Mar 31, 2014
Dear Members,
We are delighted to present before you the Twenty Sixth Annual Report
on business and operations along with the Audited financial statements
and the Auditors Report of your company for the financial year ended
March 31, 2014.
(Rs. in Lakhs)
Particulars For the Year For the Year
Ended 31-03-2014 Ended 31-03-2013
FINANCIAL RESULT
Total Revenues 1739.94 3328.59
Total Expenditure 1654.78 2497.49
Earnings before Interest,
Depreciation & Tax 85.16 831.11
Interest 75.02 811.21
Depreciation & Amortisation 8.51 9.98
Profit/(Loss) before tax 1.62 9.92
Provision for Taxes 0.31 0.44
Profit after tax 2.01 10.36
Surplus/(Deficit) brought forward
form Pervious year 55.08 539.72
Tranfered from forfited Shares - -
Balance in Profit & Loss Account 552.09 550.08
DIVIDEND:
In view of the working capital requirements for the on going &
forthcoming projects, the Board had not recommended any dividend.
FUTURE PROSPECTS:
Your company views the future with optimism, as the demand for Housing
is growing day by day and keeping in view the demand the management is
anticipating good increase in turnover during the forthcoming years.
DIRECTORS:
Sri T. Sri Rambabu, Sri P.S.P. Bhushan Maruthi and Sri B.V.R. Kumar
Maruthi shall retire by rotation at the ensuing Annual General Meeting
and being eligible are proposed for re-appointment.
AUDITORS:
The Statutory Auditors M/s SURESH AND BABU, Chartered Accountants,
Vijayawada retire at the ensuing Annual General Meeting, and have
confirmed their eligibility and willingness to accept office, if
re-appointed.
INFORMATION AS PER SEC. 217(2A) OF THE COMPANIES ACT, 1956
There were no employees in receipt of remuneration in excess of the
amounts specified in Section 217(2A) of the Companies Act, 1956 read
with Rule 2 of Companies (particulars of Employees) Rules of 1975, as
amended.,
CONSERVATION of Energy ,Technology absorption, Foreign Exchange and
outgo:
The Rules regarding conservation of Energy and technical absorption are
not applicable to the company. The company has not earned any foreign
exchange and has not incurred any expenses in foreign currency.
CORPORATE GOVERNANCE:
We strive to maintain high standards of corporate governance in all our
interactions with our stake holders. The company has confirmed the
corporate governance code as stipulated under the listing agreement
with the stock exchange. As per clause 49 of the Listing Agreement our
company has obtained corporate governance report from the statutory
auditors of the company and annexed to this report and a separate
section on Management Analysis and Discussion has been forming part of
this report.
Directors'' Responsibility Statement:
Pursuant to the requirement U/s 217 (2AA) of the Companies Act, 1956,
with respect to Directors responsibility statement, it is hereby
confirmed:
i) That in the presentation of Annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period.
iii) That the Directors 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 frauds and other
irregularities.
iv) That the Directors have prepared the accounts on a going concern
basis.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their thanks to the
various State Government Departments, Development Authorities, Banks &
Financial Institutions, Customers and Suppliers for their valuable
assistance and support.
Your Directors wish to place on record their appreciation of the
efforts put in by the employees of your company at all levels.
For and on behalf of the Board
Sd/-
Place : Vijayawada LINGAM RAVINDRA RAO
Date : 05.05.2014 Managing Director
Mar 31, 2013
Dear Members,
The Directors have great pleasure in presenting 25th Annual report
together with the annual Audited Accounts for the financial year ended
31st March 2013.
(Rs. in Lakhs)
Particulars For the Year For the Year
Ended 31-03-2013 Ended 31-03-2012
FINANCIAL RESULT
Total Revenues 3328.60 1325.48
Total Expenditure 2497.49 1734.11
Earnings before Interest,
Depreciation & Tax 831.11 (408.63)
Interest 811.21 60.28
Depreciation 9.98 11.94
Profit/(Loss) before tax 9.92 (480.85)
Provision for Taxes 0.44 (0.31)
Profit after tax 10.36 (480.54)
Surplus/(Deficit) brought forward
form Pervious year 539.72 1020.26
Balance in Profit & Loss Account 550.08 539.72
DIVIDEND:
In view of the working capital requirements for the on going &
forthcoming projects, the Board has not recommended any dividend.
