Dear Members,

We present the report on our business and operations for the year ended 31st March 2016.

1. Financial Results: The Company's financial performance for the year under review along with previous year's figures is given hereunder:

Financial highlights

Revenues-Standalone

Revenue for the year ended 31st March, 2016 is Rs 1349.57 lacs as compared to 1172.11 lacs the same period last year. The Company's services improved by about 15 % over the previous year. Revenues-Consolidated

The subsidiaries of the company both at USA and UAE are dormant hence on account of consolidation there is no addition of revenues. Profits- Standalone

The Company had earned a net profit of Rs. 450.34 Lakhs prior to charge off of the following

(a) Bad Debts amounting to Rs.1207.59 Lakhs.

(b) Exceptional Items include

(i) Investment in UAE Subsidiary in full as against the amortization over a period of five years amounting to Rs. 3816.91 Lakhs.

(ii) Impairment Loss on software products which are no longer marketable due to technology upgradation.Rs.2153.51 Lakhs. However, on account of the above write offs, the company has reported a Net Loss of Rs 6727.62 Lakhs as against a Net Loss of Rs.2888.35 Lakhs in the previous period.

Profits-Consolidated

There are no additions to the Profits of the company on consolidated results as there were no operations in the Subsidiaries.

Capital Expenditure on Tangible Assets-Standalone

During the year the company did not incur any capital expenditure.

Liquidity

The Company has started its efforts to raise funds for its growth plans.

The Company had convened an EGM to increase the authorized share capital, increased the borrowing limits and FII investment limit. Further the company has started its exercise for capital restructuring to reflect a true position of its business in its balance sheet.

The company is making plans to implement its fund raising plans this year and hence resolutions are being proposed for approval of the shareholders

2. Dividend

No Dividend is being proposed for the current financial year.

3. Review of Business Operations and Future Prospects.

Your Directors wish to present the details of Business operations done during the year under review:

a. Services and emerging offerings

The company continued its services operations in IT and BPO segments.

The company is now moving its product applications into cloud platform and will be able to offer software applications as a service in the ensuing period.

The company has commenced development of a logistics platform for cargo movement i.e a market place for cargo in domestic markets viz www.indiacargo.com and www.bharatcargo.com .

The company is also developing an e-commerce portal for arts and crafts viz www.indycrafts.com which is targeted to be a market place for handicrafts.

The company is also working on an application for automating toll collection.

The company is also actively working on mobile app i.e payment wallet, and internet of things offerings.

The company has commenced its marketing efforts for the electronic health records www.e-healthrecords.com .

The company is working on multiple services automation in the internet of things space which involves connecting devices to mobile apps that facilitate remote access, monitor and automated controls over devices.

b. Sales

Revenue for the year ended 31st March, 2016 is Rs 1349.57 Lakhs as compared to Rs 1172.11 lakhs the same period last year. The company's services improved by about 15 % over the previous year.

c. Marketing and Market environment.

Platforms: The company at present is in the process of building mobile applications on multiple technologies to support E commerce and Utilities.

We have commenced our efforts in emerging mobile and digital technologies and big data analytics.

The company is gradually moving into the digital IT space.

The new platforms being built and promoted by the company are for retail as well as b2b customers.

The company has chosen digital marketing methods to penetrate into the retail markets.

Services: - The company continues to improve upon its service offerings across domains in the following segments.

- IT Support

- Consulting

- Network and Surveillance

The company provides services in custom built application development, system integration , testing , maintenance , network , surveillance , IT support , consulting and BPO.

In order to differentiate our service and solution offerings, our strategy will be to bring in concepts of automation, analytics, improving productivity to gain higher accuracy and to reduce the total costs to clients. We continue to leverage the advantage of open source technologies in providing innovative and cost effective performance solutions.

Products : The company continues to enhance its products in health care domain and is targeting to get identified as a key player.

