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Directors Report of Suvidha Infraestate Corporation Ltd.

Mar 31, 2014

Dear Members,

The Board of Directors present herewith the 21st Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2013.

FINANCIAL RESULTS

[Rs. In Rs.]

YEAR ENDED YEAR ENDED 31/03/2014 31/03/2013 PARTICULARS AMT. RS. AMT. RS.

Total Income 23261974 14448536

Total Expenditure 20358895 13618918

Proflt/(Loss) Before Tax 2903079 829618

Less: Provision for Taxation 450000 Nil

Less: Deferred Tax 1844136 9961689

Profit/(Loss) After Tax 608943 10791307

Loss Brought Forward From Previous Year (93369983) (104161290)

Balance Transferred to Balance Sheet (92761040) (93369983)

OPERATIONS

The Sales of the Company was Rs. 221 Lakhs in the current year as against last year Rs. 141 Lakhs. The profit before tax was Rs. 29.03 lakhs compared to profit before tax of Rs. 8.30 lakhs in the previous year. However, due to deferred tax of Rs. 18.44 lakhs which is only a book entry, the profit after tax become Rs. 6.08 lakhs. Your directors are hopeful of achieving higher sales and higher profit in the next year.

The company has decided to develop 70 plots of different carpet area under a scheme known as 64 Park Avenue. Up to end on March 2014, 31 plots were booked. The company has decided to book sales as per Guidance note on recognition of Revenue by Real Estate Developers issued by ICAI. Your directors are hopeful to sale remaining plots in near future.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2013-14.

DEPOSITS

There are no deposits which have been matured and claimed by the party and remaining unpaid on the Balance Sheet date.

DIRECTORS

Shri Anupkumar Goswami and Shri Kishore Goswani Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.

The Company has three independent Directors, appointed under the Listing Agreement, namely Mr. Rakesh Singh and Mr. Mukundrai Vadher, who have diverse business/administrative experience and are making significant contribution to the Company. It is proposed to appoint them as Independent Directors, with a fixed tenure of upto five years each at the ensuing Annual General Meeting of the Company, subject to approval of the shareholders, in terms of Section 149 of Companies Act, 2013 (the Act). All abovementioned Independent Directors have also given declarations that they meet the criteria of independence as provided in sub-section 6 of Section 149 of the Act.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:-

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses.

AUDITORS

As per the provisions of section 139 of the Companies Act, 2013 M/S J.M.Parikh& Associates, Chartered Accountants, Ahmedabad auditors of the Company, hold the office from the conclusion of this annual general meeting until the conclusion of 25th Annual General Meeting subject to ratification of Appointment at every Annual General Meeting.

Further the auditors have confirmed their willingness and eligibility for appointment and have also confirmed that their appointment, if made, will be within the limits under section 141 (3) (g) of the Companies Act, 2013.

The Auditors have given several remarks in the CARO Report. The remarks and the response of the Management are given as follows:

1. Clause 4 (vi)

The company is taking necessary steps to regulate the matters.

2. Clause 4 (x)

While there are accumulated losses and more than 50% of Net worth of company is wiped out. The company has made a profit during the year under report and immediately preceding previous year & the directors are hopeful that over a period of time all the losses shall be wiped out.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors'' Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors'' Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co-operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors SUVIDHA INFRAESTATE CORPORATION LIMITED

Place: Ahmedabad ASHOK KUMAR GOSWAMI Date: 29/05/2014 Chairman DIN 00289515


Mar 31, 2013

To The Members of SUVIDHA INFRAESTATE CORPORATION LIMITED

Gentlemen,

The Board of Directors present herewith the 21st Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2013.

FINANCIAL RESULTS

[Rs. In Rs.]

YEAR ENDED YEAR ENDED 31/03/2013 31/03/2012 PARTICULARS AMT. RS. AMT. RS.

Total Income 14448536 319087

Total Expenditure 13618918 3665939

Profit/(Loss) Before Tax 829618 (3346852)

Less: Provision for Taxation Nil Nil

Less: Short Provision Of Income Tax Nil Nil

Less: Deferred Tax 9961689 Nil

Profit/(Loss) After Tax 10791307 (3346852)

Loss Brought Forward From Previous Year (104161290) (100814438)

Balance Transferred to Balance Sheet (93369983) (104161290)

OPERATIONS

The Sales of the Company was Rs. 141 Lakhs in the current year. After a long time year company has made a profit of Rs. 8.29 Lakhs. Your directors are hopeful of achieving higher sales and higher profit in the next year.

