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Directors Report of Synergy Cosmetics (Exim) Ltd.

Mar 31, 2015

Dear Shareholders,

The Directors here by present the 21st Annual Report together with the Audited statements of Accounts for the financial year ended on 31st March 2015.

OPERATIONS REVIEW:

During the year under review due to financial crisis company has not carried out any business activities and faces huge set back. So company not in position to generate any revenue from the operation but due to some fixed cost company posted Net Loss of Rs. 222669.

BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF THE COMPANY'S AFFAIR:

The Company does not have any significant business activity and not carried out any business during the year under review.

DIVIDEND:

Considering the loss incurred in the current financial year and accumulated losses, your Directors have not recommended any dividend for the financial year under review.

TRANSFER TO RESERVES:

The Company has not transferred any amount to Reserves for the period under review.

SHARE CAPITAL:

The issued, subscribed and paid up capital of the Company is Rs.113433000/- divided into 11343300 equity shares of Rs 10/- each. There has been no change in the share capital of the Company during the year.

SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES:

The Company does not have any subsidiary, associate companies & joint ventures.

FIXED DEPOSIT:

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.

RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

No material changes and commitments affecting the financial position of the company have occurred between the end of financial year to which the financial statements relate and the date of the Directors' Report.

SIGNIFICANT ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS IMPACTING GOING CONCERN AND COMPANY'S OPERATIONS:

To the best of our knowledge, the company has not received any such orders passed by the regulators, courts or tribunals during the year, which may impact the going concern status or company's operations in future.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of the Companies Act, 2013, Mr. RAMANLAL TRIVEDI (DIN: 01658705) retire by rotation at the ensuing AGM and being eligible offers himself for reappointment.

Mr. ISHWARBHAI SOLANKI and Mr. KUMUDCHANDRA NAVSARIWALA appointed as additional director as on 01.06.2015 and holds office up to the date of this Annual General Meeting and is hereby appointed as an Independent Director of the Company to hold office for five consecutive years for a term up to September 26, 2020.

Mr. NIMISH SHAH, Mr. NIRAV PANCHAL and Mr. SHIRISH VYAS were resigned as a Director of the Company with effect from 26.01.2015, 01.06.2015 and 01.06.2015 respectively.

Since the Company does not have any significant business activities, hence the Volume and Scope of work for the Company Secretary and Chief Financial Officer are less and it is not a full time work and the job of Company Secretary and Chief Financial Officer are not attractive commensurate with the scope of work and salary.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director under Section 149 (7) of the Companies Act, 2013, that they meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013.

MEETINGS:

Minimum four pre-scheduled Board meetings are held annually. In case of business exigencies or urgency of matters, resolutions are passed by circulation. During the year six Board Meetings and four Audit Committee Meetings were convened and held, the details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and Listing Agreement.

AUDIT COMMITTEE:

The terms of reference of the Audit Committee are in consonance with the provisions of Section 177 of the Companies Act, 2013 and details thereof have been furnished in the Corporate Governance Report forming a part of this Annual Report.

NOMINATION AND REMUNERATION COMMITTEE:

Nomination and Remuneration Committee has been constituted as per the provisions of Section 178(1) of the Companies Act, 2013 and details thereof have been furnished in the Corporate Governance Report forming a part of this Annual Report.

STAKEHOLDERS' RELATIONSHIP COMMITTEE:

The Board of Directors of the Company has re-named Share Holders Grievance/ Share Transfer Committee as 'Stakeholders Relationship Committee' in order to align it with the provisions of Section 178 of the Companies Act, 2013 and details thereof have been furnished in the Corporate Governance Report forming a part of this Annual Report.

BOARD EVALUATION:

Pursuant to the provisions of the Schedule IV, clause VIII of the Companies Act, 2013 the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Appointment & Remuneration Committees. The performance evaluations of Independent Directors were also carried out and the same was noted. Independent Directors in their meeting decided to bring more transparency in their performance and bring more responsibility while taking any policy decisions for the benefit of the shareholders in general.

REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/ EMPLOYEES:

No Directors/ Key Managerial Personnel are drawing any remuneration. Hence, the information required pursuant to Section 197 read with Rule 5 (1) (i) of The Companies (Appointment and Remuneration) Rules, 2014 in respect of ratio of remuneration of each director to the median remuneration of the employees of the Company for the Financial year is not given.

