Directors Report of Newever Trade Wings Ltd.

Mar 31, 2015

Dear Members,

The directors have pleasure in presenting Third Annual Report together with the Audited Accounts for the financial year ended 31st March, 2015.

FINANCIAL HIGHLIGHTS

The directors are hopeful to achieve better results in future.

For the year For the year ended ended 31.03.2015 31.03.2014 Amt(Rs) Amt(Rs)

Profit / Loss before exceptional and 107,787.00 314,710.00

extraordinary items and tax

Exceptional Items - -

Profit/(loss) before extraordinary items and tax 107,787.00 314,710.00

Extraordinary Items - -

Profit before tax 107,787.00 314,710.00

Tax expense

(1) Current tax (126,221.00) (528,598.00)

(2) Deferred tax 545,302.00 (431,353.00)

Profit/(loss) for the period from continuing operations 526,869.00 (645,241.00)

Profit/(loss) from discontinuing operations - -

Tax expenses of discontinuing operations - -

Profit/(loss) from discontinuing operations (after tax) - -

Profit/(loss) for the period 526,869.00 (645,241.00)

PERFORMANCE REVIEW

Your company achieved an all time high performance in compare to previous year. During the year the Company's Profit after tax amounts to Rs. 5,26,869/-. Barring unforeseen circumstances, your Directors expect to achieve good results in the coming year. Your company had coupled with high level of modernization, concentrated efforts of both Management and all dedicated employees, the whole hearted support of Banks, suppliers and customers attained these levels of performance.

CHANGE IN THE NATURE OF BUSINESS

There has been no change in the operational activities of the company during the year under review.

TRANSFER TO RESERVES

During the year under review, there is no transfer to reserves.

DIVIDEND

The Board of Directors of the Company had not declared and paid any dividend for the current financial year.

SHARE CAPITAL

The paid up equity capital as on March 31, 2015 was Rs. 2,394.52 Lakhs. The company has not issued shares with differential voting rights nor granted stock options nor sweat equity during the financial year.

FINANCE

Cash and cash equivalents as at March 31,2015 was Rs. 12.61653 lakhs. The company continues to focus on judicious management of its working capital, Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.

PUBLIC DEPOSITS

Your Company has not accepted nor renewed any deposits during the Financial Year 2014-15 in terms of Chapter V of the Companies Act, 2013.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.

There is no investment during the year under review.

INDUSTRIAL RELATIONS

During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of Section 149 of the Act, which came into effect from April 1,2014, Mr. Vikash Dubey, Mr. Bhaskar Paul and Mrs. Purnima Maity were appointed as independent directors at the annual general meeting of the Company held on September 24, 2014. The terms and conditions of appointment of independent directors are as per Schedule IV of the Act. They have submitted a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Act and there has been no change in the circumstances which may affect their status as independent director during the year.

Mr. Vikrant Kayan Director of the Company retires by rotation at the ensuing Annual General Meeting of the Company and being eligible offer himself for re-appointment.

Mr. Sharad Jhunjhunwala, stepped down from the Board of the Company on March 27, 2015 due to pre-occupations. The Board places on record its appreciation of the invaluable contribution and guidance provided by him.

Mr. Akash Kumar was appointed as Additional, Managing Director with effect from March 27, 2015. He is Commerce graduate from Calcutta University. He has five years of experience in trading, and other related activities. His area of specialization includes Accounts, Finance Management, Corporate Management, Business valuation and Corporate Governance. He has strong execution capabilities and is adept at innovation, team building and leadership. His appointment will immensely help the Company in its positive growth.

The resolutions seeking approval of the Members for the appointment of Mr. Akash Kumar as Managing Director of the Company have been incorporated in the notice of annual general meeting forming a part of this report. The Company has received a notice under Section 160 of the Act along with the requisite deposit proposing the appointment of Mr. Akash Kumar as Managing Director of the Company.

Pursuant to the provisions of Section 203 of the Companies Act, 2013, which came into effect from April 1,2014, the appointments of Mr. Koushik Brahma, Chief Financial Officer and Ms. Rashmi Singhal, Company Secretary as Key Managerial Personnel of the Company were formalized. Further Mr. Akash Kumar will be appointed as Managing Director of the Company, subject to the approval of Members.

