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Directors Report of Kreon Financial Services Ltd.

Mar 31, 2013

Dear Stockholders,

The Directors have great pleasure in presenting the 19th Annual Report together with the Audited Accounts of your Company for the financial year ended 31st March 2013.

1. OPERATIONS

The financial results of the Company for the year ended 31st March 2013 is summarized below:

Rs. in Lacs

Particulars Year ended Year ended Year ended Year ended 31st March 31st March 31st March 31st March 2013 2012 2013 2012 Standalone Standalone Consolidated Consolidated

Income from Operations 54.29 --- 85.69 1785.55

Non-operating Income ---- 57.60 ---- 43.83

Total Income 54.29 57.60 85.69 1829.38

Total Expenditure 28.72 52.51 58.54 1603.99

Profit/Loss before Depreciation 25.57 5.09 27.15 225.38

Interest and Taxation

Interest & Finance Charges 4.58 0.04 5.14 107.49

Depreciation 0.23 0.23 0.31 42.35

Profit/Loss before Tax 20.76 4.82 21.70 75.54

Provision for Current Taxes ---- ---- 0.28 18.98

Provision for Deferred Taxes 0.12 0.07 0.12 -2.84

Profit/Loss after Tax 20.88 4.89 21.54 59.40

Statutory Reserve 4.18 0.98 4.18 14.11

Balance in Profit & Loss Account 16.70 3.91 17.36 30.29

Balance carried to Balance Sheet 233.51 -57.12 234.13 -95.52

Your Company has made a Profit / (Loss) of Rs. 16.70 lacs for the financial year 2012 -2013 on standalone basis as compared to Standalone Profit / (loss) of Rs. 3.91 in the previous year 2011-12. Your Company has made a Consolidated Profit / (Loss) of Rs. 17.36 lacs for the financial year 2012-13 as compared to Consolidated Profit / (Loss) of Rs. 30.29 in the previous year 2011-12.

DIVIDEND

In order to stream Line Company''s business model, the board of directors have decided not to declare any dividend for the current fiscal.

FIXED DEPOSITS

The Company has not accepted any public deposits and , as such, no amount on account of principal or interest on public deposit was out standing as on date of balance sheet.

DIRECTORS

Mr. E. Subbarayan, Director and Mr. Rajesh Jain, Director retire by rotation and being eligible offer themselves for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT

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

i) in the preparation of the Annual Accounts for the financial year ended 31st March, 2013 the applicable Accounting Standards have been followed and there are no material departures;

ii) 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 at the end of the financial year and of the profit and loss account of the company for that period;

iii) they have taken proper and sufficient care to the best of their knowledge and ability 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 and detecting fraud and other irregularities;

iv) they have prepared annual accounts on a going concern basis.

AUDITORS

M/s K Subramanyam & Co, Chartered Accountants, Auditors of the Company, retire at ensuing Annual General Meeting and have furnished a certificate under Section 224(1B) regarding their eligibility for reappointment as the Company''s Auditors for the year 2013 - 14. The Auditor have certified the Company''s Compliance of the requirements of Corporate Governance in terms of the Listing Agreement and the same is enclosed as an annexure to the Corporate Governance Report.

PARTICULARS OF EMPLOYEES

Particulars of the employees of the Company who were in receipt of remuneration, which in aggregate exceeded the limits fixed under Section 217 (2A) of the Companies Act, 1956 and Companies (Particulars of Employees) Rules 1975 is not applicable to the company for the year.

PARTICULARS AS REQUIRED UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 Conservation of Energy.

The Company had taken steps to conserve energy in its office use, consequent to which energy consumption has been minimized. Since the company has not carried on industrial activities, disclosures regarding impact of measures on cost of production of goods, total energy consumption, etc., are not applicable.

Technology Absorption:-

The company has not adopted / intends to adopt any technology for its business and hence no reporting is required to be furnished under this heading.

Foreign Exchange Inflow & Outgo:-

Foreign Exchange inflow during the year :- Nil Foreign Exchange outgo during the year :- Nil

MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion & Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreements is presented in a separate section forming part of the Directors Report as Annexure A.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the requirements set out by the Securities Exchange Board of India''s, Corporate Governance Practices and have implemented all the stipulations prescribed. Report on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is presented in a separate section forming part of the Directors'' Report as

Annexure B.

