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Directors Report of Natco Economicals Ltd.

Mar 31, 2015

Dear Members,

The Directors present this 21stAnnual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2015.

Financial Results

Particulars (in Rupees) (in Rupees)

Current Year Previous Year 2014-15 2013-14

Total Income 23,70,313 8,77,857

Profit before Finance Cost and 3,56,184 Depreciation

Less: Finance Cost -- -

Profit before Depreciation 3,56,184 1,84,440

Less : Depreciation 52536

Profit/(Loss) before Tax 3,03,648 1,12,900

Provision for Tax

Current Tax 91094 33,870

Deferred Tax 2485 384

Tax For earlier Years 0 0

Balance of Profit/(Loss) for the year 2,10,069 78,646

Balance Brought forward from the Previous 1,08,162 year 1,86,808

Amount available for appropriation -- -

Proposed Dividend -- -

Tax on proposed Dividend -- -

Balance Profit/(Loss) carried to Balance Sheet 3,96,877 1,86,808

Performance Review

During the year under review your Company sustained with limited growth path due to which though the gross total income increased from Rs1,84,440 to Rs23,70,313 in comparison of last year and net profit for the year increased from Rs. 1,86,808 in previous year to Rs. 3,96,877for year under review.

Dividend

In order to conserve resources of the company for future plans, your directors did not recommend payment of any dividend for the year ended 31st March, 2015.

Directorate

Mr. Rupesh Upadhyay, Director of the Company, retires by rotation at this Annual General Meeting and being eligible offer himself for re-election.

Mr. Sarju Parikh Independent Director has resigned due to his pre-occupancy and ceased to be director of the Company w.e.f 4th February, 2015. Mr. Sajjankumar Chaudhary has been appointed as Director of the company on the same date. However Mr. Sajjankumar Chaudhary has resigned from the Board due to health Issue and Mr. Bhadresh Bhavsar is appointed as Independent Director w.e.f. 18th May, 2015. During the year under review Mr. RipulKotecha has resigned from the Board and Ms. Dhwani Contractor is appointed as Independent Woman Director on 30th March, 2015.

Directors' Responsibility Statement:

Your directors' confirm:

I. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.

II. That the director's have selected such accounting policies & applied them consistently & made judgment & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the company at the end of the financial year & of the Profit of the company for the year.

III. That the director's have taken proper & sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company & for preventing & detecting fraud & other irregularities.

IV. That the director's have prepared the annual accounts on a going concern basis.

Listed on Stock Exchanges

Ahemdabad Stock Exchange

Corporate Governance Report

As required by Clause 49 of the Listing Agreement with the Stock Exchanges, the Corporate Governance Report, Management Discussion and Analysis, and the Auditor's Certificate regarding compliance of conditions of Corporate Governance, form part of the Annual Report.

Deposits

The Company has not invited or accepted any fixed deposit from the public during the year under review.

Secretarial Audit

Secretarial Audit Report as per Section 204 of Companies Act 2013 is placed as annexure to this report. No adverse comments have been made in the said report by the Practising Company Secretary.

Extracts of Annual Return and other disclosures under Companies (appointment & Remuneration) Rules, 2014

The Extract of Annual Return in form No MGT-9 as per Section 134 (3) (a) of the Companies Act, 2013 read with Rule 8 of Companies Act (Accounts) Rules 2014 and Rule 12 of Companies(Management & Administration) Rules, 2014 duly certified by the Practising Company Secretary is annexed hereto and forms part of this report. Further the Disclosure in the Board Report under Rule 5 of Companies (Appointment & Remuneration) Rules, 2014 is also annexed hereto and forms part of this report.

