Directors Report of Anjani Finance Ltd.

Mar 31, 2014

The Members,

ANJANI FINANCE LIMITED

Dear Shareholders,

The Directors have pleasure in placing before you the 25th Annual Report together with the Audited Accounts of the Company for the Year ended as on 31st March, 2014.

FINANCIAL HIGHLIGHTS:-

During the year under review the financial performance of the Company is as under: (In Rs.)

As on As on Particulars 31.03.2014 31.03.2013

Income from operations 84,70,813 50,21,281

Profit / (Loss) before taxes 21,94,304 10,25,071

Less: Provision for Income Tax (2,16,900) 2,19,204

Add: Deferred Tax Assets 2,11,437 3,09,430

Profit/(Loss) after taxes 26,22,641 11,15,297

Less : Transfer to Statutory Reserve 5,24,528 2,23,059

Profit/(Loss) brought forward from Previous year 64,48,300 55,56,062

Profit/(Loss) carried to Balance Sheet 85,46,413 64,48,300



DIVIDEND

To conserve the resources and to maintain liquidity, the Board has not recommended declaration of any dividend for the year under review.

UNPAID/UNCLAIMED DIVIDEND

The Company does not have any outstanding unpaid/unclaimed dividend which is required to be transferred to the Investors Education and Protection funds as per the provision of Section 205C of the Companies Act, 1956. The Company does not have any outstanding liability on account of Interest and Principal on Deposits, Debentures or Share Application Money.

SHARE CAPITAL STRUCTURE

There was no change in Number of shares and value of shares in the Authorized, Issued, Subscribed and Paid up Share Capital Structure of the Company.

BUY BACK OF EQUITY SHARES

The Company had not made any Buy Back of its paid up equity shares during the year in terms of section 77A, 77AA and 77B of the Companies Act 1956. Hence no specific disclosure is required to be made in this report.

YEAR UNDER REVIEW

During the year Company has earned Rs. 84,70,813/- (Previous Year Rs. 50,21,281/-). After all Administrative Expenditure of Rs. 6,276,509/- (Previous year Rs. 3,996,210/-) the company has a gross operational profit of Rs. 2,194,304/- (Previous year gross profit of Rs. 1,025,071/-) After making necessary adjustments for Deffered Tax, Fringe Benefit tax, Your Company had a Net Profit for the year which is transferred to balance sheet is Rs. 2,622,641/- (Previous year profit of Rs. 1,115,297/-).

DEMATERIALISATION OF SECURITIES

Your Company''s equity shares are already admitted in the System of Dematerialization by both the Depositories namely NSDL and CDSL. The Company has already signed tripartite Agreement through Registrar and Share Transfer Agent M/s Link Intime India Private Limited. The Investors are advised to take advantage of timely dematerialization of their securities. The ISIN allotted to your Company is INE283D01018. Total Share dematerialized up to 31st March 2014 were 8632095 which constitute 85.10% of total capital. Your Directors request all the shareholders to dematerialize their shareholding in the company as early as possible.

MANAGEMENT DISCUSSION AND ANALAYSIS REPORT

Management''s discussion and perceptions on existing business, future out look of the industry, future expansion and diversification plans of the Company and future course of action for the development of the Company are fully explained in a separate Para in Corporate Governance Report in Annexure-A forming part of this report and also report on Corporate Governance.

COMPLIANCE TO CODE OF CORPORATE GOVERNANCE

The Complete Report on Corporate Governance is given separately after this report as Annexure-A.

DEPOSITS

During the year under review your company has neither invited nor accepted any public deposit or deposits from the public as defined under section 58A of Companies Act 1956.

DIRECTORS

During the year under review Mr. Chhotelal R. Pathak shall retire by rotation at the ensuing Annual General Meeting as per the provisions of Law. He is eligible for reappointment as director and has offered himself for directorship of the company. The brief resume/details relating to the Director who is proposed to be appointed/re-appointed is furnished in notes to the Notice of the Annual General Meeting.