The above appointment/re-appointment forming a part of the Notice of the Annual General Meeting and Profiles of the Directors as required under Clause 52(IV)(G)(i) of the SME Listing Agreement with the Stock Exchange, are given in the Annexure to the Notice.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

a) In the preparation of the annual accounts for the year ended March 31,2015, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) 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 or the profit of the Company at the end of the year under review.

c) 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.

d) The Directors have prepared the annual accounts on a going concern basis; and

e) The Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received necessary declarations from each independent director under Section 149(7) of the Companies Act, 2013, that he or she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Clause 52 of the SME Listing Agreement.

PARTICULARS OF EMPLOYEES

A) Details of the ratio of the remuneration of each Director to the median employee's remuneration and other details as required pursuant to Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

S. Name of Director Remuneration of % increase in No. / KMP and Director/KMP Remuneration in Designation for financial year the financial 2014 -15 (in Rs.) year 2014-15

1 Sharad 180,000 NIL Jhunjhunwala (Managing Director) Resigned with effect from 27/03/201 5)

2 Kousik Brahma 144,000 NIL CFO

3 CS Rashmi 301057 NIL Singhal Company Secretary & Compliance Officer

S. Name of Director Ratio of Comparison of the No. / KMP and remuneration of Remuneration of the KMP Designation each Director / against the performance to median of the Company remuneration of employees

1 Sharad 207 EPS for the Current FY is Jhunjhunwala Re. 0.022 as compared to (Managing a loss of Re. 0.027 in FY Director) 2013-14 Resigned with effect from 27/03/201 5)

2 Kousik Brahma 1.65 EPS for the Current FY is CFO Re. 0.022 as compared to a loss of Re. 0.027 in FY 2013-14

3 CS Rashmi 3.46 EPS for the Current FY is Singhal Re. 0.022 as compared to Company a loss of Re. 0.027 in FY Secretary & 2013-14 Compliance Officer

Note: There has been no payment towards sitting fees to any Director for attending Board and Committee meetings. Notes:-

i) Median remuneration of employees of the Company during the financial year 2014-2015 was Rs. 87,000 /-.

ii) Median remuneration of employees of the Company during the financial year 2013-2014 was Rs. 78000/-. In the financial year, there was a increase of 11.54% in the median remuneration of employees. The said increase is very much in line with performance of the company.

iii) There were 8 Confirmed employees on the rolls of the Company as on March 31,2015.

iv) Relationship between average increase in remuneration and company performance- Average Remuneration increased during the year 2014-2015 by 14% whereas the company's PAT increase by 181.65%.

v) a) Variation in the market capitalization of the company: The market capitalization as on 31st March 2015 was Rs. 172.40 Lakhs (Rs. 646.52 Lakhs as on 31st March 2014)

b) Price Earning Ratio of the Company was 327.27 as at 31st March 2015 and (there was a loss in FY as at 31st March 2014.

c) Percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company came out with the last public offer: The Company had come out with initial public offer (IPO) in 2013. The closing price of the Company's equity shares on the BSE as of March 31,2015 was Rs 7.20 and 28% (BSE) decrease over the IPO price, adjusted for stock splits and bonus to date. An amount of Rs. 100,000 invested in the said IPO would be worth 72,000 as on March 31,2015 (Ref: BSE Closing Price as on March 31,2015).

vi) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year i.e. 2014-15 was 14% whereas the increase in the managerial remuneration for the same financial year was Nil.

vii) The key parameters for the variable component of remuneration availed by the directors are considered by the Board of Directors based on the recommendations of the Nomination and Remuneration Committee as per the Remuneration Policy for Directors, Key Managerial Personnel and other employees.

viii) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year was 0.59.

ix) It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other employees.

B) Details of every employee of the Company as required pursuant to rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

During the year under consideration, none of the employees of the company was in receipt of remuneration in excess of limits prescribed under clause 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Hence particulars as required under 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have not been provided.

MEETINGS OF THE BOARD

Eight meetings of the Board of Directors were held during the year. For further details, please refer Report on Corporate Governance.

