Directors Report of Dynamic Microsteppers Ltd.

Mar 31, 2024

Your Directors are pleased to present 39^th Annual Report of the Company together with the
Audited Statement of Accounts for the financial year ended 31^st March, 2024.

1. FINANCIAL STATEMENTS & RESULTS:

a. FINANCIAL RESULTS:

The Company''s performance during the financial year ended 31^st March, 2024 as
compared to the previous financial year, is summarized below:

Particulars	For the financial year ended 31st March, 2024	For the financial year ended 31st March, 2023
Income	-	-
Less: Expenses	10,38,376	9,95,052
Exceptional Item	-	-
Profit/Loss before tax	(10,38,376)	(9,95,052)
Less: Provision for tax	-	-
Income Tax of earlier years w/off	-	-
Exception Income	-	-
Exception expenditure	-	-
Profit/ (Loss) after Tax	(10,38,376)	(9,95,052)

b. OPERATIONS:

During the year under review, your Company has not carried out any activities. However,
there was no change in nature and business activities of the Company.

During the year under the review, the total expenditure incurred during the year amounted
to Rs. 10,38,376/- as against Rs. 9,95,052/- incurred in the previous year. The net loss
amounted to Rs. 10,38,376/- as against Rs. 9,95,052/-in the previous year.

Presently, your directors are taking effective steps to consider various options to commence
activities in the field of Infrastructure and for adoption of and to revamp the operations
with activities wherein the promoters have core competency.

c. REPORT ON PERFORMANCE OF SUBSIDIARIES. ASSOCIATES AND JOTNT
VENTURE COMPANIES:

During the year under review, your Company did not have any subsidiary, associate and
joint venture company.

d. DIVIDEND:

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

e. TRANSFER TO RESERVES:

In view of loss incurred during the year under review, the Board of Directors has not
recommended transfer of any amount to reserves. Further please note that the Company
has not transferred any amount to the Investor Education & Protection Fund IEPF") and no
amount is lying in Unpaid Dividend A/c of the Company.

f. REVISION OF FINANCIAL STATEMENT:

There was no revision of the financial statements for the year under review.

g. DISCLOSURES!TNDER SECTION 134(31(11 OF THE COMPANIES ACT, 2013:

No material changes and commitments which could affect the Company’s financial
position have occurred between the end of the financial year of the Company and date of
this report.

h. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are in place and has been operating satisfactorily. During
the year under review, no material or serious observation has been received from the
Internal Auditor of the Company for inefficiency or inadequacy of such controls.

i. CORPORATE GOVERNANCE REPORT:

Since the Company‘s paid-up share capital is not exceeding Rs.10 crores and net worth not
exceeding Rs. 25 crores, the provisions of Corporate governance as per SEBI (LODR)
Regulations 2015 is not applicable to the Company during the year under review.

2. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

a. Board of Directors & Key Managerial Personnel:

In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. Chetas
Shah (DIN: 06783061) will retire by rotation at the ensuing Annual General Meeting. Mr.
Chetas Shah, being eligible, has offered himself for re-appointment. The Board of Directors

recommends his re-appointment at the ensuing AGM of the Company. Accordingly, the matter
for re-appointment of Chetas Shah (DIN: 06783061) will be placed before the shareholders for
their approval and forms a part of the Notice of the AGM. Pursuant to Regulation 36 of the
SEBI (Listing Obligations Disclosures Requirements) Regulations, 2015 read with Secretarial
Standards - 2 on General Meetings, brief details of Chetas Shah (DIN: 06783061) will be
provided as an Annexure to the Notice of the Annual General Meeting.

Mr. Vishal Talpade retired from the post of Independent Director w.e.f. March 31, 2024 due to
completion of his tenure as Independent Director of the Company. Further, as per the
recommendation of Nomination and remuneration Committee the Board of Directors of the
Company at their meeting held on March 30, 2024 appointed Mr. Venkateshan Nadeshan
(DIN: 10566443), as an Additional Director of the Company in the category of Non-Executive
Independent Director for the period of 5 years who shall hold office up to the date of the
ensuing AGM of the Company subject to the shareholders’ approval in the said meeting.
Accordingly, the matter for regularisation of Mr. Venkateshan Nadeshan has been placed
before the shareholders for their approval and forms a part of the Notice of the AGM.

