Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 25th ANNUAL REPORT
together with the Audited Accounts of the company for the financial
year ended 31st March, 2014.
FINANCIAL RESULTS:
PARTICULARS 2013-2014 2012-2013
'' In lakhs '' In lakhs
Gross Income 61.62 507.52
Total Expenditure 104.14 568.74
Profit/Loss before Depreciation,
Int & Taxation (42.52) (61.22)
Interest 1.38 17.09
Depreciation 1.16 24.78
Extraordinary items (132.23) -
Provision for Tax -- -
Net Profit/(loss) before tax (177.30) (103.09)
Deferred tax (52.45) 90.84
Net Profit / (Loss) (229.76) (12.25)
Paid up Equity Share Capital 523.89 523.89
REVIEW OF OPERATIONS:
The company recorded a turnover of Rs. 61.62 lakhs and net loss of Rs.
229.76 lakhs as against turnover of Rs. 507.52 lakhs and net loss of
Rs. 12.25 lakhs for the corresponding previous year. The company is
trying to achieve more turnovers in spite of lack of working capital
facilities.
SALE OF LAND, BUILDINGS & MACHINERY:
As you are all aware of the Postal Ballot conducted during February
2013 where inapproval was accorded by the shareholders of the company
for the sale / disposal of assets of the company in order to settle the
loan liabilities due to the Bank and other statutory dues, your company
has during July 2013 disposed off the assets and settled the dues of
Bank, arrears of dues with Sales tax and other statutory dues.
Since the plant & equipment are very old and could not be upgraded, the
production was getting hampered frequently. Further to this, power cuts
and shortage are added burden on the production cycle. With the result,
Working capital account became NPA. Under these circumstances, the
company took the approval from Shareholders through postal ballot and
sold the assets, cleared the liabilities to the bank and other
statutory bodies.
However the company is planning to manufacture fine chemicals in leased
premises and also trade the Bulk drugs, intermediates and cosmetics to
improve workings of the company.
DIVIDEND:
The company was de-registered from BIFR. Directors express their
inability to recommend any dividend for the said financial year.
Directors regret the same, but are hopeful that the performance of the
Company would improve in the years to come.
FIXED DEPOSITS:
The Company has neither accepted not renewed any deposits falling
within the provisions of section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year.
The Company has not invited / accepted any fixed deposits during the
year under review.
DIRECTORS:
Dr.A.Ramakrishnaiah, Director retires by rotation at the ensuing Annual
General Meeting and being eligible, offer himself for re-appointment.
DIRECTORS ''RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in preparation of Annual Account for the financial year ended
31st March, 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) 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, 2014 and of the profit and loss of the company for that period:
(iii) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting a fraud and other irregularities :
(iv) that the directors have prepared the annual accounts on a going
concern basis.
AUDITORS:
M/s. Durga Prasad Associates, Chartered Accountants, the Statutory
Auditors of the company retire at the conclusion of ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment. They have submitted a Certificate pursuant to the
provisions of section 224(1B) of the Companies Act, 1956, that if their
re-appointment be made for another term will be within the prescribed
limits. Your directors recommend their appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS
ANDOUTGO:
A Statement giving details of Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo in accordance with the
provisions of section 217 (1) (e) of the Companies Act, 1956, read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is set out in Form - ''A'' and Form - ''B''
which is enclosed as Annexure - a to this report.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975, as amended, no
employee of your Company is in receipt of remuneration exceeding
Rs.5,00,000/- per month or Rs.60,00,000/- per annum during the
financial year. MANAGEMENT DISCUSSION & ANANLYSIS :
The Competition in the Pharmaceuticals industry is very high from both
the organized and unorganized sectors.
Your Company has developed 14 products. The demand for the product is
good but due to working capital crunch, your company unable to meet the
demand.
Your company is gearing up to meet the challenges of Bulk Drug
Industry. The Company is facing working Capital crunch, which may be
overcome by equity participation by the Investors .
EXPLANATIONS TO AUDITORS''S QUALIFICATIONS:
The following are the explanations given by your directors in respect
of the qualifications made in the Auditors'' Report.
Necessary steps were taken to implement the auditor''s qualifications.
The balance confirmations of the debtors, creditors, loans and advances
are under process.
CORPORATE GOVERNANCE:
In terms of Clause 49 of the Listing agreement, a separate Report on
corporate Governance is enclosed as Annexure - B to this report.