BOARD EVALUATION

The Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

NOMINATION AND REMUNERATION POLICY

The Board of the Directors has framed the policy which lays down a framework in relation to Remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. This policy also lays down criteria for selection and appointment of Board Members. The Nomination and Remuneration Policy is annexed at the end of the Corporate Governance Report as " Annexure-4"

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Since the CSR norms are not applicable to the Company hence, the disclosures as per Rule 9 of Companies (Corporate Social Responsibility Policy) Rules, 2014 is not required to be made.

INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope of work includes review of process for safeguarding the assets of the Company, review of operational efficiency effectiveness of systems and processes, and assessing the internal control in all areas.

AUDITOR'S REPORT/ SECRETARIAL AUDIT REPORT

The auditor's report and secretarial auditor's report does not contain any qualifications, reservations or adverse remarks.

AUDITORS

M/s. D. K. Chhajer & Co., Chartered Accountants, who are appointed as the Statutory Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting. In terms of the Companies Act, 2013 ("the new Act") and the Rules framed thereunder, it is proposed to appoint them as Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting, until the conclusion of the fifth consecutive AGM of the Company to be held in the year 2020 (subject to ratification of their appointment by the Members at every Annual General Meeting held after the ensuing Annual General Meeting).

As required under the provisions of section 139(1) of the new Act, the Company has received a written consent from M/s. D. K. Chhajer & Co., Chartered Accountants to their appointment and a Certificate, to the effect that their re-appointment, if made, would be in accordance with the new Act and the Rules framed thereunder and that they satisfy the criteria provided in section 141 of the new Act.

The Members are requested to elect Auditors as aforesaid and fix their remuneration.

SECRETARIAL AUDIT

Pursuant to provisions of Section 204 of the Companies Act, 2013 the Company has appointed-M/s. Chandanbala Jain & Associates, Practicing Company Secretaries (CP No. 6400) to undertake the Secretarial Audit of the Company. The Secretarial Audit report for the Financial Year ended March 31,2015 is annexed herewith as "Annexure 1" and forms an integral part of this Report.

EXTRACT OF ANNUAL RETURN

The extract of Annual Return as on March 31,2015 in the prescribed Form No. MGT-9, pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 (1) of the Companies (Management and Administration) Rules, 2014, duly certified by the Practicing Company Secretary is annexed hereto as "Annexure 2" and forms part of this report.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

During the year, the Company had not entered into any contract or arrangement with related parties which could be considered 'material' or which may have potential conflict with interest of the company at large.

However, a NIL statement is annexed herewith as "Annexure 3" in the prescribed form AOC-2. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS

During the period under review, there were no significant and material orders passed by the regulators/ courts or tribunals that would impact going concern status of the Company and its future operations.

DETAILS OF SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE COMPANIES

As on 31st March, 2015, the Company had no subsidiary/ Joint Ventures /Associate Companies.

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

Since, the Company neither owned or operates any manufacturing unit or facility nor has carried out any transaction involving foreign exchange inflow or outflow, there is no information which needs to be disclose in respect of Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo as per Section 134 of the Companies Act, 2013.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

In compliance with provisions of section 177(9) & (10) of the Companies Act, 2013, the Company has established a Vigil Mechanism/Whistle Blower Policy, through which Directors, employees and business associates may report unethical behavior, malpractices, wrongful conduct, fraud, violation of Company's code of conduct without fear of reprisal. The Vigil Mechanism/Whistle Blower Policy has been uploaded on the website of the Company at www.newever.in.

CORPORATE GOVERNANCE

As required by the SME Listing Agreement with the Stock Exchange, reports on Corporate Governance and Management Discussion & Analysis Report, as approved by the Board together with a certificate from a Practicing Company Secretary are set out in the annexure forming a part of this report.

LISTING

The Equity Shares of the Company are listed with The BSE Limited (SME Platform), P. J. Towers, Dalal Street, Mumbai -400 001 under scrip code - 536644 and the Company has paid listing fees to the said stock exchange for the year 20152016.

APPRECIATION

Your directors wish to convey their appreciation to all customers, promoters, lenders, trading partners, suppliers and the Government Authorities for their invaluable support and look forward to continued support in future. Your Director wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment, which has enables the company to march ahead.

