no company secretary,
CFO and Internal Auditors appointed during the year in the company but
the company is taking necessary measures to appoint the same at the
earliest.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO:
The required information as per Sec.134 (3) (m] of the Companies Act
2013 is provided hereunder:
A. Conservation of Energy:
Your Company's operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption :
1. Research and Development (R&D]: NIL
2. Technology absorption, adoption and innovation: NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings: NIL
Foreign Exchange Outgo: NIL
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec. 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits] Rules 2014, during the financial year under review.
DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
Your Company has well established procedures for internal control
across its various locations, commensurate with its size and
operations. The organization is adequately staffed with qualified and
experienced personnel for implementing and monitoring the internal
control environment. The internal audit function is adequately
resourced commensurate with the operations of the Company and reports
to the Audit Committee of the Board.
INSURANCE:
The properties and assets of your Company are adequately insured.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of loans, guarantees or investments made under section 186 of
the companies Act, 2013 are given in the notes to the financial
statements.
CREDIT & GUARANTEE FACILITIES:
The Company has been availing facilities of Credit and Guarantee as and
when required, for the business of the Company, from Punjab National
Bank.
RISK MANAGEMENT POLICY:
Your Company follows a comprehensive system of Risk Management. Your
Company has adopted a procedure for assessment and minimization of
probable risks. It ensures that all the risks are timely defined and
mitigated in accordance with the well structured risk management
process.
CORPORATE SOCIAL RESPONSIBILTY POLICY:
Since your Company do not have the net worth of Rs. 500 Crore or more,
or turnover of Rs. 1000 Crore or more, or a net profit of Rs. 5 Crore
or more during the financial year, section 135 of the Companies Act,
2013 relating to Corporate Social Responsibility is not applicable and
hence the Company need not adopt any Corporate Social Responsibility
Policy.
RELATED PARTY TRANSACTIONS:
As required under clause 49(VIII](A](2] of the listing agreement, the
Company has disclosed the policy on dealing with related party
transactions at Company's website at www.pochiraju.co.in.
Your Directors draw attention of the members to Note 33 to the
financial statement which sets out related party disclosures.
DISCLOSURE ABOUT COST AUDIT:
Cost Audit is not applicable to your Company.
RATIO OF REMUNERATION TO EACH DIRECTOR:
Under section 197(12] of the Companies Act, 2013, and Rule 5(1)(2) &
(3) of the Companies(Appointment & Remuneration] Rules, 2014, the
remuneration of Rs. 31,50,000/-p.a. has been paid to Mr. P. Sudhakar,
Managing Director of the Company.
LISTING WITH STOCK EXCHANGES:
The Company is listed with BSE Limited and National Stock Exchange
India Limited [NSE] and confirms that it has paid the Annual Listing
Fees where the Company's Shares are listed.
CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION
Directors are happy to report that your Company is compliant with the
Corporate Governance requirements as per Clause 49 of the Listing
Agreement with the Stock Exchanges. A separate section on Corporate
Governance and Management Discussion and Analysis together with a
certificate from the Statutory Auditor confirming compliance is set out
in the Annexure forming part of this report.
INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS GOVERNING
THE COMPANY
The Company is not a NBFC, Housing Companies etc., and hence Industry
based disclosures is not required.
SECRETARIAL STANDARDS EVENT BASED DISCLOSURES
During the year under review, the Company has not taken up any of the
following activities:
1. Issue of sweat equity share: NA
2. Issue of shares with differential rights: NA
3. Issue of shares under employee's stock option scheme: NA
4. Disclosure on purchase by company or giving of loans
by it for purchase of its shares: NA
5. Buy back shares: NA
6. Disclosure about revision: NA
7. Preferential Allotment of Shares: NA
EMPLOYEE RELATIONS:
Your Directors are pleased to record their sincere appreciation of the
contribution by the staff at all levels in the improved performance of
the Company.
None of the employees is drawing Rs. 5,00,000/- and above per month or
Rs.60,00,000/- and above in aggregate per annum, the limits prescribed
under Section 134 of the Companies Act, 2013.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at workplace
(Prevention, Prohibition and Redressal] Act, 2013. Internal Complaint
Committee (ICC] has been set up to redress complaints received
regarding sexual harassment. All employees are covered under this
policy.
