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Directors Report of Adinath Exim Resources Ltd.

Mar 31, 2015

To

The Members

Adinath Exam Resources Ltd.

The Directors have pleasure in presenting the Twenty first Annual Report together with Statement of Accounts for the Financial Year ended on 31st March, 2015:

FINANCIAL RESULTS:

(Rs,In Lacs)

Particulars 2014-2015 2013-2014

Total Income 43.62 29.79

Expenditure 15.61 12.08

Profit Before Interest and Depreciation 26.21 17.71

Less: Depreciation 00.90 0.50

Profit Before Interest 27.11 17.20

Less: Interest 0 0

Profit Before Tax 27.11 17.20 Less: Prior Period Expenses 0 0

Less: Provision for: Current Taxation 4.17 3.11

Deferred Taxation 0.04 0.01

Profit after Taxation 22.91 14.08

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

TRANSFER TO RESERVES:

The Board has recommended transferring Rs. 23. 14 Lacs to General Reserves and an amount of Rs. 22.91 Lacs is retained as surplus in the Statement of Profit and Loss of Standalone financials.

DIVIDEND

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2015.

FIXED DEPOSITS:

Your Company has not accepted any deposits from the public within the meaning of chapter V of the Act,2013 for the year ended 31st March, 2015.

PARTICULARS OF LOANS, GUARANTEE AND INVESTMENTS:

As on 31st March, 2015, there was no outstanding loan or guarantees covered under the provisions of section 186 of Companies Act, 2013. Particulars of Investments made are provided in the financial statement.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Appointment:

The Company has appointed Ms. Shivangi Mehta (DIN: 07074084) as Additional Director in the category of non-executive, independent director of the Company in the meeting of the Board held on 12th February, 2015 to hold office up to ensuing Annual General Meeting of the Company. The Company has received notices from a member proposing appointment of Ms. Shivangi Mehta (DIN: 07074084) as Independent Director of the Company. The Board recommends their reappointment as Independent Director, who shall not be eligible for retirement by rotation, for a period of five consecutive years.

Retirement by Rotation:

In accordance with the provisions of section 152[6] of the Act and in terms of the Articles of Association of the Company, Mr. Paras Savla, Director [DIN - 00145639] will retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. The Board recommends his re-appointment.

Declaration from Independent Director:

The Company has received necessary declaration from each Independent Director of the Company under section 149 (7) of the Companies Act, 2013, that the Independent Director of the Company meet with criteria of their Independence laid down in section laid down in section 149(7).

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT 9 are annexed to this Report as Annexure A.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Your Directors confirm that,

In accordance with the provisions of section 134(5) of the Act, 2013, with respect to Director's Responsibility Statement , it is hereby stated:-

a) that in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have beans elected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2015 and of the profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken for 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;

d) that the annual financial statements for the year ended 31st March, 2015 have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

MEETINGS

Board Meetings:

There were 5 meetings of the Board held during the year. Detailed information is given in the Corporate Governance Report.

Committees of Board:

Details of various committees constituted by the Board of Directors as per the provisions of Clause 49 of the Listing Agreement and Companies Act, 2013 are given in the Corporate Governance Report which forms part of this report.

Details of composition of Audit Committees under section 177 (8), of the Companies Act, 2013 and 177 (10) Companies Act, 2013 are mentioned as under:

The Audit Committee consists of the following members. The details of which are provided below:

Name of Director Designation Highlights of Activities

Mr. Shetal Shah Chairman All recommendation made by the audit committee during

Mr. Manish Joshi Member the year were accepted by the Board

Mr. Paras Savla Member The Company has adopted Whistle Blower Mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud, or violation of the Company's Code of conduct.

