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Directors Report of Radix Industries (India) Ltd.

Mar 31, 2018

The Directors hereby present the Twenty Fourth Annual Report together with the Audited Accounts of the company for the financial year ended 31st March, 2018.

Financial Summary or Highlights/Performance of the Company:

The financial highlights for the current year in comparison to the previous year are as under:

(Rupees in Lakhs)

PARTICULARS

Current Year (2017-18)

Previous Year (2016-17)

Total Revenue

1206.58

1386.28

Total Expenditure (before Financial Charges, Depreciation)

986.91

1154.62

Profit before Financial Charges, Depreciation and Taxation

219.68

231.65

Less: Depreciation

5.20

6.34

Less: Financial Charges

41.77

30.95

Profit Before Tax

172.71

194.36

Less: Provision for Tax & Deferred Tax

46.48

68.89

Profit After Tax

126.23

125.47

Loss from Previous Year

0.00

0.00

Net Loss/Profit carried to Balance Sheet

126.23

125.47

COMPANY PERFORMANCE:

In the Financial Year 2017-18, owing to market conditions and other factors, your Company has made a revenue of Rs.1206.58 Lacs in the current financial year as compared to Rs.1386.28 Lacs for the previous financial year. Your Company has posted net profit after tax of Rs.126.23 Lacs in the current year as compared to Rs. 125.47 Lacs in the previous financial year. Your Directors are confident of increasing the top line and bottom line with sustainable growth in the years to come.

There is no change in the nature of business during the FY 2017-18 DIVIDEND:

The Board recommends Final Dividend of Rs.1/- per share (10% on face value of Rs.10/- each) for the financial year 2017-18.

TRANSFER TO RESERVES:

Your Company has not transferred any amount to reserves during the financial year.

THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:

Till date the Company does not have any Subsidiaries, Associates or Joint Ventures.

STATUTORY AUDITORS:

The shareholders in their meeting held on 20th September, 2014 approved appointment of M/s. Chevuturi Associates, Chartered Accountants, Vijayawada, as the Statutory Auditors of the Company to hold office till the conclusion of 25th Annual General Meeting by members in every Annual General Meeting.

Pursuant to Companies (Amendment) Act, 2017, the provision pertaining to ratification of appointment of Statutory Auditor has been omitted with effect from 07th May, 2018.

Hence, the agenda for ratification of appointment of Statutory Auditor has not been proposed in the notice of ensuring AGM.

INTERNAL AUDITORS:

M/s Brahmayya & Co, Chartered Accountants, Gubbalavari Street, Society Road, Tanuku, 534211 (ICAI Firm Registration No. 000513S) were appointed as Internal Auditors of the Company and they are submittimg their reports on quarterly basis

SECRETARIAL AUDITORS:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. P.S.Rao & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the company for Financial Year 2017-18.

The Secretarial Audit Report is annexed herewith as “Annexure I” to this report.

MAINTENANCE OF COST RECORDS:

Company is not required to maintain cost records as specified by the Central Government under subsection (1) of section 148 of the Companies Act, 2013

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNED DURING THE YEAR:

In accordance with the provisions of Section 152 of the Companies Act, 2013, Sri. G. Ganapathi Rama Prabhakara Raju, Director of the Company retires by rotation and being eligible, has offered himself for reappointment.

There were no other changes in the office of directors or key managerial personnel during the year. MEETINGS:

During the year, four meetings of Board of Directors were held as more particularly disclosed in the attached report of Corporate Governance. The intervening gap between any two meetings was within the prescribed period.

The Number and dates of meeting held by the Board and its Committees, attendance of Directors is given separately in Corporate Governance Report in terms of Section134(3)(b) of the Companies Act, 2013.

DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

Every Independent Director, at the first meeting of the Board in which he participates as a Director and thereafter at the first meeting of the Board in every financial year, gives a declaration that he meets the criteria of independence as provided under the Companies Act, 2013.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits and as such no principal or interest was outstanding as on the date of the Balance sheet.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Company has not given any loans or made any investments or provided any guarantee covered under the provisions of Section 186 of the Companies Act, 2013.

MATERIAL CHANGES AND COMMITMENTS:

There are no material changes and commitments affecting the financial position of the company occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013, your Directors confirm that to the best of their knowledge and belief and according to the information and explanation obtained by them,

(i) that in the preparation of Annual Accounts for the financial year ended 31st March, 2018, 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 and of the profit 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 fraud and other irregularities

(iv) that the directors have prepared the annual accounts on a going concern basis.

(v) The Directors had laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating efficiently.

(vi) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and Operating effectively.

POLICIES:

All policies which were required to be disclosed along with Board Report are mentioned separately after Corporate Governance Section of the report.

RISK MANAGEMENT

The Company has risk management mechanism in place which mitigates the risk at appropriate situations and there are no elements of risk, which in the opinion of Board of Directors may threaten the existence of the Company.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There were no contracts or arrangements with related parties as specified in section 188 of the Act during the financial year 2017-18.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 134(3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are given as “Annexure - II” and forms part of this report.

EXTRACT OF ANNUAL RETURN:

The details forming part of the Extract of the Annual Return in Form No. MGT-9 is annexed herewith as “Annexure - III” to this Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to the provisions of Schedule V to SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 a report on Management Discussion & Analysis is herewith annexed as “Annexure IV” to this report.

LISTING:

Your Company’s shares are presently listed on The BSE Limited, Mumbai and the listing fees for F.Y 2018-19 is paid.

PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration and Shareholders Grievance Committees.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board’s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgments, safeguarding the interest of the Company and its minority shareholders etc.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed their satisfaction with the evaluation process.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS.

The Company has in place proper and adequate internal control systems commensurate with the nature of its business, and size and complexity of its operations. Internal control systems comprising of policies and procedures designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations, and that all assets and resources are acquired are used economically.

HUMAN RESOURCES:

Your Company considers its Human Resources as the key to achieve its objectives. Keeping this in view, your Company takes utmost care to attract and retain quality employees. The employees are sufficiently empowered and such work environment propels them to achieve higher levels of performance. The unflinching commitment of the employees is the driving force behind the Company’s vision. Your Company appreciates the spirit of its dedicated employees.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is herewith annexed as “Annexure V” to this report.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. A separate report on Corporate Governance is annexed as “Annexure-VI” herewith, as a part of the Annual Report along with the certificate on its compliance.

DETAILS ABOUT THE CORPORATE SOCIAL RESPONSIBILITY POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY:

The Company does not meet the Criteria as specified in Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility.

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 The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the following are the members of the Committee:

S.No

Name

Category

1

Sri. M. Kiran Phani Varma

Chairman

2

Sri. G Raghu Rama Raju

Member

3

Sri. Sivarama Prasad Surapaneni

Member

The following is a summary of sexual harassment complaints received and disposed off during the Calendar year:

- No. of complaints received : Nil

- No. of complaints disposed off : Nil

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff and all the stake holders for their support and cooperation.