The following is the summary of sexual harassment complaints received
and disposed during the calendar year.
* No. of complaints received: Nil
* No. of complaints disposed off: Nil
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation of the
contribution made by the employees at all levels, to the continued
growth and prosperity of your Company.
Your Directors also wish to place on record their appreciation of
business constituents, banks and other financial institutions and
shareholders of the Company like SEBI, BSE, NSE, NSDL, CDSL, Punjab
National Bank for their continued support for the growth of the
Company.
For and on behalf of the Board of
Pochiraju Industries Limited
Sd/-
Place: Hyderabad P.Sudhakar
Date: 10.08.2015 Managing Director
(DIN 00164844)
Mar 31, 2014
Dear Members,
The Directors have pleasure in placing before you the Nineteenth
Annual Report on the working and progress of the Company along with
audited accounts of the company for the financial year ended 31st
March, 2014 and the report of the auditors thereon.
FINANCIAL RESULTS
Key aspects of the company''s financial performance for the year 2013-14
are tabulated below:
2013-14 2012-13
Particlars (Rs. in Lakhs) (Rs. in Lakhs)
Gross Revenue 11973.63 10885.80
Total Expenditure 10863.08 10197.63
Profit before Depreciation and
taxation 1220.55 1220.55
Depreciation 570.94 532.37
Profit/(Loss) before tax(PBT) 1110.55 688.17
Less: Provision for Current tax 73.88 167.44
Profit/(Loss) after tax 1036.67 520.73
Prior Period Items - -
Profit / (Loss) after Prior
Period Items 1036.67 520.73
Profit Brought Forward from
previous year 7638.84 7118.10
Net Profit / (Loss) carried to
Balance Sheet 8675.51 7638.84
OPERATIONS
The Company has recorded a turnover of Rs.11973.63 lacs in the current
year. The Company earned a Net profit of Rs.1036.67 lacs after
depreciation and taxes. The amount of Net profit available for
appropriation after adjustments for prior period items is Rs. 1036.67
lacs and the same is carried to balance sheet. The operations during
the year ended on 31st March, 2014 were encouraging. The company has
been continuously working on quality up gradation and cost reduction
plans.
PUBLIC DEPOSITS
Your Company has not accepted any deposits falling within the meaning
of Sec-58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING
The equity shares of your company are listed on The Bombay Stock
Exchange Limited and National Stock Exchange Limited.
MANAGEMENT AND DISCUSSION ANALYSIS
The management discussion and analysis of the financial condition and
results of operations of the company for the period under review as
required under clause 49 of the listing agreement of the stock
exchange, is given as a separate statement forming part of this Annual
report.
BUSINESS INNOVATION, EXPANSION AND DIVERSIFICATION
Your company has completed the construction of Phase I and Phase II of
its Bio Pharma Unit at Shameerpet, Hyderabad IS under implementation.
Your management is happy to inform you that the unit''s R & D Block,
Administrational Block and Canteen Block along with the required
necessary support services are fully operational. The company''s R & D
division of Bio pharma is focusing mainly on Five Segments namely
Biologics, Vaccines, Therapeutic Peptides, Probiotics and Parenterals.
The company has developed many molecules with innovative process
technologies, leading to high yielding and low costs Therapeutics..
The company''s agriculture and F & V divisions are having regular
operations with steady growth. Presently the company apart from
growing its own flowers in the green houses also procuring many
varieties of flowers from different farmers all over the country and
also its procurement for its F & V division is being done directly from
farmers and also on contract farming basis. Taking into consideration
the growth potential of this segment both in domestic and overseas and
the relative locational and costs advantages your company is
contemplating to setup its production bases in African. Your company is
also planning to expand its agri operations into Agri Logistic,
Infrastructure and Distribution.
You company to finance its present Phase II expansion of Bio pharma and
for other Capex needs intends to raise Funds through Institutional
Borrowings, FCCB/ECB, Preferential Allotments subject to the prevalent
and applicable statutory approvals.
BANKS AND FINANCIAL INSTITUTIONS
Presently our Bankers are Punjab National Bank for our Biopharma Unit
at Shameerpet. We have very good business relationship with our bankers
and the bank has been supporting us throughout our business growth
plans.
