Directors Report of Sigrun Holdings Ltd.

Mar 31, 2015

Dear Members,

The Directors' have pleasure in presenting their 22ndAnnual Report together with the Audited Statement of Accounts for the year ended March 31st, 2015.

FINANCIAL RESULTS

The financial results of the Company for the year ended March 31st, 2015 compared to the previous year are summarized below:

(Rs. in Lacs)

Particulars Financial Year Financial Year 2014-15 2013-14

Gross Profit (Loss) After Interest But (1566.82) (548.30)

Before Depreciation & Taxation

Depreciation - -

Profit Before Income Tax After (1566.82) (548.30)

Depreciation

Short Provision of Earlier Years - -

Prior Period Expenses - -

Provision For Taxation - - (1566.82) (548.30) Net Profit (Loss)after Tax

PERFORMANCE AND FUTURE PROSPECTS

During the year, your company has not carried out any business or operational activities. The Company is improving its financial position.

DIVIDEND& RESERVES

The Directors do not recommend any dividend for the Financial Year ended 31st March, 2015. During the year under review, no transfers were made to General Reserves.

CHANGE IN THE NATURE OF BUSINESS

There are no changes in the nature of business during the Financial Year 2014 - 2015.

INTERNAL FINANCIAL CONTROL

The Company has effective internal financial control and risk mitigation system which are constantly assessed and strengthened. The Audit committee actively reviews the adequacy and effectiveness of the Internal Financial control and suggests the improvements for the same.

SUBSIDIARY/JOINT VENTURES

The Company has no subsidiaries or joint ventures with any other entities.

RELATED PARTY TRANSACTIONS

Your Company has not entered in to any transactions with related parties falling under the purview of section 188 of the Companies Act 2013 and Rules made there under.

DEPOSITS

The Company has not accepted any deposits under the Companies Act 2013 for the Financial Year 2014 - 2015.

AUDITORS' REPORT

The Statements made by the Auditors in their report are self-explanatory and do not require any comments by the Board of Directors.

STATUTORY AUDITOR

The Statutory Auditors M/s Sarda & Pareek, Chartered Accountants hold office until the conclusion of the ensuing Annual General Meeting and are recommended for re-appointment to hold the office from conclusion of the forthcoming Annual General Meeting till the conclusion of the next Annual General Meeting of the Company. Certificate from the Auditors has been received to the effect that their re-appointment if made, would be within limits prescribed under Section 139 of the Companies Act, 2013.

SHARE CAPITAL

A) Issue of Equity Shares with Differential Rights: The Company has not issued any equity shares with differential rights during the Financial Year 2014 - 2015.

B) Issue of Sweat Equity Shares: The Company has not issued any Sweat Equity Shares during the Financial Year 2014 - 2015.

C) Issue of Employee Stock Options: The Company has not issued any Employee Stock Options during the Financial Year 2014 - 2015.

EXTRACT OF ANNUAL RETURN

The details forming the part of the extract of the Annual Return in Form MGT 9, as required under Section 92 of the Companies Act 2013, is included in this Report as Annexure - A and forms an integral part of this Report.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The information relating to conservation of energy and technology absorption by the Companies annexed to the report as "Annexure B".

FOREIGN EXCHANGE EARNING AND OUTGO

During the year under review there were no earnings in foreign exchange and there was no foreign exchange out go.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The provision of the Companies Act, 2013 relating to CSR Initiatives are not applicable to the Company.

DIRECTORS

A) Changes in directors and appointment of Key Managerial Personnel :

During the year under review, the Company appointed Ms. Muninder Kundan as an Additional Director until the conclusion of the forthcoming Annual General Meeting. It is proposed to appoint Ms. Muninder Kundan as Non Executive Independent Director of the Company in ensuing Annual General Meeting.

During the year under review, Mr. Mangesh Gaikwad, have resigned from the Board due to pre -occupation. The company appreciates his valuable contribution during his tenure.

B) Declaration by Independent Directors and Re-appointment of Directors:

All the Independent Directors have given the declarations that they meet the criteria for Independence as laid down under Section 149(6) of the Companies Act 2013 and Clause 49 of the Listing Agreement.

C) Board Evaluation :

Pursuant to the provisions of the Companies Act 2013, and clause 49 of the Listing Agreement, a structured questionnaire was prepared for the evaluation of the Independent Directors and the Board. The Board of Directors expressed their satisfaction with the evaluation process.