SUBSIDIARIES

By virtue of Circular

Ministry of Corporate Affairs, Government of India vide their General Circular No. 2/2011 dated 8th February 2011 had granted approval that the requirement to attach various documents in respect of subsidiary companies, as set out in sub-section (1) of Section 212 of the Companies Act, 1956, shall not apply to the company. Accordingly, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. Financial information of the subsidiary companies, as required by the said approval is disclosed in the Annual Report. The company will make available the Annual Accounts of the Subsidiary companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The annual accounts of the subsidiary companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary Companies. The Consolidated Financial Statements presented by the Company include financial results of its subsidiary companies.

The Company had a Subsidiary M/s. Aran Kitchen World India Private Limited until September 2012, as the company diluted its stake in the said Company the same is no more a subsidiary company and the results and financial statement are adjusting & restated accordingly.

The Company have a subsidiary by name M/S. KRIOS BUSINESS SERVICES PRIVATE LIMITED. The Company holds 100 % of equity shares in the subsidiary Company. The Subsidiary Company is engaged into business of Insurance Agents. The details of Registered office is furnished below:-

Sl. No. Name of Subsidiary Companies Registered Office Address

1 M/S. KRIOS BUSINESS SERVICES PRIVATE LIMITED. No. 81B, 2nd Main Road, Ambattur

Industrial Estate, Chennai - 600 058.

COMPANY SECRETARY

The Company is making consistent efforts for appointment of whole time Company Secretary. The Company has been availing services of practicing Company Secretary from time to time to ensure compliance of the provisions of the applicable acts and statutes . Also the Annual Return of the Company is being certified by practicing Company Secretary from year to year and the company is also taking certification from them for Stock Exchanges Compliances .

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for assistance and co-operation received from the Financial Institutions, Banks, Government Authorities, Customers and Members during the year under review.Your Directors also wish to place on record their deep sense of appreciation for committed and dedicated services of the workers, staff, and officers of the Company.



BY THE ORDER OF THE BOARD

FOR KREON FINNANCIAL SERVICES LIMITED

Sd/-

PLACE : CHENNAI S.PANNALAL TATIA

DATE : 30.08.2013 CHAIRMAN CUM EXECUTIVE DIRECTOR


Mar 31, 2011

Dear Stockholders

The Directors have great pleasure in presenting the Seventeenth Annual Report together with the Audited Accounts of your Company for the financial year ended 31st March 2011

OPERATIONS

The financial results of the Company for the year ended 31st March 2011 is summarized below:

Particulars Year ended Year ended 31st March 2011 31st March 2010

Income from Operations 72.98 99.09

Non-operating Income 0.38 13.12

Total Income 73.36 112.21

Total Expenditure 67.42 51.16

Profit/Loss before Depreciation,

Interest and Taxation 5.94 61.04

Interest & Finance Charges 0.01 0.01

Depreciation 2.41 2.87

Profit / Loss before Tax 3.52 58.17

Provision for Current Taxes 0.00 0.00

Provision for Deferred Taxes 0.00 0.00

Profit / Loss after Tax 3.52 58.17

Statutory Reserve 0.70 11.63

Balance in Profit & Loss Account 2.82 -121.81

Balance carried to Balance Sheet -72.46 -75.28

Year 2010-11 has proved to be challenging year considering the global as well as domestic financial markets turbulences on account of global recession. Your Company has achieved operational Profit of Rs 3.52 Lacs for the financial year 2010-11 as compared to Profit of Rs.58.17 lacs in the previous year 2009-10.

DIVIDEND

In order to stream Line Company's business model, the board of directors have decided not to declare any dividend for the current fiscal.

FUTURE PROSPECTS

The current financial activities of the company has been facing resilience on various fronts due to the global phenomenon and economic recession. However the company has prepared itself strategically to diversify and hedge the risk of slowdown. We maintain our positive outlook for the financial sector. Going forward and anticipate maintaining the growth momentum in the year 2011-12. The emerging economy of our country leads to growing demand and has cemented its path and witnessed significant momentum growth.

