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RAVILEELA GRANITES LIMITEDH.No.6-3-668/10 135Durganagar Colony,Punjagutta, Hyderabad - 500 082

23rd ANNUAL REPORT2012-13

!7(aui .BeefaGRANITES LIMITED

RAVILEELA GRANITES LIMITED

RAViLEELA GRANITES LIMITED

BOARD OF DIRECTORS P Srinivas ReddyD Surendranath ReddyM Mohan ReddyU.SatishG.Krishnam Raju

• Director• Director• Director• Director• Manager

AUDITORS S.V. Rao & Associates.CharteredAccountants8-2-2931821N796-B,Road No. 36, Jubilee Hills,Hyderabad- 500 033.

Registrar & ShareTransfer Agents: Karvy Computershare Private UmitedPlot No. 17 to 24,VittaJraoNagar,Madhapur, Hyderabad- 500 081.Tel: +91-40-23428412

Fax:+91~23440814Email: [email protected]

COMPLIANCE OFFICER P. Srinivas Reddy

BANKERS Andhra BankAmeerpet branch,6-3-867, Opp. Greenlands,Hyderabad- 500 018.

REGISTERED OFFICE Survey No 203, Sampannabolu Village,ShameerpetMandaI,R R Dist., AP.

CORPORATE OFFICE H.No. 6-3-668/10/35,Durga Nagar Colony,Punjagutta, Hyderabad - 500 082.VNIW.ravileelagranites.com

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RAVILEELA GRANITES LIMITEDNOTiCE

Notice is hereby given that the Twenty Third Annual General Meeting of the members ofthe Company will be held on Monday, the 30th December, 2013 at 11.00 A.M at theregistered office of the Company at Survey No. 203, Sampannabolu (V), SharneerpetMandai, R R Dis!, Andhra Pradesh, to transact the fOliowingOrdinary Business:

ORDINARYBUSINESS:1. To receive, consider and adopt the Audited Balance Sheet as at March 31, 2013 and

Profit and Loss Account on that date and the reports of the Board of Directors andAuditors thereon.

2. To appoint a director in place of Mr. D.Surendranath Reddy, who retires by rotation andbeing eligible offers himself for re-appointment.

3. To appoint auditors and to fix their remuneration and in this regard, to consider and ifthought fit, to pass with or without modification(s), the following resolution as anOrdinary Resolution:

RESOLVED THAT pursuant to Section 224 and other applicable provisions, if any, ofthe Companies Act. 1956 to appoint MIs. S.V. Rao & Associates, CharteredAccountants, Hyderabad the retiring auditors, as Statutory Auditors of the Company tohold office from the conclusion of this meeting till the conclusion of next AnnualGeneral Meeting ata remuneration fixed by the Board of Directors.

SPECIAl BUSINESS:4. To consider, and if thought fit. to pass, with or without modification(s), the following

resolution as a Special Resolution:

Appointment of Mr. P.Srinivas Reddy a Director:

"RESOLVED THAT pursuant to the provisions of Sections 198, 269, 309, 310 and otherapplicable provisions, if any, of the Companies Act, 1956, read with Schedule XIII (asamended from time to time) to the said Act, Mr. P.Srinivas Reddy be and is herebyappointed as Director of the Company for a period of 5 years with effect from01.04.2013 with the following terms and conditions subject to the approval of theshareholders in the next General Meeting.·

I. Salary : Rs. 100,000/- per month

II Perquisites:

(a) Contribution to Provident Fund, Superannuation Fund to the extent of these eithersingly or put together are not taxable under the income Tax Act, 1961.

(b) GratUity payable at a rate not exceeding half a month's salary for each completedyear of service.

Forand on behalf of the Board of Directors ofFor RavileelaGranitesLimited

Place: HyderabadDate: 04-12-2013

SdI-P Srinivas ReddyDirector

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NOTES:

1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy orproxies to attend and vote on a poll instead of himself I herself and the proxy neednot be a member of the company. Proxies. in order to be effective must be receivedby the company not less than 48 hours before the commencement of the meeting.

2. Explanatory Statement pursuant to Section 102(2) of the Companies Act, 1956, inrespect of the Special Businesses to be transacted at the Annual General Meetingas set out in the Notice is annexed hereto.

3. The Register of Members and Share Transfer Books of the Company will be closedfrom 26.12.2013 to 30.12.2013 (Both days inclusive).

4. Members are requested to hand over the enclosed Attendance Slip, duly Signed inaccordance with their specimen signature(s) registered with the Company foradmission to the meeting hall. Members who hold shares in dematerlalised form arerequested to bring their Client 10and DP 10Numbers for identification.

5. Members holding shares in the electronic form are requested to infonn any changesin address directly to their respective Depository Participants and those holdingshares in physical form are requested to notify immediately any change in theiraddress along with address proof. i.e Electric /Telephone Bill, DrivIng Ucense or acopy of passport and Bank particulars to the company or its Registrar & ShareTransfer Agent.

6. Members desirous of making a nomination in respect of their shareholding in theCompany, as permitted under Section 109A of the Companies Ad, 1956. arerequested to send the same to the office of the Registrar and Transfer Agent of theCompany.

7. Corporate Members are requested to send to the Company's Registrar & TransferAgent. a duly certified copy of the Board Resolution authorising their representativeto attend and vote at the Annual General Meeting.

8. The Securities Exchange Board of India (SEBI) has mandated the submission ofPermanent Account Number (PAN) by every participant in securities market.Members holding shares in electronic form are, therefore requested to submit thePAN to their Depository Participant with whom they are maintaining their demataccounts. Members holding shares In physical form can submit their PAN details tothe Company.

9. As a measure of austerity, copies of the annual report will not be distributed at theAnnual General Meeting. Members are therefore, requested to bring their copies ofthe Annual Report to the Meeting.

10.Members holding shares in the same name under different ledger folios arerequested to apply for Consolidation of such folios and send the relevant sharecertificates to MIs. Karvy Computershare Pvt. ltd., Share Transfer Agents of theCompany for their doing the needful.

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11. As part of Green Initiative in Corporate Govemance the Ministry of Corporate Affairs(MeA). Government of India vide its Circular has allowed paperless compliances byCompanies lnter-alia stating that if the Company sends official documents to theirshareholders electronically. it will be in compliance with the provisions of Section 53of the Companies Act, 1956. Keeping in view shareholders are requested to updatetheir E-MailID with their DP.

For and on behalf of the Board of Directors ofFor Ravileela Granites Limited

Sd/-


P Srinivas ReddyDirector

EXPLANATORY STATEMENT[Pursuant to Section 102 of the Companies Act, 2013]

The Board of Directors in its meeting held on 06.11.2013, appointed Mr. P.Srinivas Reddy,as Director for a period of five years with effect from 01.04.2013 as per the terms andconditions explained in the resolution.

As per the provisions of Section 269 of the Companies Act. 1956, appolntment of Mr.P.Srinivas Reddy as Director is subject to the approval of the members in the GeneralMeeting. Hence. the above resolution at item no.4 is submitted to the meeting forratification by the members of the Company by passing Special Resolution.

Mr. P.Srinivas Reddy, aged 48 years has done masters in Engineering. He has vastknowledge and experience in granite industry .. His professional knowledge and expertisewould be of immense use for the company. He is on the Board of the Company since 101hOctober 1990.. He is currently looking after day to day operations of the company.

The notice together with the explanatory statement attached herewith should be treated asan abstract of the terms of the agreement and memorandum of concern or interest undersection 302 of the Companies Act, 1956.

The Board of Directors commends the above resolution at item no.4 for the members'approval in the Annual General Meeting.

None of the directors, key managerial personnel or their relatives except P.Srinivas Reddyare concerned or interested in this resolution.

For and on behalf of the Board of Directors ofFor Ravileela Granites limited

Sd/-



5


DIRECTORS' REPORT

Dear Shareholders,

Your Directors take pleasure in presenting the 23rci Annual Report and the AuditedAccounts of your Company for the year ended March 31, 2013 together with the Auditor'sReport thereon.