b. Declarations given by Independent Directors:

The Company has received and taken on record the declarations received from all the
Independent Directors of the Company in accordance to Section 149(6) of the Companies
Act, 2013 confirming their independence vis-a-vis the Company.

c. Familiarisation Programme for Independent Directors:

Pursuant to SEBI Regulations, the Company has formulated a programme for Familiarization
of Independent Directors with regards to their role, rights, responsibilities in the Company,
nature of the industry in which the Company operates, the business model of the Company etc.
The details of the familiarization Programme are available on the website of the Company.
However during the year under review, there was no change in the nature of business of the
Company and its business vertical/ Structure/ operational strategy etc, which would have
necessitated a fresh Familiarization Programme for Independent Directors.

d. Management Discussion and Analysis Report:

The Management Discussion and Analysis Report for the year under review, as stipulated
under Regulation 34 of the (Listing Obligations Disclosures Requirements), Regulations,
2015 is presented in a separate section forming part of the Annual Report of the Company.

3. DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES:

a. Meetings of the Board:

Five meetings of the Board were convened during the financial year under review i.e. May
29, 2023, August 11, 2023, November 14, 2023, February 9, 2024 and March 30, 2024.

Number of Board Meetings attended by each Director is as follows:

Name of Director	Category	T otal Board Meetings attended
Mr. Ashwin Shah	Chairman & Non-Executive Director	5
Mr. Chetas Shah	Non-Executive Director	5
*Mr. Vishal Talpade	Independent Director	5
Ms. Geeta Pandurang Sawant	Independent Director	5

*retired due to completion of tenure w.e.f. March 31, 2024.

b. Director’s Responsibility Statement:

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial
statements of the Company for the year ended 31^st March, 2024, the Board of Directors
hereby confirms that:

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

b. such accounting policies have been selected and applied consistently and the
Directors 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 as at 31^st March, 2024
and of the loss of the Company for that year;

c. proper and sufficient care was taken 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;

d. the annual accounts of the Company have been prepared on a going concern basis;

e. internal financial controls have been laid down to be followed by the Company and
that such internal financial controls are adequate and were operating effectively;

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

c. Nomination and Remuneration Committee:

The composition of the Nomination and Remuneration Committee is in compliance with
the provisions of Section 178 of the companies Act, 2013 and Regulation 19 of the Listing
Regulations. The composition of the Nomination and Remuneration Committee of the
Board of Directors of the Company during the financial year ended March 31, 2024 is
detailed below:

Name of Member	Category	Designation
*Mr. Vishal Talpade	Independent Director	Chairman
#Mr. Venkateshan Nadeshan	Independent Director	Chairman
Ms. Geeta Pandurang Sawant	Independent Director	Member
Mr. Chetas Shah	Non-Executive Director	Member

* retired due to completion of tenure w.e.f. March 31, 2024.
—# appointed w.e.f. April 01, 2024.

During the year under review, 1 (one) meeting of Nomination & Remuneration Committee
were held March 30, 2024.

d. Audit Committee:

The composition of the Audit Committee is in conformity with the provisions of Section
177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. The
composition of the Audit Committee of the Board of Directors of the Company during the
financial year ended March 31, 2024 is detailed below:

Name	Category	Designation
*Mr. Vishal Talpade	Independent Director	Chairman
#Mr. Venkateshan Nadeshan	Independent Director	Chairman
Ms. Geeta Pandurang Sawant	Independent Director	Member
Mr. Ashwin Shah	Non-Executive Director	Member

* retired due to completion of tenure w.e.f. March 31, 2024.

# appointed w.e.f. April 01, 2024.

The Audit Committee of the Company met 4 times during the year under review i.e. May
29, 2023, August 11, 2023, November 14, 2023 and February 9, 2024. The scope and
terms of reference of the Audit Committee have been amended in accordance with the Act
and the Listing Regulations entered into with the Stock Exchanges.