FUTURE PROSPECTS:
Your company views the future with optimism, as the demand for Housing
is growing day by day and keeping in view the demand the management is
anticipating good increase in turnover during the forthcoming years.
DIRECTORS:
Sri K. Harischandra Prasad, who retires by rotation and being eligible
offers himself for reappointment.
Sri Ch. Anjaneyulu, who retires by rotation and being eligible offers
himself for reappointment.
Sri M K S Prakasa Rao, who retires by rotation and being eligible
offers himself for reappointment.
AUDITORS:
M/s SURESH AND BABU, Chartered Accountants, Vijayawada Auditors of the
Company retire and are eligible for re-appointment for the Current
financial Year.
INFORMATION AS PER SEC. 217(2A) OF THE COMPANIES ACT, 1956 PARTICULARS
OF EMPLOYEES:
There were no employees in receipt of remuneration in excess of the
amounts specified in Section 217(2A) of the Companies Act, 1956.
CONSERVATION of Energy, Technology absorption, Foreign Exchange and
outgo:
Information regarding compliance of rules relating to conservation of
Energy and Technology absorption is not provided, as the same is not
applicable to the Company.
Foreign exchange earning and out go : Nill
CORPORATE GOVERNANCE:
As per clause 49 of the Listing Agreement our company has obtained
corporate governance report from the statutory auditors of the company
and annexed to this report and a separate section on Management
Analysis and Discussion has been forming part of this report.
Directors'' Responsibility Statement:
Pursuant to the requirement U/s 217(2AA) of the Companies Act, 1956,
with respect to Directors responsibility statement, it is hereby
confirmed:
i) That in the presentation of Annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period.
iii) That the Directors 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 frauds and other
irregularities.
iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2013 on a going concern basis.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their thanks to the
various State Government Departments, Development Authorities, Banks &
Financial Institutions, Customers and Suppliers for their valuable
assistance and support.
Your Directors wish to place on record their appreciation of the
efforts put in by the employees of your company at all levels.
For and on behalf of the Board
Sd/-
Place : Vijayawada LINGAM RAVINDRA RAO
Date : 04.09.2013 Managing Director
Mar 31, 2012
Dear Shareholders,
The are delighted to present before you the Twenty Fourth Annual Report
on business and operations along with the Audited financial statements
and the Auditors Report of your company for the financial year ended
March 31, 2012.
(Rs. in Lakhs)
Particulars For the Year For the Year
Ended
31-03-2012 Ended
31-03-2011
FINANCIAL RESULT
Total Revenues 1325.48 787.71
Total Expenditure 1734.11 693.09
Earnings before Interest,
Depreciation & Tax (408.63) 97.50
Interest 60.28 74.20
Depreciation & Amortisation 11.94 14.98
Profit/(Loss) before tax (480.85) 8.31
Provision for Tax (0.31) (0.47)
Profit after tax (480.54) 8.78
Surplus/(Deficit) brought forward
form Pervious year 1020.26 911.22
Transferred from Forward from previous
year - 100.26
Balance in Profit & Loss Account 539.72 1020.26
DIVIDEND:
In view of the working capital requirements for the on going &
forthcoming projects, the Board had not recommended any dividend.
FUTURE PROPSECTS:
Your company views the future with optimism, as the demand for Housing
is growing day by day and keeping in view the demand the management is
anticipating good increase in turnover during the forthcoming years.
DIRECTORS :
Sri K.Koteswara Rao, Sri A.Srinivas and Sri M.K.S.Prakasa Rao shall
retire by rotation at the ensuing Annual General Meeting and being
eligible are proposed for re-appointment.
AUDITORS:
The Statutory Auditors M/s SURESH AND BABU, Chartered Accountants,
Vijayawada retire at the ensuing Annual General Meeting, and have
confirmed their eligibility and willingness to accept office, if
re-appointed.
