Directors Report of Speciality Papers Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in submitting their 54th Annual Report on the business and operations of the Company along with the Audited Balance Sheet and Profit & Loss Accounts for the year ended 31st March, 2015.

Financial Result:

(Rs. In Lacs)

Particulars Current Year Previous Year 31/03/2015 31.03.2014

Sales & other Income 65.86 55.46

Profit/ (Loss) before Interest & (821.47) (2232.88) Depreciation

Less: Interest - -

Less: Depreciation 420.05 216.91

Net Profit / (Loss) for the year (1241.52) (2015.97) before Taxation

Less: Provision for Taxation

Net Profit / (Loss) after Deferred (1241.52) (20l5.97) Tax

Dividend:

Keeping in view the losses incurred during the year by the Company. Your Directors do not recommend any Dividend for the year ended on 31st March, 2015.

Review of Operation:

The year under review was overall not satisfactory year for the Company. The company has achieved gross sales of Rs 65.86 Lacs as against Rs 55.46 Lacs in the previous year and incurred a loss of Rs 1241.52 lacs against the loss of Rs 2015.97 lacs of the corresponding previous year.

Pollution control Safety And environmental Protection

The Company is very much concerned for the safety of men and machines. The preservation of the environment in and around the manufacturing plants has always received high significance in all over corporate decisions.

Directors:

The Board consists of Executive and Non- Executive Director including independent director who have wide and varied experience in different disciplines of corporate functioning. The Composition of the Board of Directors has been constituted as per the provisions of Clause 49 of the Listing Agreement.

Mrs. Urmila N Gala, who was appointed as a Director of the Company in the Board meeting held on 12th April, 2012, is being proposed to be re- appointed as a Director liable to retire by rotation upon the notice received in writing signifying her intention to propose the said director as candidate tor the Office of Directors.

Key Managerial Personnel:

Mr. Nemchand Gala, Chief Compliance Officer of the Company was appointed as Key Managerial Personnel during the Financial Year 2014-15 in accordance with the Section 203 of the Companies Act, 2013.

Auditors:

During the year. M/S.JAMES SHAH & CO reappointed as the Statutory Auditors of the Company to hold office from annual general meeting till the conclusion of next Annual General Meeting.

The Company has received a certificate from the auditors to the effect that their re*ppointment made, would be in accordance with the provisions of section 139(2) and section 142(1) the Companies Act, 2013.

Directors' Responsibility Statement:

In accordance with the provisions of section 134 (3)(C') of the Companies Act, 2013, your director, state that: -

* In the preparation of accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

* Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of 31st March, 2015 and the profit of the Company for the year ended on that dale.

* Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

* The annual accounts of the Company have been prepared on a going concern basis.

Corporate Governance

Your Company is committed to good Corporate Governance Practices and is regular compliant with all the applicable provisions of Companies Act, 2013 and Clause 49 of Listing Agreement following to the guidelines prescribed by the SEBI and Bombay Stock Exchanges from time to time. The Company has implemented all of its major stipulations as applicable to the Company. Report on Corporate Governance is annexed to and forming part of the Directors' Report.

Managing Discussion and Analysis:

A Management discussion and Analysis as required under the Clause 49 of the Listing Agreement is annexed and forming part of the Annual Report.

Conservation of Energy Research and Development. Technology Absorptions and Foreign Exchange Earnings and Outgo;

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required under section 134(3)(m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 is given as per 'Annexure A' and forms part of the Directors' Report.

DEMAT of Shares

As on date, about 86.08% shares of the Company have been dematerialized and the Company solicits co-operation from its investors to have their holdings converted in DEMAT form to provide them better liquidity in future.

Particulars of Employees;

During the year under review, no employee of the Company was entitled to the remuneration exceeding the sum prescribed under section 197 of the Companies Act. 2013, read with the Rule Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 and no other provision of the aforesaid section are applicable to the Company for the financial year under review.

