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Directors Report of Salguti Industries Ltd.

Mar 31, 2015

The Directors have pleasure in presenting the 30th Annual Report together with the Audited Balance Sheet, Profit & Loss Account and Cash Flow Statement for the financial year ended 31st March, 2015.

FINANCIAL RESULTS REVIEW AND PROSPECTS

The company has recorded a total income of Rs. 12,494.89 lakhs for the year ended 31st March, 2015 against total income of Rs. 12,277.31 Lakhs last year. The company has recorded a net profit of 29.62 lakhs for the current period against net loss of Rs. 71.00 lakhs for the last year which is encouraging. Board of Directors assure you better financial position in the years to come.

From the financial perspective, the highlights of the financial results for the year under review are as follows:

(Rupees in Lakhs)

Particulars 2014 – 15 2013 – 14

Total Turnover 12,494.89 12,277.31

Expenditure 11,811.09 11,563.93

Finance Cost 689.70 753.83

Profit before Tax 2.72 (33.36)

Less: Provision for Tax 0.52 -

Less: Provision for deferred Income Tax (27.42) 37.64

Net Profit (after deferred tax) 29.62 (71.00)

THE COMPANY'S PRODUCTS / SERVICES

- Plastic Division : Our Company is Manufacturing HDPE/PP Woven sacks for packing of Fertilizers & Cement.

- Textile Division : Manufacturing Cotton grey fabric for garments, Bed Linen and Furnishings.

DIVIDEND

The Directors regret their inability to recommend dividend for the year under review due to insufficient profit.

BUSINESS RISK MANAGEMENT

The Company, like any other enterprise, is exposed to business risk which can be internal risks as well as external risks. The threats to the segments in which the company operates are

- Competition from other developing countries, from Vietnam and Bangladesh.

- Continuous Quality Improvement is need of the hour as there are different demand patterns all over the world.

- Elimination of Quota system will lead to fluctuations in Export Demand.

- Threat for Traditional Market for Powerloom and Handloom Products and forcing them for product diversification.

- Geographical Disadvantages.

- International labor and Environmental Laws.

- To balance the demand and supply.

- To make balance between price and quality.

DEPOSITS

The Company has not accepted deposits covered under Chapter V of the Companies Act, 2013 and accordingly, the disclosure requirements stipulated under the said Chapter are not applicable.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year under review, the company has not given any loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013.

CONTRACTS AND ARRANGEMEMENTS WITH RELATED PARTIES

Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, except the remuneration to managerial personnel, there is no other related party transactions to be disclosed as required under the above said statutory requirement.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith elsewhere in the Annual Report.

DEMAT SUSPENSE ACCOUNT UNCLAIMED SHARES

As on 31st March 2015, there were no Equity Shares of Shareholders were lying in the Escrow Account due to non-availability of the correct particulars.

CORPORATE GOVERNANCE

Your 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 together with a certificate from the Statutory Auditor's confirming compliance is set out in the Annexure forming part of this report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A Management Discussion and Analysis Report, has been attached and forms part of the Annual Report.

ADDITIONAL INFORMATION AS REQUIRED U/ S 134(3)(m) OF THE COMPANIES ACT, 2013

a) Conservation of Energy:

The Company is monitoring the consumption of energy and is identifying measures for conservation of energy.

(i) the steps taken by the company for utilising alternate sources of energy -Nil (ii) the capital investment on energy conservation equipments - Nil

(b) (i) Technology Absorption, adaptation and innovation:- Indigenous Technology is involved for the manufacturing the products of the Company.

(ii) Research and Development (R & D): No research and Development has been carried out.

(c) Foreign exchange earnings: Rs. 84,18,242

(d) Foreign exchange out go: Rs. 19,81,593

PARTICULARS OF EMPLOYEES

The Directors are to report that none of the employee was in receipt of remuneration exceeding the limit prescribed under rule 5(2) of the Companies (Appointment and Remuneration of managerial Personnel) Rules 2014.

STATUTORY AUDITORS

M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The said Auditors have furnished the Certificate of their eligibility for re-appointment. Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules framed thereunder. Accordingly the statutory auditor of the Company was reappointed from the conclusion of the previous AGM till the conclusion of the AGM to be held in the year 2017, subject to ratification of their appointment at the subsequent AGMs.

BOARD AND COMMITTEES PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an annual performance, the directors individually as well as the evaluation of the working of its Audit and Nomination & Remuneration Committees.

NUMBER OF BOARD MEETINGS HELD DURING THE FINANCIAL YEAR AND THE DATES OF THE BOARD MEETINGS:

The Board met seven times during the financial year 2014-2015.

The dates on which the above Board meetings were held are as follows;

30th May 2014, 23rd June 2014, 11th August 2014, 29th August 2014, 25th October 2014, 13th November 2014, and 14th February 2015.

DIRECTORS & INDEPENDENT DIRECTORS

Board expressed its deep condolences took note and condoled for the sad demise of Shri S. Gopal Reddy, Chairman of the company on 22nd October 2014 in its meeting held on 25th October 2014 and places on record a deep appreciation for the valuable services rendered by the Chairman who steered the company during most difficult phase of economic recession brought back to the success.

