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Directors Report of Silverpoint Infratech Ltd.

Mar 31, 2015

DEAR SHAREHOLDERS,

The directors have pleasure in presenting their Eighteenth Annual Report on the business and operations of the company together with the Audited Statement of Accounts for the year ended 31st March, 2015.

FINANCIAL HIGHLIGHTS

During the year under review, performance of your company as under:

(Rupees in Lakhs)

Particulars Year Ended Year Ended 31st March, 2015 31st March, 2014

Turnover 856,142,393 1,678,863,078

Profit/(Loss) before taxation 6,512,998 6,892 482

Less: Tax Expense 1,814,965 2,129,777

Profitless) after tax 4,698,033 4,762,705

Add: Balance B/F from the previous year 19,367,488 14,604 783

Balance Profit / (Loss) C/F to the next year 24,065,520 19,367,488

LISTING OF EQUITY SHARES ON BSE SME PLATFORM

The Directors are pleased to inform that the company has got its Equity Shares listed on SME Platform of BSE Limited on 28th August, 2013.

REVIEW OF OPERATIONS

During the year under review the company has recorded a turnover of Rs. 856,142,393 as compared to Rs. 1,678,863,078 in the previous year. The Company has recorded a net profit of Rs. 4,698,033as compared to Rs. 4,762,705 in the previous year.

SHARE CAPITAL

The Company has 197890000/- Equity Share Capital for the Financial Year ended 31st March, 2015. The Company has not increased its Capital throughout the year.

DIVIDENDS

In view of the planned business growth, your directors deem it proper to preserve the resources of the Company for its activities and therefore, do not propose any dividend for the Financial Year ended March 31, 2015.

TRANSFER TO RESERVES

The Company proposes to transfer a sum of Rs.4,698,033 to Reserve & Surplus during the financial year ended 31st March, 2015.

NUMBER OF MEETINGS OF BOARD OF DIRECTORS

During the Financial Year 2014-15, five meetings of the Board of Directors and one meeting of Independent Directors' were held. The details of which are given in Corporate Governance Report. The Provisions of Companies Act, 2013 and Listing Agreement were adhered to while considering the time gap between meetings.

AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. There has been no instance where the Board has not accepted the recommendations of the Audit Committee.

NOMINATION & REMUNERATION COMMITTEE

The composition and terms of reference of the Nomination and Remuneration Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The composition and terms of reference of the Share Transfer cum Stakeholders Relationship Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.

STATE OF THE COMPANY'S AFFAIRS

The Company is engaged in the business of Civil & Construction Works. There has been no change in the business of the company during the financial year ended31st March, 2015.

CHANGE IN THE NATURE OF BUSINESS. IF ANY

There was no change in the nature of business of the company during the financial year ended 31st March, 2015.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY. OCCURRING AFTER BALANCE SHEET DATE

There were no material changes and commitments affecting the financial position of the Company between the end of the financial year (March 31,2015) and date of the report {August 20,2015)

EXTRACT OF ANNUAL RETURN

The extract of the Annual Return in accordance with section 134(3) of the Companies Act, 2013 in Form No. MGT-9forthe financial year ended March 31, 2015 is annexed hereto as Annexure-//and forms part of Director Report.

LOANS. GUARANTEES AND INVESTMENTS

During the Financial year the Company has made Loan, Guarantees, Advances & Investment within the limits as prescribed under Section 186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company has not entered into any contracts or arrangements with related party during the financial year 31st March, 2015.

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act 2013 for the Financial Year 2014-15 in the prescribed format AOC- 2 has been enclosed as Annexure - HI (AOC-2) and forms part of this report.

The policy on the materiality of related party transactions as approved by the Board may be accessed on the company's website www.silverpointinfratech.com,

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars of Conservation of energy, technology absorption and foreign exchange and outgo as required under Section 134 (3) (m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are not applicable to the Company. The disclosures are annexed as Annexure-IV and forms part of this Annual Report.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the period the Board of the Company was reconstituted for the purpose of better growth and expansion and diversification of the business of the Company.

a) APPOINTMENT OF INDEPENDENT DIRECTORS:

At the Annual General Meeting of the Company held on 30th September, 2014 the members of the Company appointed Mr. Sri Krishna Dokania (DIN: 03610290) and Ms. Devangna Tiwari (DIN: 06651804) as an Independent Directors under the Act for a term of upto 31st March, 2019.

b) CHANGE IN DIRECTORSHIP DURING THE YEAR:

During the year under review Ms. Devangna Tiwari was appointed as an Additional Director of the company with effect from 5th September, 2014 and there was change in her designation from Additional Director to Non- Executive, Independent Director with effect from 30th September, 2014.