For and on behalf of the Board

AKASH KUMAR VIKRANT KAYAN Managing Director Director DIN :06550023 DIN : 00761044

Date: 04.09.2015 Place: Kolkata

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Mar 31, 2014

THE MEMBERS

NEWEVER TRADE WINGS LIMITED

(Formerly, Newever Infrahomes Limited)

The directors have pleasure in presenting Annual Report together with the Audited Account for the financial year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS

For the year ended 31.03.2014 Amt(Rs)

Profit / Loss before exceptional and 314,710.00 extraordinary items and tax

Exceptional Items -

Profit/(loss) before extraordinary items and tax 314,710.00

Extraordinary Items -

Profit before tax 314,710.00

Tax expense

(1) Current tax 528,598.00

(2) Deferred tax 431,353.00

Profit/(loss) for the period from continuing operations (645,241.00)

Profit/(loss) from discontinuing operations -

Tax expenses of discontinuing operations -

Profit/(loss) from discontinuing operations (aftertax) -

Profit/(loss) for the period (645,241.00)

The directors are hopeful to achieve better results in future.

DIVIDEND

The Board of Directors of the Company had not declared and paid any dividend for the current financial year.

INITIAL PUBLIC OFFERING

During the year under review, your Company has made public issue of 63,20,000 Equity shares through IPO for cash at par aggregating Rs. 632 lacs having face value Rs.10/- each . Your Board feels proud to note that this was the most successful IPO on SME segment of Indian Capital Market. Your Board is really thankful for the trust posed in the Company. Subsequently the shares of the Company have been listed on SME Platform of BSE since October 17, 2013.

PUBLIC DEPOSITS

The company has not accepted any Public deposits from the public during the year.

DIRECTORS

Mr. Vikash Dubey and Mr. Bhaskar Paul were appointed as Non-Executive Independent Directors whose period of office was liable to determination by retirement of directors by rotation under the erstwhile applicable provisions of the Companies Act, 1956, in order to comply with the provisions of Sections 149,152 read with Schedule IV and other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014, they are being appointed as an Independent Directors not liable to retire by rotation, to hold office for five consecutive years from the date of this Annual General Meeting i.e. September 24, 2014 to September 23, 2019. Their appointment needs to be confirmed by the members in the General Meeting.

Mrs. Purnima Maity was appointed as Non-Executive, Additional Director in terms of provisions of Section 161 of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014, to hold office upto the date of ensuing Annual General Meeting. Her appointment needs to be confirmed by the members in the General Meeting.

Mr. Vikrant Kayan Director of the Company retires by rotation at the ensuing Annual General Meeting of the Company and being eligible offer himself for re-appointment.

The above appointment/re-appointment forming a part of the Notice of the Annual General Meeting and Profiles of the Directors as required under Clause 52(IV)(G)(i) of the SME Listing Agreement with the Stock Exchange, are given in the Annexure to the Notice.

AUDITOR''S

The present Auditor of the Company M/s K N Jain & Co., Chartered Accountants, holds office until the conclusion of the ensuing Annual General Meeting and is eligible for re-appointment. However, M/s K N Jain & Co. has expressed their unwillingness for re-appointment and informed to the Company by notice in writing to this effect .In view of this the Audit Committee recommend the appointment of M/s. D.K. Chhajer & Co., Chartered Accountants (FRN No. 304138E) as Statutory Auditors of the Company for the Financial Year 2014-15 to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting.

Further, M/s. D.K. Chhajer & Co., Chartered Accountants, have given consent letter to act as Statutory Auditors and letter to the effect that their appointment, if made, would be within the prescribed limits under Section 139 of the Companies Act, 2013 and they are not disqualified for such appointment within the meaning of Section 141 of the Companies Act, 2013.

AUDITOR''S REPORT

The comments made by the Auditors in their report have been duly explained in the attached notes to Accounts and hence do not need to be dealt with here.

DEPOSITORY SYSTEM

As the members are aware, your Company''s shares are tradable compulsorily in electronic form and the Company has established connectivity with both the depositories in the country, i.e. NSDL and CDSL In view of the various advantages offered by the depository system, members are requested to avail of the facility of dematerialization of the Company''s shares on either of the aforesaid Depositories.