Smt. S. Rajitha Reddy, CFO & Whole Time Director of the Company who office is liable to retire by rotation at this AGM and being eligible, offer herself for re-appointment.

At the 29th Annual General Meeting of the Company held on 27th September 2014, the Members of the Company had appointed Independent Directors of the Company, for a period of 5 years. All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c)of the Companies Act, 2013, with respect to Directors responsibilities Statement it is hereby confirmed :

a. That in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures ;

b. That the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year ended 31st March, 2015 and of the profit and loss of the company for that period;

c. That the directors have 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. That the directors have prepared the annual accounts on a going concern basis.

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

POLICIES

Material Subsidiary

During the year ended March 31, 2015, the Company does not have any material listed/unlisted subsidiary companies as defined in Clause 49 of the Listing Agreement. The policy on determining material unlisted subsidiary of the Company is approved by the Board of Directors of the company.

Vigil Mechanism

The Board of Directors of the company are committed to maintain the highest standard of honesty, openness and accountability and recognize that employees have important role to play in achieving the goal. As a public company the integrity of the financial matters of the Company and the accuracy of financial information is paramount. The stakeholders of the Company and the financial markets rely on this information to make decisions. For these reasons, the Company must maintain workplace where it can retain and treat all complaints concerning questionable accounting practices, internal accounting controls or auditing matters or concerning the reporting of fraudulent financial information to our shareholders, the Government or the financial markets. The employees should be able to raise these free of any discrimination, retaliation or harassment. Pursuant to the policy, employees are encouraged to report questionable accounting practices to Mr. Sri. Draksharam Nagaraj, Chairman of Audit Committee through email or by correspondence through post.

Familiarisation programme for Independent Directors

Pursuant to the provisions of Clause 49 of the Listing Agreement, the Company has formulated a programme for familiarising the Independent Directors with the company, their roles, rights, responsibilities in the company, nature of the industry in which the company operates, business model of the company etc through various initiatives.

Key Managerial Personnel

Smt. S. Rajitha Reddy Chief Financial Officer was appointed as Key Managerial Personnel in accordance with the Section 203 of the Companies Act, 2013.

The Company isin the process of appointing the qualified member of ICSI as Company Secretary.

Related Party Transaction

Policy on dealing with Related Party Transactions is approved by the Board

No related party transactions were entered into during the financial year under review, There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The same was discussed by the Audit Committee as also the Board. The policy on Related Party Transactions as approved by the Board. None of the Directors has any pecuniary relationships or transactions vis-à-vis the Company.

Internal Financial Controls

The Company has in place adequate internal financial controls with reference to financial statements. Periodic audits are undertaken on a continuous basis covering all the operations i.e., manufacturing, sales & distribution, marketing, finance, etc. Reports of internal audits are reviewed by management from time to time and desired actions are initiated to strengthen the control and effectiveness of the system.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit Report is obtained by the company and forms part of this Annual report.

Disclosures pursuant to The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

1. The Disclosures pursuant to sub-rule (1) of Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are forms part of the Board's Report.

2. The Disclosures pursuant to sub-rule (2) of Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of employees of the Company forms part of the Board's Report.

Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The details pertaining to criteria for determining qualifications, positive attributes and independence of a Director and remuneration policy have been provided in Section of the attached Corporate Governance Report.

Significant and Material Orders Passed by the Regulators or Courts

There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

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 Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. An Internal committee has been set up to redress the complaints received regarding sexual harassment at workplace. All employees including trainees are covered under this policy.

PERSONNEL

The relationship between the management and the staff was very cordial throughout the year under review. Your Directors take this opportunity to record their appreciation for the cooperation and loyal services rendered by the employees.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the continuous assistance and co-operation extended to your Company by the valued customers, bankers, Reserve Bank India, SEBI, Bombay Stock Exchange Limited & National Stock Exchange of India Limited and all other regulatory Authorities. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

For and on behalf of the Board

SALGUTI INDUSTRIES LIMITED

Sd/- Sd/-

Place: Hyderabad S.Vishnu Vardhan Reddy S.Rajita Reddy

Date: 14th August, 2015 Managing Director CFO & Whole-Time Director


Mar 31, 2014

The Members,

SALGUTI INDUSTRIES LIMITED

The Directors have pleasure in presenting the Twenty Ninth Annual Report together with the Audited Balance Sheet, Profit & Loss Account and Cash Flow Statement for the financial year ended 31st March, 2014.

FINANCIAL RESULTS REVIEW AND PROSPECTS

Your company has recorded a total income of Rs. 12,277.31 lakhs for the year ended 31st March, 2014 against total income of Rs. 11,005.11 Lakhs last year. This figure has grown up by Rs. 1272.20 lakhs in this financial as compared to the same period in the last year. But the company has recorded a net loss of 71.00 lakhs for the current period against net profit of Rs. 94.83 lakhs for the last year. This is due to increase in power tariff & financial costs. Board of Directors assure you better financial position in years to come.

