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Directors Report of Shree Salasar Investment Ltd.

Mar 31, 2012

The Directors have pleasure in presenting 32nd Annual Report and Audited Accounts of your Company for year ended March 31, 2012.

OPERATIONS:

The Operation of the company have resulted in a profit of Rs. 82,04,488/- during the year ended March 31, 2012 as shown below.

FINACIAL PERFORMANCE:

Your Company's Financial Performance during the year is summarized below.

Financial Data Results Amount in Rs.

Year ended 31st Year ended 31st March 2012 March 2011

Profit/(loss) Before tax 1,18,56,347 (8,55,442)

Less: Provision for tax 36,51,859 -

Less: Provision for tax (Earlier Years) - 17,104

Net Profit/ (loss) after tax 82,04,488 (8,72,546)

Surplus brought from the previous year (14,78,846) 6,06,300

Surplus/ (Deficit) carried to Balance sheet 67,25,642 (14,78,846)

DIVIDEND:

With purpose to retain profit for strengthening capital base of the company, the Board of Directors does not recommend declaration of any dividend for the year ended 31.03.2012

AUDITORS:

The Auditors of the Company, M/s Shankarlal Jain & Associates, Chartered Accountants hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letter from them to the effect that their re-appointment, if made, would be within the prescribed limit under section 224 (1-B) of the Companies Act, 1956.

AUDITORS' OBSERVATIONS:

The observations of the auditors contained in their Report have been adequately dealt with in the Notes to the Accounts which are self-explanatory and therefore, do not call for any further comments.

DIRECTOR:

Mr. Harshad Dholakia, Director of the company retires at the ensuing Annual General meeting and being eligible offers himself for reappointment as Directors.

PARTICULARS OF EMPLOYEES:

The particulars of employees under the provision of section 217 (2A) of Companies Act, 1956 are not given as no employees was in receipt of remuneration exceeding Rs.60,00,000 p.a., if employed for the full year or Rs.5,00,000 p.m if employed for the part of the year.

DIRECTORS RESPONSIBILITY STATEMENT

As required under section 217 (2AA) of the Companies Act 1956, your directors states that

1. While preparing Annual Accounts, the applicable accounting standards have been followed and there are no material departures.

2. The Company has selected such accounting policies and applied them consistently and made judgments that are responsible and prudent so as to give true and fair view of the affairs of the company at the end of the financial year and of the profit and loss for the period ended on that date;

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

4. The Annual Accounts has been prepared on a going concern basis.

FOREIGN EXCHANGE

The Foreign exchange earnings during the period under consideration was NIL and the expenditure was NIL.

PARTICULARS ON CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

This information is required as per Section 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 and forming part of the Director's Report for the year ended March 31, 2012.

Since the Company's operations involve consumption of low energy, the company has no comments to offer as far as (a) Conservation of energy and (b) Technology absorptions are concerned.

HUMAN RESOURCES :-

Your Company enjoys cordial relations with its employees. The key focus of your Company is to attract, retain and develop talent. The Board wishes to place on record its appreciation of the contributions made by all employees ensuring high levels of performance and growth during the year

APPRECIATION

Your Directors wish to place their gratitude and appreciation for the devoted service of the staff of the company and would also like to place on record their gratitude to the company's bankers for their continuous support.

For and on behalf of the Board,

Shree Salasar Investments Limited

Vipin Hirani Harshad Dholakia

Place: Mumbai Director Director

Date: 11th August, 2012


Mar 31, 2011

DIRECTORS REPORT TO THE SHAREHOLDERS

The Directors have pleasure in submitting their 31st Annual Report with the audited accounts for the year ended March 31, 2011.

OPERATIONS :

The operations of the company have resulted in loss of Rs. 8,72,546/- during the year ended March 31, 2011 as shown below

Financial data results {Amount in Rupees.) Year ended Year ended 31st March 31st March 2011 2010

Profit /(Loss) Before Tax (8,55,442) (1,69,026)

Less: Provision for Tax - 13,500

Less: Provision for Tax (earlier years) 17,104 10,26,205

Net Profit / (Loss) After Tax (8,72,546) (12,08,731)

Surplus brought from the previous 6,06,300 75,678 year

Surplus / (Deficit) Carried to Balance (14,78,846) (6,06,300) Sheet

DIVIDEND:

There was no profit earned during the year. In view of thereof, no dividend has been recommended by the board for the year under review.

DIRECTOR :

Mr. K. C. Dawda, Director of the Company retires at the ensuing Annual General meeting and being eligible offers himself for reappointment as Directors.