During the year under review, the Board of Directors of the Company had accepted all the
recommendations of the Committee.

e. Stakeholders Relationship Committee:

The composition of the Stakeholders Relationship Committee is in compliance with the
provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of the Listing
Regulations. The composition of the Stakeholders Relationship Committee of the Board of
Directors of the Company during the financial year ended March 31, 2024 is detailed
below:

Name of Director	Category	Designation
*Mr. Vishal Talpade	Independent Director	Chairman
#Mr. Venkateshan Nadeshan	Independent Director	Chairman
Mr. Ashwin Shah	Non-Executive Director	Member
Ms. Geeta Pandurang Sawant	Independent Director	Member

* retired due to completion ot tenure w.ef. March 31, 2024.

# appointed w.e.f. April 01, 2024.

The Stakeholder Relationship Committee of the Company met 4 (four) times during the
year under review._

f. Vigil Mechanism nolic.v for the Directors and Employees:

The Board of Directors of the Company has pursuant to the provisions of Section 177(9)
of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its
Powers) Rules, 2014, framed “Vigil Mechanism Policy” for Directors and Employees of
the Company to provide a mechanism which ensures adequate safeguards to employees
and Directors from any victimization on raising of concerns of any violations of legal or
regulatory requirements, incorrect or misrepresentation of any, financial statements and
reports, etc.

The employees of the Company have the right/option to report their concern/grievance to
the Chairman of the Audit Committee. The Company is committed to adhere to the highest
standards of ethical, moral and legal conduct of business operations. The Whistle Blower
Policy is hosted on the Company’s website at www.dynamicmicrosteppers.com.

g. Risk Management Policy:

Risks are events, situations or circumstances which may lead to negative consequences on the
Company’s businesses. Risk management is a structured approach to manage uncertainty. A
Risk Management Policy has been formulated by the Audit Committee of the Company to
analyze and deal with various risks posing potential threats to the Company. The Board has
also adopted a Risk Management Policy. Key business risks and their mitigation are
considered in day-to-day working of the Company.

h. Annual Evaluation of Directors, Committee and Board:

The Independent Directors at their meeting considered and evaluated the Board’s
performance, performance of the Chairman and other Non-Independent Directors. The Board
subsequently evaluated performance of the Board, the Committees and Independent Directors.

i. Internal Control Systems:

An adequate internal control systems commensurate with the nature of the Company’s
business and size and complexity of its operations are in place has been operating
satisfactorily. Internal control systems comprising of policies and procedures are designed
to ensure reliability of financial reporting, timely feedback on achievement of operational
and strategic goals, compliance with policies, procedure, applicable laws and regulations
and that all assets and resources are acquired economically, used efficiently and adequately
protected.

j. Disclosure under Section 197(12) of the Companies Act, 2013 and other Disclosures
as per Rule 5 of Companies (Appointment & Remuneration) Rules, 2014:

Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 of Companies
(Appointment & Remuneration) Rules, 2014, every Listed Company mandates to disclose
in its Director’s Report the ratio of the remuneration of each director to the median of the
permanent employee’s remuneration.

However, since there is no permanent employee in the Company, no disclosure under the
said provision has been furnished.

4. AUDITORS AND REPORTS:

The matters related to Auditors and their Reports are as under:

a. Observations of Statutory Auditors on accounts for the year ended March 31,
2024:

The observations made by the Statutory Auditors in their report for the financial year
ended March 31, 2024 read with the explanatory notes therein are self-explanatory and
therefore, do not call for any further explanation or comments from the Board under
Section 134(3) of the Companies Act, 2013.

b. Fraud Reporting:

The report of Statutory Auditors of the Company has not reported any fraud as specified
under the second proviso of Section 143(12) of the Companies Act, 2013 (including
any statutory modification(s) or re-enactment(s) for the time being in force).

c. Secretarial Audit Report for the year ended March 31, 2024:

Provisions of Section 204 read with Section 134(3) of the Companies Act, 2013,
mandates to obtain Secretarial Audit Report from Practicing Company Secretary. M/s.
Harsh Hiren Shah and Associates, Company Secretaries who were appointed to
conduct and issue Secretarial Audit Report for the financial year 2023-24.