AUDITORS AND AUDITORS' REPORT:

M/S. BIPIN & CO., CHARTERED ACCOUNTANTS, VADODARA (FRN 101509W), in respect of whom the company has received a Special Notice under section 140(4) of the Act, proposing their appointment in the place of retiring auditors M/s. Y. D. & Co., Chartered Accountants, Ludhiana, (FRN 018846N) and hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The observations made by the Auditors' in their Auditors' Report and the Notes on Accounts referred to in the Auditors' Report are self- explanatory and do not call for any further comments.

SECRETARIAL AUDIT AND SECRETARIAL AUDITORS' REPORT:

Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Company has appointed Ms. SHUBHAM AGARAWAL, Company Secretaries in practice to undertake the Secretarial Audit of the Company. The Secretarial Audit report in the prescribed Form No MR-3 is annexed herewith. QUALIFICATION IN SECRETARIAL AUDIT REPORT AND EXPLANATIONS BY THE BOARD:

Sr. No. Qualifications made by Secretarial Explanations by the Board Auditor

a) Acknowledgement for sending the notices The notice and agenda for the Board and committee of the Meeting of the Board and meeting are sent by the email or hand delivery. The Committees are not maintained by the company will ensure to maintain to the company. acknowledgements for sending the notice of the meeting of the board and the committee.

b) Updating of website with regard to The company will take necessary steps to update various policies is pending website with regard to various policies which are pending.

c) The company has not complied with The company will take necessary steps to comply with certain clauses of Listing Agreement as the same. regards publication of Notice of Board Meeting, Notice of AGM, quarterly results.

d) As per the provisions of Section 149(1) of The Company is in process for appointing of Women the Companies Act, 2013 and revised Director and once suitable and if any willing candidate clause 49 of the listing agreement, the agrees to join the Company.

Company is required to have at least one Women Director on its Board. The Company has not appointed Women Director.

e) As per section 138 of the Companies Act, The size of operation of the Company is very small, it is 2013, the Company is required to appoint not viable to appoint Internal Auditor but the Internal Auditor. The Company has not Company has established the internal control system. appointed Internal Auditor.

f) As per section 203(1)(i),(ii) & (iii), the Since the Company does not have any significant Company is required to appoint Company business activities, hence the Volume and Scope of Secretary & Chief Financial Officer. The work for the Company Secretary and Chief Financial Company has not appointed Company Officer are less and it is not a full time work and the Secretary & Chief Financial Officer. job of Company Secretary and Chief Financial Officer are not attractive commensurate with the scope of work and salary.

g) The company has not maintained the company will take necessary steps to maintain the attendance register for Board and attendance register for board and committee meeting meetings.

h) Statutory Registrar as per companies Act The company will take necessary steps to update 2013 is yet to be updated. Statutory Register as per companies Act 2013.

i) Certain event based E Forms have not The company will ensure to file all relevant documents been filed by the company in time which in time with ROC and other authorities as when were required to be filed with ROC during required. the audit period.

COST AUDITOR AND COST AUDIT REPORT:

Cost Audit is not applicable to your Company.

INTERNAL CONTROL SYSTEMS:

As there is no significant business activities hence there was no systems set up for Internal Controls.

EXTRACT OF ANNUAL RETURN:

An extract of Annual Return as prescribed under Section 92(3) of the Companies Act, 2013 ('the Act') and rule 12(1) of the Companies (Management and Administration) Rules, 2014, in the prescribed Form No. MGT 9 forming part of this report is annexed herewith

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors' Certificate on its compliance is annexed separately to this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The Company has not developed and implemented any Corporate Social Responsibility initiative under the provisions of Section 135 of the Companies Act, 2013, read with Rule 9 of Companies (Corporate Social Responsibility Policy) Rules, 2014, as the said provisions are not applicable.

PARTICULARS OF EMPLOYEES:

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is not required to be given as there were no employees coming within the purview of this section.

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy, technology absorption etc. as required to be given under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The Companies (Accounts) Rules, 2014, are not applicable to Company, as our Company has not carried out in the manufacturing activities. The foreign exchange earnings on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS' RESPONSIBILITY STATEMENT:

The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state that:

a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation by way of notes to accounts relating to material departures;

b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

e) Directors have prepared the accounts on a "going concern basis".

f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Since there are no women employees in the Company hence no comments

DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES, 2014:

Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 of Companies (Appointment & Remuneration) Rules, 2014, every Listed Company mandates to disclose in the Board's Report the ratio of the remuneration of each director to the permanent employee's remuneration. However, since there is no permanent employee in the Company, no disclosure under the said provision has been furnished.

