The Members of the Company
The Directors have pleasure in presenting the 30th Annual Report of yourCompany and the Audited financial statements for the financial year ended 31stMarch 2015 together with Auditors' Report thereon.
| || |
Rupees in lacs
| || |
|Particulars ||31.03.2015 ||31.03.2014 |
|Sales and other Income ||3104.96 ||2860.29 |
|Profit before Depreciation and Interest ||219.49 ||(12.34) |
|LESS : || || |
|Depreciation ||67.12 ||59.02 |
|Interest ||134.67 ||122.42 |
|Profit for the year ||17.70 ||(194.63) |
|Prior period Adjustments ||- ||- |
|Profit before Taxation ||17.70 ||(194.63) |
|Provision for Taxation : Current Tax || |
|Deferred Tax ||1.58 ||6.03 |
|MAT Entitlement Credit Income Tax ||- ||- |
|Profit after Tax ||16.12 ||(200.68) |
|Less: Minority Interest || |
|Less: Change in Interest of Associate Companies || |
|Surplus brought forward from previous year ||18.43 ||219.11 |
|Balance available for appropriation ||34.55 ||18.43 |
|APPROPRIATION: || || |
|Dividend || |
|Tax on Dividend ||- || |
|T ransfer to General Reserves ||- ||- |
|Balance c/f to Balance Sheet ||34.55 ||18.43 |
In the year 2014-15 the Company focused on its core business TPP its allied products.The TPP its allied products segment turnover grew by 2.73% compared to previous year. Theoperation of TPP project at Patancheru Medak District Telangana State has beenstabilized during the year and the Company has made a revenue of Rs.310495883/-.
The income from operations is Rs.309776397/- as against Rs.285538033/- for thecorresponding previous year. The profit before tax stood at Rs.1770417/- as againstRs.(19463204) for the previous year. The profit after tax stood at Rs.1612294/- asagainst Rs.(20068490) for the corresponding period. The Basic Earnings Per Share forthe year-ended 31.03.2015 is Rs.0.20 as against Rs. (2.55) for the corresponding previousyear ended 31.03.2014.
Your Directors did not recommend dividend for the financial year 2014-15.
The Company has not accepted or invited any Deposits and consequently no deposit hasmatured/become due for re-payment as on 31st March 2015.
In accordance with the provisions of Section 152(6) of the Companies Act 2013 and theArticles of Association of the Company Shri V.J.Sarma and Shri M.T.Sreenivasa RaoDirectors of the Company retire by rotation at this Annual General Meeting and beingeligible offer themselves for reappointment.
The term of appointment of Shri T.G. Raghavendra and Shri V.J. Sarma as ManagingDirector and Wholetime Director respectively expires on 30/09/2015. The Nomination andRemuneration Committee of the Company recommended their re-appointment and accordinglyBoard places their appointment before the Members at the ensuing Annual General Meeting.
All Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013 and Clause 49 ofthe Listing Agreement. Further there has been no change in the circumstances which mayaffect their status as independent director during the year.
The brief particulars of the Directors seeking appointment/re-appointment at thisAnnual General Meeting are being annexed to the Corporate Governance Report as requiredunder Clause 49 of listing agreement forming part of this Annual Report.
Pursuant to the provisions of Section 203 of the Act the appointment of Shri TGRaghavendra Chairman & Managing Director and Shri.V.J.Sarma Whole-time Directorwere formalized as the Key Managerial Personnel of the Company.
KEY MANAGEMENT PERSONNEL
During the year Mr.Praveen Kumar was CFO of the Company who resigned on 01.05.2015.
Pursuant to the provisions of the Companies Act 2013 and Clause 49 of the ListingAgreement the Board has carried out performance evaluation taking into consideration ofvarious aspects of the Board's functioning composition of Board and its Committeesexecution and performance of specific duties obligations and governance. The Performanceof evaluation of Independent Directors was completed. The Performance evaluation ofChairman and the Non-Independent Directors was carried out by the Independent Directors.The Board of Directors expressed their satisfaction with evaluation process.
The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy which lays down a framework in relation to selection appointment andremuneration to Directors Key Managerial Personnel and Senior Management of the Company.The Remuneration Policy is stated in the Corporate Governance Report.
During the year 7 (seven) Board Meetings and 4 (four) Audit Committee Meetings wereconvened and held. The details of which are given in the Corporate Governance Report.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to the Financial Statements.