- Heal Soft (HMS): A complete Enterprise Hospital Management Software Suite (18 modules) for Clinics, Small, Medium and Large Hospitals at multi locations in multiple technologies which can be integrated to an ERP.

- Asset Management

- Purchases and Contract

- Document Management System

- Payroll Management

- HRMS

- Content Management System

- Corporate Information System

Infrastructure: - The company proposes to set up infrastructure such as data center to provide cost effective infrastructure solutions for storage , business continuity, disaster recovery for its own and third party applications and data.

Strategic Alliances: We propose to align with start-ups either as partners or as subsidiaries in creating, deploying, integrating and operating business solutions. We propose to raise additional capital to deploy in making selective business acquisitions that augment our expertise, compliment our presence in certain market segments and accelerate the execution of our strategies.

d. Future Prospects including constraints affecting due to Government policies

The future of IT Services business is providing a number of open source software components, and or proprietary software products, all of which can be deployed on public or private cloud or at the customer's premise. These platforms are intended to address the key challenges that businesses have and effectively storing, managing and analyzing the increasing amounts of data available to them.

CIL's objective is to enable customers find an improved way to package, develop, administer and monitor their enterprise data.

4. Subsidiaries, Joint Ventures and Associate Companies.

Statement pursuant to Section 129 Subsection (3)(I) of the Companies Act 2013, read with Rule 5 of Companies Accounts Rules, 2014 relating to financial statements of subsidiary companies as formatted in AOC 1 form has been attached as Annexure- D to this report.

In the current year the company has evaluated the possibility of revival of the Subsidiary in the UAE i.e CIL FZE. The board felt that the emergence of digital IT and SMAC, product licenses would not be profitable and hence the entire value of investment is charged off.

5. Directors and Key Managerial Personnel.

Profile of the Directors:

(i) Mr. Chenchaiah Pantulu Pattapurathi (DIN 01583136)

He is Seventy (70) years old. He is a commerce graduate and a member of Institute of Chartered Accountants of India (qualified in the year 1971). He has forty five (45) years of experience in industries such as Electrical Appliances, Food Processing, Ship Building, Cement, Cement Products, Textiles, Pharmaceuticals etc., to his credit. His experience has been in the area of Financial Management, Management Accounting and Taxation.

He promoted CIL in the year 1994 and has led the company since its inception and has been instrumental in shaping and executing strategy and financial structuring. At present he is Managing Director and Chief Executive Officer of CIL. He is a Trustee of Chennarayudu Public Charitable Trust. He is a promoter of the company and holds 93, 15,820 shares of the company in his name as on March 31, 2016.

(ii) Mr. Satya Shiva Kumar Kanakadandi (DIN 02103299)

He is Fifty (50) years old. He is a science graduate. He has more than twenty six (26) years of experience in Software Development, Training and Heading MIS Departments. He has been instrumental in launching various corporate training programs for Universities, banks, and other training establishments. He promoted CIL in the year1994.

He has made significant contribution in setting up of the operations of the company since inception and has also been instrumental in providing a marketing base to the company and for delivering solutions in emerging technologies in yester years.

At present, he is Director (Operations) and Chief Operating Officer of CIL. He is a promoter of the company and holds 10, 61, 010 shares of the company in his name as on March 31, 2016.

(iii) Mr. Chandra Sekhar Pattapurathi (DIN 01647212)

He is Forty One (41) years old. He is a commerce graduate and a member of the Institute of Cost and Works Accountants of India (qualified in the year 1998). He began his career with CIL as an Executive in Finance & Account. He has worked with a large retail chain in international markets as a Senior Financial Analyst before joining the Board of CIL He has experience in, Finance, Accounts, Corporate Strategy, Financial Management, Taxation, Secretarial and International Trade Practices.

He has been appointed as director of CIL since 30th June 2006 .At present he is Director - (Finance) and Chief Financial Officer of the Company.

He is a promoter of the company and holds 3, 03,100 shares of the company in his name as on March 31, 2016.