Your Company is pursuing growth opportunities, which are strategic to its intents and operations.

CHALLENGES

Your Company has set vision to be a trusted player in providing financial solutions along with its investment activities which currently is underperforming due to global crises in the financial markets but are poised to be performing sectors in the times to come.

FIXED DEPOSITS

The Company has not accepted any public deposits and , as such, no amount on account of principal or interest on public deposit was out standing as on date of balance sheet.

DIRECTORS

Mr. .S. P . Bharat Jain Tatia, Director and Mr. E. Subbarayan, Directors retire by rotation and being eligible offer themselves for reappointment

DIRECTORS RESPONSIBILITY ST A TEMENT

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

i) in the preparation of the Annual Accounts for the financial year ended 31st March, 2011 the applicable Accounting Standards have been followed and there are no material departures;

ii) 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 at the end of the financial year and of the profit and loss account of the company for that period;

iii) they have taken proper and sufficient care to the best of their knowledge and ability 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 and detecting fraud and other irregularities; iv) they have prepared annual accounts on a going concern basis.

AUDIT COMMITTEE

The Audit Committee that was constituted pursuant to Section 292 A of the Companies Act , 1956 has Mr. M. Mohan ( Chairman ) and Mr S. Pannnalal Tatia and Ms. C. Hemamalini as its Members.

REMUNERATION COMMITTEE

The Remuneration committee, which was constituted pursuant to the amendment , made to the Schedule XIII of the Companies Act, 1956 has Mr. E. Subbarayan ( Chairman), Mr. M.Mohan and C. Hemamalini as its Members.

AUDITORS

M/s K Subramanyam & Co, Chartered Accountants, Auditors of the Company , retire at ensuing Annual General Meeting and have furnished a certificate under Section 224(1B) regarding their eligibility for reappointment as the Company's Auditors for the year 2011 - 12.

The Auditor have certified the Company's Compliance of the requirements of Corporate Governance in terms of the Listing Agreement and the same is enclosed as an annexure to the Corporate Governance Report.

PARTICULARS OF EMPLOYEES

Particulars of the employees of the Company who were in receipt of remuneration, which in aggregate exceeded the limits fixed under Section 217 (2A) of the Companies Act, 1956 and Companies (Particulars of Employees) Rules 1975 is not applicable to the company for the year.

PARTICULARS AS REQUIRED UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT , 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

Conservation of Energy

The Company had taken steps to conserve energy in its office use, consequent to which energy consumption has been minimized. No additional Proposals/Investments were made to conserve energy. Since the company has not carried on industrial activities, disclosures regarding impact of measures on cost of production of goods, total energy consumption, etc., are not applicable.

Technology Absorption:-

The company has not adopted / intends to adopt any technology for its business and hence no reporting is required to be furnished under this heading.

Foreign Exchange Inflow & Outgo:-

Foreign Exchange inflow during the year :- Nil Foreign Exchange outgo during the year :- Nil

MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion & Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreements is presented in a separate section forming part of the Directors Report.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the requirements set out by the Securities Exchange Board of India's, Corporate Governance Practices and have implemented all the stipulations prescribed. Report on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is presented in a separate section forming part of the Directors' Report.

EXPLANATION TO AUDITORS OBSERV A TION

As regards the qualification given by the auditor in Point No.IX the Annexure to Auditor Report . The Company has filed a writ petition and obtained stay order from the Hon'ble High Court of Madras.

REGISTRAR CUM TRANSFER AGENT

The Company appointed M/s Knack Corporate Services Limited as Registrar and Transfer Agent (RTA) during the year . However M/s. Knack Corporate Services Limited have not completed all required formalities and provided connectivity on full basis. Only the National Securities Depository Limited connectivity was shifted to M/s. Knack Corporate Services Limited. The Central Depository Services ( India) Limited connectivity is still with M/s. Cameo Corporate Services Limited due non completion of formalities by M/s Knack Corporate Services Limited . Hence due to the abnormal delay in complying the required formalities by M/s Knack Corporate Services Limited , resulting in undue hardship to investor , the company decided to stay back with M/s. Cameo Corporate Services Limited and the formalities regarding shifting of National Securities Depository Limited connectivity back to M/S. Cameo Corporate Services Limited are under process and shall complete at the earliest.