BY THE ORDER OF THE BOARD

For Radix Industries (India) Limited

Sd/-

Gl Raghu Rama Raju

Chairman & Managing Director

Place: Tanuku (DIN: 00453895)

Date : 14.08.2018


Mar 31, 2016

The Directors hereby present the Twenty Second Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March, 2016.

Financial Summary or Highlights/Performance of the Company:

The financial highlights for the current year in comparison to the previous year are as under:

(Rupees in Lakhs)

PARTICULARS

Current Year (2015-16)

Previous year (2014-15)

Total Revenue

3013.40

5601.48

Total Expenditure ( before Financial Charges, Depreciation and Taxation)

2621.96

4790.77

Profit before Financial Charges, Depreciation and Taxation

391.44

810.71

Less: Depreciation

7.67

10.31

Less: Financial Charges

75.39

63.04

Profit Before Tax

308.38

737.36

Less: Provision for Tax & Deferred Tax

105.00

247.56

Profit After Tax

203.38

489.80

Loss from Previous Year

0.00

-11.01

Less: Transfer from Reduction of Capital

0.00

0.00

Net Loss/Profit carried to Balance Sheet

203.38

478.79

COMPANY PERFORMANCE:

The Financial Year 2015-16 has been another good year for your Company. Your Company has made a revenue of Rs.3013.40 Lacs in the current financial year as compared to 5601.48 Lacs for the previous financial year. Your Company has posted net profit after tax of Rs.203.38 Lacs in the current year as compared to Rs.478.79 Lacs in the previous financial year.

There is no change in the nature of business during the FY 2015-16

DIVIDEND:

i. Interim Dividend

After considering the cash position and profitability of the company, the Board of the Directors passed the resolution on 18th March, 2016 for payment of an Interim Dividend of Rs 1/- per share for the financial year 2015-16 by way of circular resolution

ii. Final Dividend

The Board recommends the Interim Dividend declared and paid itself as the Final Dividend for the financial year 2015-16.

TRANSFER TO RESERVES

Your Company has not transferred any amount to reserves during the financial year.

THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:

Till date the Company does not have any subsidiaries.

STATUTORY AUDITORS:

The shareholders in their meeting held on 20th September, 2014 approved the appointment of M/s Chevuturi Associates, Chartered Accountants, Vijayawada, as the Statutory Auditors of the Company to hold office till the conclusion of 25th Annual General Meeting subject to ratification of shareholders in every Annual General Meeting. Accordingly, a resolution seeking Members'' ratification on appointment of M/s Chevuturi Associates Chartered Accountants Vijayawada, as the Statutory Auditors of the Company for the financial year 2016-17 is included at Item No.4 of the Notice convening the Annual General Meeting.

INTERNAL AUDITORS:

M/s Brahmayya & Co, Chartered Accountants, Gubbalavari Street, Society Road, Tanuku, 534211 (ICAI Firm Registration No. 000513S) were appointed as internal Auditors of the Company and they are submitting their reports on quarterly basis

SECRETARIAL AUDITORS:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. P.S.Rao & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report is annexed herewith as “Annexure IV” to this report.

REPLY TO QUALIFICATIONS IN SECRETARIAL AUDIT REPORT:

During our Audit is observed that the Company has appointed Company Secretary with effect from

11.02.2016, under Section 203 of Companies Act, 2013 and the SEBI(Listing Obligation and Disclosure Requirement) Regulations, 2015

Inspite of all efforts made, Company could not get a person to work as the Company is situated in remote place and finally company could find an eligible person for the post of Company Secretary and the Board appointed him w.e.f 11.02.2016

DIRECTORS:

In accordance with the provisions of Section 152 of the Companies Act, 2013, Sri. G. Ganapathi Rama Prabhakara Raju, Director of the Company retires by rotation and being eligible, has offered himself for reappointment.

The Board of Directors of the Company met 4 (four times). The details of Board meetings and the attendance of the Directors are provided in the Corporate Governance Report.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNED DURING THE YEAR:

Re appointment of MD:

The Board of Directors at its Meeting held on 11th February, 2016 has re-appointed Sri. G Raghu Rama Raju as Managing Director, for a period of Five years w.e.f from 13.02.2016 recommended by the Nomination and Remuneration Committee, subject to the approval of the Members which was approved in the meeting.

Appointment of Company Secretary cum Compliance Officer :

Board of Directors in their meeting held on 11th February, 2016 has appointed Mr. P. Lenin Babu as Company Secretary cum Compliance Officer w.e.f 11th February 2016.

1

DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

Every Independent Director, at the first meeting of the Board in every financial year, gives a declaration that he meets the criteria of independence as provided under the Companies Act, 2013.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits and as such no principal or interest was outstanding as on the date of the Balance sheet.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

There are no Loans given or Guarantees provided or Investments made as cover under section 186 of Company Act, 2013.

MATERIAL CHANGES AND COMMITMENTS:

There are no material changes and commitments affecting the financial position of the company occurred between the end of the financial year of the company to which the financial statements relate and the date of the report

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors confirm that to the best of their knowledge and belief and according to the information and explanation obtained by them,

(i) that in the preparation of Annual Accounts for the financial year ended 31st March, 2016, 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 and of the profit 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 fraud and other irregularities

(iv) that the directors have prepared the annual accounts on a going concern basis.

(v) The Directors had laid down Internal Financial controls to be followed by the Company and that such internal financial Controls are adequate and were operating efficiently.

(vi) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and Operating effectively.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

The Company has a Whistle Blower Policy framed to deal with instance of fraud and mismanagement, if any in the Group. The details of the Policy are explained in the Corporate Governance Report and also posted on the website of the Company www.radixindustries.in

RISK MANAGEMENT

The Company has risk management mechanism in place which mitigates the risk at appropriate situations and there are no elements of risk, which in the opinion of Board of Directors may threaten the existence of the Company. A detailed description of the risks & threats has been disclosed in the Management Discussion Analysis Report forming part of the Annual Report.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There were 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 requisite details of the related party transactions are provided as Annexure I to this report. Suitable disclosure as required by the Accounting Standards (AS18) has been made in the notes to the Financial Statements.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 134(3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are given as Annexure - II and forms part of this report.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as "Annexure - III" to this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to the provisions of Schedule V to SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015 a report on Management Discussion & Analysis is herewith annexed as ''Annexure VI'' to this report.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Listing Agreement entered into with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the Certificate on its compliance.

LISTING:

Your Company''s shares are presently listed on The B S E Limited, and the listing fees for the financial year 2016-17 is paid.

The trading in Shares of your Company was suspended from 31.03.2016 for surveillance and Supervision by BSE Limited.