CHANGES IN THE BOARD OF DIRECTORS
In accordance with the Companies Act, 1956 and 2013 read with Articles
of Association of the company the Directors, Sri. P.Sudhakar and
Smt.P.Sailaja will retire by rotation and are eligible for
reappointment. Your Board recommends the re-appointment of the above
Directors in the best interest of the company. Sri.B.V. Ramana Reddy
independent director of the company retires by rotation at this annual
general meeting.The Board in his place recommends Sri D.G. Prasad as an
independent director. Sri. D.G. Prasad is a professionally qualified
Chartered Accountant and an Ex Banker with a rich, long and varied
experience in Banking Industry. Sri. D.G. Prasad retired as an
Executive Director in Exim Bank and represented and is representing as
an Independent Director in several prestigious blue chip companies. His
experience and expertise will greatly help the company in its direction
and growth path. Your Board recommends the appointment of Sri. D.G.
Prasad as an Independent Director on Company''s Board in the interest of
the company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec.217 (2AA) of the Companies Act, 1956
and other relevant provisions of the Companies Act 2013 the Board of
Directors of your Company hereby certifies and confirms that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii. We have selected such accounting policies and applied them
consistently and made judgment 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 or loss
account of the company for that period;
iii. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities;
iv. We have prepared the Annual accounts on a going concern basis.
PERSONNEL
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of employees) Rules, 1975,
as amended,and other relevant applicable provisions of Companies Act
2013 the names and other particulars of employee(s) are set out in the
annexure of this report.
AUDITORS
M/s M.M. Reddy & Co, Chartered Accountants, Hyderabad, retires at the
conclusion of ensuing Annual General Meeting and is eligible for
re-appointment. The Board recommends for their reappointment.
CORPORATE GOVERNANCE
As a listed company, necessary measures have been taken to comply with
the Listing Agreement of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
forms part of this Report as an Annexure.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank the customers,
shareholders, suppliers, bankers, financial institutions and other
business constituents for their consistent support to the Company. The
Directors also wish to place on record their appreciation of the hard
work, dedication and commitment of the employees. The enthusiasm and
unstinting efforts of the employees has enabled the Company to achieve
sustained growth in the operational performance during the year under
review.
Place:Hyderabad For and on behalf of the Board
Date:14.08.2014 Pochiraju Industries Limited
Sd/-
P. Sudhakar
Managing Director
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in placing before you the Eighteenth
Annual Report on the working and progress of the Company along with
audited accounts of the company for the financial year ended 31 st
March, 2013 and the report of the auditors thereon.
FINANCIAL RESULTS
Key aspects of the company''s financial performance for the year 2012-13
are tabulated below:
Particulars 2012-13 2011-12
particulars (Rs. in Lakhs) (Rs. in Lakhs)
Gross Revenue 10885.80 7243.20
Total Expenditure 10197.63 5757.45
Profit before Depreciation
and taxation 1220.55 1658.67
Depreciation 532.37 172.92
Profit/(Loss) before tax(PBT) 688.17 1485.75
Less: Provision for Current tax 167.44 0
Profit/(Loss) after tax 520.73 1485.75
Prior Period Items
Profit / (Loss) after Prior
Period Items 520.73 1485.75
Profit Brought Forward
from previous year 7118.10 5632.35
Net Profit / (Loss) carried
to Balance Sheet 7638.84 7118.10
OPERATIONS
The Company has recorded a turnover of Rs. 10885.80 lacs in the current
year. The Company earned a Net profit of Rs. 520.23 lacs after
depreciation and taxes. The amount of Net profit available for
appropriation after adjustments for prior period items is Rs. 520.23
lacs and the same is carried to balance sheet. The operations during
the year ended on 31 March, 2013 were encouraging. The company has been
continuously working on quality up gradation and cost reduction plans.
PUBLIC DEPOSITS
Your Company has not accepted any deposits falling within the meaning
of Sec-58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING
The equity shares of your company are listed on The Bombay Stock
Exchange Limited and National Stock Exchange Limited.
MANAGEMENT AND DISCUSSION ANALYSIS
The management discussion and analysis of the financial condition and
results of operations of the company for the period under review as
required under clause 49 of the listing agreement of the stock
exchange, is given as a separate statement forming part of this Annual
report.