DIRECTORS'' RESPONSIBLITY STATEMENT

Pursuant to the provisions of Section 134(5) of Companies Act, 2013 (Section, 217(2AA) of the Companies Act, 1956) your Directors declare that:

i) In preparation of the annual accounts, as far as possible and except to the extent if any accounting standards mentioned by the auditors in their report as not complied with, all other applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are responsible 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 after the profit or loss of the company for that period;

iii) The Directors have taken proper and sufficient care for the maintenance of the 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) The Directors had prepared the annual accounts on a going concern basis.

v) The Directors, in the case of listed company, had laid down internal financial control to be followed by the company and that such internal financial controls are adequate and were operating effectively.

vi) The Director had devised proper system to ensure compliances with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DECLARATION BY THE INDEPENDENT DIRECTORS: (Pursuant to Provisions of section 149(6) of the Companies Act 2013).

All the Independent Directors of the Company do hereby declare that:

(1) All the Independent Directors of the Company are neither Managing Director, nor a Whole Time Director nor a Manager or a Nominee Director.

(2) All the Independent Directors in the opinion of the Board are persons of integrity and possesses relevant expertise and experience.

(3) Who are or were not a Promoter of the Company or its Holding or subsidiary or associate company.

(4) Who are or were not related to promoters or directors in the company, its holding, subsidiary or associate company.

(5) Who has or had no pecuniary relationship with the company, its holding, subsidiary or associate company or their promoters or directors, during the two immediately preceding financial years or during the current financial year.

(6) None of whose relatives has or had pecuniary relationship or transaction with the company, its holding, subsidiary, or associate company, or their promoters, or directors, amounting to two per cent or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year.

(7) Who neither himself, nor any of his relatives,

(a) Holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of three financial years immediately preceding the financial year in which he is proposed to be appointed.

(b) Is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial years in which he is proposed to be appointed of

(i) A firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; OR

(ii) Any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten per cent, or more of the gross turnover of such firm;

(iii) Holds together with his relatives two per cent, or more of the total voting power of the company; OR

(iv) Is a Chief Executive or director, by whatever name called, or any non-profit organization that receives twenty five per cent or more of its receipts from the Company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the company; OR

(v) Who possesses such other qualifications as may be prescribed.

INSURANCE

All the existing Properties of the Company have been adequately insured.

STATUTORY AUDITORS

M/s. O.P. Bhandari & Co., present Statutory Auditors of the company have given their letter of consent and confirmation under provisions of Section 139(1) of Companies Act, 2013 read with Rule 4 and 6 of The Companies (Audit and Auditors) Rules, 2014 (Section 224(1B) of the Companies Act, 1956).for reappointment as Statutory Auditors of the Company. As per rules, M/s. O.P. Bhandari is proposed to be appointed as statutory auditors of the company for next 3 financial years. A Suitable Resolution making their appointment as the Statutory Auditors and fixing their remuneration is proposed to be passed at the Annual General Meeting.

INTERNAL AUDITORS

In order to make proper compliance with the provisions of Corporate Governance the company has established in house internal Audit Department which is functioning under the close supervision and direction of the Audit Committee and also in process of appointing the internal Auditor M/s. SAP Jain and Associates, Indore, a firm of Chartered Accountant from to time to time.

AUDITORS OBSERVATION

The Statutory Auditor of the company M/s. O.P. Bhandari & Co. has not made any observation in their report which requires specific information or clarifications from the Board of Directors in their report. However, the notes to the accounts are self- explanatory in nature.