Further on successful submission of all documents / information / clarifications as required by BSE Limited and on obtaining satisfactory reply from the company by the BSE Limited, Suspension on trading of shares was revoked w.e.f 08.07.2016

PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration and Compliance Committees.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board''s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgments, safeguarding the interest of the Company and its minority shareholders etc.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed their satisfaction with the evaluation process.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS.

The Company has in place proper and adequate internal control systems commensurate with the nature of its business, and size and complexity of its operations. Internal control systems comprising of policies and procedures designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations, and that all assets and resources are acquired are used economically

HUMAN RESOURCES:

Your Company considers its Human Resources as the key to achieve its objectives. Keeping this in view, your Company takes utmost care to attract and retain quality employees. The employees are sufficiently empowered and such work environment propels them to achieve higher levels of performance. The unflinching commitment of the employees is the driving force behind the Company''s vision. Your Company appreciates the spirit of its dedicated employees

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is herewith annexed as ''Annexure V'' to this report.

DETAILS ABOUT THE CORPORATE SOCIAL RESPONSIBILITY POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY

The Company does not meet the Criteria as specified in Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility.

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 The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed off during the financial year:

- No. of complaints received : Nil

- No. of complaints disposed off : Nil

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff and all the stake holders for their support and cooperation.

BY THE ORDER OF THE BOARD

For Radix Industries (India) Limited

Sd/-

G Raghu Rama Raju

Chairman & Managing

Director Place: Tanuku (DIN: 00453895)

Date : 13.08.2016


Mar 31, 2015

Dear Members,

The Directors hereby present the Twenty First Annual Report together with the Audited Accounts of the company for the financial year ended 31st March, 2015.

Financial summary or highlights/Performance of the Company:

The financial highlights for the current year in comparison to the previous year are as under:

(Rupees in Lakhs)

PARTICULARS Current Year Previous year (2014-15) (2013-2014)

Total Revenue 5601.48 2354.43

Total Expenditure ( before Financial Charges, Depreciation and Taxation) 4790.77 2109.59

Profit before Financial Charges, 810.71 244.84 Depreciation and Taxation

Less: Depreciation 10.31 8.93

Less: Financial Charges 63.04 16.08

Profit Before Tax 737.36 219.83

Less: Provision for Tax & Deferred Tax 247.56 71.36

Profit After Tax 489.80 148.47

Loss from Previous Year -11.01 -159.48

Less: Transfer from Reduction of Capital 0.00 0.00

Net Loss/profit carried to Balance Sheet 478.79 -11.01

COMPANY PERFORMANCE:

The Financial Year 2014 -15 has been another successful year for the Company. In line with previous year's performance, the Company continued to grow at an unprecedented 237.91% increase in revenue and 329.89 % increase in Profit after Tax compared to FY 2013-14.

The revenue from operations stood at Rs. 5601.48 Lacs against Rs. 2354.43 Lacs in the previous year, resulting in PAT of Rs. 489.80 Lacs as against PAT of Rs148.47 in the previous year.

There is no change in the nature of business during the FY 2014-15

DIVIDEND:

Your Directors are pleased to recommend its maiden dividend after restructuring of the company, of Rs.1 per equity share (10%) of Rs.10/- each for the year 2014-15 subject to the approval of shareholders

TRANSFER TO RESERVES

Your Company did not transfer any amount to reserves

THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:

Till date the Company doesnt have any subsidiaries/ associate companies and the Company does not have any joint ventures.

STATUTORY AUDITORS:

The shareholders in their meeting held on 20th September, 2014 approved the appointment of M/s Chevuturi Associates Chartered Accountants Vijayawada, as the Statutory Auditors of the Company to hold office till the conclusion of 25th Annual General Meeting subject to ratification of shareholders in every Annual General Meeting. Accordingly, a resolution seeking Members' ratification on appointment of M/s Chevuturi Associates Chartered Accountants Vijayawada, as the Statutory Auditors of the Company for the financial year 2015-16 is included at Item No.4 of the Notice convening the Annual General Meeting.

INTERNAL AUDITORS:

M/s Brahmayya & co, Chartered Accountants, Gubbalavari Street, Society Road, Tanuku-534 211 (ICAI Firm Registration No 000513S) were appointed as Internal Auditors of the Company and they are submitting their reports on quarterly basis.

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 Company has appointed M/s. P.S.Rao & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report is annexed herewith as "Annexure III" to this report.

REPLY TO QUALIFICATIONS IN SECRETARIAL AUDIT REPORT:

Company has not appointed Company Secretary for the position of Key Managerial Person as required under section 203 of Companies Act, 2013 and clause 49 of listing agreement:

As the Company is situated in remote place, we could not get an eligible Company Secretary. We are trying to find a right candidate and shall appoint a right candidate as and when available.

DIRECTORS:

The Board of Directors have appointed Shri Siddhardha Kathari as an Additional Director of the Company who holds office till the ensuing Annual General Meeting. The Board, based on the recommendation of Nomination and Remuneration Committee considered the appointment of Shri Siddhardha Kathari as an Independent Director subject to approval of shareholders. Accordingly a resolution seeking approval of shareholders for his appointment as an Independent Director for a period of five years is included at Item No.5 of the Notice convening the Annual General Meeting.

In accordance with the provisions of Section 152 of the Companies Act, 2013, Smt. G. Parvathi, Director of the Company retires by rotation and being eligible, has offered herself for re-appointment.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNED DURING THE YEAR:

During the Financial year under review, Sri G. Rama lakshmi Narayana Rao, independent Director of the Company resigned w.e.f 30.10.2014 and Sri Siddhardha Kathari was appointed as Additional Director under independent Director Category w.e.f 30.10.2014, whose appointment is due for regularization in the Annual General Meeting. G. Ganapathi Rama Prabhakara Raju has been appointed as Chief Financial Officer of the Company w.e.f 31.03.2015

DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

Every Independent Director, at the first meeting of the Board in which he participates as a Director and thereafter at the first meeting of the Board in every financial year, gives a declaration that he meets the criteria of independence as provided under the Companies Act, 2013.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits and as such no principal or interest was outstanding as on the date of the Balance sheet.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

MATERIAL CHANGES AND COMMITMENTS:

There are no material changes and commitments affecting the financial position of the company occurred between the end of the financial year of the company to which the financial statements relate and the date of the report

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors confirm that to the best of their knowledge and belief and according to the information and explanation obtained by them,

(i) that in the preparation of Annual Accounts for the financial year ended 31st March, 2015, 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 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 fraud and other irregularities

(iv) that the directors have prepared the annual accounts on a going concern basis.

(v) The Directors had laid down Internal Financial controls to be followed by the Company and that such internal financial Controls are adequate and were operating efficiently.