COMPANY SECRETARY

The Company is making consistent efforts for appointment of whole time Company Secretary. The Company has been availing services of practicing Company Secretary from time to time to ensure compliance of the provisions of the applicable acts and statutes . Also the Annual Return of the Company is being certified by practicing Company Secretary from year to year and the company is also taking certification from them for Stock Exchanges Compliances .

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for assistance and co-operation received from the Financial Institutions, Banks, Government Authorities, Customers and Members during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for committed and dedicated services of the workers, staff, and officers of the Company.

BY THE ORDER OF THE BOARD FOR KREON FINNANCIAL SERVICES LIMITED

Sd/-

S.PANNALAL TATIA CHAIRMAN CUM EXECUTIVE DIRECTOR

PLACE : CHENNAI DATE : 31.08.2011


Mar 31, 2010

The Directors have great pleasure in presenting the Sixteenth Annual Report together with the Audited Accounts of your Company for the financial year ended 31st March 2010

OPERATIONS

The financial results of the Company for the year ended 31st March 2010 is summarized below:

Particulars Year ended Year ended 3st March 2010 31st March 2009

Income from Operations 99.09 40.44

Non-operating Income 13.12 1.01

Total Income 112.21 41.45

Total Expenditure 51.16 146.03

Profit/Loss before Depreciation,

Interest and Taxation 61.04 04.58

Interest & Finance Charges 0.01 0.00

Depreciation 2.87 2.99

Profit / Loss before Tax 58.17 107.57

Provision for Current Taxes 0.00 -0.69

Provision for Deferred Taxes 0.00 _0.00

Profit / Loss after Tax 58.17 -106.89

Statutory Reserve 11.63 1.78

Balance in Profit & Loss Account -121.81 -14.92

Balance carried to Balance Sheet -75.28 -121.81

Year 2009-10 has proved to be challenging year considering the global as well as domestic financial markets turbulences on account of global recession. Your Company has achieved operational Profit of Rs.58.17 Lacs for the financial year 2009-10 as compared to Loss of Rs 106.89 lacs in the previous year 2008-09.

DIVIDEND

In order to stream Line Companys business model, the board of directors have decided not to declare any dividend for the current fiscal.

FUTURE PROSPECTS

The current financial activities of the company has been facing resilience on various fronts due to the global phenomenon and economic recession. However the company has prepared itself strategically to diversify and hedge the risk of slowdown. We maintain our positive outlook for the financial sector. Going forward and anticipate maintaining the growth momentum in the year 2010-11. The emerging economy of our country leads to growing demand and has cemented its path and witnessed significant momentum growth.

Your Company is pursuing growth opportunities, which are strategic to its intents and operations.

CHALLENGES

Your Company has set vision to be a trusted player in providing financial solutions along with its investment activities which currently is under performing due to global crises in the financial markets but are poised to be performing sectors in the times to come.

FIXED DEPOSITS

The Company has not accepted any public deposits and , as such, no amount on account of principal or interest on public deposit was out standing as on date of balance sheet.

DIRECTORS

Mr.S. Pannalal Tatia and Mr. M. Mohan, Directors retire by rotation and being eligible offer themselves for reappointment Change in Designation:-

Mr. S. Pannalal Tatia , Director is re- designated as Executive Director cum Compliance officer of Company.

RESIGNATION

During the year Ms. D. Ruby has ceased to be Director due to resignation. The Board places on. record its appreciation of the invaluable contribution made by her during her tenure as a Director of the company

DIRECTORS RESPONSIBILITY STATEMENT

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

i) in the preparation of the Annual Accounts for the financial year ended 31st March, 2010 the applicable

Accounting Standards have been followed and there are no material departures;

ii) 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 at the end of the financial year and of the profit and loss account of the company for that period;

iii) they have taken proper and sufficient care to the best of their knowledge and ability 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 and detecting fraud and other irregularities;

iv) they have prepared annual accounts on a going concern basis.

