Directors Report of Brijlaxmi Leasing & Finance Ltd.

Mar 31, 2014

The Members,

The Directors have pleasure in presenting the TWENTY FIRST Annual Report of the Company together with the Audited Accounts for the Financial Year ended 31st March 2014.

FINANCIAL RESULTS

Financial results of the company during the year vis-a-vis previous year are as follows: -

(Rs. In Lacs) Year Ended Year Ended 31.03.2014 31.03.2013

Total Income 7.33 23.14 Profit / (loss) before Depreciation and Tax (11.56) 2.78

Less: Depreciation 2.98 3.42

Profit / (loss) before Tax (14.55) (0.63)

Less: Provision for Deferred Tax 1.7 0 .54

Profit / (loss) after Tax (12.85) (0.09)

Balance brought forward from previous years (360.49) (360.40)

Transfer to Statutory Reserve - -

Balance carried to Balance Sheet (373.34) (360.49)

DIVIDEND

In view of brought forward losses, the directors do not recommend any dividend for the year ended 31st March, 2014.

PERFORMANCE

Year 2013-14 encompassed mixed fortunes for the Indian economy. In the initial months it showed good prospects of growth but in the later part of the year it started showing gloomy signals for growth.

Persistently rising inflation started taking draconian shape that prompted RBI to take stern steps to check its impact on the economic growth of India. Interest rates started climbing upwards at almost every RBI policy meet. This in turn dampened the financial market sentiments. At the global scenario, US got into clutches of double-dip depression fears and Euro zone never could get out of the sovereign debt crisis as such. The uncertainty again started gripping the global financial market.

All these factors had adverse impact on the business environment in general and as a result the Company could not maintain its profitability.

CORPORATE GOVERNANCE

Being a Listed Company, adequate measures are taken to comply with the Listing Agreements with the Stock Exchanges. A report on the Corporate Governance together with a certificate of compliance from the Auditors, forms part of this report.

PUBLIC DEPOSITS

The company has not accepted any deposits within the meaning of Section 58A of Companies Act, 1956 and/or rules framed there under.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

- That in the preparation of annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

- That 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 of the company for the year under review;

- That 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;

- That the directors have prepared the accounts for the financial year ended 31st March 2014 on a ''going concern'' basis.

STATUTORY AUDITORS

M/s Dinesh Bangar & Co, Chartered Accountants Auditors of the company, retire from the office of the Auditors at the ensuing Annual General Meeting and being eligible have given a certificate in accordance with the provisions of section 224 (1-B) of the Companies Act, 1956. The Board recommends the re-appointment of M/s. Dinesh Bangar & Co, Chartered Accountants as the Auditors.

PARTICULARS OF EMPLOYEES

There is no employee covered pursuant to Section 217(2A) of the companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975 as amended.

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

In view of the nature of activities are being carried on by the Company, Rules 2A and 2B of the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, concerning conservation of energy and research and development and technology absorption respectively are not applicable to the Company

FOREIGN EXCHANGE EARNING AND OUTGO

Earnings : Nil Outgo : Nil

ACKNOWLEDGEMENT

The Directors takes this opportunity to thanks all its colleagues at Brijlaxmi Leasing & Finance Ltd. for their professionalism and dedication to the task at hand. The board also wishes to place on record its appreciation for valuable support given by the Bankers, Clients and Shareholders.

For and on behalf of the Board of Directors J.K. Chaturvedi Vadodara 2nd September 2014 Director

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Mar 31, 2013

To The Members,

The Directors have pleasure in presenting the TWENTY FIRST Annual Report of the Company together with the Audited Accounts for the Financial Year ended 31st March 2013.

FINANCIAL RESULTS

Financial results of the company during the year vis-a-vis previous year are as follows: -

(Rs. In Lacs)

Year Ended Year Ended 31.03.2013 31.03.2012

Total Income 23.14 30.81

Profit / (loss) before Depreciation and Tax 2.78 (37.04)

Less: Depreciation 3.42 3.42

Profit / (loss) before Tax (0.63) (40.47)

Less: Provision for Deferred Tax .54 .45

Profit / (loss) after T ax (0.09) (40.41)

Balance brought forward from previous years (360.40) (320.00)

Transfer to Statutory Reserve - -

Balance carried to Balance Sheet (360. 49) (360.40)

DIVIDEND

In view of brought forward losses, the directors do not recommend any dividend for the year ended 31st March, 2013.

PERFORMANCE

Year 2012-13 encompassed mixed fortunes for the Indian economy. In the initial months it showed good prospects of growth but in the later part of the year it started showing gloomy signals for growth.