The Secretarial Audit Report issued by M/s. Harsh Hiren Shah and Associates,
Company Secretaries, in Form MR-3 for the financial year 2023-24 forms part to this
report and marked as Annexure I. Pursuant to the Section 134(3) of the Companies
Act, 2013 and with respect to the observation made by the Secretarial Auditors of the
Company on the compliance of Laws/Acts, the Board of Directors states as under:

i. No appointment of Company Secretary and Compliance Officer:

Management Response: The Company is in process of appointing the Company
Secretary and Compliance Officer as per the requirements of Section 203 of the
Companies Act, 2013 and SEBI Listing Regulations.

ii. Not Complied with the Listing Regulations of Regional Stock Exchanges:
Management Response: The Company is in process of delisting its shares from all
the Regional Stock Exchanges.

iii. Not Complied with the provisions related to Promoters holding in dematerialized
form:

Management Response: The promoters of the Company are in process of converting

iv. The Company has delayed in payment of Annual listing fees to BSE Limited.:
Management Response: The Company has delayed in payment ofAnnual listing fees
since there was delayed in issuing of the Annual listing invoice for the said period
inspite of multiple emails and follow-up with BSE concern person for providing the
said invoice.

v. website compliances, since the website of the Company is non-operational:

Management Response: The Company is in process of restoring the website of the
Company and making the same operational.

vi. Non-submission of SDD Compliance certificate for the quarter ended June 30, 2023
and delay in submission of the said certificate for the quarter ended March 31,
2023of System-Driven Disclosures (SDD) software under SEBI (SAST) Regulations,
2011:

Management Response: The Board has started searching the required software for
complying with the SDD provisions pursuant to the SEBI (Prohibition of Insider
Trading) Regulations, 2015. However, the cost of procuring and installing such software
was very high nearly above Rs. 1,00,000 and procuring of such expensive software was
difficult for the Company who is having zero operational income since many years and
suspended from trading on BSE portal around more than 8 years.

Hence, it took much time for us to finalize and procure the said software within our
budget. Accordingly, we have finalized one vendor i.e. M/s. Orion Legal Supplies
who provided SDD software at a very low price compared to the market price. The
Company made the payment and install the same in the system in the month of
August ’2023.

vii. delay of 1 day for submission of non-applicability of Corporate governance
disclosure for quarter ended June 30, 2023 and delay of 3 days for submission of
Compliance Certificate as per regulations 7(3) of SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015:

Management Response: Due to non-working of https://listing.bseindia.com/ website
the said compliances was delayed.

viii. Non-submission of Compliances-Certificate under Reg. 74 (5) of SEBI (DP)
Regulations, 2018 for quarter ended June 30,2023 quarter end.

Management Response: Since, the Company not received the compliance certificate
from RTA for the said quarter.

d. INTERNAL AUDTT:

Ms. Rachana Thakkar, Internal Auditor of the Company has carried out audit on various
expense heads of the Company. The findings of the Internal Auditor are discussed on
an on-going basis in the meetings of the Audit Committee and corrective actions are
taken as per the directions of the Audit Committee.

5. OTHER DISCLOSURES:

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts)
Rules, 2014 are furnished as under:

a. Extract of Annual Return:

In terms of provisions of Section 92(3) of the Companies Act, 2013, an extract of the
Company shall place a copy of Annual Return for the financial year ended March 31,
2024 will be placed on the website of the Company i.e.
www.dynamicmicrosteppers.com and also the Annual Return as prescribed under
Companies Act, 2013 will be filed with the Registrar of Companies which will be
available in the public domain on the website of the Ministry of Corporate Affairs i.e.
www.mca.gov.in.

b. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings
and Outgo:

The particulars as required under the provisions of Section 134(3) (m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in
respect of conservation of energy and technology absorption have not been furnished
considering the fact that the Company has not undertaken any activities by the
Company during the year under review.

During the year under review, the Company has neither earned nor used any foreign
exchange.

c. Maintenance of Cost Records:

The Company is not required to maintain cost records as specified by the Central
Government under sub-section (1) of Section 148 of the Companies Act, 2013 and
accordingly, such accounts and records are not required to be made and maintained.

d. Compliance with Secretarial Standards:

The directors state that the applicable secretarial standards i.e. SS-1 and SS-2, issued
by the Institute of Company Secretaries of India, relating to meeting of board of
directors and general meetings respectively have been duly complied with.

e. Details about the policy developed and implemented by the company on corporate
social responsibility (“CSR”) initiatives:

Pursuant to provisions of Section 135 of the Companies Act, 2013 and relevant rules
made thereunder, the Company who fulfill the criteria mentioned under the said section
needs to form CSR committee along with CSR policy and thereafter spend the amount
as specified thereunder to CSR activities as per Schedule VII of the Companies Act,
2013.