During the year Board duly met 9 (Nine) times. The details of the number of meetings of the Board held during the Financial Year 2014 -2015 forms a part of the Corporate Governance Report.

AUDIT COMMITTEE

The composition of the Audit Committee and the number of Audit Committee meetings held during the Financial Year 2014 - 2015 forms a part of the Corporate Governance Report.

VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

The Company has a Vigil Mechanism policy to report genuine concerns or grievances. The details form a part of the Corporate Governance Report.

NOMINATION AND REMUNERATION COMMITTEE

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Key managerial personnel and Senior Management and their remuneration. The Nomination & Remuneration Policy is stated in the Corporate Governance Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS U/s 186 OF THE COMPANIES ACT 2013

The Company has not given any loan, guarantee or security in connection with any loan to any other body corporate or person exceeding the specified limits mentioned under section 186(2) of the Companies Act 2013.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the rules made there under the Company has appointed M/ s Priti J Sheth & Associates, a firm of Company Secretaries in Practice (C.P. No 5518) to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report is included as "Annexure C" and forms an integral part of this report.

Boards Comments on Qualifications/ Observations by Secretarial Auditor:

As there were no operations during the year and consequent inadequacy of funds, Management was unable to appoint any Key Managerial Personnel, internal auditor as required under the provisions of Companies Act 2013.

Company has its website however same is not functioning. The management is in process to reactivate the same at the earliest.

CORPORATE GOVERNANCE

As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on corporate governance practices followed by the Company, together with a certificate from the Company's Secretarial Auditor's confirming compliances, forms an integral part of this Report.

RISK MANAGEMENT POLICY

The Company has a dynamic Risk Management framework to identify, evaluate business risks and opportunities. The framework helps in identifying risks, exposure and potential impact analysis for the Company level. The details form a part of the Corporate Governance Report.

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of our knowledge and belief and according to the information and explanations obtained, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act 2013:

1. That in preparation of the Annual Accounts for the year ended 31st March 2015, the applicable accounting standards have been followed along with the proper explanation relating to material departures , if any;

2. And applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2015 and of the profit of the company for the year ended on that date;

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

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

5. That 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;

6. That the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF EMPLOYEES

The Company wishes to place on record their appreciation to the contribution made by the employees to the operations of the Company during the period.

During the year under review there were no employees who were in receipt of the remuneration beyond the limits prescribed under Rule 5 (2) of Companies (Appointment and Remuneration) Rules, 2014 and therefore no disclosures need to be made under the said section.

ACKNOWLEDGEMENTS

The Board of Directors of acknowledge the continued support and co-operation extended by the Statutory Authorities, Government Authorities, Bankers, Stock Exchange, Stake holders and employees of the Company.

By Order of the Board For Sigrun Holdings Limited

Sd/- Sd/- Vinayak Bhat Muninder Kundan Director Director DIN: 05175508 DIN: 07028299

Place: Mumbai Date: 10th August 2015

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Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Directors report for the financial year ended 31st March 2014.

Financial Results:

The financial performance of your Company for the Financial Year ending 31st March 2014 is summarized under:

(Rs. in Lakhs)

Particulars 31st March 2014 31st March 2013

Total Income 0.00 0.25

Less: Total Expenses (548.30) (550.40)

Profit before exceptional and extraordinary items and tax (548.30) (550.15)

Less: Exceptional Items 0.00 (5.06)

Profit before extraordinary items and tax (548.30) (555.22)

Profit / (Loss) before tax (548.30) (555.22)

Operation Result:

During the year, your company has not carried out any business or operational activities Dividend:

In view of loss incurred by the company, no dividend is recommended for the year.

Directors:

It is proposed to appoint Mr. Mangesh Gaikwad (DIN - 00929820) and Mr. Rohit Muslonkar (DIN - 00166916) as Non- Executive Independent Director for a fresh period of 5 consecutive years to comply with the provision of Section 149, 150, 152 and any other applicable provisions of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014 of Company.

Mr. Vinayak Bhat (DIN: 05175508) retires by rotation at the forthcoming AGM and, being eligible, offers himself for re-appointment. Brief details of the Director being appointment and reappointment have been incorporated in the Notice for the ensuing Annual Gen- eral Meeting pursuant to Clause 49(iv) (g) (i) of Listing Agreement.