FORMATION OF AUDIT COMMITTEE

The Company has formed the audit committee within the organization in compliance to Section 177 of Companies Act, 2013 (section 292A of Companies Act, 1956) and also in compliance with clause 49 relating to corporate governance as per listing agreement and directors have formed an Audit Committee within the organization consisting of 3 directors. The area of operations and functional responsibilities assigned to the committee are as per the guidelines provided in Clause 49 of the Listing Agreement for implementation of code of corporate governance. The committee meets at least once in a quarter and gives its report of each meeting to the Board for its approval, record and information purpose.

EMPLOYEES

There are no employees of the company who were in receipt of the remuneration of Rs.60,00,000/- in the aggregate if employed for the year and in receipt of the monthly remuneration of Rs. 5,00,000/- in the aggregate if employed for a part of the year under review. Hence the information required under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 and Companies (Particulars of Employees) Amendment Rules, 2011 is not applicable to the Company.

STATUTORY INFORMATION

The Information required to be disclosed in the report of the Board of Directors as per the provisions section217 (1)(e) of the Companies Act-1956 and the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 regarding the conservation of energy, technology absorption, foreign exchange earnings and outgo, etc. are not applicable to the Company as your company is a Non Banking Financial Company.

MATERIAL CHANGES

The Company changed its Registered Office from State of Gujarat to the State of Madhya Pradesh via Postal Ballot with effect from 30th April 2014. Other than this, no material changes have taken place after completion of the financial year up to the date of this report which may have substantial effect on business and finances of the company.

APPRECIATION

Your Directors take this opportunity to acknowledge the trust reposed in your company by its Shareholders, Bankers and Clients. Your Directors also keenly appreciate the dedication & commitment of all our employees, without which the continuing progress of the company would not have been possible.

On Behalf of the Board of Directors Of Anjani Finance Limited

(Satish Dhangar) (Chhotelal Pathak) DATE :26.05.2014 Managing Director Director PLACE: Indore (DIN: 06594368) (DIN: 00505184)

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Mar 31, 2012

The Directors have pleasure in placing before you the 23rd Annual Report together with the Audited Accounts of the Company for the Year ended as on 31st March, 2012.

FINANCIAL RESULTS

(In Rs.)

As on As on

31.03.2012 31.03.2011

Income from operations 70,29,868 76,19,867

Profit / (Loss) before taxes 24,09,361 25,60,236

Less: Provision for Income Tax 12,08,791 14,26,057

Add: Deferred Tax Assets / Liabilities 4,46,509 6,25,301

Profit/(Loss) after taxes 16,47,079 17,59,480

Less: Transfer to Statutory Reserve 3,29,416 3,51,896

Profit/(Loss) brought forward from Previous year 42,38,399 28,30,815

Profit/(Loss) carried to Balance Sheet 55,56,062 42,38,399

DIVIDEND

To conserve the resources and to maintain liquidity, the Board has not recommended declaration of any dividend for the year under review.

DIRECTORS

During the year Mr. Navin Agarwal step down from directorship w.e.f. 01.11.2011 and Mr. Chhotelel Pathak appointed as Director except this there is no change in the constitution of Board of Directors of the Company.

In accordance with the provision of the Companies Act, 1956 and the Company's Articles of Association, Mr. Ajit Bhavsar who retires by rotation at the forthcoming Annual General Meeting and being eligible offers for re-appointment.

DIRECTOR'S RESPONSIBILITIES STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2012 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 were reasonable and prudent so as to give a true and fair view of the states of the affairs of the Company at the end of the financial year and of the profit and loss the Company for the year under review ;

(iii) that the directors has 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) that the directors had prepared the account for the financial year ended on 31st March, 2012 on "going concern" basis.

PUBLIC DEPOSITS

During the year under review, company has not accepted any deposits under the Provision of Sections 58A of the Companies Act, 1956

INSURANCE

All the existing Properties of the Company have been adequately insured.