Independent Directors Meeting:

The Independent Directors met on 25th March, 2015 without the attendance of Non-Independent Directors and members of the Management. The Independent Directors reviewed the performance of non-independent directors and the Board as whole 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.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance and the Directors individually. A process of evaluation was followed by the Board for its own performance and that of its Committees and individual Directors. A familiarization programmer was conducted for Independent Directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Separate reports on Corporate Governance compliance and Management Discussion and Analysis as stipulated by Clause 49 of the Listing Agreement forms part of this Annual Report along with the required Certificate from Practicing Company Secretary of the Company regarding compliance of the conditions of Corporate Governance as stipulated by Clause 49 of the Listing Agreement.

MATERIAL CHANGES

There have been no material changes and commitments affecting the financial position of the Company since the close of financial year i.e. since 31st March, 2015. Further, it is hereby confirmed that there has been no change in the nature of business of the Company.

RELATED PARTY TRANSACTIONS:

Related party transactions that were entered into during the financial year were on arm's length basis and were in ordinary course of business. There are no materially significant related party transactions made by the Company which may have potential conflict with the interest of the Company. There are no material related party transactions which are not in ordinary course of business or which are not on arm's length basis and hence there is no information to be provided as required under Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014. The Board has approved a policy for related party transactions which has been uploaded on the Company's website. The we blink as required under Listing Agreement is http://www.adinatheximresources.com/pdf/policies/RelatedParty TransactionPolicy.pdf

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to give information relating Corporate Social Responsibility as the Company does not fall under the applicable threshold limit mentioned under section 135 of the Companies Act, 2013.

RISK MANAGEMENT:

The Company manages, and monitors on the principal risks and uncertainties that can impact its ability to achieve its objectives.

Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49 of the listing agreement, the company has framed Risk Management Policy. The details of the policy are as updated on website of the company. At present the company has not identified any element of risk which may threaten the existence of the company.

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks. The Company has formally framed a Risk Management Policy to identify and assess the key risk areas, monitor and report compliance and effectiveness of the policy and procedure.

Discussion on risks and concerns are covered in the Management Discussion and Analysis Report, which forms part of this Annual Report.

REMUNERATION POLICY:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration.

AUDITORS:

Statutory Auditor and their Report:

M/s. Shailesh C. Parikh & Co., Chartered Accountant, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a Certificate regarding their eligibility for re-appointment as Statutory Auditor of the Company, pursuant to Section 139(1) of the Companies Act, 2013 read with rules. The Board of Directors recommends their re-appointment for 2015-2016.

Secretarial Auditor and Secretarial Audit Report:

Pursuant to provisions of section 204 of the Act and the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014, the Board has appointed M/s Rajesh Parekh & Co., a firm of Company Secretaries in Whole-time Practice to undertake the Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report is annexed herewith as Annexure - B. The Board has duly reviewed the Secretarial Auditor's Report and the observations and comments, appearing in the report are self- explanatory and do not call for any further explanation / clarification by the Board of Directors as provided under section 134 of the Act.

Internal Auditors:

The Board of Directors has appointed Mr. Mihir Shah, Chartered Accountants as Internal Auditors of the Company for the F. Y. 2015-16.

There is no qualification, reservation, adverse remark or disclaimer by the Statutory Auditors in their report or by the Secretarial Auditors in their Secretarial Audit Report and hence no explanation or comments of the Board is required in this matter. The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company.

INSURANCE

All movable properties as owned by the Company continued to be adequately insured against risks.

CORPORATE GOVERNANCE

The Report on corporate governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report. The requisite certificate from M/s. Rajesh Parekh and Co. confirming compliance with the conditions of corporate governance as stipulated under the aforesaid Clause 49, is attached to the Report on corporate governance

LISTING OF SHARES:

The Equity Shares of the Company are listed on the BSE Limited (BSE) with scrip code No. 532056 and on Delhi Stock Exchange of India Limited (NSE) with scrip ID ADIEXRE. The Company confirms that the annual listing fees to both the stock exchanges for the financial year 2015-16 have been paid.

PARTICULARS OF EMPLOYEES:

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the separate annexure forming part of this Report as Annexure-C.

There was no employee drawing salary as prescribed under Section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 .

