Directors Report of Ankush Finstock Ltd.

Mar 31, 2015

Dear Members,

Your Directors have great pleasure in presenting the 22nd Annual Report together with the Audited Statements of Accounts of your Company for the financial year ended on 31st March, 2015.

FINANCIAL PERFORMANCE :

Summarized financial highlights of the Company as follows :

[Amount in Rupees] Particulars FY: FY: 2014-15 2013-14

Total Income/ Revenue 12746127 15421585

Total Expenditures 12968485 15773214

Profit/(loss) before Interest

Depreciation and Tax (218131) (332925)

Interest Nil Nil

Depreciation 4227 18704

Profit/ (Loss) before Tax (222358) (351629)

Less Provision for Taxation

(Inc. FBT, Differed Tax) (915) (2558)

Profit/ (Loss) after Tax (223273) (349071)

Basic & Diluted Earnings

per share (EPS) (0.04) (0.06)

OPERATIONS :

The Company's total revenue from operations during the financial year ended 31st March 2015 were Rs.12746127/- as against Rs.15421585/- of the previous year representing decrease over the corresponding period of the previous year. Total expenses of the Company were Rs.12968485/- (previous year of Rs.15773214/-). The Company has incurred Net Loss of Rs.223273/- as against net loss of Rs.349071/- of the previous year after considering Depreciation and Provision for Tax. The EPS of the Company for the year 2014- 2015 is Rs.(0.04). The Company is looking forward to infuse additional working capital in the business of the Company in order to carry out the operation of the Company smoothly.

DIVIDEND :

No dividend has been recommended in respect of the financial year ended 31st March, 2015 and the entire surplus be ploughed back to the business to meet the needs for additional finance for capital expenditure.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required under Clause 49 of the Listing Agreements with Stock Exchanges, the Management Discussion and Analysis Report is enclosed as a part of this report.

CORPORATE GOVERNANCE REPORT :

Your Company has taken adequate steps to adhere to all the stipulations laid down in Clause 49 of the Listing Agreement. A report on Corporate Governance is included as a part of this Annual Report. A certificate from the Auditors of the Company confirming the compliance with the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is included as a part of this report.

LISTING WITH STOCK EXCHANGE :

The Company confirms that it has paid the Annual Listing Fees for the year 2015-16 to BSE where the Company's Shares are listed.

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.

SHARE CAPITAL :

During the year under review there is no change on share capital of the Company.

SUBSIDIARY COMPANY :

The Company does not have any subsidiary. DIRECTORS & KMP :

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

Pursuant to Section 152(6) of the Companies Act, 2013, Mr.Zalak D. Shah retires by rotation at the forthcoming Annual General Meeting. Being eligible, he offers himself for reappointment.

Pursuant to the provisions of the section 161 of the Companies Act, 2013 read with the Articles of Association of the Company, Mrs. Indu S. Kalal is appointed as Additional Director and she shall hold office only up to the date of this Annual General Meeting. Your board has recommended appointment of Mrs. Indu S. Kalal as an independent Director not liable to retire by rotation for a period of 5 years.

NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW :

During the year under review 07 (seven) Board Meetings were convened and held. The intervening gap between the two meetings was within the period prescribed under the Companies Act, 2013. The details of the meetings are furnished in the Corporate Governance Report which is attached as part of this Report.

EXTRACT OF ANNUAL RETURN :

The extract of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is furnished in Annexure-A, in Form MGT-9 and is attached to this Report.

AUDITORS AND THEIR REPORT :

M/s. DJNV & CO., Chartered Accountants, Ahmedabad retires at the ensuing Annual General Meeting and being eligible, they offer themselves for re-appointment. Your Company has received letter from M/s. DJNV & CO., Chartered Accountants, Ahmedabad, to the effect that their appointment, if made, would be within the prescribed limits under Section 141 of the Companies Act, 2013 read with rules made thereunder and that they are not disqualified for such appointment.

Your Directors recommend the re-appointment of M/ s. DJNV & CO., Chartered Accountants, Ahmedabad, as Statutory Auditors of the Company to hold office from the conclusion of this AGM till the conclusion of 27th AGM of the Company to be held in the year 2020.

