Directors Report of Speedage Commercials Ltd.

Mar 31, 2014

Dear Members.

The Directors have plcasuiie in presenting the Annual Report on the business and operations of Company together with the Audited Statement of accounts for the year ended on 31 si March, 2014,

Financial and Operational Result*

Financial and operational Results of Company for the year ended 31st March, 2014 are as mentioned uereunder:_

(Amt in Rs.>

Particulars Current Financial year Previous Financial Year 31st March,2014 31st March, 2013

Total Income 8,66,433 8,66,833

Less: Expenses 3,44,980 1.16.533

Profit/ CLoss) before Tax 6,21,453 7,50,300

Less: Provision for Tax NIL NIL

Net Profit/ (Net Loss} after Tax 6,21,453 7,50,300

Add: Balance of Profit brought 41,28,758 33,78,458 forward from previous year

Total Reserves and Surplus 47,50,211 41,28,758



Performance ttfthe Company:

During (he year under review, your Company earned a total Income of Rs. 8.66,433/- and the total expenditure amounted to F& 2.44.9S0/-. I hus profit earned by Company is R
Dividend:

Your Directors have not recommended for any dividend for the year under review with a vim to conserve the resources of Company,

Directtirs;

Mr. .fayesh B: Bhansali. Director of the Company shall be liable to retire by rotation ai the forthcoming Annual General Meeiing and is eligible for re-appointment The Hoard recommends his re-appointment.

Snnittorv Auditors:

M/s B. U Dasharda &. Associates, Chartered Accountants (Frfrri Registration No: 112615 W). the Statutory Auditors of the Company will retire at Lhc ensuing Annual Genera! Meeting and have confirmed their eligibility and willingness to accept office, if re-appointed,

Your Directors recommend lite appointment M/s B. L, Dasharda & Associates. Chartered Accountants,.as Statutory Auditors of company lor the year 2014-2015.

Auditors'' Reports:

llie observations made by the Auditors, in their Report read with the relevant notes as given in the Notes to the Financial Statement fur the year ended 31 * March. 2014 are self/explanatory and being devoid of any reservation, qualification or adverse remarks, does not call for any further informal ionfexpl a nation under Section 217(3) of the Companies Act, 1956

SECRETARIAL AUDITORS:

M/s Ralhi & Associates, Practicing Company Secretaries, have been appointed as Secretarial Auditor of Company for F''.Y 2014-15, who will conduci ihe requisite Secretarial audit of the company.

Deposits:

The Companv has not accepted any Deposit, within the meaning uf Section 58A of The Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules. 1975 from the public during the year under review,

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 333 A (l)-of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 200!,the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates. Company Secretaries in Whole-time Practice, is annexed to this report forming its integral part.

Particulars of Emplu fees:

During (he year ended JV March. 2014, no employee of the company was in receipt of remuneration equal to or exceeding the limits as prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars uf Employees) Rules. 1975 as amended, hence no statement is required to be annexed in this regard.

Conservation of Energy, Technology Absorption. Foreign Exchange Earnittes mitt Outgo:

The requirements of disclosures in terms of Section 217 (1) (e) of the Companies Act= ! 956, read with ihe Companies (Disclosures of the Particulars in the Report of the Board ofDiftctors) Rules, 1QSS pertaining lo the conservation of energy and technology absorption are not.applicable to the Companv due to the very nature of the industry in which the Company operates.

During the year under review, there was no foreign exchange earnings and outgo;

Directors'' Responsibility Statement:

Pursuant to Section 217|''2AA) of I he Companies Act, l95§ your Directors based on the representations received from the management and after due inquiry. confirm that:

¦ In the preparation of ihe Annual Accounts, the applicable Accounting Standards have been followed and no deviations have been made.

That the Directors have 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 (he Company at the end of the financial''year and Of the profit of the Company for that year.

That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

That the Directors have prepared the Annual Accounts for the year ended 1st March, 2014 on a going concern basis.