(iv) Mr. Koteswara Rao Kanamarlapudi (DIN : 06401491)

He is sixty nine (69) years old. He is a commerce graduate and a member of the Institute of Chartered Accountants of India (qualified in the year 1972). He has worked with large logistics, Food Processing industries in India before setting up of a Construction and Contracting company in Doha, Qatar

He joined the Board of CIL on 30th September 1996 as a non executive promoter director

He is a promoter of the company and holds 31,000 shares of the company in his name as on March 31, 2016.He is a member of the Stakeholders relationship committee.

(v) Mr. Shankar Madhukar Khasnis (DIN : 02359561)

He is Fifty (50) years old. He is an Engineering Graduate.

He is the Chief Executive Officer of a Feedback Consulting, Mumbai. Shankar has worked across industry sectors and brings a strong strategic perspective to the board..

In his spare time, he teaches in management schools and enjoys mentoring students.

He is an independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company.

Mr. Shankar resigned from the office of an independent director on the 25th February 2016 due to personal pre-occupations.

(vi) Mr. Pawan Kumar Kasera (DIN 00125178)

He is Sixty Two (62) years old. He is a commerce graduate. He has more than 30 years, experience as a business leader with "hands-on" mentality having commercial and technical background. He has extensive background and knowledge of business atmosphere, political and social structure in Asia South Pacific and some parts of South East Asia, Europe, Africa & the Middle-east. He brings his success in management of regional multicultural corporations with emphasis on marketing and corporate investment and also analytical skills and cultural approach.

He is an independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company.

Mr. Pawan Kasera resigned from the office of an independent director on the 3rd March 2016 due to personal pre-occupations.

(vii) Dr. Devarapalli Jayarami Reddy ( DIN 02079731)

He is 70 years old. He is a medical fractioned by profession. He is well experienced in business of health care and is presently an investor in midsized hospitals.

He is an independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company. He is a member of Audit Committee and Stakeholders relationship committee.

(viii) Callepalli Kamakshi Bharathi (DIN 07144611)

She is 39 years old. She is a post graduate in Electronics. She has rich experience in telecommunications and signaling. She is presently mentoring research trainees on telecom engineering. She is an independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company. She is the chairperson of Nomination and Remuneration committee and a member of Audit Committee.

(ix) Vegunta Sai Roop Kumar (DIN: 05317482)

He is 41 years old , a commerce graduate and a fellow member of the Institute of Chartered Accountants of India (qualified in the year 2002 ) and graduate member of the institute of Cost Accountants of India.(qualified in the year 1998)

He started his career working with an audit firm and later moved into a multi business group viz Hospitality, Real Estate and Technology before setting up his professional practice as a Chartered Accountant. Mr. Vegunta Sai Roop Kumar was appointed as a Non Executive Independent Director by the Board of Directors of the Company in their Meeting held on 07th March, 2016 with immediate effect in terms of Section 149, 152 and 161 of the Companies Act, 2013. He is an independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company. He is the Chairperson of Audit Committee and a member of Nomination and remuneration committee.

(x) Mr. Bade Srinivasa Reddy (DIN: 01384074)

He is 47 years old, He is a M.B.A (Finance), Certified Investment Adviser, National Stock Exchange of India Certified Market Professional (NCMP Level 5 - Highest Level), He is pursuing Ph.D., in Investment Management (part time).

He has more than 22 years of Hands on Experience in Financial Markets and Services Sector as Financial Analyst, Head of the firm with Stock Exchange Membership, Investment Advisory, Private Equity and other Businesses.

He is an Empanelled Corporate Trainer for SEBI Promoted NISM, American Academy of Financial Management (AAFM), National Stock Exchange of India (NSE) and others.