Persistently rising inflation started taking draconian shape that prompted RBI to take stern steps to check its impact on the economic growth of India. Interest rates started climbing upwards at almost every RBI policy meet. This in turn dampened the financial market sentiments. At the global scenario, US got into clutches of double-dip depression fears and Euro zone never could get out of the sovereign debt crisis as such. The uncertainty again started gripping the global financial market.

All these factors had adverse impact on the business environment in general and as a result the Company could not maintain its profitability.

CORPORATE GOVERNANCE

Being a Listed Company, adequate measures are taken to comply with the Listing Agreements with the Stock Exchanges. A report on the Corporate Governance together with a certificate of compliance from the Auditors, forms part of this report.

PUBLIC DEPOSITS

The company has not accepted any deposits within the meaning of Section 58A of Companies Act, 1956 and/or rules framed there under.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

- That in the preparation of annual accounts for the financial year ended 31st March, 2013, the applicable accounting standards have been followed along with proper explanation relating to material departures;

- That 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 of the company for the year under review;

- That 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;

- That the directors have prepared the accounts for the financial year ended 31st March 2013 on a ''going concern'' basis.

STATUTORY AUDITORS

M/s Dinesh Bangar & Co, Chartered Accountants Auditors of the company, retire from the office of the Auditors at the ensuing Annual General Meeting and being eligible have given a certificate in accordance with the provisions of section 224 (1-B) of the Companies Act, 1956. The Board recommends the re-appointment of M/s. Dinesh Bangar & Co, Chartered Accountants as the Auditors.

PARTICULARS OF EMPLOYEES

There is no employee covered pursuant to Section 217(2A) of the companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975 as amended.

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

In view of the nature of activities are being carried on by the Company, Rules 2A and 2B of the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, concerning conservation of energy and research and development and technology absorption respectively are not applicable to the Company

ACKNOWLEDGEMENT

The Directors takes this opportunity to thanks all its colleagues at Brijlaxmi Leasing & Finance Ltd. for their professionalism and dedication to the task at hand. The board also wishes to place on record its appreciation for valuable support given by the Bankers, Clients and Shareholders.

For and on behalf of the Board of Directors

J.K. Chaturvedi

Vadodara 2nd September 2013 Director

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Mar 31, 2012

To The Members,

The Directors have pleasure in presenting the TWENTY FIRST Annual Report of the Company together with the Audited Accounts for the Financial Year ended 31st March 2012.

FINANCIAL RESULTS

Financial results of the company during the year vis-à-vis previous year are as follows: -

(Rs. In Lacs) Year Ended Year Ended 31.03.2012 31.03.2011

Total Income 30.81 9.51

Profit / (loss) before Depreciation and Tax (37.04) (27.34)

Less: Depreciation 3.42 3.42

Profit / (loss) before Tax (40.47) (30.76)

Less: Provision for Deferred Tax .45 2.19

Profit / (loss) after Tax (40.41) (32.95)

Balance brought forward from previous years (320.00) (287.05)

Transfer to Statutory Reserve - -

Balance carried to Balance Sheet (360.40) (320.00)

DIVIDEND

In view of brought forward losses, the directors do not recommend any dividend for the year ended 31st March, 2012.

PERFORMANCE

Year 2011-12 encompassed mixed fortunes for the Indian economy. In the initial months it showed good prospects of growth but in the later part of the year it started showing gloomy signals for growth.

Persistently rising inflation started taking draconian shape that prompted RBI to take stern steps to check its impact on the economic growth of India. Interest rates started climbing upwards at almost every RBI policy meet. This in turn dampened the financial market sentiments. At the global scenario, US got into clutches of double-dip depression fears and Euro zone never could get out of the sovereign debt crisis as such. The uncertainty again started gripping the global financial market.

All these factors had adverse impact on the business environment in general and as a result the Company could not maintain its profitability.

CORPORATE GOVERNANCE

Being a Listed Company, adequate measures are taken to comply with the Listing Agreements with the Stock Exchanges. A report on the Corporate Governance together with a certificate of compliance from the Auditors, forms part of this report.

PUBLIC DEPOSITS

The company has not accepted any deposits within the meaning of Section 58A of Companies Act, 1956 and/or rules framed there under.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

- That in the preparation of annual accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed along with proper explanation relating to material departures;

- That 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 of the company for the year under review;

- That 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;

- That the directors have prepared the accounts for the financial year ended 31st March 2012 on a ''going concern'' basis.