(vi) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and Operating effectively.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

The Company has a Whistle Blower Policy framed to deal with instance of fraud and mismanagement, if any in the Group. The details of the Policy are explained in the Corporate Governance Report and also posted on the website of the Company www.radixindustries.in

RISK MANAGEMENT

The Company has risk management mechanism in place which mitigates the risk at appropriate situations and there are no elements of risk, which in the opinion of Board of Directors may threaten the existence of the Company.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There were no contracts or arrangements with related parties as specified in section 188 (1) of the Act during the financial year 2014-15.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 134(3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are given as Annexure - I and forms part of this report.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as "Annexure - II" to this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to the provisions of Clause 49 of the Listing Agreement, a report on Management Discussion & Analysis is herewith annexed as 'Annexure V' to this report.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the Certificate on its compliance.

LISTING:

Your Company's shares are presently listed on The B S E Limited, Mumbai and Madras Stock Exchange Limited, Chennai and the listing fees for F.Y 2014-15 is paid.

PERFORMANCE EVALUATION:

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

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgments, safeguarding the interest of the Company and its minority shareholders etc.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed their satisfaction with the evaluation process.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS.

The Company has in place proper and adequate internal control systems commensurate with the nature of its business, and size and complexity of its operations. Internal control systems comprising of policies and procedures designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations, and that all assets and resources are acquired are used economically.

HUMAN RESOURCES:

Your Company considers its Human Resources as the key to achieve its objectives. Keeping this in view, your Company takes utmost care to attract and retain quality employees. The employees are sufficiently empowered and such work environment propels them to achieve higher levels of performance. The unflinching commitment of the employees is the driving force behind the Company's vision. Your Company appreciates the spirit of its dedicated employees

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is herewith annexed as 'Annexure IV' to this report.

DETAILS ABOUT THE CORPORATE SOCIAL RESPONSIBILITY POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY

The Company Does not meet the Criteria as specified in Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility.

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 The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed off during each Calendar year:

* No. of complaints received : Nil

* No. of complaints disposed off : Nil ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff and all the stake holders for their support and cooperation.

BY THE ORDER OF THE BOARD For Radix Industries (India) Limited

Sd/- G Raghu Rama Raju Chairman & Managing Director (DIN: 00453895)

Place: Tanuku Date : 31.07.2015


Mar 31, 2014

Dear Members,

The Directors hereby present the Twentieth Annual Report together with the Audited Accounts of the company for the financial year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS:

The financial highlights for the current year in comparison to the previous year are as under:

(RS. In Lacs) Particulars Current Year Previous Year (2013-14) (2012-13) (12 months) (12 months)

Total Revenue 2354.43 796.54

Total Expenditure ( before Financial Charges, Depreciation and Taxation) 2109.59 700.11

Profit before Financial Charges, Depreciation and Taxation 244.84 96.43

Less: Depreciation 8.93 6.31

Less: Financial Charges 16.08 8.64

Profit Before Tax 219.83 81.48

Less: Provision for Tax ( MAT) & Deferred Tax 71.36 4.38

Profit After Tax 148.47 77.1

Loss/profit from Previous Year -159.48 -236.58

Less : Transfer from Reduction of Capital 0.00 0.00

Net Loss carried to Balance Sheet -11.01 -159.48

OPERATION:

The Financial Year 2013 -14 has been another successful year for the Company. In line with previous years performance, the Company continued to grow at an unprecedented 195.58% in revenue and 92.56 % in Profit after Tax compared to FY 2012-13.

The revenue from operations stood at Rs.2354.43 Lacs against Rs.796.54 Lacs in the previous year, resulting in PAT of Rs.148.47 Lacs as against PAT of Rs.77.1 in the previous year.

FUTURE OUTLOOK:

The demand for Indian Hair is ever increasing because of its high quality. Apart from the sale of raw processed hairs, the Company is focusing on producing distinct varieties of hair wigs to cater to the needs of European markets and other overseas markets. Although the competition from China is very

DIVIDEND:

With a view to conserve resources for growth plans of the Company, your Directors do not recommend any dividend for the financial year 2013-14

FIXED DEPOSITS:

The company has neither accepted nor 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.

DIRECTORS:

In accordance with the Provisions of Section 152 of the Companies Act, 2013 Sri. G. Gangapathy Rama Prabakara Raju, retire at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment.

The Company had, pursuant to the provisions of Clause 49 of the Listing Agreement entered with the Stock Exchanges, appointed V. Viswanada Raju, Mr. G. Ramalakshmi Narayana Rao and Mr. M. Kiran Phani Varma, as Independent Directors at various times, in compliance with the requirements of the said clause.

As per the provisions of Section 149(4) which has come into force with effect from 1st April, 2014, every listed company is required to have at least one-third of the total number of Directors as Independent Directors. Further, Section 149(10) of the Act provides that an Independent Director shall hold office for a term up to five consecutive years on the Board of a company and is not liable to retire by rotation pursuant to Section 149(13) read with Section 152 of the Act.

The Securities and Exchange Board of India (SEBI) has amended Clause 49 of the Listing Agreement which would be effective from October 1, 2014 inter alia stipulates the conditions for the appointment of Independent Directors by a listed company.

The Nomination & Remuneration Committee has recommended the appointments of these Directors as Independent Directors from to hold office for five consecutive years for a term with effect from the conclusion of this 20th Annual General Meeting till the conclusion of the 25th Annual General Meeting.

The above Independent Directors have given a declaration to the Board that they meet the criteria of independence as provided under Section 149 (6) of the Act. In the opinion of the Board, the above Independent Directors fulfill the conditions specified in the Act and the Rules made there under for appointment as Independent Directors and they are independent of the management.

In compliance with the provisions of Section 149 read with Schedule IV of the Act, the appointment of the above Directors as Independent Directors is being placed before the Members in General Meeting for their approval.

Their profile and the experience in specific functional areas and other directorships held by them as stipulated in clause 49 of the listing agreement is provided in the Additional Information Section forming part of Notice and Corporate Governance Report forming part of the Annual Report.

AUDITORS:

Pursuant to the provisions of Section 139 (2) of the companies Act, 2013,on rotation of audit firms, and based on the recommendation of the audit committee, the Board has at its Meeting held on 23rd July 2014 recommended the re-appointment of, M/s Chevuturi Associates, Chartered Accountants, Vijayawada, as the Statutory Auditors of the Company to hold office from conclusion of this Annual General Meeting for a period of 5 years in accordance with the Act, subject to the ratification of their appointment by the shareholders at every Annual General Meeting. They have furnished a certificate stating that their re- appointment, if made, will be within the limits laid down under Section 141 of the Companies Act, 2013. Accordingly, the appointment of M/s Chevuturi Associates, Chartered Accountants, Vijayawada as the statutory auditors, is being proposed as an ordinary resolution.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules,1975, and as amended from time to time as remuneration of none of the employees is in Excess of Rs.5, 00,000- per month, if employed for the part of year or Rs. 60, 00,000 / Rs. 75, 00,000 per annum during the financial year 2013-2014

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Directors of your Company hereby report:

(i)That in the preparation of Annual Accounts 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 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 fraud and other irregularities

(iv)That the directors have prepared the annual accounts on a going concern basis.