BUSINESS RISK MANAGEMENT:

Since the Company does not have any significant business activities, hence the Business Risk is at the Minimal Level. Hence, no major risk factors are envisaged except for:

a. Government Policies

b. Human Resource Risk

VIGIL MECHANISM

As the Company does not have any significant business activity, there was no need to have a Vigil Mechanism Policy.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board

For, SYNERGY COSMETICS (EXIM) LIMITED

PLACE: AHMEDABAD

DATE: 28.08.2015

Sd/-

(RAMANLAL TRIVEDI)

CHAIRMAN


Mar 31, 2014

Dear Members,

The Directors here by present the 20th Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2014.

FINANCIAL PERFORMANCE:

Key aspects of Company'' financial performance for the year 2013-14 is tabulated below:

[Amount in Rupees]

Particular 2013-14 2012-13

Sales 105000 212800

Purchase 734665 3699886

Total Income (629665) (3912686)

Total Expenditure (629665) (3912686)

Profit/(Loss) Before Extraordinary items and Taxation (629665) (3912686)

Extraordinary items Nil Nil

Profit/(Loss) before Tax (PBT) (629665) (3912686)

Less: current Tax Nil Nil

Net Profit/(Loss) after Tax for the year (629665) (3912686)

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisis company faces huge set back. So company unable to generate targeted revenue from the operation but due to some fixed cost company posted Net Loss of Rs. 629665.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to loss incurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

DIRECTORS:

Mr. Ramanlal TrivedI Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment. Mr. Nimish Shah was appointed as an Additional Director of the Company on 31.12.2013 be and hereby appointed as director of the Company and whose office liable to retire by rotation. Mr. SHIRISH VYAS and Mr. NIRAV VINUBHAI PANCHAL were appointed on 31.12.2013 and 13.01.2014 as an Additional Director of the Company and appointed as an Independent Director of the Company for a period of five years from the conclusion 20th AGM to the conclusion of 25th AGM. Mr. Viral Kapadia was appointed as Additional Director as on 20.06.2013 and resigned from the board as on 01.08.2013.

Mr. AMITKUMAR RANA, Mr. KRUNAL RANA were resigned as a Director of the Company with effect from 13.12.2013 and 13.01.2014.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

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

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, are not applicable to our Company, as our Company in not engage in manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

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

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board For, SYNERGY COSMETICS (EXIM) LIMITED

PLACE: AHMEDABAD DATE: 26.08.2014

(RAMANLAL TRIVEDI) DIRECTOR


Mar 31, 2013

Dear Shareholders,

The Directors here by present the Nineteenth Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2013.

FINANCIAL PERFORMANCE:

Key aspects of Company'' financial performance for the year 2012-13 is tabulated below:

[Amount in Rupees]

Particular 2012-13 2011-12

Sales 16407147 5958725876

Purchase 16619947 5958764833

Total Income (212800) 455271

Total Expenditure 3699886 493924

Profit/(Loss) Before Extraordinary items and Taxation (3912686) (38654)

Extraordinary items Nil Nil

Profit/(Loss) before Tax (PBT) (3912686) (38654)

Less: current Tax Nil Nil

Net Profit/(Loss) after Tax for the year (3912686) (38654)

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisis company faces huge set back. So company unable to generate targeted revenue from the operation but due to some fixed cost company posted Net Loss of Rs. 3912686.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to loss incurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

DIRECTORS:

Mr AMITKUMAR RAMESHCHANDRA RANA Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

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

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, are not applicable to our Company, as our Company in not engage in manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

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

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board

For, SYNERGY COSMETICS (EXIM) LIMITED

PLACE: AHMEDABAD

DATE: 31.08.2013 Sd/-

(RAMANLAL NAGJIBHAI TRIVEDI)

CHAIRMAN


Mar 31, 2010

The Directors have pleasure in presenting the 16th Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS: ( Amt. In Rs.)

PARTICULARS 2009-2010 2008-2009

Sales 137500 9072226

Other Income 552 1130928

138052 10203154

TOTAL

Cost of Material Sold 137500 7980441

Admin.,Selling & Distribution Exp. 132640 1807374

Other Exp. 0 40700

Depreciation 47644 56532

TOTAL 317784 9885047

Profit/(Loss) Before Tax (179732) 318107

Less: Provision for Income Tax Nil Nil

Profit/(Loss) for the year after Taxation (179732) 318107

Balance of Profit Brought Forward (4636380) (4954487)

Transfer to B/S (4836212) (4636380)

OPERATIONS:

During the year under review total income earned was Rs.138052 against expenditure of Rs. 317784 resulting into Net profit (Loss) of Rs. (179732) compared to Net Profit of Rs 318107 in previous year. But your directors foresee the bright future of the Company.

