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Directors Report of Sri Vajra Granites Ltd.

Mar 31, 2014

The Shareholders Sri Vajra Granites Limited

The Directors have pleasure in presenting herewith the Twenty Fifth Annual Report together with the Audited Accounts for the financial year ended 31st March, 2014.

FINANCIAL REVIEW: in Lakhs)

Particulars CurrentYear Previous Year 2013-14 2012-13

Income

Revenue from operations 753.20 1,412.78

Other Income 4.65 1.62

Total Income 757.86 1,414.40

Total Expenditure 1,111.76 1,400.91

Net Profit/(Loss) before tax (353.90) (21.54)

Provision for taxation 0.00 0.00

Net Profit/(Loss) after tax (353.90) (21.54)

OVERALL PERFORMANCE OFTHE COMPANY:

During the financial year under review, your Company has recorded a turnover of 7753.20 Lakhs and incurred a net loss of 7353.90 Lakhs compared to Turnover of 71412.78 Lakhs and net loss of 721.54 Lakhs during the previous financial year.

Decline in turnover is due to poor market conditions prevailing in the State and Your Board of Directors are putting all their efforts to improve the performance of the company and hopeful of better performance of the Company in the coming financial years.

DIVIDEND:

Due to Losses, your directors do not recommend any dividends for the financial year 2013-14. DIRECTORS:

During the year Mr. Matesh Reddy Kami Reddy resigned from the Directorship of the Company w.e.f. 03.02.2014, the board puts on record its appreciation for services rendered by him as director of the Company.

The Company had, pursuant to the provisions of clause 49 of the Listing Agreement entered into with Stock Exchanges, appointed Mr. Kompella Surya Kameswara Sarma, Mr. Saya Reddy Chennolla and Mr. Ranga Reddy Mettu as Independent Directors of the Company.

As per section 149(4) of the Companies Act, 2013 (Act), which came into effect from April 1,2014, every listed public company is required to have at least one-third of the total number of Directors as Independent Directors. In accordance with the provisions of section 149 of the Act, these Directors are being appointed as Independent Directors to hold office as per their tenure of appointment mentioned in the Notice of the forthcoming Annual General Meeting (AGM) of the Company.

Further Smt. Leela Annapareddy, who shall retire by rotation at this Annual General Meeting and being eligible offer herself for re-appointment.

Board recommends their appointment/re-appointment.

PERSONNEL:

There are no employees whose particulars are to be furnished U/s 217 (2A) of the Companies Act, 1956 read with Companies Act (Particulars of employees) Rules 1988, as the remuneration of none of the employees has crossed the limits specified therein.

DEPOSITS:

Your Company has not accepted any deposits tailing under Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules 1975 during the year.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956 the directors of your Company hereby confirm that:

i. In preparation of annual accounts for the financial year ended 31a March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departure, if any, there from;

ii. 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 true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2014 and of the profit and loss of the company for that period;

iii. 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 frauds and other irregularities;

iv. The directors have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information in accordance with clause (e) of Sub-section (1) of Section 217 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 and form partofthe Directors'' Report fbrtheperiodended31stMarch,2014isfollows:

CONSERVATION OF ENERGY - Conservation of energy is a continuous activity. Every effort is constantly being made for conservation of energy.

TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION:

Being a 100% Export Oriented Unit, the Company is committed to the maintenance and improvement of quality. The company keeps itself abreast of the technical developments and the changes occurring in the Granite Industry. AUDITORS:

M/s. I. Sudhaker & Co., Chartered Accountants, Hyderabad, Statutory Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re- appointment.

Pursuant to the provisions of section 139 of the Companies Act, 2013 and the rules framed there under, it is proposed to appoint M/s. I. Sudhaker & Co., as Statutory Auditors of the Company from the conclusion of the forthcoming AGM till the conclusion of the 28* AGM to be held in the year 2017, subject to ratification of their appointment at every AGM. M/s. I. Sudhaker & Co., Chartered Accountants have furnished the Certificate of their eligibility for appointment in compliance with Section 141 of the Companies Act, 2013.

The Board recommends their re-appointment.

CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION & ANALYSIS REPORT:

As per clause 49 of the Listing Agreements entered into with the Stock Exchanges, Corporate Governance Report with auditors'' certificate thereon and Management Discussion and Analysis are attached and form part of this report.

CAUTIONARY STATEMENT:

Statements in this Report, particularly those relating to the Outlook, Management Discussion and Analysis, the Company''s objectives, projections, estimates, expectations etc are mere assessments. They may at best constitute ''forward looking statements'' within the meaning of applicable laws and regulations, if any. As such the actual results might differ materially from those either expressed or implied

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to place on record their gratitude for the continued support received from our other units in the Industry. Your Directors also acknowledge with deep sense of appreciation the continued support from Shareholders, Investors, Suppliers, Bankers'' - Andhra Bank and various Departments of Central and State Governments.

Your Directors also wish to convey their thanks and place on record their appreciation for the sincere efforts put in by the employees at all levels for the progress of the Company.

For and on behalf of the Board, For SRI VAJRA GRANITES LIMITED

Place: Hyderabad Date: 30.08.2014 Sd/- KOMPELLA SURYA KAMESWARA SARMA Chairman


Mar 31, 2013

To The Shareholders of Sri Vajra Granites Ltd.

The Board of Directors present hereunder their 24th Annual Report. It is accompanied by all the documents as required under the Companies Act, 1956 and the Listing Agreement with the Bombay Stock Exchange Ltd.

OPERATIONAL AND FINANCIAL REVIEW

Rs. in Lakhs PARTICULARS 31.03.2013 31.03.2012

1 Revenue from operations 1412.78 1262.36

2. Other Income 1.62 5.34

3. Total (1 2) 1414.40 1267.70

4. Expenses

Cost of Raw material consumed 577.17 664.98

Purchase of stock In trade 0 5.28

Changes in stock 45.92 -99.88

Employee Benefit Expenses 120.19 105.86

Finance Cost 33.49 35.33

Depreciation 47.75 52.54

Other Expenses viz

Manufacturing Expenses 413.35 413.33

Administrative Expenses 7.20 7.83

Other Miscellaneous Expenses 38.83 47.85

Auditors Remuneration 1.60 1.27

Selling Expenses 67.76 84.46

Bad debts Written off 47.65 0

Total Expenditure 1400.91 1318.85

Profit / Loss 13.49 -51.15

Exceptional Items -35.03 2.09

Profit Before Extraordinary Items -21.54 -53.24

From the table it is clear that the sales during the Year 2012-13 increased by Rs. 150.42 Lakhs. The cost of Raw material fell by Rs. 87.81 lakhs. Total Expenditure increased by Rs.82.06 lakhs from Rs. 1318.85 lakhs to Rs. 1400.91 lakhs.

Dividends: Your Directors are not in a position to recommend any dividend for the FY 2012-13.

PUBLIC DEPOSITS: The Company did not accept any Fixed Deposits falling under Section 58A of the Companies Act. 1956 read with the Companies (Acceptance of Deposits) Rules 1975 during the year 2012-2013.

DIRECTORS: Sri M. Ranga Reddy and Sri K.S. Kameswara Sarma.the Directors of the Company, retire by rotation at the ensuing 24lhAnnual General Meeting. Being eligible offer themselves for re-appointment.

PARTICULARS OF EMPLOYEES: There were no employees whose particulars are to be furnished U/s 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1988 as the remuneration of none of the employees had crossed the limits specified therein.

DIRECTORS'' RESPONSIBILITY STATEMENT: Pursuant to Section 217(»,A) of the Companies Act, 1956, your Directors confirm:

that in the preparation of the Annual Accounts for the year ended March 31" , 2013 all the applicable Accounting Standards have been followed along with proper explanations relating to material departures.

- that the Directors had selected such Accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial year 31.03.2013 and of the statement of profit and loss of the Company for that period.

- that 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 frauds and other irregularities.

- that the Directors had prepared the Annual Accounts on a ''going concern'' basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARININGS AND OUTGO: Disclosure of the information required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Directors) Rules, 1988 is enclosed to this report.