The Board has duly reviewed the Statutory Auditors' Report on the Accounts. The observations and comments, appearing in the Auditors' Report are self- explanatory and do not call for any further explanation/ clarification by the Board of Directors as provided under section 134 of the Act.

INTERNAL AUDITORS :

M/s. S. R. Sanghvi & Co., Chartered Accountants of Ahmedabad performs the duties of internal auditors of the Company and their report is reviewed by the audit committee from time to time.

SECRETARIAL AUDITORS :

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Mukesh H. Shah & Co., Company Secretaries, Ahmedabad to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as 'Annexure-B'.

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS :

There were no qualifications, reservations or adverse remarks made by the Auditors in their report.

ADDITIONAL DISCLOSURES :

In line with the requirements of the Listing Agreement with the Stock Exchanges and Accounting Standard of the Institute of Chartered Accountants of India, your Company has made additional disclosures in

the notes on accounts for the year under review in respect of Related Party Transactions, Deferred Tax Liability, etc.

RELATED PARTY TRANSACTIONS :

There were no contracts or arrangements entered into by the company in accordance with provisions of section 188 of the Companies Act, 2013. However, there were material related party transactions in terms of clause 49 of the listing agreement. All material related party transactions that were entered into during the financial year were on an arm's length basis and were in the ordinary course of business. Suitable disclosures as required under AS-18 have been made in the Notes to the financial statements.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013 :

The details of Loans, Guarantees or Investments covered under the provisions of section 186 of the Companies Act, 2013 made during the year under review are disclosed in the financial statements.

PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as follows:

Remuneration Ratio of Directors/ KMP/ Employees:

Name Desig- Remuneration Increase Ratio/ nation Paid in remu- Times FY FY neration per 2014-15 2013-14 from pr. Medain year employee

Bharat M. Shah CMD 1389984 933984 456000 364/3.64

Samir P Shah CFO 469992 507489 - 37497 123/1.23

Shamshersingh

Rana CS 480000 759984 -279984 125/1.26

*Appointed w.e.f. 30.05.2014.

The number of permanent employees on the rolls of Company: 06 as on 31 March, 2015.

The particulars of the employees who are covered by the provisions contained in Rule 5(2) and rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are as follows:

a) Employed throughout the year : Nil

b) Employed for part of the year : Nil

The remuneration paid to all Key management Personnel was in accordance with remuneration policy adopted by the Company.

BUSINESS RISK MANAGEMENT :

The Board of the Company has formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness.The audit committee has additional oversight in the area of financial risks and controls.

COMMITTEES OF BOARD :

Details of various committees constituted by the Board of Directors as per the provision of Clause 49 of the Listing Agreement and Companies Act, 2013 are given in the Corporate Governance Report which forms part of this report.

DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 :

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. During the financial year 2014-15, the Company has not received any complaints on sexual harassment.

BOARD EVALUATION :

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, 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 and Remuneration Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

PREVENTION OF INSIDER TRADING :

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

All Board Directors and the designated employees have confirmed compliance with the Code.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING 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 is not applicable to the Company, as the Company is not engaged in manufacturing activities.

The Foreign Exchange Earnings and Outgo on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS' RESPONSIBILITY STATEMENT :

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(5)) of the Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended March 31,2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judge- ment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Com- pany as at March 31, 2015 and of the profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken 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;

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

ACKNOWLEDGEMENTS :

The Directors wish to convey their appreciation to business associates for their support and contribution during the year. The Directors would also like to thank the employees, shareholders, customers, suppliers, alliance partners and bankers for the continued support, co-operation and assistance given by them to the Company and their con?dence reposed in the management.

On Behalf of the Board For, ANKUSH FINSTOCK LIMITED

PLACE : AHMEDABAD [BHARAT M. SHAH] DATE : 30.07.2015 DIN : 00064582 CHAIRMAN & MANAGING DIRECTOR

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Mar 31, 2014

Dear Members,

The Directors have great pleasure in presenting the 21st Annual Report together with the Audited Statements of Accounts of your Company for the financial year ended on 31st March, 2014.