CONSERVATIONOF ENERGY,TECHNOLOGYABSORPTION,FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the report of the Board of Directors) Rules, 1988 are given as Annexure A and forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement forms part of this Report and is annexed hereto.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the CS Certificate on its compliance.

LISTING:

Your Company''s shares are presently listed on The BSE Limited, Mumbai and Madras Stock Exchange Limited, Chennai.

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff an d all the stake holders for their support and cooperation.

BY THE ORDER OF THE BOARD For Radix industries (India) Ltd

Place : Tanuku Date : 23.07.2014 Sd/- G.Raghu Rama Raju Managing Director


Mar 31, 2013

The Directors hereby present the NINETEENTH ANNUAL REPORT together with the Audited Accounts of the company for the financial year ended 31st March, 2013.

FINANCIAL HIGHLIGHTS:

The financial highlights for the current year in comparison to the previous year are as under:

(Rs. In Lacs) Particulars Current Year Previous Year (2012-13) (2011-12) (12 months) (9 months)

Total Revenue 796.54 14.95

Total Expenditure (before Financial Charges,

Depreciation and Taxation) 700.11 14.92

Profit before Financial Charges, Depreciation and Taxation 96.43 0.03

Less: Depreciation 6.31 0.43

Less: Financial Charges 8.64 0.00

Profit Before Tax 81.48 -0.40

Less: Provision for Tax (MAT) & Deferred Tax 4.38 0.00

Profit After Tax 77.17 -0.40

Loss from Previous Year -236.58 -555.48

Less: Transfer from Reduction of Capital 0.00 319.30

Net Loss carried to Balance Sheet -159.48 -236.58

* The figures for the current Financial year are for 12 months from 01.04.2012 to 31.03.2013 and that for previous year are for 9 months from 01.07.2011 to 31.03.2012 and hence not comparable.

OPERATIONS:

The year under review, has been a very successful year for the Company. The hard efforts of the management has resulted in a top line of Rs.796.54 Lacs against a mere Rs14.95 Lacs in the previous year. The operations resulted in bottom line of Rs. 77.10 lakhs as against loss of Rs - 0.40 previous year.

FUTURE OUTLOOK:

All though the Company has done well in terms of sales and profits, the management believes that this is just the beginning. The management will strive hard in the ensuing financial year to attain greater heights both in terms of sales and profitability.

In the coming years, the management will strive to identify and produce distinct varieties of hair wigs to cater to the needs of European and other overseas markets.

DIVIDEND:

In view of the accumulated losses, your Directors do not recommend any dividend for the financial year 2012-13

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.

DIRECTORS:

Smt G Parvathi and Sri M. Kiran Phani Varma, retire at the ensuing Annual General meeting and being eligible, offer themselves for re-appointment.

AUDITORS:

M/s Chevuturi Associates, Vijayawada Chartered Accountants, , the Statutory Auditors of the Company retire at the conclusion of ensuing Annual General Meeting & being eligible, offer themselves for re-appointment. They have furnished a certificate stating that their re-appointment, if made, will be within the limits laid down under Section 224(1 B) of the Companies Act, 1956. The Board recommends their re-appointment for the FY 2013-14.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1975, and as amended from time to time as remuneration of none of the employees is in excess of Rs.5, 00,000- per month, if employed for the part of year or Rs. 60, 00,000 / Rs. 75, 00,000 per annum during the financial year 2012-2013

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Directors of your Company hereby report:

(i) that in the preparation of Annual Accounts for the financial year ended 31st March , 2013, 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 and of the profit and loss of the company for that period:

(iii) that the directors have taken properand 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

(iv) that the directors have prepared the annual accounts on a going concern basis.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the report of the Board of Directors) Rules, 1988 are given as Annexure A and forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement forms part of this Report and is annexed hereto.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the CS Certificate on its compliance.

LISTING:

Your Company''s shares are presently listed on The Bombay Stock Exchange Limited, Mumbai and Madras Stock Exchange Limited, Chennai and the listing fees for F.Y 2013-14 is paid.

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff and all the stake holders for their support and cooperation. BY THE ORDER OF THE BOARD

For Radix industries (India) Ltd

Sd/-

G.Raghu Rama Raju

Managing Director

Place : Tanuku

Date: 24.07.2013


Mar 31, 2012

The Directors hereby present the EIGHTEENTH ANNUAL REPORT together with the Audited Accounts of the company for the financial year (9 Months) ended 31st March, 2012.

FINANCIAL HIGHLIGHTS:

The financial highlights for the current year in comparison to the previous year are as under:

(Rs. In Lacs)

Particulars Current Year Previous Year (2011-12) (2010-11) (9 months) (15 months)

Total Revenue 14.95 16.22

Total Expenditure ( before Financial Charges, Depreciation and Taxation) 14.92 82.68

Profit before Financial Charges, Depreciation and Taxation 0.03 -66.46

Less: Depreciation 0.43 0.00

Less: Financial Charges 0.00 0.00

Profit Before Tax -0.40 -66.46

Less: Provision for Tax & Deferred Tax 0.00 0.00

Profit After Tax -0.40 -66.46

Loss from Previous Year -555.48 -489.02

Less : Transfer from Reduction of Capital 319.30 0.00

Net Loss carried to Balance Sheet -236.58 -555.48

* The figures for the current year are for 9 months from 01.07.2011 to 31.03.2012 and that for previous year are for 15 months from 01.04.2010 to 30.06.2011 and hence not comparable.

OPERATIONS:

During the year under review, The Company has made a new beginning, it commenced its commercial operations with an export turnover of Rs.14.95 Lacs. However, owing to miscellaneous and other onetime expenses, the company posted a net loss of Rs.0.40 Lacs.

FUTURE OUTLOOK:

After going through a long process of restructuring, the stage is all set for the company to takeoff. During the year the Company has made a humble beginning and other Infrastructure and finances are in place. The management is actively scouting for new orders and markets.

In the coming years, the management will strive to identify and produce distinct varieties of hair wigs to cater to the needs of European markets and other overseas markets.

DIVIDEND:

In view of the losses in the current year and also accumulated losses, your Directors do not recommend any dividend for the financial year 2011-12

FIXED DEPOSITS:

The company has neither accepted nor 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.

DIRECTORS:

Sri G. Ganapathy Rama Prabakara Raju and Sri G Rama Lakshmi Narayana Rao, retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

SCHEME OF ARRANGEMENT

As the members are aware and as discussed in the 17th Directors Report, the scheme of arrangement of the Company was sanctioned by the Hon''ble High Court of Andhra Pradesh at Hyderabad on 12.12.2011 and certified copy filed with the Registrar of Companies, AP Thereafter the Board of Directors after fixing the record date, re issued and dispatched new share certificates post reduction (90%) and consolidation into Equity Shares of Rs.10/- each to the eligible shareholders. The Board also allotted 26, 50,000 Equity Shares of Rs.10/- each to the Unsecured Creditors by converting the unsecured loans into equity shares pursuant to the scheme of arrangement.

