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Directors Report of Sumuka Agro Industries Ltd.

Mar 31, 2014

Dear Members,

The directors have pleasure in presenting the Twenty Fifth Annual Report of the Company for the year ended 31st March 2014.

Financial Results

The performance of the Company for the financial year ended 31st March 2014 is summarized as under:

SN Particulars 31-03-2014 31-03-2013 (Rs.) (Rs.)

1. Total Sales/Income 1681805 963350

2. Net profit/loss before depreciation & tax -658226 -3312336

3. Depreciation 0 0

4. Net profit/loss before taxation -658226 -3312336

5. Provision for taxation 155980 19362 (incl. deferred taxes)

6. Net profit/loss after tax -814206 -3331698

7. Appropriation/preliminary expenses w/off 0 0

8. Balance carried forward -814206 -3331698

Review of Operations

As can be seen from the financial statements, your Company has incurred substantial losses from sales of investments in shares and securities. This is part of the management strategy to restructure and revive the company''s business operations. Your company is working out the future strategy accordingly and pursuing alternate business avenues mainly from the training and consultancy segments.

Dividend

Your Board does not recommend any dividend on equity shares for the year.

Fixed Deposits

The Company has not invite any deposits from the public within the meaning of section 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

Directorate

Your Board comprises of efficient and able directors who have vast experience in this line of business. Mr. Dhanraj Dhanvantrai Vithalani and Ms. Bhavna Mahender Padwani, were appointed as additional director w.e.f 30.12.2013, and as they retires at the ensuing Annual

General Meeting and being eligible, offers themselves for re appointment as independent directors.

Mr. Pradip Bhimshi Shah retires at the ensuing Annual General Meeting by rotation and being eligible, offers himself for re-appointment as Director.

All the appointments and resignation of the Directors of the company are in accordance with the Corporate Governance Code of the Company and the relevant provisions of the Companies Act.

Corporate Governance

Report on Corporate Governance along with Certificate of Practicing Company Secretary pursuant to clause 49 of the Listing Agreement with the Stock Exchanges, have been included in this Report as Annexure.

In terms of sub-clause (v) of Clause 49 of the Listing Agreement, Certificate of CEO/CFO, inter alia, confirming the correctness of the financial statements, adequacy of internal control measures and reporting of matters to the Audit Committee in terms of the said Clause, is also enclosed as a part of the Reports mentioned above.

Directors'' Responsibility Statement Pursuant To Section 217(2AA) of the Act

The directors hereby confirm that-

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

* 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 as at 31st March, 2014 and the loss for the year ended on that date;

* The directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting fraud and other irregularities;

* The directors have prepared the annual accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

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

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, of the Act is set out here under.

SN Particulars Disclosure

1. Conservation of Energy The company continued to accord priority and Power Consumption to conservation of energy and is continuing its efforts to utilise energy more efficiently.

2. Technology Absorption The company has not absorbed any and Research & technology nor any research & development Development work has been carried out.

3. Particulars of Employees There are no employees of the category specified in section 217(2A)

Auditors

M/s. Manoj Mehta & Co., Chartered Accountants, (FRN: 116681W) who are the Statutory Auditor of the Company; hold the 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 three years to hold the office from the conclusion of this AGM till the conclusion of the Twenty Eighth Annual General Meeting subject to ratification of their appointment at every Annual General Meeting. The Company has received the Certificate under Section 139(1) of the Companies Act, 2013 read with Companies (Audit and Auditors), Rules, 2014 from the Auditor.

Auditors Comments

The director''s report, corporate governance and mda have addressed most of the issues and observations and the comments of the Auditors are self-explanatory. As regards the auditors observation under section 274(1) (g) of the Act as regards one director Mr. R. C. Dedhia, the management of the Company is in the process of rationalising the issue.

Acknowledgements

The Board wishes to place on record their appreciation for the sincere efforts of the Director, employees and the co-operation extended by the Bankers, Shareholders, clients & associates for their continue support towards the conduct of the Company.

By order of the Board For Superb Papers Limited

(Mr. Rjesh Dedhia) Director DIN: 00 477958 Address: E-2/307, Bharat Nagar, Grant Road, Mumbai- 400007.