STATUTORY AUDITORS

M/s Dinesh Bangar & Co, Chartered Accountants Auditors of the company, retire from the office of the Auditors at the ensuing Annual General Meeting and being eligible have given a certificate in accordance with the provisions of section 224 (1-B) of the Companies Act, 1956. The Board recommends the re-appointment of M/s. Dinesh Bangar & Co, Chartered Accountants as the Auditors.

PARTICULARS OF EMPLOYEES

There is no employee covered pursuant to Section 217(2A) of the companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975 as amended.

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

In view of the nature of activities are being carried on by the Company, Rules 2A and 2B of the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, concerning conservation of energy and research and development and technology absorption respectively are not applicable to the Company

FOREIGN EXCHANGE EARNING AND OUTGO

Earnings : Nil Outgo : Nil

ACKNOWLEDGEMENT

The Directors takes this opportunity to thanks all its colleagues at Brijlaxmi Leasing & Finance Ltd. for their professionalism and dedication to the task at hand. The board also wishes to place on record its appreciation for valuable support given by the Bankers, Clients and Shareholders.

For and on behalf of the Board of Directors

J.K Chaturvedi

Vadodara

3rd September 2012 Director

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Mar 31, 2010

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

FINANCIAL RESULTS

Financial Year

2009-10 (Rs)

Gross Turnover 0 lacs

Profit/loss (214.76) lacs

The Company has incurred loss of Rs. 214.76 lacs. The directors are hopeful to improve business in future years.

DIRECTORS

In accordance with the provisions of Articles of Association of the company and the provisions of the Companies Act, 1956, the first directors will not retire by rotation at the ensuing Annual General Meeting.

Directors Responsibility Statement Under Section 217 (2AA) of the Companies Act. 1956.

The Directors Confirm that:

1) In the preparation of the annual accounts, the applicable accounting standards have been followed by the Company;

2) Such accounting policies have been selected and consistently applied and judgments and estimates made that are responsible and prudent so as to give a true & fair view of state of affairs of the company as at 31st March 2010 and of the Profit of the Company for that year ended on that date;

3) Proper Sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for Safeguarding the assets of the Company and preventing and detecting fraud and other irregularities;

4) Annual accounts have been prepared on a going concern basis. AUDITORS

The Auditors M/S Dinesh C. Bangar & Co., Chartered Accountants is being appointed first auditors to hold office tils the next ensuing annual general meeting.

EMPLOYEES PARTICULAR - U/S 217 (2-A)

The company had no employee during the year under review drawing salary in excess of limit laid down u/s 217(2-A).

INFORMATIONS U/S 217 (1) E OF THE COMPANIES ACT 1956

The company has no activity relating to conservation of energy or technology absorptions during the year under review. There has been no foreign exchange income or outflow.

By Orer of the Board

Director

Place: Vasai

Date: 02.09.2010

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Mar 31, 2009

The Directors have pleasure in presenting the 19th Annual Report together with the Audited Accounts of the company for the year ended 31st March, 2009

FINANCIAL RESULTS

Financial Year 2008-09 (Rs)

Gross Turnover Nil

Loss 116.39 lacs

The Company has incurred loss of Rs. 116.39 lacs. The directors are hopeful to improve business in future years.

DIRECTORS

In accordance with the provisions of Articles of Association of the company and the provisions of

the Companies Act, 1956, the first directors will not retire by rotation at the ensuing Annual General Meeting.

Directors Responsibility Statement Under Section 217 (2AA) of the Companies Act, 1956.

The Directors Confirm that:

1) In the preparation of the annual accounts, the applicable accounting standards have been followed by the Company;

2) Such accounting policies have been selected and consistently applied and judgments and estimates made that are responsible and prudent so as to give a true & fair view of state of affairs of the company as at 31st March 2009 and of the Profit of the Company for that year ended on that date;

3) Proper Sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for Safeguarding the assets of the Company and preventing and detecting fraud and other irregularities;

4) Annual accounts have been prepared on a going concern basis. AUDITORS

The Auditors M/S Dinesh C. Bangar & Co., Chartered Accountants is being Re-appointed auditors to hold office till the next ensuing annual general meeting.

EMPLOYEES PARTICULAR - U/S 217 (2-A)

The company had no employee during the year under review drawing salary in excess of limit laid

down u/s 217 (2-A).

INFORMATIONS U/S 217 (1) E OF THE COMPANIES ACT 1956

The company has no activity relating to conservation of energy or technology absorptions during the year under review. There has been no foreign exchange income or outflow.

By Order of the Board

Director Place: VADODARA

Date: 28/08/2009