Directors Report of Gagan Polycot India Ltd.

Mar 31, 2015

Dear Members,

The Directors of the Company take pleasure in presenting their 27th Annual Report together with the annual audited financial statements for the financial year ended March 31, 2015.

Financial Results

The summary of the Company's financial performance for the financial year 2014-15 as compared to the previous financial year 2013-14 is given below:

(Amt in lacs)

Particulars Year Ended Year Ended 31/03/2015 31/03/2014

Income 11129.82 7770.68

Less: Expenses (11132.25) (7770.09)

Less: Depreciation (21.47) (23.29)

Profit after Depreciation & Interest 19.04 24.81

Provision for Taxation 5.88 7.50

Provision for Tax (deferred) (3.27) 0.77

Profit after Tax 16.43 16.55

Net profit/ (Loss) 16.43 16.55

Balance carried to Balance Sheet 16.43 16.55

Highlights

During the year your company has diversified its business into manufacturing of surgical products business. During the year your company has income of Rs. 1129.82lacs including other income as compared to Rs.7770.68Lacs in the previous year. The Net profit after tax was Rs. 16.43 lacs against the Net Profit of Rs. 16.55Lacs in the previous year.

Dividend

In order to conserve the resources, your Directors are unable to declare any dividends.

Deposits

Your Company has not accepted any deposits from the public falling within the ambit of Section 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposits) Rules, 2014.

Board of Directors

All Independent Directors have submitted the declaration of Independence as required under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as laid down under Section149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

Declarations Given By Independent Directors

All the Non-Executive and Independent Directors have confirmed to the Board that they qualify to be considered as independent as per the definition of 'Independent Director' stipulated in Section 149(6) of the Act and Clause 49(II)(B)(1) of the Listing Agreement. These confirmations have been placed before, and noted by the Board.

Policies On Directors' Appointment And Remuneration

The policies of the Company on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of Section 178 of the Act is appended as Annexure I (a) & I (b) to this Report.

Evaluation Of Board Of Directors

Pursuant to the provisions of the Act and Clause 49 of the Listing Agreement, the Nomination and Remuneration Committee of the Board carried out the annual evaluation of the performance of the Board as a whole, the Directors individually as well as of various Committees of the Board. The performance evaluation of the Independent Directors was carried out by the Nomination and Remuneration Committee and noted in turn by the Board.

Board Committees

Your Company has following Committees of Board, viz,

1. Audit Committee

2. Stakeholders' Relationship Committee

3. Nomination and Remuneration Committee

Details of all the Committees along with their composition, terms of reference and meetings held during the year are provided in Report on Corporate Governance' forming part of the Annual Report.

Directors' Responsibility Statement

Pursuant to the requirements under Section 134(3)(c) read with Section 134(5) of the Act with respect to Directors' Responsibility Statement, your Directors hereby confirm that:

* in the preparation of the annual accounts, the applicable accounting standards have been followed;

* appropriate accounting policies have been selected and applied consistently and estimates and judgments 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 that period;

* proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of Act have been taken for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;

* the annual accounts have been prepared on a going concern basis; and

* Proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Auditors

* Statutory Auditors

The Company Auditors, M/s. S S R V & Associates, Chartered Accountants, retire at the conclusion of the forthcoming Annual General Meeting and are eligible for re-appointment.

Pursuant to the provisions of Section 139 of the Companies Act, 2013 ('the Act') read with Rule 6 of the Companies (Audit and Auditors) Rules, 2014, the Audit Committee and the Board have recommended their re-appointment as Auditors of the Company from the conclusion of the forthcoming Annual General Meeting till the conclusion of the next Annual General Meeting of the Company.

The Company has received a written consent to such appointment from M/s. S S R V & Associates, Chartered Accountants, and a certificate that the appointment, if made, shall be in accordance with the criteria as specified in Section 141 of the Act. As required under Clause 49 of the Listing Agreement, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

* Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed M/s. SARK & Associates, Company Secretaries in Practice to undertake the Secretarial Audit of the Company for the financial year 2014-2015. The Report of the Secretarial Auditor is annexed herewith as Annexure II and forms an integral part of this Report.

Risk Management And Internal Controls

The Company has a well-defined risk management frame work in place. The details of the risks faced by the Company and the mitigation thereof are discussed in detail in the Management Discussion and Analysis report that forms part of the Annual Report.