Fixed Deposits:

The Company has not accepted any deposit from public under section 58A & 58AA of the Companies Act, 1956.

RBI NBFC Norms:

The Company has not carried out any NBFC business and hence has applied for cancellation of the Certificate of Registration of NBFC. Reserve Bank of India vide its letter dated 2nd July 2014 have passed the order for cancellation of the Certificate.

Auditors'' Report:

The comments and statements mentioned in the Auditors Report are self explanatory and do not require any further explanation Auditors:

M/s. Sarda Pareek, Chartered Accountants, Auditors of the company hold the office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment as the Statutory Auditors of the company for the financial year 2014-15 subject to the approval of the members at the ensuing Annual General Meeting. Certificate from the Auditors has been received to the effect that their re-appointment if made, would be within limits prescribed under Section 139 of the Companies Act, 2013 and the Rules framed thereunder Information as per section 217(1) (e) of the Companies Act, 1956:

Your Company has no activity and hence there is no information with regard to conservation of energy or technology absorption. During 2013-2014, there were no expenditure in foreign currencies and no Foreign Currency earnings during this year.

Particulars of Employees:

During the period under review, there were no employees who were in receipt of remuneration beyond the limits prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and therefore no disclo- sure need to be made under the said section.

Corporate Governance and Compliance:

A report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report. A certifi- cate from Auditors confirming Compliance with the conditions of the Corporate Governance as stipulated aforesaid is attached to this Report.

The Company has fully complied with all mandatory requirements prescribed under Clause 49 of the Listing Agreement. In addition, the Company has also implemented some of the non mandatory provisions of Clause 49.

Audit Committee

The Company has formed an Audit Committee comprising of three Directors. The terms of the reference of the Committee are in line with the requirements specified under Section 292A of the Companies Act, 1956 and Corporate Governance as stated in Clause 49 of the Listing Agreement.

Listing:

The Equity shares of the Company are listed on the Bombay Stock Exchange (BSE).

Directors'' Responsibility Statement

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

(a) in the preparation of annual accounts for the year ended March 31, 2014, the applicable accounting standards read with re- quirements set out under Schedule VI to the Companies Act, 1956, have been followed;

(b) the Directors have selected such accounting policies and applied consistently and made judgments and estimates made that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year ended period;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(d) the Directors have prepared the annual accounts of the Company on a ''going concern'' basis.

Acknowledgments:

Your Directors'' place on record their deep appreciation to the Bankers, Shareholders and Customers for their co-operation and sup- port and to the staff members for their contribution towards the performance of the Company.

By Order of the Board

Sd/- Sd/- Vinayak Bhat Mangesh Gaikwad Director Director DIN:05175508 DIN:05175503

Date: 14-08-2014 Place: Mumbai

Registered Office:

B/12, Shree Devadiga Co. op. Housing Society, Om Nagar Sahar, Andheri (East), Mumbai - 400099

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Mar 31, 2012

The Directors have pleasure in presenting the Nineteenth (19th) Annual Report of thje Company together with Audited statements of account for the financial year ended 31st March 2012.

Financial Results:

The financial performance of your Company for the Financial Year ending 31st March 2012 is summarized under:

(Rs.in Lakhs

Particulars 31st March 2012 31st March 2011

Total Income 0.07 0.70

Profit Before Taxes (17.76) (2397.32)

Profit After TaxesT' (17.76) (2420.31)

Extraordinary Item - (22413.11)

Profit after extraordinary Items (17.76) (24833.42)

Operation Result:

During the year, your company has not carried out any activities.

Directors:

In terms of the provisions of the Companies Act, 1956, Mr. Mangesh Gaikwad, Director of the Company retire by rotation and being eligible, offers himself for re- appointment at the ensuing Annual General Meeting.

Dividend:

In view of cash losses incurred by the company, no dividend is recommended for the year.

Fixed Deposits:

The Company has not accepted any fixed deposits from the public during the year attracting the provisions of section 58A and 58AA of the Companies Act, 1956 and Rules framed there under.

Audit Committee:

The Company has formed an Audit Committee comprising of three Directors. The terms of the reference of the Committee are in line with the requirements specified under Section 292A of the Companies Act, 1956 and Corporate Governance as stated in Clause 49 of the Listing Agreement.

RBI NBFC Norms:

The company has complied with all the necessary applicable prudential norms of RBI for NBFC Companies during the year under review.

