Get Updates

Get notified about market trends, financial advice, and investment tips!

A Oneindia Venture

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Directors Report of Virat Crane Industries Ltd.

Mar 31, 2024

The directors submit the 32^nd annual report of Virat Crane Industries Limited along with the audited financial statements for the financial year ended March 31, 2024.

STANDALONE FINANCIAL RESULTS:

PARTICULARS	2023-24 (Rs. in lacs)	2022-23 (Rs. in lacs)
Revenue from Operations& Other Income	13452.91	12338.06
Profit/(Loss)Before Interest& Depreciation	1235.81	940.96
Interest	56.44	57
Depreciation	34.98	32.31
Profit before exceptional and extraordinary items	1144.39	851.65
Profit/ (Loss) before Tax	1144.39	(184.50)
Income Tax-(Current Tax)	132.13	223.24
Profit (Loss) after Taxation	1012.26	(407.74)
EPS-Basic	4.96	(2.00)
EPS-Diluted	4.96	(2.00)

Dividend

The Board of Directors has not recommended any dividend for the financial year 2023-24.The Board of Directors wanted to keep its profits at the company for strengthening the business of the company in the future.

Transfer to reserves

The company has earned 1012.26 lakhs net profits during the financial year 2023-24, out of which 101.23 lakhs of profits were transferred to general reserve in the financial year 2023-24 and the remaining amount kept in the Profit and loss account.

Companyâs performance

During the Year under review revenue from operations for the financial year 2023-24 is Rs. 134.14Crores. It was increased by 8.95% over the last financial year (Rs.123.12 Crores in 2022-23). Profit before tax and exceptional items for the financial year 2023-24 is Rs.11.44Crores. It was increased by 34.43% over last year (Rs.8.51 Crores in 2022-23).Profit after tax for the financial year 2023-24 is Rs.10.12 Crores. It was increased by 348.64% over last year (Rs.-4.07 Crores in 2022-23) since provisions were made for abnormal items in the previous financial year.The company has improved its revenue and profitdecently even though the company is facing competition from unorganized sector.

Material changes affecting the company

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this Report. There has been no change in the nature of business of the Company.

Directorsâ responsibility statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

ii. The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The directors had prepared the annual accounts on a going concern basis;

V. The directors, had laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. The directors had devised proper systems to ensure compliance with the provisions of all applicable

laws and that such systems were adequate and operating effectively.

Changes among Directors and Key Managerial Personnel:

i. SriVenkataSatya Lakshmi KanthaRao.G ,(Din:01846224),Managing Director , who was appointed as Managing Director and who held office of the Managing Director in the previous term up to 31 st October, 2023 was again reappointed as the Managing Director of the company and not liable to retire by rotation and to hold office for a term of 5 consecutive years in the Board of the Directors of the Company from 1st November, 2023 to 31st October,2028.

ii. Mr.Gopala Krishna MurthyJ.(Din:00930747) Non-Executive Director, liable to retire by rotation under the Articles of Association of the Company, and the applicable provisions of the companies act,2013.,in the 31 st Annual General Meeting and being eligible, offered himself for reappointment as Director. The Shareholders approved his re-appointment as Director of the company at the 31st Annual General Meeting of the company held on 15.09.2023.

iii. Directors liable to retire by rotation in ensuing Annual General Meeting:

Smt. Himaja.M (Din:06505782) Non-Executive Director, liable to retire by rotation under the Articles of Association of the Company in ensuing Annual General Meeting and being eligible, offer herself for reappointment as a Director. The Board recommends his re-appointment.

Directors to be appointed in the ensuing AGM:

Appointment of Independent Director:

Subject to approval of shareholders at this ensuing Annual General Meeting of the company, as per the recommendation of the Nomination and Remuneration Committee the Board has proposed to appoint Sri Ragav Kaliappan (Din: 02185155) as a Non-Executive independent Director of the company for a period of five years w.e.f 29.08.2024 for the first term.The Board have opinion that it is very much beneficial to the company and therefore it is desirable to appoint and avail his services as an Independent Director. Accordingly, it is proposed to appoint Sri Ragav Kaliappan (Din: 02185155) as a Non-Executive Independent Director of the Company, not liable to retire by rotation and to hold officewith effect from 29-08-2024 to 28-08-2029 for the first term of 5 (five) consecutive years on the Board of the Company.

Meetings of the Board & Committees

Details of the meetings of the board and board Committees, given in corporate governance report, which forms part of this report.

Board Evaluation

The board of directors has carried out an annual evaluation of its own performance, Board committees and Individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India (âSEBIâ) under regulation 27 of the SEBI(LODR) Regulations 2015.The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc. The Board and the Nomination and Remuneration Committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

i. Observations of Board evaluation carried out for the year: Nil

ii. Previous Years observations and actions taken: Nil

iii. Proposed actions based current year Observations: Nil

Policy on Directorâs Appointment and Remuneration and Other Details

The Companyâs policy on directorâs appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part ofthe directorâs report.

Declaration Given By Independent Directors

In terms with Section 149 (7) of the Companies Act, 2013, All the Independent Directors of the Company have declared that they meet the criteria of Independence in terms of Section 149(6) of the Companies Act, 2013 and SEBI (LODR) regulations, 2015.Hence that there is no change in status of Independence. The web link where details of familiarization programs imparted to Independent Directors: https:// viratcraneindustries.com/

Independent Directors Meeting

During the year under review, four meetings of independent directors were held on 29-05-2023,14-08-2023,14-11-2023and 12-02-2024 in compliance with the requirements of schedule IV of the companies act, 2013.The Independent Directors at the meeting, inter alia, reviewed the Performance of NonIndependent Directors and Board as a whole. Performance of the Chairperson of the Company, taking into account the views of Managing Director and Non-Executive Directors and Assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Annual Return

Pursuant to Section 92 read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2024 is available on the Companyâs website on https://viratcraneindustries.com/

Internal Financial Control Systems and Their Adequacy

The details in respect of internal financial control and their adequacy are included in the Management

Discussion& Analysis, which forms part of this report.

Statutory Auditors

The Shareholders at the 30th Annual General Meeting held on 26th September, 2022, have re-appointed M/s Anantha& Associates, Chartered Accountants,(FRN:010642S) as Statutory Auditors of the Company for a period of five years from the conclusion of 30th Annual General Meeting, till the conclusion of 35th Annual General Meeting.

.The Statutory Auditors have confirmed their eligibility under Sec. 141 of the Companies Act 2013 and have also expressed their willingness to be appointed as statutory auditors of the Company.

The Report given by the Auditors on the financial statement of the Company is part of this Report. Auditorâs report

The auditorâs report does not contain any qualifications, reservations or adverse remarks. Audit Report is given as an annexure -IXwhich forms part of this report.

There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

The Statutory Auditors of the Company have not reported any fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013 (including any statutory modification(s) or reenactment(s) for the time being in force).

Secretarial Auditors

Pursuant to provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your Company engaged the services of M/s. K. Srinivasa Rao &Nagaraju Associates, Company Secretaries in Practice, Vijayawada .They had conducted the Secretarial Audit of the Company for the financial year ended on March 31, 2024.

Secretarial Auditors Report

The detailed report on the Secretarial Audit in Form MR- 3 is appended as an Annexure IIIto this Report. There are no qualifications, reservations or adverse remarks given by Secretarial Auditors of the Company except the Delay in submission of the audited financial results for the fourth quarter/financial year ended 31.03.2023 for the financial year 2022-23 to the Stock Exchange within30 minutes of the closure of the Board Meeting held on29-05-2023

Board Clarification on Secretarial Auditors Qualificationsâ: The Board clarified that the delay was not intentional and the reason for delay was happened due to the major electrification works were being carried out by the electricity department on the day of board meeting and also due to the delay of OTPâs to the mobile as well as Email. All the reasons were conveyed to the exchange.

Cost Audit

Cost Audit is not applicable to the company for the financial year 2023-24.

Risk management

The Board of the Company has formed a risk management committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this report.

Particulars of loans, guarantees and investments

The particulars of loans, guarantees and investments have been disclosed in the financial statements. Transactions with related parties

None of the transactions with related parties falls under the scope of Section 188(1) of the Act. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies(Accounts) Rules, 2014 are given in Annexure Iin Form AOC-2 and the same forms part of this report.

Corporate social responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the Initiatives undertaken by the Company on CSR activities during the year are set out in Annexure IIof this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on https://viratcraneindustries.com/

Particulars of employees

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below

a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Name of the Executive director Ratio to medianremuneration

G V S L Kantha Rao 1:32

During the financial year 2023-24 The Company has not paid any remuneration to Non- Executive Directors.

b. The percentage increase in remuneration of total directors, chief executive officer, chief financial officer, company secretary in the financial year: Nil

c. The percentage increase in the median remuneration of employees in the financial year: 7.01%

d. The number of permanent employees on the rolls of Company: 44

e. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: Nil

Increase in the managerial remuneration for the year was: Nil

The percentage increase in the median remuneration of employees in the financial year: 7.01% Justification:

f. Percentage of Employees median remuneration was increased more than seven percent during the financial year compared to the previous financial year. The percentage of increase of managerial remuneration was nil.The employeesâ median remuneration increased 7.01% compared to the increment of median remuneration of managerial remuneration. The Managerial remunerations was not increased with respect to the growth and revenue but the median remuneration of employees of the company during the financial year 2023-24 was significantly increased compare to previous year. The menial incremental in Managerial remuneration was justified as the management was willing to cater more funds at the company at the cost of their own benefits.

g. Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company affirms remuneration is as per the remuneration policy of the Company.