RELATED PARTY TRANSACTIONS
All transactions entered with Related Parties for the year under review were on arm'slength basis and in the ordinary course of business. There are no materially significantrelated party transactions made by the Company with Promoters Directors Key ManagerialPersonnel or other designated persons which may have a potential conflict with theinterest of the Company at large. All Related Party T ransactions are placed before theAudit Committee as also the Board for approval whereever required. Prior omnibus approvalof the Audit Committee is obtained for the transactions which are of a foreseeable andrepetitive nature. A statement giving details of all related party transactions enteredinto pursuant to the omnibus approval so granted are placed before the Audit Committee andthe Board of Directors on a quarterly basis. The Company has developed a Policy on RelatedParty Transactions for the purpose of identification and monitoring of such transactions.The policy on Related Party T ransactions as approved by the Board is uploaded on theCompany's website.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT:
There are no significant and material orders passed by the Regulators/Courts that wouldimpact the going concern status of the Company and its future operations.
Pursuant to the provisions of Section 139 of the Act and the rules framed there underM/s.T.Adinarayana & Co Chartered Accountants were appointed as statutory auditors ofthe Company hold office till the conclusion of the ensuing Annual General Meeting of theCompany and have confirmed their eligibility and willingness to accept the office of theStatutory Auditors if re-appointed.
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 hasappointed M/s. Rakhi Agarwal & Associates Company Secretaries in Practice toundertake the Secretarial Audit of the Company for the Financial Year 2014-15. The Reportof the Secretarial Audit Report for Financial Year 2014-15 is annexed herewith as"Annexure-I".
Internal auditors of the Company have done audit and their report is reviewed by theAudit Committee from time to time.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
The Company is not covered under the criteria mentioned in the provisions of CompaniesAct 2013.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as stipulated underClause 49 of the Listing Agreement with the stock exchanges is presented in a separatesection forms part of the Annual Report.
The Company has implemented the procedures and adopted practices in conformity with theCode of Corporate Governance enunciated in Clause 49 of the Listing Agreement with theStock Exchanges.
A separate report on corporate governance practices followed by the Company togetherwith a Certificate from the Company's Auditors confirming compliances forms an integralpart of this Report.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form MGT 9 is annexedherewith as "Annexure-II".
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. To maintain its objectivity and independence the InternalAudit function reports to the Chairman of the Audit Committee of the Board.
The Internal Audit Department monitors and evaluates the efficacy and adequacy ofinternal control system in the Company its compliance with operating systems accountingprocedures and policies at all locations of the Company and its subsidiaries. Based on thereport of internal audit function process owners undertake corrective action in theirrespective areas and thereby strengthen the controls. Significant audit observations andcorrective actions thereon are presented to the Audit Committee of the Board.
The Board of the Company has formed a Risk Management Committee to frame implement andmonitor the risk management policy/plan for the Company and ensuring its effectiveness.The Risk Management Committee oversees the Risk Management process including riskidentification impact assessment effective implementation of the mitigation plans andrisk reporting. The Audit Committee has additional oversight in the area of financialrisks and controls. Major risks identified by the businesses and functions aresystematically addressed through mitigating actions on a continuing basis.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
In order to ensure that the activities of the Company and its employees are conductedin a fair and transparent manner by adoption of highest standards of professionalismhonesty integrity and ethical behaviour the company has adopted a vigil mechanism policy.
Many initiatives have been taken to support business through organizational efficiencyprocess change support and various employee engagement programmes which has helped theOrganization achieve higher productivity levels. A significant effort has also beenundertaken to develop leadership as well as technical/ functional capabilities in order tomeet future talent requirement.
DIRECTORS' RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3)(c) of the Companies Act 2013:
a) That in the preparation of the accounts for the financial year ended 31stMarch 2015 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;
b) That the Directors have selected such accounting policies and applied themconsistently and made judgements and estimates that were reasonable and prudent so as togive a true and fair view of the State of Affairs of the Company at the end of theFinancial Year and of the Profit or Loss of the Company for the year under review;
c) That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
d) That the Directors have prepared the accounts for the financial year ended 31stMarch 2015 on a going concern' basis;
e) That proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively; and
f) That devised proper systems to ensure compliance with the provisions of allapplicable laws were in place and were adequate and operating effectively.
PARTICULARS IN RESPECT OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGNEXCHANGE EARNINGS AND OUTGO
The information on Conservation of Energy Technology Absorption Foreign ExchangeEarnings and outgo required to be disclosed under Section 134(3)(m) of the Companies Act2013 read with Rule 8 of the Companies (Accounts) Rules 2014 are provided in theAnnexure III forming part of this Report.
DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION ANDREDRESSAL) ACT 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted apolicy on prevention prohibition and redressal of sexual harassment at workplace in linewith the provisions of Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013 and the rules framed there under.
During the financial year 2014-15 the Company received no complaints on sexualharassment.
PARTICULARS OF EMPLOYEES
The Company has not employed any individual whose remuneration falls within the purviewof the limits prescribed under the provisions of Section 197 of the Companies Act 2013read with Rule 5(2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014.
PARTICULARS OF REMUNERATION
Disclosures with respect to the remuneration of Directors and employees as requiredunder Section 197(12) of Companies Act 2013 and Rule 5 (1) Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is provided as follows:
(i) The ratio of the remuneration of each director to the median remuneration of theemployees of the company for the financial year;
|Name of the Director ||Ratio to Median Remuneration |
|T.G.Raghavendra ||5.68% |
|VJ.Sarma ||4.55% |
(ii) The percentage increase in the median remuneration of employees in the financialyear is 5 %
(iii) The number of permanent employees on the rolls of company is 22.
(iv) The explanation on the relationship between average increase in remuneration andcompany performance;
On an average employees received an increase of 5%. The increase in remuneration is inline with the market trends.
(v) Comparison of the remuneration of the Key Managerial Personnel against theperformance of the company;
|Particulars ||Rs. Lakhs |
|Remuneration of Key Managerial ||33.20 |
|Personnel (KMP) during financial year 2014-15 (aggregated) || |
|Total Revenue ||3097.76 |
|Remuneration (as % of lotal Revenue) ||1.10 |
(vi) variations in the market capitalisation of the company price earnings ratio as atthe closing date of the current financial year and previous financial year;
|Particulars Unit ||As at 31.03.2015 ||As at 31.03.2014 |
|Closing rate of share at BSE ||5.00 ||9.94 |
|EPS (Consolidated) ||0.14 ||(2.55) |
|Market Capitalization ||5.14 ||7.39 |
|Price Earnings ratio ||35.7 ||3.89 |
(vii) Average percentile increase already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration;
The average increase in salaries of employees other than managerial personnel in2014-15 was 5%. Percentage increase in the managerial remuneration for the year was Nil%
(viii) Comparison of the each remuneration of the Key Managerial Personnel against theperformance of the company;
|Name of Person ||Remuneration ||Total Revenue ||Remuneration as % of Total Revenue |
| ||(Rs. Lakhs) ||(Rs. Lakhs) || |
|T.G. Raghavendra ||15 ||3097.76 ||0.48 |
|V.J. Sarma ||12 ||3097.76 ||0.39 |
|D. Manoranjani ||1.12 ||3097.76 ||0.04 |
|Praveen Kumar ||5.08 ||3097.76 ||0.16 |
Your Directors wish to place on record their appreciation to employees at all levelsfor their hard work dedication and commitment. The enthusiasm and unstinting efforts ofthe employees have enabled the Company to remain at the forefront of the industry despiteincreased competition from several existing and new players.
The Board desires to place on record its sincere appreciation for the support andco-operation that the Company received from the suppliers customers strategic partnersBankers Auditors Registrar and Transfer Agents and all others associated with theCompany. The Company has always looked upon them as partners in its progress and hashappily shared with them rewards of growth. It will be the Company's endeavor to build andnurture strong links with trade based on mutuality respect and co-operation with eachother.
For and on behalf of the Board of Directors
| ||Sd/- |
| ||TG RAGHAVENDRA |
|Place : Hyderabad ||Chairman & Managing Director |
|Date : 14th August 2015 ||(DIN :00186546) |
ANNEXURES TO THE DIRECTORS REPORT
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31st MARCH 2015
FORM NO MR 3
Pursuant to Section 204 (1) of the Companies Act 2013 and the Rule 9 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.
The members of
Roopa Industries Limited
1. I have conducted Secretarial Audit pursuant to Section 204 of the Companies Act2013 on the compliance of applicable Statutory Provisions and the adherence to goodcorporate practices by M/s. Roopa Industries Limited (hereinafter called as"the Company"). Secretarial Audit was conducted in a manner that provided us areasonable basis for evaluating the corporate conducts/statutory compliances andexpressing our opinion thereon.