FINANCIAL PERFORMANCE :

Tabular financial performance of the Company as fellows :

(Rupees in Thousand)

Particulars for the year ended March 31st 2013-14 2012-13

Total Income 15421.59 28154.21

Total Expenditure 15773.21 27900.00

Profit/(loss) before Interest, Depreciation and Tax (332.93) 275.97

Interest Nil Nil

Depreciation 18.70 21.77

Profit/ (Loss) before Tax (351.63) 254.21

Less Provision for Taxation (Inc. FBT, Differed Tax) (2.56) 41.74

Profit/ (Loss) after Tax (349.07) 212.46

Basic & Diluted earning per share (EPS) (0.06) 0.04

OPERATIONS :

The Company''s total revenue from operations during the financial year ended 31st March 2014 were Rs. 154.22 Lacs as against Rs.281.54 Lacs of the previous year representing decrease of approximately about 45.22% over the corresponding period of the previous year with total expenses of Rs.157.73 lacs (previous year of Rs.279.00 lacs). The Company has incurred Net Loss of Rs.3.52 Lacs as against Net Profit of Rs.2.54 Lacs of the previous year after considering Depreciation and Provision for Tax and other adjustments. The EPS of the Company for the year 2013- 2014 is Rs.-0.06. The Company is looking forward to infuse additional working capital in the business of the Company in order to carry out the operation of the Company smoothly

DIVIDEND :

The Directors regret their inability to recommend any dividend for the year in order to conserve the resources of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS :

Industry structures relating to the Company''s activity is performing well in economy. The Company has obtained various order (domestic and exports) during the financial year 2013-14. Growth of the Industry is providing the opportunity to overcome the threat of increasing cost and competition for the Industry. The Audit Committee of the Company has regularly reviewed internal Control System of the Company.

A separate report on management discussion and analysis is annexed herewith.

CORPORATE GOVERNANCE REPORT :

The Company perceives Corporate Governance as an endeavor for transparency and a wholehearted approach towards continuous enhancement of shareholders'' value. Your Company has been complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. Further, the Board of Directors of your Company constituted a Committee known as Corporate Governance Committee, which recommends the best practices in the Corporate Governance.

A separate report on Corporate Governance along with Auditors'' Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is annexed herewith

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 :

Pursuant to Section 152(6) of the Companies Act, 2013, Mr. Zalak D. Shah retires by rotation at the forthcoming Annual General Meeting. Being eligible, he offers himself for reappointment.

Mr. Sahil B. Shah & Mr. Hitesh P. Shah were resigned from the Board of Directors of the Company with effect from 30.10.2013. The Board placed on record its deep sense of appreciation for the invaluable contribution made by Mr. Sahil B. Shah & Mr. Hitesh P. Shah during their tenure.

Pursuant to Sections 149, 152 and any other applicable provisions of the Companies Act, 2013, Mr. Vikesh B. Makvana, Mr. Nishant B. Vardhani & Mr. Prashant R. Sheth have been appointed as Independent Directors to hold office for five consecutive years.

AUDITORS AND THEIR REPORT :

Auditors, M/S. DJNV & CO., CHARTERED ACCOUNTANTS, AHMEDABAD retires at the ensuing Annual General Meeting and being eligible, they offer themselves for re-appointment. Pursuant to the new requirement of Section 139(1) of the Companies Act, 2013, the Board has recommended the reappointment of M/S. DJNV & CO., CHARTERED ACCOUNTANTS as Statutory Auditors of the Company for the financial year 2014-15. The Auditors have given a Certificate to the effect that the reappointment, if made, will be within the prescribed limits specified under section 141 of the Companies Act, 2013 (erstwhile Section 224(1B) of the Companies Act,1956).

The observations made by the Auditors'' in their Auditors'' report and the notes appearing in the accounts with regard to it are self-explanatory and do not requires further clarification by the Board.

ADDITIONAL DISCLOSURES :

In line with the requirements of the Listing Agreement with the Stock Exchanges and Accounting Standard of the Institute of Chartered Accountants of India, your Company has made additional disclosures in the notes on accounts for the year under review in respect of Related Party Transactions, Deferred Tax Liability, etc.