Deposits from public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Conservation of energy, technology absorption, foreign exchange earnings and outgoConservation of energy:

VCIL continues to work on reducing carbon footprint and all type of pollutions in all its operating areas of business through all possible initiatives like

(a) Green infrastructure,

(b) Operational energy efficiency,

(d) Decreasing consumption of fossil fuels Technology absorption, adaption and innovation

The Company endeavorâs to adopt the using of the latesttechnologies for improving the productivity and quality of its services in all its areas wherever is possible to the company and strive to achieve optimal utilization of resources there by increasing the productivity.

Foreign exchange earnings and outgo

Your Company did not have any foreign exchange earnings and outgoâs as the company had no exports and imports from foreign countries during the financial year 2023-24.

Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report.

Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the company.

There were no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company.

Information regarding Joint Ventures/Subsidiaries/Associates

The company has no Joint Ventures/Subsidiaries/Associates.

Prevention of Sexual Harassment of Women at Workplace

Your directors confirm that the company has adopted a policy regarding the prevention of sexual harassment of women at work place and has constituted Internal Complaints Committees (ICC) as per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition &Redressal) Act, 2013 (âActâ) and Rules made there under, your Company.

(i) number of complaints filed during the financial year; Nil

(ii) number of complaints disposed of during the financial year; Nil

(iii) number of complaints pending as at the end of the financial year: Nil

Human resources

Your Company treats its âhuman resourcesâ as one of its most important assets. Your Company continuously invests in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.

Management Discussion & Analysis

A detailed Management Discussion and Analysis forms part of this annual report, which is attached to this Report in Annexure IV

Transfer of Amounts to Investor Education and Protection Fund

Pursuant to the provisions of section 124 of the companies Act, 2013, the declared dividends which remained un paid or unclaimed for a period of seven years, have to be transferred by the company to the Investor Education and Protection Fund (IEPF) established by the Central Government :

The interim dividend amount of Rs.6,97,384/- which was declared and paid for the financial year 2015-16 has been unpaid/unclaimed for a period of seven years till the end of the financial year

31-03-2023 .The same amount has been transferred to the Investor Education and Protection Fund (IEPF) established by the Central Government.

The Final Dividend amount of Rs.7,13,045/-which was declared and paid for the financial year 2015-16 has been unpaid/unclaimed for a period of seven years till the end of the financial year 31-03-2023.The same amount has been transferred to the Investor Education and Protection Fund (IEPF) established by the Central Government during the financial year 2023-24.

The Final Dividend amount of Rs.6,19,772/-which was declared and paid for the financial year 2016-17 has been unpaid/unclaimed for a period of seven years till the end of the financial year 31-03-2024 which was subject to, if any amount will be claimed by the shareholders in given due time before transfer to the Investor Education and Protection Fund (IEPF) will be transferred to Investor Education and Protection Fund (IEPF) in the financial year 2024-25.

Report on Corporate Governance

Your Directors are pleased to inform you that your Company has implemented all the stipulations prescribed under regulation 27 of the SEBI (LODR) Regulations 2015. The Statutory Auditors of the Company have examined the requirements of the Corporate Governance with reference to SEBI (LODR) Regulations 2015 and have certified the compliance, as required under SEBI (LODR) Regulations 2015.

A separate report on Corporate Governance in Annexure V is provided together with a Certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated regulation 27 of the SEBI (LODR) Regulations 2015. A Certificate Code of conduct or ethics policy. The details are reported in report on corporate governance The policy is available on https:// viratcraneindustries.com/ of the CFO of the Company in terms of regulation 17(8) of the SEBI (LODR) Regulations 2015, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed.

Whistle Blower Policy

The Company established Whistle Blower Policy for directors and employees to report concerns about un-ethical behavior, actual or suspected fraud or violation of the Companyâs code of conduct or ethics policy. The details are reported in Report on corporate Governance which forms part of this Report as Annexure No: VI and the policy shall be available at https://viratcraneindustries.com/

Acknowledgement

The Directors Thank the Company Employees, Customers and Vendors and investors for their continues support. The Directors also thank Government of India and Concerned Departments for their Cooperation.

Mar 31, 2018

To the members,

Virat Crane Industries Limited, Guntur

The directors submit annual report of Virat Crane Industries Limited along with the audited financial statements for the financial year ended March 31,2018

Standalone Financial Results:

Particulars	2017-18 (Rs. InLacs)	2016-17 (Rs. InLacs)	2015-16 (Rs. InLacs)
Revenue from Operations & Other Income	8805.01	7148.30	6086.20
Profit/(Loss) Before Interest & Depreciation	1053.75	392.76	893.34
Interest	65.07	5.022	16.20
Depreciation	28.47	27.01	18.19
Profit before exceptional and extraordinary items	960.19	360.72	858.95
Profit/ (Loss) before Tax	957.05	360.72	867.55
Income Tax-(Current Tax)	330.00	121.91	282.23
Previous Year Tax	3.14	0.017	-7.23
Deferred-tax (expenses)/ Income	6.38	7.73	5.90
Profit (Loss) after Taxation	620.66	228.39	572.15
EPS-Basic	3.04	1.12	2.80
EPS-Diluted	3.04	1.12	2.80

Dividend

The Board of Directors has recommended a total dividend of Re 1/- per equity share which also includes an interim dividend of Re 0.50/- ofthe face value of Rs. 10/of each equity share for the year ended 31 st March, 2018 amounting to Rs. 2.45 Crore (inclusive of dividend distribution tax of Rs. 41.57 lac). The final dividend (i.e. Re 0.5 of the face value of Rs. 10/- paid up equity share) payout is subject to approval of members at the ensuing 26th Annual General Meeting., will be paid on or after 3^rd October, 2018 to the Members. The total dividend for the financial year amounts to Re 1/- per equity share.

Transfer to reserves

The Company proposes to transfer Rs. 62.06 Lakhs to the general reserve out of the amount available for appropriation and an amount of 312.78 Lakhs is proposed to be retained in the profit and loss account after payment of interim and final dividend including dividend tax on them.

Material changes affecting the Company

Companyâs performance

During the Year under review revenue from operations for the financial year 2017-18 is 88.04 Crores. It was increased by 22.65% over the last year (71.78 Crores in 2016-17). Profit after tax (PAT) for the financial year 2017-18 is 6.20 Crores. It was increased by 171.76% over the last year (2.28 Crores in 2016-17).The revenue increased due to strong market force and high quality products of the company.

Directorsâ responsibility statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

iv. The directors had prepared the annual accounts on a going concern basis;

v. The directors, had laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Changes among Directors and key managerial personnel

I. Reappointment of Mrs. Himaja. M whose office was liable to retire by rotation at 25^th Annual General Meeting of the company!

Mrs. Himaja. M, director liable to retire by rotation under the Articles of Association of the Company, in 25^th Annual General Meeting and being eligible, offer herself for reappointment as Director. The Shareholders approved his re-appointment as Director of the company at 25^th Annual General Meeting of the company held on 29.09.2017

ii. Reappointment of Independent Director:

Mr. Sri Potti Bhaskara Rao.potti was reappointed as independent director,not liable to retire by rotation,and to hold office for the second term of five consecutive years in the board of the company with effective from 26-09-2017.

iii. Directors liable to retire by rotation In ensuing Annual General Meeting:

Mr. Venkata Sri Hari. P director liable to retire by rotation under the Articles of Association of the Company in ensuing Annual General Meeting and being eligible, offer himself for reappointment as Director. The Board recommends his re-appointment

Meetings of the Board & Committees

Details of the meetings of the board and board Committees, given in corporate governance report, which forms part of this report.

Board Evaluation

Policy on directors appointment and remuneration and other details

The Companyâs policy on directors appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the directors report.

Declaration Given By Independent Directors

Independent Directors Meeting

During the year under review, two meetings of independent directors were held on 27.07.2017 and 22.02.2018 in compliance with the requirements of schedule iv of the companies act, 2013. The Independent Directors at the meeting, inter alia, reviewed the Performance of Non-Independent Directors of the Board as a whole and Performance of the Chairperson of the Company, taking into account the views of Managing Director and Non-Executive Directors and Assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Extract Of The Annual Return

The details forming part of the extract of the Annual Return in form MGT-9 as required under Section 92 of the Companies Act, 2013 is included in this Report as Annexure - i and forms an integral part of this Report.

