| Dear Members,
The Directors take pleasure in presenting the 24th Annual Report and
the Audited Accounts of your Company for the year ended March 31, 2014
together with the Auditor's Report thereon.
FINANCIAL RESULTS:
Your Company's financial results for the year under review are as
follows:
(Rupees in Lakhs)
Particulars 31.03.2014 31.03.2013
Total Income 2621.01 1857.45
Expenditure 2190.51 1514.29
Profit before exceptional items and Tax 430.50 343.16
Exceptional Item - 11.54
Profit/(Loss) Before Tax 430.50 331.62
Less: Deferred Tax 144.29 80.89
Less: Provision of MAT 32.85 -
Net Profit/ (loss) after Tax 253.36 250.73
PERFORMANCE REVIEW:
Pursuant to BIFR Order dated 08.07.2013, the company has made listing
application for listing of 1,05,86,000 equity shares of Rs. 10/- each
and obtained listing approval from BSE Limited. The company has
completed necessary formalities for Revocation of Suspension in trading
of equity shares and BSE approval is awaited.
DIVIDEND:
Keeping the Company's revival plans in mind, your Directors have
decided not to recommend dividend for the year.
DIRECTORS:
The Board of Directors of the Company has decided to adopt the
provisions with respect to appointment and tenure of Independent
Directors which is consistent with the Companies Act, 2013 and the
amended Listing Agreement. With the changes in the Companies Act, the
Company would not have any upper age limit of retirement of Independent
Directors from the Board and their appointment and tenure will be
governed by the provisions of Companies Act, 2013. In line with the
requirements of the Companies Act, 2013, it is therefore proposed to
appoint existing independent directors, as Independent Directors on the
Board of the Company for a term up to five consecutive years. A brief
profile of proposed Independent Directors, including nature of their
expertise, is provided in this Annual Report.
Notices have been received from Members proposing candidature of the
Directors namely Mr. M. Mohan Reddy and Mr. D. Surendranath Reddy for
the office of Independent Directors of the Company. In the opinion of
the Board, they fulfil the conditions specified in the Companies Act,
2013 and the Rules made there under for appointment as Independent
Directors of the Company. A copy of the draft Letter of Appointment
for Independent Directors, setting out terms and conditions of their
appointment, is available for inspection at the Registered Office of
the Company during business hours on any working day and is also
available on the website of the Company www.ravileelagranites.co
PUBLIC DEPOSITS:
During the year under review, your company has neither invited nor
accepted any deposits from the public within the meaning of Sec. 58A of
the Companies Act, 1956 read with the Companies (Acceptance of
Deposits) Rules, during the financial year under review.
STATUTORY AUDITORS:
The Statutory auditors of the company, M/s. S.V. Rao & Associates,
Chartered Accountants, retire in accordance with the provisions of
Companies Act, 1956 and are eligible for re-appointment. M/s. S.V. Rao
& Associates, Chartered Accountants have sought the re-appointment and
have confirmed that their re-appointment if made shall be within the
limits of Section 224 (IB) of the Companies Act, 1956. The Audit
Committee and the Board of Directors recommends the re-appointment of
M/s. S.V. Rao & Associates, Chartered Accountants as the Auditors of
the Company.
PARTICULARS OF EMPLOYEES:
During the year under review, no employee of the company was in receipt
of remuneration attracting the provisions of Section 217 (2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
During the year under review, industrial relations of the company
continued to be cordial and peaceful.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956
with respect to "Directors' Responsibility Statement", it is hereby
confirmed;
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2014, the applicable Accounting Standards have
been followed along with proper explanations relating to material
departures;
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
(iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities:
iv) that the directors had prepared the annual accounts for the
financial year ended 31st March, 2014 on a going concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed Management Discussion and Analysis is provided as annexure
to Directors' report.
REPORT ON CORPORATE GOVERNANCE:
Your Company is committed to maintain the highest standards of
Corporate Governance. As required under Clause 49 of the Listing
Agreement entered with BSE Limited, a report on Corporate Governance is
given as annexure to Directors' report.
A Certificate of the Auditor regarding compliance with the conditions
of corporate governance is also given.
FINANCIAL REVIEW:
The Company has recorded a total revenue of Rs. 26,21,01,124/- and made
a net profit of Rs.2,53,35,682/- in the current year as compared to
Rs.18,57,45,508/- and net profit of Rs.2,50,73,272/- for the financial
year 2012-13. The Company has been continuously working to improve the
performance to a greater extent.
For the year 2013-14, deferred tax stood at Rs. 1,44,29,271 compared to
Rs. 80,88,857 for the year 2012-13.
CODE OF CONDUCT:
The Code of Conduct has been circulated to all the members of the Board
and Senior Management and the compliance of the same has been affirmed
by them.
ACKNOWLEDGEMENTS:
The Directors take this opportunity to thank Company's customers,
suppliers, bankers, Institutions for their consistent support to the
Company. Your Directors express their appreciation for the dedicated
and sincere services rendered by the employees of the Company at all
levels. Your Directors also wish to express their gratitude to the
Shareholders for the confidence reposed by them in the Company and for
the continued support and co-operation.
For and on Behalf of the Board
RAVILEELA GRANITES LIMITED
Sd/-
Place: Hyderabad P. Srinivas Reddy
Date : 14.08.2014 Managing Director
(DIN: 00359139) |