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has framed and implemented an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

AND OUTGO:

Your Company is an NBFC. Since this business does not involve any manufacturing activity, most of the information required to be provided under section 134 (3)(m) of the Companies Act, 2013 read with Companies (Accounts)Rules, 2014, are Nil/Not Applicable.

However the information , as applicable , are given here under:

Conservation of Energy:

(i) the steps taken or impact on conservation of energy Your Company, being a service provider,

(ii) the steps taken by the company for utilizing requires minimal energy consumption and alternate sources of energy every Endeavour is made to ensure optimal

(iii) the capital investment on energy conservation use of energy, avoid wastages and conserve equipments energy as far as possible.

Technology Absorption:

(i) the efforts made towards technology absorption The Company is not using any particular

(ii) the benefits derived like product improvement, cost technology and as such information relating to reduction, product development or import substitution technology absorption is not required to be given.

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- (a) the details of technology imported

(b) the year of import;

(c) whether the technology been fully absorbed

(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof

(iv) the expenditure incurred on Research and Development

Foreign Exchange Earnings and Outgo:

The Company does not have any Foreign Exchange Earnings / Expenses during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

INTERNAL FINANCIAL CONTROL SYSTEM AND THIER ADEQUACY:

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

PUBLIC DEPOSIT:

During the year under review, your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance received from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.

For and on behalf of the Board

Date : 14/08/2014 PARAS SAVLA

Place :Ahmadabad Chairman

DIN: 00145639


Mar 31, 2014

Dear members,

The Directors have pleasure in presenting the Twentieth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2014.

FINANCIAL RESULTS

(Rs. In Lacs)

Particulars 2013-14 2012-13

Total Income 29.79 28.52

Expenditure 12.08 11.42

Profit Before Interest and Depreciation 17.71 17.10

Less: Depreciation 0.50 0.56

Profit Before Interest 17.20 16.54

Less: Interest 0 0

Profit Before Tax 17.20 16.54

Less: Prior Period Expenses 0 0

Less: Provision for: Current Taxation 3.11 3.37

Deferred Taxation 0.01 0.01

Profit after Taxation 14.08 13.17

The total income of the Company during the year under review is Rs. 29.79 Lacs against Rs. 28.52 Lacs in the previous financial year. The total profit of the Company during the year under review is Rs. 14.08 Lacs against Rs. 13.17 Lacs in the previous financial year.

DIVIDEND

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2014.

MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis (MDA), forming part of this report, inter-alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance Report" is attached to this Annual report. We have obtained a certificate from a Chartered Accountant on our compliances with clause 49 of the listing agreement with Stock Exchanges.

DIRECTORS

Mr. Manoj Savla retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Director''s Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable Accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made 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 the Financial Year.

iii) That the Directors have 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/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS

M/s. Shailesh C. Parikh & Co., Chartered Accountants, Statutory Auditors of the Company who retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a Certificate regarding their eligibility for re-appointment as Statutory Auditor of the Company, pursuant to Section 139(1) of the Companies Act, 2013 read with rules. The Board of Directors recommends their re-appointment for 2014-15.

SECRETARIAL COMPLAINCE CERTIFICATE

In accordance with Section 383(A) of the Companies Act, 1956, the Secretarial Compliance Certificate is attached with the report.

PARTICULARS OF EMPLOYEES

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The Company is not required to give information relating to conservation of energy and technology absorption as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

FOREIGN EXCHANGE EARNINGS / EXPENSES

The Company does not have any Foreign Exchange Earnings / Expenses during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

PUBLIC DEPOSIT

During the year under review, your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance received from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.



By Order of Board of Directors

Date : 13/08/2014 PARAS SAVLA Place : Ahmedabad Chairman


Mar 31, 2013

To The Members of Adinath Exim Resources Ltd.