Declaration on Independent Directors

The Board of Directors declares that the Independent Directors Miss Dhvani Hareshbhai Contractor & Mr. Bhadreshkumar Bhavsar are:

(a) in the opinion of the Board, are persons of integrity and possesses relevant expertise and experience;

b) (i) who were or were not a promoter of the company or its holding, subsidiary or associate company who are not related to promoters or directors in the company, its holding, subsidiary or associate Company;

(c) Who have or had no pecuniary relationship with the company, its holding, subsidiary or associate company or

Their promoters or directors, during the two immediately preceding financial years or during the current financial year;

(d) None of whose relatives has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company or their promoters, or directors, amounting to two percent or more of its gross turnover of total income or fifty Lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;

(e) Who, either himself or any of his relatives -

(i) Holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial year immediately preceding the financial Year in which he is proposed to be appointed;

(ii) is or has been an employee or propriety or a partner, in any of the three financial years immediately preceding the Financial year in which he is proposed to be appointed, of -

(A) A firm of auditors or company secretaries in practice or cost auditors or the company or its holding, subsidiary or

Associate company; or

(B) Any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or

Associate company amounting to ten percent or more of the gross turnover of such firm;

(iii) Holds together with his relative two per cent, or more of the total voting power of the company; or

(iv) Is a Chief Executive or director, by whatever name called, of any nonprofit organization that receives twenty-five percent or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the company; or

Particulars of Loans, guarantees or investments

The particulars of Loans, Guarantees or investments as covered under provision of section 186 of the Companies Act, 2013 made by the company during financial year 2014-15 are given under the respective head and the same is furnished in the notes to the financial statement

Related Party Transactions

There were no materially and significant transaction with Related Parties i.e. Promoters, Directors or the Management, their subsidiaries or relatives conflicting with the Companies interest. There were no transactions that took place with related parties which can be considered not to be in the normal course of business.

Particulars of Employees, Conservation Of Energy, Tec. Absorption Etc.

None of the Employees of the company was in receipt of the remuneration exceeding the limits prescribed under section 197 of the Companies Act, 2013 as amended, during the year under review.

Risk Management Policy implementation

In today's economic environment, Risk Management is a very important part of business. The main aim of risk management is to identify, monitor and take precautionary measures in respect of the events that may pose risks for the business. Your Company's risk management is embedded in the business processes. Your company has identified the following risks:

Stake holder is aware that financial services business has its own typical risks. The Company through its risk management system has clearly identified the external and internal risk affecting its business operations. These risks can have a serious impact on the operations of the Company as well as its profitability.

Some of the common risks for finance sector - in the current environment are as under:

Risk of Bad Debts (Non-Performing Assets)

The risk of NPA is always a pertinent part of the lending business. There is always a chance that accounts become bad due to fall or collapse in the value of the asset against which funds have been advanced due to a variety of reasons. However, in our case, the Company has put in place strong asset verification and valuation processes.

* Interest Rates

The RBI had resorted to increasing the interest rates many times over the last eighteen months in order to control Inflation. The volatility in interest rate and high interest rate leads to default in re-payment and thus increase of interest rates would certainly affect the business of the Company.

* Risk of Competition

With globalization and continuous flow of private as well as international institution in the finance market the risk of competition in any business, and the finance business is no different. We believe that competition spurs our team to innovate without losing sight of the customer needs, the need for safety of funds deployed and the need to ensure commensurate returns.

* Global Economic Uncertainties

The international events affect all financial markets of the world, and India is also affected. The affect was clearly felt in the previous year as the Indian Rupee continued to remain weak due to the crisis in Euro zone. This may results into to stay-away attitude by foreign investors, volatility in crude price, inflation which may turned into further stress on finance market. Company therefore focusing on investing its funds in assets that are fully secured and that will have least impact of global uncertainty.

The Company has put in place a Risk Management Policy as per the Guidelines so as to ensure that the risk parameters are within the defined limits

Disclosure under the Sexual Harassment of Women at Workplace(Prevention, Prohibition and Redressal) Act:, 2013

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under. During the financial year 2014-15, the Company has not received any complaint on sexual harassment.

Auditors

M/s. Jayesh Patel & Co., (Membership No. 034745) Chartered Accountants retire at the ensuing Annual General meeting. Financial Auditors of the Company will retire at the forthcoming Annual GeneralMeeting and are eligible for reappointment. In accordance with the Companies Act 2013, it is proposed to re-appoint them as Auditors for the financial year 2015-16 from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting, subject to the approval of shareholders.

Acknowledgement

Your Directors wish to place on record their appreciation for the whole hearted and sincere co-operation the Company has received from its banker, State Bank of India and various Government agencies. Your Directors also wish to thank all the employees for their co-operation.

By Order of the Board for Natco Economicals Limited

Place: Ahemdabad SD/- SD/- Haresh Patel Rupesh Upadhyay Date: 13th August, 2015 (Whole Time Director) (Director)








Mar 31, 2014

Dear Members,

The Directors present this 20thAnnual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2014.