LISTING AGREEMENT

The Company's Equity Shares are listed on Bombay Stock Exchange and Listing fees for the year 2012-13 have been paid. Adequate care is being taken to comply with almost all the norms and guidelines as per the applicable provisions of the Listing Agreement with the Company. -

The Share of the Company's Equity Shares is under 'Compulsory Demat'. The ISIN allotted to the Company is INE283D01018. As required by the SEBI's Circular, the company has appointed M/s. Link Intiman India Pvt. Ltd. as its Registrar and Share Transfer Agent to undertake transfer of physical share certificates besides action as Electronic Registrar.

CORPORATE GOVERANCE

The Company has implemented the adequate procedure and adopted practices in conformity with code of Corporate Governance as enunciated in Clause 49 of the Listing agreement with the Stock Exchange.

The Management Discussion and Analysis and Corporate Governance Report are made part of the Annual Report.

A Certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance is attached and forming part of the Directors' Report.

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

Section 642 read with clause (e) of sub-section (1) of section 217 of the Companies Act, 1956 relating to disclosure of the particulars of energy conservation, technology, absorption and foreign exchange earnings and outgo, pursuant to Companies (disclosure of particulars in the report of Board of Directors) rules 1988 are not applicable to the Company.

EMPLOYEES

The Board of Director wishes to express its appreciation to all the employees of the company for their outstanding contribution to the operations of the company during the year. Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules,1975 and Companies (Particulars of Employees) Amendment Rules,2011 is not applicable to your Company as none of the employee was in receipt of remuneration of more than Rs.5,00,000/-p.m. or Rs.60,00,000/- p.a. during the period under review. .

AUDITOR'S REPORT

The Auditors report for the year ended on 31st March, 2012 and the notes forming part of accounts referred to in the auditor's report are self explanatory and gives complete information, therefore do not call for any further comments.

STATUTORY AUDITORS

M/s. O.P.Bhandari & Co., Chartered Accountants, retires at the forthcoming Annual General Meeting and is eligible for re- appointment. The Company has received a certificate from them that their appointment if approved by the shareholders would be within the ceiling prescribed under section 224(1 B) of the Companies Act, 1956. The members are requested to appoint auditors to hold office until the conclusion of the next Annual General Meeting.

MATERIAL CHANGES

No material changes have taken place since the closure of the financial accounts up to the date of the report, which may substantially affect the financial performance of the statement of the company.

ACKNOWLEDGMENTS

Your Directors would like to place on record their deep sense of appreciation and thanks to all the Government Authorities and Financial Institutions, Banks, Employees and Share holders for their valuable assistance, support and co-operation and look forward to the same in the years to come.

For and on behalf of the Board

Place: Ahmedabad (CHAMPALALJANGID)

Date : 13th August, 2012 MANAGING DIRECTOR

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Mar 31, 2010

The Directors have pleasure in placing before you the 21st Annual Report together with the Audited Accounts of the Company for the Year ended as on 31st March, 2010.

FINANCIAL RESULTS :-

(Rs. in lacs)

As on As on

31.03.2010 31.03.2009

Income from operations 76.55 100.10

Profit / (Loss) before taxes 27.34 48.10

Less: Provision for Income Tax/Fringe Benefit Tax 12.79 24.01

Add: Deferred Tax Assets / Liabilities 6.38 (12.69)

Profit/(Loss) after taxes 20.92 11.40

Less: Transfer to Statutory Reserve 4.19 2.28

Profit/(Loss) brought forward from Previous year 11.56 2.44

Profitf(Loss) carried to Balance Sheet 28.30 11.56

DIVIDEND

To conserve the resources and to maintain liquidity, the Board has not recommended declaration of any dividend for the year under review.

DIRECTORS

During the year there is no change in the constitution of Board of Directors of the Company.

In accordance with the provision of the Companies Act, 1956 and the Companys Articles of Association, Mr. Navin Agarwal who retires by rotation at the forthcoming Annual General Meeting and being eligible offers for re-appointment.