The Directors have pleasure in presenting the Nineteenth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2013:

FINANCIAL RESULTS:

(Rs. In Lacs)

Particulars 2012-13 2011-12

Total Income 28.52 27.98

Expenditure 11.42 9.21

Profit Before Interest and Depreciation 17.10 18.77

Less: Depreciation 0.56 0.66

Profit Before Interest 16.54 18.11

Less: Interest 0 0

Profit Before Tax 16.54 18.11

Less: Prior Period Expenses 0 0

Less: Provision for: Current Taxation 3.37 3.77

Deferred Taxation 715 (1404)

Profit after Taxation 13.17 14.34

The total income of the Company during the year under review is Rs. 28.52 Lacs against Rs. 27.98 Lacs in the previous financial year. The total profit of the Company during the year under review is Rs. 13.17 Lacs against Rs. 14.34 Lacs in the previous financial year.

DIVIDEND

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2013.

MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis (MDA), forming part of this report, inter-alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance Report" is attached to this Annual report. We have obtained a certificate from a Chartered Accountant on our compliances with Clause 49 of the Listing Agreement with Stock Exchanges.

DIRECTORS

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association, Mr. Manish Joshi shall retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable Accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made 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 the Financial Year.

iii) That the Directors have 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/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS

M/s. Shailesh C. Parikh & Co., Chartered Accountant, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

The Company has received certificate from M/s. Shailesh C. Parikh & Co., Chartered Accountant, to the effect that their appointment, if made would within the prescribed limits under Section 224(1B) of the Companies Act, 1956 and that they are not disqualified from such appointment within the meaning of section 226 of the Companies Act, 1956. The proposal for re-appointment is included in the notice of Annual General Meeting sent with.

PARTICULARS OF EMPLOYEES

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

CONSERVATION OF ENERGY ANDTECHNOLOGY ABSORPTION

The Company is not required to give information relating to conservation of energy and technology absorption as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

PUBLIC DEPOSIT

During the year under review, your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance received from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.

By Order of Board of Directors

Date : 07/08/2013 PARAS SAVLA

Place : Ahmedabad Chairman


Mar 31, 2012

To The Members of Adinath Exim Resources Ltd.

The Directors have pleasure in presenting the Eighteenth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2012:

FINANCIAL RESULTS : (Rs. in Lacs)

Particulars 2011-12 2010-11

Total Income 27.98 29.91

Expenditure 9.21 7.5

Profit Before Interest and Depreciation 18.77 23.23

Less : Depreciation 0.66 0.82

Profit Before Interest 18.11 22.41

Less : Interest 0 0

Profit Before Tax 18.11 22.41

Less : Prior Period Expenses 0 0

Less : Provision for: Current Taxation 3.77 4

Deferred Taxation (1404) 0.03

Profit after Taxation 14.34 18.43

The total income of the Company during the year under review is Rs. 27.98 Lacs against Rs. 29.91 Lacs in the previous financial year.

DIVIDEND :

With a view to conserve the financial resources of the Company, your Directors do not recommend any dividend on equity shares for the year ended 31st March, 2012.

MANAGEMENT DISCUSSION AND ANALYSIS :

A report on Management Discussion and Analysis (MDA), forming part of this report, inter-alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE:

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance Report" is attached to this Annual report. We have obtained a certificate from a Chartered Accountant on our compliances with clause 49 of the listing agreement with Stock Exchange.

DIRECTORS :

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association, Mr. Shetal Shah shall retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTOR'S RESPONSIBILITY STATEMENT :

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made 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 the Financial Year.

iii) That the Directors have 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/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS :

M/s. Shailesh C. Parikh & Co., Chartered Accountant, statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

The Company has received certificate from M/s. Shailesh C. Parikh & Co., chartered Accountant, to the effect that their appointment, if made would within the prescribed limits under section 224(1B) of the Companies Act, 1956 and that they are not disqualified from such appointment within the meaning of section 226 of the Companies Act, 1956.

