Directors Report of Bajrang Finance Ltd.

Mar 31, 2014

The Members,

BAJRANG FINANCE LIMITED

The Directors present to you herewith the audited accounts of the Company for its financial year ended 31st March, 2014.

The financial results are: (Rs.In Lacs)

Financial Results 2013-2014 2012-2013

Gross Income 47.50 37.18

Net Profit /(Loss) (67.98) 20.43

Balance brought forward 151.41 140.98

83.42 161.41

Transfer to General Reserve - 10.00

Net surplus in the Statement of Profit & Loss 83.42 151.41

83.42 161.41



DIRECTORS:

Shri Vinod C. Jalan (DIN:00087424) retires by rotation and is to be re-appointed.

AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made thereunder, the current auditors of the Company, M/s Sundarlal, Desai & Kanodia, Chartered Accountants (Firm Registration No.110560W) are eligible to hold the office for a period of three years, upto 2017.

The members are therefore requested to appoint M/s Sundarlal, Desai & Kanodia, Chartered Accountants as auditors for three years from the conclusion of the ensuing Annual General Meeting till the conclusion of the 45th Annual General Meeting, to be scheduled in 2017.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

The Company is not a manufacturing company; hence the particulars relating to conservation of energy and technology absorption are not applicable.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there were no foreign exchange earnings and outgo.

PARTICULARS OF EMPLOYEES:

No employee of the Company was in receipt of remuneration equal to or exceeding the prescribed limits.

DIRECTORS'' RESPONSIBILITY STATEMENT:

On the basis of compliance certificates received from the concerned executives of the respective Divisions of the Company and subject to disclosures in the annual accounts, as also on the basis of the discussion with the Statutory Auditors of the Company from time to time, the Directors state 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 are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) the directors have prepared the annual accounts on a going concern basis.

APPRECIATION:

Your Directors appreciate the faith you have reposed in the Company and are confident that the Company can depend upon your continued support in its endeavour to grow.

Registered Office: 0N BEHALF 0F THE B0ARD

REMI HOUSE Plot No.11, Cama Industrial Estate, Goregaon (East), Mumbai-400 063 (VINOD C. JALAN) Dated: 14th August, 2014 CHAIRMAN

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Mar 31, 2013

To The Members of BAJRANG FINANCE LIMITED

The Directors present to you herewith the audited accounts of the Company for its financial year ended 31st March, 2013.

The financial results are:

(Rs. In Lacs)

Financial Results 2012 – 2013 2011 – 2012

Gross Income 37.18 56.73

Net Profit 20.43 38.45

Balance brought forward 140.98 127.52

161.41 165.97

Transfer to General Reserve 10.00 25.00

Net surplus in the Statement of Profit & Loss 151.41 140.98

161.41 165.98

DIRECTORS:

As provided in Section 255 of the Companies Act, 1956, Shri Ramkrishna Shriya, retires by rotation and is to be re-appointed.

AUDITORS:

The Auditors M/s. Sundarlal, Desai & Kanodia, Chartered Accountants, are to be re-appointed. They have expressed their willingness to accept the re-appointment. In terms of Section 224A of the Companies Act, 1956, their re-appointment needs to be made by the members and their remuneration has to be fixed.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

The Company is not a manufacturing company; hence the particulars relating to conservation of energy and technology absorption are not applicable.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there were no foreign exchange earnings and outgo.

PARTICULARS OF EMPLOYEES:

No employee of the Company was in receipt of remuneration equal to or exceeding the prescribed limits.

DIRECTORS'' RESPONSIBILITY STATEMENT:

On the basis of compliance certificates received from the concerned executives of the respective Divisions of the Company and subject to disclosures in the annual accounts, as also on the basis of the discussion with the Statutory Auditors of the Company from time to time, the Directors state 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 are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) the directors have prepared the annual accounts on a going concern basis.

APPRECIATION:

Your Directors appreciate the faith you have reposed in the Company and are confident that the Company can depend upon your continued support in its endeavour to grow.

ON BEHALF OF THE BOARD

Registered Office:

REMI HOUSE

Plot No.11, Cama Industrial Estate, Sd/-

Goregaon (East), Mumbai-400 063 (VINOD C. JALAN)

Dated: 13th August, 2013 CHAIRMAN

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Mar 31, 2012

The Directors present to you herewith the audited accounts of the Company for its financial year ended 31st March, 2012.

The financial results are:

(Rs. In Lacs)

Financial Results 2011-2012 2010-2011

Gross Income 56.73 79.85

Net Profit 38.45 69.43

Balance brought forward 127.52 88.09

165.97 157.52

Transfer to General Reserve 25.00 30.00

Balance Carried to Balance Sheet 140.97 127.52

165.97 157.52

DIRECTORS:

As provided in Section 255 of the Companies Act, 1956, Shri Vinod C. Jalan, retire by rotation and being eligible, offer himself for re-election.

AUDITORS:

The retiring Auditors M/s. Sundarlal, Desai & Kanodia, Chartered Accountants, are eligible for re-appointment and have expressed their willingness to accept the re-appointment. In terms of Section 224A of the Companies Act, 1956, their re-appointment needs to be approved by the members and their remuneration has to be fixed.