Audit Committee;

According to the provisions of Section 177 of the Companies Act, 2013 and Rule 6 and Companies (Meetings of Board and it's powers) Rules, 2014 and Clause 49 of the listing agreement, every listed Company and some other categories of companies need to constitute an Audit Committee consisting of the members of the Board,

The important role of the Audit Committee is to support the Board of Directors in its surveillance and control duties. The most important of these duties is to ensure that generally accepted accounting principles are properly applied and to check that the internal control systems used when drawing up the individual and consolidated Annual Accounts are adequate and complete.

Corporate Social Responsibility (CSR);

Social welfare and community development is at the core of the Sociality's CSR philosophy and this continues to be a top priority. The Company's contributions to the community are in the areas of recycling of papers and assistance in the event of a natural disaster and contributions to other social development organizations.

Fixed Deposits :

The Company has not invited and accepted any Fixed Deposits from the public within the meaning of with Section 73 and 74 of the Companies Act, 2013 read with Rule 8(5)(v)&(vi) of the Companies (Accounts) Rules, 2014 , hence disclosure required under above rule not applicable to the Company.

Extract Of Annual Return:

The details forming part of the extract of the Annual Return in form MGT 9 is annexed as "Annexure- A" to the Directors' Report.

POLICIES

Vigil Mechanism / Whistle Blower Policy

The Company has a vigil mechanism named Whistle Blower Policy (WBP) in accordance with Section 177(9) of the Companies Act, 2013 and Clause 49 of the Listing Agreement to deal with instances fraud and mismanagement, if any, The vigil mechanism/Whistle Blower Policy is uploaded on the Company's website.

Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee a policy for selection and appointment of Directors, Senior Management and their remuneration. of Remuneration Policy is annexed as "Annexure-" to the Corporate Governance Report.

Sexual Harassment Of Women At Workplace (Prevention, Prohibition And Redressal) Act, 2013

In order to prevent sexual harassment of women at work place a new act The Sexual Harassment Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has been notified on 9th December, 2013. Under the said Act every Company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of a By women employee. A policy for prevention of Sexual Harassment of Women at workplace and setting up the Committee for implementation of said policy is under review and consideration.

Acknowledgement:

Your Company not performed so extensively well in a challenging year but will continue to maintain its quality standards in forthcoming future. It has also been improving the quality and cost benchmarks and continues to build shareholder value.

Your Directors place on record their appreciation for the overwhelming co-operation and assistance received from investors, customers, business associates, bankers, vendors, as well as regulatory and governmental authorities. Your Directors also thank the employees at all levels, who, through then- dedication, co-operation, support and smart work, have enabled the Company to achieve rapid growth.

For and on behalf of the Board

NEMCHAND J. GALA Chairman and Managing Director Place: Mumbai Date: 30/05/2015

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Mar 31, 2014

Dear Members,

The Directors have pleasure in submitting their 53rd Annual Report on the business and operations of the Company along with the Audited Balance Sheet and Profit & Loss Accounts for the year ended 31st March, 2014.

Financial Result:

(Rs. In Lacs)

Particulars Current Year Previous Year 31/03/2014 31/03/2013

Sales & other Income 55.46 4541.87

Profit/ (Loss) before Interest & (2232.88) (632.84) Depreciation

Less: Interest - -

Less: Depreciation 217.91 217.97

Net Profit / (Loss) for the year (2015.97) (414.87) before Taxation

Less: Provision for Taxation

Net Profit / (Loss) after Deferred (2015.97) (414.87) Tax

Dividend:

Keeping in view the losses incurred during the year by the Company, Your Directors do not recommend any Dividend for the year ended on 31st March, 2014.

Review of operation:

The year under review was overall not satisfactory year for the Company. The company has achieved gross sales of Rs 55.46 Lacs as against Rs.4541.87 Lacs in the previous year and incurred a loss of Rs 2015.97 lacs against the loss of Rs 414.87 Lacs of the corresponding previous year.

