Directors Report of Jeet Machine Tools Ltd.

Mar 31, 2014

Dear Members,

The Directors present the Thirtieth Annual Report on the business and operations of the Company together with Audited Accounts of your Company for the financial year ended March 31, 2014.

Financial Results:

Financial Results for the financial year ended March 31, 2014 are as under:

(Rupees in Lacs)

Particulars Year ended Year ended March 31,2014 March 31,2013

Gross Revenue 22.73 7.52

Profit before Depreciation, Interest and Tax (4.23) (6.78)

Less: Interest - -

Depreciation 0.12 0.20

Profit before Taxation (4.35) (6.98)

Provision for Taxation & Deferred Tax

* Current Tax - -

* Deferred Tax (0.30) (3.56)

Balance carried to Balance Sheet (4.66) (3.42)

PERFORMANCE FOR THE YEAR:

During the year under review, the Company earned revenue of Rs. 21.61 Lacs from its operations and other income of Rs. 1.12 Lacs. The Net Loss of the Company amounted to Rs. 4.66 Lacs compared to the Loss of Rs. 3.42 Lacs of the previous financial year. The Company is hopeful of improving its operations during the current year.

DIVIDEND:

In view of the losses incurred by the Company during the current financial year, your Directors have thought it prudent not to recommend any dividend on the paid-up share capital of the Company for the financial year under review.

In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Mr. Kawaljit Singh Chawla (DIN: 00222203) and Mr. Kulwant Singh Prehlad Singh Kohli (DIN: 02444911) , Directors of the Company, shall retire by rotation at the ensuing Annual General Meeting and being eligible for re-appointment, offer themselves for re-appointment. The Board of Directors recommends their re-appointment.

It is proposed to appoint Mr. Narendra Mansingka (DIN: 00117571), as an Independent Director of the Company under the provisions of the revised Clause 49 of the Listing Agreement and provisions of Section 149 of the Companies Act, 2013. The said Independent Director meets the criterion of independence as provided under Section 149(6) of the Companies Act, 2013. It is proposed to appoint him, in the ensuing Annual General Meeting, as Independent Director in terms of Section 150(2) of the Companies Act, 2013 for a term of five consecutive years and resolution for the appointment of the said Independent Director to this effect is incorporated in the Notice of the ensuing Annual General Meeting.

Pursuant to the provisions of Section 160 of the Companies Act, 2013, the Company has received a Notice in writing from one of the members of the Company, signifying his intention to propose the candidatures of the said Independent Director.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, your Directors to their best of their knowledge and belief confirm the following that:

* The applicable accounting standards have been followed in the preparation of the annual accounts and there are no material departure;

* Such accounting policies have been selected 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 as at March 31, 2014 and the loss of the Company for the financial year ended on that date;

* Proper and sufficient care have been taken 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; and

* The annual accounts have been prepared on a going concern basis.

SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to the proviso to Section 383A(1) of the Companies Act, 1956, read with the Companies (Compliance Certificate) Rules, 2001, Secretarial Compliance Certificate obtained from M/s Rathi & Associates, Company Secretaries in Whole Time Practice is attached herewith and forms part of the Report.

FIXED DEPOSITS:

During the year under review, your Company has neither accepted nor renewed any fixed deposits within the meaning of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 and also no amount was outstanding on account of principal or interest thereon, as of the date of the Balance Sheet.

SUBSIDIARY COMPANIES:

In accordance to Section 212(8) of Companies Act, 1956 during the financial year, the Company does not have any Subsidiary Company.

AUDITORS:

M/s. J. S. Bhatia & Co., Chartered Accountants, Statutory Auditors of the Company retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The retiring Auditors have furnished a Certificate of their eligibility for re-appointment under third proviso of sub-section (1) of Section 139 of the Companies Act, 2013, and have indicated their willingness to continue in the said office.

AUDITORS'' REPORT:

The observations, if any, made by the Statutory 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.

CONSERVATION OF ENERGY, RESEARCH AND DEVLOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO:

(A) Conservation of Energy and Technology Absorption, adaptation and innovation:

Considering the Company''s business activities, the Directors have nothing to state in connection with Conservation of Energy and Technology Absorption.

(B) Foreign Exchange Earnings & Outgo:

The Company has neither earned any income nor expended any amount in Foreign Currency during the financial year under review.

PARTICULARS AS PER SECTION 217 (2A) OF THE COMPANIES ACT, 1956:

None of the employees of the Company were in receipt of remuneration equal to or exceeding the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS:

Your Directors place on record its deep appreciation for the dedicated services of the executives and staff of the Company and also to the Shareholders, Bankers, Statutory Auditors, its patrons and all the organizations connected with the Company for their continuous support.