AUDITORS' REPORT:

The Auditors' Report to the Shareholders does not contain any reservation, qualification or adverse remark.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

The Company is not manufacturing company; hence the particulars relating to conservation of energy and technology absorption are not applicable.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there were no foreign exchange earnings and outgo.

PARTICULARS OF EMPLOYEES:

No employee of the Company was in receipt of remuneration equal to or exceeding the prescribed limits.

DIRECTORS' RESPONSIBILITY STATEMENT:

On the basis of compliance certificates received from the concerned executives of the respective Divisions of the Company and subject to disclosures in the annual accounts, as also on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state that:

(i) the preparation of the annual accounts, the 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 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 had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors had prepared the annual accounts on a going concern basis.

APPRECIATION:

Your Directors appreciate the faith you have reposed in the Company and are confident that the Company can depend upon your continued support in its endeavour to grow.

ON BEHALF OF THE BOARD

Sd/- (VINOD C. JALAN) CHAIRMAN

Registered Office: REMI HOUSE Plot No. 11, Cama Industrial Estate, Goregaon (East), Mumbai-400 063

Dated: 14th August, 2012

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Mar 31, 2011

The Members, BAJRANG FINANCE LIMITED

The Directors present to you herewith the audited accounts of the Company for its financial year ended 31st March, 2011.

The financial results are:

(Rs. in Lacs)

Financial Results 2010-2011 2009-2010

Gross Income 79.85 13.62

Net Profit 69.43 6.18

Balance brought forward 88.09 91.91

157.52 98.09

Transfer to General Reserve 30.00 10.00

Balance Carried to Balance Sheet 127.52 88.09

157.52 98.09

INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956:

Sub-Section (1) (e):

A. Conservation of Energy and Technology Absorption:

The Company is not manufacturing company; hence the particulars relating to conservation of energy and technology absorption are not applicable.

B. Foreign Exchange Earnings and Outgo:

During the year under review, there were no foreign exchange earnings and outgo.

Sub-Section (2A):

No employee of the Company was in receipt of remuneration equal to or exceeding prescribed limits.

Sub-Section (2AA):

Your Directors state:

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

II. that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

III. that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

IV. that the directors had prepared the annual accounts on a going concern basis.

ON BEHALF OF THE BOARD (VINOD C. JALAN) CHAIRMAN

Registered Office: Plot No. 11, Cama Industrial Estate, Goregaon (East), Mumbai-400 063

Dated: 30th May, 2011

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Mar 31, 2010

The Directors present to you herewith the audited accounts of the Company for its financial year ended 31st March, 2010.

The financial results are:

(Rs. in Lacs)

Financial Results 2009 - 2010 2008 - 2009

Gross Income 14.34 45.55

Net Profit 6.18 36.87

Balance brought forward 91.91 65.04

98.09 101.91

Transfer to General Reserve 10.00 10.00

Balance Carried to Balance Sheet 88.09 91.91

98.09 101.91



INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT. 1956:

Sub-Section (1)(e):

A. Conservation of Energy and Technology Absorption:

The Company is not manufacturing company; hence the particulars relating to conservation of energy and technology absorption are not applicable.

B. Foreign Exchange Earnings and Outgo:

During the year under review, there were no foreign exchange earnings and outgo.

Sub-Section (2AA):

No employee of the Company was in receipt of remuneration equal to or exceeding prescribed limits.

Sub-Section (2AA):

Your Directors state:

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

II. that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

III. that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

IV. that the directors had prepared the annual accounts on a going concern basis.

DIRECTORS:

On 15th February, 2010, Mr. N. R. Prabhu resigned from the office of Board of Directors and Mr. N. B. Murarka has been appointed as a Director in his place. The Board places its sincere appreciation for valuable services rendered by Mr. N. R. Prabhu, during his tenure.



ON BEHALF OF THE BOARD

Registered Office:

Plot No.11, Cama Industrial Estate,

Goregaon (East), Mumbai-400 063 (VINOD C. JALAN)

Dated: 21st May, 2010 CHAIRMAN

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Mar 31, 2003

The Directors present to you herewith the audited accounts of the Company for its financial year ended 31st March, 2003.

The financial results are:

(Rs. In Lacs)

Financial Results 2002 - 2003 2001 - 2002

Gross Income 3.60 14.30

Profit before Interest & Depreciation 0.55 12.37

Interest 0.33 0.39

Depreciation 0.01 0.34 0.01 0.40

0.21 11.97

Taxation 0.50 5.19

Net Profit 0.71 6.78

Excess Depreciation Provided in earlier year --- 0.05

Excess (Short) Provision of Taxation of earlier year. --- 0.02

Deferred Tax Asset --- 8.79

Add: Balance brought forward 25.35 9.71

Balance carried to Balance Sheet 26.06 25.35

Section 217(2AA):

Your Directors state:

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

(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) that the directors had prepared the annual accounts on a going concern basis.

ON BEHALF OF THE BOARD

(PRADEEP C. JALAN) CHAIRMAN

Registered Office:

53-A, Mittal Court, Nariman Point, Mumbai-400021

Dated : 4th September, 2003.