Pollution Control Safety And Environmental Protection

The Company is very much concerned for the safety of men and machines. The preservation of the environment in and around the manufacturing plants has always received high significance in all over corporate decisions.

Directors:

The Board consists of Executive and Non- Executive Director including independent director who have wide and varied experience in different disciplines of corporate functioning. The Composition of the Board of Directors has been constituted as per the provisions of Clause 49 of the Listing Agreement.

Mr. Pradeep Kumar Chopra, directors of the Company, liable to retire by rotation retire at this Annual General Meeting and being eligible to be re-appointed' offer themselves to be reappointed.

Mr. Darshak N Gala, who was appointed as a Director of the Company in the Board meeting held on 12th April, 2012, is being proposed to be re- appointed as a Director liable to retire by rotation upon the notice received in writing signifying his intention to propose the said director as candidate for the Office of Directors.

Mrs. Urmila N Gala, who was appointed as a Director of the Company in the Board meeting held on 12th April, 2012, is being proposed to be re- appointed as a Director liable to retire by rotation upon the notice received in writing signifying her intention to propose the said director as candidate for the Office of Directors.

Auditors:

During the year, M/S.JAMES SHAH & CO reappointed as the Statutory Auditory of the Company to hold office from annual general meeting till the conclusion of next Annual General Meeting.

The Company has received a certificate from the auditors to the effect that their re-appointment if. made, would be in accordance with the provisions of section 224(1B) of the Companies Act, 1956.

Directors' Responsibility Statement:

In accordance with the provisions of section 217(2AA) of the Companies Act, 1956, your directors state that:-

* In the preparation of accounts, the applicable accounting standards have , been followed along with proper explanation relating to material departures.

* Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of 31 st March, 2014 and the profit of the Company for the year ended on that date.

* Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

* The annual accounts of the Company have been prepared on a going concern basis.

-Corporate Governance:

Your Company is committed to good Corporate Governance Practices and is regular compliant with all the applicable provisions of Companies Act, 1956 and Clauses of Listing Agreement following to the guidelines prescribed by the SEBI and Bombay Stock Exchanges from time to time. The Company has implemented all of its major stipulations as applicable to the Company. Report on Corporate Governance is annexed to and forming part of the Directors' Report.

Managing Discussion and Analysis;

A Management discussion and Analysis as required under the Clause 49 of the Listing Agreement is annexed and forming part of the Annual Report.

Conservation of Energy. Research and Development Technology Absorptions and Foreign Exchange Earnings and Outgo:

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required under section 217(l)(e) of the Companies Act,l956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is given as per 'Annexure A' and forms part of the Directors' Report.

DEMAT of Shares

As on date, about 99.02% shares of the Company have been' dematerialized and the Company solicits co-operation from its investors to have their holdings converted in DEMAT form to provide them better liquidity in future.

Particulars of Employees:

During the year under review, no employee of the Company was entitled to the remuneration exceeding the sum prescribed under section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 and no other provision of the aforesaid section are applicable to the Company for the financial year under review.

Audit Committee:

According to the provisions of Section 292A of the Companies Act, 1956 every public Company having paid-up capital of not less than Rs. 5 Crores shall constitute an Audit Committee consisting of the members of the Board

The important role of the Audit Committee is to support the Board of Directors in its surveillance and control duties. The most important of these duties is to ensure that generally accepted accounting principles are properly applied and to check that the internal control systems used when drawing up the individual and consolidated Annual Accounts are adequate and complete.

Corporate Social Responsibility (CSR):

Social welfare and community development is at the core of the Speciality's CSR philosophy and this continues to be a top priority. The Company's contributions to the community are in the areas of recycling of papers and assistance in the event of a natural disaster and contributions to other social . development organisations.

Acknowledgement:

Your Company not performed so extensively well in a challenging year but will continue to maintain its quality standards in forthcoming future. It has also been improving the quality and cost benchmarks and continues to build shareholder value.