FOR AND ON BEHALF OF THE BOARD

Place: Mumbai Ajit Singh Chawla Kawaljit Singh Chawla Dated: September 2, 2014 Director Director DIN: 02451259 DIN: 00222203

REGISTERED OFFICE: 25 Ambalal Doshi Marg, Hamam Street, Fort, Mumbai - 400 023 Tel No. 022-22651944 /022- 65208171, Fax. [phone], Email: [email protected]

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Mar 31, 2013

Dear Members of Jeet Machine Tools Limited

The Directors present the 29th Annual Report on the business, operations and the Audited Accounts of your Company for the financial year ended 31st March, 2013.

Financial Results:

Financial Results for the financial year ended 31st March 2013 are as under:

(Rs. in Lacs)

Particulars For the year ended For the year ended 31st March, 2013 31st March, 2012

Gross Revenue 7.48 22.76

Profit before Depreciation, Interest and (6.78) (3.23) Tax

Less: Interest - 1.10

Depreciation 0.20 0.45

Profit before Taxation (6.98) (4.78)

Provision for Taxation & Deferred Tax

- Current Tax - -

- Deferred Tax (3.56) (0.65)

Balance carried to Balance Sheet (3.42) (5.44)



Performance for the year:

During the year under review, the Company achieved sales of Rs. 2.65 Lacs and other income of Rs. 4.82 Lacs. The Net Loss of the Company amounted to Rs. 6.98 Lacs compared to the Loss of Rs. 4.78 Lacs of the previous financial year. The Company is hopeful of improving its operations during the current year.

Dividend:

In view of the current year''s losses, your Directors have thought it prudent not to recommend any dividend on the paid-up share capital of the Company for the year ended 31st March, 2013.

Directors:

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Mr. Narendra Mansingka and Mr. Ajit Singh Chawla shall retire by rotation at the ensuing Annual General Meeting and being eligible for re-appointment, offer themselves for re- appointment. Your Board recommends their re-appointment.

Directors Responsibility Statement:

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

(a) that the applicable accounting standards have been followed in the preparation of final accounts and that there are no material departures;

(b) that the accounting policies have been selected and applied consistently and such judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2013 and of the loss 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 Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(d) that the annual accounts have been prepared on a going concern basis.

Particulars u/s.217 (2A) of the Companies Act, 1956:

None of the employees of the Company were in receipt of remuneration equal to or exceeding the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

Auditors:

M/s. J. S. Bhatia & Co., Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. 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 the said Auditors for the current year and to authorize the Board to fix their remuneration.

Auditors'' Report:

The observations, if any, made by the Statutory 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.

Secretarial Compliance Certificate:

Secretarial Compliance Certificate as required under Section 383A(1) of the Companies Act, 1956 for the year ended 31st March, 2013 as obtained from M/s Rathi & Associates, Practicing Company Secretaries is attached herewith and forms part of the Report.

Fixed Deposits:

During the year under review, the company has not accepted or renewed any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

Conservation of Energy, Technology Absorption, foreign Exchange Earnings & Outgo:

The requirements of disclosures in terms of Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the report of the Board of Directors), Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable since the Company is not engaged in manufacturing activities.

The Company has neither earned any income nor expended any amount in Foreign Currency during the year review.

Acknowledgements:

Your Directors would like to express their grateful appreciation for assistance and co-operation received from the Bankers, Vendors and the shareholder fraternity whose continued co-operation has been of immense strength to the Management all these years.



For and on behalf of the Board



Place: Mumbai Ajit Singh Chawla Kawaljit Singh Chawla

Dated: 2nd August, 2013 Director Director

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Mar 31, 2011

Dear Members,

The Directors present the 27th Annual Report on the business, operations and the Audited Accounts of your Company for the financial year ended 31st March, 2011.

Financial Results:

Financial Results for the financial year ended 31st March 2011 are as under:

(Rs. in Lacs)

Particulars For the year For the year ended ended

31st March 2011 31st March 2010

Gross Revenue 134.55 28.44

Profit before Depreciation, Interest and Tax 116.77 15.67

Less: Interest 1.15 0.24

Depreciation 0.60 0.81

Profit before Taxation 115.02 14.62

Provision for Taxation & eferred Tax_ - Current Tax (23.60) (1.49)

- Deferred Tax (1.05) (2.57)

- Of earlier Years (A.Y: 2009-10) _ (4.38)

- Mat Credit Entitlement 21.90 _

Balance carried to Balance Sheet 112.28 6.18

Performance for the year:

During the year under review, the Company achieved sales of Rs. 11.08 lacs and other income of Rs. 123.46 lacs from its long term investments. The Net Profit of the Company was amounted to Rs. 115.02 lacs compared to Rs. 14.62 lacs of the previous financial year.

Dividend:

With a view to conserve the resources for meeting future requirements, your Directors have thought it prudent not to recommend any dividend on the paid up share capital of the Company for the year ended 31st March, 2011.

Directors:

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Mr. Narendra Mansingka and Mr. Ajit Singh Chawla shall retire by rotation at the ensuing Annual General Meeting and are being eligible, offers themselves for re-appointment. Your Board recommends their re-appointment.