The company has decided to develop 70 plots of different carpet area under a scheme known as 64 Park Avenue. Up to end on March 2013, 29 plots were booked. The company has decided to book sales as per Guidance note on recognition of Revenue by Real Estate Developers issued by ICAI. Your directors are hopeful to sale unbooked plots in near future.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2012-13.

DEPOSITS

There are no deposits which have been matured and claimed by the party and remaining unpaid on the Balance Sheet date.

DIRECTORS

Shri Ashokkumar Goswami and Shri Kamal K. Gajjar, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.Your directors commend the resolution.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:- i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses.

AUDITORS

M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for reappointment. The company has received certificate from the said auditors to the effect that their re appointment. If made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956.

The Auditors have given several remarks in the CARO Report. The remarks and the response of the Management are given as follows:

1. Clause 4 (vi)

The company is taking necessary steps to regulate the matters.

2. Clause 4 (x)

While there are accumulated losses and more than 50% of Net worth of company is wiped out. The company has made a profit during the year under report and the directors are hopeful that over a period of time all the losses shall be wiped out.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors'' Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors'' Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors SUVIDHA INFRAESTATE CORPORATION LIMITED

Place: Ahmedabad. A. K. GOSWAMI Date: 29/05/2013 CHAIRMAN


Mar 31, 2012

To The Members of SUVIDHAINFRAESTATE CORPORATION LIMITED

The Board of Directors present herewith the 20th Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2012.

FINANCIAL RESULTS

[Rs. In lacs] YEAR ENDED YEAR ENDED 31/03/2012 31/03/2011 PARTICULARS AMT. RS. AMT. RS.

Total Income 3.19 18.49

Total Expenditure 36.66 92.60

Loss Before Tax (33.47) (74.11)

Less:Provision for Taxation Nil Nil

Less:Short Provision Of Income Tax Nil Nil

(Loss) After Tax (33.47) (74.11)

Loss Brought Forward From Previous Year (1008.14) (934.04)

balance Transferred to Balance Sheet (1041.61) (1008.14)

OPERATIONS

As you are aware, your company was formed for the purpose of carrying out dairy business. However, the same business incurred a lot of losses and therefore your directors decided to close down the said business. Accordingly, the company has started its first business by converting its existing land on which factory was situated into a tradeable stock.The company has put up a scheme of selling smaller plots of land and the response from the market is good. Your directors are hopeful of better results in the coming years.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2011 -12.

DEPOSITS

There are no deposits which have been matured and claimed by the party but has remained unpaid on the Balance Sheet date.

DIRECTORS

Shri Kishorekumar Goswami and Shri Anupkumar Goswami, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.Your directors commend the resolution.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1 )(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:-

i) that in the preparation of the annual accounts, the applicable accounting standards had

been followed along with proper explanation relating to material departures;

ii) that 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 loss of the Company forthat period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses.

AUDITORS

M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for reappointment. The company has received certificate from the said auditors to the effect that their re appointment. If made, would be within the prescribed limits u/s 224(1 B) of the Companies Act, 1956. Auditors'' remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors''Report.

MANAGEMENT DISCUSSIONS ANDANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors'' Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors SUVIDHA INFRAESTATE CORPORATION LIMITED

Place: Ahmedabad K. K. GOSWAMI

Date: 10/08/2012 Director


Mar 31, 2011

The Members of

SUVIDHA INFRAESTATE CORPORATION LIMITED

[FORMERLY KNOWN AS DAIRYFIELD LIMITED]

Gentlemen,

The Board of Directors present herewith the Nineteenth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2011.

FINANCIAL RESULTS

YEAR ENDED YEAR ENDED 31/03/2011 31/03/2010

PARTICULARS AMT. RS. AMT. RS.