Financial Results

Particulars (in Rupees)

Current Year Previous 2013-14 Year 2012-13

Total Income

877857 834200

Profit before Finance Cost and 184440 136285 Depreciation

Less : Finance Cost - -

Profit before Depreciation 184440 136258

Less : Depreciation

71540 87902

Profit/(Loss) before Tax

112900 48383

Provision for Tax

Current Tax 33870 14515

Deferred Tax 384 2999

Tax For earlier Years 0 0

Balance of Profit/(Loss) for the year

Balance Brought forward from the Previous year 108162 77293

Amount available for appropriation - -

Proposed Dividend - -

Tax on proposed Dividend - -

Balance Profit/(Loss) carried to Balance Sheet 186805 108162

OPERATIONS

The financial sector remains subdued during the financial year 2013-14 and therefore your company instead of taking risk for a small gain continued with existing operation without much changes. The annual GDP growth rates revised from 9% to 8% and now 5.6% where the last quarter shows growth rate of just 4.8%.The loss of growth momentum continued throughout the year 2012-13. The other important factor, inflation measured by the Wholesale Price Index which remained sticky at above 7.5% through first half of 2012-13, fell to 5.9% in March, 2013.During the year company has earned net profit of Rs.78646/- as compared to Rs.30869/- in previous year. Your directors are taking various initiatives for overall better performance and optimistic for the years to come. The details of financial performance of the Company are appearing in the Balance Sheet andProfit & Loss Account for the year.

FUTURE OUTLOOK

Any major steps or initiatives on the part of operations of the company is based on factors like overall economic growth, interest rates and liquidity, stock market performance and volatility, growth of infrastructure and auto industries etc. The approach of the company till the date is cautious and traditional which is based on risk-management. However, your Board is now focusing on various options as all courses of action are risky, so prudence is not in avoiding danger but calculating risk and acting decisively.

DIVIDEND

No dividend recommended by the Board of directors in view of limited profit.

DIRECTOR

Haresh G.Patel, Director of the Company, retires by rotation at this Annual General Meeting and being eligible offer himself for re-election.

DIRECTORS' RESPONSIBILITY STATEMENT:

Your directors' confirm:

I. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.

II. That the directors have selected such accounting policies & applied them consistently & made judgment & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the company at the end of the financial year & of the Profit of the company for the year.

III. That the directors have taken proper & sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company & for preventing & detecting fraud & other irregularities.

IV. That the directors have prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed discussion on the Company's operations is presented in the chapter on Management Discussion and Analysis, which forms part of this Annual Report.

CORPORATE GOVERNANCE REPORT

The Company has implemented all the provisions of the Corporate Governance as stipulated by Clause 49 of the listing agreements with all the stock exchanges where the Company's securities are listed. It has always been a constant Endeavour of the Company to adopt good corporate governance code through independent Board, transparent disclosures and shareholders empowerment for creating and sustaining shareholder value. A separate section on Corporate Governance along with a certificate from the auditors of the Company certifying compliance of stipulations of Clause 49 of listing agreements with the stock exchanges with regards to the Corporate Governance code is present elsewhere.

DEPOSITS

The Company has not invited or accepted any fixed deposit from the public during the year under review.

AUDITORS

M/s Jayesh Patel & Co., Chartered Accountants retire at the ensuing Annual General meeting.They offer for re-appointment. Company has received their eligibility certificate in pursuant to section 224(1 B) of the Companies Act, 1956 and section 139(2) of the Companies Act, 2013.The explanation given in Auditor's report and notes on accounts are self-explanatory and do not call for any comments.

NEW GUIDELINE FOR DIRECT LISTING AT BSE

The Bombay Stock Exchange has come out with liberalized guideline for direct listing at exchange for those Regional Stock Exchange Listed Company having certain competency. Many times shareholders are approaching company with problem of ill-liquidity. With a view to avoid this major problem your company will take all necessary action to get company listed on a Bombay Stock Exchange. The necessary measures have taken by your company to complyall mandatory requirements for direct listing.