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 (Section 134 of the Companies Act, 2013), as amended, is not required to be given as there were no employees coming within the purview of this section.

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 134(3)(m) of the companies Act, 2013 (erstwhile 217(1)(e) of the Companies Act 1956) is not applicable to the Company, as the Company is not engaged in manufacturing activities.

The foreign exchange earnings and outgo on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS'' RESPONSIBILITY STATEMENT :

As required under section 134(5) of the Companies Act, 2013, (erstwhile Section 217 (2AA) of the Companies Act, 1956) we hereby state that:-

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

ii) we 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 date;

iii) we have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Compa- nies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) we have prepared the annual accounts on going concern basis

ACKNOWLEDGEMENT :

Your Directors would like to acknowledge the continued support and co-operation from its Bankers, Government Bodies, customers, shareholders and Business Associates which has helped the Company to sustain its growth even during these challenging times and hope that same will continue in future.

On Behalf of the Board For, ANKUSH FINSTOCK LIMITED

[BHARAT M. SHAH] CHAIRMAN & MANAGING DIRECTOR

PLACE : AHMEDABAD DATE : 29.05.2014

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Mar 31, 2013

Dear Shareholders,

The Directors have great pleasure in presenting the 20th Annual Report together with the Audited State- ments of Accounts of your Company for the financial year ended on 31st March, 2013.

FINANCIAL PERFORMANCE:

Tabular financial performance of the Company as fel- lows :

(Rupees in Thousand)

Particulars for the year ended March 31st 2012-13 2011-12

Total Income 28154.21 12884.51

Total Expenditure 27900.00 17972.45

Profit/(loss) before Interest, Depreciation and Tax 275.97 (5062.05)

Interest Nil Nil

Depreciation 21.77 25.89

Profit/ (Loss) before Tax 254.21 (5087.94)

Less Provision for Taxation (Inc. FBT, Differed Tax) 41.74 1.06

Profit/ (Loss) after Tax 212.46 (5086.88)

Basic & Diluted earning per share (EPS) 0.04 (0.85)

OPERATIONS:

During the year under review, the Company''s total Income including other income were Rs.2,81,54,208/- as against Rs.1,28,84,511/- in the previous year and has made net profit of Rs.2,12,462/- as against net loss of Rs.50,86,876/- in the previous year after providing depreciation of Rs.21,765/- and provision for taxation of Rs.41,744/- for the financial year ended on 31st March, 2013.

DIVIDEND:

The Directors regret their inability to recommend any dividend for the year in order to conserve the re- sources of the Company.

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:

At the ensuing Annual General Meeting Mr. Hitesh P. Shah and Mr. Nishant B. Vardhmani will retires by rotation and being eligible, offers themselves for reap- pointment in the term of provision of the Articles of Association of the Company.

Mr. Zalak D. Shah was appointed as additional director of the Company w.e.f. 18.12.2012 and is eligible for reappointment as director of the Company at the forth- coming Annual General Meeting.

Mr. Prashant R. Sheth was resigned as a Director of the Company w.e.f 18.12.2012. The Board placed on record its deep sense of appreciation for the invaluable contribution made by him during his tenure.

AUDITORS AND THEIR REPORT:

Auditors of the Company, M/S. DJNV & CO., CHAR- TERED ACCOUNTANTS, AHMEDABAD will retire at the ensuing Annual General Meeting of the Company and they being eligible have offered themselves for reap- pointment. The Shareholders are requested to appoint the Auditors of the Company and authorize the Board to fix their remuneration. Necessary resolution for their appointment as Auditors of the Company is being in- cluded in notice convening Annual General Meeting.

The observations made by the Auditors'' in their Audi- tors'' report and the notes appearing in the accounts with regard to it are self-explanatory and do not re- quires further clarification by the Board.

ADDITIONAL DISCLOSURES:

In line with the requirements of the Listing Agreement with the Stock Exchanges and Accounting Standard of the Institute of Chartered Accountants of India, your Company has made additional disclosures in the notes on accounts for the year under review in respect of Related Party Transactions, Deferred Tax Liability, etc.