Mr. Lokesh Agarwal was designated from Independent Director to Non-independent & Non- Executive Director of the Company with effect from 30th September, 2014.

Mr. Sri Krishna Dokania was designated from Additional Director toNon- Executive Independent Director of the Company with effect from 30th September, 2014.

c) STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION 16) OF SECTION 149

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of interdependence as prescribed both under sub-section 149 of the Companies Act, 2013 and under Clause 52 of the Model SME Listing Agreement with the Stock Exchanges.

d) RETIREMENT BY ROTATION:

Mr. Lokesh Agarwal, Director of the Company, retires under Section 152 of the Companies Act, 2013 at the ensuing Annual General Meeting, and being eligible offer themselves for re-appointment.

e) KEY MANAGERIAL PERSONNEL:

The Board of Directors of the Company in their meeting held on 30th June, 2014 appointed Ms. Nikita Rateria as Company Secretary/Compliance Officer of the Company.

During the Year 2014-15, Mr. Satyajit Ghosh had resigned as Company Secretary/ Compliance Officer from the Company with effect from 26th May, 2014.

Mr. Sanjay Kumar Drolia was appointed as a Managing Director of the Company w.e.f 12th July, 2012.

Mr. Hemant Kumar Drolia was appointed as a Chief Financial Officer of the Company w.e.f 30th January, 2014.

FORMAL ANNUAL EVALUATION

One of the vital function of the Board is monitoring and reviewing the Board evaluation framework formulated by the Nomination and Remuneration Committee that lay down the evaluation criteria for the performance of all the directors. In accordance with the provisions of the Acts and the Corporate Governance requirements as prescribed by securities and Exchange Board of India (SEBI) under Clause 52 of the Model SME Listing Agreement.

A separate exercise was carried out to evaluate the performance of individual's directors including the chairman of the Board on parameters such as level of engagement and contribution, Independence of judgment, safeguarding the interest of the company and its minority shareholders etc. The performance of the evaluation of the Non independence Directors and Boards as a whole also carried out by the Independent Directors.

The Board of Directors in its meeting held on 12th March, 2015 undertook the annual evaluation of its own performance, Board Committee and individuals Directors. The review concluded that the performance of the Directors, Committees & the Board as a whole, to be adequate and satisfactory.

SUBSIDIARIES, JVS OR ASSOCIATE COMPANIES

The Company does not have any Joint Ventures and Associate Companies but it has subsidiaries Companies. The Companies listed below have become its Subsidiary Companies in Financial Year 2013-14 and their details are furnished in the Annexure - V (AOC-1) and forms part of this Annual Report

Subsidiaries Companies are as follows:

SL NO. NAME OF THE COMPANY:

1 Mamtamayee Mercantile Limited

2 Pushapdham Commodities Limited

3 Shyambaba Business Limited

4 Astdurga Enterprises Limited

5 Khatushyam Mercantile Limited

6 Bhootnath Exports Limited

7 Ramrajya Tie up Limited

8 Panchpushap Vyapaar Limited

9 Baglamukhi Agencies Limited

10 Wellside Agencies Limited

11 Rockland Merchandise Limited

12 Everlasting Sales Limited

13 Hargouri Commercial Limited

14 Dasbhuja Marketing Limited

15 Roselife Vanijya Limited

16 Kailashdham Mercantile Limited

17 Prathampujay Vinimay Limited

18 Vishnudham Suppliers Limited

19 ShivprabhatTradelink Limited

Company which has ceased to be subsidiary during the financial year 2014-15:

SL NO, NAME OF THE COMPANY:

1 Sidhidhan Commodities Limited.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures pertaining to remuneration and other details under section 197(12) of the act read with rule 5(1) of the companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as Annexure-VI.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors' Responsibility Statement under Section 134 (5) referred to in clause (c) of sub-section (3) shall state that—

a) Accounting Standard: ln the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) Accounting Policies: 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 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 of the company for that period.

c) Proper efficient and care: The directors had 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;

d) Going Concern Basis: The directors had prepared the annual accounts on a going concern basis.

e) Compliance With All Laws: The directors had devised proper system to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.

f) Internal Financial Controls: The directors had laid down internal financial control to be followed by the company and that such internal financial control are adequate and operating effectively.