LISTING FEE:
Your Company''s shares are listed on the Bombay Stock Exchange. Your
Company has paid the Listing fee to the Bombay Stock Exchange for the
period 2013-14. The ISIN no. of the Company is INE 154 G 01014.
REPLIES TO AUDITORS QUALIFICATIONS :
The Company remitted Rs. 8 Laks to ESI Department to wards Disputed
liability from the proceeded of sale However the department has refused
to accept the amount stating that the matter of subjudiciary in nature.
The other undisputed amount are being paid ACKNOWLEDGMENTS:
Your directors would like to place on record their sincere appreciation
and gratitude to the Company''s Customers, Bankers, shareholders for
their support and co-operation. Your Directors express their heartfelt
gratitude to the employees for their exceptional commitment and loyalty
to the company.
For and on behalf of Board of Directors
Place : Hyderabad N. V. NARENDER
Date: 3rd September 2014 Chairman and Managing Director
Mar 31, 2012
Dear Members'
The Directors have pleasure in presenting the 23rd ANNUAL REPORT
together with the Audited Accounts of the company for the financial
year ended 31 st March' 2012.
FINANCIAL RESULTS:
PARTICULARS 2011-2012 2010-2011
Income from Operations 230.42 182.88
Total Expenditure 257.53 171.2
Profit/Loss before
Depreciation & Taxation (-27.11) 11.68
Interest 25.17 21.37
Depreciation 26.84 30.76
Provision for Tax
Net Profit/(loss) before tax (-79.12) (-40.45)
Deferred tax (-16.44) 47.85
Net Profit / (Loss) (-62.68) (-88.30)
Paid up Equity Share Capital 436.76 436.76
REVIEW OF OPERATIONS:
The company recorded a turnover of Rs. 230.42 lakhs and net loss of Rs.
62.68 lakhs as against turnover of Rs. 182.88 lakhs and net loss of Rs.
88.30 lakhs for the corresponding previous year. The company is trying
to achieve more turnovers in spite of lack of working capital
facilities. As indicated earlier' the company is choosing different
product mix in the current year operations.
DIVIDEND:
Since the company is still in the purview of BIFR' Directors express
their inability to recommend any dividend for the said financial year.
Directors regret the same' but are hopeful that the performance of the
Company would improve in the years to come.
FIXED DEPOSITS:
The Company has neither accepted not renewed any deposits falling
within the provisions of section 58Aof the CompaniesAct' 1956 read with
the Companies (Acceptance of Deposits) Rules' 1975 from the public
during the financial year.
The Company has not invited / accepted any fixed deposits during the
year under review.
DIRECTORS:
Sri. Illindala Seshagiri Rao' Director retires by rotation at the
ensuing Annual General Meeting and being eligible' offer himself for
re-appointment.
Sri. Raghavacharya Vasudevan is proposed for appointment as a director
liable for retirement by rotation.
DIRECTORS 'RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in preparation of Annual Account for the financial year ended
31 st March' 2012' the applicable accounting standards have been
followed along with the proper explanation relating to material
departures' if any' therefrom;
(ii) 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' 2012 and of the profit and loss of the company for that period:
(iii) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting a fraud and other irregularities.
(iv) that the directors have prepared the annual accounts on a going
concern basis.
AUDITORS:
M/s. Durga Prasad Associates' Chartered Accountants' the Statutory
Auditors of the company retire at the conclusion of ensuing Annual
General Meeting and being eligible' offer themselves for
re-appointment. They have submitted a Certificate pursuant to the
provisions of section 224(1 B) of the Companies Act' 1956' that if
their re-appointment be made for another term will be within the
prescribed limits. Your directors recommend their appointment.
CONSERVATION OF ENERGY' TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS
AND OUTGO:
A Statement giving details of Conservation of Energy' Technology
Absorption' Foreign Exchange Earnings and Outgo in accordance with the
provisions of section 217 (1) (e) of the Companies Act' 1956' read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules' 1988' is set out in Form - 'A and Form - 'B' which is
enclosed as Annexure - a to this report.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217 (2AA) of the Companies Act' 1956 read with
Companies (Particulars of Employees) Rules 1975' as amended' no
employee of your Company is in receipt of remuneration exceeding
Rs.5'00'000/- per month or Rs.60'00'000/- per annum during the
financial year.
MANAGEMENT DISCUSSION &ANANLYSIS:
The Competition in the Pharmaceuticals industry is very high from both
the organized and un- organized sectors.