DIVIDEND

In order to conserve resources, the Board of Directors has thought it prudent not to recommend payment of dividend for the year under review.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 as amended.

TRANSFER OF UNPAID/UNCLAIMED DIVIDEND:

The company has no liability on account of unpaid/unclaimed dividend which may be required to be transferred and credited to the Investor Education and Protection Fund as per requirements of section 205C of the companies act,1956. The company has also no outstanding unpaid/unclaimed interest liability on Deposits or Debentures or no outstanding unpaid/unclaimed principal amount of any Deposit & Debentures or application money.

COMPLIANCE TO CODE OF CORPORATE GOVERNANCE: (CLAUSE 49 OF THE LISTING AGREEMENT)

Your directors have complied with the listing agreement as constituted under the Listing agreement. The details corporate Governance report is given in Annexure: A

LISTING AGREEMENT:

The securities of the company are listed with the Bombay Stock Exchange Limited (BSE), Mumbai. The company has paid the annual listing fees for the year 2009-2010.

DEMATERIALISATION OF THE SECURITIES OF THE COMPANY:

The Company has signed Tripartite Agreement with NSDL & CDSL for dematerialization of its Equity shares. The Equity shares are now available for dematerialization the ISIN allotted to shares of the company is INE198D01018. Shareholders are requested to take benefit of dematerialization.

DEPOSITS :( SECTION 58A)

During the year under review your company has neither invited nor accepted any public deposits or deposits from the private parties as defined under section 58A of the companies act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT (SECTION 217(2AA)):

Pursuant to the provisions contained in section 217(2AA) of the companies act,1956 the Directors of your company confirm :

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the loss of the company for that period.

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4) The annual accounts have been prepared on a going concern basis.

APPOINTMENT OF AUDITORS:

M/s. Arvind A. Thakkar, Chartered Accountants, Ahmedabad, are proposed to be re-appoint as auditor of the company for the financial year 2010-2011. The auditors of the Company retire at the forthcoming Annual General Meeting. The board will fix the remuneration of newly appointed auditors of the company.

The necessary certificate under section 224(1B) of the Companies Act, 1956 has been received from the auditor.

The Statutory Auditors of the Company have submitted auditors report on the accounts of the Company for the accounting year ended 31st March, 2010 which is self-explanatory and needs no comments.

DIRECTORS

Mr. Navneet Singh appointed as additional Director will retire at the ensuing Annual General Meeting. Company has received notice under section 257 for appointment of Mr. Navneet Singh as director of the company retiring by rotation.

Mr. Jivan Pardeshi, director, retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

AUDITORS OBSERVATION:

The statutory Auditors of the company have not made any adverse observation in their report. Notes to the Accounts are self explanatory in nature.

EMPLOYEES (SECTION 217(2A)):

There is no employees of the company who were in receipt of the remuneration of Rs.24,00,000/- in the aggregate if employed for the year and in receipt of the monthly remuneration of Rs.2,00,000/- in the aggregate if employed for a part of the year. Hence, the information required under section 217(2A) of the companies act,1956 being not applicable are not given in this report.

FORMATION OF THE AUDIT COMMITTEE (SECTION 292A):

The company has already formed an Audit committees comprising independent Non-Executive Directors as per requirements of Section 292A and clause 49 of the listing Agreement. The terms of reference and powers, authorities, responsibilities assigned to the committees are framed as per the guideline of clause 49 of the Listing Agreements. A detailed system of working of the committee is given in report on Corporate Governance forming part of this report.

DISCLOSURE OF PARTICULARS WITH RESPECT:

A) CONSERVATION OF ENERGY,RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION,ADOPTION INNOVATION:

The Disclosure of particulars with respect to conversation of energy pursuant to the provision of section 217(1)(e) of the Companies act,1956 read with the companies(Disclosure of particulars in the report of Board of Directors) rules 1988, are not applicable to the company. However, the company makes its best efforts for conservation of energy. The company has not carried out any specific research and development activities. The company has not imported or absorbed any new technology during the year under review.

B) FOREIGN EXCHANGE EARNINGS AND OUTGO :

The information regarding Foreign Exchange Earnings and out go is as follows :

a) Earnings in Foreign Exchange : Nil

b) Outgo in Foreign Exchange : Nil

ACKNOWLEDGEMENT:

The management is grateful to the Government Authorities, Bankers, Vendors, Employees, for their continued assistance and co-operation. The Directors also wish to place on record the confidence of members in the company.



For & on behalf of the Board of Directors

Place: Ahmedabad

Date: 03.09.2010

Sd/-

Director

 
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