BOARD'S COMMENT ON THE AUDITOR'S REPORT

The observations of the Statutory Auditors, when read together with the relevant notes to the accounts and accounting policies are self-explanatory.

RISK MANAGEMENT POLICY

The Board of Directors of the company has formulated a Risk Management Policy which aims at enhancing shareholders' value and providing an optimum risk reward tradeoff. The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures. This policy is also available on the company's website www..silverpqintinfratech.com.

INTERNAL FINANCIAL CONTROL SYSTEMS

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control system and suggests improvements to strengthen the same. In the Opinion of the Board the existing internal control framework is adequate and commensurate to the size and nature of the business of the company, during the year such controls were tested and no reportable material weaknesses in the design or operation were observed.

WHISTLEBLOWER POLICY/VIGIL MECHANISM

The company has formulated vigilance Mechanism /Whistle Blower Policy as per the provisions of the Companies Act, 2013 and clause 52 of the model SME Equity of listing agreement to provide a mechanism for employees of the company to approach the vigilance officer/Chairman of the Audit Committee of the company safeguards against victimization of persons who use such mechanism. The vigilance officer places the report/ status of complaints received and resolved, if any to the members of Audit Committee. Further the aggrieved person can have directed access to the chairman of Audit Committee. The policy is readily available on company's website www.silyexj0pjntinfratech.com.

CORPORATE GOVERNANCE

Company has taken adequate steps to ensure that all mandatory provisions of Corporate Governance as provided under the amended Clause 52 of the Model SME Listing Agreement with the Stock Exchanges, are complied with. A separate report on Corporate Governance along with the Auditors certificate for its due compliance is forming part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A separate report on Management Discussion and Analysis as per Clause 52 of the Model SME Listing Agreement with the stock exchanges is forming part of this Annual Report.

CEO/CFO CERTIFICATION

The CEO/CFO Certificate on the financial statements of the company as required under Clause 52 of the Model SME Listing Agreement forms part of this Annual Report.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

The Company did not have any funds lying unpaid or unclaimed. Therefore there was no funds which were required to be transferred to Investor Education And Provident fund (IEPF).

AUDITORS

al STATUTORY AUDITORS

M/s. GHOSHAL & Co., Chartered Accountants (Registration No: 304154E), who are the Statutory Auditors of the company hold office until the conclusion of the ensuring Annual General Meeting. It is proposed to re- appoint them to examine and audit the accounts of the company for one year to hold office from the conclusion of this AGM till the conclusion of the next AGM of the company to be held in the year 2016 subject to ratification of their appointment at every AGM. M/s. GHOSHAL & Co, has under section 139(1) of the Companies Act, 2013 and the rules framed there under furnished a certificate of their eligibility and consent for re- appointment.

bj INTERNAL AUDITORS

Pursuant to Section 138 of the Companies Act, 2013 the company had appointed M/s. Jain Prasad &Co. as the Internal Auditor Bf the company to carry out the internal auditor of the functions and activities of the company.

c] SECRETARIAL AUDITOR

Pursuant to section 204 of the Companies Act 2013 of the company had appointed Ms. Neha Jain (C.P No. 10825), Company Secretaries to conduct the secretarial audit of the company for the financial year 2014- 15. The Company had provided all assistance and faddist's to the Secretarial Auditor for conducting their audit. The report of the Secretarial Auditor for the financial year 2014-15 is annexed to this report Annexure-1. (MR-3) there are no qualifications or adverse remarks in their Report.

DEPOSITS

The Company has not accepted any deposits under section 73 of the Companies Act, 2013 and the companies (Acceptance of Deposits) Rules, 2014 during the Financial Year 2014-15.

CONSOLIDATED FINANCIAL STATEMENTS

In the Accounting Standard 21 read with General Circular No 2/2011 dated 8th February, 2011 issued by Ministry of Corporate Affairs (MCA) and in compliance of the Model SME Equity Listing Agreement with the Stock Exchange(S) the audited financial statement duly audited by the statutory auditor of the Company, together with the Audit Report is annexed with these accounts and forms part of the Annual Account. The Financial Statements of each of the Subsidiaries has been duly approved by the respective Board of Directors of the Subsidiaries.