Place: Surat Date 27th May, 2014


Mar 31, 2013

Dear Members,

The directors have pleasure in presenting the Twenty Fourth Annual Report of the Company for the year ended 31st March, 2013.

Financial Results

The performance of the Company for the financial year ended 31st March 2013 is summarized as under:

SN Particulars 31-03-2013 31-03-2012 (Rs) (Rs)

1. Total Sales/income 963350 1033965

2. Net profit/loss before depreciation & tax -3312336 36423

3. Depreciation 0 0

4. Net Profit/loss before Taxation -3312336 36423

5. Provision for tax (incl. deferred taxes) 19362 6285

6. Net Profit/loss after tax -3331698 30138

7. Appropriations / Preliminary Expenses W/off. 0 0

8. Balance carried forward -3331698 30138

Review of Operations

As can be seen from the financial statements, your company has incurred substantial losses from sale of investments in shares and securities. This is part of the manage- ment''s strategy to restructure and revive the Company''s business operations. Your Company is working out the future strategy accordingly and pursuing alternate busi- ness avenues mainly from the training and consultancy services.

Dividend

Your board does not recommend any dividends on equity shares for the year.

Fixed Deposits

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

Directorate

Your Board comprises of efficient and able directors who have vast experience in this line of business. Mr. RajeshC. Dedhia retires at the ensuing Annual General Meeting by rotation and being eligible, offers himself for re-appointment as Director. There was no change in the board of directors during the year.

All the appointments and resignation of the Directors of the company are in accordance with the Corporate Governance Code of the Company and the relevant provisions of the Companies Act.

Corporate Governance

Report on Corporate Governance along with Certificate of the Auditors of your Company pursuant to clause 49 of the Listing Agreement with the Stock Exchanges, have been included in this Report as Annexures.

In terms of sub-clause (v) of Clause 49 of the Listing Agreement, Certificate of CEO/CFO, inter alia, confirming the correctness of the financial statements, adequacy of internal control measures and reporting of matters to the Audit Committee in terms of the said Clause, is also enclosed as a part of the Reports mentioned above.

Directors'' Responsibility Statement Pursuant To Section 217(2AA) of the Act

The directors hereby confirm that-

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

* the directors have selected such accounting policies and applied them consis- tently 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 31st March, 2013 and the profit for the year ended on that date;

* the directors have taken proper and sufficient care of the maintenance of ade- quate accounting records in accordance with the provisions of the Act for safe- guarding of the assets of the Company and for preventing and detecting fraud and other irregularities;

* the directors have prepared the annual accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211 (3C) and other requirements of the Companies Act, 1956.

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

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read with Companies (Disclo- sure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, of the Act is set out here under.

SN Particulars Disclosure

1. Conservation of Energy and The company continued to accord Power consumption priority to conservation of energy and is continuing its efforts to utilise energy more efficiently.

2. Technology Absorption and The company has not absorbed any Research & Development technology or any research & no development work has been carried out.

3. Foreign Exch. - Earnings Nil

Outgo Nil

4. Particulars of Employees There are no employees of the category specified in section 217(2A)

Auditors

The current Auditor M/s. Manoj Mehta & Co., Chartered Accountants, retire at the conclusion of the ensuing annual general meeting and being eligible, the members are requested to approve their re-appointment.

None of the Directors of the Company are interested in passing of the said Resolution.

Acknowledgements

The Board wishes to place on record their appreciation for the sincere efforts of the Director, employees and the co-operation extended by the Bankers, Shareholders, clients & associates for there continue support towards the conduct of the Company.

On behalf of the board

Sd/- Sd /- Director Director

Surat, 2nd September, 2013


Mar 31, 2010

Dear Members,

The directors have pleasure in presenting the Twenty First Annual Report of the Company fbrtheyearended31stMarch,2010.

FINANCIALRESULTS

The performance of the Company for the financial year ended 31st March 2010 is summa- rized under:

S. NO. PARTICULARS 31-03-2010 31-03-2009

1. Total Sales/Income 444000

2. Net profit/loss before depreciation & tax 94470 -243067

3. Depreciation

4. Net Profit/loss before Taxation 94470 -243067

5. Provision for tax (incl. deferred taxes) 29191

6. Net Profit/loss after tax 65279 -243067

7. [Appropriations/ Preliminary Expenses W/off. 38346

8. Balance brought forward -35625062 -35381995

9. Balance carried forward -35521437 -35625062

REVIEWOFOPERATIONS

As can be seen from the financial statements of your company your company does not own fixed assets.The company has notcarriedoutany manufacturingactivity during the year.