Your Company has developed 14 products. The demand for the product is
good but due to working capital crunch' your company unable to meet the
demand at export market. Your Company is planning to offer the products
on profit sharing basis with other drug industries.
Your company is gearing up to meet the challenges of Bulk Drug
Industry. The Company is facing working Capital crunch' which may be
overcome by equity participation by the Investors and enhancement of it
from existing bankers.
EXPLANATIONS TO AUDITORS'S QUALIFICATIONS:
The following are the explanations given by your directors in respect
of the qualifications made in the Auditors' Report.
Necessary steps were taken to implement the auditor's qualifications.
The balance confirmations of the debtors' creditors' loans and advances
are under process. The company is under review by BIFR' it doesn't have
sufficientfunds to pay statutory dues & retirement benefits.
CORPORATE GOVERNANCE:
In terms of Clause 49 of the Listing agreement' a separate Report on
corporate Governance is enclosed asAnnexure- B to this report.
LISTING FEE:
Your Company's shares are listed on the Hyderabad Stock Exchange and
Bombay Stock Exchange. Your Company has paid the Listing fee to the
Bombay Stock Exchange for the period 2011 -12. The ISIN no. of the
Company is INE 154 G 01014.
ACKNOWLEDGEMENTS:
Your directors would like to place on record their sincere appreciation
and gratitude to the Company's Customers' Bankers' shareholders for
their support and co-operation. Your Directors express their heartfelt
gratitude to the employees for their exceptional commitment and loyalty
to the company.
For and on behalf of Board of Directors
Place: Hyderabad N.V.NARENDER
Date: 31 May 2012 Chairman and Managing director
Mar 31, 2011
The Directors have pleasure in presenting the 22nd Annual Report
together with the Audited Accounts of the company for the financial
year ended 31st March, 2011.
FINANCIAL RESULTS:
2010-2011 2009-2010
PARTICULARS
Rs. In lakhs Rs. In lakhs
Income 180.20 296.19
Total Expenditure 171.21 232.02
Profit/(Loss) before
Depreciation & Taxation 8.99 64.17
Interest 21.37 25.54
Depreciation & other written off 28.07 27.89
Provision for Tax
Net Profit / (Loss) (40.45) 10.74
Prior Period expense - 3.81
Deferred tax 47.85 18.86
Net Profit / (Loss) transferred to BS (88.30) (11.93)
Paid up Equity Share Capital 436.76 436.76
Reserves & Surplus 63.11 65.80
REVIEW OF OPERATIONS:
The company recorded a turnover of Rs. 180.20 lakhs and net loss of Rs.
40.45 lakhs before provision of deferred tax liability as against Rs.
296.19 lakhs of turnover and net profit of Rs. 10.74 lakhs for the
previous year. The reason for the less turnover and loss was after
effects of fire accident in manufacturing block, recession and the
slack in demand for the Tritely Chloride.
In view of the above, the company is opting for new products to
manufacture and is trying for enhancement of working capital.
DIVIDEND:
Since the company is still in the purview of BIFR, Directors express
their inability to recommend any dividend for the said financial year.
Directors regret the same, but are hopeful that the performance of the
Company would improve in the years to come.
FIXED DEPOSITS:
The Company has neither accepted nor renewed any deposits falling
within the provisions of section 58Aof the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year.
The Company has not invited / accepted any fixed deposits during the
year under review.
DIRECTORS:
Sri. Ramakrishnaiah Appanaboyana, Director, retires by rotation at the
ensuing Annual general Meeting and being eligible, offer himself for
re-appointment.
DIRECTORS'RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(I) That in preparation of Annual Account for the financial year ended
31st March, 2011, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from:
(II) 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 31 st
March. 2011 and of the profit and loss of the company for that period:
(III) That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting a fraud and other irregularities:
(IV) the at the directors have prepared the annual accounts on a going
concern basis.
AUDITORS:
M/s Jawahar and Associates, Chartered Accountants, the Statutory
Auditors of the company retire at the conclusion of ensuing Annual
General Meeting and being eligible, offer themselves for re-
appointment. They have submitted a Certificate pursuant to the
provisions of section 224(1 B) of the Companies Act, 1956, that if
their re-appointment be made for another term will be within the
prescribed limits. Your directors recommend their appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS
AND OUTGO:
A Statement giving details of Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo in accordance with the
provisions of section 217 (1)(e)of the Companies Act, 1956, read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is set out in Form - A and Form - B' which is
enclosed as Annexure - a to this report.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975, as amended, no
employee of your Company is in receipt of remuneration exceeding
Rs.2,00,000/- per month or Rs.24,00,000/- per annum during the
financial year.