The Web Address, if any, where Annual return refered to in subsection (3) of section 92 is placed:

The Annual return U/s 92 (3) is placed in www.cranegroup.in

Internal financial control systems and their adequacy

The details in respect of internal financial control and their adequacy are included in the Management Discussion& Analysis, which forms part of this report.

Statutory Auditor:

Pursuant to the provisions of Section 139 of the Act and the rules framed thereunder, M/s Anantha & Associates, Chartered Accountants (FRN: 010642S) as the statutory Auditors of the company for a period of five consecutive years from the conclusion of the 25^th Annual General Meeting of the company schedule 29th September, 2017, till the conclusion of the 30th Annual General Meeting to be held in the year 2022,for this The shareholders of the company had given their consent by way of ordinary resolution in the annual general meeting held on 29-092017.

In accordance with the Companies Amendment Act, 2017, enforced on 7th May, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting. The Report given by the Auditors on the financial statement of the Company is part of this Report.

There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

Auditor report

The auditorâs report does not contain any qualifications, reservations or adverse remarks. Audit Report is given as an annexure -x which forms part of this report.

Secretarial auditors

Pursuant to provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your Company engaged the services of M/s. K. Srinivasa Rao &Nagaraju Associates, Company Secretaries in Practice, Vijayawada to conduct the Secretarial Audit of the Company for the financial year ended March 31,2018.

Secretarial auditor report

The detailed reports on the Secretarial Audit in Form MR-3 are appended as an Annexure IV to this Report. There were no qualifications, reservations or adverse remarks given by Secretarial Auditors of the Company except the company did not ensure that the limited review or audit reports submitted to the Stock Exchange on a quarterly or Annual basis were given by an Auditor who has subjected himself to the peer review process of the Institute of Chartered Accountants of India and holds a valid Certificate issued by the peer review Board of the Institute of the Chartered Accountants of the India.

The Company has not ensure that hundred percent of shareholding of promoter(s) and Promoter group is in dematerialized form up to the quarter ended 31.12.2017.

Board Clarification on Secretarial Auditors Qualifications:

The company tried its best to appoint a audit firm which has a valid peer review certificate as a Statutory Auditor of the company but lack of unavailability of the such audit firm, the company has appointed present statutory audit firm. The company got assurance from the statutory auditor that they are in the process of getting the peer review certificate.

The company applied for reclassification of some of its promoters to public category to Bombay Stock Exchange on 10-10-2016. For that the company got approval on 0201-2018 with effect from the September, 2017. So the company was successfully maintaining 100% of promoters shareholding in dematerialized from the date of approval from the BSE.

COST AUDIT: Not Applicable.

MAINTENANCE OF COST RECORDS: Not Applicable.

Risk Management

Particulars of loans, guarantees and investments

The particulars of loans, guarantees and investments have been disclosed in the financial statements

Transactions with related parties

None of the transactions with related parties falls under the scope of Section 188(1) of the Act. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8 (2) of the Companies(Accounts) Rules, 2014 are given in Annexure II in Form AOC-2 and the same forms part of this report.

Corporate social responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the Initiatives undertaken by the Company on CSR activities during the year are set out in Annexure III of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on www.cranegroup.in

Particulars of employees

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below

a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Name of the Executive director Ratio to median

Remuneration

GVSL KANTHA RAO 1:70

During the financial year 2017-18 The Company does not pay remuneration to Non- Executive Directors

b. The percentage increase in remuneration of total directors, chief executive officer, chief financial officer, company secretary in the financial year: 1.03%

c. The percentage increase in the median remuneration of employees in the financial year: -0.97%

d. The number of permanent employees on the rolls of Company: 92

Increase in the managerial remuneration for the year was : 1.03%

Justification: With respect to the growth and revenue perspective of the company the increase in Managerial remuneration was justified There was no exceptional circumstances for increase in the managerial remuneration

f. The key parameters for any variable component of remuneration availed by the directors: Nil

g. Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company affirms remuneration is as per the remuneration policy of the Company.

h. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: NA

Further, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary.

Deposits from public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Conservation of energy, technology absorption, foreign exchange earnings and outgo

Conservation of energy:

VCIL continues to work on reducing carbon footprint in all its areas of operations through initiatives like

(a) Green infrastructure,

(b) Operational energy efficiency,

Technology absorption, adaption and innovation:

The Company continues to use the latest technologies for improving the productivity and quality of its services

Foreign exchange earnings and outgo

Your Company does not have foreign exchange earnings and outgo in financial year 2017-18.

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report

Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the company.

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company

Joint Ventures/Subsidiaries/Associates

The company have no Joint Ventures / Subsidiaries / Associates

Prevention of Sexual Harassment Of Women At Workplace

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (âActâ) and Rules made there under, your Company has constituted Internal Complaints Committees (ICC).

Number of Complaints Received During the Year: Nil Human resources

Management Discussion & Analysis

A detailed Management Discussion and Analysis forms part of this annual report, which is attached to this Report in Annexure V

Report on Corporate Governance

Your Directors are pleased to inform that your Company has implemented all the stipulations prescribed under regulation 27 of the SEBI (LODR) Regulations 2015. The Statutory Auditors of the Company have examined the requirements of the Corporate Governance with reference to SEBI (LODR) Regulations 2015and have certified the compliance, as required under SEBI (LODR) Regulations 2015.

A separate report on Corporate Governance in Annexure VI is provided together with a Certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated regulation 27 of the SEBI (LODR) Regulations 2015. A Certificate of the CFO of the Company in terms of regulation 17(8) of the SEBI (LODR) Regulations 2015, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed.

Whistle Blower Policy

The Company established Whistle Blower Policy for directors and employees to report concerns about unethical behaviour, actual or suspected fraud or violation of the Companyâs code of conduct or ethics policy. The details are reported in Report on corporate Governance which forms part of this Report as Annexure - vi.

Transfer of Amounts to Investor Education and Protection Fund

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

Acknowledgement

The directors thank the Companyâs employees, customers, vendors, investors and academic institutions for their Continuous support. The directors also thank the government of various countries, government of India, the governments of various states in India and concerned government departments / agencies for their co-operation. The directors appreciate and value the contributions made by every member of the Virat Crane Industries family.

By Order of the Board of Directors

Place: Guntur G.V.S.L.Kantha Rao

Date: 13.08.2018 Managing Director

(DIN: 01846224)

Mar 31, 2016

BOARD''S REPORT

To the members,

Virat Crane Industries Limited Guntur

The directors submit 24th Annual Report of Virat Crane Industries Limited along with the audited financial statements for the financial year ended March 31,2016.

Financial Results

Particulars	2015-16 (Rs. InLacs)	2014-15 (Rs. InLacs)	2013-2014 (Rs.inLacs)	2012-13 (Rs. In Lacs)
Revenue from Operations & Other Income	6120.09	6324.59	4596.64	3429.72
Profit/(Loss) Before Interest & Depreciation	893.34	826.60	272.799	298.93
Interest	16.20	6.56	6.28	24.16
Depreciation	18.19	17.18	20.73	17.93
Profit before exceptional and extraordinary items	858.95	802.44	218.87	229.30
Profit/ (Loss) before Tax	867.55	798.11	213.92	217.68
Income Tax-(Current Tax)	282.23	257.48	218.87	(75.00)
Previous Year Tax	-7.23	1.79	-	-
Deferred-tax (expenses)/ Income	5.90	4.80	-3.60	-
Profit (Loss) after Taxation	572.15	537.59	141.29	140.11
EPS-Basic	2.80	2.63	0.69	0.69
EPS-Diluted	2.80	2.63	0.69	0.69

Dividend

Your Directors are pleased to recommend a total dividend i.e Interim dividend of Rs. 0.50/- per equity share and Final dividend of Rs. 0.50/- per equity share of face value of Re. 10/- each for the year ended 31st March, 2016. The interim dividend was already paid. The Final Dividend is subject to the approval of Members at the Annual General Meeting on 26th September, 2016, will be paid on or after 1^sl October, 2016 to the Members whose names appear in the Register of Members, as on the date of book closure, i.e. from 23"'' September, 2016 to 26th September, 2016 (both days inclusive).The total dividend for the financial year, including the proposed Final Dividend, amounts to Rs. 1/-per equity share.

Transfer to reserves

The Company proposes to transfer Rs. 28.60 Lacs to the general reserve out of the amount available for appropriation and an amount of 572.15 Lacs is proposed to be retained in the profit and loss account.

Company''s performance

During the Year under review revenue from operations for the financial year 2015-16 at 60.86 crores was decreased by 3.32% over last year (''62.95 crores in 2014-15). Profit after tax (PAT) for the financial year 2015-16 at 572.15 Lacs was higher by 6.44% over last year (537.5 Lacs in 2014-15).The revenue was fall minor due to sluggish market conditions in final quarter and it was only temporary market fluctuation. There were no adverse changes in company consumer base and it was increased positively.