However, your company hopes to do better in future. Your Company is working out the futoestrategyac corkglyandpursuing the business from the other objects of the company mainly from the trainingandconsul tancyservices.

DIVIDEND

Your board does notre commend any dividend sonequity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act,1956 (hereinafter"the Act"and anyre ference of sectionpertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA)OFTHEACT

Thedirectorsherebyconfirmthat-

in the preparation of the annual accounts, the applicable accounting standards have been followedalongwithproperexplanationrelatingtomaterialdepartures;

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 as at 31st March, 2010 and the profit & loss accountfortheyearendedonthatdate;

the directors have taken proper and sufficient care of the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assetsoftheCompanyandforpreventinganddetectingfraudandother irregularities; the directors have prepared the annual accounts on accrual basis following the historical convention in accordance with Accounting Standards referred to in Section 211(3C) andotherrequirementsoftheCompaniesAct,1956.

DIRECTORATE

Your Boardcomprisesofefficientandabledirectorswhohavevastexperiencein this lineof business. During the year Mr. Dhansukhbhai Panchal, Director of the Company retires by rotationat the ensuing Annual General Meeting and being eligible, offers himself forre- appointment.

The directors of the company are in a process of filing of annual filing with the concerned ROC and thus in a process of removing the disqualification as per section 274(l)(g) of the CompaniesAct,1956.

All the appointment of the Directors of the company are in compliance with the provisions of the Companies Act.

CORPORATE GOVERNANCE

Report on Corporate Governance along with Certificate of the Auditors of your Company pursuant to clause 49 of the Listing Agreement with the Stock Exchanges, have been includedinthisReportasAnnexure-AandtheAuditors''Report.

In terms of sub-clause (v) of Clause 49 of the Listing Agreement, Certificate of CEO/CFO, inter alia, confirming the correctness of the financial statements, adequacy of internal control measures and reporting of matters to the Audit Committee in terms of the said Clause,isalsoenclosedasapartoftheReportsmentionedabove.

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

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read win Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A)read with Companies (Particulars of Employees) Rules, 1975, ofthe Act is setout hereunder.

S.NO. PARTICULARS DISCLOSURE

1. Conservation of Energy and The company continued to accord priority to Power consumption conservation of energy and is continu ing its efforts to utilize energy more efficiently.

2. Technology Absorption and The company has not absorbed any Research & Development technology or any research & no development work has been carried out.

3. Foreign Exch. Outgo Nil

4. Particulars of Employees There are no employees of the category specified under section 217(2A).

AUDITORS

The current Auditor M/s. Manoj Mehta & Co., Chartered Accountants, retire at the Conclusion of the ensuing annual general meeting and being eligible offers himself for re- appointment as Auditor for the ensuing year.

None of the Directors of the Compan yare interestedinpassing of thesaid Resolution.

ACKNOWLEDGEMENTS

The Board wishe stop laceonrecord the irappreciation for thesincereef fort softhe employ- ees and the co-operation extended by the Bankers, Shareholders, clients & associates for the recontinue support towards the conduct of the Company.

By order of the board

Sd/-

Chr.&Mg.

Director

Surat,30h June,2010


Mar 31, 2009

Dear Members,

The directors have pleasure in presenting the Twentieth Annual Report of the Company for the year ended 31st March, 2009.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2009 is summarized as under:

S. NO. PARTICULARS 31-03-20091 31-03-2008

1. Total Sales/Income - -

2. Net profit/loss before depreciation & tax 243067 -242567

3. Depreciation - -

4. Net Profit/loss before Taxation -243067 -242567

5. Provision for tax (incl. deferred taxes) - -

6. Net Profit /loss after tax -243067 -242567

7. Appropriations - -

8. Balance brought forward -35381995 -35139428

9. Balance carried forward -35625062 -35381995

REVIEW OF OPERATIONS

As can be seen from the financial statements of your company, your company does not own fixed assets.

The company has not carried out any manufacturing activity during the year.