MANAGEMENT DISCUSSION &ANANLYSIS:
The bulk drug industry is presently facing tough times because of stiff
competition from China and reduction in profit margins. But the future
is promising good fortunes since most of the bulk drugs are going to be
off patented.
Your Company has developed 14 products. The demand for the product is
good but due to working capital crunch, your company unable to meet the
demand for export market. Your Company is planning to offer the
products on profit sharing basis with other drug industries.
Your company is gearing up; to meet the challenges of Bulk Drug
Industry. The Company R & D is strong enough to meet the requirements
of foreign Buyers.
Your company can withstand any kind of shocks which normally faced by
Bulk Drug Industry. The Company is facing working Capital crunch, which
may be overcome by equity participation by the Investors and
enhancement of it from existing bankers.
EXPLANATIONS TO AUDITORS' QUALIFICATIONS:
The following are the explanations given by your directors in respect
of the qualifications made in the Auditors' Report.
Necessary steps were taken to implement the auditor's qualifications.
The balance confirmations of the debtors, creditors, loans and advances
are under process. The company is under review by BIFR, it doesn't have
sufficient funds to pay statutory dues & retirement benefits. Company
has initiated criminal proceedings against the director for
mis-utilization of company's bank account.
CORPORATE GOVERNANCE:
In terms of Clause 49 of the Listing agreement, a separate Report on
corporate Governance is enclosed as Annexure-B to this report.
LISTING FEE:
Your Company's shares are listed on the Hyderabad Stock Exchange and
Bombay Stock Exchange. Your Company has paid the Listing fee to the
Bombay Stock Exchange for the period 2010-11. The ISIN no. of the
Company is INE 154 G 01014.
ACKNOWLEDGEMENTS:
Your directors would like to place on record their sincere appreciation
and gratitude to the Company's Customers, Bankers, shareholders for
their support and co-operation. Your Directors express their heart felt
gratitude to the employees for their exceptional commitment and loyalty
to the company.
BY ORDER OF THE BOARD
Place: Hyderabad N.V.NARENDER
Date : 5/12/2011 CHAIRMAN AND MANAGING DIRECTOR
Mar 31, 2009
The Directors have pleasure in presenting the 20th ANNUAL REPORT
together with the Audited
Accounts of the company for the financial year ended 31st March, 2009.
During the year under review your companys name was changed to VENMAX
DRUGS AND PAHARMACETUICALS LIMITED and a fresh certificate of
incorporation was issued to the company by the Registrar of Companies,
Andhra Pradesh, Hyderabad.
FINANCIAL RESULTS:
For the Financial Year For the Financial Year
2008-09 2007-08
Income from Operations 302.83 299.78
Other lncome(lncrease /
decrease in stocks) (97.63) 7.05
Total Expenditure 147.79 266.19
Profit/Loss before Depreciation
and Taxation 57.41 40.64
Interest 24.60 10.29
Depreciation 22.68 24.75
Provision for Tax 0.18 0.17
Net Profit 9.95 5.43
Deferred Tax 122.00 86.18
Net Profit/(Loss) 131.95 -80.75
Paid up Equity Share Capital 436 76 528.53
Reserves & Surplus 68.49 71.18
REVIEW OF OPERATIONS:
During the year under review, your company has achieved a turnover of
Rs.302.83 Lacs and incurred a profit of Rs9.95 Lacs. The OTS benefits
from financial institutions were taken in to consideration. Your
Directors agree that the Company not achieved the targeted results
because of the following reasons.
1. During Sep, 2008 the Working capital limits of Rs.150 lakhs was
disbursed by Union Bank of India Which is insufficient to meethig her
target of Sales..
2. Company is planning to induct new financial directors with
considerable investment to meet the working capital requirement
3. Your Directors hope that the new products and tie up with
International Companies. The company will be doing extremely well in
2009-10. Your company is free from term loans and is trying for the
enhancement of working capital to the tune of Rs 4.00 crores to meet
the targeted sales of Rs20.00 crores during 2010- 11.
DIVIDEND:
Since the company is still in the preview of FJIFR .Directors express
their inability to recommend any dividend for the said financial year.