Directors'' responsibility statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

ii. the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the directors had prepared the annual accounts on a going concern basis;

v. the directors, had laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Changes among Directors and key managerial personnel

Appointment of Mrs. Grandhi Himaja: During the financial year Shareholders confirms Mrs. Grandhi Himaja as director of the company at their 23^rd Annual general Meeting held on 28.09.2016

Director liable for retire by rotation in upcoming AGM:

Mr. G. Subba Rao is liable for retire by rotation and being eligible for reappointment and offer himself for reappointment and board proposes for his reappointment.

Reappointment of Mr. P.V. Srihari whose office was liable to retire by rotation at 23^rd annual general meeting of the company:

Mr. P.V. Srihari, director liable to retire by rotation in 23^rd Annual General Meeting and being eligible, offer himself for reappointment as Director.The Shareholders approved his re-appointment as Director of the company at 23^rd Annual General Meeting of the company held on

28.09.2015

Number of meetings of the board & Board Committees

Details of the meetings of the board and board Committees, given in corporate governance report, which forms part of this report.

Board evaluation

Policy on directors'' appointment and remuneration and other details

The Company''s policy on directors'' appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the directors'' report.

Extract Of The Annual Return

The details forming part of the extract of the Annual Return in form MGT-9 as required under Section 92 of the Companies Act, 2013 is included in this Report as Annexure -1 and forms an integral part of this Report.

Declaration Given By Independent Directors

During the year under review, two meeting of independent directors was held on 30.05.2015 and 10.03.2016 in compliance with the requirements of schedule iv of the companies act, 2013.

All the independent directors of the company have declared that they meet the criteria of independence in terms of section 149(6) of the companies act, 2013 and that there is no change in status of independence

Internal financial control systems and their adequacy

The details in respect of internal financial control and their adequacy are included in the Management Discussion& Analysis, which forms part of this report. (Annexure - V)

Statutory Auditors

Pursuant to the provisions of Section 139 of the companies Act, 2013 and the rules framed there under, M/S Naga Raju & Co., Chartered Accountants, were appointed as statutory auditors of the Company from the conclusion of the 22^nd annual general meeting (AGM) of the Company held on September 29, 2014 till the conclusion of the Twenty fifth AGM to be held in the year 2017, subject to ratification of their appointment at every AGM. Your directors propose to ratify their appointment for the financial year 2016-17.

Auditors'' report

The auditors'' report does not contain any qualifications, reservations or adverse remarks. Audit Report is given as an annexure which forms part of this report.

Secretarial auditors

Pursuant to provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your Company engaged the services of M/s. K. Srinivasa Rao & Nagaraju Associates, Company Secretaries Vijayawada to conduct the Secretarial Audit of the Company for the financial year ended March 31,2016.

Secretarial auditors'' report

There were no qualifications, reservations or adverse remarks given by Secretarial Auditors of the Company except non-compliance of section 203 of the Companies Act, 2013 and regulation 6 of the SEBI (LODR) Regulations 2015 in respect to appointment of the Company Secretary and not maintaining 100% of the promoter share holding in de-mat form and non compliance of section 188 of the companies act 2013 and non compliance of section 138 of the companies act 2013. The detailed reports on the Secretarial Audit in Form MR-3 are appended as an Annexure IV to this Report.

Board Clarification on Secretarial Auditors Qualifications:

We are sincerely committed for good corporate governance practices with letter and spirit of law and we are sincerely trying to appoint a company secretary who is perfectly suitable for our companyâs compliance needs but we are unable to appoint a company secretary during the year due to non availability of company secretaries, we hope that the position is to be filled in future with a qualified company secretary.

The company directs all the promoters to convert their physical shares into den-mat form and the majority were converted their shares into den-mat form but some promoters are not interested to convert their shares into den-mat form but the company is sincerely trying to convert into 100% de-mat form.

The company is also trying to appoint a internal auditor in near future.

The company paid Rs. 10,80,000/- with bonfire intension to Mr. K. Praveen who is a related party to the company, with the approval of the board.

Risk management

Particulars of loans, guarantees and investments

The particulars of loans, guarantees and investments have been disclosed in the financial statements

Transactions with related parties

None of the transactions with related parties falls under the scope of Section 188(1) of the Act. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies(Accounts) Rules, 2014 are given in Annexure II in Form AOC-2 and the same forms part of this report.

Corporate social responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the Initiatives undertaken by the Company on CSR activities during the year are set out in Annexure III of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on of the Company.

Particulars of employees

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below

The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Name of the	Ratio to median
Managing Director	remuneration
G V S L KANTHA RAO	1:45

During the financial year 2015-16 The Company does not pay remuneration to Non- Executive Directors

b. The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year: 75%

c. The percentage increase in the median remuneration of employees in the financial year: 41 %

d. The number of permanent employees on the rolls of Company: 44

e. The explanation on the relationship between average increase in remuneration and Company Performance:

f. Comparison of the remuneration of the key managerial personnel against the performance of the Company

Aggregate remuneration of key managerial personnel in FY2015-16 was 42 Lacs Revenue Rs. 6086 Lacs

Remuneration of KMPs (as % of revenue) 0.690%

Profit before Tax (PBT) Rs. 867.55 Lacs Remuneration of KMP (as % of PBT) 4.84%

g. Variations in the market capitalization of the Company, price earnings ratio as at the closing date of the current financial year and previous financial year:

Particulars	March 31 2016	March 31 2015	% Change
Market	Rs.136.	Rs.42.0	225%
Capitalization	84 Cr	7 Cr
Price Earnings Ratio	23.92	7.83	205.5%

h. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:28.91 %.

Increase in the managerial remuneration for the year was :75%

Justification: Managerial remunerations was increased only after several years and it was not on annual basis hence with respect to the growth and revenue perspective of the company the increase in Managerial remuneration was justified. There was no exceptional circumstances for increase in the managerial remuneration.

i. Comparison of each remuneration of the key managerial personnel against the performance of the Company:

Remuneration in	42 Lacs
FY 2015-16
Revenue	Rs.6086 Lacs
% on Revenue	0.69%
Profit before Tax	Rs. 867.55 Lacs
Remuneration	4.84%
(as % of PBT

j. The key parameters for any variable component of remuneration availed by the directors: Nil

k. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: None.

I. Affirmation that the remuneration is as per the remuneration policy of the Company: The Company affirms remuneration is as per the remuneration policy of the Company.

m. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: NA

Deposits from public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Conservation of energy, technology absorption, foreign exchange earnings and outgo Conservation of energy:

VCIL continues to work on reducing carbon footprint in all its areas of operations through initiatives like

(a) Green infrastructure,

(b) Operational energy efficiency,

Technology absorption, adaption and innovation:

The Company continues to use the latest technologies for improving the productivity and quality of its services

Foreign exchange earnings and outgo

Your Company does not have foreign exchange earnings and outgo in financial year 2015-16.

Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report

Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the company.

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company

Prevention of Sexual Harassment Of Women At Workplace

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (''Act'') and Rules made there under, your Company has constituted Internal Complaints Committees (ICC).

Number of Complaints Received During the Year: Nil-Human resources

Management Discussion & Analysis

A detailed Management Discussion and Analysis forms part of this annual report, which is attached to this Report in Annexure V

Report on Corporate Governance

2015.

A separate report on Corporate Governance in Annexure VI is provided together with a Certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated regulation 27 of the SEBI (LODR) Regulations 2015. A Certificate of the CFO of the Company in terms of regulation 17(8) of the SEBI (LODR) Regulations 2015, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed.

Whistle Blower Policy

The Company established Whistle Blower Policy for directors and employees to report concerns about unethical behaviour, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. The details are reported in the whistle Blower policy which is in the corporate governance report in Annexure -VII

Transfer of Amounts to Investor Education and Protection Fund

Pursuant to the provisions of section 124 of the companies Act, 2013, the declared dividends which remained un paid or unclaimed for a period of seven years, have been transferred by the company to the Investor Education and Protection Fund (IEPF) established by the Central Government Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

Acknowledgment

The directors thank the Company''s employees, customers, vendors, investors and academic institutions for their Continuous support. The directors also thank the government of various countries, government of India, the governments of various states in India and concerned government departments / agencies for their cooperation. The directors appreciate and value the contributions made by every member of the Virat Crane Industries family.

On behalf of the board of directors,

Place: Guntur (G.V.S.L.KanthaRao) G.Himaja

Date: 08.08.2016 (Managing Director) (Director)

(DIN:01846224) (DIN:06505782)

Mar 31, 2015

Dear Members,

The directors submit annual report of Virat Crane Industries Limited along with the audited financial statements for the financial year ended March 31,2015.