Total Income 6412074 745278

Total Expenditure 13822664 1144260

Loss Before Tax (7410590) (398982)

Less: Provision for Taxation Nil Nil

Less: Short Provision Of Income Tax Nil (66952)

(Loss) After Tax (7410590) (465934)

Loss Brought Forward From Previous Year (93403848) (92937914)

Balance Transferred to Balance Sheet (100814438) (93403848)

OPERATIONS

As you are aware, your company was formed for the purpose of carrying out dairy business. However, the same business incurred a lot of losses and therefore your director decided to close down the said business. Accordingly, the company has started its first business by converting its existing land on which factory was situated into a tradable stock. The company has put up a scheme of selling smaller plots of land and the response from the market is good. Your directors are hopeful of better results in the coming years.

CHANGE IN NAME

The name of the company was "Dairyfield Limited". "The directors decided to change its name to "Suvidha Infraestate Corporation Limited".

CHANGE IN REGISTERED OFFICE OF THE COMPANY

During the year under review the registered office of the company was shifted from 21, National Chambers,2nd Floor, complex,Opp. Devashish School,Bodakdev,Ahmedabad,Gujarat.

CHANGE IN OBJECT CLAUSE OF THE COMPANY

The company has changed its object clause to the business of real estate and infrastructure activities.

SALE OF ASSET AND TRANSFER OF LAND FROM FIXED ASSETS TO INVENTORY

The company has disposed off all its assets except motor car and land. The company has transferred its land from fixed asset to stock in trade.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2010-11.

DEPOSITS

There are no deposits which have been matured and claimed by the party but has remained unpaid on the Balance Sheet date.

DIRECTORS

Shri Rakeshsinh Raghuvansinh and Shri Mukundrai P.Vadher, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment. Your directors commend the resolution.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:- i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 loss of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses.

AUDITORS

M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for reappointment. The company has received certificate from the said auditors to the effect that their re appointment. If made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956. Auditors'' remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors'' Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors'' Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors

SUVIDHA INFRAESTATE CORPORATION LIMITED

(Formerly known as Dairyfield Limited)

Place: Ahmedabad. A. K. GOSWAMI

Date: 20/07/2011 CHAIRMAN


Mar 31, 2010

The Board of Directors present herewith the Eighteenth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2010.

FINANCIAL RESULTS

YEAR ENDED YEAR ENDED

31/03/2010 31/03/2009

PARTICULARS AMT. RS. AMT. RS.

Total Income 745278 1002128

Total Expenditure 1144260 1800353

Net Profit / (Loss) Before Tax (398982) (798225)

Provision for Taxation Nil Nil

Short Provision Of Income Tax (66952) Nil

Profit / (Loss) After Tax (465934) (798225)

Loss Brought Forward From

Previous Year (92937914) (92139689)

Balance Transferred to

Balance Sheet (93403848) (92937914)

OPERATIONS

As you are aware, your company was formed for the purpose of carrying out dairy business. However, the same business incurred a lot of losses and therefore your director decided to close down the said business.Your directors are evaluating various other business offers and shall inform you about the next line of business.Although,the company is not carrying out any business presently the accounts of the company are prepared on going concern basis .

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2009-10.

DEPOSITS

There are no deposits which have been matured and claimed by the party but has remained unpaid on the Balance Sheet date.

DIRECTORS

Shri Ashokkumar Goswami and Shri Kamal Gajjar Goswami, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.Your directors commend the resolution.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:- i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 loss of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses and has stopped production.

AUDITORS

M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for reappointment. The company has received certificate from the said auditors to the effect that their re appointment. If made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956. Auditors’ remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors’ Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors’ Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors

DAIRYFIELD LIMITED

A. K. GOSWAMI

CHAIRMAN

Place: Ahmedabad.

Date: 28/05/2010


Mar 31, 2009

The Board of Directors present herewith the Seventeenth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2009.

FINANCIAL RESULTS

PARTICULARS Year ended Year ended 31/03/2009 31/03/2008 Amount Rs. Amount Rs. Total Income 1002128 15709027 Total Expenditure 1800353 18504042 Net Profit / (Loss) Before Tax (798225) (2795015) Provision for Taxation Nil Nil Deferred Tax Nil Nil Profit / (Loss) After Tax (798225) (2795015) Loss Brought Forward From Previous Year (92139689) (89344674) Balance Transferred to Balance Sheet (92937914) (92139689)

OPERATIONS

During the year, your company could not carry out any commercial operations. Your directors have decided to exit the dairy business and to enter in to a new business. They are evaluating various offers and shall come back to you once they decide on a good business model suitable to the company.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2008-09.