INFORMATION AS PER SEC. 217(2A) OF THE COMPANIES ACT, 1956
There were no employees in receipt of remuneration in excess of the
amounts specified in Section 217(2A) of the Companies Act, 1956 read
with Rule 2 of Companies (particulars of Employees) Rules of 1975, as
amended.,
CONSERVATION of Energy .Technology absorption. Foreign Exchange and
outgo:
Information regarding compliance of rules relating to conservation of
Energy and Technology absorption is not provided, as the same is not
applicable to the Company.
CORPORATE GOVERNANCE:
We strive to maintain high standards of corporate governance in all our
interactions with our stake holders. The company has confirmed the
corporate governance code as stipulated under the listing agreement
with the stock exchange. As per clause 49 of the Listing Agreement our
company has obtained corporate governance report from the statutory
auditors of the company and annexed to this report and a separate
section on Management Analysis and Discussion has been forming part of
this report.
Directors'' Responsibility Statement:
Pursuant to the requirement U/s 217(2AA) of the Companies Act, 1956,
with respect to Directors responsibility statement, it is hereby
confirmed
i) That in the presentation of Annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period.
iii) That the Directors 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 frauds and other
irregularities.
iv) That the Directors have prepared the accounts on a going concern
basis.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their thanks to the
various State Government Departments, Development Authorities, Banks &
Financial Institutions, Customers and Suppliers for their valuable
assistance and support.
Your Directors wish to place on record their appreciation of the
efforts put in by the employees of your company at all levels.
For and on behalf of the Board
Place : Vijayawada LINGAM RAVINDRA RAO
Date : 02.09.2012 Managing Director
Mar 31, 2011
The Directors have great pleasure in presenting 23rd Annual Report
together with the Annual Audited Accounts for the financial year ended
31st March, 2011.
For the Year For the Year
Ended '
31-03-2011 Ended 31-03-2010
FINANCIAL RESULTS Rs. Rs.
Profit before interest
and depreciation 94,93,581 1,13,21,366
Interest 71,64,202 87,62,057
Depreciation 14,98,202 16,29,402
Profit for the Year 8,31,177 9,29,907
Miscellaneous Expenditure written off 0 0
Profit before tax 8,31,177 9,29,907
Less: Provision for Income Tax
--- Current Tax ( 277596) (2,87,397)
--- Deferred Tax 3,24,927 55,899
Profit after tax 8,78,508 6,98,409
Profit/Loss brought forward from
Previous period 9,11,21,998 9,04,23,589
Profit carried to Balance Sheet 9,20,00,506 9,11,21,998
Earning per share
---Basic/Diluted. 0.29 0.17
DIVIDEND:
In view of the working capital requirements for the on going & forth
coming projects, the board has not recommended any dividend.
FUTURE PROSPECTS:
Your company views the future with optimism, as the demand for Housing
is growing day by day and keeping in view the demand the management is
anticipating good increase in turnover during the forthcoming years.
DIRECTORS :
Sri T.Sri Rambabu who retires by rotation and being eligible offers
himself for re-appointment.
Sri P.S.P.Bhushan Maruthi who retires by rotation and being eligible
offers himself for re- appointment.
Sri B.V.R.Kumar Maruthi who retires by rotation and being eligible
offers himself for re- appointment.
AUDITORS :
M/s SURESH AND BABU, Chartered Accountants, Vijayawada Auditors of the
Company, retire and are eligible for re-appointment for the Current
Year.
INFORMATION AS PER SEC.217(2A) OF THE COMPANIES ACT, 1956.
PARTICULARS OF EMPLOYEES:
There were no employees in receipt of remuneration in excess of the
amounts specified in Section 217(2A) of the Companies Act, 1956.
CONSERVATION of Energy ,Technology absorption, Foreign Exchange and
outgo :
Information regarding compliance of Rules relating to conservation of
Energy and Technology absorption is not provided, as the same is not
applicable to the Company.
Foreign Exchange earning and outgo : Nil
CORPORATE GOVERNANCE:
As per clause 49 of the Listing Agreement our company has obtained
corporate governance report from the statutory auditors of the company
and annexed to this report and a separate section on Management
Analysis and Discussion has been forming part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement U/s 217(2AA) of the Companies Act, 1956,
with respect to Directors responsibility statement, it is hereby
confirmed
i) That in the presentation of Annual accounts, Applicable accounting
standards have been followed and there is no material departure.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for the year under review.
iii) That the Directors 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) That the Directors have prepared the accounts for the financial
year ended 31st March
2011 on a going concern basis.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their thanks to the
various State Government Departments, Development Authorities, Banks &
Financial Institutions, Customers and Suppliers for their valuable
assistance & support.