Financial Results

2014-15 2013-2014 (Rs. In Lacs) (Rs. In Lacs)

Revenue from Operations & Other Income 6324.59 4596.64

Profit/(Loss) Before Interest & Depreciation 826.60 272.7 9

Interest 6.98 33.18

Depreciation 17.18 20.73

Profit before exceptional and extraordinary items 802.44 218.87

Profit/ (Loss) before Tax 798.11 213.92

Income Tax-(Current Tax) 802.44 218.87

Previous Year Tax 1.79 -

Deferred-tax (expenses)/ Income 4.80 -3.60

Profit (Loss) after Taxation 537.59 141.29

EPS-Basic 2.63 0.69

EPS-Diluted 2.63 0.69

2012-13 2011-12 (Rs. In Lacs) (Rs. In Lacs)

Revenue from Operations & Other Income 3429.72 3578.62

Profit/(Loss) Before Interest & Depreciation 298.93 106.39

Interest 51.70 13.30

Depreciation 17.93 16.46

Profit before exceptional and extraordinary items 229.30 76.63

Profit/ (Loss) before Tax 217.68 70.56

Income Tax-(Current Tax) (75.00) (34.00)

Previous Year Tax - -

Deferred-tax (expenses)/ Income - -

Profit (Loss) after Taxation 140.11 57.73

EPS-Basic 0.69 0.28

EPS-Diluted 0.69 0.28

Your Directors are pleased to recommend a Final Dividend of Rs. 1/- per equity share of face value of Re. 10/- each for the year ended 31st March, 2015.

The Final Dividend, subject to the approval of Members at the Annual General Meeting on 28th September, 2015, will be paid on or after 30th September, 2015 to the Members whose names appear in the Register of Members, as on the date of book closure, i.e. from 25th September , 2015 to 28th September , 2015 (both days inclusive). The total dividend for the financial year, including the proposed Final Dividend, amounts to Rs. 1/- per equity share and will absorb Rs. 2.45 crores, including Dividend Distribution Tax of Rs. 0.41 crores.

Transfer to reserves

The Company proposes to transfer Rs. 26.87 Lacs to the general reserve out of the amount available for appropriation and an amount of 537.58 Lacs is proposed to be retained in the profit and loss account.

Company's performance

During the Year under review revenue from operations for the financial year 2014-15 at 62.95 crores was higher by 37.95% over last year ('45.63 crores in 2013-14). Profit after tax (PAT) for the financial year 2014-15 at 5.375 Crores was higher by 280% over last year (1.412 Crores in 2013-14)

Directors' responsibility statement

Pursuant to Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

ii. the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. the directors had taken proper and sufficient care for the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the directors had prepared the annual accounts on a going concern basis;

v. the directors, had laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

EXTRACT OF THE ANNUAL RETURN AS PER MGT-9

The details forming part of the extract of the Annual Return in form MGT-9 as required under Section 92 of the Companies Act, 2013 is included in this Report as Annexure - I and forms an integral part of this Report.

Changes among Directors and key managerial personnel

Retire by rotation:

Mr.P.V. Srihari director liable to retire by rotation under the Articles of Association of the Company in forth coming Annual General Meeting and being eligible, offer himself for reappointment as Director. The Board recommends his re appointment Appointment of Woman Director:

During the year Mrs. Gradhi Himaja Appointed as Additional Director of the company on 30.03.2015 Resignation of Director:

Mr. R.Jagadeesh Kumar resigned from the office of director due to his personal reasons Appointment of Chief Financial Officer:

Mr.P.V. Srihari director of the company designated as chief Financial Officer under section 203 of the companies Act 2013 with effect from 30.03.2015

Number of meetings of the board

Six meetings of the board were held during the year, details of the meetings of the board, given in corporate governance report, which forms part of this report.

Board evaluation

The board of directors has carried out an annual evaluation of its own performance, Board committees and Individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by Securities and Exchange Board of India ("SEBI") under Clause 49 of the Listing Agreements ("Clause 49") .The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc. The Board and the Nomination and Remuneration Committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

Policy on directors' appointment and remuneration and other details

The Company's policy on directors' appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the directors' report.

Declaration Given By Independent Directors:

During the year under review, one meeting of independent directors was held on 30th march, 2015 in compliance with the requirements of schedule iv of the companies act, 2013.

All the independent directors of the company have declared that they meet the criteria of independence in terms of section 149(6) of the companies act, 2013 and that there is no change in status of independence

Internal financial control systems and their adequacy

The details in respect of internal financial control and their adequacy are included in the Management Discussion& Analysis, which forms part of this report.

Audit committee and other Board Committees

The details pertaining to composition of audit committee and other Board Committees are included in the Corporate Governance Report, which forms part of this report.

Auditors

Pursuant to the provisions of Section 139 of the Act and the rules framed thereunder, Naga Raju & Co., Chartered Accountants, were appointed as statutory auditors of the Company from the conclusion of the 22nd annual general meeting (AGM) of the Company held on September 29, 2014 till the conclusion of the Twenty fifth AGM to be held in the year 2017, subject to ratification of their appointment at every AGM. Your directors propose to ratify their appointment for the financial year 2015-16.

Auditors' report

The auditors' report report does not contain any qualifications, reservations or adverse remarks. Audit Report is given as an annexure which forms part of this report.

COST AUDITOR:

Pursuant to the Provisions of the Section 148 of the Companies Act, 2013, The Board had appointed M/s. Annavarapu & Co., Cost Accountants, as a Cost Auditors for the financial year 2014-15 to carry out the cost audit of Company's cost records. For financial year 2015-16 Cost Audit is Not applicable our company.

SECRETARIAL AUDITORS:

Pursuant to provisions of Section 204 of the Companies Act, 201 3 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your Company engaged the services of M/s. K. Srinivasa Rao & Co, Company Secretaries in Practice, Guntur to conduct the Secretarial Audit of the Company for the financial year ended March 31,2015.

Secretarial auditors' report

There were no qualifications, reservations or adverse remarks given by Secretarial Auditors of the Company except non-compliance of section 203 of the Companies Act, 2013 in respect to appointment the Company Secretary as Key Managerial Person. The detailed reports on the Secretarial Standards and Secretarial Audit in Form MR- 3 are appended as an Annexure III to this Report.

Risk management

The Board of the Company has formed a risk management committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this report.

Particulars of loans, guarantees and investments

The particulars of loans, guarantees and investments have been disclosed in the financial statements

Transactions with related parties

None of the transactions with related parties falls under the scope of Section 188(1) of the Act. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies(Accounts) Rules, 2014 are given in Annexure II in Form AOC-2 and the same forms part of this report.

Corporate social responsibility

Your Directors are pleased to inform that the provisions of section 135 of the Act, read with Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company for financial year 201415.

Particulars of employees

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below.

the ratio of the remuneration of executive Director to the median remuneration of the employees of the Company for the financial year:

Executive directors Ratio to median remuneration

24,00,000 35

The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

During the financial year 2014-15 The company does not pay remuneration to Non- Executive Directors

b. The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year: Nil

c. The percentage increase in the median remuneration of employees in the financial year: 10%

d. The number of permanent employees on the rolls of Company: 41

e. The explanation on the relationship between average increase in remuneration and Company

Performance:

f. Comparison of the remuneration of the key managerial personnel against the performance of the Company

Aggregate remuneration of key managerial personnel

in FY2014-15 was 24 Lacs

Revenue Rs.6324.59 Lacs

Remuneration of KMPs (as % of revenue) 0.00379

Profit before Tax (PBT) Rs. 798.10 Lacs

Remuneration of KMP (as % of PBT) 0.03007

g. Variations in the market capitalization of the Company, price earnings ratio as at the closing date of the current financial year and previous financial year:

Particulars March 31,2015 March 31,2014 % Change

Market Capitalisation Rs.42.07 Cr Rs.12.80 Cr 228%

Price Earnings Ratio 7.83 9.08 16.01%

h. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

The average annual increase was around 10%.

Increase in the managerial remuneration for the year was Nil

i. Comparison of each remuneration of the key managerial personnel against the performance of the Company:

Remuneration in FY15 24 Lacs

Revenue Rs.6324.59 Lacs

% on Revenue 0.00379

Profit before Tax Rs. 798.10 Lacs

Remuneration (as % of PBT 0.03007

j. The key parameters for any variable component of remuneration availed by the directors: Nil

k. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: None.

l. Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company affirms remunera tion is as per the remuneration policy of the Company.

m. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: NA

Further, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Compliance Officer.

Disclosure requirements

As per Clause 49 of the listing agreements entered into with the stock exchanges, corporate governance report with auditors' certificate thereon and management discussion and analysis are attached, which form part of this report. The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including directors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of the Section 177(9) of the Act and the revised Clause 49 of the Listing Agreement with stock exchange.

Deposits from public

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Conservation of energy, technology absorption, foreign exchange earnings and outgo Conservation of energy:

VCIL continues to work on reducing carbon footprint in all its areas of operations through initiatives like

(a) Green infrastructure,

(b) Operational energy efficiency,

Technology absorption, adaption and innovation:

The Company continues to use the latest technologies for improving the productivity and quality of its services Foreign exchange earnings and outgo

Your Company does not have foreign exchange earnings and outgo in financial year 2014-15.

Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report

Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the company.

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company

Prevention of Sexual Harassment Of Women At Workplace:

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ('Act') and Rules made there under, your Company has constituted Internal Complaints Committees (iCc).