DEPOSITS

There are no deposits which have been matured and claimed by the party but has remained unpaid on the Balance Sheet date.

DIRECTORS

Shri Kishore Goswami and Shri Anup kumar Goswami, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(l)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956. ¦

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm :-

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 loss of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses and has stopped production.

AUDITORS

M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for reappointment. The company has received certificate from the said auditors to the effect that their re appointment. If made, would be within the prescribed limits u/s 224(1B) of the Companies Act,1956. Auditors remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors DAIRYFIELD LIMITED

Place: Ahmedabad. A. K. GOSWAMI Date : 30/07/2009 CHAIRMAN


Mar 31, 2008

The Board of Directors present herewith the Sixteenth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 3ist March 2008.

FINANCIAL RESULTS

PARTICULARS Year ended Year ended 31/03/2008 31/03/2007 Amount Rs. Amount Rs.

Total Income 15709027 3533042 Total Expenditure 18504042 3569986 Net Profit / (Loss) Before Tax (2795015) (36944) Provision for Taxation Nil Nil Deffered Tax Nil Nil Profit / (Loss) After Tax (2795015) (36944) Loss Brought Forward From Previous Year (89344674) (89307730) Balance Transferred to Balance Sheet (92139689) (89344674)

OPERATIONS

The directors during the year have sold of some of the assets. The amount received from the sale of these assets will be used by the directors to clear of its remaining debts. Also the directors of the company are planning to enter in to a new line of business soon.

This year your directors have written off various credit balances which were remaining unclaimed in the books of the company for many years.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2007-08.

DEPOSITS

There are no deposits which have been matured and claimed by the party but has remained unpaid on the Balance Sheet date.

DIRECTORS

Shri Rakeshsinh Raghuvansinh and Shri Mukundrai P Vadher, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(l)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:-

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 or loss of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses and has stopped production.

AUDITORS

M/s Jatin Parikh & Associates, Chartered Accountants, Ahmedabad have indicated their unwillingness to continue as the auditors of the company for the next year.

Your directors are proposing the name of J.M. Parikh & Associates, Chartered Accountants, Ahmedabad as statutory auditors for the next year. If appointed, they shall hold the office until the conclusion of next Annual General Meeting.

You are requested to appoint the auditors and to fix their remuneration. The auditors remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors DAIRYFIELD LIMITED

Place: Ahmedabad. A. K. GOSWAMI Date : 01/05/2008 CHAIRMAN


Mar 31, 2007

The Board of Directors present herewith the Fifteenth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2007.

FINANCIAL RESULTS

PARTICULARS Year ended Year ended 31/03/2007 31/03/2006 Amount Rs. Amount Rs.

Total Income 3533042 45066434 Total Expenditure 3569986 26780063 Profit/(Loss)before Tax (36944) 18286371 Less : Provision for Taxes NIL NIL Less : Deferred tax NIL NIL Less : Provision for FBT NIL 7480 Profit/(Loss) after tax (36944) 18278891 Add: Balance B/F from last year (89307730) (107586621) Balance Transferred toBalance Sheet (89344674) (89307730)

OPERATIONS

During the year the company could not carryout any commercial operations due to adverse market conditions and shortage of working capital. Your directors are exploring various alternatives and are hopeful of starting commercial operations in the next year.

As you are aware your directors have started restructuring the financial assets of the company. In the last year the directors brought additional funds in the company and entered in to one time settlement with IDBI. As a result of which the loan of IDBI was repaid and unpaid interest provided on the loan was return back.

This year your directors have written off various credit balances which were remaining unclaimed in the books of the company for more than 3 years. Your directors also reduced current assets of the company and from the money received the unsecured loans were paid off. Thus during the year the size of the Balance Sheet was streamlined to the tune of Rs.48 Lacs. In the previous year the auditors had qualified their report by making various adverse remarks. We have cleared almost all the adverse remarks this year.

Your directors intend to sale some of the Plant and Machinery and from those dues clear the debts and liabilities. Your directors also intend to start a new line of business shortly.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2006-07.

DEPOSITS

The company has not borrowed any funds from the public as on the Balance Sheet date.

DIRECTORS

Shri Ashokkumar Goswami and Shri Kamal K. Gajjar , Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment.