However, your company hopes to do better in future. Your Company is working out the future strategy accordingly and hence searching options for pursuing the business from the other objects of the company mainly from the training and consultancy services.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 2l7(2AA) OF THE ACT

The directors hereby confirm that-

- in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

- 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 as at 31st March, 2009 and the profit & loss account for the year ended on that date;

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

- the directors have prepared the annual accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

DIRECTORATE

Your Board comprises of efficient and able directors who have vast experience in this line of business.

During the year Mr. Pradip B Shah, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The directors of the company are in a process of filing of annual filing with the concerned ROC and thus in a process of removing the disqualification as per section 274(1)(g) of the Companies Act, 1956.

All the appointment of the Directors of the company are in compliance with the provisions of the Companies Act.

AUDITORS

''The current Auditor Mr. R.G.Parwal, Chartered Accountants, retire at the Conclusion of the ensuing annual general meeting and being preoccupied with his professional duties, has expressed his inability to continue as Auditors of the Company and there for has informed the Company not to reappoint him as Auditor for the ensuing year.

None of the Directors of the Company are interested in passing of the said Resolution.

ACKNOWLEDGEMENTS

The Board wishes to place on record their appreciation for the sincere efforts of the employees and the co-operation extended by the Bankers, Shareholders, clients & associates for their continue support towards the conduct of the Company.

On behalf of the board

Sd/-

(PRADIP SHAH)

SURAT, 11th SEPTEMBER, 2009

Director


Mar 31, 2008

Dear Members,

The directors have pleasure in presenting the Nineteenth Annual Report of the Company for the year ended 31st March, 2008.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2008 is summarized as under:

S.NO. PARTICULARS 31-03-20081 31-03-2007

1. Total Sales/Income - -

2. Net profit/loss before depreciation & tax 242567 -242607

3. Depreciation - -

4. Net Profit/loss before Taxation 242567 242607

5. Provision for tax (incl. deferred taxes)_ - -

6. Net Profit /loss after tax 242567 242607

7. Appropriations - -

8. Balance brought forward 35139428 34896821

9. Balance carried forward 35381995 35139428

REVIEW OF OPERATIONS

As can be seen from the financial statements of your company, your company does not own fixed assets.

The company has not carried out any manufacturing activity during the year.

However, your company hopes to do better in future. Your Company is working out the future strategy accordingly.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 2l7(2AA) OF THE ACT

The directors hereby confirm that-

- in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

- the directors have selected such accounting policies and applied the 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 31st March, 2008 and the profit & loss account for the year ended on that date;

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

- the directors have prepared the annual accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

DIRECTORATE

Your Board comprises of efficient and able directors who have vast experience in this line of business. During the year Mr. Vishal K Gada, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The directors of the company are in a process of filing the annual filings with the concerned ROC and thus are in a process of removing the disqualification as per section 274(1)(g) of the Companies Act, 1956.

All the appointment of the Directors of the company are in compliance with the provisions of the Companies Act.

AUDITORS

''The Auditor Mr.R.G.Parwal, Chartered Accountants, has offered his services as an auditor of the company for the current year.

None of the Directors of the Company are interested in passing of the said Resolution.

ACKNOWLEDGEMENTS

The Board wishes to place on record their appreciation for the sincere efforts of the employees and the co-operation extended by the Bankers, Shareholders, clients & associates for their continue support towards the conduct of the Company.

On behalf of the board

Sd/-

(PRADIP SHAH)

SURAT, 1th SEPTEMBER, 2008


Mar 31, 2007

The directors have pleasure in presenting the Eighteenth Annual Report of the Company for the year ended 31st March, 2007.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2007 is summarized as under:

S. NO. PARTICULARS 31-03-2007 31-03-2006

1. Total Sales/Income

2. Net profit/loss before depreciation & tax -242607 -469286

3. Depreciation

4. Net Profit/loss before Taxation -242607 -469286

5. Provision for tax (incl. deferred taxes)

6. Net Profit /loss after tax -242607 -469286

7. Appropriations

8. Balance brought forward -34896821 -34427535

9. Balance carried forward -35139428 -34896821





REVIEW OF OPERATIONS

As can be seen from the financial statements of your company, your company does not own fixed assets.

However, your company hopes to do better in future. Your Company is working out the future strategy accordingly.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 2l7(2AA) OF THE ACT

The directors hereby confirm that- - in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; - 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 as at 31st March, 2007 and the profit & loss account for the year ended on that date;

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

- the directors have prepared the annual accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

DIRECTORATE

Your Board comprises of efficient and able directors who have vast experience in this line of business.