FINANCIAL RESULTS:

Your Company's financial results for the year under review are as under:(Rs. InLakhs)

Particulars 31.03..2013 31.03.2012

ToIallncome 1857.45 1340.49

Expenditure 1514.211 1155.32

Profit before 8lU:8pIIonaIllems and Tax 343.16 165.11

ExcepIionaJItem 11.54 12.13

Profitf(loss)!leba Tax 331.S2 173.04

LNa: Defarrad Tax 80.88 115.92

Net ProfItt (Iou)dilrTax 250.73 51.12

loss bit from pntvIoua year (1658.53) (1715.65)

Set off Raduced CapItal (BIFR) '10.01 -Loss c:anied bwwd 10Balance sheet (797.79) (1658.53)

BIFRORDER:

Hon'ble BIFR vide order dated OS.072013 sanctioned the rehabilitation scheme for revivalof the Company.

Highlights of the Rehabilitation scheme:

1. De-rating of capital by 60% against the accumulated losses and furtherconsolidated into 4047520 equity shares of Rs.10J- each fully paid up and38,480 equity shares of Rs.10/- each paid up value of Rs.51- each.

2. Partial Conversion of unsecured loans in to equity amounting to Rs. 6,50,00,000divided into 65,00,000 equity shares of Rs.10/- each fuUypaid up.

3. Bombay Stock Exchange to restore the listing of Ravileela Granites and granttrading permission. .

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4. To consider to condone delays in compli ance of other obligations subject to thepayment of requisite fee. SSE may consider waiver of penalties.

5. Stock Exchanges may be directed not to impose any penalties or fines for listingof the shares or allowing the equity shares for trading.

FINANCIAL REVIEW:

There is improvement in the performance of the Company. During the year under review,the Company has recorded revenue of Rs. 1857.45 lacs and made a net profit ofRs.250.73 lacs against revenue and net profit of of Rs. 1340.49 lacs and Rs.57.12respectively in the previous financial year 2011-12.

DIVIDEND:

Keeping the Company's expansion and growth plans in mind, your Directors have decidednot to recommend dividend for the year.

DIRECTORS:

In accordance with the Companies Act, 1956 read with the Articles of Association of theCompany, Mr. D.Surendranath Reddy, Director will retire by rotation and being eligibleoffers himself for appointment. Your Board recommends the re-appointment of theaforesaid Director.

PUBLIC DEPOSITS:

During the year under review, your company has neither invited nor accepted any depositsfrom the public within the meaning of Sec. 58Aof the Companies Act, 1956 read with theCompanies (Acceptance of Deposits) Rules, during the financial year under review.

STATUTORYAUDITORS:

Mis. S.V. Rao & Associates, Chartered Ac countants, as Statutory Auditors of theCompany hold office until the conclusion of ensuing Annual Genera! Meeting and areeligible for re-appointment. The Company has received a letter from MIs. S.V. Rao &Associates, Chartered Accountants to the effect that their appointment. if made, would bewithin the presaibed limits under Section 224 (IB) of the Companies Act, 1956, and thatthey are not disqualified for such appointment within the meaning of Section 226 of theCompanies Act, 1956.PARTICULARS OF EMPLOYEES:

During the year under review, no employee of the company was in receipt of remunerationattracting the provisions of Section 217 (2A) of the Companies Act, 1956, read with theCompanies (Particulars of Employees) Rules, 1975 as amended.

During the year under review, industrial relations of the company continued to be cordialand 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,2013, the applicable Accounting Standards have been followed along with properexplanations relating to material departures;

(ii) that the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true

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RAVILEELA GRANITES LIMITEDand fair view of the state of affairs of the Company at the end of the financial year and ofthe 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 adequateaccounting records in accordance with the provisions of the Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities:

iv) that the directors had prepared the annual accounts for the financial year ended 31stMarch, 2013 on a going concem basis.

REPORT ON CORPORATE GOVERNANCE:

Your Company is committed to maintain the highest standards of Corporate Governance.As required under Clause 49 of the Usting Agreement with the Stock Exchanges a reporton Corporate Governance is given as annexure to this annual report.

Certificate of the Auditor regarding compliance with the conditions of corporategovernance is also given.

MANAGEMENT DISCUSSION AND ANALYSIS:

A detailed Management Discussion and Analysis is provided in the Annual Report.

PARTICULARS REGARDING ENERGY CONSERVATION, TECHNOLOGYABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Details of Energy Conservation, Research & Development, Technology Absorption,Foreign Exchange Eamings and Outgo as required under section 217(1)(e) of theCompanies Act, 1956 read with the Companies (Disclosure of Particulars in the Report ofBoard of Directors) Rules, 1988 are given in Annexure to the Directors Report.

LISTING:

The Equity Shares of the Company are listed on Bombay Stock Exchange Umited. Thetrading of the Company shares is now under suspension and the necessary efforts havebeen made for revocation of suspension.

CODE OF CONDUCT

The Code has been circulated to all the members of the Board and Senior Managementand 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 theirappreciation for the dedicated and sincere services rendered by the employees of theCompany at all levels. Your Directors also wish to express their gratitude to theShareholders for the confidence reposed by them in the Company and for the continuedsupport and co-operation.

For and on behalf of the Board of Directors ofFor Ravileela Granites Limited

SdJ-

Place: HyderabadDate: 04-12·2013


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2012-2013

Particulars Regarding Energy Conservation, Technology Absorption and ForeignExchange. Earnings and Outgo

Statement pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with theCompanies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988.

Conservation of Energy:

Power:

No. of Units consumed KWHUnits Rate (Rs.)Total Amount (Rs.)

Fuel:No.of Units ConsumedUnit Rate (per Itr.) (Rs.)Total Amount (Rs.)

Research & Development: NIL

Absorption of Technology: NIL

Foreign Exchange Earnings and outgo:

2011-2012

14649607.22

10576472

14424925.30

7642183

12076712.52

1512000

The Foreign Exchange out go and Eamings are as follows:

Earnings:

Export FOB

Outgo

Import of RM, Consumables, SparesCapital Goods and Foreign Travelling


For the Year ended31.03.2013

For the Year ended1.03.2012

1790.62 1225.64

288.93 164.38

For and. on behalf of the Board of Directors ofFor Ravileela Granites Limited

SdI·


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MANAGEMENT'S DISCUSSION & ANALYSIS REPORT

a) Economic Overview

Following the slowdown induced by the global financial crisis in 2008-09, the Indianeconomy responded strongly to fiscal and monetary stimulus and achieved a growth rateof 8.6 per cent and 9.3 per cent respectively in 2009-10 and 2010-11. However, with theeconomy exhibiting inflationary tendencies, the Reserve Bank of India (RBI) started raisingpolicy rates. High rates as well as policy constraints adversely impacted investment, andin the subsequent two years viz. 2011-12 and 2012-13, the growth rate slowed to 6.2 percent and 5.0 per cent respectively. Nevertheless, despite this slowdown, the compoundannual growth rate (CAGR) for gross domestic product (GOP) at factor cost, over thedecade ending 2012-13 is 7.9 per cent. The mining and quarrying component contains14.74 percent share of the overall industrial sector. During the year 2012-13, the miningand quarrying sector recorded a growth of 7.6 percent against the growth of 4.6 percentlast year. Much of the country's mining reserve exists in remote areas. Infrastructureimprovements are necessary to sustain and achieve higher growth rates in future.

b) Industry Structure, Development and Outlook

India, which is blessed with unique colours and large deposits of granite, has alreadyclaimed its privileged status as the Number one Country for granites so far as colour,variety, quality and pricing are concerned. Despite this, the industry could not perform asexpected due to non-availability of good quality blocks for processing, Shortage of powerand high dependency on diesel affecting the production as well as the cost of finishedgoods, lack of proper infrastructure for movement of raw materials and finished goods,Spiraling raw material cost coupled with the continuous increase in other input costs etchampering growth of the industry. The real challenge lies in facing these barricades andachieving the growth. However the performance of the Company remained satisfactory incomparision to previous financial years.

c) Business performance and Segment Reporting

During the year under review, the Company has recorded a revenue of Rs.1857.4S lacsand made a net profit of Rs.250.73 lacs against a revenue of RS.1340.49 lacs and netprofit of Rs.S7.12 in the previous financial year 2011-12.

