Directors Report of J. Taparia Projects Ltd.

Mar 31, 2016

To

The Members,

The Directors have pleasure in presenting the Annual Report of the Company together with Audited Financial Statements for the year ended on 31st March, 2016.

( 1. Financial Results )_(Figures in ?)

	Standalone		Consolidated
Particulars	Current Year	Previous Year	Current Year	Previous Year
Sales & Other Income	950872	964098	1056372	1147198
Profit Before Depreciation, Taxation & Exceptional Item	(32323)	57024	(103122)	(103924)
Less: Depreciation	9388	25483	9388	25483
Less: Exceptional Items	-	112360	-	112360
Less: Deferred Tax	71	(2531)	71	(2531)
Profit / ( Loss ) After Taxation	(41782)	(78288)	(112581)	(239236)
Add: Balance Brought Forward from Previous Year	(961785)	(881182)	(1705691)	(1129616)
Surplus Available for Appropriation	(1003568)	(961786)	(1447108)	(1705691)
Appropriations
Tax for Earlier Year	-	(652)	-	(652)
Depreciation Adjusted as per Companies Act, 2013	-	(1664)	-	(1664)
Add : Addition on account of new Subsidiaries	-	-	-	(500837)
Less: Release unto cessation of Subsidiaries	-	-	371164	166314
Balance Carried To Balance Sheet	(1003568)	(961786)	(1447108)	(1705691)

2. Future Performance

During the year under review, the Company has incurred Loss of Rs. 41,782/-. Your Directors are identifying prospective areas and will make appropriate investments that will maximize the revenue of the company in the current Financial Year.

3. Dividend

In view of Inadequate Profit, Your Directors regret their inability to recommend any dividend for the year.

4. Auditors

Statutory Audit:

M/s. Maroti & Associates, Chartered Accountants, (Firm Registration Number 322770E), was appointed as statutory auditors at Annual General Meeting held on 11^th September, 2014 subject to their ratification at every Annual General Meeting. The Board seeks shareholders approval to ratify auditor’s appointment from the conclusion of this Annual General Meeting until the conclusion of next Annual General Meeting.

Secretarial Audit:

As required under section 204 (1) of the Companies Act, 2013 the Company has obtained a secretarial audit report.

Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed M/s. P D Rao & Associates, of Company Secretaries in Practice (C.P. No. 14385) to undertake the Secretarial Audit of the Company. The Secretarial Audit report for the financial year ended 31st March, 2016 is annexed herewith as “Annexure A” to this report. The Secretarial Audit Report does not contain any qualification, reservation and adverse remark.

5. Directors )

Director Mr. Sanjit Dhawa (DIN 05162937) retire by rotation and, being eligible, offer themselves for re appointment.

Mr. Ranjit Kumar Bihani (DIN 00129487) tendered his resignation from the Board and the Board considered the same with kind appreciation of his effort to bring the company to achieve its goal. His resignation was effective w.e.f. 10.02.2016.

6. Personnel )

In accordance with the requirement of the provision of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration)Rules,2014, no employee of the Company is in receipt of remuneration aggregating to ? 60,00,000/- or more for the year and Rs 5,00,000/- or more for part of the month.

( 7. Statutory Information )

Particulars required to be furnished by the Companies (Accounts) Rules, 2014:

1. CONSERVATION OF ENERGY	: NIL
2. TECHNOLOGY ABSORPTION & ADOPTION	: NIL
3. FOREIGN EXCHANGE EARNING & OUTGO	: NIL

Q 8. Listing Agreement_

The Securities Exchange Board of India (SEBI) on September 2, 2015 issued SEBI (Listing Obligation and Disclosure Requirement) Regulation,2015 with the aim to consolidate and streamline the provision of Listing agreement for different segments of capital market to ensure better enforceability. The said Regulations were effective from December 1, 2015. Accordingly, all listed entities were required to enter into listing agreement within six months from the effective date. The Company entered into listing agreement with BSE Limited during December,2015.