From the financial prospective, the highlights of the financial results for the year under review are as follows:

(Rupees in Lakhs)

Particulars 2013-14 2012-13

Total Turnover 12,277.31 11,005.11

Expenditure 11,563.93 10343.16

Finance Cost 753.83 715.45

Profit before Tax (33.36) (45.92)

Less: Provision for Tax -- --

Less: Provision for deferred Income Tax 37.64 48.91

Net Profit (after deferred tax) (71.00) (94.83)



DIVIDEND

The Directors regret their inability to recommend dividend for the year under review due the losses.

FIXED DEPOSITS

The Company has not invited/accepted any fixed deposits from the public in terms of Section 58A of the Companies Act, 1956.

EMPLOYEE PARTICULARS

The Directors are to report that none of the employee was in receipt of remuneration exceeding the limit prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 2011.

DIRECTORS

Smt. S. Rajitha Reddy, whose period of office is determined by rotation, is due to retire at the ensuing Annual General Meeting and being eligible offer herself for re-appointment.

During the period under review, Mr. Ravi Rajender Reddy and Mrs. Uma Reddy Raavi were appointed as Additional Directors w.e.f. 19th December 2013 and 9th November 2013 respectively. In terms of Section 161(1) of the Act, 2013 they hold office only upto the date of the forthcoming AGM but is eligible for appointment as a Director. A notice under Section 160(1) of the Act has been received from a Member signifying its intention to propose their appointment as a Director.

Mr. Ravi Rajender Reddy, Mr. Draksharam Nagaraj, and Mrs. Uma Reddy Raavi Independent Directors were appointed / re-appointed on the Board of the Company. The provisions of the Companies Act, 2013 with respect to appointment and tenure of the Independent Directors have come into effect. As per the said provisions, the Independent Directors shall be appointed for not more than two terms of five years each and shall not be liable to retire by rotation at every AGM.

RECONSTITUTION OF THE COMMITTEES OF THE BOARD

Due to change in the Board of Directors of the Company and induction of new Directors on the Board, the committees of the Board of the Company were re-constituted. A detailed section on the re-constitution has been mentioned in the Corporate Governance Report attached to and forming part of this Report.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors'' Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the annual accounts for the year ended 31st March, 2014, the applicable accounting standards have been followed and there are no material departures.

ii. We have selected appropriate accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2014 and of the profit of the company for the financial year ended 31st March 2014.

iii. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. We have prepared the annual accounts for the financial year ended 31st March, 2014 on a going concern basis.

CODE OF CONDUCT

Pursuant to the Listing Agreement entered into by the company with the Bombay Stock Exchange Limited, a declaration declaring that all the members of the Board and the Senior Management Personnel of the company have affirmed compliance with the Code of Conduct of the Company, is forming part of the Corporate Governance Report attached herewith.

CORPORATE GOVERNANCE

Your 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''s confirming compliance is set out in the Annexure forming part of this report.

CEO/CFO CERTIFICATION

The Board has recognized Managing Director of the Company as CEO for the limited purpose of Compliance under the Listing Agreement. The CEO has certified, in terms of revised clause 49 of the listing agreement, to the Board that the financial statements present a true and fair view of the company''s affairs and are in compliance with existing accounting standards, internal control and disclosures.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed section on :Management Discussion and Analysis" (MDA), pursuant to Clause 49 of the Listing Agreement forms part of this Annual Report.

STOCKEXCHANGE

The Company''s present Equity shares are listed in Bombay Stock Exchange and the Company has paid the Listing Fees to the Stock Exchanges for the Financial Year 2014-15.

LISTING OF SHARES OF THE COMPANY ON STOCK EXCHANGES

We are glad to inform you that the suspension in trading of shares of the Company has been revoked by the Bombay Stock Exchange Limited and the Company has received approval for the same from BSE vide Notice no. 20140801-10 dated 1st August 2014 and started trading from 8th August 2014.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control systems and procedures in all operational areas and at all levels - equipments procurement, finance, and administration, marketing and personnel departments. The internal audit function will be done by a firm of Chartered Accountants. The Audit Committee reviews the internal audit reports and the adequacy of internal controls from time to time.

AUDITORS

M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

ADDITIONAL INFORMATION AS REQUIRED U/S 217(1) (E) OF THE COMPANIES ACT, 1956

(a) Conservation of Energy:

All necessary measures for conservation of energy are taken by the company.

(b) Research and Development and Technology Absorption:

No research and Development has been carried out

(c) Foreign Exchange Earnings & Outgo:

(i) Foreign exchange earnings : Nil

(ii) Foreign Exchange out go : Rs. 118.43 lakhs

PERSONNEL

The relationship between the management and the staff was very cordial throughout the year under review. Your Directors take this opportunity to record their appreciation for the cooperation and loyal services rendered by the employees.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the continuous assistance and co-operation extended to your Company by the valued customers, bankers, Reserve Bank India, SEBI, Bombay Stock Exchange Limited and all other regulatory Authorities. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

On behalf of the Board SALGUTI INDUSTRIES LIMITED

Sd/- Sd/- Place: Hyderabad S.Vishnu Vardhan Reddy S.Rajita Reddy Date: 29th August, 2014 Managing Director Whole-Time Director


Mar 31, 2013

To The Members of SALGUTI INDUSTRIES LIMITED

The Directors have pleasure in presenting the Twenty Eighth Annual Report together with the Audited Balance Sheet, Profit & Loss Account and Cash Flow Statement for the financial year ended 31st March, 2013.