The company is engaged in the business of Granite, which as per Accounting Standard 17is considered the only reportable business.

d) Internal Control System and Its adequacy

The system of internal control has been established to provide reasonable assurance ofsafeguarding assets and maintenance of proper Accounting Records and its accuracy.The business risks and its control procedures are reviewed frequently. Systems audit isalso conducted regularly to review the systems with respect to Security and its Adequacy.Reports are prepared and circulated to Senior Management and action taken tostrengthen controls where necessary.

e) Risk Management

Risk evolution and management is an ongoing process in the company

f) Human resources and Industrial relations

Your company continues to have cordial relations with its employees.

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RAV!LEELA GRANiTES LIMITED

REPORT ON CORPORATE GOVERNANCE

1. COMPANY'S PHILOSOPHY ON CODE OF GOVERNANCE

Fairness, accountability, disclosures and transparency, forms company's philosophy oncode of governance.

The governance practices followed by your Company are continuously reviewed and thesame are benchmarked to the best governed companies.

Your Company has complied with the regulations stipulated by the Securities ExchangeBoard of India (SEBI) in the Usting Agreement.

2. Board of Directors:Composition:

The Board of Directors comprises one Executive Director and 3 Non -ExecutiveIndependent Directors. During the Year 6 Board Meetings were held on 14.05.2012,13.08.2012,04.092012.18.10.2012.14.11.2012 and 14.02.2013.

The Composition of the Board of Directors and their attendance at the Meetings during theyear and at the last Annual General Meeting as also number of other directorship ofcommittees are as fonows:

Nameof Categoryof No. of Board Attendance at CommitteeDirector Directorship Meetings IastAGM Membership

attended in OthersCos.

Mr.P. PromoterSrinivas Executive 6 YES 3Reddy Director

Mr. Non ExecutiveD.Sunlndrana Independent 6 YES 4th Reddy Director

Mr. Mohan Non ExecutiveReddy Independent 6 YES 4

Director

Mr.U.Satlsh Non ExecutiveIndependent 6 NO .Director

Audit Committee:

The Composition of the Audit Committee is in compliance with the Clause 49 of the UstingAgreement and the terms of reference, role and scope are in line with those prescribed byClause 49 of the Listing Agreement with the Stock Exchanges.

The Audit Committee comprises of 2 (Two) Non-executive Independent Directors and Oneexecutive director. The Audit Committee met 4 (Four) times during the year under reviewon 14.05.2012, 13.08.2012, 14.11.2012 and 14.02.2013.

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The composition of Audit Committee and the details of meetings attended are givenbelow:

SL. Position held in the Number of committeeNO. Name committee meeting attended

1 Mr. D. SurendranathReddy Chairman Four

2 Mr. M. MohanRe<ldy Member Four

3 Mr. P. SrinivasReddy Member Four

During these meetings, the Committee, inter alia, reviewed the financial statementsincluding changes in accounting policies and practices before submission to the Board,recommended the appointment of statutory auditors including fixation of audit fee, andreviewed the company's financial and risk management policies.Investors' Grievance Committee:

The responsibilities of the Committee include a) to approve share transfers andtransmissions and b) to approve splitting of share certificates, consolidation of sharecertificates and related matters including issue of fresh share certificates in lieu of the splitI consolidated certificates and redressal of all shareholders queries and grievances. TheCommittee has been meeting at regular intervals to resolve the complaints and replied /resolved to the satisfaction of the investors.

The composition of Shareholders! investors grievance committee and the details ofmeetings attended are given below:

SL. NO. Name Position held in the committee

1 Mr. D. Surendranath Reddy Chairman

2 Mr. M. MohanReddy Member

3 Mr. P. Srlnivas Reddy Member

Remuneration Committee:

The responsibilities of remuneration committee are to appraise the performance ofExecutive Directors and senior officers of the Company and to determine and recommendto the Board compensation payable to the above said persons.

The composition of remuneration committee and the details are given below:

SL. NO. Name Positionheld in the committee

1 Mr. P. SrinivasReddy Chairman

2 Mr. M. MohanRedd_y Member

3 Mr. D. SurendranathReddy Member

No remuneration paid to the executive as well as non executive directors during the year.

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Details on General Body Meetings:

Financial Date Time Location Special ResolutionYear

1. Reduction of capital undersection 76 T.W. section 100 ofthe Companies Act, 1956.

Regd. Off.S.No 203, 2. Amendment of Articles ofSampannabolu(V), Association by inserting two

2011-12 17/111 11A.M SharneerpetfM) new Articles No.70A & 135A2012 RRDist allowing Directors and

Members to participate inGeneral and Board Meetingsthrough video conferencin__g,

2010-11 30/091 llAM Regd. Off.S.No 203,2011 Sarnpannabolu(V), No Special resolution was

Shameerpet(M) passedRRDist

2009-10 30/091 Regd. Off.S.No 203, No Special resolution was2010 II A_M Sampannabolu(V), passed

Sbameerpet(M)R.R.Dist

OTHER DISCLOSURES

(a) There were no significant related party transactions that may have potentialconflict with the interests of the Company at large.

(b) In the preparation of financial statements, no treatment materially different fromthat prescribed in Accounting Standards had been followed.

(c) There were no penalties or strictures imposed on the Company by the StockExchanges or SEBI or any statutory authority on any matter related to capitalmarkets at any time during the last 3 years.

(d) Whistle Blower policy: We have established a mechanism for employees toreport concems about unethical behavior, fraud or violation of code of conduct ofthe company. The mechanism provided direct access to the Director/Chairmanof the Audit Committee for exceptional cases. All employees can also directlymeet the Audit Committee members of the company.

(e) The Company has complied with the non -mandatory requirements to relating toremuneration committee and Whistle Blower policy.

(f) Director of the Company has fumished the requisite Certificates to the Board ofDirectors under Clause 49 of the Listing Agreement

MEANS OF COMMUNICATION

The quarterly, half yearly and yearly financial results will be sent to the s!c:kExchanges immediately after the Board approves the same and these results will 81S0be published in one English newspaper and in one vemacular newspaper.

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General Shareholder Information:

i. Annual General Meeting:

Day, Date and Time: Monday, 30th December, 2013 at 11.00 A.MVenue: S. No 203, Sampannabo!u(V), Shameerpet(M) RRDist

financial Calendar (tentative): Financial Year April 2013 to March 2314

First quarter resultsSecond quarter resultsThird quarter resultsFourth quarter results

: 14.08.2013: 14.112013: 14.02. 2014: 30.05.2014

2. Book Closure Dates: 26th December, 2013 to 30th December, 2013(both days inclusive for the purpose of AGM)

3. listing on Stock Exchanges: The Company Shares are listed on BSE Limited

4. Stock Market Price Data:

Trading of shares are in suspension, hence data is not available.

5. Registrar and Share Transfer Agents:

Karvy Computershare Private LimitedPlot No. 17 to 24, Vrttalrao Nagar,Madhapur, Hyderabad - 500 081.Tel: +91-40-23428412Fax:+91-4~23440814Email: [email protected]

Share Transfer System:

The Physical shares transfers are processed and the share certificates are returned to theshareholders within a maximum period of 15 days from the date of receipt. subject to thedocument being valid and complete in all respects.

Any transferee who wishes to demat the shares may approach a Depository Participantalong with a duly filled Demat Request Form, who shall, on the basis of the ShareCertificate, generate a demat request and send the same to the Registrar and ShareTransfer Agents (RTA). On receipt, the Depository Registrar confirms the request.