9. Responsibility Statement

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the profit or loss of the Company for the year under review.

iii. The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. The directors have prepared the annual accounts on a going concern basis.

v. The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

vi. The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

10. Share Capital

The paid up equity capital as on March 31, 2016 was Rs. 16.20 Crore. The company has not issued shares with differential voting rights nor granted stock options nor sweat equity.

11. Finance

Cash and cash equivalents as at March 31, 2016 was Rs. 10.83 lakhs. The company continues to focus on judicious management of its working capital, Receivables and other working capital parameters were kept under strict check through continuous monitoring

12. Fixed Deposit

We have not accepted any deposits within the meaning of Section 73 of the Companies Act,2013 and the Companies (Acceptance of Deposits) Rules,2014. Therefore, no such amount of principal or interest was outstanding as of the Balance Sheet date.

13. Particulars of Loans, Guarantees Or Investments

The Company has not given any loans or guarantees covered under the provision of Section 186 of the Companies Act,2013. The details of investment made by the Company is given in the notes of the financial statements.

14. Internal Control Systems And Their Adequacy

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is defined in the Internal Audit Manual. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee and to the Board Chairman & Managing Director.

The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company.

Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.

15. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement and SEBI (Listing Obligation and Disclosure Requirement) Regulation,2015, mandates the Board shall monitor and review the Board evaluation framework has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Appointment & Remuneration Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

( 16. 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. The Remuneration Policy is stated in the Corporate Governance Report.

17. Related Party Transactions

All related party transactions that were entered into during the financial year were on arm’s length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large.

( 18. Subsidiary Companies )

In accordance with Section 129(3) of the Companies Act, 2013, we have prepared consolidated financial statements of the Company which forms part of this Annual Report.

( 19. Policies )

We seek to promote and follow the highest level of ethical standards in all our business transactions guided by our value system. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed companies. All our corporate governance policies are available on the website of the Company. The policies are reviewed periodically by the board and updated based on need and new compliance requirement.

20. Code of Conduct )

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company. The Code has been posted on the Company’s website.

The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behavior from an employee in a given situation and the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliance with the Code. All Management Staff were given appropriate training in this regard

21. Vigil Mechanism / Whistle Blower Policy

The Company has a vigil mechanism to deal with instance of fraud and mismanagement, if any.

In staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and stakeholder responsibility.

The vigil mechanism ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern. The Chairman of Audit and Chairman of the Board looks into the complaints raised

22. Familiarization Programme for Independent Directors

All new Independent Directors inducted into the Board attend an orientation program. The details of training and familiarization program are provided in the Corporate Governance and is also available on our website (http://www.jtapariaprojects.com). Further at the time of appointment of independent director, the company issues a formal letter of appointment outlining his/her role, functions, duties and responsibilities.

23. Prevention of Insider Trading

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company’s shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

All Board Directors and the designated employees have confirmed compliance with the Code

24. Corporate Governance Management Discussion & Analysis Report

As required under clause 49 of the listing agreement with the Stock Exchange and SEBI (Listing Obligation and Disclosure Requirements) Regulation,2015, the Report on Corporate Governance together with Auditors view regarding compliance of the SEBI code of Corporate Governance is annexed herewith.

The Management Discussion & Analysis Report, which form an integral part of this Report, are set out as separate Annexure.

25. Internal Financial Control and its Adequacy

The board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

26. Policy For Determining Materiality For Disclosures

In terms of Regulation 30 (4) (ii) of the Listing Regulations, the Board of Directors of the Company, is required to formulate and adopt a Policy for Determination of Materiality of Events/Information, and upload the same on the website of the Company. Further, SEBI had vide Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015, prescribed the details that need to be provided by Listed Companies while disclosing such material events/ information.

This policy applies to disclosure of material events affecting the company. In terms of Regulation 30 of the Listing Regulations, listed entities are required to disclose details of events / information which in the opinion of the Board, are material.

27. Archival Policy

The policy deals with the retention and archival of corporate records of Shree Securities Ltd. The policy is available on the website of the company.

28. Extract of Annual Return

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as “ Annexure B”.

29. Acknowledgements )

The Board wishes to place on record their gratitude for the co-operation and assistance received from all those who contributed by some means or other for the performance of the company and expect the same in the future.