CORPORATE SOCIAL RESPONSIBILITY

In pursuance of the provisions of section 135 of the Companies Act 2013, the CSR provisions were not applicable to the company.

CODE OF CONDUCT

The Board of Directors has approved a code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day operations of the Company in accordance with the applicable Accounting Standards. The code laid down by the Board is known as "Code of Conduct:" The code has been posted on the Company's Website www.silverpojntjnfratech.cpm.

PREVENTION OF INSIDER TRADING

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

All Board Directors and the designated employees have confirmed compliance with the code.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION & REDRESSAL) ACT. 2013

The Company has formulated a policy for the prevention of sexual harassment within the company. It ensures prevention and deterrence of acts of sexual harassment and communicates procedures for their resolution and settlement. Complaint Redressal Committee have been constituted in accordance with the requirements under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 which ensures implementation and compliance with the Law as well as the policy at every unit. There were no cases/ complaints reported in this regard during the year 2014-15. A copy of the Policy against sexual harassment is posted on the Company's Websitewww.silverpointinfratech.com.

NOMINATION AND REMUNERATION POLICY OF THE COMPANY

The company's policy relating to appointment of Directors, payment of managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under section 178(3) of the Companies Act, 2013 is furnished in Annexure-VII and forms part of this report.

HUMAN RESOURCES

The Company believes in best HR practices by providing its employees a world class working environment, giving them equal opportunities to rise and grow. We continue to implement the best of HR policies so as to ensure that talent retention is ensured at all levels. Employee relations continued to be cordial and harmonious at all levels and in all divisions of the company during the year.

HEALTH. SAFETY AND ENVIRONMENTAL PROTECTION

The Company has complied with all applicable laws. The Company has been complying with relevant laws and has been taking all necessary measures to protect the environment and maximize worker protection and safely.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS. COURTS AND TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATION IN FUTURE

There are no significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operation in future.

ACKNOWLEDGEMENT

The company has been very well supported from all quarters and therefore your directors wish to place on record their sincere appreciation for the support and co-operation received from Employees, Dealers, Suppliers, Central and State Governments, Bankers and others associated with the Company. Your Directors wish to thank the banks, financial institutions, shareholders and business associates for their continued support and cooperation. We look forward to receiving the continued patronage from all quarters to become a better and stronger company

By Order of the Board

Sd/- Sd/-

Sanjay Kumar Drolia Sri Krishna Dokania

Place: Howrah Managing Director Director

Date ;20th August, 2015 (Din: 00538256) (Din:03610290)


Mar 31, 2014

Dear Shareholders,

The Director have pleasure in presenting the Seventeenth Annual Report of your Company along with the Audited Statement of Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

The summarized financial results for the year ended 31st March 2014 are as under:

PARTICULARS 31st March, 2014 31st March, 31st March, Consolidated 2014 2013

Sales/Revenue from Operation 1,678.863,078 1,678,863,078 2,509,605126

Other Income_:: - - -

Total Income 1,678,863,078 1,678,863,078 2,509,605126

Less: Expenditure 1,671,731,038 1,671,511,038 2,500,959,557

Profit/(Loss) before Interest, Depreciation &Tax 7,132,040 7,352,040 8,645,569

Less: Interest _;: - - -

Depreciation and Amortization Cost 459,558 459,558 414,429

Profit/(Loss) before Tax 6,672,482 6,892,482 8,231,140

Tax Expenses 2,016,924 2,129,777 2,477,871

Profit/(Loss) after tax 4,610,685 4,762,705 5,753,269

Add: Profit/(Loss) Brought Forward 14,604,783 14,604,783 8.851,514

Amount available for Appropriation/(Loss) 19,215,468 19,367,488 14,604,783



RESULT TO OPERATIONAL REVIEW

During the current period of operation, your company has shown a turnover of Rs. 1,678,863,078/-, profit after tax Rs. 4,762,705/ and made provision for Income Tax of Rs. 2,084,904/-.

TRANSFER TO RESERVE

It is proposed to transfer Rs 4,762,705/- out of the current profits to General Reserve. LISTING OF EQUITY SHARES ON BSE SME PLATFORM

Your directors are pleased to inform that the company has got its equity shares listed on SME Platform of BSE Limited on 28th August, 2013.

DIVIDEND

In order to maintain a better liquidity position and conserve existing resources of the company, the Directors therefore, do not recommend any dividend for the year ended 31st March, 2014 under review.