All the requests for Dematerialization of shares are processed and the confirmation isgiven to the respective Depositories i.e., National Securities Depository Limited (NSDL)and Central Depository Services (India) Limited (CDSL) within 21 days on receipt.

Karvy Computershare Private limitedPlot No. 17 to 24, Vrtlalrao Nagar,Madhapur, Hyclerabad - 500 081.Tel: +91-40-23428412Fax:+91-4~23440814

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RAVILEELA GRANITES LlM!TEDj) Shareholding Pattern as on 31nMarch,20l3 as per BIFR order:

Particulars Category No. of shares held Percentageof shareholding

A Shareholding of PromoterandPromoter group

l 1 IndianIndividual 7868348 74.33! 2. ForeignIndividual

Sub-Total A 7868348 74.33B Public Shareholding

I 1. Institutions

2. Non Institutions 166200 1.57a. Bodies Corporate 2551452 24.10a. Indian Public and others

Sub Total B 2717652 25.67Grand Total (A+8) 10586000 100.00

Dematerialization of Shares:

The Company's shares are dematerialized on National Securities Depositories limited(NSDL) and Central D~sitory Services (India) Limited. The Company's ISIN isINE428B01013. As on 31 March, 2013, 28100 equity shares are dematerialized and outof which 7,600 equity shares are in CDSL and 20,500 shares are in NDSL and thebalance are in physical form.

Address for Investor Correspondence: H.No.6-3-668/10/35,DurgaNagar Colony,Punjagutta, Hyderabad - 500 082.Ph. 040-23413733

In terms of Clause 47(f) of the Listing Agreement of Stock Exchanges investors mayplease use the following exclusive e-mail ID for redressal of their grievances. E-Mail:[email protected].

Declaration by Director of affirmation of compliance by all Directors and seniorManagement personnel with the code of conduct

The shareholdersI, P. Srinivas Reddy, Director of the Company do hereby declare that the directors andsenior management of the Company have exercised their authority and powers anddischarged their duties and functions in accordance with the requirements of the code ofconduct as prescribed by the company and have adhered to the provisions of the same.

For and on behalf of the Board of Directors ofFor Ravileela Granites limited


Sd/-


15


Dear Shareholder,

Please find below the Director certificate as per Clause 49(V) of the Listing Agreement:

DIRECTOR CERTIFICATE

I , P. Srinivas Reddy, Director of Ra viteela Granites Limited certify that:

1. We have reviewed the financial statements for the year 2012-13 and that to thebest of our knowledge and belief:

(a) These statements do not contain any materially untrue statement or omit anymaterial fact or contain statements that might be misleading;

(b) These statements present a true and fair view of the state of affairs of theCompany and of the results of the operations and cash flows. The financialstatements have been prepared in conformity, in all material respects, with theexisting generally accepted accounting principles including accounting standards,applicable laws and regulations.

2. There are, to the best of our knowledge and belief, no transactions entered into by theCompany during the year which are fraudulent, illegal or in violation of Company'scode of conduct

3. We accept overall responsibility for establishing and monitoring the Company's intemalcontrol system for financial reporting and evaluating its effectiveness. Internal Auditfunction monitors the internal control system for financial reporting, whichencompasses the examination and evaluation of the adequacy and effectiveness.Internal Audit works with all levels of management and Statutory Auditors, and reportssignificant issues to the Audit Committee of the Board. The Auditors and AuditCommittee are apprised of any COrrective action taken with regard to significantdeficiencies and material weakness.

4. We indicate to the Auditors and to the Audit Committee:

(a) Significant changes in internal controls over financial reporting during the year;

(b) Significant changes in the accounting policies during the year;

(c) No instances of significant fraud of which we have become aware of and whichinvolve the management or other employees who have significant role in theCompany's internal control system over financial reporting.

However, during the year there were no such changes and instances.

For and on behalf of the Board of Directors ofFor RavileelaGranites limited

Sdl-



16


S. S. Reddy & AssocitesPracticing Company Secretary

CERTIFICATE OF COMPLIANCE OF CORPORATE GOVERNANCE

ToThe Members ofRavlleelaGranites Limited

We have reviewed the compliance of conditions of Corporate Governance by MIs.Ravileela Granites Limited, for the year ended on March 31, 2013, as stipulated in Clause49 of the listing Agreement of the said Company with Stock Exchanges.

The compliance of conditions of Corporate Governance is the responsibility of themanagement. Our examination has been limited to a review of the procedures andimplementations thereof adopted by the Company for ensuring compliance with theconditions of the certificate of Corporate Governance as stipulated in the said Clause. It isneither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations givento us we certify that the Company has complied with the conditions of CorporateGovemance as stipulated in Clause 49 of the Listing Agreement.

No investor grievances are pending for a period exceeding one month against theCompany as per the records maintained by the Company.

We further state that such compliance is neither an assurance as to the future viability ofthe Company nor of the efficiency or effectiveness with which the management hasconducted the affairs of the Company.

For S.S. Reddy& Associates


SdI-S.SarweswaraReddyPracticing Company SecretaryC. P.No. 7478

17

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:: .

RAVILEELA GRANITES LIMITEDANNR,'\."URETO THE AUDITORS REPORT

The Annexure referred to in paragrapb 1 of the Our Report of even date to the members ofRAVILEELA GRANITFS LIMITED on the accounts of the company for the year ended 31"March,2013.On the basis of such checks as we considered appropriate and according to .the information andexplanation given to us during the course of OUT audit, we report that

i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. The fixed assets have beenphysically verified by the management during the year. There is annual verificationof fixed assets which in our opinion is reasonable having regard to the size of thecompany and nature of its assets. We are informed that no material discrepancieshave been noticed by the management on such verification as compared with therecords of Fixed Assets maintained by the company.

(b) In our opinion and according to the information and explanations given to us. nosubstantial part of the fixed assets have been disposed off'during the year.

ii) (a) According to the information and explanations given to us the Inventory has beenphysically verified by the management during the year. In our opinion thefrequency of verification is reasonable.

(b) In our opinion, the procedures of physical verification of inventory followed bythe management are reasonable in relation to the size of the company and thenature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, themaintenance of records are satisfactory. The discrepancies noticed on physicalverification of inventory as compared to the book records were not material.

iii) (a) In our opinion and according to the information and explanations given to us, thecompany has not granted any loans secured or unsecured to Companies, firms orother parties listed in the register maintained under section 301 of the CompaniesAct, 1956. Accordingly clause 4(iii), a to d of the Companies (Auditors Report)Order, 2003 are not applicable.

(b) The Company has not taken any long term loans during the year from the partieslisted in the register maintained under Sec 301 of the Companies Act, 1956.However the company has taken such loans in earlier years and the outstandingamount as at the year end is Rs.923.64lacs.(Previous Year Rs, 1573.64 Lakhs).

(c) According to the information and explanations given to us, the terms and conditionsof above mentioned interest free unsecured loan taken from the parties, in ouropinion, are not prima facie prejudicial to the interest of the company.

(d) There is no overdue amount of loans taken from the parties listed in the registermaintained under section 30 I of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations given to us. there areadequate internal control procedures commensurate with the size of the company andnature of its business with regard to purchase of inventory. fixed assets and with regardto the sale of goods or services. Further, on the basis of our examination of the books

20


and records of the company, aod according to the information and explanations given tous, we have neither come across nor have been informed of any major weaknesses in theaforesaid internal control procedures.

v) (a) On the basis of our examination of the books of account and according to theinformation and explanations given to us, the company has no transactions thatneed to be entered in to the register maintained under Section 301 of the companiesAct, 1956.