Acknowledgement:

Your Directors wish to place on record their deep appreciation and heartfelt thanks to Ihe Banks, Statutory Authorities. Government. Customers, Vendors, Stakeholders and other related organizations who through then continued support and patronage have enabled the company to function smoothly and grow in such competitive environment. Your Directors express their deep appreciaiion to die Company''s employees at all levels for their hard work, dedication. commitment, outstanding efforts-and valuable contributions made in all spheres of the operations of Company.

For and on behalf of the Board of Directors

Place: Mumhai Dated: 30th May, 2014 Mr. BM. Bhansali Mr. Jayesh B, Bhansali Director Director (DIN: 00102930) (DIN: 01062853)

---

Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting their Annual Report on the business operations of the Company together with the Audited Statements of Accounts for the year ended 31s1 March, 2013.

Financial And Operational Results:

Financial and operational results of Company for the year ended 3f" March, 2013 are as mentioned hereunder:

(Amt in Rs.)

Particulars Current Financial Previous Financial Year 31st Year 31st March, 2013 March2012

Total Income 8,66,833 940,285

Total Expenses 1,16,533 7,98.196

Profit/(Loss) before Tax 7,50,300 1.12.089

Less: Provision for Tax NIL NIL

"Net Profit / (Net Loss) after Tax 7,50,300 1, 12,089

Add: Balance of Profit brought forward from 33,78,458 32,66,369

previous year

Total Reserves and Surplus 41,28,758 33,78,458

Performance of the Company:

During the year under review, your Company earned a total Income of Rs. 8.66,833/- and the total expenditure amounted to Rs 1,16,533/-. Thus profit earned by Company is Rs. 7.50.300/-. The accumulated Balance carried forward to the Reserves and Surplus of Company stands at Rs 41,28,758/-.

Dividend:

Your Directors have not recommended for dividend for the financial year 2012-2013 with a view to conserve the resources with Company.

Directors:

Mr. L.M. Bhansali, Director of the Company, shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for re-appointment. The Board recommends his re-appointment.

Directors'' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors based on the representations received from the management and after due inquiry, confirm that:

¦ in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and no deviations have been made.

¦ That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as lo give a true and fair view of the stale of affairs of the Company at the end of the financial year and of the profit of the Company for that year.

¦ That the Directors have taken proper and sufficient care for (he maintenance of adequate accounting records in accordance with the provisions ot this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

¦ That the Directors have prepared the Annual Accounts for the year ended 31s'' March, 2013 on a going concern basis.

Statutory A uditors:

M/s R. L. Dasharda & Associates, Chartered Accountants (Finn Registration No: I126I5W), the Statutory Auditors of the Company will retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office, if re-appointed.

Your Directors recommend the appointment M/s B. L. Dasharda & Associates. Chartered Accountanis, as Statutory Auditors of company for the year 2013-2014.

Auditors'' Report:

The observations made by the Auditors in their Report read with the relevant notes as given in the Notes to the Financial Statement for the year ended 31u March. 2013 arc self explanatory and being devoid of any reservation, qualification or adverse remarks, does not call for any further informatioa''expl ana lion under Section 217(3) of the Companies Act, 1956.

lyeposits:

The Company has not accepted any Deposit, within the meaning of Section 58A of the Companies Act. 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 from the public during the year under review.

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 383 A (I) of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001.the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates, Company Secretaries in Whole-time Practice, is annexed to this report forming its integral part.

Particulars of Employees:

During the year ended 31" March, 2013, no employee of the company was in receipt of remuneration equal to or exceeding the limits as prescribed under Section 217<2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules. 1975 as amended, hence no statement is required to be annexed in this regard

Conservation of Energy. Technology Absorption. Foreign Exchange Earnings and Outgo:

The requirements of disclosures in terms of Section 217 (1) (e) of the Companies Act, 1956, read witli the Companies (Disclosures of the Particulars in ihe Report of the Board of Directors) Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which ihc Company operates.