DIRECTORS RESPONSIBILITIES STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2010 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 were reasonable and prudent so as to give a true and fair view of the states of the affairs of the Company at the end of the financial year and of the profit and loss the Company for the year under review ;

(iii) that the directors has 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) that the directors had prepared the account for the financial year ended on 31st March, 2010 on "going concern" basis.

PUBLIC DEPOSITS

During the year under review, company has not accepted any deposits under the Provision of Sections 58A of the Companies Act, 1956

INSURANCE

All the existing Properties of the Company have been adequately insured.

LISTING AGREEMENT

The Companys Equity Shares are listed on Bombay Stock Exchange and Listing fees for the year 2010-11 have been paid. Adequate care is being taken to comply with almost all the norms and guidelines as per the applicable provisions of the Listing Agreement with the Company.

The Share of the Companys Equity Shares is under Compulsory Demat. The ISIN allotted to the Company is INE283D01018. As required by the SEBIs Circular, the company has appointed M/s. Link Intime India Pvt. Ltd. as its Registrar and Share Transfer Agent in place of Pinnacle Share Registry Pvt. Ltd. to undertake transfer of physical share certificated besides action as Electronic Registrar.

CORPORATE GOVERANCE

The Company has implemented the adequate procedure and adopted practices in conformity with code of Corporate Governance as enunciated in Clause 49 of the Listing agreement with the Stock Exchange.

The Management Discussion and Analysis and Corporate Governance Report are made part of the Annual Report.

A Certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance is attached and forming part of the Directors Report.

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

Section 642 read with clause (e) of sub-section (1) of section 217 of the Companies Act, 1956 relating to disclosure of the particulars of energy conservation, technology, absorption and foreign exchange earnings and outgo, pursuant to Companies (disclosure of particulars in the report of Board of Directors) rules 1988 are not applicable to the Company.

EMPLOYEES

The Board of Director wishes to express its appreciation to all the employees of the company for their outstanding contribution to the operations of the company during the year, information as per section 217 (2A) of the Company Act 1956 Companies (Particular of Employees) Rules 1975 as amended is Nil. Since there are no employees drawing Rs. 2,00,000/- (Rupees Two Lacs Only) or more per month during the year or Rs. 24,00,000/- p.a. during the period under review.

AUDITORS REPORT

The Auditors report for the year ended on 31 st March, 2010 and the notes forming part of accounts referred to in the auditors report are self explanatory and gives complete information, therefore do not call for any further comments.

STATUTORY AUDITORS

M/s. O.P.Bhandari & Co., Chartered Accountants, retires at the forthcoming Annual General Meeting and is eligible for re- appointment. The Company has received a certificate from them that their appointment if approved by the shareholders would be within the ceiling prescribed under section 224(1 B) of the Companies Act, 1956. The members are requested to appoint auditors to hold office until the conclusion of the next Annual General Meeting.

MATERIAL CHANGES

No material changes have taken place since the closure of the financial accounts up to the date of the report, which may substantially affect the financial performance of the statement of the company.

ACKNOWLEDGMENTS

Your Directors would like to place on record their deep sense of appreciation and thanks to all the Government Authorities and Financial Institutions, Banks, Employees and Share holders for their valuable assistance, support and co-operation and look forward to the same in the years to come.



For and on behalf of the Board

Place: Ahmedabad (CHAMPALAL JANGID)

Date : 04th September, 2010. MANAGING DIRECTOR

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Mar 31, 2009

The Directors have pleasure in placing before you the 20th Annual Report together with the Audited Accounts of the Company for the Year ended as on 31st March. 2009.

FINANCIAL RESULTS:-

(Rs. in lacs)

As on As on 31.03.2009 31.03.2008

Income from operations 100.08 117.75

Profit / (Loss) before taxes 48.10 41.33

Less : Provision for Income Tax/Fringe Benefit Tax (24.01) (4.27)

Provision for Deferred Tax (12.69) (38.09)

Profit/(Loss) after taxes 11.40 (1.03)

Transfer to Statutory Reserve (2.28) (0.00)

Profit/(Loss) brought forward from Previous year 2.44 3.47

Profit/(Loss) carried to Balance Sheet 11.56 2.44

DIVIDEND

To conserve the resources and to maintain liquidity, the Board has not recommended declaration of any dividend for the year under review.