AUDITORS: M/s I. Sudhaker & Co Chartered Accountants Hyderabad retire at the ensuing 24''" Annual General Meeting and being eligible offer themselves for re-appointment for the financial year 2013-14. As required the Company is in receipt of certificate from the said auditors confirming that in the event of their re-appointment as Statutory Auditors of the Company at the ensuing AGM such appointment shall be in accordance with the limits specified in Section 224 (1B) of the Companies Act, 1956. The Board recommends their re-appointment. CORPORATE GOVERNANCE:

a) Management Discussion & Analysis Report: Management Discussion and

b) Report on Corporate Governance: A separate report on Corporate Governance along with Auditors'' Certificate on its compliance is enclosed to this report.

COMPLIANCE WITH THE ACCOUNTING STANDARDS: Pursuant to Clause 32 of the Listing Agreement with the Stock Exchange and the Accounting Standard (AS-22) in terms of Section 211 (3A) of the Companies Act, 1956, a statement on Deferred Tax Assets and Liabilities and the Cash Flow Statement prepared as per AS-3 are annexed to the Accounts for the year 2012-13. There are no ''Related Party Transactions to be reported under AS -18. CAUTIONARY STATEMENT: Statements in this Report, particularly those relating to the Outlook, Management Discussion and Analysis, the Company''s objectives, projections, estimates, expectations etc are mere assessments. They may at best constitute ''forward looking statements within the meaning of applicable laws and regulations, if any. As such the actual results might differ materially from those either expressed or implied. ACKNOWLEDGEMENT: We thank the Central and State Government authorities, the Andhra Bank our sister units in the Industry and all the customers and suppliers for their co-operation and support. We also place on record our appreciation to all the employees for their dedicated services during the Financial year 2012-13. ^

for and on behalf of the Board of Directors of

SRI VAJRA GRANITES LIMITED

Sd/-

Place: Hyderabad K.S. KAMESWARA SARMA

Date: 29.05.2013 Chairman


Mar 31, 2012

To The Shareholders of Sri Vajra Granites Ltd.

The Board of Directors present hereunder their 23rd Annual Report, accompanied by all the documents as required under the Companies Act, 1956 and the Listing Agreement with the Stock Exchange.

OPERATIONAL AND FINANCIAL REVIEW in Lakhs

PARTICULARS 31.03.2012 31.03.2011

1. Net Sales 1262.36 963.01

2. Operating Expenditure -1318.85 -1100.03

3. Total operating Loss (1-2) -56.49 -137.02

4. Non-operative income/ expenditure net 3.26 0.50

5. Net Loss before Tax (3-4) -53.23 -136.52

6. Tax Expenditure Nil Nil

7. Net Loss -53.23 -136.52

8. Previous Balance of Income b/f 63.97 200.49

9. Balance of Loss / Profit carried to

Balance Sheet (7 8) 10.74 63.97

10. Capital Reserve 24.98 24.98

11. Share Capital 726.28 726.28

12. Net worth (9 10 11) 762.00 815.23



On a glance at the above given table, we notice the emergence of 3 positive factors viz

i. The increase in operating expenses by Rs. 218.82 lakhs (19.89%). ii. Increase in sales by Rs.299.35 lakhs (31.08%) and iii. Decrease in the loss to Rs. 56.49 lakhs.

If these factors are of continuing nature, it is no mean a performance. For, we know how strong the strangle-hold of the current Global Recession. The Recession crashed the Economies of several Countries. Added to it our Rupee in the international exchange market breached and plummeted to Rs. 56 vis a vis the US Dollar as on 24.05.2012. If our importers (the USA and China) insist on payment in Rupees, we will be hit hard.

Dividends: Your Directors are not in a position to recommend any dividend for the FY 2011-12.

PUBLIC DEPOSITS: The Company did not accept any Fixed Deposits falling under Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules 1975 during the year 2011-2012.

DIRECTORS: Sri C.Saya Reddy and Smt. A.Leela, the Directors of the Company, retire by rotation at the ensuing Annual General Meeting. Being eligible offer themselves for re- appointment.