(b) Inview of our comment in paragraph v(a) above, paragraph v(b) of the aforesaidorder in our opinion is not applicable.

vi) In our opinion and according to the information and explanations given to us, thecompany has not accepted deposits from the public and therefore, the provisions ofSection 58 A and 58AA of the Companies Act, 1956 aod Rules there under are notapplicable to the Company.

vii) In our opinion, the company has an internal audit system commensurate with the size andnature of its business.

viii) We have broadly reviewed the books of accounts maintained by the Company in respectof products where, pursuant to the Rules made by the Central Government of India,maintenance of cost records has been prescribed under clause( d) of sub- section (1) ofSection 209 of the Act, and are of the opinion that prima facie, the prescribed accountsand records have been made and maintained. We have not, however, made a detailedexamination of the records with a view to determine whether they are accurate orcomplete.

ix) (a) According to the information and explanations given to us, and according to booksand records as produced and examined by us, in' our opinion, the Company isdepositing the undisputed statutory dues in respect of Provident fund, ESI, VAT,Excise duties etc regularly, except for Fringe Benefit Tax, as applicable to thecompany, with the appropriate authorities regularly. The undisputed amountswhich were in arrears as at balance sheet date for a period of more than six monthsfrom the date of they became payable are given below :-

S.No Name of Statue Nature of the dues Amount Fiuancial Year to(InRupees) which matter pertains

30,022 2008-09

. Income Tax Act.1961 Fringe benefit tax 23.783 2007-08I53432 2006-0768648 2005-06

x) The accumulated loss as on 31.032013 is more than 50"10of the net worth, and the companyhas not incurredcash loss during the current financial year. There was no cash loss in thepreceding financial year, .

xi) Inour opinion and according to the information and explanations given to us, the companyhas no borrowings from Financial institutions or Banks.

21

1'..:'·11I.

III

.•.

~.',"..."" ..i::ll~1"~~':'l:riii'!

RAVILEELA GRANITES LIMITED RAVILEELA GRANITES LIMITED

xii) In our opinion and according to the information and explanations given to us, the companyhas not granted any loans or advances Oil the basis of security by way of pledge of shares,debentures and other securities. BALANCE SHEETAS AT 31st MARCH, 2013

Amount in Rs.Note As at As atParticularsNo 31-Mar-20i3 3i-Mar-2012

I.EQUITY ANDUABllmES(1) Shareholder's Funds

B1 105,667.600 101.669.000(a) Share Holders FundsB2 (78,279.106) (164,353.778)(b) Reserves and Surplus

(2) Non-Cunent UabllitlesB3 92,363.992 157,363.992(a) Long-term borrowings

(3) Current Uabllltl ..B4 8,481.403 6,021.996(a) Trade payablesB5 66.512.663 68;178.358

J (h)Other current ftabilitlesI B6 8.730.728 6,756685l (e) Short-tenn provisionsTotal 203,477.280 175.636253

I II.ASSETS(1) Non-c:urrent IISUts

B7I (a) FIxed assets57.759.703 46.738.319I - Tangible assets47,211.567 55.300.424I (h) Deferred tax Asset (Net)

2.051,053 2,790.588I (e) long term loans and advances B8

I (2) Current ......B9 56,316.066 44.360.771i (a) InventoriesBl0 32.186.558 18,873.805! (b) Trade raceIvabIesi

B 11 118.324 4,155.484l (e) Cash and cash equivalents

7,834,009 3,416.862i

(d) Short-tenn loans and advances B 121,I

Total 203.477,280 175,636,253!

INotes to accounts B 13

xiii) As the company is not a chit fund or a nidhi/rnutual benefit fund/society, the provisions ofparagraph 4 (xiii) ofthc Companics (Auditor's Report) Order, 2003 arc not applicable to thecompany opinion the company.

xiv) In our opinion the company is not dealing in or trading in shares, securities, debentures andother investments. Accordingly the provisi ons of Paragraph 4(xiv) of the Companies(Auditor's Report) Order, 2003 are not applicable to the Company.

xv) According to the information and explanations given to us, the company has not given anyguarantees for loans taken by others from banks or financial institutions.

xvi) According to information and explanations given to us, the company has not raised any termloans during the year.

xvii) According to the information and explanations given to us and on overall examination of thebalance sheet of the company, we report that the no funds raised on short-tenn basis havebeen used for long-term investment.

xviii) According to the information and explanations given to us, the company has not made anypreferential allotment of shares to parties and companies covered in the register maintainedunder Section 30 Iof the Companies Act, 1956.

xix) TIle company has not issued any debentures during the year and hence the question ofcreation of security or charge does not arise.

xx) The company has not raised any money by public issue during the year.

xxi) During the course of examination,of the books and recordsof the company, carried out inaccordance with the generally accepted aUditing practices in India, and according to [heinformation and explanations to us, we have neither come across any instance of fraud on orby the company, noticed or reported during the year, nor have we been informed of anysuch case by the management.

Po!; per our report of even date

Place: HyderabadDate: 04-12-2013 For S V Rao Associates.

Chartered AccountantsFRN:003152S

For S.V.RAO ASSOCIATES

Chartered AccountantsFRNOO3152S

For and on behalf of the board

Sd/- Sd/-

SdI-SVSPrasadPartnerMem.No.207540

Sd/-(5.V.S.Prasad)PartnerM.No. 207540

Date : 04-12-2013Place: Hyderabad

(P.SRINIVASA REDDY)Director

(M. MOHAN REDDY)Director

2322

RAVILEELA GRANITES LIMITEDRAVILEELA GRANITES LIMITED

STATEMENT OF PROFITAND lOSS ACCOUNT FOR THE YEARENDED 31ST MARCH, 2013

AmountlnRs

Pa rticulars NOleNe For the )'Barended For the year

31-03-2013 ended31-03-2012

I Revenue from operations

• Other Income P1 180,565,537 126,272,022

m P2 5,179971 77n,024Total Revenue

IV Expenses: 185,745,508 134,049,046

Costaf materials consumedP3

Purchase of Slack In Trade 76,706,122 47,895,270

Changes in InventoriesP4 598,560 1,761,979

E"llIoyee benefit expensesP5 (15,232,470) (7,730,035)

Depr-eciatian and amortization IIJCPIII1S8P6 23,335.800 20.829,148

Other expensesB7 7,606,047 7,680,205

V P7 58414949 45,095,107Total Expen_VI Profit before exceptional 1t&m8ud Tu 151429008 115,531,674

VI exceptional Item 34,316,500 18,517,372VII ProfiV(loss) for the year before tax 1,154,371 1.213,584VI Tax expenses: 33,162,129 17,303,788

Less : Deferred tax8,088,657 11,591,507

VII Profit aflar Tax (V-VlI)IX Earning per equity share: 25,073.272 5,712281

(1) Basic P8

(2)Diluted 2.37 0.56X SignificantAccountingporle," NotM on FNncIoII 2:37 0.56

Statements B13

NOTESTOTHE BALANCE SHEET Amount in Rs.As at 31 - Mar - 2013 Asat31-Mar-2012 IParticulars

Numberl Amount Number Amount.!:!Q!£..:!!!

12,Q-X.ooolSHARE CAPITALAuthorised 120,000,000 12,000,000 120.Coo,OOOEquity Shares of P-s.101-each !

IIssu!!!, Subscribed & Paid up 10'586'0001 105,860,000 10,215,000 102,150,000Equity Shares of Rs.10/- eachl ..... : CaRs in arrears (38480 Shares@ Rs.5l- each) 38.480 192,400 96,200 -481,000

fromOthets10,586,0001 105,667,600 10,215,000 101,669,000

ReconclRation of the number of shares outstanding at the beginning and at the end of the reeortlng I!!riod

PARTICULARS Number Amount Number Amountyear 10,215,000 101,669,000 10,215.000 101669000

Equity Sh""", outstanding after de-rating assanctioned by BIFR Ord..-dated 04.11.2013(1,01,18,800 fully paid [email protected],200partly paid shales @Rs.2) 10.215,000 40,667,600ConversIon of the Face value a11he aboveEquIty...... (40,47,520 IuIly paid [email protected] and38,480 partly paid shares @ Rs.5) as per abovementioned BIFROrder (A) 4,086,000 40,667,600ConversIon of unsecuredloan from_IntoEquity shares (65,00,000 fully paidshares @Re.10) as per above mentioned BIFROrder (B) 6.500,000 65,000,000

Equity Shares Olrtstanding at the and of theyear A+8 10,586,000 105,667,600 10.215.000 10166900

DetaIls of Shan>s In the companyheld by each

"'rehqlder holdingmore then 5 pen:ent ......NAMEOF SHAREHOLDER No. of Peruntaga No. of Percentage

&hIntS held Shares heldMr.P Srinivas Reddy 2581948 24.39% 2409669 23,59%Mrs. P Samantha Reddy 277110 2.62% 680000 6.66%MrP Ravindar Reddy 4996890 47,20"/, - 0,00%

ForS.V.RAOASSOCIATESChartered AccoI.nantsFRNOO3152S

For...., on ..,.." of the board

Sdf-(S.V.s Prsad)Pariner

M.No.207540Dale: 04-12-2013PIac:e:Hyderabad

24 25


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NOTES TO THE BALANCE SHEETAmount In Rs.