Number of Complaints Received During the Year: NiL Human resources:

Your Company treats its "human resources" as one of its most important assets. Your Company continuously invests in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.

Management Discussion & Analysis:

A detailed Management Discussion and Analysis forms part of this annual report, which is attached to this Report in Annexure III.

Report on Corporate Governance:

Your Directors are pleased to inform that your Company has implemented all the stipulations prescribed under clause 49 of listing agreement with the stock exchange(s). The Statutory Auditors of the Company have examined the requirements of the Corporate Governance with reference to Clause 49 of the Listing Agreement and have certified the compliance, as required under Clause 49 of the Listing Agreement.

A separate report on Corporate Governance is provided together with a Certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Equity Listing Agreement with the Stock Exchange(s). A Certificate of the CEO and CFO of the Company in terms of sub-clause IX of Clause 49 of Equity Listing Agreement, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed.

Whistle Blower Policy:

The Company established Whistle Blower Policy for directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of the Company's code of conduct or ethics policy. The details are reported in the Reported in the Report on corporate Governance which forms part of this Report

Transfer of Amounts to Investor Education and Protection Fund:

Pursuant to the provisions of section 124 of the companies Act, 2013, the declared dividends which remained un paid or unclaimed for a period of seven years, have been transferred by the company to the Investor Education and Protection Fund (IEPF) established by the Central Government Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

Acknowledgement

The directors thank the Company's employees, customers, vendors, investors and academic institutions for their Continuous support. The directors also thank the government of various countries, government of India, the governments of various states in India and concerned government departments / agencies for their co-operation. The directors appreciate and value the contributions made by every member of the Virat Crane Industries family.

On behalf of the board of directors, Guntur

G.V.s.L. Kantha Rao August 10, 2015 Managing Director

Mar 31, 2014

Dear members,

The directors have pleasure in presenting the Twenty- Second Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March 2014.

(Rs. In Lacs)

2013-2014 2012-2013

Sales and Other Income 4596.64 3429.72

Profit/(Loss) before Interest & Depreciation 272.79 298.93 Interest 33.18 51.70 Depreciation 20.73 17.93 Profit before exceptional and extraordinary items 218.87 229.30 Profit/(Loss) before Tax 213.92 217.68 Deferred-tax (expenses) / Income (3.66) (2.57) Income-tax - (Current Tax) (68.96) (75.00) Profit (Loss) after Taxation 141.29 140.11 EPS - Basic 0.69 0.69 EPS - Diluted 0.69 0.69

During the year under review, the Company has achieved turnover of Rs. 4596.64 lakhs as compared to the previous year Rs. 3429.72 lakhs. The profit before interest and depreciation is Rs. 272.79 lakhs as compared to the previous year of Rs. 298.93 lakhs. The net profit after providing for interest and depreciation is Rs. 218.87 lakhs as compared to the previous of Rs. 229.30 lakhs. The net profit after taxation Rs. 141.29 lakhs is carried forward to balance sheet. The Directors of your company are of the view that the performance of your company would improve in the next financial year.

DIVIDENDS:

In view of the Company''s profitable performance, your directors are pleased to recommend for approval of shareholders a Final Dividend of 5% (Re. 50 paisa per share) on 2,04,23,750 Equity shares of the company in respect of the financial year 2013-2014. The final Dividend if declared as above, would involve an outflow of Rs. 102.12 Lakhs towards Dividend and Rs. 17.35 lakhs towards Dividend Tax resulting total outflow of Rs. 119.47 Lakhs. (Approx).

The paid up capital of your company remained unchanged at Rs. 20,42,37,500/-. Earnings per share was Rs 0.69

PUBLIC DEPOSITS:

The company has not accepted/renewed Fixed Deposits from Shareholders, Employees and Public during the period under review.

LISTING :

The Company''s shares are listed at The Mumbai Stock Exchange Ltd., Jeejee Bhoy Towers, Dalal Street, Mumbai- 400001.

DIRECTORS:

Sri. G. Subba Rao (DIN: 01864400), retire by rotation in accordance with Articles of Association of the Company and being eligible for reappointment offers himself for reappointment.

None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 274 of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements of section 217 (2AA) of the companies act 1956 with respect to the directors responsibility statements it is hereby confirmed that:

a) in the preparation of the Annual Accounts for the year 2013-2014 the applicable accounting standards have been followed with proper explanations where required.

b) The directors have selected such accounting policies and applied them consistently and made judgements and estimates to give a true and fare view of the state of affairs of the company as at 31.03.2014 and of the profit or loss of the company for that year.

c) Proper and sufficient care is taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for prevention and detection of fraud and irregularities.

d) The Annual Accounts are prepared on a going concern basis.

AUDIT COMMITTEE :

The company has an audit committee, whose composition, role functions and powers are in accordance with the legal/ SEBI requirements. The Audit Committee comprises of Sri R.Jagadish Kumar, Sri G.Subba Rao and Sri P.Bhaska Rao as members.

CORPORATE GOVERNANCE :

A separate section on Corporate Governance along with auditor''s certificate is attached to this report. A note on Management discussion and analysis is also attached to this report.

STATUTORY AUDITORS :

The Statutory Auditors M/s. Nagaraju & Co (FRN: 002271S) Chartered Accountants, Guntur, retire at the ensuring Annual General Meeting and have confirmed their eligibility and willingness to accept office, if reappointment. Your Directors propose the reappointment of M/s. Nagaraju & Co, as Statutory Auditors to hold office until the conclusion of the Twenty Fifth Annual General Meeting of the Company.

COST AUDITORS :

Pursuant to the provisions of the Section 148 of the Companies Act, 2013 and other applicable rules, the Board of Directors of your Company had appointed, subject to the approval of the Central Government Mr. Chandra Sekhar.A, Annavarapu & Co, Cost Accountants, Guntur to carry out an audit of Cost accounts of the Company for accounting year ending 31st March 2015.

PERSONNEL:

The Management appreciated the efforts of the employees of the company and its subsidiary for their co-operation and support during the year and acknowledge their contribution.

There are no employees as per the provision of Section 217 (2A) of the Companies Act 1956, employed throughout the year who are in receipt of remuneration of Rs. 24,00,000/- or more or employed for part of the year and in receipt of Rs. 200000/- per month.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGOINGS :

Not applicable.

ACKNOWLEDGEMENTS :

The directors of the company placed their appreciation to the bankers of the company, various Government Authorities, employees, distributors and Bankers for their cooperation.

For and on behalf of the Board

Sd/- Sd/- P.BHASKARA RAO G.V.S.L.KANTHA RAO DIRECTOR MANAGING DIRECTOR (DIN: 01846243) (DIN: 01846224) Place: Guntur Date : 28th August 2014.

Mar 31, 2013

FINANCIAL RESULTS:

The directors have pleasure in presenting the Twenty-First Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31'''' March 2013.

(Rs. In Lacs) 2012-2013 2011-2012

Sales and Other Income 3429.72 3578.62

Profit/(Loss) before Interest &

Depreciation 298.93 106.39

Interest 51.70 13.30

Depreciation 17.93 16.46

Profit before exceptional and extraordinary items 229.30 76.63

ProfW(Loss) before Tax 217.68 70.56

Deferred-tax (expenses) / Income (2.57) 21.17

Income-tax - (Current Tax) (75.00) (34.00)

Profit (Loss) after Taxation 140.11 57.73

EPS - Basic 0.69 0.28 EPS - Diluted 0.69 0.28

During the year under review, the Company has achieved turnover of Rs. 3429.72 lakhs as compared to the previous year Rs. 3578.62 lakhs. The profit befpre interest and depreciation is Rs. 298.93 lakhs as compared to the previous year of Rs. 106.39 lakhs. The net profit after providing for interest and depreciation is Rs. 229.30 lakhs as compared to the previous of Rs. 76.63 lakhs. The net profit after taxation Rs. 140.11 lakhs is carried forward to balance sheet. The Directors of your company are of the view that the performance of your company would improve in the next financial year.

DIVIDENDS:

In view of the Company''s profitable performance, your directors are pleased to recommend for approval of shareholders a Final Dividend of 5% (Re.50 paisa per share) on 2,04,20,300 Equity shares of the company in respect of the financial year2012-2013. The final Dividend ifdeclared as above, would involve an outflow of Rs 102.10 Lakhs towards Dividend and Rs. "l 6.56 lakhs towards Dividend Tax resulting total outflow of Rs. 118.66 Lakhs. (Approx).

The paid up capital of your company remained unchanged at Rs. 20,42,03,000/-. Earning per share was Rs 0.69.

PUBLIC DEPOSITS:

The company has not accepted/renewed fixed Deposits from Shareholders. Employees and Public during the period under review.

LISTING:

The Company''s shares are listed at The Mumbai Stock Exchange Ltd., Jeejee Bhoy Towers, Dalai Street, Mumbai- 400001.

DIRECTORS:

Mr. Raja Jagadeesh Kumar and Mr. Venkata Srihari Puwada, retires by rotation in accordance with Articles of Association of the Company and being eligible for reappointment offers themselves for reappointment.