However, your Company doesn’t fulfill the criteria as per aforesaid section, hence it is
not required to form CSR committee or spend towards CSR activities nor required to
form/ develop any CSR policy towards CSR initiative during the period under review.

f. Application or proceeding pending under the Insolvency and Bankruptcy Code,
2016:

During the year under review, the requirements for disclosure of details of application
made or any proceedings pending under the Insolvency and Bankruptcy Code, 2016 as
on March 31, 2024 is Nil.

g. Details of difference between amount of the valuation done at the time of onetime
settlement and the valuation done while taking loan from the banks or financial
institutions:

Since the Company has not taken any loan from bank or financial institutions, hence
the Company is not required to maintain details as specified under Rule 8 of the
Companies (Accounts) Rules, 2014.

6. GENERAL:

Your Directors state that no disclosure or reporting is required in respect of the following

items as there were no transactions on the following items during the year under review:

1. Deposits covered under Chapter V of the Act;

2. There were no significant or material orders passed by the Regulators or Courts or
Tribunals which would impact the going concern status and Company’s operations in
future;

3. There was no issue of equity shares with differential rights as to dividend, voting or
otherwise;

4. During the year under review, the Company has neither made any investments nor
provided any loans, guarantees and securities.

5. There was no issue of shares (including sweat equity shares) to employees of the
Company under any scheme;

6. There were no instances of non-exercising of voting rights in respect of shares
purchased directly by employees under a scheme pursuant to Section 67(3) of the Act
read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 as the
Company did not create any such scheme during the year;

7. The Company does not have any holding/subsidiary company, hence none of the
managerial personnel are in receipt of remuneration or commission from the
holding/subsidiary company;

8. There are no transactions/contracts/arrangements entered by the Company with related

party (ies) as defined under the provisions of Section 2(76) of the Companies Act, 2013,
during the financial year under review that are required to be reported in Form AOC-2
and as such does not form part of the Report.

Your directors further state pursuant to the provisions of Sexual Harassment of women at
workplace (Prevention, Prohibition and Redressal) Act, 2013, no case pertaining to sexual
harassment at workplace has been reported to the Company during financial year 2023-24.

7. ACKNOWLEDGEMENTS AND APPRECIATION:

Your Directors take this opportunity to thank the customers, shareholders, suppliers,
bankers, business partners/associates, financial institutions and Central and State
Governments for their consistent support and encouragement to the Company.

For and on behalf of the Board of
Directors

Dynamic Microsteppers Limited
Sd/-

ASHWIN SHAH
CHAIRMAN & DIRECTOR
DIN:03115009

Place: Mumbai
Date: June 4, 2024

---

Mar 31, 2014

The Members,

The Board of Directors is pleased to present the Directors'' Report together with the Audited Financial Statements for the year ended March 31, 2014 compared with previous financial year as follows:

FINANCIAL RESULTS:

The results for the Financial Year ended 31st March 2014 are as under: (Amount in Rs)

Particulars Year ended Year ended 31st March 2014 31st March 2013

Total Income - -

Less: Administrative and Other Expenses 630,524 507,060

Profit/ (Loss) before Tax (630,524) (507,060)

Less: Provision for Tax - -

Less: Exceptional items - -

Profit/ (Loss) after Tax (630,524) (507,060)

OPERATIONS:

During the year under review, your Company has not carried out any activities .

Presently, your directors are taking effective steps to consider other options to commence activities in the field of Infrastructure. Your directors are considering various options for adoption of and to revamp the operations with activities wherein the promoters have core competency.

DIVIDEND:

Considering the loss for the F. Y 2013-2014, your Directors do not recommended dividend for the year ended 31st March, 2014.

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company;

Mr. Ashwin Shah and Mr. Harshad Shah, Directors of the Company, shall retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment. The Board recommends their re-appointment.

Pursuant to the provisions of Section 149 and 152 of the Companies Act, 2013, it is proposed to appoint Ms. Kairavi Naik (DIN: 03614248), Mr. Vrushabh Patil (DIN: 02306524) and Mr. Vishal Talpade (DIN: 03627072), as Independent Directors for the period upto March 31, 2019. The said Independent Directors shall not be liable to retirement by rotation.