Mr. Bade Srinivasa Reddy was appointed as a Non Executive Independent Director by the Board of Directors of the Company in their Meeting held on 07th March, 2016 with immediate effect in terms of Section 149, 152 and 161 of the Companies Act, 2013.He is an independent director on the board of Cybermate Infotek Limited and is not a shareholder of the company. He is the chairperson of Stakeholders relationship committee and a member of nomination and remuneration committee.

Independence of directors

The Board has received statement of disclosures from all the Independent Directors highlighting the fulfillment of all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules. Every such statement submitted by the independents directors has been taken note of by the board.

Resignations

Mr. Shankar Khasnis and Mr. Pawan Kasera, Independent directors, resigned from the office on the 25th February and 3rd March 2016 respectively citing personal preoccupations.

The board places on record the valuable contribution made by the directors during their term of office.

Re-appointments

- Managing Director

Mr. P.C. Pantulu, Managing Director was re-appointed for a period of One year at the Extraordinary General Meeting held on the 4th April 2016 i.e upto May 09, 2017

- Directors

Ms. V.S. Roop Kumar and Mr.B.Srinivasa Reddy, were appointed as Additional Directors on 7th March 2016 to hold the said office till the date of the ensuing Annual General Meeting. They were appointed as Independent Directors for a period of five years at the Extraordinary General Meeting held on the 4th April 2016

Disclosures about receipt of any commission by MD /WTD from company or any commission/remuneration from the subsidiaries The Managing Director, or Whole time directors are not in receipt of any commission from the company or any remuneration or commission from the subsidiaries.

6. Particulars of employees

The remuneration paid to your Directors is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Companies Act, 2013 and Regulation 19 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 (including any statutory modification(s) or re-enactment(s) for the time being in force). The salient aspects covered in the Nomination and Remuneration Policy have been outlined in the Corporate Governance Report which forms part of this report.

The information required under Section 197 (12) of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure - I.

7. Declaration by Independent Directors

Pursuant to sub section (6) of Section 149 of the Companies Act, 2013 and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, all the Independent Directors of your Company have given declaration that they have met the criteria of independence as required under the Act and the regulations.

8. Remuneration Policy

Your Directors has, on the recommendation of the Nomination & Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management Personnel and their remuneration. The Remuneration Policy forms part of the Corporate Governance Report.

9. Formal Annual Evaluation of Performance of the Board and its Committees

SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015, mandates that the Board shall monitor and review the board evaluation framework.

The framework includes evaluation of directors on parameters such as

- Peer Evaluation

- Decision Making

- Analysis of Information

- Board Dynamics & Relationships

- Corporate Strategy

- Participation at Board Committees

The Companies Act 2013 states that a formal evaluation needs to be made by the board of its own performance and that of its committees and individual directors. Schedule IV to the Companies Act States that the performance evaluation of independent directors shall be done by the entire board of directors excluding the director being evaluated.

The evaluation process has been explained in Corporate Governance Report.

10. Board Committees

Detailed composition of the mandatory Board committees namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Grievances' Committee, number of meetings held during the year under review and other related details are set out in the Corporate Governance Report which forms a part of this Report.

11. Deposits

The Company has neither accepted nor renewed any deposits during the year under review.

12. Particulars of Loans, Guarantees or Investments made under section 186 of the Companies Act, 2013.

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review.

13. Disclosures under Sexual Harassment of Women at Workplace

In accordance with the provisions of the Sexual Harassment of Women at the workplace (Prevention, Prohibition and Redressal) Act, 2013, the company is required to have an Anti- sexual harassment policy though which an Internal Complaints Committee is constituted. The said committee meets at regular intervals to redress any complaints received by the committee in these lines and after due deliberation aims at disposing off the complaints. However, there has been no such complaint filed within the company till date.

14. Significant and material orders passed by the regulators or court

There are no significant and material orders passed by the Regulators/ Courts that would impact the going concern status of the Company and its future operations.

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

(a) During the quarter ending 31st March 2016, the company has reviewed the operations of the wholly owned Subsidiary at UAE i.e Cybermate Infotek Limited FZE .