Reports on Corporate Governance and Management Discussion & Analysis

The reports on Corporate Governance and Management Discussion and Analysis for the year under review, as stipulated under Clause 49 of the Listing Agreement form part of the Annual Report. The certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is annexed to the Corporate Governance Report.

Particulars of Contracts or Arrangements with Related Parties

The particulars of contracts or arrangements with related parties referred to in Section 188(1), as prescribed in Form AOC - 2 are appended as Annexure III.

Particulars of Employees and Related Information

In terms of the provisions of Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement containing the disclosures pertaining to remuneration and other details as required under the Act and the above Rules are provided in the Annual Report. The disclosures as specified under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, have been appended to this Report as Annexure IV.

Board meetings

The Board meets at regular intervals to discuss and decide on the Company's policies and strategy apart from other Board matters.

During the financial year 2014-15, fourteen board meetings were held on May 30, 2014, August 11, 2014, October 10, 2014, February 13, 2015 and March 31, 2015. The gap between the two board meetings did not exceeds 120 days.

Extract of Annual Return

Pursuant to the requirements under Section 92(3) and Section 134(3) of the Act read with Rule 12 of Companies (Management and Administration) Rules, 2014, an extract of Annual Return in prescribed Form MGT-9 is given in the Report as Annexure IV.

Conservation Of Energy, Technology Absorption, Foreign Exchange Earnings And Outgo

In view of the nature of activities which are being carried on by the Company, the particulars as prescribed under Section 134(3)(m) of the Act read with Companies' (Accounts) Rules, 2014regarding Conservation of Energy and Technology Absorption, and research and development are not applicable to the Company.

Listing Of Shares of The Company

The Equity Shares of your Company continue to remain listed on Bombay Stock Exchange Ltd.

The Company has paid the listing fees as payable to the BSE Ltd. for the financial year 2015-16 on time.

Vigil Mechanism/Whistle Blower Policy

The Company has established a vigil mechanism to provide appropriate avenues to the Directors and employees to bring to the attention of the Management, the concerns about behavior of employees that raise concerns including fraud by using the mechanism provided in the Whistle Blower Policy. The details of the said Policy are included in the Report on Corporate Governance which forms part of the Annual Report.

During the financial year 2014-15, no cases under this mechanism were reported in the Company and any of its subsidiaries/ associates.

Policy for Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace:

The company has framed policy in accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the financial year 2014-15, no cases in the nature of sexual harassment were reported at our workplace of the company.

Management Discussion and Analysis Report

Further, a separate Management Discussion and Analysis Report covering a wide range of issues relating to Industry Trends, Company Performance, SWOT analysis, Corporate Process, Business Outlook among others is annexed to this Report.

Chief Executive Officer (CEO) and Chief Financial Officer (CFO) Certification

The Chief Executive Officer and Chief Financial Officer Certification as required under Clause 49 of the Listing Agreements and Chief Executive Officer declaration about the Code of Conduct is Annexed to this Report.

Acknowledgements

The Directors express their sincere gratitude to the BSE Limited, National Stock Exchange of India Limited, Ministry of Finance, Ministry of Corporate Affairs, Registrar of Companies, National Securities Depository Limited, other government and regulatory authorities, financial institutions and the bankers of the company for their ongoing support.

The Directors also place on record their sincere appreciation for the continued support extended by the Company's stakeholders and trust reposed by them in the Company. The Directors sincerely appreciate the commitment displayed by the employees of the Company resulting in satisfactory performance during the year.

On behalf of the Board of Directors

Sd/- Ketu Parikh (Managing Director) DIN - 00185343

Date: 22/08/2015 Place: Vasai

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Mar 31, 2013

To The Members of Gagan Polycot India Limited

The directors are pleased to present the 25th Annual Report and audited statements of accounts for the year ended 31st March 2013.

FINANCIAL RESULTS:

Particulars Financial Year 2013 Financial Year 2012

Total Income 65,76,59,133 37,47,24,306

Less: Total Expenses 65,37,19,560 37,13,94,766

Profit before Tax 39,39,573 33,29,540

Less: Tax Expense

1. Current Tax 15,00,000 65,00,000

2. Deferred Tax (1,52,637) 5,07,619 (Reversed)

Profit after Tax 25,92,210 21,71,921

Balance carried to Balance Sheet 25,92,210 21,71,921

YEAR AND PERIOD UNDER REWIEW:

During the year under review, the turnover of the company has decreased to Rs. 65,75,05,574/- as against Rs. 37,47,24,306/- in the corresponding previous year, although the Profits after-tax of the company has increased to Rs. 25,92,210/- as against Rs. 21,71,921/-

DIVIDEND:

In order to conserve the resources, your Directors are unable to declare any dividends.