The Company has also received the requisite disclosures from all the above mentioned Directors of the Company confirming that they meet the criteria of Independence as prescribed under both sub-section (6) of section 149 of the Companies Act, 2013 and under Clause 49 of the Listing Agreement entered into with Stock Exchange.

PUBLIC DEPOSITS:

The Company has not accepted any deposit pursuant to provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

- In the preparation of the annual accounts, the applicable standards have been followed;

- Your 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 loss of the Company for that year;

- Your 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;

- Your Directors have prepared the attached Statement of Accounts for the year ended March 31, 2014 on a going concern basis.

AUDITORS:

M/s. P. Jasani & Associates, Chartered Accounts (Firm Registration No. 116628W) retire at the ensuing Annual General Meeting and are eligible for re-appointment. The said Auditors have furnished a certificate of their eligibility for re-appointment under Section 139(1) of the Companies Act, 2013 and have indicated their willingness to continue as auditors. Accordingly, it is proposed to appoint M/s. P. Jasani & Associates, Chartered Accounts as the Statutory Auditors of the Company for a period of Five years to hold office till the conclusion of the 34th Annual General Meeting. The Members are requested to consider their re-appointment for the period of Five years and to authorize the Board to fix their remuneration.

AUDITORS'' REPORT:

The observations made by the Auditors in their Report read with the relevant notes as given in the Notes to Accounts, are self explanatory and therefore do not call for any further comments under Section 134 (2) of the Companies Act, 2013

CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION & ANALYSIS REPORT:

A Report on Corporate Governance and Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto and form part of this report.

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

Information relating to the Conservation of Energy, Technology Absorption, Adaptation and Innovation pursuant to Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not required to furnished as the Company has not carried out any operations during the year under review.

There was no Foreign Exchange Earnings and Outgo during the year under review.

PARTICULARS OF EMPLOYEES:

During the year under review, the Company had no employees. Hence, no particulars of employees under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended are required to be furnished.

ACKNOWLEDGEMENTS:

The Directors wish to place on record their appreciation for reposing confidence in the Company''s management by shareholders and investors.

For and on behalf of the Board of Directors

Place: Mumbai Harshad Shah Ashwin Shah Dated: 1st September, 2014 Director Director

Registered Office: 105, Flyover Apartment, Teli Gally, Andheri (East), Mumbai - 400 069

---

Mar 31, 2013

To The Members,

The Directors present their Annual Report on the business operations of the Company along with the Statement of Audited Accounts for the year ended 31st March 2013.

Financial Results:

The results for the Financial Year ended 31st March 2013 are as under:

(Amount in Rs.)

Particulars Year ended Year ended 31st March 2013 31st March 2012

Total Income - 3,53,650

Profit / (Loss) before Tax (5,07,060) 20,001

Less: Provision for Tax - 6,200

Less: Exceptional items - 43,53,718

Profit / (Loss) after Tax (5,07,060) (43,39,917)

Operations:

During the year under review, your Company has not carried out any activities due to the old technology used by the Company in Horology Industry.

Presently, your directors are taking effective steps to consider other options to commence activities in the field of Infrastructure. Your directors are considering various options for adoption of and to revamp the operations with activities wherein the promoters have core competency.

Dividend:

In view of losses your Directors do not recommended dividend for the year under review. Directors:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Ms. Kairavi Naik and Mr. Vishal Talpade, Directors of the Company, shall retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment. The Board recommends their re-appointment.

Public Deposits:

The Company has not accepted any deposit pursuant to provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975.

Directors'' Responsibility Statement:

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

- In the preparation of the annual accounts, the applicable standards have been followed;

- Your 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 loss of the Company for that year;

- Your 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;

- Your Directors have prepared the attached Statement of Accounts for the year ended March 31, 2013 on a going concern basis.

Auditors:

M/s. P. Jasani & Associates, Chartered Accounts (Firm Registration No. 116628W), the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting. The retiring Auditors have furnished a certificate of their eligibility for re-appointment under Section 224 (1B) of the Companies Act, 1956 and have indicated their willingness to continue in the said office.