The subsidiary was formed in the year 2009, looking at the potential in the middle east markets. Subsequently, due to local and international factors resulted in adverse business conditions on account of which the company could not proceed with its plans.

The company waited all along looking for an improvement and it is felt that additional investment at this stage would not make it viable and hence the company has decided to close the operations and write off the carrying amount of the investments in overseas subsidiary of Rs.38,16,91,600/-.

(b) As at the balance sheet date, the company has reviewed the Software Products for their impairment.

On account of improvements in technology some of the products were not yielding revenues for the last three years and it is felt that additional investments in the said products would not enable to make the products viable and that there is no recoverable amount for these software products and hence the products valued at Rs21,53,51093/- identified as non cash generating units are written off as Impairment loss.

Further Unamortized Product Development expenses of Rs. 1,13,11,572/- has been fully written off considering the obsolescence in the technology of the products involved.

16. Particulars of Contracts or Arrangements made with Related Parties.

All Contracts/arrangements/transactions entered by the company during the financial year 2015-16 with related parties were in the ordinary course of business and on an arm's length basis. During the year, the company has not entered into any contracts/arrangements/transactions with related parties which would be considered material.

In this regard, we draw your attention to Note 30 containing a Statement Pursuant to Clause (h) of sub section 134 of the companies Act 2013, and Rule 8(2) of the Companies (Accounts) Rules, 2014, to the financial statements which sets out related party disclosures.

17. Number of Board meetings conducted during the year under review.

18. Vigil Mechanism

The Company has established a vigil mechanism and oversees through the committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the chairman of the Audit Committee on reporting issues concerning the interests of co employees and the Company. The company has also set out a whistle blower policy in terms of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015, so as to ensure that the business is conducted with integrity and the company's financial information is accurate.

The Policy on Vigil Mechanism and whistle blower policy may be accessed on the company's website.

19. Training of independent directors

Whenever new Non-executive and Independent Directors are inducted in the Board they are introduced to our Company's culture through appropriate orientation session and they are also introduced to our organization structure, our business, constitution, Board procedures, our major risks and management strategy.

20. Directors Responsibility Statement

Pursuant to the requirement under Section 134 (3) (c) of the Companies Act 2013 with respect to Directors Responsibility Statement, it is hereby confirmed.

i. That in the preparation of the Annual Accounts for the financial year ended March 31, 2016 the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. The Directors have 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 as at the end of the financial year and of the profit and loss of the Company for that period.

iii. That the Directors had taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. That the Directors had prepared the accounts for the financial year ended March 31, 2016 on a 'going concern' basis.

v. That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively

vi. That systems to ensure compliance with the provision of all applicable laws were in place and were adequate and operating effectively.

21. Extract of Annual Return

Form MGT 9 containing details, forming part of the extract of the Annual return is annexed to this report as Annexure "II" [pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014] .

22. Statement concerning development and implementation of Risk Management Policy of the company.

The Company has constituted a Risk Management Committee at a board meeting held on the 28th May 2015 and details pertaining to the role and functions of this committee is mentioned under the Management Discussion and Analysis Report which forms a part of this report.

23. Details of Policy developed and implemented by the company on its Corporate Social Responsibility initiatives.

The Companies Act, 2013 lays down a mandatory provision wherein every company having

- Net worth of rupees five hundred crore or more, or

- Turnover of rupees one thousand crore or more or

- Net profit of rupees five crore or more during any financial year, shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.

As the said provisions are not applicable to the company, it has not developed and implemented any Corporate Social Responsibility initiatives.

24. Transfer of Unclaimed Dividend to Investor Education Protection Fund. The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.

25. Adequacy of Internal Financial Controls

The Company has established and is maintaining internal controls and procedures. The Board of Directors have evaluated the effectiveness of the Company's internal controls and procedures and confirm that they are adequate based on the size and the nature of its business.