SECRETARIAL COMPLIANCE CERTIFICATE :

In accordance with section 383A of the Companies Act, 1956, the Secretarial Compliance Certificate is attached with the report.

PARTICULARS OF EMPLOYEES :

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :

The Company is not required to give information relating to conservation of energy and technology absorption as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

FOREIGN EXCHANGE EARNINGS/EXPENSES :

The Company does not have any Foreign exchange earnings/expenses during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

PUBLIC DEPOSIT :

During the year under review your Company has not accepted any deposits from the public.

ACKNOWLEDGEMENT :

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment displayed by its employees during the year under review.

For and on behalf of the Board

PARAS SAVLA Chairman

Date : 31/08/2012 Place : Ahmedabad


Mar 31, 2010

The Directors have pleasure in presenting the Sixteenth Annual Report together with Audited Statement of Accounts for the Financial Year ended on 31st March, 2010:

FINANCIAL RESULTS:

( Rs. In Lacs)

Particulars 2009-10 2008-09

Total Income 19.54 15.36

Expenditure 17.17 4.80

Profit Before Interest and Depreciation 2.37 10.56

Less: Depreciation 1.02 1.17

Profit Before Interest 1.35 9.39

Less: Interest 0.00 0.0006

Profit Before Tax 1.35 9.39

Less: Prior Period Expenses 0.65 0.00

Less: Provision for: Current Taxation 0.88 1.56

Deferred Taxation 0.00 0.00

Profit after Taxation (0.18) 7.84



During the period under review the Company has earned Gross Income of Rs. 19.54 lacs and incurred Net loss of Rs. 0.18 lacs compared to total income of Rs. 15.36 Lacs and Net Profit of Rs. 7.83 Lacs in the previous year.

DIVIDEND

In the view of net loss during the year under review, your directors do not recommend any dividend on equity shares for the year ended 31st March, 2010.

MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis (MDA), which form part of this report, inter alia, deals adequately with the operation as also current and future outlook of the company.

CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement, a detailed report on Corporate Governance duly certified by the auditors forms part to this report.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association, Mr. Manoj Savla being longest in office retire by rotation and being eligible offers himself for re-appointment.

Manish Babubhai Joshi was appointed by the Board as Additional Director with effect from April 26, 2010. He holds office upto the date of the forthcoming Annual General Meeting pursuant to Section 260 of the Compa- nies Act, 1956. The Company has received a notice in writing from a member under Section 257 of the Companies Act, 1956 proposing the appointment of Shri Manish Babubhai Joshi as Director of the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the Annual Accounts, all the applicable accounting Standards have been followed.

ii) That the Accounting Policies are adopted and consistently followed and the judgments and estimates made 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 the Financial Year.

iii) That the Directors have 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/detecting fraud and irregularities.

iv) That the Directors have prepared the Annual Accounts on going concern basis.

AUDITORS

The present Auditors of the Company M/s. Shailesh C. Parikh & Co., Chartered Accountants, Ahmedabad will retire at the ensuing Annual General Meeting of the Company. They have submitted certificate for their eligibility for re-appointment under Section 224(1-B) of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES

There is no employee drawing remuneration for which information is required to be submitted under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The Company is not required to give information relating to conservation of energy and technology absorp- tion as the Company is not engaged in any activities referred to in Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

FOREIGN EXCHANGE EARNINGS / OUTGO:

The Company does not have any Foreign exchange earnings / outgo during the year under review and therefore the information in respect of Foreign Exchange Earnings and Outgo as required by Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not provided.

PUBLIC DEPOSIT

During the year under review your Company has not accepted any deposits from the public.

HUMAN RESOURCES

The Companys most valuable asset and strength, its human resource is built up over the period of time. The Company is continuously facilitating their assessment procedure to progress rapidly as an organization. The Companys employee relations were harmonious during the period under review.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assis- tance from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commit- ment displayed by its employees.

By Order of Board of Directors

Date : 16.08.2010 PARAS SAVLA

Place :Ahmedabad Chairman

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