CORPORATE GOVERNANCE REPORT:

Your Company perceives Corporate Governance as an endeavor for transparency and a wholehearted ap- proach towards continuous enhancement of share- holders'' value. Your Company has been complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. Further, the Board of Directors of your Company constituted a Committee known as Corporate Governance Commit- tee, which recommends the best practices in the Cor- porate Governance.

A separate report on Corporate Governance along with Auditors'' Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is an- nexed herewith.

PARTICULARS OF EMPLOYEES:

Statutory statement showing particulars of employees under section 217, sub-section (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.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORP- TION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy, technology ab- sorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, is not applicable to our Company, as our Company is not engaged in the 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 fol- lowed 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 as- sets of the company and for preventing and detecting fraud and other irregularities;

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

ACKNOWLEDGEMENT:

Your Directors would like to express their appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year un- der review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the executives, staff of the Company.

On Behalf of the Board

For, ANKUSH FINSTOCK LIMITED

PLACE : AHMEDABAD

DATE : 28.05.2013 [BHARAT M. SHAH]

CHAIRMAN & MANAGING DIRECTOR

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Mar 31, 2012

The Directors have great pleasure in presenting the 19th Annual Report together with the Audited statements of Accounts of your Company for the financial year ended on 31st March, 2012.

FINANCIAL PERFORMANCE:

Tabular financial performance of the Company as fellows:



(Rupees in Thousand)

Particulars for the year ended March 31st 2011-12 2010-11

Total Income 12884.51 15139.36

Total Expenditure 17946.56 9994.99

Profit/floss) before Interest, Depreciation and Tax (5062.05) 5144.37

Interest Nil Nil

Depreciation 25.89 29.35

Profit/ (Loss) before Tax * (5087.94) 5115.02

Less Provision for Taxation (Inc FBT, Differed Tax) 1.06 4059.50

Profit/ (Loss) after Tax (5086.88) 1055.52

Basic & Diluted earning per share (EPS) (0.85) 0.18



OPERATIONS:

During the year under review, the Company's total Income including other income were Rs.1,28,84,511/- as against Rs. 1,51,39,355/- in the previous year and has incurred net loss of 50,86,876/- as against net profit of Rs. 10,55,522/- in the previous year after providing depreciation of Rs.25,889/- and provision for taxation of Rs.1,059/- for the financial year ended on 31st March, 2012.

DIVIDEND:

The Directors regret their inability to recommend any dividend for the year in order to loss of the Company.

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:

At the ensuing Annual General Meeting Mr. Vikesh B. Makvana and Mr. Kamlesh H. Mehta will retires by rotation and being eligible, offers themselves for reappointment in the term of provision of the Articles of Association of the Company.

Mr. Prashant R. Sheth was appointed as additional director of the Company w.e.f. 12.03.2012 and is eligible for reappointment as director of the Company at the forthcoming Annual General Meeting.

Mr. Sahil B. Shah was appointed as additional director of the Company w.e.f. 12.03.2012 and Whole-time Director of the Company w.e.f. 01.05.2012, approval of the members be and is hereby accorded to the appointment of Mr. Sahil B. Shah as Whole-time Director of the Company for a period of five years w.e.f. May 1, 2012 at the forthcoming Annual General Meeting.

Mr. Hardik M. Shukla and Mr. Rajendra C. Trivedi were resigned as a Director of the Company w.e.f 12.03.2012. The Board placed on record its deep sense of appreciation for the invaluable contribution made by outgoing directors during their tenure.

AUDITORS AND THEIR REPORT:

Auditors of the Company, M/S. DJNV & CO., CHARTERED ACCOUNTANTS, AHMEDABAD will retire at the ensuing Annual General Meeting of the Company and they being eligible have offered themselves for reappointment. The Shareholders are requested to appoint the Auditors of the Company and authorize the Board to fix their remuneration. Necessary resolution for their appointment as Auditors of the Company is being included in notice convening Annual General Meeting.

The observations made by the Auditors' in their Auditors' report and the notes appearing in the accounts with regard to it are self-explanatory and do not requires further clarification by the Board.