FINANCIAL RESULTS REVIEW AND PROSPECTS

Your company has recorded a total income of Rs. 11,005.11 lakhs for the year ended 31st March, 2013 against total income of Rs. 9988.80 Lakhs last year. This figure has grown up by Rs. 1016.51 lakhs in this financial as compared to the same period in the last year. But the company has recorded a net loss of 94.83 lakhs for the current period against net profit of Rs. 16.82 lakhs for the last year. This is due to underutilization of capacities in both divisions on account of severe power crises during the year. Further the both margins are affected as the power tariffs are increased with levy of additional FSA charges interest cost have also increased due to expansion undertake in both textile & plastic divisions but the capacities could not be utilized due to power restricted to the extent of 40%.

From the financial prospective, the highlights of the financial results for the year under review are as follows:

(Rupees in Lakhs)

Particulars 2012 _ 13 2011 - 12

Total Turnover 11,005.11 9988.80

Expenditure 10343.16 9343.83

Finance Cost 715.45 567.76

Profit before Tax (45.92) 80.25

Less: Provision for Tax -- 16.47

Less: Provision for deferred Income Tax 48.91 46.96

Net Profit (after deferred tax) (94.83) 16.82



DIVIDEND

The Directors regret their inability to recommend dividend for the year under review due the losses.

FIXED DEPOSITS

The Company has not invited/accepted any fixed deposits from the public in terms of Section 58A of the Companies Act, 1956.

EMPLOYEE PARTICULARS

The Directors are to report that none of the employee was in receipt of remuneration exceeding the limit prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 2011.

DIRECTORS

Smt. S. Rajitha Reddy and Sri C. Karunakar, Directors, whose period of office is determined by rotation, is due to retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

During the period under review, Mr. Drakshram Nagaraj and Mr. S. Prajwal Reddy were appointed as Additional Directors w.e.f. 4th October 2012 and 1st April 2013 respectively. As per the provisions of Section 260 of the Companies Act, 1956, they hold the office only up to the date of this Annual General Meeting of the Company and are eligible for re-appointment as Directors. The Company has received notices under Section 257 of the Companies Act, 1956, proposing their candidature to the office of Directors of the Company, along with the requisite deposit of Rs. 500/- each. Sri V.R. Vasudevan is resigned as the Director of the company w.e.f. 4th October 2012.

RECONSTITUTION OF THE COMMITTEES OF THE BOARD

Due to change in the Board of Directors of the Company and induction of new Directors on the Board, the committees of the Board of the Company were re-constituted. A detailed section on the re-constitution has been mentioned in the Corporate Governance Report attached to and forming part of this Report.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors'' Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the annual accounts for the year ended 31st March, 2013, the applicable accounting standards have been followed and there are no material departures.

ii. We have selected appropriate accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2013 and of the profit of the company for the financial year ended 31st March 2013.

iii. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv.We have prepared the annual accounts for the financial year ended 31st March, 2013 on a going concern basis.

CODE OF CONDUCT

Pursuant to the Listing Agreement entered into by the company with the Bombay Stock Exchange Limited, a declaration declaring that all the members of the Board and the Senior Management Personnel of the company have affirmed compliance with the Code of Conduct of the Company, is forming part of the Corporate Governance Report attached herewith.

CORPORATE GOVERNANCE

Your 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''s confirming compliance is set out in the Annexure forming part of this report.

CEO/CFO CERTIFICATION

The Board has recognized Managing Director of the Company as CEO for the limited purpose of Compliance under the Listing Agreement. The CEO has certified, in terms of revised clause 49 of the listing agreement, to the Board that the financial statements present a true and fair view of the company''s affairs and are in compliance with existing accounting standards, internal control and disclosures.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed section on ''Management Discussion and Analysis'' (MDA), pursuant to Clause 49 of the Listing Agreement forms part of this Annual Report.

STOCK EXCHANGE

The Company''s present Equity shares are listed in Bombay Stock Exchange and the Company has paid the Listing Fees to the Stock Exchanges for the Financial Year 2013-14.

LISTING OF SHARES OF THE COMPANY ON STOCK EXCHANGES

Company has accorded the approval of the Bombay Stock Exchange for listing and trading of

- 17,30,000 Equity Shares allotted on 18th November 1999 w.e.f 23rd April 2012

- 25,00,000 Equity Shares allotted on 30th December 2006 at a premium of Rs.6/- per share w.e.f. 17th April 2013

With these approvals, all the issued and paid-up capital of the Company is listed on the stock Exchange and as the trading in the equity shares of the Company is currently suspended, the trading in the aforesaid equity shares would commence on resumption of trading in the scrip.