PARTICULARS OF EMPLOYEES

There was no employee of the Company who received remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

PARTICULARS PURSUANT TO COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES. 1988

Since, the Company neither owned or operate any manufacturing unit or facility nor has carried out any transaction involving foreign exchange inflow or outflow, there is no information which needs to be disclose in respect of Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo as per Section 217 (1) (e) of the Companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT (under sub-section 2AA of Section 217 of the Companies Act, 1956) We, the Directors of NEWEVER TRADE WINGS LIMITED hereby confirm that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with the proper explanation relating to material departures.

ii) The Directors have selected such accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give true & fair view of the state of affairs of the Company at the end of the financial year 31st March, 2014.

iii) The Directors have taken proper and sufficient care 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 for preventing and detecting fraud and other irregularities.

iv) The Directors have prepared the annual accounts for the period ended 31st March, 2014 on a going concern basis.

CORPORATE GOVERNANCE

As required by the SME Listing Agreement with the Stock Exchange, reports on Corporate Governance and Management Discussion & Analysis Report, as approved by the Board together with a certificate from a practicing Company Secretary are set out in the annexure forming a part of this report.

LISTING

The Equity Shares of the Company are listed with The BSE Limited, P. J. Towers, Dalai Street, Mumbai - 400 001 under scrip code - 536644 and the Company has paid listing fees to the said stock exchange for the year 2014-2015.

APPRECIATION

Your directors wish to convey their appreciation to all customers, promoters, lenders, trading partners, suppliers and the Government Authorities for their invaluable support and look forward to continued support in future. Your Director wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment, which has enables the company to march ahead.

For and on behalf of the Board

SD/- SD/-

VIKRANTKAYAN SHARAD JHUNJHUNWALA Director Managing Director DIN-00761044 DIN-00032879

Date: 26.08.2014 Place: Kolkata

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Mar 31, 2013

TO THE MEMBERS OF NEWEVER TRADE WINGS LIMITED

The directors have pleasure in presenting First Annual Report together with the Audited Account for the period from 27thApril, 2012 to 31st March, 2013.

FINANCIAL HIGHLIGHTS

The Company has earned profit from the business activities; results for the period from 27lhApril, 2012 to March are as follows;

As at the end of current reporting period Amt(Rs)

Profit / Loss before exceptional and 556,630.85 extraordinary items and tax

Exceptional Items

Profit/Qoss) before extraordinary items and tax 556,630,85

Extraordi nary Items

Profit before tax 556,630.85

Tax expense

(1) Current tax 168,320.00

(2) Deferred tax 384,635.85

Profit/Goss) for the period from continuing operations 384,635.85 Profit/ Qoss) from discontinuing operations

Tax expenses of discontinuing operations

Profit/Goss) from discontinuing operations (after tax)

Profit/Goss) for the period 384,635.85

The directors are hopeful to achieve better results in future.

DIVIDEND

The Board of Directors of the Company had not declared and paid any dividend for the current financial year

AUDITOR''S

M/s Rahul R Choudhary & Associates, Chartered Accountants, Kolkata has been appointed as the First Auditor of the Company to hold the office until the conclusion of the next Annual General Meeting.

AUDITOR''S REPORT

The comments made by the Auditors in their report have been duly explained in the attached notes to Accounts and hence do not need to be dealt with here.

PARTICULARS OF EMPLOYEES

There was no employee of the Company who received remuneration in excess of the limits prescribed under Section 2i7(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975-

DIRECTORS'' RESPONSIBILITY STATEMENT f under sub-section 2AA of Section 217 of the Companies Act, iqs6)

We, the Directors of NEWEVER INFRAHOMES LIMITED hereby confirm that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with the proper explanation relating to material departures.

ii) The Directors have selected such accounting policies and applied them consistently and have made judgments and estimates that are reasonable and prudent so as to give true & fair view of the state of affairs of the Company as at the period ended 31st March, 2013 and of the Profit of the company for the period from 27thApril, 2012 to 31,01,2013.

hi) The Directors have taken proper and sufficient care 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 for preventing and detecting fraud and other irregularities.

iv) The Directors have prepared the annual accounts for the period ended 31st March, 2013 on a going concern basis.

APPRECIATION

Your directors wish to convey their appreciation to all customers, promoters, lenders, trading partners, suppliers and the Government Authorities for their invaluable support and look forward to continued support in future. Your Director wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment, which has enables the company to Imarch ahead.

For and on behalf of the Board

DIRECTORS

Place: Kolkata

Date: 11th June, 2013