PARTICULARS OF EMPLOYEES

None of the Employee's of the company was in receipt of the remuneration exceeding the limits prescribedunder section 217(2A) of the Companies Act, 1956 and corresponding section 197 of the Companies Act, 2013as amended, during the year under review.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

The particulars' regarding foreign exchange earnings and expenditure is NIL.

Since your company does notown any manufacturing facility, the other particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

ACKNOWLEDGMENT

The Board of Directors wishes to place on record its appreciation for the cooperation extended by Banks, Government Authorities, Customers, Shareholders and Employees of the Company and looks forward to a continued mutual support and co-operation.

By Order of the Board

Place:Ahmedabad Haresh Patel Rupesh Upadhyay Date:31st July,2014. (Director) (Director)






Mar 31, 2013

Dear Members,

Your Directors present this 19thAnnual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2013.

Financial Results

Particulars (in Rupees)

Current Year 2012- Previous Year 13 2011-12

Total Income 834200 791600

Profit before Finance Cost and Depreciation 136285 190019

Less : Finance Cost - -

Profit before Depreciation 136285 190019

Less : Depreciaqtion 87902 180163

Profit/(Loss) Defore Tax 48383 9856

Provision for Tax

Current Tax 14515 0

Deferred Tax 2999 1070

Tax For earlier Years 0 0

Balance of Profit/(Loss) for the year 30869 8786

Balance Brought forward from the Previous year 77293 68507

Amount available for appropriation - -

Proposed Dividend - -

Tax on proposed Dividend - -

Balance Profit/(Loss) carried to Balance Sheet 108162 77293

OPERATIONS

The financial sector remains subdued during the financial year 2012-13 and therefore your company instead of taking risk for a small gain continued with existing operation without much changes. The annual GDP growth rates revised from 9% to 8% and now 5.6% where the last quarter shows growth rate of just 4.8%.The loss of growth momentum continued throughout the year 2012-13. The other important factor, inflation measured by the Wholesale Price Index which remained sticky at above 7.5% through first half of 2012-13, fell to 5.9% in March, 2013.

During the year company has earned net profit of Rs.30869/- as compared to Rs.8786/- in previous year. Your directors are taking various initiatives for overall better performance and optimistic for the years to come. . The details of financial performance of the Company are appearing in the Balance Sheet and Profit & Loss Account for the year.

FUTURE OUTLOOK

Any major steps or initiatives on the part of operations of the company is based on factors like overall economic growth, interest rates and liquidity, stock market performance and volatility, growth of infrastructure and auto industries etc. The approach of the company till the date is cautious and traditional which is based on risk-management. However, your Board is now focusing on various options as all courses of action are risky, so prudence is not in avoiding danger but calculating risk and acting decisively.

DIVIDEND

No dividend recommended by the Board of directors in view of limited profit.

DIRECTORATE

Mr. Rupesh Upadhyay, Director of the Company, retires by rotation at this Annual General Meeting and being eligible offer himself for re-election.

DIRECTORS' RESPONSIBILITY STATEMENT:

Your directors' confirm:

I. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.

II. That the directors have selected such accounting policies & applied them consistently & made judgment & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the company at the end of the financial year & of the Profit of the company for the year.

III. That the directors have taken proper & sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company & for preventing & detecting fraud & other irregularities.

IV. That the directors have prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed discussion on the Company's operations is presented in the chapter on Management Discussion and Analysis, which forms part of this Annual Report.

CORPORATE GOVERNANCE REPORT

The Company has implemented all the provisions of the Corporate Governance as stipulated by Clause 49 of the listing agreements with all the stock exchanges where the Company's securities are listed. It has always been a constant Endeavour of the Company to adopt good corporate governance code through independent Board, transparent disclosures and shareholders empowerment for creating and sustaining shareholder value. A separate section on Corporate Governance along with a certificate from the auditors of the Company certifying compliance of stipulations of Clause 49 of listing agreements with the stock exchanges with regards to the Corporate Governance code is present elsewhere.

DEPOSITS

The Company has not invited or accepted any fixed deposit from the public during the year under review.

AUDITORS

M/s Jayesh Patel & Co., Chartered Accountants retire at the ensuing Annual General Meeting. They offer for re-appointment. Company has received their eligibility certificate in pursuant to section 224(1 B) of the Companies Act, 1956. The explanation given in Auditor's report and notes on accounts are self- explanatory and do not call for any comments.

