Directors Report of Nidhi Granites Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting their 32nd Annual Report together with the Audited Accounts for the year ended on 31st March 2014

FINANCIAL HIGHLIGHTS

The financial results for the year ended 31st March, 2014 are as summarised below:

Current Year Previous Year (Rs.in ''000) (Rs.in ''000)

Sales (Share Trading) 17 0

Gross Profit/(Loss) 928 14

Depreciation 17 30 Profit/(Loss) after tax 820 (16)

Add : Balance in Profit & Loss A/c. 1317 1330

Loss/Profit available 2136 1317

Balance carried to Balance Sheet 2136 1317

DIVIDEND

In view of Loss during the year, your Directors do not recommend any dividend for the current year.

BUSINESS

Due to unfavourable conditions of market, your Company has not performed well during the year.

FIXED DEPOSITS;

The Company has not accepted any deposit from the public within the meaning of Section 58A of the Companies Act, 1956.

DIRECTORS

Mrs. Ophelia Rodrigues and Mr. Rajkumarar Thard, Directors, retire by rotation and being eligible offer themselves for re-appointment.

DIRECTORS'' RESPONSIBILITY STATEMENT

In accordance with the requirements of Section 217(2AA) of The Companies Act, 1956, the Board of Directors confirm:

1. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. That the directors had selected such accounting policies and applied them consistently and made judgement 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 profit of the company for that period..

3. That the directors had 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.

4. That the directors had prepared the annual accounts on a going concern basis.

COMPLIANCE CERTIFICATE

A Compliance Certificate u/s Section 383 A of The Companies Act, 1956, in respect of the financial year ended 31st March, 2014 is attached herewith.

LISTING FEE PAYMENT

The Company''s shares are listed at the Bombay Stock Exchange Limited and the Company has paid Annual Listing fees for the financial year 2014-15.

PARTICULARS OF EMPLOYEES

There were no employees drawing remuneration in excess of the limit prescribed under Section 217 (2 A) of The Companies Act, 1956 during the year under review.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION ETC.

During the year the operation of the mining division is completely closed and the Company is doing Trading activity during the year hence no particulars are given under 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. There is no foreign exchange earning or outgo during the year.

AUDITORS:

M/s. K.N. Gandhi & Co., Chartered Accountants, retire as statutory Auditors of the Company at the conclusion of the Annual General Meeting and being eligible offer themselves for re-appointment.

ACKNOWLEDGEMENT:

Your Directors acknowledge the contribution made by the Company''s personnel at all levels.

By Order of the Board of Directors

Sd/- (RAJKUMAR THARD) Chairman & Managing Director Place: Mumbai Date: 31st July, 2014

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Mar 31, 2010

The Directors have pleasure in presenting their 28th Annual Report together with the Audited Accounts for the year ended on 31st March 2010

FINANCIAL HIGHLIGHTS

The Financial results for the year ended 31st March 2010 are as summarised below :

Current Year Previous Year

(Rs.in 000) (Rs.in 000)

Sales (Share Trading) 585 541

Gross Profit/(Loss) 6134 (6345)

Depreciation 213 215

Deferred Tax

Profit/(Loss) after tax 5025 (6512)

Add : Balance in Profit & Loss A/c. (1809) 4702

Loss/Profit available 3216 (1809)

Balance carried to Balance Sheet 3216 (1809)

DIVIDEND

In order to conserve the funds, your Directors thought it fit not to recommend any dividend for the current year.

BUSINESS

Due to bad condition of market, your Company has not performed well during the year . The mining division in Andhra Pradesh has yet not resumed its operation as the Forest Department is yet to withdraw its notice.

In the interest of the Company, the Directors agreed to settle the case against the Developer in regard to the office premises purchase by the Company in the building known as Krishna Business Park situated at Andheri. The compensation was amicably settled with Developer.

FIXED DEPOSITS:



The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

DIRECTORS

Mr. Virendra Pandya has resigned from the Companys Board on 31st July, 2010. Your Directors place on record the valuable services rendered by him.

At the meeting of the Board of Directors of the Company held on 31st July, 2010 the Board decided to appoint Mr. Rajkumar Thard, as Managing Director, subject to the approval of the shareholders, for a period of 5 years from 31st July 2010.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the requirements of Section 217(2AA) of the Companies Act, 1956, the Board of Directors confirm:

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

2. That the directors had selected such accounting policies and applied them consistently and made judgements 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 profit of the company for that period

3. That the directors had 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.

4 That the directors had prepared the annual accounts on a going concern basis.

COMPLIANCE CERTIFICATE

A Compliance Certificate from a Secretary in Whole-time Practice under Section 3 83A of the Companies Act 1956, in respect of the financial year ended 31st March, 2010 is attached herewith.

LISTING FEE PAYMENT

The Companys securities are listed at the Bombay Stock Exchange Limited and the Company has paid Annual Listing fees for the financial year 2010-11.

PARTICULARS OF EMPLOYEES

There were no employees drawing remuneration in excess of the limit prescribed under Section 217 (2 A) of the Companies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.

During the year the operation of the mining division is completely closed and hence no particulars are given under 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. There is no foreign exchange earning or outgo during the year.

AUDITORS:

M/s. K.N. Gandhi & Co., Chartered Accountants, retire as statutory Auditors of the Company at the conclusion of the Annual General Meeting and being eligible offer themselves for re-appointment.

ACKNOWLEDGEMENT;

Your Directors acknowledge the contribution made by the Companys personnel at all levels.

By Order of the Board of Directors

Sd-

(RAJKUMAR THARD)

Chairman & Managing Director

Place: Mumbai

Date: 31st July 2010