PARTICULARS OF EMPLOYEES: There were no employees whose particulars are to be furnished U/s 217 (2A) of the Companies Act, 1956 read with Companies Act (Particulars of employees) Rules 1988 as the remuneration of none of the employees had crossed the limits specified therein.

DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm:

- that in the preparation of the Annual Accounts for the year ended March 31, 2012 the applicable Accounting Standards had been followed along with proper explanation relating to material departures.

- that the Directors had selected such Accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial year 31.03.2012 and of 1he Statement of Profit and Loss of the Company for that period.

- that 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.

- that the Directors had prepared the Annual Accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARININGS AND OUTGO: Disclosure of the information required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Directors) Rules, 1988 is enclosed to this report.

AUDITORS: M/s I. Sudhaker & Co Chartered Accountants Hyderabad retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment for the financial year 2012-13. As required the Company is in receipt of certificate from the said auditors confirming that in the event of their re-appointment as Statutory Auditors of the Company at the ensuing AGM such appointment shall be in accordance with the limits specified in Section 224 (1B) of the Companies Act, 1956. The Board recommends their re-appointment.

CORPORATE GOVERNANCE:

a) Management Discussion & Analysis Report: Management Discussion and Analysis is enclosed to this report.

b) Report on Corporate Governance: A separate report on Corporate Governance along with Auditor's Certificate on its compliance is enclosed to this report.

COMPLIANCE WITH THE ACCOUNTING STANDARDS: Pursuant to Clause 32 of the Listing Agreement with the Stock Exchange and the Accounting Standard (AS-22) in terms of Section 211 (3A) of the Companies Act, 1956, a statement on Deferred Tax Assets and Liabilities and a Cash Flow Statement prepared as per AS-3 are annexed to the Accounts for the year 2011-12. There are no 'Related Party Transactions' to be reported under AS -18.

CAUTIONARY STATEMENT: Statements in this Report, particularly those relating to the Outlook, Management Discussion and Analysis, the Company's objectives, projections, estimates, expectations etc are mere assessments. They may at best constitute 'forward looking statements' within the meaning of applicable laws and regulations, if any. As such the actual results might differ materially from those either expressed or implied.

ACKNOWLEDGEMENT: We thank the Central and State Government authorities; the Andhra Bank; our sister units in the Industry and all the customers and suppliers for their kind co- operation and support. We also place on record our appreciation to all the employees for their dedicated services during the previous year.



for and on behalf of the Board of Directors of SRI VAJRA GRANITES LIMITED

Sd/- Place: Hyderabad K.S. KAMESWARA SARMA Date; 28.05.2012 Chairman


Mar 31, 2011

The Shareholders,

Sri Vajra Granites Ltd.

The Board of Directors present hereunder their 22nd Annual Report, accompanied by all the documents as required under the Companies Act, 1956 and the Listing Agreement with the Stock Exchange.

OPERATIONAL AND FINANCIAL REVIEW

Rs. in Lakhs

PARTICULARS Year ended Year ended 31.03.2011 31.03.2010

1. Net Sales 963.01 - 858.22 -

2. Operating Expenditure - 1100.03 - -1172.37 -

3. Total operating Loss as detailed below in 3a to -137.02 -314.15 3c (1-2) 3a. Loss before charging Depreciation, -55.14 -233.19 Interest & Tax etc.,

3b. Un recovered Depreciation -52.70 -51.73

3c. Un recovered Interest -29.18 -29.23

4. Non-operative income/expenditure net 0.50 17.99

5. Net Loss before Tax (3-4) -136.52 -296.16

6. Tax Expenditure Nil Nil

7. Net Loss -136.52 -296.16

8. revious Balance of Income b/f 200.49 496.65

9. Balance of Profit carried to Balance Sheet (7 8) 63.97 200.49

10. Capital Reserve 24.98 24.98

11. Share Capital 726.28 726.28

12. Net worth (9 10 11) 815.23 951.75

During the Financial Year 2010-11 your Company made a turnover of Rs. 963.01 lakhs. There was a Net Loss (after Tax) of Rs. 136.52 lakhs, compared to the turnover of Rs. 858.22 lakhs and Net Loss (after Tax) of Rs. 296.16 lakhs during the immediate previous Financial Year.