The re issued and newly allotted shares have been admitted for Listing and Trading on both the stock exchanges BSE and MSE.

DEMATERILIZATION:

Post restructuring of the Balance Sheet, the Company obtained electronic connectivity with NSDL & CDSL. The ISIN allotted to the Company is INE576N01014. The Shareholders of the Company can now get their physical shares dematerialized.

AUDITORS REPORT:

With regard to clause 7 of the Annexure to the Auditors report, the Board would like to submit that, the company has in place internal control procedures which exercises enough checks and balances with regard to the minimum transactions being done at present. Further the Board is committed to put in place a formal Internal Audit System, commensurate with the operations and transactions of the company in the future.

AUDITORS:

M/s Chevuturi Associates, Vijayawada Chartered Accountants, , the Statutory Auditors of the Company retire at the conclusion of ensuing Annual General Meeting & being eligible, offer themselves for re-appointment. They have furnished a certificate stating that their re-appointment, if made, will be within the limits laid down under Section 224(1B) of the Companies Act, 1956. The Board recommends their re-appointment for the FY 2012-13.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1975, and as amended from time to time as remuneration of none of the employees is in excess of Rs.5, 00,000- per month, if employed for the part of year or Rs. 60, 00,000 / Rs. 75, 00,000 per annum during the financial year 2011-2012

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Directors of your Company hereby report:

(i) that in the preparation of Annual Accounts for the financial year ended 31st March , 2012, 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 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 fraud and other irregularities

(iv) that the directors have prepared the annual accounts on a going concern basis.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the report of the Board of Directors) Rules, 1988 are given as Annexure A and forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement forms part of this Report and is annexed hereto.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the CS Certificate on its compliance.

COMPLAINCE CERTIFICATE:

A copy of Compliance Certificate pursuant to the provisions of Section 383A of the Companies Act, 1956, obtained from M/s P.S Rao & Associates, Company Secretary, Hyderabad is attached to this Report.

LISTING:

Your Company''s shares are presently listed on The Bombay Stock Exchange Limited, Mumbai and Madras Stock Exchange Limited, Chennai and the listing fees for F.Y 2012-13 is paid.

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff and all the stake holders for their support and cooperation.

BY THE ORDER OF THE BOARD

For Radix industries (India) Ltd

Sd/-

G.Raghu Rama Raju

Managing Director

Place : Tanuku

Date : 03.09.2012


Jun 30, 2011

Dear Members,

The Directors hereby present the Seventeenth ANNUAL REPORT together with the Audited Accounts of the company for the financial year ended 30th June, 2011.

CHANGE IN MANAGEMENT :

The members may note that the Open Offer given by Sri. Gokaraju Raghu Rama Raju & Sri. G. Ganapathi Rama Prabhakara Raju in terms of the Takeover Regulations was successfully completed as certified by M/s Fedex Securities Limited, Mumbai. Merchant Bankers to the Open Offer, Vide their certificate dated 03rd February, 2011. Accordingly the new Board of Directors comprising of the new acquirers was formed and the erstwhile directors resigned from the Board.

FINANCIAL HIGHLIGHTS:

In order to carry out the scheme of arrangement, the company has changed its fiscal year end from March, 31 to June, 30. Hence, audited financial statements are accordingly prepared for the 15 months period ended 30th June, 2011 as compared to 12 months period ended 31st March, 2010. Accordingly all references to financial year for the current year shall be construed for 15 Months ended 30th June 2011.

The performance of the company for the financial year ended 30th June, 2011 is summarized below.

(Rs. In Lacs) Particulars 30.06.2011 31.03.2010 (15 Months) (12 Months)

Total Income 16.22 61.94

Increase / (Decrease )in stocks -0.92 -32.53

Total Expenditure 81.76 29.86

Profit before Financial Charges, Depreciation and Taxation -66.46 -0.43

Less: Depreciation 0.00 0.00

Less: Financial Charges 0.00 0.00

Profit Before Tax -66.46 -0.43

Less: Provision for Tax & Deferred Tax 0.00 0.00

Profit After Tax -66.46 -0.43

Loss from Previous Year -489.02 -488.58

Net Loss carried to Balance Sheet -555.48 -489.02

OPERATIONS :

During the year under review, the company has changed its line of activity from storage and marketing of gas to dealing Human Hair, wigs & its products. However the company is yet to commence the commercial operations in the new line of activity. The income generated during the year under review is on account of write back of creditors and debtors and posted a Net Loss of Rs 66.46 Lakhs as against Rs0.43 Lakhs for the previous financial year.

FUTURE OUTLOOK:

The members of the company have approved the decision of the board to change the line of activity to dealing in Human Hair wigs & its products through postal ballot. The new Board is actively working on plans to commence commercial operations at the earliest.

DIVIDEND:

In view of the losses in the current year and also accumulated losses, your Directors do not recommend any dividend for the financial year 2010-11

FIXED DEPOSITS:

The company has neither accepted nor 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.

DIRECTORS:

Sri V Viswanada Raju retire at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

During the year, Sri. Gokaraju Raghu Rama Raju, Sri. Gokraju Ganapathi Rama Prabhakara Raju Sri. M Kiran Phani Varma and Sri. G Rama Lakshmi Narayana Rao were appointed as Additional Directors w.e.f 14.02.2011 and Smt. G.Parvathi appointed as Additional Director w.e.f 18.02.2011 consequent to change in management of the company. As per the provisions of Section 260 of the Companies Act, 1956 their term of office is due to expire at the conclusion of this Annual General Meeting. The Company has received notices in writing, proposing their appointment as Directors of the Company. The relevant resolution proposing their appointments as Directors is included in the Notice of the Annual General Meeting for your approval.

Sri P. R. Ramadurai, Sri A. Prabhakaran, Sri T Prabhakar Purnananda, Sri P. Lenin Babu, Sri Y Mallikharjuna Rao and Sri P.V.V. Subramanyam resigned as Directors w.e.f 14..02.2011 consequent to change in management of the company.

Sri Raghu Rama Raju was appointed as Managing Director of the company w.e.f 14.02.2011, the relevant resolution for ratification of his appointment as MD is included in the notice of the AGM for your approval.

SCHEME OF ARRANGEMENT

As you are aware the Board has proposed a Scheme of Arrangement between the Company and Its Shareholders and Unsecured Creditors. The Appointed date of the Scheme is 01st April 2010 and the scheme shall be effective upon fling of certified copies of the court order confirming the scheme of arrangement by the Hon'ble High Court of AP with the Registrar of Companies, A.P.