Your Directors place on record their appreciation for the overwhelming co-operation and assistance received from investors, customers, business associates, bankers, vendors, as well as regulatory and governmental authorities. Your Directors also thank the employees at all levels, who, through their dedication, co-operation, support and smart work, have enabled the Company to achieve rapid growth.

For and on behalf of the Board

NEM CHAND J. GALA Chairman and Managing Director Place: Mumbai Date: 14/08/2014

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Mar 31, 2013

Dear Members,

The Directors have pleasure in submitting their 52nd Annual Report on the business and operations of the Company along with the Audited Balance Sheet and Profit & Loss Accounts for the year ended 31st March, 2013.

(Rs. In Lacs)

Particulars Current Year Previous Year 31/03/2013 31/03/2012

Sales & other Income 4541.87 3583.70

Profit/ (Loss) before Interest & Depreciation (632.84) (658.06)

Less: Interest 0.00

Less: Depreciation 217.97 226.90

Net Profit / (Loss) for the year before Taxation (414.87) (431.16)

Less: Provision for Taxation 0

Net Profit/(Loss) after Deferred Tax (414.87) (431.16)

Dividend:

Keeping in view the losses incurred during the year by the Company, Your Directors do not recommend any Dividend for the year ended on 31st March, 2013.

Review of Operation:

The year under review was overall not satisfactory year for the Company. The company has achieved gross sales of Rs 4541.87 Lacs as against Rs.3583.70 Lacs in the previous year and incurred a loss of Rs 414.87 lacs against the loss of Rs 431.16 Lacs of the corresponding previous year.

Pollution Control Safety And Environmental Protection

The Company is very much concerned for the safety of men and machines. The preservation of the environment in and around the manufacturing plants has always received high significance in all over corporate decisions.

Directors:

The Board consists of Executive and Non- Executive Director including independent director who have wide and varied experience in different disciplines of corporate functioning- The Composition of the Board of Directors has been constituted as per the provisions of Clause 49 of the Listing Agreement,

Mr. Pradeep Kumar Chopra, directors of the Company, liable to retire by rotation retire at this Annual General Meeting and being eligible to be re-appointed offer themselves to be reappointed.

Mr. Darshak N Gala, who was appointed as a Director of the Company in the Board meeting held on 12thApril, 2012, is being proposed to be re- appointed as a Director liable to retire by rotation upon the notice received in writing signifying his intention to propose the said director as candidate for the Office of Directors.

Mrs. Urmila N Gala, who was appointed as a Director of the Company in the Board meeting held on 12th April, 2012, is being proposed to be re- appointed as a Director liable to retire by rotation upon the notice received in writing signifying her intention to propose the said director as candidate for the Office of Directors.

Auditors:

During the year, M/S SHEKHAR KUMAR & CO reappointed as the Statutory Auditors of the Company to hold office from annual general meeting till the conclusion of next Annual General Meeting.

The Company has received a certificate from the auditors to the effect that their re-appointment if made, would be in accordance with the provisions of section 224(1 B) of the Companies Act, 1956.

Directors'' Responsibility Statement:

In accordance with the provisions of section 217(2AA) of the Companies Act, 1956, your directors state that:-

* In the preparation of accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

* Accounting policies selected were applied consistently. Reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of 31st March, 2013 and the profit of the Company for the year ended on that date.

* Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

* The annual accounts of the Company have been prepared on a going concern basis.

Cnmnrate Governance:

Your Company is committed to good Corporate Governance Practices and is regular compliant with all the applicable provisions of Companies Act 1956 and Clauses of Listing Agreement following to the guidelines prescribed by the SEBI and Bombay Stock Exchanges from time to time. The Company has implemented all of its major stipulations as applicable to the Company. Report on Corporate Governance is annexed to and forming part of the Directors'' Report

Managing Discussion and Analysis:

A Management discussion and Analysis as required under the Clause 49 of the Listing Agreement is annexed and forming part of the Annual Report.