The company has applied for cancellation of the Certificate of Registration of NBFC and the same is currently pending for cancellation.

Auditors & Auditors' Report:

M/s. SARD A & PAREEK, Chartered Accountants of the Company hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re- appointment.

The Company has received letters from M/s. SARDA & PAREEK, Chartered Accountants, to the effect that their appointment, if made, would be within the prescribed limits under section 224(1B) of the Companies Act, 1956 and that they are not disqualified for such appointment.

The observations and comments given by Auditors in this report read together with notes to accounts are self explanatory and hence do not call for any further comments under Section 217 of the Companies Act, 1956.

Information as per section 217(1) (e) of the Companies Act, 1956:

The information under section 217(1) (e) of the Companies Act, 1956 on Conservation of Energy, Technology Absorption as required to be disclosed is not applicable to your Company.

During the year under review the Company has no foreign exchange earnings and outgo.

Particulars of Employees:

During the period under review, there were no employees who were in receipt of remuneration beyond the limits prescribed under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and therefore no disclosure need to be made under the said section.

Corporate Governance and Compliance:

A report on Corporate Governance along with Management Discussion and Analysis is annexed to this report. A certificate with regards to the compliance of the Corporate Governance as stipulated in Clause 49 of the Listing Agreement by the Company is also annexed to this report.

The Company has fully complied with all mandatory requirements prescribed under Clause 49 of the Listing Agreement. In addition, the Company has also implemented some of the non mandatory provisions of Clause 49.

Listing:

The Equity Shares of the Company are listed on the Stock Exchange at Mumbai. Directors' Responsibility Statement:

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

i. that in the preparation of the annual accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. that 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 of the profit or loss of the company for the year under review;

iii. that 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. that the directors have prepared the accounts for the financial year ended 31st March, 2012 on a going concern' basis.

Acknowledgments:

Your Directors would like to express their sincere appreciation for the co-operation and support received from Shareholders, Banks, Customers, sub-contractors, suppliers, Officers, Employees, Government Authorities and other regulatory bodies throughout the year.

Date: 30th May 2012

Place: Mumbai

By Order of the Board

Registered Office:

Shop No. 5, Meridian Mr Vinayak Bhat

Apartments, Veera Desai Road, Director

Andheri (W), Mumbai - 400058

Maharashtra, India

Mr. Mangesh Gaikwad Director

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Mar 31, 2010

The Board of Directors have pleasure in presenting the SEVENTEENTH ANNUAL REPORT AND AUDITED ACCOUNTS of the Company for the period ended on 31st March 2010

FINANCIAL HIGHLIGHTS: (Rs.)

2009-10 2008-09

Turnover Gross 19,499,526 109,745

Profit before Taxation (After Depreciation) 2,499,351 (2,011,620)

Provision for Taxation 350,000 -

Net Profiti(Loss) 4,325,999 (2,016,770)

BUSINESS RESULTS

During the period under review, the Company has achieved total Income of Rs. 19,499,526/- and achieved Net Profit of Rs. 4,325,999/-. Management expects to continue the performance of the Company in years to come.

PIVIPENP

In view of the lesser profits, your Directors do not recommend payment of Dividend.

ACQUISITION OF SIGRUN REALTIES LIMITED

During the year the company has acquired 100% equity share capital of Sigrun Realties Limited. Your Company has acquired Sigrun Realties Limited thorugh Share Swap Transaction as per the applicable provisions of Companies Act, 1956, SEBI Guidelines and Memorandum and Articles of Association of the Company.

Sigrun Realties Limited, (SRL)

SRL is a wholly owned subsidiary of the Company and is engaged in Real Estate and Construction activities. SRL has various real estate properties, situated at Vasai, Goa, Mangaon, Poladpur etc. STEP DOWN SUBSIPIARIES

Sigrun Realties Limited owns 100% of share capital of Nano Technologies (India) Private Limited and Machad Resorts Private Limited. The Annual Report of Wholly owned subsidiaries are attached.

CHANGE OF NAME

During the year company change its name from Gee Kay Finance & Leasing Company Limited to Sigrun Holdings Limited. Your Company has complied with all applicable provisions of Companies Act, 1956 and as on date of this Report, the name of the Company has also been changed on the BSE website with ticker name as "SIGRUN HOLD" under Scrip Code: 531863. In this report, any reference to Gee Kay Finance & Leasing Company Limited should be read as Sigrun Holdings Limited.