The salient features of the Scheme are :

a. The Paid up share capital of the Company shall with effect from the appointed date stand reduced from Rs. 3,54,78,000/- (Rupees Three Crore Fifty Four Lakhs Seventy Eight Thousand Only) divided into 35,47,800 (Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only) equity shares of Rs.10/- (Rupees Ten Only) each. to Rs. 35,47,800/- (Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only) divided into 35,47,800 (Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only) equity shares of Rs 1/- each ( Rupees One Only) each with balance of Rs.9/- (Rupees Nine Only) being cancelled off the paid up value of each share in the paid up share capital of the company.

b. Upon such reduction, the total number of shares shall be reduced and consolidated into equity shares of Rs.10/- each at the rate of 10 equity shares of Rs.1/- each into one (1) Equity share of Rs. 10/- each. Accordingly the Paid up share capital of the Company shall be 35,47,800 (Thirty Five Lakhs Forty Seven Thousand Eight Hundred Only) divided into 3,54,780 (Three Lacs Fifty Four Thousand Seven Hundred And Eighty) equity shares of Rs.10/- (Rupees Ten Only) each.

c. Consequent to the reduction of the paid up share capital, an amount of Rs. 3,19,30,200 /- (Rupees Three Crores Nineteen Lakhs Thirty Thousand Two Hundred Only) representing the reduced paid up capital, shall be used to set off the accumulated losses, out of the total amount of Rs. 5,55,48,251/- (Rupees Five Crores Fifty Five Lakhs Forty Eight Thousand Two Hundred and Fifty One Only) as at 30.06.2011.

d. The unsecured loans of Rs. 2,65,00,000/- as on 30.06.2011, will be converted into fully paid equity shares by allotment of 26,50,000 equity shares of Rs.10/- each at the rate of Rs.10/- per share.

Presently the Petition to Sanction the scheme, as approved by the shareholders, has been fled with the High Court of AP for its approval. Accordingly upon the scheme being effective, the restructuring of the company as contemplated in the scheme of arrangement will be carried out and a revised balance sheet will be prepared.

CHANGE IN THE NAME OF THE COMPANY :

During the year the name of the Company was changed from Ragson Petrochem Limited To Radix Industries (India) limited vide fresh certificate of incorporation dated 24th August, 2010 given by the Registrar of Companies, A.P.

AUDITORS REPORT:

With regard to clause 7.1 of the Annexure to the Auditors report, the Board would like to submit that, the company has not yet commenced commercial operations and hence there is no need for Internal Audit by Auditors. However the company has in place Internal control procedures which exercises enough checks and balances with regard to the minimum transactions being done at present. Further the Board is committed to put in place a formal Internal Audit System, commensurate with the operations and transactions of the company in the future.

With regard to other clauses in the Auditors reports on accounts of the company for the period under review, is self explanatory and requires no comments

AUDITORS:

As per the provisions of the Listing Agreement, the audit of the companies, shall be carried out only by Auditors who has subjected himself to the peer review process of Institute of Chartered Accountants of India (ICAI) and holds a valid certificate issued by the Peer Review Board of the ICAI. The existing Auditors have conveyed that they do not meet the above criteria and hence requested not to be proposed for re appointment as Auditors for FY 2011-2012. Accordingly the Board proposes M/s Chevuturi Associates , Vijayawada, Chartered Accountants as Statutory Auditors for FY 2011 -12. They have furnished a certificate stating that their re-appointment, if made, will be within the limits laid down under Section 224(1B) of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1975, and as amended from time to time as remuneration of none of the employees is in excess of Rs.5,00,000- per month, if employed for the part of year or Rs. 60,00,000 / Rs. 75,00,000 per annum (March 2011 / June 2011) during the financial year .2010-2011

DIRECTORS' RESPONSIBILITY STATEMENT:

The Directors of your Company hereby report:

(i) that in the preparation of Annual Accounts for the financial year ended 30th June, 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 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 fraud and other irregularities

(iv) that the directors have prepared the annual accounts on a going concern basis.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the report of the Board of Directors) Rules, 1988 are given as Annexure A and forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement forms part of this Report and is annexed hereto.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the Auditor's Certificate on its compliance.

COMPLIANCE CERTIFICATE :

A copy of Compliance Certificate pursuant to the provisions of Section 383A of the Companies Act, 1956, obtained from M/s P.S Rao & Associates, Company Secretary, Hyderabad is attached to this Report.

LISTING:

Your Company's shares are presently listed on The Bombay Stock Exchange Limited, Mumbai and Madras Stock Exchange Limited, Chennai and the listing fees up to FY 2011-12 is paid.

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from regulatory, government authorities, staff and all the stake holders for their support and cooperation.

BY ORDER OF THE BOARD For Radix Industries (India) Limited

Sd/-

G.Raghu Rama Raju

Managing Director

Sd/-

G.Parvathi

Place : Tanuku Director

Date : 29.11.2011


Mar 31, 2010

The Directors hereby present the SIXTEENTH ANNUAL report together with the Audited Accounts of the company for the financial year ended 31ST March, 2010.

FINANCIAL HIGHLIGHTS:

The performance of the company for the financial year ended 31st March, 2010 is summarized below.

(Rs. In Lacs)

Particulars Year ended Year ended 31.03.2010 31.03.2009

Total Income 61.95 36.80

Increase / (Decrease )in stocks -32.53 21.10

Total Expenditure 29.86 74.35

Profit before Financial Charges, Depreciation and Taxation -0.43 -16.54

Less: Depreciation 0.00 0.00

Less: Financial Charges 0.00 0.00

Profit Before Tax -0.43 -16.54

Less: Provision for Tax, incl. FBT 0.00 0.01

Profit Afiter Tax -0.43 -16.46

Loss from Previous Year -488.58 -472.11

Net Loss carried to Balance Sheet -489.02 -488.58

PERFORMANCE:

The Management hereby informs that the Company has generated income of Rs. 61.95 Lakhs during the current year as compared to Rs. 36.80 Lakhs during the previous year and posted a Net Loss of Rs.0.43 Lakhs.

FUTURE OUTLOOK:

The failure of the Government of India to honour its commitments given to the Private Sector LPG Industry led to the turbulence and turmoil which affected all the Private Sector LPG Companies. Further, it is no more feasible and viable to operate in this sector, because of the huge fund requirement viz a the financial position of the Company. Hence, the Board of Directors afiter due deliberations and detailed investigation, decided subject to the approval of the members to Change the Line of Activity by entering into a new sector. The Board made a detailed enquiry into the growth opportunities and the business prospects in the new line - Human and Animal hairs and are hopeful of tapping the immensely potential export and domestic market

To give effect to the above decision, the consent of the members was sought by way of postal ballot. The Managing Director based on the report of the scrutinizer declared on 13th July, 2010 that the members have unanimously passed resolutions relating to :

1. Amendment of the Main Objects Clause for insertion of Objects relating to Hair, Hair Products, Wigs, Hairdressing, Hair nets etc,.

2. Amendment of the Other Objects Clause for insertion of new Objects relating to Power, Spinning, Construction and Infrastructure.