PARTICULARS As at As at31·Mar·2013 31-Mar-2012

NOTE-B2RESERVES AND SURPLUS(a) Capital Reserve

StateSubsi1,500,000 1,500,000

Surplus in Statement of Profit and LossOpening balanc

(165,853.178) (171.566.057)Less· Adjustment on account of reduction in capital(61.001.400)

(+) Net Profrt/(Net Loss) For the current year 25.073,272 5,712.279

Closing Balance(79 779 101ll. (165 853 171ll.

(The accumulated losses haw been adjusted against the ..178.279.1061 _l164.353,77!llShare Capital by way of reduction in accordance with therevlval scheme of Board for Industrialand Anancial

NOTE-B3LONG- TERM BORROWINGSUnsecured(a) From Directors

85.000.000 100.000.000(b) From other Related parties7.363,992 57.363,992

92363992 157.363992NOTE-84TRADE PAYABLESFor Goods

5.202,223 3,461.222For Services3,279,180 2.560.7748481403 6021996NOTE-BS

OTHER CURRENT LJABILmeS

(a) Due to Directors29,053.493 32,728.493(b) Advance from Customers35,063,422 34,903,290(c) Creditors for Capital Expenditure - 92.450(d) Others2,395,748 454.125

66 512 663 68178358

NOTE-B6

SHORT-TERM PROVISIONSProvision for emplOyee benefits:i} Salaries. Wages & Bonus

3.411.927 2,354.663ii) Provident Fund and ESI263,217 234,760iii)Gratuity

5.055,584 4,167.262

8.730,728 6,756.685

i!I·lIL

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2726

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I,

RAViLEELA GRANITES LIMITED

NOTES TO THE BALANCE SHEET Amount In Rs.Particulars As at As at

31-Mar-201. 31-Mar-201

NOTE -B8LONG TERM LOANS AND ADVANCES(Unsecured, considered good)

Other loans and advancesAdvances for Capital Wor1<s - 825,000Deposit with GovI Authorities 1,867,591 1,862,388Other Deposits 183,462 103,200

2,051,053 2,790,588NOTE·B9INVENTORIES

a. Raw Materials 10,063,893 10,355,695b. Raw Malarial In transit 340,066 2,212,652b. Wor1<-in-progress 32,871,828 20,255,708c. Finished goods 8,936,241 6,319,891d. Stores and spares 4,042,220 5,216,825e. Packing Material 61,818 -

56316066 44360n1NOTE-Bl0TRADE RECEIVABLES(Unsecured, considered good)

Debts outstanding for a period exceecfongsix months 769,424 4,632,465OtherDebls 32,186,558 15,010,764

32,955,982 19,643,229Less: Allowance for Bad and Doubtful Debts 769424 789424

32,185,558 18,873,805

NOTE-Bl1CASH AND CASH ggU!llALENTS

ACash on hand 1,608 2,583B.Balances with banks In Current Accounts 116,716 4,152 901

118.324 4155464NOTE-B12S!:!QBT- TERM LOAN~ AND ADVAN~ES

(Unsecured, considered good)Advance to Suppliens 716,667 802,086Service Tax Input CredH 596,458 55,892Vat Receivalbe 8,397,822 2,346,400Staff Advances - 500

Others 123,062 211,9847,834,009 3,416,862

28

--RAVllEELA GRANITES LIMITED

RAVlLEEl.A GRANrrES LIMITED

I NOTESTOTIlE STMEMENT OF PROFITAND LOSS Amount in Rs. Ji for the y.. , .tlded for the y.at" ended JI PartIculars 31.03-201) 31·03·2012,

INOTE-P1 IiiEiiENiiE FROM OPERATlONSSale of Products 180.764.095 126.684.233 Ii Gross Revenue from Opel'3tiQt8 l&J.764.095 126.084.233 i

II Less:198,558 412.211 II

E>cis<! Duly

Net Revenue from 0pern1i0ns 180,565.537 126.272.022 JI

II ~I alliER INCOME

393,126 181.628I (a) Scrap Sales185.016 108.649(b) InterestIncome

1.687.744 2.979.130Cc)Other non-operating mcoe-e2.914.085 4.507.617Cd)Foreign el!t:hangeGa:n/(Lossj5.179971 7.777,024

NOTE-P3Materials Consumeda)~ __

12.568.347 22.326.152Opemng Slack68.846.955 34.178.484Purohases81.415.302 57.104._

Closing SODck 10..403.958 12.568.34771011.344 44.536,269

b) ..-mg_rial ConsumedOpening SOxk

5.756.598 3.358.961Purchase$Cbsing Slock 61818 -

5.694ne 3.358,98176.706.122 '7.895,270

~598.560 1761.979P"-of~ln~

!!2!S.:nCHANGES 1N INVENTORIESA. ,,,,,,,,,, ... ios (at close)

8,936.241 6.319.891Finished GoodsStock-in-Process 32.871828 20.255.708

'1.808.069 26.575.599Less8. __ (ot~

~~:::2.675.881Finished Goods16.169.683Stoci<-in.f'rucess

26 575.599 16.80'5.564Net (IncrNM) 10ecrNH In_ 15232.'101 (7.730.035

!!2l£eiEMPLOYEE BENEFITS EXPENSE

21,329.724 19.053.428Saleries • wages. Bonus andGraturyConiibution " prO'olidefrtandOltler funds 1.459.731 1.355.816

546.345 419.904Staff 'Nefare ecoenses23 335.eoo 20829.148

.!!2Ili..£lOTHER EXPENSES:

24,702.482 ".337.944(8}~SIOres12.132.714 7.642.183(bl_&FueI693.000 674.000(c) .....565.427 500.026(d) Security Charges

5281.886 5.155.256(e)Rapajf$and Mai-..nce- Plant &Machinery605.718 1.104.751(~_andT ....16,484 14.560(g) FifingFee

(~)~:112,360 66.150 !• For S",..,,,,,yAudit

- For lOx matters 28.090 16.575- For Other e_ 2.845

(i) Carriage aut.\8nI 11.103,148 7.744.2451.407.637 1,744.845m Tra",-.ng and Come-;ance

55.808 53,764(k) Prior Period El<Tenses1.707.350 6.040.802(I)Misc.E_

58,"4.949 45.095,107

29


NOTE-P8EARNINGS PER SHARE (EPS) Ii) Net Profit after lax as per Statement of Profit and Loss 25.073.27~ 5,712,281

ii) Weighted AllE!rage number of equity shares 10,566,760 10,215,qOOiii) Basic Earnings per share 2.37 0.56iii) Diluted Earnings per share 2.37 0.56iv) Face Value per equity share ( Rs 101-)

I " I ! PARTICULARS FY2012-13 FY2011-Un CASH FLOW STATEMENT I hill lakbs ICASH FLOW FROM OPERATING ACTIVITIES ,I I Net Profit! (loss) before tax and extraordinary items 1331.62 173.04 1

Adjustments for:Exception Items 11.54 12.14Depreciation 76.06 76.80

OPERATING PROFIT BEFORE WIC GIANGFS 419.23 261.98Adjustments Em :(Increase)/DecreaseTrade and other Receivable; (169.90) (37.09)(Increase)/Decrease Inventories (119.55) 251(Decrease)/Increase Trade Payables &: Other payables 'Il.68 (152.13)

Cash generated from OperatIons 157AS 75.26CASH FLOW FROMOPERATING AC'I1VlTIFS 157.45 7S.2fi

BCASH FLOW FROMINVESI1NG ACIlVITIES

Investment on F'vredAssets ~.41) {53.47}Sale of FixedAssets 759 19.36

C NET CASH USED IN INVPSI'JNGACI1VmEs (197.82) (34.U)CASH FLOW FROM FINANQNG ACTIVrnESProceeds from issue of Shaft CapitalProceeds from I.mg Term BonowingNETCASHUSEDINFINANClNGA~

NET INCREASE IN CASH AND CASHEQUlVALENT (40.37)Opening Balance 41.55aosinl!:Balance :i..18

F"" and 011 Behalf of the Board

se): ss).