Mr. Vipin H. Hirani was appointed as Additional Directors by the board on March 23, 2011 and his appointment as director liable to retire by rotation is being sought in the ensuing Annua! General Meeting, on being demanded by members for which necessary notices have been received by the Company.

INVESTMENTS :

The market value of the company's investments in the shares and securities given in the Balance Sheet is Rs.56,250/-.

PARTICULARS ON CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

This information is required as per Section 217(l)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 and forming part of the Directors' Report for the year ended March 31 2011.

Since the Company's operations involve low consumption of energy, the Company has no comments to offer as far as (a) conservation of energy and (b) Technology absorptions are concerned.

FOREIGN EXCHANGE :

The Foreign exchange earnings and foreign exchange expenditure during the period under consideration was NIL.

For and on behalf of the Board of Directors of

SHREE SALASAR INVESTMENTS LIMITED

VIPIN H. HIRANI HARSHAD DHOLAKIA DIRECTOR DIRECTOR

PLACE : MUMBAI DATED : AUGUST 23, 2011


Mar 31, 2010

The Directors have pleasure in submitting their 30th Annual Report with the audited accounts for the year ended March 31, 2010.

OPERATIONS :

The operations of the company have resulted in loss of Rs. 12,08,731/- during the year ended March 31, 2010 as shown below

Financial data results (Amount in Rupees.)

Year ended Year ended 31st March 2010 31st March 2009

Profit / (Loss) Before Tax (1,69,026) 31,606

Less: Provision for Tax 13,500 8,000

Less: Provision for Tax (earlier 10,26,205 14,868

years)

Net Profit / (Loss) After Tax (12,08,731) 8,738

Surplus brought from the 75,678 66,940

previous year

Surplus / (Deficit) Carried to (6,06,300) 75,678

Balance Sheet

DIVIDEND :

There was no profit earned during the year. In view of thereof, no dividend has been recommended by the board for the year under review.

DIRECTOR ;

Mr. K. C. Dawda was appointed as Director in casual vacancy caused due to death of Mr. R. K. Mansingka, Director w.e.f. February 14, 2010.

Mrs. Sarita Mansingka, Director of the Company retires at the ensuing Annual General meeting and being eligible offers himself for reappointment as Directors.

Mr. Harshad Dholakia was appointed as Additional Directors by the board on August 12, 2010 and his appointment as director liable to retire by rotation is being sought in the ensuing Annual General Meeting, on being demanded by members for which necessary notices have been received by the Company.

INVESTMENTS ;

The market value of the companys investments in the shares and securities as per schedule 4 given in the Balance Sheet is Rs.2,375 /-. Besides the company holds investments in unquoted shares of Rs.50,000 /-.

AUDITORS AND AUDITORS OBSERVATIONS ;

M/s. Shankarlal Jain and Associates, Chartered Accountants, retires as auditors of the Company at the ensuing Annual General Meeting and offer themselves for reappointment.

With regard to the Auditors observations, the same have been duly explained in the notes, hence does not require any further clarifications.

SECRETARIAL COMPLIANCE CERTIFICATE ;

The Secretarial Compliance Certificate issued by a practicing Company Secretary pursuant to Section 383A of the Companies Act 1956 read with Rule 3 of Companies (Compliance Certificate) Rule, 2001 is annexed to this Report.

DIRECTORS RESPONSIBILITY STATEMENT :

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

i) that in the preparation of the Annual Accounts for the year ended March 31, 2010, the applicable Accounting Standards have been followed alongwith proper explanation relating to material departures.

ii) that the Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a fair view of the state of affairs of the Company at the year ended March 31, 2010 and of the profit of the Company for that period.

iii) that the Directors had 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 fraud and other irregularities.

iv) that the Directors had prepared the Annual Accounts for the year ended March 31, 2010 on a going concern basis.

PARTICULARS OF EMPLOYEES :

The particulars of the employees under the provision of section 217 (2A) of the Companies Act, 1956 are not given as no employees was in receipt of remuneration exceeding Rs.24,00,000/- p.a., if employed for the full year or Rs. 2,00,000/-p.m. if employed for part of the year.

INFORMATION PURSUANT TO SECTION 217 (1) (a) :

The Company does not carry out any manufacturing activity therefore Rule 2 of the Companies (Disclosure of particulars in the report of the Board of Directors) Rules 1988, pursuant to Section 217 (1) (a) of the Companies Act, 1956 is not applicable.

PARTICULARS ON CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :

This information is required as per Section 217(l)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 and forming part of the Directors Report for the year ended March 31, 2010.

Since the Companys operations involve low consumption of energy, the Company has no comments to offer as far as (a) conservation of energy and (b) Technology absorptions are concerned.

FOREIGN EXCHANGE :

The Foreign exchange earnings and foreign exchange expenditure during the period under consideration was NIL.