3. Commencement of Business in other objects Clause of the Memorandum of Association of the Company and

4. Change of Name of the Company form "RAGSAN PETROCHEM LIMITED" To "RADIX INDUSTRIES (INDIA) LIMITED"

DIVIDEND:

In view of the accumulated losses, your Directors do not recommend any dividend for the financial year 2009-10.

FIXED DEPOSITS:

The company has neither accepted nor 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.

DIRECTORS:

Sri PVV Subhramanyam & Sri Y. Mallikarjuna Rao retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

During the year, Sri V. Viswanada Raju was appointed as Additional Director on 30th May, 2010. As per the provisions of Section 260 of the Companies Act, 1956 the term of offce of Sri V. Viswanada Raju, is due to expire at the conclusion of this Annual General Meeting. The Company has received notice in writing, proposing his appointment as Director of the Company. The relevant resolution proposing his appointment as Director is included in the Notice of the Annual General Meeting for your approval

AUDITORS:

Dayanand Krishna & Associates, Chartered Accountants, Hyderabad, the Statutory Auditors of the Company has expressed there unwillingness to continue as the Statutory Auditors of the Company vide their resignation letter address to the Board of Directors.

Accordingly the Board proposes M/s Cherukuri Associates, Chartered Accountants as Statutory Auditors for FY 2010 -11. They have furnished a certifcate stating that their re-appointment, if made, will be within the limits laid down under Section 224(1B) of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1975, and as amended from time to time as remuneration of none of the employees is in excess of Rs.2,00,000/- per month, if employed for the part of year or Rs.24,00,000/- per annum during the financial year 2009-10.

DIRECTORS RESPONSIBILITY STATEMENT:

The Directors of your Company hereby report:

(i) that in the preparation of Annual Accounts for the financial year ended 31st March, 2010, 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 and of the Profit and loss of the company for that period:

(iii) that the directors have taken proper and suffcient 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

(iv) that the directors have prepared the annual accounts on a going concern basis.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the report of the Board of Directors) Rules, 1988 are given as Annexure A and forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement forms part of this Report and is annexed hereto.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the Auditors Certifcate on its compliance.

COMPLAINCE CERTIFICATE :

A copy of Compliance Certifcate pursuant to the provisions of Section 383A of the Companies Act, 1956, obtained from B Sudhindra Kumar, Company Secretary, Hyderabad is attached to this Report.

LISTING:

Your Companys shares are presently listed on The Bombay Stock Exchange Limited, Mumbai and Madras Stock Exchange Limited, Chennai.

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from its management and staff. Your Directors also wish to thank its customers, vendors, banks, service providers as well as regulatory and government authorities for their support and cooperation.

BY ORDER OF THE BOARD

For Ragsan Petrochem Limited

Sd/- Sd/-

Place : Hyderabad P.R. Ramadurai T.P. Prabhakar

Date : 14.08.2010 Managing Director Director


Mar 31, 2009

The Directors hereby present the FIFTEENTH ANNUAL REPORT together with the Audited Accounts of the company for the financial year ended 31st March, 2009.

FINANCIAL HIGHLIGHTS:

The performance of the company for the financial year ended 31st March, 2009 is summarized below.

(Rs. In Lacs) Particulars Year ended Year ended 31.03.2009 31.03.2008 Total Income 36.80 35.86 Increase in stocks 21.10 27.50 Total Expenditure 74.36 70.77 Profit/ Loss before Financial Charges, Depreciation and Taxation -16.45 -7.41 Less: Depreciation 0.00 0.00 Less: Financial Charges 0.00 0.00 Profit / Loss Before Tax -16.45 -7.41 Less: Provision for Tax, incl. FBT 0.01 0.07 Profit / Loss After Tax -16.47 -7.48 Loss from Previous Year -472.11 -464.64 Net Loss carried to Balance Sheet -488.58 -472.11

PERFORMANCE:

The Management hereby informs that the Company has generated income of Rs. 36.80 Lakhs during the current year as compared to Rs. 35.86 Lakhs during the previous year. However, due to increase in the expenditure, Company has posted a Net Loss of Rs. 16.47 Lakhs.

FUTURE OUTLOOK:

The management has done well to ensure that the operations have made a beginning. The Management is putting in their best efforts to increase the scale of operations. The Management is also looking at other business opportunities.

DIVIDEND:

In view of the accumulated losses, your Directors do not recommend any dividend for the financial year 2008-09.

FIXED DEPOSITS:

The company has neither accepted nor 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.

DIRECTORS:

Sri T. Prabhakar Purnananda & Sri P. Lenin Babu retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

The term of office of Sri P.R. Ramadurai as Managing Director is due to expire and hence the Board of Directors, in their meeting held on 02.09.2009, proposed that he be re-appointed as the Managing Director of the Company, subject to the approval of the Members. The said resolution forms part of the notice of the Annual General Meeting.

AUDITORS:

Dayanand Krishna & Associates, Chartered Accountants, Hyderabad, the Statutory Auditors of the Company retire at the conclusion of ensuing Annual General Meeting & being eligible, offer themselves for re-appointment. They have furnished a certificate stating that their re-appointment, if made, will be within the limits laid down under Section 224(1 B) of the Companies Act, 1956. The Board recommends their re-appointment for the FY 2009 -10.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rules, 1975, and as amended from time to time as remuneration of none of the employees is in excess of Rs.2,00,000/- per month, if employed for the part of year or Rs.24,00,000/- per annum during the financial year 2008-09.

DIRECTORS RESPONSIBILITY STATEMENT:

The Directors of your Company hereby report:

(i) that in the preparation of Annual Accounts for the financial year ended 31st 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 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 fraud and other irregularities

(iv) that the directors have prepared the annual accounts on a going concern basis.

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

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the report of the Board of Directors) Rules, 1988 are given as Annexure A and forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement forms part of this Report and is annexed hereto.

CORPORATE GOVERNANCE:

The Company has implemented the procedures and adopted practices in conformity with the Code of Corporate Governance enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report on Corporate Governance is annexed herewith, as a part of the Annual Report along with the Auditors Certificate on its compliance.

COMPLIANCE CERTIFICATE

A copy of Compliance Certificate pursuant to the provisions of Section 383A of the Companies Act, 1956, obtained from B Sudhindra Kumar, Company Secretary, Hyderabad is attached to this Report.

LISTING:

Your Companys shares are presently listed on The Bombay Stock Exchange Limited, Mumbai

ACKNOWLEDGEMENTS:

Your directors acknowledge the continued support from its management and staff. Your Directors also wish to thank its customers, vendors, banks, service providers as well as regulatory and government authorities for their support and cooperation.

BY ORDER OF THE BOARD For Ragsan Petrochem Limited Sd/- Sd/- Place : Hyderabad P.R. Ramadurai T.P. Prabhakar Date: 02.09.2009 Managing Director Director

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