During the year Shri Nandkumar Goswami resigned from the post of Chairman. He was the founder promoter of the company and associated closely with the company. Your directors place a warm vote of thanks to him for the services rendered by him during his tenure.

Shri Hemendrasinh Jhala, director of the company also resigned during the year. The board places on record its warm appreciation for services rendered by .Mr.Jhala during his tenure as a director.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(l)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:-

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that 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 or loss of the Company for that period;

iii) that the directors had 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;

iv) that the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumulated losses and has stopped production.

AUDITORS

Jatin Parikh & Associates, Chartered Accountants, hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for re- appointment. The Company has received certificate from the said auditors to the effect that their re-appointment, if made, would be within the prescribed limits u/s 224(16) of the Companies Act, 1956. Auditors remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be considered as a part of Directors Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "Management Discussions and Analysis" is attached herewith which may be considered as a part of Directors Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from its staff, bankers, various parties and authorities during the year under review.

For and on behalf of the Board of Directors DAIRYFIELD LIMITED

Place: Ahmeda.bad. A. K. GOSWAMI Date : 17/08/2007 CHAIRMAN


Mar 31, 2006

The Board of Directors present herewith the Fourteenth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 2006.

FINANCIAL RESULTS

PARTICULARS Year ended Year ended 31/03/2006 31/03/2005 Amount Rs. Amount Rs.

Total Income 45066434 12000 Total Expenditure 26780063 3503575 Profit/(Loss)before Tax 18286371 (3491575) Less : Provision for Taxes NIL NIL Less : Deferred tax NIL NIL Less : Provision for FBT 7480 NIL Profit/(Loss) after tax 18278891 (3491575) Add: Balance B/F from last year (107586621) (104095046) Balance Transferred to Balance Sheet (89307730) (107586621)

OPERATIONS

During the year the company could not carryout any commercial operations due to adverse market conditions and shortage of working capital. Your directors are exploring various alternatives and are hopeful of starting commercial operations in the next year.

During the year your directors entered into one time settlement with IDBI. As per the conditions of the settlement the principal amount of the loan was repaid. Certain interest amount which the company had provided for but not paid has been written back in the books of account on this settlement.

DIVIDEND

In view of the accumulated losses, your directors do not propose dividend for the year 2005-06.

DEPOSITS:

During the year under review the Company has not expected any deposits by invita tion from public under section 58-A of the Companys Act 1956.

DIRECTORS

Shri Hemantsinh N. Jhala, Shri Kamal K. Gajjar, Shri Rakeshsmh Raghuvansinh and Shri Mukundrai P. Vadher were appointed additional directors of the company. They occupy the offices till the completion of ensuing Annual General Meeting and being eligible offer themselves for reappointment.

Shri Kishorkumar Goswami and Shri Anupkumar Goswami, Directors of the company retire by rotation at the ensuing Annual General Meeting of the company and being eligible offers themselves for reappointment. Your directors recommend the resolutions.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EARN- INGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(l)(e) of the Companies Act, 1956 are nil.

EMPLOYEES

There is no employee who is in receipt of remuneration exceeding the limits specified under the Rules pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956.

The Directors hereby confirm:-

i) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) That 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 or loss of the Company for that period;

iii) That the directors had 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;

iv) That the directors had prepared the annual accounts on a going concern basis, even though the company is passing through bad times and has huge accumu- lated losses and has stopped production.

AUDITORS

Jatin Parikh & Associates, Chartered Accountants, hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for re- ap- pointment. The Company has received certificate from the said auditors to the effect that their re-appointment, if made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956. Auditors remarks are self explanatory.

CORPORATE GOVERNANCE REPORT

A separate report on corporate governance is attached herewith which may be consid- ered as a part of Directors Report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A separate report on "management discussions and analysis" is attached herewith which may be considered as a part of Directors Report.

ACKNOWLEDGMENTS

The Board of Directors place on record their appreciation for co- operation received from various parties and authorities during the year under review.

For and on behalf of the Board of Directors DAIRYFIELD LIMITED

Place: Ahmedabad. A. K. GOSWAMI K. K. GOSWAMI Date : 31/08/2006 DIRECTOR DIRECTOR


Mar 31, 1999

The Board of Directors present herewith the Seventh Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 1999.