We are pleased to report that the process of revocation of suspension of the company''s share at BSE is at final stage and company has completed all the due formalities including securities laws & SEBI laws for relisting of the scrip and very soon the shares will start trading at BSE.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control systems and procedures in all operational areas and at all levels - equipments procurement, finance, and administration, marketing and personnel departments. The internal audit function will be done by a firm of Chartered Accountants. The Audit Committee reviews the internal audit reports and the adequacy of internal controls from time to time.

AUDITORS

M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

ADDITIONAL INFORMATION AS REQUIRED U/S 217(1) (E) OF THE COMPANIES ACT, 1956

(a) Conservation of Energy:

All necessary measures for conservation of energy are taken by the company.

(b) Research and Development and Technology Absorption:

No research and Development has been carried out

(c) Foreign Exchange Earnings & Outgo:

(i) Foreign exchange earnings : Rs. 6.76 lakhs

(ii) Foreign Exchange out go : Rs. 166.30 lakhs

PERSONNEL

The relationship between the management and the staff was very cordial throughout the year under review. Your Directors take this opportunity to record their appreciation for the cooperation and loyal services rendered by the employees.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the continuous assistance and co-operation extended to your Company by the valued customers, bankers, Reserve Bank India, SEBI, Bombay Stock Exchange Limited and all other regulatory Authorities. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.



On behalf of the Board

SALGUTI INDUSTRIES LIMITED

Place: Hyderabad S.Vishnu Vardhan Reddy S.Rajita Reddy

Date: 29th August, 2013 Managing Director Whole-Time Director


Mar 31, 2012

The Directors have pleasure in presenting the Twenty Seventh Annual Report together with the Audited Balance Sheet, Profit & Loss Account and Cash Flow Statement for the financial year ended 31st March, 2012.

FINANCIAL RESULTS REVIEW AND PROSPECTS

Your company has recorded a gross turnover of Rs 9988.80 lakhs for the year ended 31st March, 2012 against a gross turnover of Rs. 7429.44 Lakhs last year. This figure has grown up by 2559.36 lakhs in this financial as compared to the same period in the last year. Net profit figure has grown up by Rs. 4.75 lakhs in this year as compared to the last fiscal.

From the financial prospective, the highlights of the financial results for the year under review are as follows:

Rupees in Lakhs

Particulars 2011 - 12 2010 - 11

Turnover 9988.80 7429.44

Other Income 3.04 8.83

Expenditure 9911.59 7369.65

Profit before Tax 80.25 68.62

Less: Provision for Tax 16.47 13.74

Less: Provision for deferred Income Tax 46.96 33.97

Net Profit (after deferred tax) 16.82 20.91

DIVIDEND

The Directors regret their inability to recommend dividend for the year under review due to insufficient profit.

FIXED DEPOSITS

The Company has not invited/accepted any fixed deposits from the public in terms of Section 58A of the Companies Act, 1956.

EMPLOYEE PARTICULARS

The Directors are to report that none of the employee was in receipt of remuneration exceeding the limit prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 2011.

DIRECTORS

Sri. V. R. Vasudevan and Sri. M. Laxmikar Reddy, Directors, whose period of office is determined by rotation, is due to retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors'' Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the annual accounts for the year ended 31st March, 2012, the applicable accounting standards have been followed and there are no material departures.

ii. We have selected appropriate accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2012 and of the profit of the company for the financial year ended 31st March 2012.

iii. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. We have prepared the annual accounts for the financial year ended 31st March, 2012 on a going concern basis.

CODE OF CONDUCT

Pursuant to the Listing Agreement entered into by the company with the Bombay Stock Exchange Limited, a declaration declaring that all the members of the Board and the Senior Management Personnel of the company have affirmed compliance with the Code of Conduct of the Company, is forming part of the Corporate Governance Report attached herewith.

CORPORATE GOVERNANCE

Your 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''s confirming compliance is set out in the Annexure forming part of this report.

CEO/CFO CERTIFICATION

The Board has recognized Managing Director of the Company as CEO for the limited purpose of Compliance under the Listing Agreement. The CEO has certified, in terms of revised clause 49 of the listing agreement, to the Board that the financial statements present a true and fair view of the company''s affairs and are in compliance with existing accounting standards, internal control and disclosures.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed section on ‘Management Discussion and Analysis'' (MDA), pursuant to Clause 49 of the Listing Agreement forms part of this Annual Report.

STOCK EXCHANGE

The Company''s present Equity shares are listed in Bombay Stock Exchange and the Company has paid the Listing Fees to the Stock Exchanges for the Financial Year 2012-13.

LISTING OF SHARES OF THE COMPANY ON STOCK EXCHANGES

Company has accorded the approval of the Bombay Stock Exchange for listing & trading w.e.f 23rd April 2012 for 17,30,000 Equity Shares allotted on 18th November 1999. As the trading in the equity shares of the Company is currently suspended, the trading in the aforesaid equity shares would commence on resumption of trading in the scrip.

We are pleased to report that we have undertaken the process of getting the revocation of suspension of the company''s share at BSE. The due formalities for relisting are under process and very soon the shares will start trading at BSE.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control systems and procedures in all operational areas and at all levels - equipments procurement, finance, and administration, marketing and personnel departments. The internal audit function will be done by a firm of Chartered Accountants. The Audit Committee reviews the internal audit reports and the adequacy of internal controls from time to time.