Directors Responsibility Statement:

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

(a) that the applicable accounting standards have been followed in the preparation of final accounts and that there are no material departures;

(b) that the accounting policies have been selected and applied consistently and such judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2011 and of the Profit 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 Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(d) that the annual accounts have been prepared on a going concern basis.

Particulars u/s.217 (2A) of the Companies Act, 1956:

None of the employees of the Company were in receipt of remuneration equal to or exceeding the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

Auditors:

M/s. J. S. Bhatia & Co., Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible, offer themselves for re-appointment. 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 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.

Secretarial Compliance Certificate:

Secretarial Compliance Certificate as required under Section 383A(1) of the Companies Act, 1956 for the year ended 31st March, 2011 as obtained from M/s Rathi & Associates, Company Secretaries is attached herewith.

Fixed Deposits;

During the year under review, the company has not accepted or renewed any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

Conservation of Energy, Technology Absorption, foreign Exchange Earnings & outgo;

The requirements of disclosures in terms of Section 217(l)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the report of the Board of Directors), Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable since the Company is not engaged in manufacturing activities.

The Company has neither earned any income nor expended any amount in Foreign Currency during the year review.

Acknowledgements:

Your Directors would like to express their grateful appreciation for assistance and co- operation received from the Bankers, members of medical profession, Vendors and the shareholder fraternity whose continued co-operation has been of immense strength to the Management all these years. Your Directors also wish to place on record their deep sense of appreciation for the committed services of the Executives, Staff and Workers of the Company.

For and on behalf of the Board

Place: Mumbai Ajit Singh Chawla Kawaljit Singh Chawla

Dated: 24th May 2011 Director Director

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Mar 31, 2010

The Directors present the 26th Annual Report on the business, operations and the Audited Accounts of your Company for the financial year ended 31st March, 2010.

Financial Results:

Financial Results for the financial year ended 31st March 2010 are as under:

(Rs. in Lacs)

Particulars For the year For the year ended ended 31st March 2010 31st March 2009

Gross Revenue 28.44 37.00

Profit before Depreciation,

Interest and Tax

(PBDIT) 15.67 17.70

Less: Interest 0.24 0.44

Depreciation 0.81 1.03

Profit before Taxation 14.62 16.23

Provision for Taxation &

Deferred Tax

- Current Tax (1.49) (0.35)

- Fringe Benefit Tax - (0.08)

Deferred Tax (2.56) 0.00

For Earlier Years (A.Y; 2009-10) (4.38) -

Balance carried to Balance Sheet 6.19 15.80

Performance for the year:

During the year under review, the Company has not carried out any activity. Your directors have been taking steps to generate the business opportunities. During the year under review the Company earned other income of Rs.28.44 lacs from interest and dividend. The Net Profit of the Company suffered marginally during the year under review to Rs. 14.61 lacs frorn Rs. 16.23 of the previous financial year.

Dividend:

With a view to conserve the resources for meeting future requirements, your Directors have thought it prudent not to recommend any dividend on the paid up share capital of the Company for the year ended 31st March, 2010.

Directors:

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Mr. Narendra Mansingka and Mr. Kulwant Singh Kohli shall retire by rotation at the ensuing Annual General Meeting and are being eligible, offers themselves for re-appointment. Your Board recommends their re-appointment.

Directors Responsibility Statement:

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

(a) that the applicable accounting standards have been followed in the preparation of final accounts and that there are no material departures;

(b) that the accounting policies have been selected and applied consistently and such judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2010 and of the Profit 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 Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(d) that the annual accounts have been prepared on a going concern basis.

Particulars u/s.217 (2A) of the Companies Act. 1956:

None of the employees of the Company were in receipt of remuneration equal to or exceeding the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

Auditors:

M/s. J. S. Bhatia & Co., Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible, offer themselves for re- appointment. 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 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.

Secretarial Compliance Certificate:

Secretarial Compliance Certificate as required under Section 383A(1) of the Companies Act, 1956 for the year ended 31st March, 2010 as obtained from M/s Jayesh Shah & Company, Company Secretaries is attached herewith.

Fixed Deposits;

During the year under review, the company has not accepted or renewed any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

Conservation of Energy, Technology Absorption, foreign Exchange Earnings & Outgo:

The requirements of disclosures in terms of Section 217(l)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the report of the Board of Directors), Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable since the Company is not engaged in manufacturing activities.

The Company has neither earned any income nor expended any amount in Foreign Currency during the year review.

Acknowledgements:

Your Directors would like to express their grateful appreciation for assistance and co operation received from the Bankers, members of medical profession, Vendors and the shareholder fraternity whose continued co-operation has been of immense strength to the Management all these years. Your Directors also wish to place on record their deep sense of appreciation for the committed services of the Executives, Staff and Workers of the Company.

For and on behalf of the Board

Place: Mumbai Ajit Singh Chawla Kawaljit Singh Chawla

Dated: 29th May, 2010 Director Director