For and on behalf of the board

Place: Kolkata Mahavir Jain Sanjit Dhawa

Date: 16^th Day of May, 2016 Whole Time Director Managing Director

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Mar 31, 2014

The Members,

The Directors have pleasure in presenting the Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2014.

(Figures in Rs.)

CURRENT PREVIOUS YEAR YEAR

PROFIT/(LOSS) BEFORE TAXATION (4,048) 12,305

PROVISION FOR TAXES

Current tax

Deferred Tax (3,072) -

PROFIT AFTER TAX (7,120) 9,153

Brought forward from earlier years (8,74,062) (8,83,215)

Balance Carried To Balance Sheet(8,81,182) (8,74,062)

2. Future Performance

In the year under review, the Company has generated a Loss of Rs. 4,048/-. Your Directors are identifying prospective areas and will make appropriate investments that will maximize the revenue of the company in the current Financial Year.

3. Dividend

In view of Inadequate Profit, Your Directors regret their inability to recommend recommend any dividend for the year.

4. Auditors

The retiring Auditors M/s. Maroti & Associates, Chartered Accountants, Kolkata hold office till the conclusion of the Annual General Meeting and is eligible for reappointment expressing their willingness to be reappointed and to the effect that their appointment, if made, would be within the prescribed limits under section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for appointment. The matter is placed for consideration of members in this Annual General Meeting to pass the Resolutions at Item Nos. 3 of the Annual General Meeting Notice.

5. Directors

The Board commends the passing of the Resolutions at Annual General Meeting Notice for the appointment of Mr. Sanjit Dhawa as Managing Director of the company.

As per the provisions of Section 149 of the Act, which has come into force with effect from 1st April, 2014, an Independent Director is required to be appointed and shall hold office for a term up to maximum of five consecutive years on the Board of a company and shall not be liable to retire by rotation. In compliance with the provisions of Section 149 the company may place before the Members in General Meeting for their approval to appoint requisite Independent Directors. The Board in honor of the provisions The Company may place before the Members in General Meeting for their approval a name to be appointed as Non-Executive Women Director in AGM Notice.

Mr. Dilip Kumar Kanoria retires by rotation and being eligible, offers himself for re-appointment as non-executive director being eligible for retirement by rotation.

6. Personnel

In accordance with the requirement of Section 217(2A) of the Companies Act 1956, it is stated that no employee of the Company is in receipt of remuneration aggregating to Rs. 60,00,000/- or more for the year and Rs 5,00,000/- or more for part of the month.

7, Statutory Information

Particulars required to be furnished by the companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988:

1. CONSERVATION OF ENERGY : NIL

2. TECHNOLOGY ABSORPTION & ADOPTION : NIL

3. FOREIGN EXCHANGE EARNING & OUTGO : NIL

8, Listing

Your directors are pleased to inform that the company had listed its equity share at BSE LTD. under direct listing norms. Our endeavor in this respect shall prove you a ready market on nationwide platform for trading in securities on a continuous basis adding prestige and importance to the company. The company can also raise additional funds from the public through the new issue market with a greater degree of assurance. The new funds sought to be raised break new ground for the Company and are steps towards our ambition to build a more global fund house.

9. Responsibility Statement

i. In preparation of the annual accounts, the applicable Accounting Standards have been followed.

ii. The Directors have selected such accounting policies and have 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 at the end of the Financial Year.

iii. The Directors 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.

iv. The Directors have prepared the annual accounts on going concern basis.

10. Corporate Governance

As required under clause 49 of the listing agreement with the Stock Exchange, the Report on Corporate Governance together with Auditors view regarding compliance of the SEBI code of Corporate Governance is annexed herewith.

11. Acknowledgements

The Board wishes to place on record their gratitude for the co-operation and assistance received from all those who contributed by some means or other for the performance of the company and expect the same in the future.

For and on behalf of the board

Place: Kolkata Ranjeet Kumar Bihani Sanjit Dhawa

Date: 26th Day of May, 2014 Director Managing Director

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Mar 31, 2013

The Members,

The Directors have pleasure in presenting the Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2013.

