The Directors have pleasure in presenting their 46th Annual Report and
 the Audited Accounts of the Company for the year ended 31st March 2011.
 
                                             For the           For the
                                          Year ended        Year ended
                                          31.03.2011        31.03.2010
                                       (Rs in Lakhs)     (Rs in Lakhs)
 
 FINANCIAL RESULTS
 
 Operating Profit : Profit before 
 Interest, Depreciation and Tax 
 (PBIDT)                                    11862              11876
 
 Less : Interest and Finance charges         2003               2122
 
 Profit before Depreciation and Tax 
 (PBDT)                                      9859               9754
 
 Less : Depreciation                         2948               2895
 
 Profit before Tax (PBT)                     6911               6859
 
 Less: Provision for Taxation - Current      1820               1800
 
                              -Deferred     (230)              (300)
 
 Profit after Tax (PAT)                      5321               5359
 
 Add : Balance Profit from last year          654                356
 
 Surplus for Appropriation                   5975               5715
 
 Transfer to General Reserve                 4200               4200
 
 1st Interim Dividend-Re.0.50 
 per Equity Share                             433                390
 (P.Y: Re.0.45 per Equity Share 
 of Re.1/- each)
 
 Final Dividend- Re.0.40 per 
 Equity Share                                 347                347
  
 (P.Y: Re.0.40 per Equity 
 Share of Re.1/- each)
 
 Tax on Dividend                              128                124
 
 Balance carried over to Balance Sheet        867                654
 
 TOTAL                                       5975               5715
 
 DIVIDEND
 
 Your Directors have pleasure in recommending a Final Dividend of
 Re.0.40 per Equity Share of Re.1/- each. Together with the Interim
 Dividend of Rs.0.50 per Equity Share of Re.1/- each paid during the
 year, the total Dividend for the year 2010-11 is Re.0.90 per Equity
 Share of Re.1/- each. (During the Previous Year 2009-10, an Interim
 Dividend of Re.0.45 and a Final Dividend of Re.0.40 per Equity Share of
 Re.1/- each were paid making a total Dividend of Re.0.85 per Equity
 Share).
 
 TAXATION
 
 An amount of Rs. 1820 Lakhs towards Current year Income-Tax, and Rs.
 128 Lakhs towards Dividend Tax have been provided for the year 2010-11.
 In respect of Deferred Tax, an amount of Rs. 230 Lakhs has been
 adjusted against liability.
 
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 The Company continues to take keen interest in conservation of energy
 and the information required under Section 217(1)(e) of the Companies
 Act, 1956, read with the relevant Rules, with regard to Conservation of
 Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
 are given in Annexure which forms part of this Report.
 
 INDUSTRIAL RELATIONS:
 
 Industrial relations continue to be cordial and harmonious at all the
 Units. Employees are extending their fullest co-operation for the
 various cost reduction measures of the Company.
 
 PARTICULARS OF EMPLOYEES:
 
 In terms of provisions of Section 217(2A) of the Companies Act, 1956,
 read with The Companies (Particulars of Employees) Rules, 1975, as
 amended, the names and particulars of Employees are set out in the
 Annexure to the Directors Report. Having regard to the provisions of
 Section 219(1)(b)(iv) of the said Act, the Annual Report excluding the
 aforesaid information is being sent to all the Members of the Company
 and others entitled thereto. Any Member interested in obtaining such
 particulars may write to the Corporate Office of the Company.
 
 RESEARCH AND DEVELOPMENT EFFORTS:
 
 During the year under review, the Company continued its Research &
 Development efforts in respect of conventional and non- conventional
 Fibres and in production technology for manufacture of Fibre Cement
 Sheets/Calcium Silicate Boards.
 
 DIRECTORS:
 
 Since the last AGM held on 02.08.2010, there had been no change in the
 composition of the Board of Directors. In accordance with the
 provisions of the Companies Act, 1956 / Articles of Association, Shri
 N.K. Shrikantan Raja and Shri S.S. Ramachandra Raja are the Directors
 who will be retiring by rotation and are eligible for re-election.
 