NEW GUIDELINE FOR DIRECT LISTING AT BSE

The Bombay Stock Exchange has come out with liberalized guideline for direct listing at exchange for those Regional Stock Exchange Listed Company having certain competency. Many times shareholders are approaching company with problem of ill-liquidity. With a view to avoid this major problem your company will take all necessary action to get company listed on a Bombay Stock Exchange. The necessary measures have taken by your company to comply all mandatory requirements for direct listing.

PARTICULARS OF EMPLOYEES

None of the Employees of the company was in receipt of the remuneration exceeding the limits prescribedunder section 217(2A) of the Companies Act, 1956 as amended, during the year under review.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGAND OUT GO

The particulars' regarding foreign exchange earnings and expenditure is NIL.

Since your company does notown any manufacturing facility, the other particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

ACKNOWLEDGMENT

The Board of Directors wishes to place on record its appreciation for the cooperation extended by Banks, Government Authorities, Customers, Shareholders and Employees of the Company and looks forward to a continued mutual support and co-operation.

By Order of the Board

Place:Ahmedabad Haresh Patel Ripul Kotecha Date: 31st July, 2013 (Director) (Director)




Mar 31, 2012

Dear Members,

Your Directors present this 18thAnnual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2012.

Financial Results

Particulars (in Rupees)

Current Year Previous Year 2011-12 2010-11

Total Income 791600 559287 Profit before Finance Cost and Depreciation 190019 60100 Less: Finance Cost - - Profit before Depreciation 190019 60100 Less: Depreciation 180163 88801 Profit/(Loss) before Tax 9856 28701 Provision for Tax Current Tax 0 0 Deferred Tax 1070 272 Tax For earlier Years 0 0 Balance of Profit/(Loss) for the year 8786 -28973 Balance Brought forward from the Previous year - - Amount available for appropriation - - Proposed Dividend 0 0 Tax on proposed Dividend 0 0 Balance Profit/(Loss) carried to Balance Sheet 8786 -28973

OPERATIONS

In the volatile interest rate and decelerating economic growth where expectation of 8% against actual of 5.6% your company sustained with limited growth path. The total income for the financial year under review is Rs.7,91,600 in comparison of Rs.7,91,600 during the previous year. During the year under review, the Company has earned a Net Profit of Rs. 8,786/- as compared to a Net Profit of Rs.-28,973/- in the previous year.

Soaring prices of food and essential commodities compelled the Reserve Bank of India to raise interest rates several times during the year. What is positive for company is zero debt position, where there is an adverse tide of 13 interest rate impositions, and funding is serious problem in the coming years your company is protected by its prudent policy and guarded by safe play.

Indian Stock Market showed a worst performance after 2008, Inflation clearly remained the biggest and most engraved concern for India this year. The rupee continued to fall on sustained foreign capital outflows. Internationally, the euro zone debt crises remained the biggest business story of 2011. The crises deepened as the trouble that started with Greece spread to Italy, Portugal and Spain and speculation mounted about the collapse of the euro zone. India cannot stay immune to the deteriorating situation in the euro zone.

DIVIDEND

In order to conserve resources of the company for future plans, your directors did not recommend payment of any dividend for the year ended 31st March, 2012.

DIRECTORATE

Shri Sarju Parikh, Director of the Company, retires by rotation at this Annual General Meeting and being eligible offer himself for re-election.

DIRECTORS' RESPONSIBILITY STATEMENT:

Your directors' confirm:

I. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.

II. That the directors have selected such accounting policies & applied them consistently & made judgment & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the company at the end of the financial year & of the Profit of the company for the year.

III. That the directors have taken proper & sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company & for preventing & detecting fraud & other irregularities.