DIRECTORS

During the year there is no change in the constitution of Board of Directors of the Company.

In accordance with the provision of the Companies Act, 1956 and the Companys Articles of Association, Mr. Raj Ratan Singhvi who retires by rotation at the forthcoming Annual General Meeting and being eligible offers for re-appointment.

DIRECTORS RESPONSIBILITIES STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2009 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 were reasonable and prudent so as to give a true and fair view of the states of the affairs of the Company at the end of the financial year and of the profit and loss the Company for the year under review ;

(iii) that the directors has 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) that the directors had prepared the account for the financial year ended on 31st March, 2009 on "going concern- basis.

PUBLIC DEPOSITS

During the year under review, Company has not accepted any deposits under the Provisions of Sections 58A if the Companies Act, 1956.

INSURANCE

All the existing Properties of the Company have been adequately insured.

LISTING AGREEMENT

The Companys Equity Shares are listed at Bombay Stock Exchange (BSE) and Listing fees for the year 2009-10 have been paid. Adequate care is being taken to comply with almost all the norms and guidelines as per the applicable provisions of the Listing Agreement with the Company.

The Shares of the Companys Equity Shares are under Compulsory Demat. The ISIN allotted to the Company is INE2I.3D01018. As required by the SEBIs Circular, the company has appointed M/s. Pinnacle Share Registry Private Limited as its Registrar and Share transfer Agent also to undertake transfer of physical share certificates besides acting as Electronic Registrar.

CORPORATE GOVERANCE

The Company has implemented the adequate procedure and adopted practices in conformity with the code of Corporate Governance as enunciated in Clause 49 of the Listing agreement with the Stock Exchange.

The Management Discussion and Analysis and Corporate Governance Report are made part of the Annual Report.

A certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance is attached and forming part of the Directors Report.

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

Section 642 read with clause (e) of sub-section (1) of section 217 of the Companies Act, 1956 relating to disclosure of the particulars of energy conservation, technology, absorption and foreign exchange earnings and outgo, pursuant to Companies (disclosure of particulars in the report of Board of Directors) rules 1988 are not applicable to the Company.

EMPLOYEES

Section 217 (2A) of the Company Act 1956 Companies (Particular of Employees) Rules 1975 as amended is not applicable to your company as none of employee was in receipt of remuneration of more than Rs. 2,00,000/- per month or Rs. 24,00,000 per annum during the period under review.

AUDITORS REPORT

The Auditors report for the year ended on 31st March, 2009 and the notes forming part of accounts referred to in the auditors report are self explanatory and give complete information, therefore do not call for any further comments.

STATUTORY AUDITORS

M/s. O.P.Bhandari & Co., Chartered Accountants, retires at the forthcoming Annual General Meeting and is eligible for re- appointment. The Company has received a certificate from them that their appointment if approved by the shareholders would be within the ceiling prescribed under section 224( 1B) of the Companies Act, 1956. The members are requested to appoint auditors to hold office until the conclusion of the next Annual General Meeting.

MATERIAL CHANGES

No material changes have taken place since the closure of the financial accounts up to the date of the report, which may substantially affect the financial performance or the statement of the Company.

ACKNOWLEDGMENTS

Your Directors would like to place on record their deep sense of appreciation and thanks to all the Government Authorities and Financial Institutions, Banks, Employees and Share holders for their valuable assistance, support and co-operation and look forward to the same in the years to come.

For and on behalf of the Board

Place: Ahmedabad (CHAMPALALJANGID)

Date : 22nd August, 2009 MANAGING DIRECTOR