1. FINANCIAL RESULTS (Fig. in Rs.)

CURRENT YEAR PREVIOUS YEAR

PROFIT/(LOSS) BEFORE TAXATION 12,305 (1,88,760)

PROVISION FOR TAXES

Current tax (3,152) (3,473)

Deferred Tax - -

PROFIT AFTER TAX 9,153 (1,92,233)

Brought forward from earlier years (8,83,215) (6,90,982)

Balance Carried To Balance Sheet (8,74,062) (8,83,215)

2. FUTURE PERFORMANCE:

In the year under review, the Company has generated a Profit of Rs. 12,305/-. Your Directors are identifying prospective areas and will make appropriate investments that will maximize the revenue of the company in the current Financial Year.

3. DIVIDEND:

In view of Inadequate Profit, Your Directors do not recommend any dividend for the year.

4. AUDITORS:

The retiring Auditors Maroti & Associates, Chartered Accountants, Kolkata hold office till the conclusion of the Annual General Meeting and is eligible for reappointment.

5. DIRECTORS:

Mr. Dilip Kumar Kanoria retires by rotation and being eligible, offers themselves for re-appointment Mr. Amal Jain retires by rotation and being eligible, offers themselves for re-appointment

6. PERSONNEL: In accordance with the requirement of Section 217(2A) of the Companies Act 1956, it is stated that no employee of the Company is in receipt of remuneration aggregating to Rs. 60,00,000/- or more for the year and Rs 5,00,000/- or more for part of the month.

7. STATUTORY INFORMATION:

Particulars required to be furnished by the companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988:

1. CONSERVATION OF ENERGY : NIL

2. TECHNOLOGY ABSORPTION & ADOPTION : NIL

3. FOREIGN EXCHANGE EARNING & OUTGO : NIL

8. RESPONSIBILITY STATEMENT:

i. In preparation of the annual accounts, the applicable Accounting Standards have been followed.

ii. The Directors have selected such accounting policies and have 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 at the end of the Financial Year

iii. The Directors 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.

iv. The Directors have prepared the annual accounts on going concern basis.

9. CORPORATE GOVERNANCE:

As required under clause 49 of the listing agreement with the Stock Exchange, the Report on Corporate Governance together with Auditors view regarding compliance of the SEBI code of Corporate Governance is annexed herewith.

10. ACKNOWLEDGEMENTS:

The Board wishes to place on record their gratitude for the co-operation and assistance received from all those who contributed by some means or other for the performance of the company and expect the same in the future.

For and on behalf of the board

Ranjeet Kumar Bihani Sanjit Dhawa

Director Director

Place : Kolkata

Date : 24th Day of May, 2013

---

Mar 31, 2012

The Members,

The Directors have pleasure in presenting the Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2012.

1. FINANCIAL RESULTS (Fig. in Rs.)

CURRENT YEAR PREVIOUS YEAR

PROFIT/(LOSS) BEFORE TAXATION (1,88,760) 64,697

PROVISION FOR TAXES

Current tax (3,473) (19,992)

Deferred Tax - -

PROFIT AFTER TAX (1,92,233) 44,705

Brought forward from earlier years (6,90,982) (7,35,687)

Balance Carried To Balance Sheet (8,83,215) (6,90,982)

2. FUTURE PERFORMANCE:

In the year under review, the Company has generated a Loss of Rs. 1,88,760/-. Your Directors are identifying prospective areas and will make appropriate investments that will maximize the revenue of the company in the current Financial Year.

3. DIVIDEND:

In view of Loss, Your Directors do not recommend any dividend for the year.

4. AUDITORS:

The retiring Auditors Maroti & Associates, Chartered Accountants, Kolkata hold office till the conclusion of the Annual General Meeting and is eligible for reappointment.

5. DIRECTORS:

Mr.Mahavir Jain retires by rotation and being eligible, offers themselves for re appointment.

Mr. Sanjit Dhawa and Mr. Amal Jain where appointed as additional Director in the Board of the Company and who hold office till the date of Annual General Meeting. The Company has received notice from the members signifying their intention to propose appointment of them as director who will retire by rotation.