FINANCIAL RESULTS

(Rs. in lacs)

1998-99 1997-98

PARTICULARS Amount Amount (Rs. in lacs) (Rs. in lacs)

Net Profit/(Loss) before Depreciation (42.84) 45.04 and Interest

Less : Depreciation (20.01) (19.59)

Less : Financial Charges (100.45) (76.32)

Net Loss after Depreciation (163.30) (50.87) and Financial Charges

Less : Provision for Taxation NIL NIL

Amount of Loss transferred to (163.30) (50.87) Balance Sheet

OPERATIONS

During the year under review the company improved its sales from Rs. 689.02 Lacs to Rs. 1005.29 Lacs showing an increase of 45.86%. The company has also substantially reduced to expenses. However, there is a heavy burden of interest. As a result of this the company has incurred losses.

The directors are considering various steps to liquidate the borrowings so that the interest burden can be reduced. If the interest burden is eliminated than the company can move to the path of recovery.

The performance of the company in the current year is also encouraging and the company is likely to post higher sales and profit figures.

DIVIDEND

In view of the losses incurred by the company, the directors do not propose dividend for the year ended on 31st March, 1999.

DIRECTORS

Mr. Kishor Kumar Goswami and Mr. Anup Kumar Goswami retire by rotation and being eligible, offer themselves for re-appointment.

INSURANCE

All the fixed assets of the company are adequately insured as on the date of the report.

DEPOSITS

There are no deposits on the date of report which have matured but have remain unpaid.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are attached herewith which may be considered as a part of the Directors' Report.

EMPLOYEES

There is no employee who is in receipt of the remuneration exceeding the limits specified under the Rules Pursuant to the Provisions of Section 217 (2A) of the Companies Act, 1956.

AUDITORS

Venkatraman S. Iyer, Chartered Accountant holds the office as Auditor until the conclusion of the ensuing Annual General Meeting and are recommended for re-appointment. The Company has received certificate from the said auditors to the effect that their re-appointment, if made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956.

Annexure to Directors' Report - Information under section 217(1)(e) of The Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

A. CONSERVATION OF ENERGY

a. Energy conservation measures taken : The Company has taken various steps to conserve energy in the earlier years. As a result of this the plant of the Company has optimized in saving energy. Accordingly, no fresh measures were taken during the year for conservation of energy.

b. Additional investments and proposals, As the Company has already if any, being implemented for reduction made substantial investment of consumption of energy for conservation of energy, no additional investments are being proposed.

c. Impact of the measures at (a) & Not Applicable (a) above the reduction of energy consumption and consequent impact on the cost of production of goods.

d. Total energy consumption and energy Given Below consumption per unit of production as per Form-A of the annexure in respect of industries specified in the schedule.

B. TECHNOLOGY ABSORPTION Given Below

Efforts made in technology absorption as per Form-B of the annexure.

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION, RESEARCH AND DEVELOPMENT (R & D)

1. Specific areas in which R & D : As the company has carried forward losses, there are no plans for R & D

2. Benefits derived as a result : Nil of the above R & D,

3. Future plan of action. : There is no future plan for R & D at present.

4. Expenditure on R & D.

a. Capital : Nil

b. Recurring : Nil

d. Total : Nil

d. Total R & D expenditure : N.A as a percentage of total turnover.

Technology Absorption, adaptation and innovation.

1. Efforts, in brief, made : Nil towards technology absorption, adaptation and innovation.

2. Benefits, derived as a result : Nil of the above efforts e.g. product improvements, cost reduction, product development, import substitution etc.

3. In case of imported : N.A technology (Imported during last 5 years reckoned from the beginning of the financial year) following information may be furnished.

a. Technology imported : N.A

b. Year of import : N.A

c. Has technology been fully : N.A absorbed ?

d. If not fully absorbed : N.A areas where this has not taken place, reasons therefore and future plan of action.

C. FOREIGN EXCHANGE EARNINGS AND OUT-GO

1. Activities relating to : Nil exports, initiatives taken to increase exports, development of new export markets for products and services and export plan.

2. Total foreign exchange used : Nil

3. Total foreign exchange earned : Nil


Mar 31, 1997

The Board of Directors present herewith the Fifth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 1997.