Directors regret the same, but are hopeful that the performance of the
Company would improve in the years to come. FIXED DEPOSITS:
The Company has neither accepted not renewed any deposits falling
within the provisions of section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year. The Company has not invited/ accepted any
fixed deposits during the year under review. DIRECTORS:
Sri. Gajula Gopal of your company retires by rotation at the ensuing
Annual general Meeting and being eligible, offer himself for re-
appointment..
In accordance with the Article 106 and Section/s 257 & 260 of the
companies Act, 1956 one share holder has proposed for the reappointment
of the additional directors viz, Sri.NiteshVijayVargiya, Dr. A.
Ramakrtshnaiah and Sri.l.SeshagiriRaowhowere appointed /Co - opted as
additional Directors during the year 2008-09.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in preparation of Annual Account for the financial year ended
31 st March, 2009, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) 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 31 st
March. 2006 and of the profit and loss of the company for that period:
(iii) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting a fraud and other irregularities: (iv)
that the directors have prepared the annual accounts on a going concern
basis. AUDITORS:
M/s Jawahar and Associates, Chartered Accountants, the Statutory
Auditors of the company retire at the conclusion of ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment. They have submitted a Certificate pursuant to the
provisions of section 224(1 B) of the Companies Act, 1956, that if
their re-appointment be made for another term will be within the
prescribed limits. Your directors recommend their appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS
AND OUTGO: A Statement giving details of Conservation of Energy,
Technology Absorption, Foreign Exchange Earnings and Outgo in
accordance with the provisions of section 217 (1) (e) of the Companies
Act, 1956, read with Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988, is set out in Form - A and Form -
B which is enclosed as Annexure -a to this report. PARTICULARS OF
EMPLOYEES:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rule s 1975, as amended, no
employee of your Company is in receipt of remuneration exceeding
Rs.2,00.000/- per month or Rs.24,00,000/- per annum during the
financial year.
MANAGEMENT DISCUSSION &ANANLYS1S:
The Competition in the Pharmaceuticals industry is very high from both
the organize and un-organized sectors. In the present scenario there
are more number of opportunities than threats to your Company.
The world market for generics (Off patent Drugs) is expected to grow to
about US $20 Billion by, 2007, and to about US$80 Billion by 2010. This
represents a great opportunity for Indian Companies with Good GMP
Manufacturing Facilities and regulatory skills. Your
Company is exploring all the possibilities to take advantage of patent
export. Some of the areas it is exploring are like, obtaining exclusive
marketing rights for select specialty products with high growth and
making agreements for supplying cost effective molecules in bilk to
large multinational companies.
Your Company has developed 14 products. The demand for the product is
good but due to working capital crunch, your company unable to meet the
demand at export market. Your Company is planning to offer the products
on profit sharing basis with other drug industries.
VENMAX DRUGS AND PAHARMACETUICALS LIMITED, is gearing up; to meet the
challenges of Bulk Drug Industry. The Company R & D is strong enough to
meet the requirements of foreign Buyers.
VENMAX DRUGS AND PAHARMACETUICALS LIMITED , can withstand any kind of
shocks which normally forced by Bulk Drug Industry. The Company is
facing working Capital crunch, which may be overcome by equity
participation by the Investors and enhancement of it from existing
bankers.
EXPLANATIONS TO AUDITORSS QUALIFICATIONS:
The following are the explanations given by your directors in respect
of the qualifications made in the Auditors Report
Necessary steps were taken to implement the auditors qualifications.
CORPORATE GOVERNANCE:
In terms of Clause 49 of the Listing agreement, a separate Report on
corporate Governance is enclosed as Annexure - B to this report.
LISTING FEE:
Your Companys shares are listed on the Bombay Stock Exchange. Your
Company has paid the Listing fee to the Bombay Stock
Exchange for the period 2008-09. The lSIN no.of the Company is
lNE154G01014.
ACKNOWLEDGEMENTS:
Your directors would like to place on record their sincere appreciation
and gratitude to the Companys Customers, Bankers, shareholders for
their support and co-operation. Your Directors express their heartfelt
gratitude to the employees for their exceptional commitment and loyalty
to the company.
FOR AND ON BEHALF OF BOARD OF DIRECTORS
Sd/-
Place: Hyderabad N.V.NARENDER
Date: 5th September, 2009 Chairman and Managing director