The Members,
 
 Visaka Industries Limited
 
 The Directors are pleased to present the 29th Annual Report of the
 Company with Audited Balance Sheet and Statement of Accounts.  The
 financial highlights are as follows:
 
                                                       (Rs. in lakhs)
 
 Particulars                                 2010 – 2011  2009 – 2010
 
 Gross Income                                      66552        63841
 
 Profit for the year before taxation                6829         8637
 
 Provision for taxation                             2322         2916
 
 Profit for the year after taxation                 4507         5721
 
 Balance brought forward from previous year         1489          696
 
 Profit available for appropriation                 5996         6417
 
 Dividend on Equity Share Capital                    794          794
 
 Corporate Dividend Tax                              132          134
 
 Transfer to General Reserve                        3500         4000
 
 Balance carried to Balance Sheet                   1570         1489
 
 Dividend
 
 Your Directors Declared Interim Dividend of Rs. 3/- (i.e. 30%) per
 share of Rs. 10/- each during the Financial Year 2010 -2011.  Your
 Directors recommend payment of Final Dividend of Rs. 2/- (i.e. 20%) Per
 Share of Rs. 10/- each for the Financial Year ended on 31st March,
 2011. With the above the total Dividend Paid will be Rs. 5/- (i.e. 50%)
 per Share of Rs. 10/- each. The Company is absorbing Corporate Dividend
 Tax of Rs. 131.89 lakhs on the Equity Dividend and the Dividend
 declared and paid this year is not taxable in the hands of
 Shareholders.
 
 
 Fixed deposits
 
 Your Company has been inviting and accepting deposits from the Public,
 Shareholders and Others. The amount of deposits outstanding as on March
 31, 2011 was Rs. 6.80 Crores. Deposits amounting to Rs. 8.74 Lacs
 remained unclaimed as on 31.03.2011. There are no unclaimed deposits
 which are transferable to the Investor Education and Protection Fund
 under Section 205C of the Companies Act, 1956.
 
 Unclaimed dividend
 
 As per the provisions of Section 205C of the Companies Act, 1956,
 Unclaimed Dividend amount of Rs. 4,54,173.00 in respect of the year
 2002 – 2003 has been transferred to Investor Education and Protection
 Fund on 19.08.2010 upon expiry of the mandatory 7 years period. Letters
 have been sent to shareholders in respect of unpaid dividend for the
 year 2003-2004 advising them to encash their dividend warrants.
 
 Banks and financial institutions
 
 The Company has been prompt in making the payment of interest and
 repayment of loans to the Financial Institutions and also interest on
 working capital to the banks. Banks and Financial Institutions continue
 to give their unstinted support. The Board records its appreciation for
 the same.
 
 Corporate social responsibility
 
 Your Company, as a responsible Corporate Citizen established in the
 year 2000 a Charitable Trust in the name and style of Visaka Charitable
 Trust as a non-profit entity, to support initiatives that benefit the
 society at large. The Trust supports programs devoted to the cause of
 destitute, rural poor and providing the basic necessities of life to
 the rural poor. This has helped to enhance the image of the Company.
 
 Main area of activity of the Trust is to provide Drinking Water by
 digging bore wells, construction of irrigation tanks in remote
 villages, building of Class Rooms in Schools and Colleges,
 reimbursement of salaries of teachers, supply of class room furniture
 and conducting of health camps.
 
 Directors
 
 As per Article 120 of the Articles of Association of the Company, Shri.
 Gusti J Noria and Shri. P. Abraham retires by rotation. Shri.  Gusti J
 Noria and Shri. P. Abraham being eligible offers themselves for
 reappointment.
 
 Directors'' responsibility statement
 
 As required by the provisions of Section 217(2AA) of the Companies Act,
 1956, the Directors'' Responsibility Statement is appended hereto and
 forms part of this Report.
 
 Corporate governance
 
 As a listed Company, necessary measures have been taken to comply with
 the Listing Agreements of Stock Exchanges. A report on Corporate
 Governance, along with a certificate of compliance from the Auditors,
 forms part of this Report.
 
 Auditors
 
 M/s. M. Anandam & Co., Chartered Accountants, retires as Auditors in
 this Annual General Meeting and are eligible for reappointment.
 
 General
 
 The information required under Section 217(1) (e) of the Companies Act,
 1956 read with the Companies (Disclosure of particulars in the Report
 of the Board of Directors) Rules, 1988 with respect to conservation of
 energy, technology absorption and foreign exchange earnings / outgo is
 appended hereto and forms part of this Report.
 
 Information as per Section 217(2A) of the Companies Act, 1956 read with
 The Companies (particulars of employees) Rules, 1975, as amended, forms
 part of this Report.
 
                                    On behalf of the Board of Directors
 
                                                   Bhagirat B. Merchant
                                                               Chairman
 
 Place: Secunderabad 
 Date : 27.05.2011