ADDITIONAL DISCLOSURES:

In line with the requirements of the Listing Agreement with the Stock Exchanges and Accounting Standard of the Institute of Chartered Accountants of India, your Company has made additional disclosures in the notes on accounts for the year under review in respect of Related Party Transactions, Deferred Tax Liability, etc.

CORPORATE GOVERNANCE REPORT:

Your Company perceives Corporate Governance as an endeavor for transparency and a wholehearted approach towards continuous enhancement of shareholders' value. Your Company has been complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. Further, the Board of Directors of your Company constituted a Committee known as Corporate Governance Committee, which recommends the best practices in the Corporate Governance.

A separate report on Corporate Governance along with Auditors' Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is annexed herewith.

PARTICULARS OF EMPLOYEES:

Statutory statement showing particulars of employees under section 217, sub-section (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.

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, is not applicable to our Company, as our Company is not engaged in the 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) the Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the executives, staff of the Company.

On Behalf of the Board

For, ANKUSH FINSTOCK LIMITED PLACE: AHMEDABAD.

DATE: 30.07.2012 [BHARAT M. SHAH]

CHAIRMAN & MANAGING DIRECTOR

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Mar 31, 2011

Dear Shareholders,

The Directors have great pleasure in presenting the 18th Annual Report together with the Audited statements of Accounts of your Company for the financial year ended on 31st March, 2011.

FINANCIAL PERFORMANCE:

Tabular financial performance of the Company as

fellows:

(Rupees in Thousand)

Particulars for the year ended March 31st 2010-11 2009-10

Total Income 15289.49 15489.82

Total Expenditure 10174.47 21647.17

Profit/(loss) before Interest, 5144.37 (6194.74) Depreciation and Tax

Interest Nill Nil

Depreciation 29.35 37.39

Profit/ (Loss) before Tax 5115.02 (6157.35)

Less Provision for Taxation 932.61 Nil (Inc. FBT, Differed Tax)

Profit/ (loss) after Tax 1055.52 (6156.15)

Basic & Diluted earning 0.02 -1.03 per share (EPS)

OPERATIONS:

During the year under review, the Company's total Income was Rs. 15289494/- and has made net profit of Rs.1055522/- after providing depreciation of Rs.29345/- and provision for taxation of Rs.932607/- for the financial year ended on 31st March, 2011.

The operations during the year ended on 31st March, 2011 were encouraging. In spite of global recession your company achieved good results. The company has been continuously working on quality upgradation and cost reduction plans.

DIVIDEND:

No dividend be recommended in respect of the year ended 31st March, 2011 and the entire surplus be ploughed back to the business to meet the needs for additional finance for capital expenditure.

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:

At the ensuing Annual General Meeting Mr. Nishant B. Vardhmani and Mr. Hitesh P. Shah will retire by rotation and being eligible and offers themselves for re- appointment in the term of provision of Articles of Association of the Company.

AUDITORS AND THEIR REPORT:

Auditors of the Company, M/S. DJNV & CO. CHARTERED ACCOUNTANTS, AHMEDABAD will retin at the ensuing Annual General Meeting of the Compan and they being eligible have offered themselves for re appointment. The Shareholders are requested ti appoint the auditors of the Company and authorize thi Board to fix their remuneration. Necessary resolutioi for their appointment as Auditors of the Company ii being included in notice convening Annual Genera Meeting.

The observations made by the Auditors' in thei Auditors' report and the notes appearing in the accounts with regard to it are self-explanatory and do not requires further clarification by the Board.

ADDITIONAL DISCLOSURES:

In line with the requirements of the Listing Agreement with the Stock Exchanges and Accounting Standard of the Institute of Chartered Accountants of India, you Company has made additional disclosures in the note: on accounts for the year under review in respect of Related Party Transactions, Deferred Tax Liability, etc

CORPORATE GOVERNANCE REPORT:

Your Company perceives Corporate Governance as an endeavor for transparency and a wholehearted approach towards continuous enhancement of shareholders' value. Your Company has beer complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. Further, the Board of Directors of you Company constituted a Committee known as Corporate Governance Committee, which recommends the best practices in the Corporate Governance.

