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 Â 15 2013 Â 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-Ã -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 ÂManagement 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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