AUDITORS:

M/s. AMD & Co., Chartered Accountants, the retiring Auditors have expressed their willingness to be re-appointed. It has been proposed to reappoint M/s. AMD &Co., Chartered Accountants as Auditors of the Company.

The Company has a Certificate from them that they are qualified under Section 224 (1) of the Companies act, 1956 for appointment as Auditors of the Company. Members are requested to consider their appointment at a remuneration to be decided by the Board of Directors for the Financial Year ending March 31, 2013 as set out in the Notice conveying the Meeting.

AUDITORS'' OBSERVATION:

The remarks of the auditors are self-explanatory in nature and need no further clarification.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that: a) In the preparation of the annual accounts, applicable accounting standard have been followed.

b) They 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 March 31, 2013 and of the profit & loss of the Company for that year.

c) They have taken proper and sufficient care 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 preventing and detecting fraud and other irregularities.

d) They have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company come within the purview of the information required u/s 217[2A] of the Companies Act, 1956 read with the Companies{particulars of Employees] Rules, 1975 as amended from time to time.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Information required to be given pursuant to Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the report of the Board of Directors) Rules, 1988does not apply to your Company. There were no Foreign exchange earnings or outgo during the Financial Year201213.

CORPORATE GOVERNANCE:

As required under the Listing Agreement with Bombay Stock Exchange Limited, a report on Corporate Governance is given in Annexure "A" to this report.

ACKNOWLEDGEMENT:

The Board of Directors place on record its sincere appreciation for the dedicated efforts put in by all employees, their commitment and contribution ensuring sustained operations that your Company has achieved in most difficult and challenging environment during the year.

Your Director would like to record their sincere appreciation for the support and cooperation that your Company received from all its suppliers, customers and stakeholders and business associates whom your Company regard as partners in progress.

Your Board of Directors also expresses their appreciation of the assistance and cooperation extended by the bankers.

ON BEHALF OF THE BOARD OF DIRECTORS

For GAGAN POLYCOT INDIA LIMITED

Sd/-

Place: Mumbai Mr. Ketu Parikh

Date: 31st May, 2013 MANAGING DIRECTOR

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Mar 31, 2012

To, The Members of, Gagan Polycot India Limited

The directors are pleased to present the 24th Annual Report and audited statements of accounts for the year ended 31st March 2012.

FINANCIAL RESULTS:

Particulars Financial Year Financial Year 2011-12 2010-11

Total Income 37,47,24,306 91,95,04,602

Profit before Depreciation 48,42,772 8,13,434

Less: Depreciation 15,13,232 53,244

Profit/(loss) Before Tax 33,29,540 7,60,190

Less: Provision for tax. 11,57,619 2,85,387

Profit/(loss) After Tax 21,71,921 4,74,803

YEAR AND PERIOD UNDER REWIEW:

During the year under review, the turnover of the company has decreased to Rs.37,47,24,306/- as against Rs.91,95,04,602/- in the corresponding previous year, although the Profits after tax of the company has increased to Rs. 21,71,921/- as against Rs. 4,74,803/- .

DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company, Mr. Hemang Sampat, Directors of the company shall retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Board of Directors recommend his re-appointment.

AUDITORS:

M/s. AMD & Co., Chartered Accountants, the retiring Auditors have expressed their willingness to be re- appointed. It has been proposed to reappoint M/s. AMD & Co., Chartered Accountants as Auditors of the Company.

The Company has a Certificate from them that they are qualified under Section 224 (1) of the Companies act, 1956 for appointment as Auditors of the Company. Members are requested to consider their appointment at a remuneration to be decided by the Board of Directors for the Financial Year ending March 31, 2013 as set out in the Notice conveying the Meeting.