6. PERSONNEL:

In accordance with the requirement of Section 217(2A) of the Companies Act 1956, it is stated that no employee of the Company is in receipt of remuneration aggregating to Rs. 24,00,000/ or more for the year and Rs 2,00,000/ or more for part of the year.

7. STATUTORY INFORMATION:

Particulars required to be furnished by the companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988:

1. CONSERVATION OF ENERGY : NIL

2. TECHNOLOGY ABSORPTION & ADOPTION : NIL

3. FOREIGN EXCHANGE EARNING & OUTGO : NIL

8. RESPONSIBILITY STATEMENT:

i. In preparation of the annual accounts, the applicable Accounting Standards have been followed.

ii. The Directors have selected such accounting policies and have 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 at the end of the Financial Year.

iii. The Directors 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.

iv. The Directors have prepared the annual accounts on going concern basis.

9. CORPORATE GOVERNANCE:

As required under clause 49 of the listing agreement with the Stock Exchange, the Report on Corporate Governance together with Auditors view regarding compliance of the SEBI code of Corporate Governance is annexed herewith.

10. ACKNOWLEDGEMENTS:

The Board wishes to place on record their gratitude for the co-operation and assistance received from all those who contributed by some means or other for the performance of the company and expect the same in the future.

For and on behalf of the board

Place : Kolkata Ranjeet Kumar Bihani Dilip Kumar Kanoria

Date : 22nd Day of June, 2012 Director Director

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Mar 31, 2011

The Members,

The Directors have pleasure in presenting the Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2011.

1. FINANCIAL RESULTS (Fig, in Rs.) CURRENT YEAR PREVIOUS YEAR

PROFIT/(LOSS) BEFORE TAXATIOPT 64,697 (1,29,312)

PROVISION FOR TAXES

Current tax (19,992) (13,191)

Deferred Tax - 51,600

PROFIT AFTER TAX 44,705 (90,903)

Brought forward from earlier years (7,35,687) (6,44,784)

Balance Carried To Balance Sheet (6,90,982) (7,35,687)

2. FUTURE PERFORMANCE:

In the year under review, the Company has generated a Profit of Rs. 44,705/-. Your Directors are identifying prospective areas and will make appropriate investments that will maximize the revenue of the company in the current Financial Year.

3. DIVIDEND:

In view of meager Profit, Your Directors do not recommend any dividend for the year.

4. AUDITORS:

The retiring Auditors Maroti & Associates, Chartered Accountants, Kolkata hold office till the conclusion of the Annual General Meeting and is eligible for reappointment.

5. DIRECTORS:

Shri Ranjeet Kumar Bihani & Hari Bhagawan Taparia retires by rotation and being eligible, offers themselves for re-appointment.

6. PERSONNEL:

In accordance with the requirement of Section 217(2A) of the Companies Act 1956 , it is stated that no employee of the Company is in receipt of remuneration aggregating to Rs 24,00,000 or more for the year rs 2,00,000 or more for part of the year.

7. STATUTORY INFORMATION:

Particulars required to be furnished by the companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988;

1. CONSERVATION OF ENERGY : NIL

2. TECHNOLOGY ABSORPTION & ADOPTION : NIL

3. FOREIGN EXCHANGE EARNING & OUTGO_: NIL_

8. RESPONSIBILITY STATEMENT:

i. In preparation of the annual accounts, the applicable Accounting Standards have been followed.

ii. The Directors have selected such accounting policies and have 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 at the end of the Finaneial Year.

iii. The Directors 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.

iv. The Directors have prepared the annual accounts on going concern basis.

9. CORPORATE GOVERNANCE:

As required under clause 49 of the listing agreement with the Stock Exchange, the Report on Corporate Governance together with Auditors view regarding compliance of the SEBl code of Corporate Governance is annexed herewith.

10. ACKNOWLEDGEMENTS:

The Board wishes to place on record their gratitude for the co-operation and assistance received from all those who contributed by some means or other for the performance of the company and expect the same in the future.

For and on behalf of the board

Place: Kolkata Ranjeet Kumar Bihani Dilip Kumar Kanoria Date : 28th day of June,2011 Directors Directors