 PUBLIC DEPOSITS:
 
 The Total Deposits from the general public outstanding with the Company
 as on 31st March 2011 were Rs. 13.91 Lakhs including the deposits
 renewed in accordance with Section 58A of the Companies Act, 1956.
 
 SHARES:
 
 The Annual Listing Fees have been paid to the three Stock Exchanges for
 the F. Y 2011-12.
 
 AUDITORS:
 
 M/s. M.S. Jagannathan & N. Krishnaswami, Chartered Accountants and M/s.
 CNGSN & Associates, Chartered Accountants, Auditors of the Company
 retire at the end of the 46th Annual General Meeting and are eligible
 for re-appointment.
 
 As per Orders dated 2nd and 3rd May, 2011 issued by the Government of
 India, Ministry of Corporate Affairs, New Delhi, from the Financial
 Year commencing from 01.04.2011, the Cost Accounting Records
 (pertaining to the Companys Clinker Grinding Unit at
 
 Kharagpur, West Bengal and Power Generation activities) will have to be
 audited by a Cost Auditor. Accordingly the Board of Directors has
 appointed Geyes & Co., Cost Accountants, Chennai, as the Cost Auditor
 for the F. Y 2011-12.
 
 SUBSIDIARY COMPANIES :
 
 Government of India, Ministry of Corporate Affairs, vide their General
 Circular No: 2/2011 dated 08.02.2011, has granted general exemption
 under Section 212(8) of the Companies Act, 1956 to the Companies from
 attaching the full text of the Financial Statements of the Subsidiaries
 along with the Companys accounts / Annual Report subject to certain
 conditions being fulfilled. As required under the said general
 exemption Circular, the Consolidated Financial Statements have been
 presented in this Annual Report and the other required disclosures on
 the Companys three Subsidiaries namely (a) M/s. Sudharsanam
 Investments Limited, (b) Sri Ramco Lanka (Private) Limited, Sri Lanka
 and (c) Sri Ramco Roofings Lanka Private Limited, Sri Lanka have also
 been made in this Report.
 
 The Annual Accounts of the three Subsidiary Companies and the related
 detailed information will be made available to the Share holders of the
 Company as also the Shareholders of the Subsidiary Companies seeking
 such information at any point of time.  The Annual Accounts of the
 three Subsidiary Companies will also be kept for inspection by any
 Shareholder, at the Corporate Office of the Company and of the
 Subsidiary Companies concerned.
 
 CONSOLIDATED FINANCIAL STATEMENTS:
 
 As required under Accounting Standard 21, issued by The Institute of
 Chartered Accountants of India, the Audited Financial Statements of the
 parent Company and the three Subsidiary Companies have been
 consolidated and such Consolidated Financial Statements for the year
 ended 31.03.2011 along with the Auditors Report thereon are annexed
 hereto and the same form part of this Annual Report.
 
 CORPORATE GOVERNANCE:
 
 The Company has complied with the requirements regarding Corporate
 Governance as required under Clause 49 of the Listing Agreements with
 the Stock Exchanges. A Report on Corporate Governance followed by the
 Company is enclosed. The Certificate from the Statutory Auditors of the
 Company, regarding compliance of the requirements under Corporate
 Governance stipulated by the Stock Exchanges has also been reproduced
 in this Report.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 The Directors confirm that –
 
 In the preparation of the annual accounts for the year ended 31st March
 2011, the applicable Accounting Standards had been followed;
 
 The selected accounting policies were applied consistently and
 judgments and estimates that are reasonable and prudent were made 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;
 
 Proper and sufficient care for the maintenance of adequate accounting
 records in accordance with the provisions of the Companies Act had been
 taken for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 The Annual Accounts were prepared on a going concern basis.
 
 ACKNOWLEDGEMENT
 
 The Directors are grateful to the various Departments and agencies of
 the Central and State Governments for their help and co- operation.
 They are thankful to the Financial Institutions and Banks for their
 continued help, assistance and guidance. The Directors wish to place on
 record their appreciation of employees at all levels for their
 commitment and their contribution.
 
                                     On behalf of the Board of Directors
                                            For RAMCO INDUSTRIES LIMITED
 
 Place : CHENNAI                             P.R. RAMASUBRAHMANEYA RAJHA
 Date : 25.05.2011                                              Chairman