During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgement:

Your Directors wish to place on record their deep appreciation and heartfelt thanks to the Banks, Statutory Authorities, Government, Customers, Vendors, Stakeholders and other related organizations who through their continued support and patronage have enabled the company to function smoothly and grow in such competitive environment. Your Directors express their deep appreciation to the Company''s employees at all levels for their hard work, dedication, commitment, outstanding efforts and valuable contributions made in all spheres of the operations of Company.

For and on behalf of the Board of Directors

Place: Mumbai

Dated: 26th May, 2013 Chairman

---

Mar 31, 2012

Dear Members,

The Directors have pleasure in presenting their Annual Report on the business operations of the Company together with the Audited Statements of Accounts for the year ended on 31st March, 2012.

Financial And Operational Results:

Financial and operational results of Company for the year ended 31st March, 2012 are as mentioned hereunder:

(Amt. in Rupees)

Particulars Year Ended Year Ended 31st March, 31st March, 2012 2011

Total Income 910,285 43,014

Total Expenses 798196 89480

Profit/(Loss) before Tax 112,089 (46,466)

Less: Provision for Tax 0 0

Less: Income Tax of earlier year 0 0

Net Profit/(Net Loss) after Tax 112,089 (46,466)

Add: Balance of Profit brought forward from previous year 3,266,369 3,312,835

Reserves and Surplus 3,378,458 3,266,369

Dividend:

Your Directors have not recommended for dividend for the financial year 2011-2012 with a view to conserve the resources with Company.

Directors:

Mr. B.M Bhansali, Director of the Company, shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for re-appointment. The Board recommends his re-appointment.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors based on the representations received from the management and after due inquiry, confirm that:

- in the preparation of the annual accounts, the applicable standards have been followed and no deviations have been made.

- the Directors have 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 end and of the profit of the Company for that year.

- the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

- the Directors have prepared the attached Statement of Accounts for the year ended 31st March, 2012 on a going concern basis.

Auditors:

M/s. B. L. Dasharda & Associates. Chartered Accountants, Auditors of the Company retiring at the ensuing Annual General Meeting is eligible for re-appointment. The Company has received a eligibility certificate from the Auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The Board recommends for the re-appointment of Statutory Auditors.

Auditors' Report:

The Audit Report being devoid of any qualification and self explanatory, do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Deposits:

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

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 383 A (1) of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001, the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates, Company Secretaries in Whole-time Practice, is annexed to this report forming its integral part.

Particulars of Employees:

During the year under review, none of the employees of the Company was in receipt of remuneration equal to or exceeding the limits as prescribed viz. Rs. 60,00,000 per annum or Rs. 5,00,000 per month under Section 217 (2A) of the Companies Act. 1956 read with Companies (Particulars of Employees) Rules, 1975. Hence, no statement is required to be annexed in this respect.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

The requirements of disclosures in terms of Section 217 (1)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the Report of the Board of Directors) Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which it operates.

During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgements:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Company's management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board of Directors

Chairman

Place: Mumbai Dated: 10th August, 2012

---

Mar 31, 2011

Dear Members,

The Directors have pleasure in presenting their Annual Report on the business operations of the Company and the Audited Accounts for the year ended 31st March. 2011.

Financial Results:

(Amt in Rupees)

Particulars Year Ended 31st Year Ended 31st March, 2011 March, 2010

Total Income 43,014 36,356

Profit before Tax (46,466) 1,433

Less: Provision for Tax 0 0 Less: Income Tax of earlier year 0 0

Net Profit after Tax (46,466) 1,433

Add: Balance of Profit brought forward from 3,312,835 3,311,402 previous year

Balance carried forward to Balance Sheet 3,266,369 3,312,835

Performance of the Company:

During the year under review, your Company earned a total Income of Rs. 43,014/- comprising mainly of Commission and Dividend. The total expenditure incurred by the Company has amounted to Rs. 89,480/-. This has led to loss of Rs. 46,466/-. The Balance carried forward to the Balance Sheet is Rs. 32,66,369/-.

Your Company continues to be cautiously optimistic about its growth prospects for the current financial year

Dividend:

Your Directors have not recommended payment of divided for the year under review with a view to conserve the resources.