None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 274 of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements of seCjJion 217 (2 A A) of the companies act 1956 with respect to the directors responsibility statements it is hereby confirmed that:

a) in the preparation of the Annual Accounts for the year 2012-2013 the applicable accounting standards have been followed with proper explanations where required.

b) The directors have selected such accounting policies and applied them consistently and made judgements and estimates to give a true and fare view of the state of affairs of the company as at 31.03.2013 and of the loss of the company for that year.

c) Proper and sufficient care is taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for prevention and detection of fraud and irregularities.

d) The Annual Accounts are prepared on a going concern basis.

AUDIT COMMITTEE:

The company has an audit committee, whose composition, role functions and powers are in accordance with the legal/ SEBI requirements. The Audit Committee comprises of Sri R.Jagadish Kumar, Sri GSubba Rao and Sri P.Bhaska Rao as members.

CORPORATE GOVERNANCE:

A separate section on Corporate Governance along with auditor''s certificate is attached to this report. A note on Management discussion and analysis is also attached to this report.

STATUTORY AUDITORS:

The Statutory Auditors M/s. Nagaraju & Co (FRN: 002271S) Chartered Accountants. Guntur, retire at the ensuring Annual, General Meeting and have confirmed their eligibility and willingness to accept office, your Directors propose the reappointment of M/s. Nagaraju & Co, as Statutory Auditors to hold office until the conclusion of the next Annual General Meeting of the Company.

COST AUDITORS:

Pursuant to the provisions of the Section 233B of the Companies Act, 1956 and other applicable rules, the Board of Directors of your Company had appointed, subject to the approval of the Central Government Mr. Chandra Sekhar.A, Annavarapu & Co, Cost Accountants, Guntur to carry out an audit of Cost accounts of the Company for accounting year ending 31st March 2014.

PERSONNEL:

The Management appreciated the efforts of the employees of the company and its subsidiary for their co-operation and support during the year and acknowledge their contribution.

There are no employees as per the provision of Section 217 (2A) of the Companies Act 1956, employed throughout the year who are in receipt of remuneration of Rs. 24,00,000/- or more or employed for part of the year and in receipt of Rs. 200000/- per month.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGOINGS:

Consumption of energy is very insignificant, as the company''s production is very much low. However the company has taken adequate steps to conserve the energy.

Foreign exchange earnings/outgoings: NIL

ACKNOWLEDGEMENTS:

The directors of the company placed their appreciation to the bankers of the company, various Government Authorities, employees, distributors and Bankers for their cooperation. For and on behalf of the Board

Sd/- Sd/-

P.BHASK.ARA RAO G.V.S.L.KANTHA RAO

DIRECTOR MANAGING DIRECTOR

Place: Guntur

Date: 12th August 2013.

Mar 31, 2012

FINANCIAL RESULTS:

The directors have pleasure in presenting the Twentieth Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March 2012.

(Rs. In Lacs)

2011-2012 2010-2011

Sales and Other Income 3578.62 3143.13

Profit/(Loss) before Interest & Depreciation 108.30 263.51

Interest 13.52 8.85

Depreciation 16.46 28.87

Profit before exceptional and extraordinary items 76.63 225.78

Profif''(Loss) before Tax 70.56 47.72

Deferred-tax (expenses) / Income 21.17 179.38

Income-tax - (Current Tax) (34.00) (53.00)

Profit (Loss) after Taxation 57.73 174.10

During the year under review, the Company has achieved turnover of Rs. 3578.62 lakhs and earned a profit of Rs. 108.30 lakhs before interest and depreciation. The net profit after providing for interest of Rs. 13.52 lacs and depreciation of Rs. 16.46 lacs is Rs. 76.63 lakhs. The net profit after taxation is Rs. 57.73 lakhs is carried forward to balance sheet.

DIVIDENDS:

Due to in sufficient of profits, your directors could not recommend any dividend for the financial year ending 31st March, 2012.

PUBLIC DEPOSITS:

The company has not accepted/renewed Fixed Deposits from Shareholders, Employees and Public during the period under review.

LISTING:

The company''s shares are listed at The "Mumbai Stock Exchange Ltd., Jeejee Bhoy Towers, Dalai Street, Mumbai-400 001.

DIRECTORS:

Sri G. Subba Rao and Sri P. Bhaskara Rao, retires by rotation in accordance with Articles of Association of the Company and being eligible for reappointment offers themselves for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirements of section 217 (2AA) of the companies act 1956 with respect to the directors responsibility statements it is hereby confirmed that:

a) in the preparation of the Annual Accounts for the year 2011-2012 the applicable accounting standards have been followed with proper explanations where required.

b) The directors have selected such accounting policies and applied them consistently and made judgements and estimates to give a true and fare view of the state of affairs of the company as at 31.03.2012 and of the loss of the company for that year.

c) Proper and sufficient care is taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for prevention and detection of fraud and irregularities.

d) The Annual Accounts are prepared on a going concern basis.

AUDIT COMMITTEE:

The company has an audit committee, whose composition, role functions and powers are in accordance with the legal/SEBI requirements. The Audit Committee comprises of Sri R.Jagadish Kumar, Sri G.Subba Rao and Sri P.Bhaska Rao as members.

CORPORATE GOVERNANCE:

A separate section on Corporate Governance along with auditor''s certificate is attached to this report. A note on Management discussion and analysis is also attached to this report.

AUDITORS:

The present auditors M/s. Jawahar & Associates., Chartered Accountants, Hyderabad, who are going to be retiring at AGM, had tendered their unwillingness to act as Statutory Auditors of the Company for financial year 2012-13 due to their inability under the Companies Act 1956. The Company has approached M/s. K. Nagaraju & Co., Chartered Accounts, to appoint them as Statutory Auditors for which they had given their consent. They also confirmed that, if they are appointed as Statutory Auditors of the Company, the appointment would be within the provisions of section 224(1B) of the Companies Act, 1956.

They have confirmed their eligibility as per Section 224(1) of the Companies Act.

PERSONNEL:

The Management appreciated the efforts of the employees of the company and its subsidiary for their co-operation and support during the year and acknowledge their contribution.

There are no employees as per the provision of Section 217 (2A) of the Companies Act 1956, employed throughout the year who are in receipt of remuneration of Rs. 24,00,000/- or more or employed for part of the year and in receipt of Rs. 200000/- per month.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGOINGS:

Consumption of energy is very insignificant, as the company''s production is very much low. However the company has taken adequate steps to conserve the energy.

Foreign exchange earnings/outgoings: NIL

ACKNOWLEDGEMENTS:

The directors of the company placed their appreciation to the bankers of the company, various Government Authorities, employees, distributors and Bankers for their cooperation

Sd/- Sd/-

P.BHASKARARAO G.V.S.L.KANTHA RAO

DIRECTOR MANAGING DIRECTOR

PLACE: GUNTUR

DATE : 30-08-2012.

Mar 31, 2010

FINANCIAL- RESULTS:

(Rs. In Lacs)

2009-2010 2008-2009

Sales and Other income 73.50 1,24.61

Profit/(Loss) before

Interest & Depreciation 18.34 36.17

Interest 0.86 3.34

Depreciation 23,60 21,01

Profil/(Loss) before Tax (6.11) 11.82

Deferred-tax 28.42 59.04

Income-tax-(Current Tax) - 3.61

Profit(Loss) after Taxation (34.53) (50.83)

Your Directors inform that the company has earned a profit of Rs. 18.34 lacs before interest and depreciation. The net loss after providing for interest of Rs. 0.86 1acs and depreciation of Rs. 23.60 lacs is 6.11 lacs. The Current tax provision is of Rs.Nil and deferred tax expense for the year is Rs. 28.42 lacs and the Loss of Rs.34.53 lacs is carried forward to balance sheet.

SUBSIDIARY:

As the Company is holding having 51% stake in the associate Company i.e. Durga Dairy Limited, the detailed accounts, Directors Report and audit report etc., of the aforesaid subsidiary company is forms part of this Annual Report in accordance with the provisions of the Section 212 of the Companies Act, 1956.

MERGER AND DEMERGER:

In the process of merger of the subsidiary company. i.e. Durga Oaky Limited into the Company and demerger of Crane InfrastructureLimited from the Company, the Honorable High Court of, Andhra Pradesh has approved the scheme and given its order on 06.04.2010. The Company has filed the copy of the order with the registrar of Companies, Ã Andhra Pradesh and Hyderabad. We are hope that the entire process will be completed before the end

* the current financial year,

DIVIDENDS:

Due to in sufficient of profits, your directors could not recommend any dividend for the financial year ending 31st March, 2010,

PUBLIC DEPOSITS:

The company has not accepted/renewed Fixed Deposits frorh Shareholders, Employees and Public during the period under review.