26. Internal Audit

The Company has a well established system of Internal Audit which carries out audit on Risk Management framework covering all the functions.

27. Auditors and Auditors report Statutory Auditors

M/s P.Murali & Co , Chartered Accountants, were appointed as Statutory Auditors from the conclusion of previous Annual General meeting until the upcoming annual general meeting. It is now proposed to re-appoint them as Statutory Auditors from the commencement of the ensuing Annual General Meeting till the conclusion of the next Annual General Meeting.. The Company has received a certificate from M/s P Murali & Co. to the effect that if reappointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.

As required above, the Board has, after considering the recommendations of the Audit Committee, incorporated a suitable resolution for your consideration and approval in the notice calling the ensuing Annual General Meeting of the Company.

Secretarial Auditor

The Board has appointed Mr.Y. Koteswara Rao, Practising Company Secretary, to conduct Secretarial Audit for the financial year 2015-16. The Secretarial Audit report for the financial year ended March 31, 2016 is annexed herewith in Annexure-III

28. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo.

The detailed information as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished under Annexure "IV" as attached to this report.

29. Management Discussion and Analysis

Management Discussion and Analysis Report forms a part of the Annual Report

30. Explanation or comments on qualifications, reservations or adverse remarks or disclaimers made by the auditors and the practicing company secretary in their reports

The Auditors Report does not contain any qualification. The Notes/Remarks on financial statements referred to in the Auditor's Report are self explanatory.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

31. Shares

Buy back of Securities

The Company has not bought back any of its securities during the financial year under review.

Sweat Equity

The Company has not issued any Sweat Equity Shares during the financial year under review.

Bonus Shares

No Bonus Shares were issued during the financial year under review. Employees Stock Option Plan

The Company has not provided for any Stock Options to its employees during the financial year under review.

32. Disclosures

Company's Property and Litigation

The Company has its own commercial space which was leased out to another IT Services company for 10 years in 2004.The Lease rentals were discounted with a housing finance company to augment working capital for the company. The tenant had terminated the lease and vacated the property of the company in 2009. Owing to Political conditions in the state the property could not be leased out and thereby the account became irregular. The company approached the lender to restructure the loan but they initiated proceedings under SARFAESI Act to recover their dues. The Lender took possession of the property. The company approached the Debts recovery tribunal. However, as on the balance sheet date the property continues to be registered in the name of the company and the lender is yet to make his submissions before the debts recovery tribunal.

Changes in Board & Board Committees

During the year, there were changes in the board on account of resignation of two independent directors and appointment of two new directors. The new appointments have resulted in reconstitution of the committees of the board.

Disclosures pertaining to the mandatory committees constituted by the Board for specific purposes has been included in the Corporate Governance Report which forms a part of the Annual report. Thus, the information pertaining to the composition of and number of meetings held by the committees such as Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee are covered in there.

Managerial Remuneration

The nomination and remuneration committee has reviewed the provisions of Schedule V , Part II , Section II to the Companies Act 2013 on the Remuneration payable by companies having no profits or inadequate profit.

The Committee has clarified that the remuneration payable to the managerial personnel is within the limits prescribed there under.

33. Corporate Governance

Pursuant to Regulation 27 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, a separate report on corporate governance has been included in this Annual Report in Annexure -IV together with a certificate from the Practicing Company Secretary regarding compliance of conditions of Corporate Governance.

All Board members and senior management personnel have affirmed compliance with the Code of Conduct for the year 2015-16. A declaration to this effect signed by the Managing Director of the Company is contained in this Annual Report.

34. Acknowledgement

Your Directors place on record their sincere thanks to their employees, bankers, business associates, consultants, and various government authorities for their continued support extended to your Company's activities during the financial year under review. Your Directors also acknowledge gratefully for your support and for the confidence reposed on this Company.

For and on behalf of the Board of Directors

Date : 12th August 2016 P.C.Pantulu

Place : Secunderabad Managing Director