AUDITORS

M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

ADDITIONAL INFORMATION AS REQUIRED U/S 217(1) (E) OF THE COMPANIES ACT, 1956

(a) Conservation of Energy:

All necessary measures for conservation of energy are taken by the company.

(b) Research and Development and Technology Absorption:

No research and Development has been carried out

(c) Foreign Exchange Earnings & Outgo:

(i) Foreign exchange earnings : Rs. 1,01,79,956/-

(ii) Foreign Exchange out go : Rs. 5,76,85,040/-

PERSONNEL

The relationship between the management and the staff was very cordial throughout the year under review. Your Directors take this opportunity to record their appreciation for the cooperation and loyal services rendered by the employees.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the continuous assistance and co-operation extended to your Company by the valued customers, bankers, Reserve Bank India, SEBI, Bombay Stock Exchange Limited and all other regulatory Authorities. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

On behalf of the Board

Place: Hyderabad S.Vishnu Vardhan Reddy S.Rajita Reddy

Date: 30th August, 2012 Managing Director Whole-Time Director


Mar 31, 2011

To The Members of SALGUTI INDUSTRIES LIMITED

The Directors have pleasure in presenting the Twenty Sixth Annual Report together with the Audited Balance Sheet, Profit & Loss Account and Cash Flow Statement for the financial year ended 31st March, 2011.

FINANCIAL RESULTS REVIEW AND PROSPECTS

Your company has recorded a gross turn over of Rs7415.73 lakhs for the year ended 31st March, 2011 against a gross turn over of Rs. 7137.79 Lakhs last year. The turnover has increased up by 277.94 lakhs in this financial year as compared to the last year. Net profit figure 20.91 lakhs in this year after setting of a depreciation of Rs. 172.96 Lakhs.

From the financial prospective, the highlights of the financial results for the year under review are as follows:

(Rupees in Lakhs) Particulars 2010-11 2009-10

Turnover 7415.73 7137.79

Other Income 22.53 21.75

Expenditure 9144.62 8128.40

Profit before Tax 68.62 67.39

Less: Provision for Tax 13.74 11.26

Less: Provision for deferred Income Tax 33.97 23.34

Net Profit (after deferred tax) 20.91 32.79

DIVIDEND

As you are aware that the company is in the process of implementing the expansion project, your Directors have not recommended any dividend at this" Annual General Meeting.

FIXED DEPOSITS

The Company has not invited/accepted any fixed deposits from the public in terms of Section 58A of the Companies Act, 1956.

EMPLOYEE PARTICULARS

None of the employees is in receipt of remuneration exceeding the limit and whose particulars are required to be given as prescribed under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

DIRECTORS

Smt. Rajitha Reddy and Sri C. Karunakar, Directors, whose period of office determined by rotation is due to retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors' Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the annual accounts for the year ended 31st March, 2011, the applicable accounting standards have been followed and there are no material departures.

ii. We have selected appropriate accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2011 and of the profit of the company for the financial year ended 31st March 2011.

iii. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. We have prepared the annual accounts for the financial year ended 31st March, 2011 on a going concern basis.

CODE OF CONDUCT

Pursuant to the Listing Agreement entered into by the company with the Bombay Stock Exchange Limited, a declaration declaring that all the members of the Board and the Senior Management Personnel of the company have affirmed compliance with the Code of Conduct of the Company, is forming part of the Corporate Governance Report attached herewith.

CEO/CFO CERTIFICATION

The Board has recognized Managing Director of the Company as CEO for the limited purpose of Compliance under the Listing Agreement. The CEO has certified, in terms of revised clause 49 of the listing agreement, to the Board that the financial statements present a true and fair view of the company's affairs and are in compliance with existing accounting standards, internal control and disclosures.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed section on 'Management Discussion and Analysis' (MDA), pursuant to Clause 49 of the Listing Agreement forms part of this Annual Report.

STOCK EXCHANGE

The Company's present Equity shares are listed in Bombay Stock Exchange and the Company has paid the Listing Fees to the Stock Exchanges for the Financial Year 2011 -12. Company

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control systems and procedures in all operational areas and at all levels - equipments procurement, finance, and administration, marketing and personnel departments. The internal audit function will be done by a firm of Chartered Accountants. The Audit Committee reviews the internal audit reports and the adequacy of internal controls from time to time.

AUDITORS

M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

ADDITIONAL INFORMATION AS REQUIRED U/S 217(1) (E) OF THE COMPANIES ACT, 1956

(a) Conservation of Energy:

All necessary measures for conservation of energy are taken by the company.

(b) Research and Development and Technology Absorption:

Your company will continue to focus and invest in its R & D activities in the biopharmaceutical sector.

(c) Foreign Exchange Earnings & Outgo:

(i) Foreign exchange earnings : 33502.00 EURO (ii) Foreign Exchange out go : Rs. 9583667/-

PERSONNEL

The relationship between the management and the staff was very cordial throughout the year under review. Your Directors take this opportunity to record their appreciation for the cooperation and loyal services rendered by the employees.