BUSINESS INNOVATION, EXPANSION AND DIVERSIFICATION
Your company has completed the construction of all the Blocks for Phase
I and Phase II of its Bio Pharma Unit at Shamirpet, Hyderabad. Your
management is happy to inform you that the unit''s R & D Block,
Administrational Block and Canteen Block along with the required
necessary support services are fully operational. Plant and Machinery
and equipment for the production blocks for Phase I are installed and
for Phase II is under progress.
The company''s agriculture and F & V divisions are having regular
operations with steady growth. Presently the company apart from
growing its own flowers in the green houses also procuring many
varieties of flowers from different farmers all over the country and
also its procurement for its F & V division is being done directly from
farmers and also on contract farming basis. Taking into consideration
the growth potential of this segment both in domestic and overseas and
the relative locational and costs advantages your company is
contemplating to setup its production bases in African countries such
as Kenya, Ethiopia, Ghana, Tanzania etc and also identified large areas
of lands for acquisition during the coming financial year.
BANKS AND FINANCIAL INSTITUTIONS
Presently our Bankers are Punjab National Bank for our Biopharma Unit
at Shameerpet. We have very good business relationship with our bankers
and the bank has been supporting us throughout our business growth
plans.
CHANGES IN THE BOARD OF DIRECTORS
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Directors, Dr.K.SivaSai and Dr.
S.S.N.Murthy will retire by rotation and are eligible for
reappointment. Your Board recommends the re-appointment of the above
Directors in the best interest of the company. Sri.Ramaraj Selvam
retires by rotation at this annual general meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec. 217 (2 AA) of the Companies Act,
1956 the Board of Directors of your Company hereby certifies and
confirms that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii. We have selected such accounting policies and applied them
consistently and made judgment 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 or loss
account of the company for that period;
iii. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities;
iv. We have prepared the Annual accounts on a going concern basis.
PERSONNEL
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of employees) Rules, 1975,
as amended, the names and other particulars of employee(s) are set out
in the annexure of this report.
AUDITORS
M/s M.M. Reddy & Co, Chartered Accountants, Hyderabad, retires at the
conclusion of ensuing Annual General Meeting and are eligible for
re-appointment. The Board recommends for their reappointment.
CORPORATE GOVERNANCE
As a listed company, necessary measures have been taken to comply with
the Listing Agreement of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
forms part of this Report as an Annexure.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank the customers,
shareholders, suppliers, bankers, financial institutions and other
business constituents for their consistent support to the Company. The
Directors also wish to place on record their appreciation of the hard
work, dedication and commitment of the employees. The enthusiasm and
unstinting efforts of the employees has enabled the Company to achieve
sustained growth in the operational performance during the year under
review.
Place: Hyderabad For and on behalf of the Board
Date:14.08.2013 Pochiraju Industries Limited
Sd/-
P Sudhakar
Managing Director
Mar 31, 2012
The Directors have pleasure in placing before you the Seventeenth
Annual Report on the working and progress of the Company along with
audited accounts of the company for the financial year ended 31st
March, 2012 and the report of the auditors thereon.
FINANCIAL RESULTS
Key aspects of the company's financial performance for the year
2011-12 are tabulated below: (Rs. in lakhs)
Particulars 2011-12 2010-11
Gross Revenue 7243.20 5543.94
Total Expenditure 5757.45 4336.67
Profit before Depreciation
and taxation 1658.67 1380.19
Depreciation 172.92 172.92
Profit/(Loss) before tax(PBT) 1485.75 1207.27
Less: Provision for Current
tax 0 35.06
Profit/(Loss) after tax 1485.75 1172.21
Prior Period Items - -
Profit / (Loss) after Prior
Period Items 1485.75 1172.21
Profit Brought Forward from
previous year 5632.35 4460.14
Net Profit / (Loss) carried
to Balance Sheet 7118.10 5632.35
OPERATIONS
The Company has recorded a turnover of Rs.7243.20 lacs in the current
year. The Company earned a Net profit of Rs. 1485.75 lacs after
depreciation and taxes. The amount of Net profit available for
appropriation after adjustments for prior period items is Rs. 1485.75
lacs and the same is carried to balance sheet. The operations during
the year ended on 31st March, 2012 were encouraging. Inspite of global
reces- sion your company achieved decent results. The company has been
continuously working on quality up gradation and cost reduction plans.