AUDITORS' OBSERVATION:

The observations of the Auditors contained in their Report regarding the Donation of Rs.9,51,000/- given which in excess of the limit prescribed under Section 293 (1) (e) of the Companies Act 1956 without taking the consent in General Meeting. The Company is taking necessary steps for obtaining shareholders approval at the ensuing Annual general meeting.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

a) In the preparation of the annual accounts, applicable accounting standard have been followed.

b) They 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 March 31, 2012 and of the profit & loss of the Company for that year.

c) They have taken proper and sufficient care 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 preventing and detecting fraud and other irregularities.

d) They have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company come within the purview of the information required u/s 217[2A] of the Companies Act, 1956 read with the Companies [particulars of Employees] Rules, 1975 as amended from time to time.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Information required to be given pursuant to Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the report of the Board of Directors) Rules, 1988 does not apply to your Company.

There were no Foreign exchange earnings or outgo during the Financial Year 2011-12.

CORPORATE GOVERNANCE:

As required under the Listing Agreement with Bombay Stock Exchange Limited, a report on Corporate Governance is given in Annexure "A" to this report.

ACKNOWLEDGEMENT:

The Board of Directors place on record its sincere appreciation for the dedicated efforts put in by all employees, their commitment and contribution ensuring sustained operations that your Company has achieved in most difficult and challenging environment during the year.

Your director would like to record their sincere appreciation for the support and co-operation that your Company received from all its suppliers, customers and stakeholders and business associates whom your Company regard as partners in progress.

Your Board of Directors also expresses their appreciation of the assistance and co-operation extended by the bankers.

ON BEHALF OF THE BOARD OF DIRECTORS GAGAN POLYCOT INDIA LIMITED



Sd/- Rajesh Mehta MANAGING DIRECTOR

Place: Mumbai Date: 31.05.2012

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Mar 31, 2010

The directors are pleased to present the 22nd Annual Report and audited statements of accounts for the year ended 31st March 2010.

FINANCIAL RESULTS: Particulars Financial Financial year year 2009-2010 2008-2009

Total Income 39,32,82,803 28,97,27,291

Profit before Depreciation 4,12,348 1,83,892

Less: Depreciation 61,262 73,670

Profit/loss) Before Tax, 3,51,086 1,10,222

Less: Provision for tax. 11,15,000 55,000

DIRECTORS:

In Accordance with the provision of the Companies Act 1956, Mrs. Rachana Bagla retires by rotation and being eligible, offers herself for reappointment.

AUDITORS:

Messrs. R.M. Bothara & Co., the retiring Auditors have not sought reappointment. It has been proposed Meessrs. AMD & Co., Chartered Accountants held office as Auditors of the Company.

The Company has a Certificate from them that they are qualified under Section 224 (1) of the Companies act, 1956 for appointment as Auditors of the Company. Members are requested to consider their appointment at a remuneration to be decided by the Board of Directors for the Financial Year ending March 31, 2010 as set out in the Notice conveying the Meeting.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:

a) In the preparation of the annual accounts, applicable accounting standard have been followed.

b) They 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 March 31, 2010 and of the profit & loss of the Company for that year.

c) They have taken proper and sufficient care 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 preventing and detecting fraud and other irregularities.

d) They have prepared the annual accounts on a going concern basis. PARTICULARS OF EMPLOYEES

There are no employees, particulars of employees, as required under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Information required to be given pursuant to Section 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the report of the Board of Directors) Rules, 1988 does not apply to your Company.

There was no Foreign exchange earning or outgo during the Financial Year 2009-10.

ACKNOWLEDGEMENT;

The Board of Directors place on record its sincere appreciation for the dedicated efforts put in by all employees, their commitment and contribution ensuring sustained operations that your Company has achieved in most difficult and challenging environment during the year. Your director would like to record their sincere appreciation for the support and co-operation that your Company received from all its suppliers, customers and stakeholders and business associates whom your Company regard as partners in progress.

Your Board of Directors also express their appreciation of the assistance and co-operation extended by the bankers.

ON BEHALF OF THE BOARD OF DIRECTORS

GAGAN POLYCOT INDIA LIMITED

DIRECTOR

Place: Malegaon

Date: 25.08.2010

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Mar 31, 2009

The Directors have pleasure in presenting the 21st Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March 2009.

FINANCIAL RESULT:

(Rupees In Lacs)

Year ended Year ended 31st March 2009 31st March 2008

Total Income 2897.27 2867.76

Profit before Depreciation 1.84 1.72

Less : Depreciation 0.74 0.89

Profit (Loss) before Tax 1.10 0.82

Less : Provision for Taxation (i.Tax+FBT) 0.55 0.44

Profit (Loss) for the year 0.55 0.38

DIRECTORS:

In Accordance with the provision of the Companies Act 1956, Shri Pawankumar Bagla retires by rotation and being eligible, offers himself for reappointment.