Particulars INR

Foreign Travel Nil

Purchase of Equipments Nil

Membership Fee Nil

TOTAL Nil

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the continuous assistance and co-operation extended to your Company by the valued customers, bankers, Reserve Bank India, SEBI, Bombay Stock Exchange Limited and all other regulatory Authorities. The Directors also sincerely acknowledge the significant contribute ones made by all the employees for their dedicated services to the Company.

On behalf of the Board

Place: Hyderabad S.Vishnu Vardhan Reddy S.Rajita Reddy

Date: 2nd September, 2011 Managing Director Whole-Time Director


Mar 31, 2010

The Members, SALGUTI INDUSTRIES LIMITED

The Directors have pleasure in presenting the Twenty Fifth Annual Report together with the Audited Balance Sheet, Profit & Loss Account and Cash Flow Statement for the financial year ended 31st March, 2010.

FINANCIAL RESULTS REVIEW AND PROSPECTS

SIL's sales turnover for 2009-10 has increase to Rs. 7137.79 lakhs from Rs. 6836.94 lakhs recorded in 2008-09. The profit before tax for the year stood at Rs. 67.39 lakhs as compared to the previous year's level of 60.22 lakhs. The highlights of the financial results for the year under review are as follows:

(Rupees in Lakhs)

Particulars 2009-10 2008-09

Turnover 7137.79 6836.94

Other Income 21.75 119.58

Expenditure 8128.40 7734.88

Profit before Tax 67.39 60.22

Less: Provision for Tax 11.26 53.89

Less: Provision for deferred Income Tax 23.34 38.25

Net Profit (after deferred tax) 32.79 15.05

DIVIDEND

As you are aware that the company is in the process of implementing the expansion project, your Directors have not recommended any dividend at this Annual General Meeting.

FIXED DEPOSITS

The Company has not invited/accepted any fixed deposits from the public in terms of Section 58A of the Companies Act, 1956.

EMPLOYEE PARTICULARS

None of the employees is in receipt of remuneration exceeding the limit and whose particulars are required to be given as prescribed under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

DIRECTORS

Sri. V. R. Vasudevan and Sri. Laxmikar Reddy, Directors, whose period of office determined by rotation is due to retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors' Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the annual accounts for the year ended 31st March, 2010, the applicable accounting standards have been followed and there are no material departures.

ii. We have selected appropriate accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2010 and of the profit of the company for the financial year ended 31st March 2010.

iii. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. We have prepared the annual accounts for the financial year ended 31st March, 2010 on a going concern basis.

CODE OF CONDUCT

Pursuant to the Listing Agreement entered into by the company with the Bombay Stock Exchange Limited, a declaration declaring that all the members of the Board and the Senior Management Personnel of the company have affirmed compliance with the Code of Conduct of the Company, is forming part of the Corporate Governance Report attached herewith.

IV. FUTURE PLANS

We are trying to focus on cost cutting strategies, development of new markets and maintaining the quality of our fabrics to satisfy and exceed the expectations of the market and look forward to a better market sentiment for textile fabrics.

V. EXPANSION:

The Company has undertaken expansion of their plastic Unit-I, in Bollaram Industrial Estate by installing additional tape plant and circular looms. Commercial production of the said expansion shall be commenced from September 2010.

CORPORATE GOVERNANCE

Your 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's confirming compliance is set out in the Annexure forming part of this report.

CEO/CFO CERTIFICATION

The Board has recognized Managing Director of the Company as CEO for the limited purpose of Compliance under the Listing Agreement. The CEO has certified, in terms of revised clause 49 of the listing agreement, to the Board that the financial statements present a true and fair view of the company's affairs and are in compliance with existing accounting standards, internal control and disclosures.

STOCK EXCHANGE

The Company's present Equity shares are listed in Bombay Stock Exchange and the Company has paid the Listing Fees to the Stock Exchanges for the Financial Year 201 (M1.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control systems and procedures in all operational areas and at all levels - equipments procurement, finance, and administration, marketing and personnel departments. The Company also has internal Audit system commensurate with its size and nature of business. The internal audit function will be done by a firm of Chartered Accountants. The Audit Committee reviews the internal audit reports and the adequacy of internal controls from time to time.

AUDITORS

M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

ADDITIONAL INFORMATION AS REQUIRED U/S 217(1) (E) OF THE COMPANIES ACT, 1956

(a) Conservation of Energy:

All necessary measures for conservation of energy are taken by the company.

(b) Research and Development and Technology Absorption:

Your company will continue to focus and invest in its R & D activities in the biopharmaceutical sector.

(c) Foreign Exchange Earnings & Outgo:

(i) Foreign exchange earnings : Rs 88,87,069/- towards export sales.

(ii) Foreign Exchange out go : NIL

PERSONNEL

The relationship between the management and the staff was very cordial throughout the year under review. Your Directors take this opportunity to record their appreciation for the cooperation and loyal services rendered by the employees.