During the year Mr. Dhansukhbhai Panchal, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The directors are in a process of filing the annual filings with the ROC, Ahmedabad, and thus trying to remove the disqualification as per section 274(1)(g) of the Companies Act, 1956..

All the appointment of the Directors of the company are in compliance with the provisions of the Companies Act.

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

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, of the Act is set out here under.

S.NO. PARTICULARS DISCLOSURE

1. Conservation of Energy and The company continued to accord priority to conservation of Power consumption energy and is continuing its efforts to utilize energy more efficiently.

2. Technology Absorption and The company has not absorbed any technology or any research & Research & Development no development work has been carried out.

3. Foreign Exch. - Earnings Nil

Outgo Nil

4. Particulars of Employees There are no employees of
AUDITORS

The Auditor Mr.R.G.Parwal, Chartered Accountants, has offered his services as an auditor of the company for the current year.

None of the Directors of the Company are interested in passing of the said Resolution.

ACKNOWLEDGEMENTS

The Board wishes to place on record their appreciation for the sincere efforts of the employees and the co-operation extended by the Bankers, Shareholders, clients & associates for there continue support towards the conduct of the Company.

On behalf of the board

Sd/-

(PRADIP SHAH)

SURAT, 1TH SEPTEMBER, 2007 Director


Mar 31, 2006

Dear Members,

The directors have pleasure in presenting the Seventeenth Annual Report of the Company for the year ended 31st March, 2006.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2006 is summarized as under:

S. NO. PARTICULARS 31-03-2006 31-03-2005

1. Total Sales/Income 5760131

2. Net profit/loss before depreciation & tax -469286 -5276739

3. Depreciation

4. Net Profit/loss before Taxation -469286 -5276739

5. Provision for tax (incl. deferred taxes)

6. Net Profit /loss after tax -469286 -5276739

7. Appropriations

8. Balance brought forward -34427535 -29150196

9. Balance carried forward -34896821 -34427535







REVIEW OF OPERATIONS

As can be seen from the financial statements of your company, your company does not own fixed assets.

However, your company hopes to do better in future. Your Company is working out the future strategy accordingly.

DIVIDEND

Your board does not recommend any dividends on equity shares for the year.

FIXED DEPOSITS

The Company has not invited any deposits from the public within the meaning of sections 58A of the Companies Act, 1956 (hereinafter "the Act" and any reference of section pertains to sections of this Act in this Annual Report unless stated otherwise) read with the Companies (Acceptance of deposits) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 2l7(2AA) OF THE ACT

The directors hereby confirm that-- in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; - 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 as at 31st March, 2006 and the profit & loss account for the year ended on that date;

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

- the directors have prepared the annual accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirements of the Companies Act, 1956.

DIRECTORATE

Your Board comprises of efficient and able directors who have vast experience in this line of business. During the year Mr. Pradip B Shah, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

All the appointment of the Directors of the company are in compliance with the provisions of the Companies Act.

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

Particulars with respect to conservation of Energy, Technology absorption and foreign exchange earning & outgo pursuant to section 217(i)(e) read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1986 and under section 217(2A) read with Companies (Particulars of Employees) Rules, 1975, of the Act is set out here under.

S.NO. PARTICULARS DISCLOSURE

1. Conservation of Energy and The company continued to accord priority to conservation of Power consumption energy and is continuing its efforts to utilize energy more efficiently.

2. Technology Absorption and The company has not absorbed any technology or any research & Research & Development no development work has been carried out.

3. Foreign Exch. - Earnings Nil Outgo Nil

4. Particulars of Employees There are no employees of
AUDITORS

''The Auditor Mr.R.G.Parwal, Chartered Accountants, has offered his services as an auditor of the company for the current year.

None of the Directors of the Company are interested in passing of the said Resolution.

ACKNOWLEDGEMENTS

The Board wishes to place on record their appreciation for the sincere efforts of the employees and the co-operation extended by the Bankers, Shareholders, clients & associates for there continue support towards the conduct of the Company.

On behalf of the board

Sd/-

(PRADIP SHAH)

SURAT, 12TH AUGUST, 2006 Director