M MOHAN REDDYDIRECTOR

P.BIIINIV ASA REDDYDIRECl'OR

AUDITOR'S CEIt11FJCATI!We haveverified theabove Cash Row ~of M/s.RA VIlElLA GRAN11ES LTD~ derived &om AuditedFinancial Statements foe theyarended3bt Mazdt,2013and found the """'" in IIClCOl'dancetbeJewith, andUowiththe MqUiremmt of cla ..... 32 01theListIDg~twithStoclc Exdlanges.

Par SV RAOASSOaATESfirmRegIstlaIioaNo: 003152S.o.artered~

PLACE : HYDERABADDate: 114-12-2013

SVSPraaaciPartnerMemNo.2ll754O.

30

41.150.40

41.55

--RAVILEELA GRANITES LIMITED

Note - B 13: NOTES FORMING PART OF FINANCIAL STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES:

a) Basis of Presentation:The financial statements of the Company are prepared under the historical costconvention in accordance with the Generally Accepted Accounting Principlesapplicable in India and the relevant provisions of the Companies Act, 1956.The preparation of the financial statements in conformity with the relevant accountingprinciples requires that the management makes estimates and assumptions thataffect the reported amounts of assets and liabilities, disclosure of contingent liabilitiesas at the date of the financial statements, and the reported amounts of revenue andexpenses during the reporting period.

b) Fixed Assets: Fixed assets are capitalized at cost inclusive of legal, installation andother allowable expenses. Fixed assets are valued at Cost less accumulateddepreciation.

c) Inventories:i) Raw material, Stores and Spare parts and work in progress are valued at cost

Cost is detennined on first in first out basis.ii) Finished goods are valued at lower of cost or net realizable value.

d) Depreciation has been provided on the Straight Line method at the rates specified inSchedule XIV to the Companies Act 1956. In the absence of details like life of themines and their potentiality, no depreciation is provided on capitalized cost of quarriesand mines. Depreciation is provided on pro-rata basis for additions during the year.

e) Foreign Currency Transactions: Transactions in foreign currencies are recorded atthe exchange rates prevailing on the date of transaction and exchange differencesarising from foreign currency transactions are recognized in the Profit & Lossaccount. Monetary assets and liabilities denominated in foreign currency aretranslated at the rates of exchange of the balance sheet date and resultant gain orloss is recognized in the profit and loss account. Non monetary assets and liabilitiesare translated at the rate prevailing on the date of transaction.

f) Borrowing Costs:Borrowing costs that are attributable to the acquisition of assets arecapitalized as part of cost of such assets. All other costs are charged toRevenue.

g) Employee Benefits:

i) Short-term employee benefits are recognized as an expense at the undiscountedamount in the profit and loss account for the year in which the related service isrendered.

ii) Post employment and other long term employee benefits are recognized as anexpense in the profit and loss account for the year in which, the employee hasrendered services. The expense is recognized at the present value of amountspayable based on the estimates.

31

IIIiI'1'li"I'1<

RAVILEELA GRANITES LIMITED RAVILEELA GRANITES LIMITEDBefore De-rating

h) Earnings per share: The basic and diluted earnings per share is computed bydividing the net profit after tax for the year by the weighted average number of equityshares outstanding during the year.

Category No of Shares Face Rupees % ofValue Shareholding

Promoters 34,20,869 10 34208690 33.49%Public-Fully paid 66,97,931 10 6,69,79,310 66.51%Partly paid 96,200 5 4,81,000Total 1,02,15,000 10,16,69,000 100

i) Leasing:

The Company has taken building on operating lease. The lease payments have beencharged to Profit & loss account considering the lease arrangements are in the natureof operating lease as defined by AS 19.

j) Taxes on Income:Current Tax is determined on the amount of tax payable in respect of taxableincome for the period. Deferred Tax is recognized on timing difference being thedifference between the taxable income and accounting income that Originate inone period and are capable of reversal in one or more subsequent periods.Deferred Tax Assets and Liabilities have been computed on the timingdifferences applying the enacted tax rates.

Position after De-ratingCategory No of Shares Face Rupees % of

Value ShareholdingPromoters 13,68,348 10 1,36,83,480 33.49%Public-Fully paid 26,79,172 10 2,67,91,720 66.51%Partly paid 38,480 5 1,92,400Total 1,02,15,000 10,16,69,000 100

k) Provisions, Contingent Liabilities and Contingent Assets:Provisions Involving substantial degree of estimation in measurement arerecognised when there is a present obligation as a result of past events and it isprobable that there will be an outflow of resources. Contingent liabilities are notrecognised but are disclosed in the notes. Contingent assets are neitherrecognized nor disclosed in the financial statements.

Position after De-rating and issuance of Fresh Shares

Category No of Shares Face Rupees "10 ofValue Shareholding

Promoters 78,68,348 10 7,86,83,480 74.33%Public-Fully paid 26,79,172 10 2,67,91,720 25.67%Partlv paid 38,480 5 1,92,400Total 1,05,86,000 10,56,67,600 100

/) Impainnent of Assets:An asset is treated as impaired when the canying cost of assets exceeds itsrecoverable value. An impairment loss is charged to the Statement of Profit andLoss in the period in which an asset is identified as impaired. The impairmentloss, If any, recognized in prior accounting periods is reversed if there has beena change in the estimate of recoverable amount

2.II. BIFR has further granted the following Reliefs and Concessiona-

a) Waiver of Damages levied by PF Department-The Company received a demand for Rs.49.34 Lakhs towards PF damagesu/s.14B of the Provident Fund Act for the period up to March.2009. As theCompany has preferred an appeal before the Regional Provident FundCommissioner, Hyderabad for waiver and the same is pending before thesaid authorities, the said amount has been reflected under ContingentUabilities. BIFR in its Order has recommended to the concemed authoritiesto consider the waiver of the above damages of Rs.49.34 Lakhs.