2. Based on our verification of the books papers minutes books forms returns filedand other records maintained by the Company and also the information and according to theexaminations carried out by us and explanations furnished and representations made to usby the Company its officers agents and authorised representatives during the conduct ofSecretarial Audit I hereby report that in our opinion the Company has during the auditperiod covering the Financial Year ended on 31st March 2015 complied with the statutoryprovisions listed hereunder and also that the Company has proper Board-processes andcompliance-mechanism in place to the extent in the manner and subject to the reportingmade hereinafter.
3. I have examined the books papers minute books forms and returns filed and otherrecords maintained by the Company for the financial year ended on 31st March 2015("Audit Period") according to the provisions of:
i) The Companies Act 2013 (the Act) and the rules made there-under;
ii) The Securities Contracts (Regulation) Act 1956 (SCRA') and the rules madethere-under;
iii) The Depositories Act 1996 and the Regulations and Bye-laws framed there-under;
iv) Foreign Exchange Management Act 1999 and the rules and regulations madethere-under to the Extent of Foreign Direct Investment Overseas Direct Investment andExternal Commercial Borrowings;
v) The following Regulations and Guidelines prescribed under the Securities andExchange Board of India Act 1992 (SEBI Act'):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares andTakeovers) Regulations 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading)Regulations 1992;
(c) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities)Regulations2008;
(f) The Securities and Exchange Board of India (Registrars to an Issue and ShareTransfer Agents) Regulations 1993 regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares)Regulations 2009; and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations1998;
vi) The Listing Agreements entered into by the Company with Stock Exchange(s)
4. The Company's main business is into manufacture of Nutraceuticals Bulk Drugs andFine Chemicals. Accordingly the Industry specific major Acts as applicable to the Companyare complied.
5. I further report that the Company has in my opinion complied with the provisionsof Companies Act 2013 and rules made there under as notified by the Ministry ofCorporate Affairs and the Memorandum and Articles of Association of the Company.
6. I further report that during the period under review provisions of the followingRegulations and Guidelines prescribed under the Securities and Exchange Board of IndiaAct 1992 (SEBI Act') were not applicable to the Company under the financial yearunder report:
(a) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009;
(b) The Securities and Exchange Board of India (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999;
(c) The Securities and Exchange Board of India (Issue and Listing of Debt Securities)Regulations 2008;
(d) The Securities and Exchange Board of India (Registrars to an Issue and ShareTransfer Agents) Regulations 1993 regarding the Companies Act and dealing with client;
(e) The Securities and Exchange Board of India (Delisting of Equity Shares)Regulations 2009; and (t) The Securities and Exchange Board of India (Buyback ofSecurities) Regulations 1998;
7. I further report that:
(a) The Company has complied with the clauses of Equity Listing Agreements entered intowith stock exchanges.
(b) Secretarial Standards were not considered in the Audit as the same were notnotified during the period considered for Audit.
8. I further report that:
(a) The Board of Directors of the Company is duly constituted with proper balance ofExecutive Directors NonExecutive Directors and Independent Directors except in respect ofnumber of Independent Directors.
(b) The changes in the composition of the Board of Directors that took place during theyear under review were carried out in compliance with the provisions of the Act.
(c) Adequate Notice is given to all the Directors to schedule the Board Meetingsagenda and detailed notes on agenda were sent at least 7 days in advance.
(d) There is adequate system for seeking and obtaining further information andclarifications on the agenda items before the meeting and meaningful participation at themeeting.
(e) Majority decision is carried through and there were no instances of dissentingmembers in the Board of Directors.
(f) It is also noted that the Company has an Internal Audit System to constantlymonitor the process for efficient compliances.
9. I further report that there exist adequate systems and processes in the Companythat commensurate with the size and operations of the Company to monitor and ensurecompliance with applicable laws rules regulations and guidelines.