AUDIT COMMITTEE

The Audit Committee that was constituted pursuant to Section 292 A of the Companies Act . 1956 has Mr. M Mohan ( Chairmen ) and Mr S. Pannnalal Tatia and Ms. D. Hemamalini as its Members.

REMUNERATION COMMITTEE

The Remuneration committee, which was constituted pursuant to the amendment . made to the Schedule XIII of the Companies Act. 1956 has Mr. E. Subbarayan ( Chairman), Mr. M.Mohan and D. Hemamalini as its Members.

AUDITORS

M/s K Subramanyam & Co, Chartered Accountants, Auditors of the Company, retire at ensuing Annual General Meeting and have furnished a certificate under Section 224(1 B) regarding their eligibility for reappointment as the Companys Auditors for the year 2010 - 11.

The Auditor have certified the Companys Compliance of the requirements of Corporate Governance in terms of the Listing Agreement and the same is enclosed as an annexure to the Corporate Governance Report.

PARTICULARS OF EMPLOYEES

Particulars of the employees of the Company who were in receipt of remuneration, which in aggregate ex- ceeded the limits fixed under Section 217 (2A) of the Companies Act, 1956 and Companies (Particulars of Employees) Rules 1975 is not applicable to the company for the year.

PARTICULARS AS REQUIRED UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES 1988

CONSERVATION OF ENERGY

The Company had taken steps to conserve energy in its office use, consequent to which energy consumption has been minimized. No additional Proposals/Investments were made to conserve energy. Since the com- pany has not carried on industrial activities, disclosures regarding impact of measures on cost of production of goods, total energy consumption, etc., are not applicable.

Technology Absorption.-

The company has not adopted / intends to adopt any technology for its business and hence no reporting is required to be furnished under this heading.

Foreign Exchange Inflow & Outgo:-

Foreign Exchange inflow during the year - Nil

Foreign Exchange outgo during the year:- Nil

MANAGEMENT DISCUSSIONS ANALYSIS REPORT

The Management Discussion & Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreements is presented in a separate section forming part of the Directors Report.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the requirements set out by the Securities Exchange Board of Indias. Corporate Governance Prac- tices and have implemented all the stipulations prescribed. Report on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is presented in a separate section forming part of the Directors Report.

EXPLANATION TO AUDITORS OBSERVATION

As regards the qualification given by the auditor in Point No.VIII the Annexure to Auditor Report. The Company has filed a writ petition and obtained stay order from the Hon ble High Court of Madras

COMPANY SECRETARY

The company is making consistant efforts for appointment of Whole time Company Secretary. The Company has been availing services of practicing company secretary from time to time to ensure compliance of the provisions of the applicable acts and statutes. Also the Annual Return of the Company is being certified by practicing compnay secretary from year to year and the company is also taking certifications from them for Stock Exchange Compliances.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for assistance and co-operation received from the Financial Institutions, Banks, Government Authorities, Customers and Members during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for committed and dedicated services of the workers, staff, and officers of the Company.

BY THE ORDER OF THE BOARD FOR KREON FINNANCIAL SERVICES LIMITED

Sd/- PLACE : CHENNAI S.PANNALAL TATIA DATE :02.09.2010 CHAIRMAN


Mar 31, 2009

The Directors have great pleasure in presenting the Fifteenth Annua! Report together with the Audited Accounts of your Company for the financial year ended 31s1 March 2009

OPERATIONS

The financial results of the Company for the year ended 31st March 2009 is summarised b&lo.v:

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

Income from Operations 33.11 10.64

Non-operating Income 8.34 4.94

Total Income 41.45 15.58

Total Expenditure 146.01 5.93

Profit/Loss before Depreciation,

Interest and Taxation -104.56 9.65

Interest & Finance Charges 0.02 0.02

Depreciation 2.99 2.99

Profit / Loss before Tax -107.57 6 64

Provision for Current Taxes 0.69 0.00

Provision for Deferred Taxes 0.00 0.00

Profit / Loss after Tax 106.88 6.14

Statutory Reserve 0.00 1.77

Balance in Profit & Loss Account -14.92 -19.79

Balance carried to Balance Sheet -121.82 -14.92

Year 2008-09 has proved to be challenging year considering the global as well as domestic financial markets turbulences on account of global recession. Your Company has achieved operational Loss of Rs. 106.88 Lacs for the financial year 2008-09 as compared to Rs 6.64 lacs profit in the previous year 2007-08.