Yours Directors wish to place on record their appreciation of the
efforts put in by the employees of your company at all levels.
Place : Vijayawada
For and on behalf of the Board
Date : 02.09.2011
L.RAVINDRA RAO
Managing Director
Mar 31, 2010
The Directors have great pleasure in presenting 22nd Annual Report
together with the Annual Audited Accounts for the financial year ended
31st March, 20010.
For the Year For the Year
Ended 31-03-2010 Ended 31-03-2009
FINANCIAL RESULT Rs. Rs.
Profit before interest and
depreciation 1,13,21,366 1,34,92,198
Interest 87,62,057 84,14,762
Depreciation 16,29,402 16,80,895
Profit for the Year 9,29,907 33,96,541
Miscellaneous Expenditure written off 0 0
Profit before tax 9,29,907 33,96,541
Provision for Income Tax -- --
à Current Tax (2,87,397) (5,92,329)
à Fringe Benefit Tax 0 (84,284)
à Deferred Tax 55,899 94,010
Profit after tax 6,98,409 27,94,486
Profit/Loss brought forward from
Previous period 9,04,23,589 8,76,29,103
Profit carried to Balance Sheet 9,11,21,998 9,04,23,589
Earning per share
ÃBasic/Diluted. 0.17 0.69
DIVIDEND:
In view of the working capital requirements for the on going & forth
coming projects, the board has not recommended any dividend.
PERFORMANCE:
The Progress of new apartment ventures called Aananda Vihar at
Edupugallu near Sreenivasapuram Colony and Pakruthi Vihar adjacent to
Narayanapuram Colony, are going to be completed in the next financial
year.
FUTURE PROSPECTS:
Your company views the future with optimism, as the demand for Mousing
is growing day by day and keeping in view the demand the management is
anticipating good increase in turnover during the forthcoming years.
DIRECTORS:
Sri K..Harischandra Prasad who retires by rotation and being eligible
offers himself for re- appointment.
Sri Ch.Anjaneyulu who retires by rotation and being eligible offers
himself for re-appointment.
Sri M.K.S Prakasa Rao who retires by rotation and being eligible offers
himself for re-appointment.
Sri P.S.P.Bhushan Maruthi, was appointed as Additional Director at the
Board meeting held on 25 January,2010, to hold office till the
conclusion of ensuing Annual General meeting. Company has received
proposal along with requisite deposit from the shareholders to appoint
him as Director liable to retire by Rotation at the ensuing Annual
General meeting. Board recommends for his appointment.
Sri B,V.R.Kumar Maruthi, was appointed as Additional Director at the
Board meeting held on 25lh January,2010, to hold office til! the
conclusion of ensuing Annual General meeting. Company has received
proposal along with requisite deposit from the shareholders to appoint
him as Director liable to retire by Rotation at the ensuing Annual
General meeting. Board recommends for his appointment.
AUDITORS :
M/s SURESH AND BABU, Chartered Accountants, Vijayawada Auditors of the
Company, retire and are eligible for re-appointment for the Current
Year,
INFORMATION AS PER SEC.2I7(2A) OF THE COMPANIES ACT. 1956. PARTICULARS
OF EMPLOYEES:
There were no employees in receipt of remuneration in excess of the
amounts specified in Section 237(2A)ofthe Companies Act, 1956.
CONSERVATION of Energy .Technology absorption. Foreign Exchange and
outgo :
Information regarding compliance of Rules relating to conservation of
Energy and Technology absorption is not provided, as the same is not
applicable to the Company. Foreign Exchange earning and outgo nil
CORPORATE GOVERNANCE:
As per clause 49 of the Listing Agreement your company has obtained
corporate governance report from the statutory auditors of the company
and annexed to this report and a separate section on Management
Analysis and Discussion has been forming part of this report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement U/s 217(2AA) of the Companies Act, 1956,
with respect to Directors responsibility statement, it is hereby
confirmed
i) That in the presentation of Annual accounts, Applicable accounting
standards have been followed and there is no material departure.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for the year under review.
iii) That the Directors 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) That the Directors have prepared the accounts for the financial
year ended 31s1 March 2010 on a going concern basis.
ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their thanks to the
various State Government Departments. Development Authorities, Banks &
Financial Institutions, Customers and Suppliers for their valuable
assistance & support.
Yours Directors wish to place on record their appreciation of the
efforts put in by the employees of your company at all levels.
Place : Viiayawada For and on behalf of the Board
Date : 02 .09.2010 L.RAVINDRA RAO
Managing Director
Mar 31, 2009
The Directors have great pleasure in presenting 21s Annual Report
together with the Annual Audited Accounts for the Financial year ended
31st March, 2009.
For the Year For the Year
Ended 31 -03-2009 Ended 31 -03-2008
FINANCIAL RESULT Rs. Rs.
Profit before interest
and depreciation 1,34,92,198 2,85,93,949
Interest 84,14,762 1,09,11,305
Depreciation 16,80,895 15,57,249
Profit for the Year 33,96,541 1,61,25,395
Miscellaneous Expenditure
written off 0 0
Profit before tax 33,96,541 1,61,25,395
Provision for Income Tax -- --
à Current Tax (5,92,329) (17,82,765)
à Fringe Benefit Tax (84,284) (85,248)
à Deferred Tax 94,010 61,069
Profit after tax 27,94,486 1,43,18,451
Profit/Loss brought forward from
Previous period 8,76,29,103 7,33,10,652
Profit carried to
Balance Sheet 9,04,23,589 8,76,29,103
Earning per share
Basic/Diluted. 0.69 3.56
DIVIDEND:
In view of the working capital requirements for the on going &
forthcoming projects, the Board had not recommended any dividend.
PERFORMANCE:
The new apartment ventures called "Aananda Vihar" at Edupugallu near
Sreenivaasapuram Colony and "Prakruthi Vihaar" adjacent to
Narayanapuram Colony were announced and they had good response from the
customers.
FUTURE PROPSECTS:
Your company views the future with optimism as the demand for Housing
is growing day by day. The Directors have pleasure in announcing the
new housing venture at Prodduturu on Joint Venture with M/s.
Waterrrjarke Villas Private Limited. Your Company is hopipg for an
enormous increase in turnover during the forthcoming years.
DIRECTORS:
Sri K. ëKoteswara Rao who retires by rotation and .being eligible
offers himself for re-appointment.
Sri A. Srinivas who retires by rotation and being eligible offers
himself for re-appointment.
Sri M.K.S. Prakasa Rao who retires by rotation and being eligible
offers himself for re-appointment.
AUDITORS:
M/s. SURESH AND BABU, Chartered Accountants, Vijayawada Auditors of the
Company, retire and are eligible for re-appointment for the Current
year.
Information as per Sec. 217(2A) of the Companies Act, 1956
PARTICULARS OF EMPLOYEES:
There were no employees in receipt of remuneration in excess of the
amounts specified in Section 217(2A) of the Companies Act, 1956.
CONSERVATION of Energy .Technology absorption. Foreign Exchange and
outgo:
Information regarding compliance of rules relating to conservation of
Energy and Technology absorption is not provided, as the same is not
applicable to the Company.
CORPORATE GOVERNANCE:
A report on corporate governance has been obtained from the statutory
auditors of the company ^ and form part of this report.
Directors Responsibility Statement:
Pursuant to the requirement U/s 217(2AA) of the Companies Act, 1956,
with respect to Directors responsibility statement, it is hereby
confirmed
i) That in the presentation of Annual accounts, applicable accounting
standards have been followed and there is no material departure.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for the year under review.
iii) That the Directors 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) That the Directors have prepared the accounts for the financial
year ended 31st March 2009 on a going concern basis.
Acknowledgement:
Your Directors take this opportunity to express their thanks to1 the
various State Government Departments, Development Authorities, Banks &
Financial Institutions, Customers and Suppliers for their valuable
assistance and support.
Your Directors wish to place on record their appreciation of the
efforts put in by the employees of your company at all levels.
For and on behalf of the Board
Place : Vijayawada LINGAM RAVINDRA RAO
Date : 01.09.2009 Chairman & Managing Director
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