PUBLIC DEPOSITS
Your Company has not accepted any deposits falling within the meaning
of Sec-58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING
The equity shares of your company are listed on The Bombay Stock
Exchange Limited and National Stock Exchange Limited.
MANAGEMENT AND DISCUSSION ANALYSIS
The management discussion and analysis of the financial condition and
results of operations of the company for the period under review as
required under clause 49 of the listing agreement of the stock
exchange, is given as a separate statement forming part of this Annual
report.
BUSINESS INNOVATION, EXPANSION AND DIVERSIFICATION
Your company has completed the construction of all the Blocks of its
Bio pharma Unit at Shamirpet, Hyderabad. Your management is happy to
inform you that the unit's R & D block, Administrational Block and
Canteen Block along with the required necessary support services are
fully operational. Plant and Machinery and equipment for the production
blocks are being installed and the management is contemplating to
complete the validation of the facility, plant and machinery by the end
of this financial year.
The company's agriculture and f & v divisions are having regular
operations with steady growth. Presently the company apart from growing
its own flowers in the green houses also procuring many varieties of
flowers from different farmers all over the country and also its
procurement for its f & v division is being done directly from farmers
and also on contract farming basis. Taking into consideration the
growth potential of this segment both in domestic and overseas and the
relative locational and costs advantages your company is contemplating
to setup its production basis in African countries such as Kenya,
Ethiopia, Ghana , Tanzania etc and also identified large areas of lands
for acquisition during the coming financial year.
BANKS AND FINANCIAL INSTITUTIONS
Presently our Bankers are Oriental Bank of Commerce for our Agriculture
division and Punjab National Bank for our Biopharma Unit at Shameerpet.
We have been dealing with OBC since 1998 and PNB since 2010. We have
very good business relationship with our bankers and the bank has been
supporting us throughout our business growth plans.
CHANGES INTHE BOARD OF DIRECTORS
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Directors, Dr.A. Ramaiah and
Smt.P.Sailaja retire by rotation and are eligible for reappointment.
Your Board recommends the re-appointment of the above Directors in the
best interest of the company.
Sri Selvam Ramaraj was appointed as additional director of the company
in terms of Section 260 of the Companies Act, 1956.He holds office up
to the date of ensuing Annual General Meeting .The Company has received
notice in writing from a member proposing the candidature of Sri Selvam
Ramaraj as Director liable to retire by rotation.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec.217 (2AA) of the Companies Act, 1956
the Board of Directors of your Company hereby certifies and confirms
that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii. We have selected such accounting policies and applied them
consistently and made judgment 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 or loss
account of the company for that period;
iii. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities;
iv. We have prepared the Annual accounts on a going concern basis.
PERSONNEL
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of employees) Rules, 1975,
as amended, the names and other particulars of employee(s) are set out
in the annexure of this report.
AUDITORS
M/s M.M. Reddy & Co, Chartered Accountants, Hyderabad, retires at the
conclusion of ensuing Annual General Meeting and are eligible for re-
appointment. The Board recommends for their reappointment.
CORPORATE GOVERNANCE
As a listed company, necessary measures have been taken to comply with
the Listing Agreement of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
forms part of this Report as an Annexure.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank the customers,
shareholders, suppliers, bankers, financial institutions and other
business constituents for their consistent support to the Company. The
Directors also wish to place on record their appreciation of the hard
work, dedication and commitment of the employees. The enthusiasm and
unstinting efforts of the employees has enabled the Company to achieve
sustained growth in the operational performance during the year under
review.
Place: Hyderabad
Date: 27.08.2012
By order of the Board
Pochiraju Industries Limited
Sd/-
P Sudhakar
Managing Director
Mar 31, 2010
The Directors have pleasure in placing before you the Fifteenth
Annual Report on the working and progress of the Company alongwith
audited accounts of the company for the financial year ended 31st
March, 2010 and the report of the auditors thereon.