DIRECTORS

During the period the Board of the Company was reconstituted for the purpose of better growth and expansion and diversification of the business of the Company.

During the year under review Mr. Sanjay Kumar Drolia was re-appointed as the Chairman of the Board.

During the year, under review Mr. Srikrishna Dokania has been appointed as Additional Director with effect from 16.04.2013 and there was change in designation from Director to Additional Director of the Company with effect from 24.05.2013.

During the year under review Mr. Lokesh Agarwal was designated from Additional Director to Director of the Company with effect from 24.05.2013.

During the year under review Mr. Mohan Lai Sureka resigned as Director of the Company with effect from 26th November, 2013.

Mr. Lokesh Agarwal, Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

The details concerning the appointment / re-appointment of Directors are attached to the notice convening the ensuing Annual General Meeting.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

(i) in the preparation of the financial accounts for the year ended 31st March, 2014, the applicable accounting standards have been followed and there have been no material departure;

(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 state of affairs of the Company at the end of the Accounting Year;

(iii) they 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 and detecting fraud and other irregularities; and

(iv) they had prepared the financial accounts for the year ended 31st March, 2014 on a going concern basis.

AUDITORS

The Board, on the recommendation of the Audit Committee, has proposed that M/s. GHOSHAL & CO., Chartered Accountants, Kolkata having Firm Registration No. 304154E, be re-appointed as the Statutory Auditors of the Company, to hold office from the conclusion of the ensuing Annual General Meeting till the conclusion of the next Annual General Meeting of the Company.

M/s. GHOSHAL & CO. Chartered Accountants, Kolkata, have under section 141 (3) (g) of the Companies Act, 1956, furnished certificate of their eligibility for the re-appointment.

AUDITORS'' REPORT

As regards the observations in the Audit Report''s the explanations given in the Notes to the Accounts are self- explanatory.

INTERNAL AUDITORS

The Board has appointed M/s. Jain Prasad & Co., Chartered Accountant as the Internal Auditor of the company for the financial year 2014-15 PUBLIC DEPOSITS

The Company has not accepted any deposit within the meaning of the section 58A of the Companies Act, 1956.

CONSOLIDATED FINANCIAL STATEMENT

In the Accounting Standard 21 read with General Circular No. 2/2011 dated 8th February, 2011 issued by Ministry of Corporate Affairs (MCA) and in compliance of the Model Equity Listing Agreement with the stock exchange(s) the Audited Financial Statement duly audited by the Statutory Auditor of the Company , together with the Audit Report is annexed with these accounts and forms a part of the Annual Account. The Financial Statements of each of the Subsidiary(ies) has been duly approved by the respective Board of Directors of the Subsidiary(ies).

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

In accordance with the requirements of Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, the particulars with respect to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are not applicable.

CORPORATE GOVERNANCE

Your Company complies with the provisions laid down in Corporate Governance laws. It believes in and practices good corporate governance. The company maintains transparency and also enhances corporate accountability.

Pursuant to Clause 52 of the Listing Agreement with the Stock Exchanges, the following form part of this Annual Report:

(i) Declaration regarding compliance of Code of Conduct by Board Members and Senior

Management personnel;

(ii) Management Discussion and Analysis;

(iii) Report on the Corporate Governance;

(iv) Auditors'' Certificate regarding compliance of conditions of Corporate Governance.

PARTICULARS OF EMPLOYEES

None of the employees of the Company was in receipt of remuneration which disclosures under 217(2A) of the Companies Act, 1956 and the Rules made therein. Further, since there was no such remuneration received the Company has nothing to disclose under the requirements of provisions of section 219(1)(b)(iv) of the said Act.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required under Clause 52 of the Model SME Listing Agreement with the Stock Exchanges, the Management Discussion and Analysis of the financial condition and results of consolidated operations of the Company under review, is annexed and forms an integral part of the Director''s Report.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation and acknowledge with gratitude the support and cooperation extended by the customers, vendors, bankers, financial institution, investors, and both the Central and State Government and their Agencies and look forward to their continued support. Your Directors also thank the employees at all levels, for their dedication, co-operation and continued support.

For and on behalf of the Board

Place: Howrah sd/- sd/- Dated : 5th September, 2014 Sanjay Kumar Drolia Srikrishna Dokania Managing Director Director

 
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