Thus there is an increase in the turnover by 12.21%. Simultaneously there was a decrease in operating expenses by 6.17% . Ultimately the Company's losses came down from Rs. 296.16 in the previous year to Rs 136.52 lakhs in the year under report.

The Board of Directors are hopeful that the performance of the Company might improve in the coming Financial Years. Yet it is difficult now itself to foresee whether the above said positive turn was a fortuitous one or only a hint of some easing in the severity of the on-going World-Wide Depression.

Dividends: Your Directors are not in a position to recommend any dividend for the FY 2010-11.

PUBLIC DEPOSITS: The Company did not accept any Fixed Deposits falling under Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975 during the year 2010-2011.

DIRECTORS: Sri K.S Kameswara Sarma and Sri Mathesh Reddy Kami Reddy, the Directors of the Company, retire by rotation at the ensuing Annual General Meeting. Being eligible offer themselves for re-appointment.

PARTICULARS OF EMPLOYEES: There were no employees whose particulars are to be furnished U/s 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1988 as the remuneration of none of the employees had crossed the limits specified therein.

DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm:

- that in the preparation of the Annual Accounts for the year ended March 31, 2011 all the applicable Accounting Standards have been followed along with proper explanations relating to material departures if any therefrom.

- that the Directors had selected such Accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial year 31.03.2011 and of the profit and loss of the Company for that period.

- that 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 frauds and other irregularities.

- that the Directors have prepared the Annual Accounts on a 'going concern' basis for the Financial Year 2010-11.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARININGS AND OUTGO: Disclosure of the information required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Directors) Rules, 1988 is enclosed to this report.

AUDITORS: M/s I. Sudhaker & Co Chartered Accountants Hyderabad retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment for the financial year 2011-12. As required the Company is in receipt of certificate from the said auditors confirming that in the event of their re-appointment as Statutory Auditors of the Company at the ensuing AGM such appointment shall be in accordance with the limits specified in Section 224 (1B) of the Companies Act, 1956. The Board recommends their re-appointment.

CORPORATE GOVERNANCE:

a) Management Discussion & Analysis Report: Management Discussion and Analysis is enclosed to this report.

b) Report on Corporate Governance: A separate report on Corporate Governance along with the certificate of the practicing Company Secretary on its compliance is enclosed to this report.

COMPLIANCE WITH THE ACCOUNTING STANDARDS: Pursuant to Clause 32 of the Listing Agreement with the Stock Exchange and the Accounting Standard (AS-22) in terms of Section 211 (3A) of the Companies Act, 1956, a statement on Deferred Tax Assets and Liabilities and the Cash Flow Statement prepared as per AS-3 are annexed to the Accounts for the year 2010-11. There are no 'Related Party Transactions' to be reported under AS -18.

CAUTIONARY STATEMENT: Statements in this Report, particularly those relating to the Outlook, Management Discussion and Analysis, the Company's objectives, projections, estimates, expectations etc are mere assessments. They may at best constitute 'forward looking statements' within the meaning of applicable laws and regulations, if any. As such the actual results might differ materially from those either expressed or implied.

ACKNOWLEDGEMENT: We thank the Central and State Government authorities; the Andhra Bank; our sister units in the Industry and all the customers and suppliers for their kind co- operation and support. We also place on record our appreciation to all the employees for their dedicated services during the previous year.

for and on behalf of the Board of Directors of SRI VAJRA GRANITES LIMITED

Sd/- K.S. KAMESWARA SARMA Chairman

Place: Hyderabad Date : 02.07.2011


Mar 31, 2010

The Directors present their 21st Annual Report, together with the Audited Balance Sheet as on 31-03-2010; and the Profit & Loss Account, for the year ended 31-03-2010, together with the schedules 1 to 16 attached thereto; the Cash Flow Statement and the Statutory Auditors Report on the said financial data.