10. I further report that during the year under report the Company has not undertakenany event/action having a major bearing on the Company's affairs in pursuance of the abovereferred laws rules regulations guidelines standards etc. referred to above.
| ||For RAKHI AGARWAL & ASSOCIATES |
| ||RAKHI AGARWAL |
| ||COMPANY SECRETARY |
|Place: Hyderabad ||FCS NO.7047 |
|Date : 14th August 2015 ||CP NO.6270 |
ANNEXURE - II
EXTRACT OF ANNUAL RETURN
As on the financial year ended 31.03.2015 [Pursuant to Section 92(3) of theCompanies Act 2013 and Rule 12(1) of the Companies (Management and Administration)Rules 2014]
FORM MGT 9
I. REGISTRATION & OTHER DETAILS :
|CIN ||L10100AP1985PLC005582 |
|Registration Date ||17.06.1985 |
|Name of the Company ||Roopa Industries Limited |
|Category/Su b-Category of the Com pany ||Company Limited By Shares |
|Address of the Registered Office and contact details ||17/745 Alur RoadAdoni - 518301 Kurnool District Andhra Pradesh India. |
|Whether listed company ||Yes |
|Name address and contact details of ||M/s. Aarthi Consultants Pvt.Ltd |
|Registrar and Transfer Agent if any ||Regd.Office : 1 -2-285 Domalguda |
| ||Hyderabad - 500 029 |
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY :
All the business activities contributing 10% or more of the total turnover of thecompany shall be stated.
|Name & Description of main products/services ||NIC Code of. products/services ||% of total turnover of the company |
|Manufacture of Chemicals and Bulkdrugs ||29319090 ||82.87% |
III. SHAREHOLDING PATTERN
(Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding
|Category of || |
No. of Shares held at the beginning of the year
No. of Shares held at the end of the year
|Shareholders ||Demat ||Physical ||Total ||% of Total ||Demat ||Physical ||Total ||% of Total |
|A.PROMOTERS || || || || || || || || |
|(1) Indian || || || || || || || || |
|a) Individual/HUF ||857393 ||0 ||857393 ||10.90 ||864047 ||0 ||864047 ||10.99 |
|b) Central Govt. ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|c) State Govt.(s) ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|d) Bodies Corporate ||2913606 ||0 ||2913606 ||37.04 ||2913617 ||0 ||2913617 ||37.04 |
|e) Banks/FI ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|f) Any Other ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|Sub-Total (A)(1): ||3770999 ||0 ||3770999 ||47.94 ||3777664 ||0 ||3777664 ||48.03 |
|(2) Foreign ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|a) NRIs - Individuals ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|b) Other - Individuals ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|c) Bodies Corporate ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|d) Banks/FI ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|e) Any Other.... ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|Sub-Total (A)(2): ||0 ||0 ||0 ||0.00 ||0 ||0 ||0 ||0 |
|Total Shareholding of Promoters (A)=(A)(1)+(A)(2) ||3770999 ||0 ||3770999 ||47.94 ||3777664 ||0 ||3777664 ||48.03 |
ANNEXURE III - CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Information Under Section 134(3)(m) of The Companies Act 2013 Read with Rules 8(3) ofthe Companies (Accounts) Rules 2014:
A) POWER AND FUEL CONSUMPTION:
|a) Electricity: ||2014-15 ||2013-14 |
|Purchased Units ||1967430 ||2539530 |
|Total Amount (Rs) ||13719968 ||19585886 |
|Rate Per Unit (Rs) ||6.97 ||7.71 |
|b) Own Generation: || || |
|Through Diesel Generator ||47550KW Hr ||35250KW Hr |
|Units per Ltr of Diesel ||3.25 ||3.25 |
|Cost per Unit (Rs) ||19.81 ||17.55 |
|B) CONSUMPTION PER UNIT OF PRODUCTION: || || |
|Production (kgs) ||557232 ||570863 |
|Power Consumption Per Kg. (Rs) ||31.98 ||39.00 |
2. TECHNOLOGY ABSORPTION :
A) TECHNOLOGY ABSORPTION ADOPTION AND INNOVATION:
The Company has adopted indigenous Technology for manufacture of Bulk DrugsIntermediates and Fine Chemicals and no imported Technology is involved.
B) RESEARCH AND DEVELOPMENT (R&D):
The Company has inhouse R & D division to develop new products improving theefficiencies of the existing products and the Company is fully utilizing the facilities.
3. FOREIGN EXCHANGE EARNINGS AND OUTGO:
The Company is making continuous efforts for exploring export market for TriphenylPhosphine. Due to these efforts the Company was successful in identifying potentialforeign buyers and Company's exports have increased during the year.
Total Foreign Exchange used and earned during the year:
|Used ||: Rs.300.42 ||Lakhs |
|Earned ||: Rs.440.70 ||Lakhs |
| ||for and on behalf of the Board of Directors |
| ||Sd/- |
| ||T.G. RAGHAVENDRA |
|Place : Hyderabad ||Chairman and Managing Director |
|Date : 14th August 2015 ||(DIN : 00186546) |