A separate report on Corporate Governance along with Auditors' Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is annexed herewith.

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.

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 is not engaged in the 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) the Directors have prepared the accounts on a"going concern basis".

ACKNOWLEDGEMENT:

Your Directors acknowledge their unmatched valuable contribution and appreciate the co-operation received from the bankers, customers and financial institutions for their continued assistance and support extended to the Company.

Your Directors also express their appreciation to all the employees of the Company for their sustained contribution throughout the period.

Yours Directors wish to thank the shareholders for their continued support, encouragement and the confidence reposed in the Management.

By Order of the Board For, ANKUSH FINSTOCK LIMITED PLACE; AHMF.DABAD. DATE: 29.07.2011 [BHARAT M. SHAH] CHAIRMAN & MANAGING DIRECTOR

---

Mar 31, 2010

The Directors have great pleasure in presenting the 17th Annual Report together with the Audited statements of Accounts of your Company for the financial year ended on 31st March, 2010.

FINANCIAL PERFORMANCE:

CORPORATE RESULTS:

(Rupees in thousand)

Particulars for the year

ended March 31st 2009-2010 2008-2009

Total Revenues 15489.82 21566.75

Total Expenditure 21647.17 21911.33

Profit / (loss) before Interest,

Depreciation and Tax (6194.74) (391.96)

Interest Nil Nil

Depreciation 37.39 47.38

Profit/ (Loss) before Tax (6157.35) (344.57)

Less Provision for Taxation

(Inc. FBT, Differed Tax) Nil 258.96

Profit/ (Loss) after Tax (6156.15) (603.54)

Basic & Diluted earning

per share (EPS) (1.03) (0.10)

OPERATIONS:

During the year under review, the Companys total Income was Rs.15489817/- and has incurred net loss of Rs.6156148/- after providing depreciation of Rs.37392/- for the financial year ended on 31st March, 2010.

DIVIDEND:

Your Directors regret their inability to recommend any dividend for the year due to loss of the Company for the financial year ended 31.03.2010

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. Rajendra C. Trivedi and Mr. Vikesh B. Makvana, Directors of the Company who retire by rotation at the ensuing Annual General Meeting, and being eligible have offered themselves for reappointment.

AUDITORS:

Auditors of the Company, M/S. DJNV & CO., CHARTERED ACCOUNTANTS, AHMEDABAD will retire at the ensuing Annual General Meeting of the Company and they being eligible have offered themselves for re-appointment. The Shareholders are requested to appoint the auditors of the Company and authorize the Board to fix their remuneration. Necessary resolution for their appointment as Auditors of the Company is being included in notice convening Annual General Meeting.

AUDITORS REPORT:

The observations made by the Auditors in their Auditors report and the notes appearing in the accounts with regard to it are self-explanatory and do not requires further clarification by the Board.

ADDITIONAL DISCLOSURES:

In line with the requirements of the Listing Agreement with the Stock Exchanges and Accounting Standard of the Institute of Chartered Accountants of India, your Company has made additional disclosures in the notes on accounts for the year under review in respect of Related Party Transactions, Deferred Tax Liability, etc.

CORPORATE GOVERNANCE REPORT:

Your Company perceives Corporate Governance as an endeavor for transparency and a wholehearted approach towards continuous enhancement of shareholders value. Your Company has been complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. Further, the Board of Directors of your Company constituted a Committee known as Corporate Governance Committee, which recommends the best practices in the Corporate Governance.

A separate report on Corporate Governance along with Auditors Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is annexed herewith.

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.

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 is not engaged in the 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) the Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors acknowledge their unmatched valuable contribution and appreciate the co-operation received from the bankers, customers and financial institutions for their continued assistance and support extended to the Company.

Your Directors also express their appreciation to all the employees of the Company for their sustained contribution throughout the period.

Yours Directors wish to thank the shareholders for their continued support, encouragement and the confidence reposed in the Management.



BY ORDER OF THE BOARD OF DIRECTORS

PLACE: AHMEDABAD.

DATE: 23.06.2010

[BHARAT M. SHAH]

Chairman & Managing Director