Conservation of Energy. Research and Development Technology Absorptions and Foreign Exchange Earnings and Outgo:

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required under section 217(1Xe) of the Companies Art, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is given as per ''Annexure A'' and forms part of the Directors'' Report

DFMAT of Shares

As on date, about 16.76% shares of the Company have been dematerialized and the Company solicits co-operation from its investors to have their holdings converted in DEMAT form to provide them better liquidity in future.

Particulars of Employees:

During the year under review, no employee of the Company was entitled to the remuneration exceeding the sum prescribed under section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 and no other provision of the aforesaid section are applicable to the Company for the financial year under review.

Audit Committee:

According to the provisions of Section 292A of the Companies Act, 1956 every public Company having paid-up capital of not less than Rs. 5 Crores shall constitute an Audit Committee consisting of the members of the Board

The important role of the Audit Committee is to support the Board of Directors in its surveillance and control duties. The most important of these duties is to ensure that generally accepted accounting principles are properly applied and to check that the internal control systems used when drawing up the individual and consolidated Annual Accounts are adequate and complete.

Corporate Social Responsibility (CSR):

Social welfare and community development is at the core of the Speciality''s CSR philosophy and this continues to be a top priority. The Company''s contributions to the community are in the areas of recycling of papers and assistance in the event of a natural disaster and contributions to other social development organisations.

Acknowledgement

Your Company not performed so extensively well in a challenging year but will continue to maintain its quality standards in forthcoming future. It has also been improving the quality and cost benchmarks and continues to build shareholder value.

Your Directors place on record their appreciation for the overwhelming co-operation and assistance received from investors, customers, business associates, bankers, vendors, as well as regulatory and governmental authorities. Your Directors also thank the employees at all levels, who, through their dedication, co-operation, support and smart work, have enabled the Company to achieve rapid growth.

For and on behalf of the Board

NEMCHAND J. GALA Chairman and Managing Director

Place: Mumbai Date: 14/08/2013

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Mar 31, 2009

The Directors have pleasure in presenting 48 Annual Report and Audited Accounts of the company for the year ended 31st March 2009.

FINANCIAL RESULTS

Current Year Previous Year 31/03/2009 31/03/2008

(Rs in Lacs) (Rs in Lacs)

Sales & Other Income 10524.47 7289.20

Profit / (Loss) before Interest and Depreciaiton 428.95 672.65

Less : Interest 188.86 250.22

Less : Depreciation 208.00 182.17

Net Profit / (Loss) for the year before Taxation 32.09 240.26

Less : Provision for Taxation 3.99 65.04

Net Profit / (Loss) after Tax 28.10 175.22

Less : Provision for Taxation (Deferred) 122.10 -49.63

Net Profit / (Loss) after Deferred Tax (94.00) 224.85

Add / (Less): Earlier year Tax adjustment (0.17) 0.91

Add : B/F from earlier years 480.09 254.34

Dividend 0 0

Less : Transfer to General Reserve 159.08 0

Balance in Profit & Loss account Carried forward to next 226.84 480.10 year

DIVIDEND

The Director do not recommended any dividend for the financial year 2007-2008 (previous year NIL).

OPERATIONS - PERFORMANCE HIGHLIGHTS

The year under review was overall, good and eventful year for the Company. In terms of sales despite stiff competition, the company has achieved net sales of Rs 10524.47 as against Rs.7289.19 Lacs in the previous year however the net profit was down to Rs. 32.08 Lacs against Rs 240.24 Lacs respectively of the corresponding previous year.

PROGRESS OF SCHEME OF AMALGAMATION/MERGER

The High Court approvals are in progress in the matter of scheme of Amalgamation of Reliable Paper (India) Ltd., Opel Paper Mill Ltd and Prime Hygiene Products Pvt. Ltd. with your Company and once granted the amalgamation will be completed with effect from respective appointed dates stipulated in the Amalgamation Scheme approved by the Honorable High Court.