L J STING:

Hie companys shares are listed at The Hyderabad Stock Exchange Ltd.Tlimayat nagar, Hyderabad 500 029 and the Mumbai Slock Exchange Ltd., Jcejee Bhoy Towers. Dalai Street, Mumbai-400 001. (The listing fee payable to Hyderabad Stock Exchange is in arrears for the year2003-2004. 2004-2005,2005-06, 2006-07, 20()7-08, 2008-09 &2009-10.)

DIRECTORS

Sri G. Subba Rao and P. Bhaskara Rao, retires by rotation in accordance with Articles of Association of the Company and being eligible-for reappoint ment offers themselves for reappointment. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirements of section 217 (2AA) of the companies act 1956 with respect to the directors responsibility statements it is hereby confirmed that: a) in the preparation of the Annual Accounts for the year 2009-2010 the applicablc accounting standards have been followed with proper explanations,where required.

1)) The directors have selected such accounting. policies and applied them consistently and made judgements and estimates to give a true i and fare view of the state of affairs of the company as at 31.03.2010 and of the loss of the company for that year.

c) Proper and-sufficient care is taken for the maintenace of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for prevention and detection of fraud and irregularities.

d) The Annual Accounts are prepared on agoing concern basis.

AUDIT COMMITTER;

The company has an audit committee, whose -composition, role functions and powers are in accordance with the legal/SEBI requirements. The Audit Committee comprises of Sri RJagadish Kumar, Sri G ."SubbaRao and Sri P.Bhaska Rao as- members.

CORPORATE GOVERNANCE: A separate section on Corpomte Governance along with auditors certificate is attached to this report. A note on Management discussion and analysis is also attached to this report, ,

M/s .Jawahar anil Associates. Chartered Accountants, Hyderabad who are the auditors of the company and hold office up to the conclusion of the ensuing Annual General Meeting are recommended for re-appointment.

They have confirmed their eligibility as per Section 224( 1) of the Companies Act.

PERSONNEL:

The. Management appreciated the efforts of the employees of the company and its subsidiary for their co-operation and support during the year and acknowledge their contribution. .,

There are no employees as per the provision of Section 217 (2A) of the Companies Act 1956. employed throughout the year who are in receipt of remuneration of Rs, 24,00,000/- or more or employed for part of the year and in receipt of Rs. 200000/-per month.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EA RNINGS/OU TGOINGS:

Consumption of energy is very insignificant, as the companys production is very much low. However the company has taken adequate steps to conserve the energy.

Foreign exchange earnings/outgoings: NIL

ACKNOWLEDGEMENTS:

The directors of the company placed their appreciation to the bankcrsTrf-the company, various Government Authorities, employees, distributors and Bankers for their cooperation.

For and on behalf of the Board

Sd/- Sd/-

P.BHASKARA RAO G.V.S.L.KANTHA RAO DIRECTOR MANAGING DIRECTOR

PLACE :GUNTUR DATE : 02.12.2010)

Mar 31, 2009

The Directors have pleasure in presenting you the 17* Annual Report and the Annual Accounts for the financial year ending 31" March, 2009.

FINANCIAL RESULTS:

2008-09 2007-08

Sales and Other lncome 124.61 202.61

Profit/(Loss) before Interest & Depreciation 36.17 77.09

Interest 3.34 5.52

Depreciation 21.01 27.40

Profit/(Loss) before Tax 11.82 44.17

Deferred-tax 59.04 11.51

Income-tax (Current-tax) 3.61 4.82

Profit/(Loss) after taxation (50.83) 27.84

Your Directors inform that the company has earned a profit of Rs. 36.17 lacs before interest and depre- ciation. The net profit after providing for interest of Rs. 5.52 lacs and depreciation of Rs.27.40 lacs is 11.82 lacs. The Current tax Provision is of Rs.3.61 lacs and Deferred-tax expense for the year is Rs. 59.04 lacs and the Loss of Rs.50.83 lacs is carried forward to Balance Sheet.

OPERATIONS:

The sales and other income of the company are scaled down during the year as compared to the previous year but me only product left with the Company being Fruit Masala, the sale of which has shown a marginal improvement The product Ghee which is the main product of our Subsidiary Com- pany is picking up the market and the same prod- uct shall be our product after being merged with the Durga Dairy Ltd., the arrangements for the same are in final stage. The members are aware that the product Gutkha is withdrawn in the last year and the Company is contemplating to improve the turn- over of Fruit Masala after the Merger and Demerger arrangements are being completed by enlarging the market stretch along with Ghee and induce further demand. Further, the Factory Buildings which are lying idle after withdrawal of Gutkha and shifting of production of Fruit Masala to the premises of Registered Office of the Company, our Company has taken up Extension of Factory Building Blocks with our Funds and Funds contributed by Promot- ers/Directors of the Company and are leased out to make use of the idle premises for the benefit of the Company.

SUBSIDIARY:

As the Company has acquired at about 51 % stake in the associate concern Durga Diary Limited and it has become a subsidiary of the Company. In ac- cordance with section 212 of the Companies Act, 1956, the detailed accounts and the Directors Report etc. of the aforesaid subsidiary companies form part of this Annual Report. MERGER AND DEMERGER:

In the process of merger of the subsidiary company viz., Durga Diary Limted in to Virat Crane Indus- tries Limited and demerger in to Virat Crane In- dustries Ltd., and Crane Infrastructure Ltd., the Company has made considerable progress and it appears to be in the final stage as the Company has complied with the direction of Honorable High Court of Judicature of Andhra Pradesh by holding Extra Ordinary General Meeting of the Sharehold- ers of the Company on 06.12.2008 at it Factory premises and completion of other procedures. We are of the hope mat the entire exercise shall be helpful to the Company in the wake of withdraw- ing a product Gutkha from its business and in the present scenario of recouping from Global Reces- sion and Industrial Recession, the Company shall put forth every effort to boost the markets for the products of the new Company after the proposed arrangement. DIVIDENDS:

No dividend is declared for the year 2008-2009. PUBLIC DEPOSITS:

The company has not accepted/renewed Fixed Deposits from Shareholders, Employees and Pub- lic during the period under review.

LISTING:

The companys shares are listed at The Hyderabad Stock Exchange Ltd, Himayat nagar, Hyderabad- 500 029 and The Mumbai Stock Exchange Ltd., Jeejee Bhoy Towers, Dalai Street, Mumbai-400 001. (The listing fee payable to Hyderabad Stock Exchange is in arrears for the year 2003-2004, 2004-2005,2005-06,2006-07,2007-08 &2008-09)

DIRECTORS

Sri R. Jagadish Kumar and P.V. Srihari retire by rotation in accordance with Articles of Association of the Company and being eligible for reappoint- ment offer their services for Reappointment. DIRECTORS RESPONSIBILITY STATEMENT; Pursuant to the requirements of section 217 (2AA) of the companies act 1956 with respect to the Di- rectors Responsibility statements it is hereby con- firmed that:

a) in the preparation of the Annual Accounts for the year 2008-2009 the applicable accounting standards have been followed with proper ex- planations where required.

b) The Directors have selected such Accounting Policies and applied them consistently and made judgements and estimates to give a true and fare view of the state of affairs of the com- pany as at 31.03.2009 and of the loss of the company for that year.

c) Proper, and sufficient care is taken for the main- tenance of adequate Accounting Records in accordance with the provisions of the Compa- nies Act 1956 for safeguarding the assets of the Company and for prevention and detec- tion of fraud and irregularities.

d) The Annual Accounts are prepared on a going concern basis.

AUDIT COMMITTEE:

The company has an audit committee, whose com- position, role functions and powers are in accordance with the legal/SEBI requirements. The Audit Com- mittee comprises of Sri R.Jagadish Kumar, Sri GSubba Rao and Sri P.Bhaskara Rao as members. CORPORATE GOVERNANCE: A separate section on Corporate Governance along with auditors certificate is attached to this report. A note on Management discussion and analysis is also attached to this report. AUDITORS:

M/s Jawahar and Associates, Chartered Accoun- tants, Hyderabad who are the auditors of the Com- pany and hold office up to the conclusion of the ensuing Annual General Meeting are recommended for re-appointment.

They have confirmed their eligibility as per Sec- tion 224(1) of the Companies Act.

PERSONNEL:

The Management appreciated the efforts of the employees of the Company and its Subsidiary for their co-operation and support during the year and acknowledge their contribution. There are no employees as per the provision of Section 217 (2A) of the Companies Act 1956, employed throughout the year who are in receipt of remuneration of Rs. 24,00,000/- or more or em- ployed for part of the year and in receipt of Rs. 200000A per month.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGOINGS: Consumption of energy is very insignificant, as the companys production is very much low. However the company has taken adequate steps to conserve the energy.

Foreign exchange earnings/outgoings; NIL ACKNOWLEDGEMENTS: The directors of the company placed theif appre- ciation to the Bankers of the Company, various Government Authorities, Employees and Distribu- tors for their cooperation.

For and on behalf of the Board

Sd/- Sd/- P.BHASKARARAO GV.S.L.KANTHARAO DIRECTOR MANAGING DIRECTOR

PLACE :GUNTUR

DATE : 30.10.2009.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article