FINANCIAL RESULTS

(Rs. in Lacs)

Current Year Previous Year PARTICULARS 1-4-96 to 1-4-95 to 31-3-97 31-3-98

Net Profit/Loss before Depreciation and Interest (11.86) (48.53) Less : Depreciation 19.24 42.39 Less : Financial Charges 63.65 34.85 Net Loss after Depreciation and Financial Charges (94.75) (125.77) Less : Provision for Taxation NIL NIL Amount of Loss transferred to Balance Sheet (94.75) (125.77)

OPERATIONS

The Company has achieved turn over of Rs. 5,55,66,378 against Rs. 8,68,39,210 of previous year. The Company has started full-fledged operations after April-97. Hence its effect will be reflected there after.

As per the projection, the company could not achieve sales and profitability as the company had received loan from IDBI too late. Besides the company could not complete the Powder Plant and achieve projected target.

AUTHORISED SHARE CAPITAL :

Your Directors propose to increase Authorised Share Capital from Rs.10.00 crores to Rs. 11.00 crores to meet the requirement of further business development and also, if required, to enlist equity shares of the company on National Stock Exchange. Your Directors also proposed to raise further equity capital by Rs. 2,10,40,000/- (Rupees two crore ten lacs forty thousand only) from promoters of the company subject to necessary approvals during current bearish trend in capital market.

DIVIDEND

In view of the loss incurred by the company, your Directors do not propose any dividend for the year ended on 31st March, 1997.

DIRECTORS

Mrs. Waveney Polson and Mr. Nandkumar Goswami retire by rotation and being eligible, offer themselves for re-appointment.

Mr. R. D. Patel and Dr. K.K. Iya resigned from Directorship during the year 1996-97. Your Directors appreciate the services provided by Mr. R.D. Patel and Dr. K.K. Iya during their tenure of Directorship.

Mr. Anup K. Goswami has been appointed as an additional Director during year. The Company has received a proposal from a member to regularise him as a Director liable to retire by rotation.

INSURANCE

All the fixed assets of the company are adequately insured as on the date of the report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREGIN EARNINGS AND OUTGO

The particulars relating to Conservation of Energy,Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are attached herewith (ANNEXURE I) which may be considered as a part of the Directors' Report.

EMPLOYEES

There is no employee who is in receipt of the remuneration exceeding the limits specified under the Rules Pursuant to the Provisions of Section 217(2A) of the Companies Act, 1956.

AUDITORS

Venkatraman S. Iyer, Chartered Accountants hold the office as Auditors until the conclusion of the ensuing Annual General Meeting and are recommended for re-appointment. The Company has received certificate from the said auditors to the effect that their re-appointment, if made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956.

A. CONSERVATION OF ENERGY :

a. Energy conservation measures taken : There were no significant energy conservation measures upto 31-03-1997.

b. Additional investments and proposals, if any, being implemented for reduction of consumption of energy

c. Impact of the measures at (a) & (a) above the reduction of energy consumption and consequent impact on the cost of production of goods.

d. Total energy consumption and energy consumption per unit of production as per Form-A of the annexure in respect of industries specified in the schedule.

B. TECHNOLOGY ABSORPTION :

Efforts made in technology : Given Below absorption as per Form-B of the annexure.

FORM-B

(See rule 2)

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION, RESEARCH AND DEVELOPMENT (R & D)

1. Specific areas in which R&D carried out by the company. : Nil

2. Benefits derived as a result of the above R&D, : Nil

3. Future plan of action : There is no future plan for R & D

4. Expenditure on R & D.

a. Capital : Nil

b. Recurring : Nil

c. Total : Nil

d. Total R & D expenditure as a percentage of total : N.A. turnover. Technology Absorption, adaptation and innovation.

1. Efforts, in brief, made towards technology : Nil absorption, adaptation and innovation.

2. Benefits, derived as a result of the above efforts : Nil e.g. product improvements, cost reduction, product development import substitution etc.

3. In case of imported technology : Nil (Imported during last 5 years reckoned from the beginning of the financial year) following information may be furnished.

a. Technology imported : Nil b. Year of import : N.A. c. Has technology been fully : N.A. absorbed? d. If not fully absorbed areas where this has not taken place, reasons therefore and futur plan of action. : N.A.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO :

1. Activities relating to exports, initiatives taken to : Nil increase exports, development of new export markets for products and services and export plan.