For and on behalf of the Board of Directors of

SHREE SALASAR INVESTMENTS LIMITED

Sarita Mansingka K. C. Dawda

CHAIRMAN DIRECTOR

PLACE: MUMBAI

DATED: MAY 06, 2010


Mar 31, 2009

The Directors have pleasure in presenting herewith their 29th Annual Report together with the Audited Accounts for the financial year ended on 31st March, 2009.

FINANCIAL RESULTS:

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

Profit before tax 31,606 22,854

Deduct:

Provision for tax 8,000 2,500

Provision for tax- earlier year 14,868

Profit for the year 8,738 20,354

Surplus brought forward from previous year 66,940 46,586

Surplus carried to balance sheet 75,678 66,940

DIVIDEND.

In view of the nominal profit, the directors have not recommended any dividend for the financial year ended on 31st March, 2009.

INVESTMENTS:

The market value of the companys investments in the shares and securities as per schedule 4 given in the Balance Sheet is Rs. 8,51,663/-. Besides the company holds investments in unquoted shares of Rs. 50,000/-.

DIRECTORS:

Shri R.K. Mansingka retires by rotation and being eligible offers himself for re-appointment.

DIRECTORS RESPONSIBILITY:

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

(i) in the preparation of the annual accounts the applicable accounting standards has been followed

(ii) they had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the affairs of the company as on 31st March, 2009 and of the profit of the company for the year ended on 31st March, 2009

(iii) they has 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 he company and for preventing and detecting fraud and other irregularities

(iv) they had prepared the accounts on a "going concern basis".

TECHNOLOGY ABSORPTION. RESEARCH & DEVELOPMENT:

Since the company is not involved in manufacturing activity, the information as required under Section 217(l)(e) of the Companies Act, 1956 is not furnished. Likewise the question of environment and pollution control does not arise.

FOREIGN EXCHANGE:

There was no foreign exchange earning nor any foreign exchange outgoings as such during the year under report.

PARTICULARS OF EMPLOYEES:

The company has no employee of the category specified under section 217(2A) of the Companies Act, 1956.

AUDITORS:

The Auditors M/s. Shankerlal Jain & Associates retire at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

R.K. Mansingka

Place: Mumbai Chairman

Date: 31/7/2009


Mar 31, 2008

The Directors'' have pleasure in presenting herewith their 28th Annual Report together with the Audited Accounts for the financial year ended on 31st March, 2008.

ELMAN.CIALHHSyi.IS:

Year ended Year ended 31st March 2008 31st March 2007

Profit before Tax 22,854 12,924

Deduct

Provision for lax 2.500 2.500

Profit for the year 20,354 10.424

The profit of Rs,20,354/- has been carried to balance sheet and thus an accumulated surplus of Rs 66.940/- appear in the balance sheet

DIVIDEND:

In view of the nominal profit the Directors have not recommended any dividend for the financial year ended on 31st March. 2008

INVESTMENTS

The market value of the company''s investments in the share and securities as per Schedule 4 given in the Balance Sheet in Rs.8,51,663/- Besides the company holds investments in unquoted shares of Rs 50,000/-

Shri M.P. Munsinghka resigned as a chairman and director of the company with Offer from 12/1/2008

Smt Sarita Mansingka was appointed as an additional director of the company with collect from 5/1/2008 and thus she shall hold the office of the director nil the ensuing annual general meeting The company has received a notice U/s 257 along with the deposit of Rs 500/- from a member of the company proposing her candidature for the post of the director, liable to retire by rotation

Mr P K Murarka incites by rotation and being eligible otters himself for re-appointment

Pursuant to Section 217(2AA) of the Companies Act. 1956 your directors confirm that

(i) in the preparation of the annual accounts the applicable accounting standards have been followed

(ii) they had selected such accounting policies and applied them consistently and made judgments and estimates that ate reasonable and prudent so as to give a true and fair view of the state of affairs of the company as on 31st March. 200X and of the profit of the company for the year ended on 31st March. 2008

(iii) they had taken proper and sufficient circlers 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) they had prepared the accounts ongoing concern busts

TECHNOLOGY ABSORPTION RESEARCH & DEVELOPMENT

Since the company is not a manufacturing company, the information as required under section 217(1) (c) of the Companies Act. 1956 is not furnished Likewise the question of environment and pollution control does not arise

PARTICULARS OF EMPLOYEES

The company had no employee of the category specified under section 217 (2A) of the Companies Act, 1956

AUDITORS

The Auditors. M/''s Shankarlal Jain & Associates retire at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

Place: Mumbai FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Date: 05/07/2008

R.K.Mansingka

Chairman

 
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