The Company was declared a Sick Industrial company in terms of Sec.3( 1X0) of theSick Industrial Companies ( Special provisions) Act,1985 by the Board for Industrialand Financial Reconstruction on 23.6.2011. The Board for Industrial and FinancialReconstruction(BIFR) has sanctioned a revival scheme vide its Order dated18.10.2013 envisaging the Cut- off date as 31.3.2012 and the Period of the Schemeto be lor the period 1.4.2012 to 31.3.2017, based on the proposal made by theCompany.Based on recommendations made under the Scheme the following measures havebeen taken

I. Share Capital-a) The Company's Equity Share Capital has been de-rated from Rs.10,16,69,000/

to Rs.4,06,67,600/-.Interest free Unsecured Loans from promoters to the extentof Rs.6.50 corers have been converted into equity at Rs.10/- per Equity Shareas a result of which the Company's Share Capital after issuance the fresh issuestands at Rs.10,56,67,600/-. The corresponding changes in percentage ofShareholding is reflected hereunder - .

b) Waiver of Interest levied by Customs and Central Excise-The Company has received a demand for Rs.6,13,618 being Interest &damages by the Commissioner of Customs and Central Excise & ServiceTax. Hyderabad - IV, towards Non payment of Service Tax onTransportation Charges for the period November' 2006 to September 2011.The Company has preferred an Appeal to the said authority for waiver of theInterest and damages and the matter is pending before the authorities.BIFR in its Order has recommended to the concerned authorities to

32 33

'IIII


Defined Benefrt Plan -

consider the waiver of the above damages of Rs.6.13 Lakhs. Hence thedisclosure under Contingent Uability is no longer reqUired.

c) Exemption from SEBI Guidelines _BIFR in its Order has recommended to SEBI to consider exemption fromTakeover guidelines and Preference issue guidelines at the time of issuingfurther shares to promoters and outsiders and to devalue the shares of thepromoters and other Investors at 60% of the face value of share. The Boardfurther recommended SEBI to give such directions whereby SEBI ICDRguidelines 1 regulations are not applicable to the allotment of sharesconsequent upon conversion of Unsecured loans and accordingly both theCapital l.e. existing equity as well as new equity shares proposed to beallotted as per the DRS be listed on the respective Stoclk Exchanges wherethe Shares of the Company are at present listed.

d) Bombay Stock Exchange to consider-(i) To restore the listing of the Company & grant permission for trading in

equity shares.(ii) To allow to dematerialize the Shares of the Company .(iii) To consider to condone the delays in compliance of other obligations

subject to payment of requisite fees and to consider waiver ofpenalties and not to impose any penalties or fines for listing of theshares or allowing the equity shares for trading.

e) Income Tax -Interest on delayed payment of TDS Rs.108600The Company has received a Notice from the Income Tax Officer Ward _15(1) on 16.1.2013, for an amount of Rs.4,11,021/- U/S 201(1) and 201(1A)of the Income Tax Act, 1961, for delayed payment of TOS, out of which reliefwas granted by BIFR against an amount of Rs.1,08,600/- . The Companyhas paid the balance amount of Rs.2,98,463/- the details of which havebeen fumished to the Income tax Department and the matter is pending withthe department for resolving the difference amount

The provision for gratuity has been made on an estimated basis with out consideringactuarial assumptions and discounting factors. No contribution is being made to a

Gratuity (Unfunded)

2012-13 2011-12---a. Reconciliation of Opening and Closing balances

of Defined Benefit Obligation38,59,871Defined Benefit obligation at beginning of year 41,67,262

Current service cost 9,11,979 3,07,391Benefrts paid 23,657Defined Benefit obligation at end of the year 50,55,584 41,67,262

b. Reconciliation of opening and dosing balances offair value of plan assets.

-NA-Fair value of plan assets at the beginning of the year -NA-

a. Reconciliation of fair value of assets and obligations.Fair value of plan assets -NA- -NA-Present value of obligation 50,55,584 41,67,262Amount recognized in the balance sheet 50,55,584 41,67,262

b. Expenses recognized during the year(under head personnel cost as per schedule 12)

9,11,979 3,07,391Current service cost

c. Investment details -NA- -NA~

3.

d. Actuarial assumptions -NA- -NA-

Note: The Company has not provided the post employment benefits as per the normsprescribed in the Accounting Standard 15, but an estimated provision ismad~ in the ~o~of accounts. The effect on the profit cannot be ascertained since sufficient Information IS

Leasing: . .'The details of future minimum lease payments for each of the follOWingperiodsare as Follows:

Amount1. Not later than one year 7,27,6442. Later than one year and not later than 5 years3. later than 5 years

b. The lease payments recognized in profit & loss account 6,93,000

4.

Balances of Trade Receivables and Trade Payables are subject to confirmation.

The disclosures required under Accounting Standard 15' Employee Benefits· notifiedin the Companies (Accounting Standards) Rules 2006, are given below:

Defined Contribution Plan-Contribution to Defined Contribution Plan, recognized are clharged off for the year areas under.

InRs. InRs.

Employer's Contribution to Provident FundEmployer's Contribution to ESI .

Mar 31, 20138,99,9835,59,748

c. General description of lease terms,I. Lease rentals are paid on basis of agreed terms.ii. Buildings are taken on lease for a period of 36 Months which expires

on 31.3.2014.

Mar 31, 20128,21,3045,34,512

34 35

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"6

RAVILEELA GRANITES.-"L"-!.!M..."I,",-Tl:o-ED~ _

BALANCE SHEET ABSTRACT Al'.'D COMPAJI.'Y·SeENERAL BUSINESS PROFU.I(Statement persuant to part of IV of Schedule VI to the Companies Act 1956 )

Amount inRs.Thousands1 REeISTRATION DETAILSReeistration No.Balance Sheet Date

n CAPITAL RAISED DURINe TIlE YEARPublic Issue '--""'N""'I"'"L---'Bonus Issue NILShare application money NIL

State Code

Riehts IssuePrivate placement

105,668NIL1,500-

92,36479,17983725

SOUCESOF FUND"

1lI POSmON OF MOIHLISATION AND OEPWYMENT OF FUNDSTOTAL LlABfLll1ES I 203,477 I TOTALI\,SSETS

Profit / (loss) before taxEamine perShare inRs.- Basic- Diluted

APPLlC.'"nON OF fUl\ilJSNet Fixed AssetsInvestmentsCurrent AssetsDeferred Tax AssetMiscellaneous Expenditure

185,7461 TOTAL EXPENDITURE

33,1621 Profit / (loss) after tax

t--.;.;;,2.3~NIL=7~1Dividend Rate

01

NILNIL

203,<l77]

57,760

98,50647,212

POLlSHEDGRANITESSLABSMONl;1vfENTMARKERS

152,5831

25,073JNA

Veenerk Nonns of Three Principal Products /Services of Company (as perMonetary Terms)PRODUCTITEM CODE NOPRODUCT DESCRlVnON

for S.V.RAO ASSOCL'\.TES,Firm Registration No: 003152S.Chartered Accountants

Sd/-

{S.VS PrasadPARTNERM.No.207":>40


For and On Behalf of the Board

Sd/-

(M.Mohan Reddy)Director

Sd/-

(P.5rinivas Reddy)Director

38

RAVILEELA GRANITES LIMITEDSurvey NO.203, Sampannabolu (ViII), Shameerpet (Man), R.R.Dist., Andhra Pradesh.

Paid up CapitalShare application moneyReserves &: Surplus -Secured LoansUnsecured LoansProfit &: Loss AleCurrent Liabilities

IV PERFORMANCE OF COMPAmTOTAL TURNO'v"E.J<

PROXY FORM

lIWe of being a Member(s) of abovenamed company, hereby appoint of or failinghimlher of as my/our proxy to attend and vote formelus, on my/our behalf at the 23id Annual General Meeting of the Company to be heldon Monday, the 30th December, 2013 at 11.00 A.M at Survey No.203, Sampannabolu(ViII),Shameerpet (Mon), RRDist, Andhra Pradesh,and at any adjourned meetingthereof.

AsWitnessed Signed this day of December 2013

Signed by the said _

Folio NoJClient 10 _AffixRe.1/RevenueStamP.No. of shares held _

The proxy in order to be effective should be duly stamped, completed, signed and mustdeposited at the Registered Office of the Company not less than 48 hours before the timeholding the meeting.

RAVILEElA GRANITES LIMITEDSurvey No.203, Sampannabolu (ViII), Shameerpet (Man), RROisl, AncIhra Pradesh.

ATTENDANCE SLIP(Please present this slip at the Meeting venue)

Ihereby record my presence at the 23111 Annual General Meeting of the members of thecompany to be held on Monday, the 30th December, 2013 at 11.00 A.M at SurveyNo.203, Sampannabolu (Vill),Shameerpet (Man), RRDist., Andhra Pradesh,

Shareholders/Proxy's Signature, .,..- _

SharehoidersIProxy's full name. _(In block letters)

Folio NoJ Client 10 _

No. of shares held. _

Shareholders attending the meeting in person or by proxy are required to complete theattendance slip and hand it over at the entrance of the meeting hall.

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