EXPORTS

During the year, the company has bagged big orders from buyers abroad and commences exports to various countries abroad. Company has achieved exports sales of (FOB) Rs.414.00 lacs during the year as against sales of (FOB) Rs.805.00 lacs of the previous year.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Companys Articles of Association, Shri. Pradeep K. Chopra, Director of the Company retire by rotation at the ensuing Annual General Meeting and is eligible for re-appointment. POLLUTION CONTROL SAFETY AND ENVIRONMENTAL PROTECTION

The Company is very much concerned for the safety of men and machines. The preservation of the environment in and around die manufacturing plants has always received high weightage in all over corporate decisions.

FTXED DEPOSITS

The Company has not accepted any deposits during die year from the public widiin the meaning of section 58A of die Companies Act, 1956.

INSURANCE

The movable and immovable properties of the Company including plant and machinery and stocks wherever necessary and to die extent required have been adequately insured.

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

The information pertaining to conservation of energy, technology absorption, foreign exchange earning and outgo required to be disclosed as per section 217 (1). (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are furnished in die Annexure "A" to this Report

AUDITORS

M/s. Kapadia Shah & Co., Chartered Accountants die Statutory Auditors of die Company, are retiring at die conclusion of Forty Seventii Annual General Meeting, and being eligible offer, tiiemselves for reappointment. The Auditors has furnished a Certificate as required under section 224(1B) of die Companies Act, 1956 and has consented to continue to act as auditors of the Company for die current year, if re- appointed. The shareholders of die Company are requested to appoint Auditors and to audiorize Directors to fix tiieir remuneration.

DIRECTORS RESPONSIBILITY STATEMENT

As required under section 217 (2AA) of the Companies Act, 1956 die Directors confirm diat:

1. In die preparation of die annual accounts, die applicable accounting standards

have been followed along witii proper explanation relating to material departures;

2. That die Directors had selected such accounting policies and applied diem consistendy and made judgments and estimates mat are reasonable and prudent so as to give a true and fair view of die state of affairs of die Company

as on 31s March, 2009 and of the profit of die Company for the year ended on mat date.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance witii die provisions of the Companies Act, 1956 for safeguarding die assets of die Company and for preventing and detecting fraud and otiier irregularities and

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

DEMAT OF SHARES

As on date, about 98.08% shares of die Company have been dematerialized and die Company solicits co-operation from its investors to have tiieir holdings converted in demat form to provide mem better liquidity in future.

PARTICULARS OF EMPLOYEES

None of the employees of the Company drew a remuneration of Rs. 24,00,000/- for the full year or Rs. 2,00,000/- per month for a part of the year and hence do not fall under category as specified under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of the Employee) Rules, 1975.

CORPORATE GOVERNANCE

Your Company has complied with the mandatory requirement of Corporate Governance provisions prescribed under Clause 49 of the Listing Agreement with Stock Exchange. A detailed report Corporate Governance is included in the Annual Report,

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report as per requirement of Clause 49 of the Listing Agreement with Stock Exchange is included in the Annual Report.

INDUSTRIAL RELATION

Yours Directors are pleased to report that the relations with the employees and workers continued to be cordial during the year under review.

ACKNOWLEDGEMENT

The Directors would like to acknowledge the support received from the Shareholders, Customers, State Bank of India, Government Departments, Vendors, Contractors and all the other business associates for the continuous support given by them to the Company and their confidence in its management. The Directors also acknowledges with thanks the dedicated efforts of all the staff and employees of the company.

FOR AND ON BEHALF OF THE BOARD

MEKAN J. GALA

CHAIRMAN AND MANAGING DIRECTOR

P. J. GALA

DIRECTOR

Place: Mumbai

Date: September 3, 2009