Directors Report of Kshitij Investment Ltd.

Mar 31, 2014

TO THE MEMBERS

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

FINANCIAL RESULTS: The performance of your Company during the financial year ended the 31st March, 2014 was as follows:

Particulars Year ended 31.03.2014 Year ended 31.03.2013

Income 1,94,000.00 165,874.00

Profit Before Interest (241.98) (366.15)

Less: Interest NIL NIL

Profit/Loss Before Depreciation & Taxes (241.98) (366.15)

Less: Depreciation NIL NIL

Net Profit/ (Loss) before Tax (241.98) (366.15)

Less: Provision For Tax

a) Current Tax NIL NIL

b) Deferred Tax Asset NIL NIL

Add/(Less): Balance b/f 6,66,855.66 6,67,221.42

Balance Carried To Balance Sheet 6,66,613.68 6,66,855.66



The present results do not depict any substantial operational income which is due to many internal & external reasons which are beyond our control. However, your directors are hopeful for the current year in lights of certain positive developments in the group.

DIVIDEND:

In view of the loss sustained, the Directors do not recommend any dividend for the year under review.

DIRECTORS:

Mr. Kshitij Rajkumar, Director retires by rotation to the ensuing Annual General Meeting and being eligible offers himself for re-appointing.

AUDITORS:

M/s M. P. Shah & Co. Chartered Accountants, Kolkata the present Auditor of the Company retires at the ensuing Annual General Meeting and is eligible for re-appointment as Auditor.

AUDITOR''S OBSERVATIONS:

The observations of the Auditors in their Report are self-explanatory and therefore, need no further explanation.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 and under the Insurance Act, 1938 with respect to Director''s Responsibility Statement, it is hereby confirmed:

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

ii) 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 or loss if the Company for the year under review:

iii) 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 and the Insurance Act, 1938 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2014, on a ''going concern'' basis.

DEMATERIALISATION OF SHARES:

Dematerialisation of shares is pending. Presently the shares are in physical form.

COMPLIANCE CERTIFICATE:

Pursuant to the Proviso of Sub-Section (1) of Section 383A of the Companies Act, 1956, the Compliance Certificate dated 28th May, 2014. is attached and forms part of the Directors'' Report.

PUBLIC DEPOSITS:

During the year under review, no public deposits were accepted by the Company.

LISTING WITH STOCK EXCHANGES:

The equity shares of the Company are listed at The Bombay Stock Exchange Limited (BSE), and Listing Fees for the financial year ending the 31st March, 2015 have been duly paid.

PARTICULARS OF EMPLOYEES:

None of the Employees had drawn remuneration as required under provisions of Section 217 (2-A) of the Companies Act, 1956.

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

The Company has no activities relating to conservation of Energy or Technology Absorption. The Company does not have any foreign exchange earnings during the year under review.

ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for the co-operation, which the Company has received from its bankers and other Government Authorities. Your Directors also wish to place on record their appreciation of the unstinted co-operation extended by all business associates.

For and on Behalf of The Board Of Directors KSHITIJ INVESTMENTS LIMITED

PLACE: KOLKATA (DIRECTOR) DATE: 28th May, 2014.

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Mar 31, 2010

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

OPERATING & FINANCIAL RESULTS :

PARTICULARS Year ended Year ended 2009-2010 2008-2009

Total Income 848,046 3,029,305

(a) Operating Profit / (Loss) Before Interest 126,328 (16,923)

(b) Less : Interest NIL NIL

(c) Profit / (Loss) before Depreciation & Taxes 126,328 (16,923)

(d) Less : Depreciation 125.561 222,891

Net Profit / (Loss) before Tax (233) (239,814)

Less : Provision for Fringe Benefit Tax - 4,180

Net Profit / (Loss) after Tax (233) (243,994)

(e) Add / (Less) : Balance b/f 666,449 910,443

(f) Balance carried to Balance Sheet 666,216 666,449



WORKING RESULTS :

Sales during the year under review amounted to Rs.383,586.00 compared to Rs.2,953,749.00 in the previous year, reducing by 87%. However, due to other income of Rs.464,460.00 compared to Rs.75,556.00 in the previous year, the Company was able to control the Net Loss to Rs.233.00 compared to loss of Rs.243,994.00 in the previous year.

DIVIDEND :

Your Directors regret their inability to recommend any dividend due to Loss of Rs.233.00

DEPOSITS :

The Company did not accept any Deposits from the public. There were no unclaimed or unpaid Deposits as on 31st March, 2010.

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:

(i) that in the preparation of the accounts for the financial year ended 31st March, 2010, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) 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/loss of the Company for the year under review;

(iii) 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;

(iv) that the Directors have prepared the accounts for the financial year ended 31st March, 2010 on a ‘going concern basis.

DIRECTORS :

Mr. Kshitji Rajkumar, Director retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

Mr. Partha Sarathi Das resigned as Director with effect from 23rd December, 2009 due to his personal works. The Board placed on record appreciation of his services to the Company during his tenure of directorship.

AUDITORS :

M/s. M. P. SHAH & CO. , Chartered Accountants, Auditors have furnished thir eligibility certificate required under Section 224 (I-B) of Companies Act, 1956. The Board recommends their re-appointment till the conclusion of the Next Annual General Meeting.

SECRETARIAL COMPLIANCE CERTIFICATE :

M/s. R. N. SHAH & ASSOCIATES, Company Secretaries have furnished certificate as required under Sub-Section (1) of Section 383A of the Companies Act, 1956 and which is annexed to this report.

PARTICULARS OF EMPLOYEES :

None of the employees had drawn remuneration as required under provisions of Section 217 (2-A) of the Companies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND EXPENDITURE :

The Company didnt have any activity related to conservation of Energy and Technology Absorption. There was no foreign exchange earning nor foreign exchange outgo during the year under review.



For and on behalf of the Board of Directors

PANKAJ H. RAVAL

PLACE : KOLKATA CHAIRMAN

DATED: 20-05-2010