2. FINANCIAL RESULTS/ DATA

Rs. in Lakhs

PARTICULARS Year ended Year ended

31.03.2010 31.03.2009

1. Net Sales 858.22 1197.87

2. Operating Expenditure 1091.41 1334.78

3. Profit-Loss Before Depreciation, -233.19 -136.91

Interest & Provision for Tax (PBDIT)

4. Depreciation -51.73 -52.13

5. Interest -29.23 -44.25

6. Profit/Loss before provision for taxes -314.15 -233.29 & Prior period Adj. Net & other income

7. Other Income 5.14 12.74

8. Prior Period Adj.Net 12.85 157.99

9. Profit Before Tax -296.16 -62.56

10. Provision for taxes 0 -1.29

11. Net Profit / Loss for the year -296.16 -63.85

12. Balance Brought forward from previous year 496.65 560.49

13. Balance carried to Balance Sheet 200.49 496.65

14. Capital Reserve(State subsidy) 24.98 24.98

15. Share Capital 726.28 726.28

16. Net worth 951.75 1247.91

During the Financial Year (FY) 2009-10, the Companys Net sales as above at Rs. 858.22 lakhs, were down by Rs. 339.65 lakhs, compared to the net sales at Rs. 1197.87 made in the FY. 2008-09.

The year under report ended with a loss of Rs. 314.15 lakhs after providing for the Depreciation and Interest. And after setting off against it the other income and the Prior Period Incomes, the Company ended with a net loss of Rs. 296.16 lakhs. (For further analysis of the results please see pages 7 & 8 of this 21s1 Annual Report)

3. Dividends: Your Company is not in a position to recommend any dividend for the FY. 2009-10.

4. FIXED DEPOSITS: The Company did not accept any Fixed Deposits from the public during the FY 2009-2010.

5. COMPLIANCE WITH THE ACCOUNTING STANDARDS: Pursuant to Clause 32 of the Listing Agreement with the Stock Exchanges and the Accounting Standard (AS-22) in terms of Section 211 (3A) of the Companies Act, 1956, a statement on Deferred Tax Assets and Liabilities, likewise a Cash Flow Statement, prepared as per AS-3, are annexed to the Accounts for the year 2009-10.

There are no Related Party Transactions to be reported under AS -18.

6. PARTICULARS OF EMPLOYEES : Pursuant to section 217 (2A) of the Companies Act, 1956: Nil.

7. DIRECTORS RESPONSIBILITY STATEMENT : Pursuant to Section 217(2AA) of the Companies Act, your Directors confirm:

- that in the preparation of the Annual Accounts for the year ended March 31, 2010 the applicable Accounting Standards have been followed along with proper explanations relating to material departures;

- that the Directors had selected such Accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31.03.2010 and of the profit or loss of the Company for that period;

- that 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 frauds and other irregularities;

- that the Directors had prepared the Annual Accounts on a going concern basis.

8. POLLUTION CONTROL : Necessary arrangements and measures are regularly in place for control of water, air and other environmental borne-pollutions.

9. AUDITORS : The present Statutory Auditors, term expires at the ensuing Annual General Meeting. You are now to appoint the Statutory Auditors for the current year and authorise the Board to fix the Auditors remuneration. Your Company has received a written certificate from the retiring Auditors, M/s I.Sudhakar & Co to the effect that their re-appointment, if made, would be in accordance with the limits specified in sub-section (1B) of Section 224 of the Companies Act, 1956.

10. CHANGES IN THE BOARD OF DIRECTORS : Sri C.Saya Reddy and Sri M.Ranga Reddy who retire by rotation, seek their reappointment at the 21st AGM

11. CAUTIONARY STATEMENT : Statements in this Report, particularly those relating to the Outlook, Management Discussion and Analysis, the Companys objectives, projections, estimates, expectations etc are mere assessments. They may at best constitute forward looking statements within the meaning of applicable laws and regulations, if any. As such the actual results might differ materially from those either expressed or implied.

12. ACKNOWLEDGEMENT : We thank the Central and State Government authorities, the Andhra Bank, our sister units in the Industry and all the customers and suppliers for their kind co-operation and support. We also place on record our appreciation to all the employees for their dedicated services during the previous year.

for and on behalf of the Board of Directors of SRI VAJRA GRANITES LIMITED

Sd/-

Place: Hyderabad A.Srinivas Reddy

Date: 12.08.2010 Managing Director

 
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