Directors:

Mr. Jayesh B Bhansali, Director of the Company, shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for re-appointment. The Board recommends his re-appointment.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act. 1956, your Directors confirm the following:

- In the preparation of the annual accounts, the applicable standards have been followed and no deviations have been made.

- that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that arc 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 end and of the profit of the Company for that year.

- that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

- that the Directors have prepared the attached Statement of Accounts for the year ended March, 31 2011 on a going concern basis.

Auditors:

M/s. B. L. Dasharda & Associates, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting is eligible for re-appointment. The Company has received a certificate from the Auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The members are requested to appoint the Auditors for the current year and authorize the Board to fix their remuneration.

Auditors' Report:

Observations made in the Auditors' Report arc self-explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act,1956.

Fixed Deposits:

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

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 383A (1) of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001, the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates, Company Secretaries in Whole-time Practice, is attached to this report.

Particulars of Employees:

During the year under review, none of the employees of the Company was in receipt of remuneration aggregating Rs. 60,00,000/- or more per annum, if employed throughout the year, or Rs. 5,00,000/- or more per month, in case employed for part of the year. Hence there are no particulars to be annexed to this report as required under Section 217 (2A) of the Companies Act, 1956 and the rules made thereunder.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo: The requirements of disclosures in terms of Section 217 (l)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the Report of the Board of Directors) Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which it operates.

During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgements:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Company's management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board

Director Director

Place: Mumbai Dated: 12th August, 2011

---

Mar 31, 2010

The Directors have pleasure in presenting their Annual Report on the business operations of the Company and the Audited Accounts for the year ended 31 st March, 2010.

Financial Results:

(Amt in Rupees)

Particulars Year Ended 31st Year Ended 31st March, 2010 March, 2009

Total Income 36,356 847,850

Profit before Tax 1,433 801,806

Less: Provision for Tax 0 0

Less: Income Tax of earlier year 0 0

Net Profit after Tax 1,433 801,806

Add: Balance of Profit brought forward from 3,311,402 2,509,596 previous year

Balance carried forward to Balance Sheet 3,312,835 3,311,402

Performance of the Company:

During the year under review, your Company earned a total Income of Rs. 36,356/- comprising mainly of Commission and Dividend. The total expenditure incurred by the Company has amounted to Rs. 40,090/-. This has led to profit of Rs. 1,433/-. The Balance carried forward to the Balance Sheet is Rs. 33,12,835/-.

Your Company continues to be cautiously optimistic about its growth prospects for the current financial year.

Dividend:

Your Directors have not recommended payment of divided for the year under review considering the need to improve the net worth of the Company.

Directors:

Mr. Lalitkumar M. Bhansali, Director of the Company, shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for re-appointment. The Board recommends his re-appointment.

Directors Responsibility Statement:

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

- In the preparation of the annual accounts, the applicable standards have been followed and no deviations have been made.

- that the Directors have 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 sate of affairs of the Company at the end of the financial year end and of the profit of the Company for that year.

- that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

- that the Directors have prepared the attached Statement of Accounts for the year ended March, 31 2010 on a going concern basis.

Auditors:

M/s. B. L. Dasharda & Associates, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate from the Auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The members are requested to appoint the Auditors for the current year and authorize the Board to fix their remuneration.

Auditors Report:

Observations made in the Auditors Report are self-explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Fixed Deposits:

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

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 383 A (1) of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001,the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates, Company Secretaries in Whole-time Practice, is attached to this report.

Particulars of Employees:

During the year under review, none of the employees of the Company was in receipt of remuneration aggregating Rs. 24,00,000/- or more per annum, if employed throughout the year, or Rs. 2,00,000/- or more per month, in case employed for part of the year. Hence there are no particulars to be annexed to this report as required under Section 217 (2A) of the Companies Act, 1956 and the rules made thereunder.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

The requirements of disclosures in terms of Section 217 (l)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the Report of the Board of Directors) Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which it operates.

During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgements:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Companys management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board

Place: Mumbai

Dated: 31st May, 2010 Director Director