Members are requested to re-appoint auditors for the current year and to authorize the Board to fix their remuneration.

Auditors'' Report:

The observations made by the Auditors in their Report read with the relevant notes as given in the Notes to Accounts, are self explanatory and therefore do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Corporate Governance & Management Discussion & Analysis Report:

A Report on Corporate Governance and Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto and form part of this report.

Particulars of Employees:

During the year under review, the Company had no employees hence, no particulars of employees under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended are required to be furnished.

Acknowledgements:

The Directors wish to place on record their appreciation for reposing confidence in the Company''s management by shareholders and investors.

For and on behalf of the Board of Directors

Place: Mumbai Harshad Shah

Dated: 30th May, 2013 Chairman

Registered Office:

105, Flyover Apartment

Telli Galli

Andheri (East)

Mumbai - 400 069

---

Mar 31, 2012

The Directors present their Annual Report on the business operations of the Company along with the Statement of Audited Accounts for the year ended 31s! March 2012.

Financial Results:

The results for the Financial Year ended 31st March 2012 are as under:

(Amount in Rs.)

Particulars Year ended Year ended 31st March 2012 31st March 2011

Total Income 3,53,650 Nil

Profit / (Loss) before Tax 20,001 (6,58,401)

Less: Provision for Tax 6,200 0

Less: Exceptional items 43,53,718

Profit / (Loss) after Tax (43,39,917) (6,58,401)

Add: Balance of Profit brought forward from previous year (6,14,88,972) (6,08,29,517)

Balance carried forward to Balance Sheet (6,58,28,889) (6,14,88,972)

Operations:

During the year under review, your Company has not carried out any activities due to phase out of technology used by the Company in Horology Industry.

Presently, your directors are taking effective steps to consider other options to recommence activities of the Company. Your directors are considering various options for adoption of and to revamp the operations with activities wherein the promoters have core competency.

Dividend:

In view of losses your Directors do not recommended dividend for the year tinder review. Directors:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. John Jacob Puthusseri and Mr. Vrushabh Tryambak Patil, Directors of the Company, shall retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment. The Board recommends their re-appointment.

Public Deposits:

The Company has not accepted any deposit pursuant to provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975.

Directors'' Responsibility Statement:

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

- In the preparation of the annual accounts, the applicable standards have been followed;

- Your 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 loss of the Company for that year;

- Your 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;

- Your Directors have prepared the attached Statement of Accounts for the year ended March 31, 2012 on a going concern basis.

Auditors:

M/s. J. M. Ghumara & Co., Chartered Accountants having (Firm Registration Number 103185W), the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting. The retiring Auditors have expressed their unwillingness to be reappointed as Statutory Auditors of the Company. The Board of Directors recommends M/s. P. Jasani & Associates, Chartered Accountants (Firm Registration No. 116628W) as Statutory Auditors of the Company, who have furnished a certificate of their eligibility for re-appointment under Section 224 (IB) of the Companies Act, 1956 and have indicated their willingness to occupy the said office. Members are requested to appoint auditors for the current year and to authorize the Board to fix their remuneration.

Auditors'' Report:

The observations made by the Auditors in their Report read with the relevant notes as given in the Notes to Accounts, are self explanatory and therefore do not call for any further comments under Section 217(3) of the Companies Act, 1956-

Corporate Governance & Management Discussion & Analysis Report:

A Report on Corporate Governance and Management Discussion & Analysis Report pursuant to Clause 49 of the Listing Agreement are annexed hereto and form part of this report.

Particulars of Conservation of Energy, Technology Absorption, Adaptation and Innovation and Foreign Exchange Earnings and outgo:

Information relating to the Conservation of Energy, Technology Absorption, Adaptation and Innovation pursuant to Section 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is not required to furnished as the Company has not carried out any operations during the year under review.

There was no Foreign Exchange Earnings and Outgo during the year under review.

Particulars of Employees:

During the year under review, the Company had no employees hence, no particulars of employees under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended are required to be furnished.

Acknowledgements:

The Directors wish to place on record their appreciation for reposing confidence in the Company''s management by shareholders and investors.

For and on behalf of the Board of Directors

Place: Mumbai Harshad Shah

Dated: 30th May, 2012 Chairman