2. Total foreign exchange used : Nil

3. Total foreign exchange earned : Nil


Mar 31, 1996

The Board of Directors present herewith the Fourth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 1996.

FINANCIAL RESULTS

OPERATIONS

The Company has achieved turn over of Rs. 8,68,39,210 against Rs.25,51,356 of previous year. The Company has started full-fledged operations after April-96. Hence its effect will be reflected there after.

performance Vs Projection (Rs. in lacs)

Particulars Performance Projection

Sales 851.70 3979.00 Total Expenditure 90.13 2995.32 Interest 34.85 84.45 Depreciation 42.39 68.40

As per the projection, the company could not achieve sales and profitability as the company had received loan from IDBI late. Besides the company could realised the processed of Public Issue by May, 1996 hence the company could not complete the Powder Plant and achieve projected target.

PUBLIC ISSUE

Your Directors are pleased to advise you that Public Issue of 30,00,000/- equity shares of Rs.10/- each for cash at par aggregating to Rs. 3,00,00,000/- has been subscribed by 0.96 times. Equity shares of the company have been listed on Ahmedabad, Bombay, Delhi & Madras Stock Exchanges.

DIVIDEND

In view of the loss incurred by the company, your Directors do not propose any dividend for the year ended on 31st March, 1996.

INSURANCE

All the fixed assets of the company are adequately insured as on the date of the report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGOES

The particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are attached herewith (ANNEXURE I) which may be considered as a part of the Directors' Report.

ACKNOWLEDGEMENTS

The Board of Directors places on record their appreciation for co-operation received from various Departments of Govt., Financial Institutions, Banks, parties, authorities etc. during the year under review. Your Directors also place on record their deep sense of appreciation for the dedicated services received from employees of the company.

ANNEXURE - 1

Annexure to Directors' Report - Information under section 217(1)(e) of The Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

A. CONSERVATION OF ENERGY

a. Energy conservation : There were no significant measures taken energy conservation measures upto 31-03-1996.

b. Additional investments and proposals, if any, being implemented for reduction of consumption of energy

c. Impact of the measures at (a) & (a) above the reduction of energy consumption and consequent impact on the cost of production of goods.

d. Total energy consumption and energy consumption per unit of production as per Form-A of the annexure in respect of industries specified in the schedule.

B. TECHNOLOGY ABSORPTION

Efforts made in technology : Given Below absorption as per Form-B of the annexure.

FORM-B

(See rule 2)

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION, RESEARCH AND DEVELOPMENT (R & D)

1. Specific areas in which R&D : Nil carried out by the company.

2. Benefits derived as a result : Nil of the above R&D,

3. Future plan of action. : There is no future plan for R & D

4. Expenditure on R & D.

a. Capital : Nil b. Recurring : Nil c. Total : Nil d. Total R & D expenditure : N.A as a percentage of total turnover.

Technology Absorption, adaptation and innovation.

1. Efforts, in brief, made : Nil towards technology absorption, adaptation and innovation.

2. Benefits, derived as a result : Nil of the above efforts. e.g. product improvements, cost reduction, product development, import substitution etc.

3. In case of imported : Nil technology (Imported during last 5 years reckoned from the beginning of the financial year) following information may be furnished.

a. Technology imported : Nil b. Year of import : N.A c. Has technology been fully : N.A absorbed ? d. If not fully absorbed : N.A areas where this has not taken place, reasons therefore and future plan of action.

C. FOREIGN EXCHANGE EARNINGS AND OUT-GO

1. Activities relating to : Nil exports, initiatives taken to increase exports, development of new export markets for products and services and export plan.

2. Total foreign exchange used : Nil

3. Total foreign exchange earned : Nil


Mar 31, 1993

Your Directors have pleasure in presenting herewith their report and the audited accounts of the company for the year ended 31st March 1993. ACCOUNTS There is a loss of Rs.1,28,942/- for the year ended 31st March 1993. inview of the debit balance in profit and loss Account, no dividend is being recommended.


Mar 31, 1992

Your Directors have pleasure in presenting herewith their report and the audited accounts of the company for the year ended 31st March 1992. Accounts There is a profit before tax of rs.5,64,547 during the year under review. In view of the debit balance in Profit and Loss account no dividend is being recommended.

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