ACKNOWLEDGEMENTS

Your Directors place on record their appreciation of the continuous assistance and co-operation extended to your Company by the valued customers, bankers, Reserve Bank India, SEBI, Bombay Stock Exchange Limited and all other regulatory Authorities. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the Company.

On behalf of the Board S.Vishnu Vardhan Reddy S.Rajita Reddy Managing Director Whole-Time Director

Place : Hyderabad Date : 30th August, 2010




Mar 31, 2009

The Directors have great pleasure to present the 24th Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2009.

PRODUCTION RESULTS :

Your company has achieved production of 5296 MT in plastics division and 1320.44 MT in textile division during the year 2008-2009.

FINANCIAL RESULTS / PERFORMANCE OF THE COMPANY

Year Ended Year Ended

31-03-2009 31-03-2008

(Rs. in Lakhs) (Rs. in Lakhs)

Turnover 6836.94 4784.68

Other income 119.58 133.51

Profit before Tax 60.22 (11.57)

Provision for Taxation 6.33

Profit AfterTax 53.89 (11.57)

Provision for deferred income tax 38.25 46.01

Profit after deferred tax 15.05 (58.24)

FUTURE PLANS

Your Company is proposing to increase the manufacturing capacity at their Plastic Plant Unit II at Mudireddypally Village, Balanagar Mandal, Mahboobnagar Dist, by replacing the old tape plant with higher capacity new tape plant and additional looms.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT :

Pursuant to Clause 49 of the Listing Agreement, a Management Analysis Report is given below:

A. INDUSTRY OUTLOOK

I. PLASTIC SECTOR:

HDPE / PP industry has grown stronger during the previous years with the support of cement and fertilizer industries and food grains sector. Bright future is foreseen for HDPE/PP industry, with the growing demand from cement and fertilizers industry who have expanded their capacities immensely.

II. TEXTILE SECTOR:

The Indian textile industry is reeling under pressure due to global recession. Better outlook is projected due to the ancipated economic recovery during 2009 - 2010.

B. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The company has adequate internal control systems commensurate with the size of its operations and for the purpose of exercising adequate controls on the day-today operations. Systems are regularly reviewed to ensure effectiveness.

C. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS

Human resource development is a primary area of focus for the Company. The company recruited senior level and other functional specialists during the year. The Human relations in the organisation have been cordial. The total number of persons employed in the company as on 31 st March, 2008 were 97.

ADDITIONAL INFORMATION AS REQUIRED U/S 217(1)(e) OF THE COMPANIES ACT, 1956

(a) Conservation of Energy: The company is monitoring the consumption of energy and is identifying areas for conservation of energy.

(b) (i) Research and Development (R & D) : NIL

(ii) Technology Absorption, adaptation and innovation:- No technology either indigenous or Foreign is involved.

(c) (i) Foreign exchange earnings NIL (ii) Foreign Exchange out go Rs.

STATEMENT PURSUANT TO LISTING AGREEMENT

Presently the companys Equity shares are listed on the Bombay Stock Exchange Limited, Mumbai (BSE) and the company paid the Annual Listing Fees upto 2008-09 to the above Stock Exchange.

CORPORATE GOVERNANCE

In order to bring more transparency in the conduct of business, the Stock Exchanges have amended the listing agreement incorporating the code of corporate governance to listed companies. Your Company has always been committed to the best practices in the governance of its affairs. Your company had taken steps and complied with most of the recommendations during the year. For the year under review, the Compliance Report is provided in the Corporate Governance section in this Report. The Auditors Certificate on compliance with the mandatory requirements of Corporate Governance is given in "Annexure "A" to this Report."

PARTICULARS OF EMPLOYEES

In pursuance of the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975, the Directors are to report that no employee was in receipt of remuneration of Rs.24,00,000/- or more per annum or Rs. 2,00,000/- or more per month if employed for a part of the year.

AUDITORS

M/s. P. Murali & Co., Chartered Accountants, retiring auditors of the Company being eligible offer themselves for appointment as statutory auditors of the Company. M/s. P. Murali & Co., Chartered Accountants have furnished a certificate of their eligibility u/s 224(1 B) of the Companies Act, 1956. The members are requested to reappoint the auditors and authorize the Board of Directors of the Company to fix their remuneration.

DIRECTORS

Smt. S. Rajita Reddy and Sri V.R. Vasudevan retire by rotation and being eligible offer themselves for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT

i) that in the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that the Directors had selected such accounting policies and applied them consistently and made judgements 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 of the company for that period;

iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors had prepared the annual accounts on a going concern basis.

DEPOSITS

The company has not accepted any fixed deposits as on 31st March 2009.

ACKNOWLEDGEMENTS

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Banks, the Government Authorities and Shareholders during the year under review. Your Directors wish to place on record their sense of appreciation for the sincere services of all employees of the Company.

for and on behalf of the Board M/s. SALGUTI INDUSTRIES LIMITED

S. VISHNU VARDHAN REDDY S. RAJITA REDDY

MANAGING DIRECTOR WHOLE TIME DIRECTOR

PLACE : HYDERABAD.

DATE : 01-09-2009.



 
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