IV. That the directors have prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed discussion on the Company's operations is presented in the chapter on Management Discussion and Analysis, which forms part of this Annual Report.

corporate governance report

Your Company is committed to adhere to the best practice of governance. It has always been a constant Endeavour of the Company to adopt good corporate governance code through independent Board, transparent disclosures and shareholders empowerment for creating and sustaining shareholder value. A report on Corporate Governance forms part of this report and a certificate from the Auditors of your Company regarding compliance of conditions of the Corporate Governance is attached to this report.

deposits

The Company has not invited or accepted any fixed deposit from the public during the year under review.

auditors

M/s Jayesh Patel& Co., Chartered Accountants retire at the ensuing Annual General meeting. They offer for re-appointment. Company has received their eligibility certificate in pursuant to section 224(1 B) of the Companies Act, 1956. The explanation given in Auditor's report and notes on accounts are self- explanatory and do not call for any comments.

particulars of employees

None of the Employees of the company was in receipt of the remuneration exceeding the limits prescribed under section 217(2A) of the Companies Act, 1956 as amended, during the year under review.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

The particulars' regarding foreign exchange earnings and expenditure is NIL.

Since your company does not own any manufacturing facility, the other particulars in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable.

ACKNOWLEDGMENT

The Board of Directors wishes to place on record its appreciation for the commitment, dedication and hard work done by the employees of the Company and the cooperation extended by Banks, Government Authorities, Customers, Shareholders and Employees of the Company and looks forward to a continued mutual support and co-operation.

By Order of the Board

Place: Ahmedabad Haresh Patel Rupesh Upadhyay Date:31st July, 2012 (Director) (Director)


Mar 31, 2011

Dear Members,

Your Directors present this 17thAnnual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2011.

Financial Results

Particulars (in Rupees)

Current Year Previous Year 2010-11 2009-10

Total Income 559287 540461

Profit before Finance Cost and Depreciation 60100 90324

Less: Finance Cost - -

Profit before Depreciation 60100 90324

Less: Depreciation 88801 87425

Profit/(Loss) before Tax -28701 2899

Provision for Tax

Current Tax 0 0

Deferred Tax 272 5478

Tax For earlier Years 0 0

Balance of Profit/(Loss) for the year -28973 -2579

Balance Brought forward from the Previous year 97480 100059

Amount available for appropriation 97480

Proposed Dividend Nil Nil

Tax on proposed Dividend Nil Nil

Balance Profit/(Loss) carried to Balance Sheet -28973 97480

OPERATIONS

In the volatile interest rate and decelerating economic growth where expectation of 8% against actual of 5.6% your company sustained with limited growth path. The total income for the financial year under review is Rs. 559287 in comparison of Rs. 540461 during the previous year. During the year under review, the Company has a Net Losst of Rs. -28973/- as compared to a Net Loss of Rs. -2579/- in the previous year.

DIVIDEND

In order to conserve resources of the company for future plans, your directors did not recommend payment of any dividend for the year ended 31st March, 2011.

DIRECTORATE

Mrs. Sejal Manish Shah, Director of the Company, retires by rotation at this Annual General Meeting and being eligible offer himself for re-election.

Your directors' confirm:

I. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.

II. That the director's have selected such accounting policies & applied them consistently & made judgment & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the company at the end of the financial year & of the Profit of the company for the year.

III. That the director's have taken proper & sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company & for preventing & detecting fraud & other irregularities.

IV. That the director's have prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed discussion on the Company's operations is presented in the chapter on Management Discussion and Analysis, which forms part of this Annual Report.

CORPORATE GOVERNANCE REPORT

Your Company is committed to adhere to the best practice of governance. It has always been a constant Endeavour of the Company to adopt good corporate governance code through independent Board, transparent disclosures and shareholders empowerment for creating and sustaining shareholder value. A report on Corporate Governance forms part of this report.

DEPOSITS

The Company has not invited or accepted any fixed deposit from the public during the year under review.

AUDITORS

M/s Jayesh Patel& Co., Chartered Accountants retire at the ensuing Annual General meeting They offer for re-appointment. Company has received their eligibility certificate in pursuant to section 224(1 B) of the Companies Act, 1956. The explanation given in Auditor's report and notes on accounts are self- explanatory and do not call for anycomments.

PARTICULARS OF EMPLOYEES. CONSERVATION OF ENERGY, TEC. ABSORPTION ETC.

None of the Employees of the company was in receipt of the remuneration exceeding the limits. Since Company does not have Manufacturing activities no disclosure on the Particulars in the report of the Board of Directors, Rules 1988. The Foreign Exchange earnings & Outgo is NIL.

By Order of the Board

Place: Ahmedabad Haresh Patel Mantsh Shah Date:29st July, 2011 (Director) (Director)



 
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