PIRECTORS

The Board of directors has been broad-based to comply with the Listing requirements.

The Board of Directors appointed Mr. Manish Ladage, Mr. Ashok Kumar Agrawal and Mr. Sandeep Nerlekar as Additional Directors at its board meeting held on 10" August, 2009. They hold office until the ensuing Annual General Meeting.

Mr. Manish Ladage, and Mr. Sandeep Nerlekar director of the company retires by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.

LISTING

As per the requirement of Clause 49 of the Listing Agreement with Stock Exchanges, the Company hereby declares that, the listing of its shares continued through out

the year with Bombay Stock Exchange Limited and Company has paid the listing fees for the financial year 2010-2011.

RBI NBFC NORMS

The Company has complied with all necessary applicable prudential Norms of RBI for NBFC Companies during the year under review.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors, based on the representations received from the operating management, confirm that: -

I. in the preparation of the annual accounts for the Financial Year ended 31st March 2010, the applicable accounting standards had been followed along with the proper explanation relating to material departures;

II. the Directors had 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 of the Profit & Loss of the Company for the year ended under review;

III. the Directors have 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 & detecting fraud and other irregularities.

IV. the Directors have prepared the accounts on a going concern basis.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with BSE , Management Discussion and Analysis, Corporate Governance Report, Auditors Certificate regarding

compliance of conditions of Corporate Governance and CEO Certificate on Code of Conduct is made as a part of the Annual Report.

AUDITORS

The Companys Auditors, M/s. B.S. Verdia & Associates, Chartered Accountants, retire as Auditors of your Company at the conclusion of the ensuing Annual General

Meeting and are eligible for re-appointment. They have indicated their willingness to accept reappointment and have further furnished necessary Certificate in terms of Section 224 (1B) of the Companies Act, 1956.

The Audit Committee has considered and recommended the reappointment of M/s.B.S. Verdia & Associates, Chartered Accountants, Mumbai, as Statutory Auditors of the Company, to the Board of Directors. Your Directors have accepted the recommendation and recommend to the shareholders the re-appointment of M/s. B.S. Verdia & Associates, Chartered Accountants, Mumbai as the Statutory Auditors of the Company.

AUDITORSREPORT

The observations made by the Auditors in their Report referring to the Notes forming part of the Accounts are self-explanatory and therefore, do not require any further comments under Section 217(3) of the Companies Act,1956.

"GROUP" FOR INTER SE TRANSFER OF SHARES

As required under regulation 3(1)(e) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 persons constituting "Group" (within the meaning as defined in the Monopolies and Restrictive Trade Practice Act, 1969) for the purpose of availing exemption from applicability of the provisions of Regulation 10 to 12 of the aforesaid SEBI Takeover Regulations are given in Annexure II forms part of this Annual Report.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Information 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 regarding conservation of energy, technology absorption is given in the Annexure forming part of this Report. As regards the

information in respect of foreign exchange earnings and outgo, the same has been given in the Notes forming part of the accounts for the period ended 31st March 2010.

INDUSTRIAL I HUMAN RELATIONS:

During the year employee relations continued to be cordial and harmonious at all levels and in all divisions of the Company. There was a total understanding of the Management objectives by the workers. The Company has consistently tried to improve its HR policies and processes so as to acquire, retain & nurture the best of the available talent in the Industry.

PARTICULARS OF THE EMPLOYEES:

Shareholder who wish to have details of employees drawing remuneration exceeding the sum prescribed under Section 217 (2A) of the Companies Act, 1956 is requested to contact Company Secretary of the Company.

ACKNOWLEDGEMENT:

The Board of Directors wishes to thank the Central Government, State Government, RBI, SEBI, The Bombay Stock Exchange Limited (BSE) and for their cooperation in various spheres of your Companys functions. The Board of Directors express its gratitude for the cooperation extended by the Bankers.

Your Directors thanks all its shareholders, clients and investors for their support during the year and looks forward to their continued support in the years to come.

Your Company has also gained considerably from the sincere and devoted services rendered by its employees at all levels. The Board of Directors wishes to place on record its appreciation of their efforts in enhancing the image of your Company in the global market.

By order of the Board of Directors For Sigrun Holdings Limited

Date: August 14,2010 CR Rajesh Nair

Place: Mumbai Managing Director