FINANCIAL RESULTS
Key aspects of the companys financial performance for the year 2009-10
are tabulated below:
(Rs. in lakhs)
Particulars 2009-10 2008-09
Gross Revenue 4333.54 3579.74
Total Expenditure 3237.55 2770.13
Profit before Depreciation and taxation 1285.95 1151.91
Depreciation 138.90 128.33
Profit/(Loss) before tax(PBT) 1147.05 1023.58
Less: Provision for Current tax 21.95 49.55
Profit/(Loss) after tax 1125.10 974.03
Prior Period Items - -
Profit / (Loss) after Prior Period Items 1125.10 974.03
Profit Brought Forward from previous year 3335.04 2361.01
Net Profit / (Loss) carried to Balance Sheet 4460.14 3335.04
OPERATIONS
The Company has recorded a turnover of Rs.4333.54 lacs in the current
year. The Company earned a Net profit of Rs.1125.10 lacs after
depreciation and taxes. The amount of Net profit available for
appropriation after adjustments for prior period items is Rs. 1125.10
lacs and the same is carried to balance sheet. The operations during
the year ended on 31st March, 2010 were encouraging. Inspite of global
recession your company achieved decent results. The company has been
continuously working on quality up gradation and cost reduction plans.
PUBLIC DEPOSITS
Your Company has not accepted any deposits falling within the meaning
of Sec-58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING
The equity shares of your company are listed on The Bombay Stock
Exchange Limited and National Stock Exchange Limited
MANAGEMENT AND DISCUSSION ANALYSIS
The management discussion and analysis of the financial condition and
results of operations of the company for the period under review as
required under clause 49 of the listing agreement of the stock
exchange, is given as a separate statement forming part of this Annual
report.
BUSINESS INNOVATION, EXPANSION AND DIVERSIFICATION
The scope of the project has been increased to include manufacture of
Vaccines and monoclonal anti bodies and as a result the cost of the
project was revised to Rs. 6089.00 lakhs including a term loan
component of Rs. 3000.00 lakhs. The construction of the state of art
Biotech plant at Shapoorji Pallonji Biotech Park at Shameerpet is under
active progress. Major production equipment is under errection and
commissioning of the pant for validations will commence in another 9
months time. Our company has got DSIR Approval and Recognition for R&D
activities.
Under the F&V division currently the company is procuring and sourcing
different kinds of F&V from Farmers and is supplying them to all the
major retail chains, institutions in the southern part of India and
will expand to other regions in the coming financial years. Our company
is also exploring to expand its agriculture division in African
countries more particularly Kenya, Ethiopia etc.
BANKS AND FINANCIAL INSTITUTIONS
Presently our Bankers are Oriental Bank of Commerce and we have been
dealing with them since 1998. We have very good business relationship
with our bankers and the bank has been supporting us throughout our
business growth plans. For our Biotech Division à BIOPIL and Pharma
Divisions à PHARMAPIL our company is opting to go for multiple banking
with leading Nationalised Banks.
CHANGES IN THE BOARD OF DIRECTORS
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Directors, Dr. K. S. R. Siva Sai and Dr.
S. S. N. Murthy retire by rotation and are eligible for reappointment.
Your Board recommends the re-appointment of the above Directors in the
best interest of the company. There are, otherwise, no changes in the
constitution of the Board of the company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec.217 (2AA) of the Companies Act, 1956
the Board of Directors of your Company hereby certifies and confirms
that:
i. In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii. We have selected such accounting policies and applied them
consistently and made judgment 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 or loss
account of the company for that period;
iii. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities;
iv. We have prepared the Annual accounts on a going concern basis.
PERSONNEL
As required under the provisions of Section 217(2A) of the Companies
Act, 1956 read with Companies (Particulars of employees) Rules, 1975,
as amended, the names and other particulars of employee(s) are set out
in the annexure of this report.
AUDITORS
M/s. B Rama Rao & Co., Chartered Accountants, Hyderabad, retires at the
conclusion of ensuing Annual General Meeting and are eligible for
re-appointment. The Board recommends for their reappointment
CORPORATE GOVERNANCE
As a listed company, necessary measures have been taken to comply with
the Listing Agreement of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
forms part of this Report as an Annexure.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank the customers,
shareholders, suppliers, bankers, financial institutions and other
business constituents for their consistent support to the Company. The
Directors also wish to place on record their appreciation of the hard
work, dedication and commitment of the employees. The enthusiasm and
unstinting efforts of the employees has enabled the Company to achieve
sustained growth in the operational performance during the year under
review.
For and on behalf of the Board
Pochiraju Industries Limited
Sd/-
Place: Satyamangalam P Sudhakar
Date: 24.08.2010 Managing Director
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