AUDITORS:

Mr. R.M. Bothara, Chartered Accountant held office from conclusion of this meeting till the conclusion of the this Annual General Meeting.

The Company received letter from "R.M. Bothera & Co." Chartered Accountant mentioning that if reappointed as auditor their appointment will be in accordance with the limits specified in the Companies Act 1956.

AUDITORS REPORT:

Observation made in the Auditors Report are self explanatory and therefore ,do not call for any further comments Under Section 217 (3) of the Companies Act,1956.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provision of Section 217 (2AA) as amended by the Companies (Amendment) Act 2000, the Directors hereby state :

a) That while preparing the Annual Accounts for the year ended 31st March 2009 the applicable accounting standards have been followed along with proper explanations relating to material departures.

b) That the Directors had selected such accounting policies and applied them consistently and made judgements 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.

c) That the Directors have taken proper and sufficient care for the maintenance of the adequate accounting records in accordance with the provisions of this act for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities .

d) That the Directors have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be given under Section 217 (2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Information required to be given pursuant to Section 217(1) (e) of the Companies Act 1956 read with the Companies (Disclosures of particulars in the Report of the Board of Directors) Rules,1988 does not apply to your Company. There was no foreign exchange earning or outgo during the year 2008 -2009.

ACKNOWLEDGEMENT

The Board of Directors wish to place on record their sincere appreciation and co-operation extended by the share holders .clients, bankers & staff and look forward to their continued support.

For and on behalf of the Board

Malegaon, 5th September 2009 PAWAN KUMAR BAGLA Director

Registered Office 201/202, Gagan Towers, Tilak Road, MALEGAON - 423203.

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Mar 31, 2007

Dear Shareholders,

The Board of Directors hereby presents the Nineteenth Annual Report together with the audited Standalone & Consolidated financial Statements for the financial year ended on 30th June, 2007

FINANCIAL RESULT:

(Rupees In Lacs) Year ended Year ended 31st March 2007 31st March 2006

Total Income 699.18 2332.11

Profit before Depreciation 1.46 1.23

Less : Depreciation 1.10 1.19

Profit (Loss) before Tax 0.36 0.04

Less: Provision for Taxation FBT) 0.35 0.67

Profit (Loss) for the year 0.01 (0.63)





DIRECTORS:

In Accordance with the provision of the Companies Act 1956, Shri Pawankumar Bagla retires by rotation and being eligible, offers herself for reappointment.

AUDITORS:

Mr. Vimalchand M Jain. Chartered Accountant hold office from conclusion of this meeting till the conclusion of the next Annual General Meeting. Mr. Vimalchand M. Jain informed the Company that if appointed their appointment will be in accordance with the limit specified in the Companies Act 1956.

AUDITORS REPORT:

Observation made in the Auditor''s Report are self explanatory and therefore ,do not call for any further comments Under Section 217 (3) of the Companies Act.1956.

DIRECTORS RESPONSIBILITY STATEMENT;

Pursuant to the provision of Section 217 (2AA) as amended by the Companies (Amendment) Act 2000, the Directors hereby state :

a) That while preparing the Annual Accounts for the year ended 31" March 2007 the applicable accounting standards have been followed along with proper explanations re ating to material departures.

b) That the Directors had selected such accounting policies and applied them consistently and made judgements 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 tor that penod.

c) That the Directors have taken proper and sufficient care for the maintenance of the adequate accounting records in accordance with the provisions of this act for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities .

d) That the Directors have prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

There are no employees whose particulars are required to be given under-Section 217 (2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNING AND OUTGO:

Information required to be given pursuant to Section 217(1) (e) of the Companies Act 1956 read with the Companies (Disclosures of particulars in the Report of the Board of Directors) Rules. 1988 does not apply to your Company

There was no foreign exchange earning or outgo dunng the year 2006 -2007.

ACKNOWLEDGEMENT

The Board of Directors wish to place on record their sincere appreciation and co-operation extended by the share holders .clients, bankers & staff and look forward to their continued support

For and on behalf of the Board

Malegaon,

28th Aug ust 2007 PAVAN KUMAR BAGLA

Managing Director

Registered Office

201/202, Gagan

Towers. Titak Road.

MALEGAON - 423203.