CHANGE IN ACCOUNTING POLICY

During the year under review the company has converted its investment in to stock in trade and the resultant differential value to the tune of Rs 72.50 Lakhs has been adjusted and charged in the profit and loss account of the year.

DIVIDEND

In order to stream Line Companys business model, the board of directors have decided not to declare any dividend for the current fiscal.

FUTURE PROSPECTS

The current financial activities of the company has been facing resilience on various fronts due to the global phenomenon and economic recession. However the company has prepared itself strategically to diversify and hedge the risk of slowdown. We maintain our positive outlook for the financial sector. Going forward and anticipate maintaining the growth momentum in the year 2009-10. The emerging economy of our country leads to growing demand and has cemented its path and witnessed significant momentum growth.

Your Company is pursuing growth opportunities, which are strategic to its intents and operations.

CHALLENGES

Your Company has set vision to be a trusted player in providing financial solutions along with its investment activities which currently is underperforming due to global crises in the financial markets but are poised to be performing sectors in the times to come.

FIXED DEPOSITS

The company has not invited or accepted any Fixed Deposits from the public.

DIRECTORS

Mr.E. Subbarayan and Ms.D. Ruby, Directors retire by rotation and being eligible offer themselves for reappointment.

The Board of Directors note with regret the sad demise of Late K.V. Vishwanathan, who was a Whole Time

Director. The Board of Directors convey their deep condolence on the sad demise of Late K.V. Viswanathan.

The Board shall appoint the new Whole Time Director in due course after finding a suitable candidate for the post of Whole Time Director. In the mean time Mr. S.P. Bharat Jain Tatia shall be vestec with executive powers of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

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

i) in the preparation of the Annual Accounts for the financial year ended 31st March, 2009 the applicable Accounting Standards have been followed and there are no material departures;

ii) 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 at the end of the financial year and of the profit and loss account of the company for that period;

iii) they have taken proper and sufficient care to the best of their knowledge and ability 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 and detecting fraud and other irregularities;

iv) they have prepared annual accounts on a going concern basis.

AUDITORS

M/s K Subramanyam & Co, Chartered Accountants, Auditors of the Company, retire at ensuing Annual General Meeting and have furnished a certificate under Section 224(1 B) regarding their eligibility for reappointment as the Companys Auditors for the year 2009 - 10.

PARTICULARS OF EMPLOYEES

Particulars of the employees of the Company who were in receipt of remuneration, which in aggregate exceeded the limits fixed under Section 217 (2A) of the Companies Act, 1956 and Companies (Particulars of Employees) Rules 1975 is not applicable to the company for the year.

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

As the company is not an industrial undertaking, accordingly, particulars with regard to conservation of energy and technology absorption and adaptation required to be given under these heads in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are not applicable.

There is no reportable information on Foreign Exchanges Earnings and Outgo during the review under review.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion & Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreements is presented in a separate section forming part of the Directors Report.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the requirements set. out by the Securities Exchange Board of Indias, Corporate Governance Practices and have implemented all the stipulations prescribed. Report on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is presented in a separate section forming part of the Directors Report.

EXPLANATION TO AUDITORS OBSERVATION

The company has filed a writ petition and obtained stay order from the Honorable High Court of Madras.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for assistance and co-operation received from the Financial -Institutions, Banks, Government Authorities, Customers and Members during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for committed and dedicated services of the workers, staff, and officers of the Company.

By order of the Board of Directors For KREON FINNANCIAL SERVfCES LIMITED

(Formerly known as Tatia Finaancial Services Ltd.,)

Sd/- S.PANNALAL TATIA Chairman. Place: Chennai Date : 02.09.2009

 
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