Directors Report of Parichay Investments Ltd.

Mar 31, 2014

Dear Shareholders,

The Directors here by present the Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2014.

OPERATIONS REVIEW:

During the year under review due to sluggish market condition and financial crisis company faces huge set back. So company not in position to generate any revenue from the operation but due to some fixed cost company posted Net Loss of Rs.66699/-.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDEND:

The Directors have not declared any dividend during the year under review due to loss incurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

BOARD OF DIRECTORS:

Mr. Vipul Trivedi, Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

Mr. Mahendra Ganatra (DIN: 00272462) and Mr. Nileshkumar Kava (DIN: 01618499) Director of the Company, who was appointed as a Director liable to retire by rotation, be and is hereby appointed as an Independent Director of the Company to hold office for five consecutive years up to the conclusion of the Annual General Meeting to be held in the calendar year 2019.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company and hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the Section 383A of the Companies Act, 1956 and Companies (Appointment and Qualifications of Secretary) Amendment Rules, 2009, the Company has obtained a certificate from a secretary in whole-time practice confirming that the Company has complied with the provisions of the Companies Act, 1956 and a copy of such certificate is annexed to this report.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, are not applicable to our Company, as our Company has not carried out any manufacturing activities.

The foreign exchange earnings on account of the operation of the Company during the year was Rs. Nil.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

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

ii) 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 of the Company for that period;

iii) 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) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board For, PARICHAY INVESTMENTS LIMITED

(VIPUL TRIVEDI) CHAIRMAN

PLACE: MUMBAI

DATE: 25.08.2014

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Mar 31, 2013

The Directors here by present the Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2013.

OPERATIONS REVIEW:

During the year under review due to sluggish market condition and financial crisis company faces huge set back. So company not in position to generate any revenue from the operation but due to some fixed cost company posted Net Loss of Rs.130246/-.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to loss incurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

BOARD OF DIRECTORS:

MR. NILESHKUMAR TRIBHOVANDAS KAVA, Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company and hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self- explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the Section 383A of the Companies Act, 1956 and Companies (Appointment and Qualifications of Secretary) Amendment Rules, 2009, the Company has obtained a certificate from a secretary in whole-time practice confirming that the Company has complied with the provisions of the Companies Act, 1956 and a copy of such certificate is annexed to this report.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

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

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, are not applicable to our Company, as our Company has not carried out any manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the year was Rs. Nil.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

i) in the preparation of the annual accounts, the applicable accounting standards have been followed

along with proper explanation relating to material departures;

ii) 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 of the Company for that period;

iii) 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) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board

For, PARICHAY INVESTMENTS LIMITED

PLACE: MUMBAI

DATE: 31.08.2013 Sd/-

(MAHENDRA GANATRA)

CHAIRMAN

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Mar 31, 2011

To The Members of Parichay Investments Limited

The Directors present their Annual Report and Audited Statement of Accounts for the year ended 31st March 2011.

FINANCIAL RESULTS: (Amt. In Rs.)

PARTICULARS 2010-2011 2009-2010

Profit /(Loss) before Depreciation (52,469) 3,20,961

Less : Depreciation 0 0

Profit / (Loss) before Tax (52,469) 3,20,961

Less : Provisions for taxation 0 99,192

Profit / (Loss) After Tax (52,469) 2,22,164

Excess/(Short) Provision for Tax 0 0

Add : Balance b/f from Previous Year 15,71,850 13,49,686

Balance carried forward 15,19,381 15,71,850

BUSINESS OPERATIONS

The company has incurred Loss of Rs. 52,469/- after tax of the Company during the year. As compared to Profit of Rs. 2, 22,164/- of the last year.

DIVIDEND

Your Directors do not recommend any Dividend.

APPOINTMENT OF AUDITORS:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, are proposed to be re-appoint as auditor of the company for the financial year 2011-2012. The auditors of the Company retire at the forthcoming Annual General Meeting. The board will fix the remuneration of newly appointed auditors of the company. The necessary certificate under section 224(1B) of the Companies Act, 1956 has been received from the auditor.

The Statutory Auditors of the Company have submitted auditor's report on the accounts of the Company for the accounting year ended 31st March, 2011 which is self-explanatory and needs no comments.

DIRECTORS:

During the year Mr. Omi Bagadiya, Anurag Agrawal, Rajendra Agrawal, Saurabh Agrawal resigned from the directorship of the company w.e.f 29.01.2011 due to their pre-occupation.

Nileshkumar Kava, Vipul Trivedi and Mahendra Ganatra appointed as additional, Directors of the Company. Mr. Nileshkumar Kava, Mr. Vipul Trivedi and Mr. Mahendra Ganatra were appointed as promoter directors of the company w.e.f. 18th January, 2011 under regulation 12 of SEBI (SAST) Regulation, 1997. Mr. Vipul Trivedi retire b rotation and eligible to offer himself for reappointment.

PUBLIC DEPOSIT:

Your Company has not accepted any deposit within the meaning of section 58-A of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES:

There are no employees of the Company whose particulars are required to be reported under Section 217 (2A) of the Companies Act, 1956 and the rules there under.

DIRECTORS' RESPONSIBILITY STATEMENT:

In Compliance with the provisions of Section 217(2AA) of the Companies Act, 1956 the Directors of your Company confirm that:

1. In the preparation of the Annual Accounts, the applicable accounting standards have been followed and no material departures have been made from the same;

2. they have selected such accounting policies and applied them consistently and made judgments and estimates that are responsible 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 Loss of the Company for that year;

3. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company for preventing and detecting fraud and other irregularities;

4. They have prepared the annual accounts on a going concern basis.

DISCLOSURE OF PARTICULARS WITH RESPECT: FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information regarding Foreign Exchange Earnings and out go is as follows:

A) Earnings in Foreign Exchange: Nil

B) Outgo in Foreign Exchange: Nil

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to thanks all the shareholders of the Company for their continued support.

FOR AND ON BEHALF OF THE BOARD

Place: MUMBAI

Date: 30.05.2011 CHAIRMAN

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Mar 31, 2009

The Directors have pleasure in presenting the Annual Report and Audited Statement of Accounts for the year ended 31st March, 2009.

1. FINANCIAL RESULTS:

(Rs. in Lakhs)

Particulars Year ended on Year ended on

31st March 2009 31st March 2008

Income 9.70 4.07

Expenditure 4.11 3.23

Profit before taxation 5.59 0.85

Less: Provisions for taxation and tax for earlier 1.73 0.36

years

Net Profit / (Loss) after Taxation 3.86 0.49

2. YEAR UNDER REVIEW:

During the year under review, income of the Company was Rs.9.70 lacs. The Company has reported a pro it of Rs.3.86 lacs as compared to Rs. 0.49 lacs in the previous year. Considering the unfavorable market conditions, the Board of Directors of the Company continuous to be cautiously optimistic about its growth prospects for current financial year and for the future.

3. DIVIDEND:

Your Board has deemed it prudent not to recommend any dividend for the financial year ended 31st March 2009 in view of marginal profit.

4. DIRECTORS:

Mr. Rajendra Kumar Agrawal, retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. Your Directors recommend his appointment,

During the year under review Shri. Deepak Tanna has resigned from the Directorship.

5. AUDITORS:

M/s. R.S.P. M & Co., Chartered Accountants, the Statutory Auditors of the company hold office upto the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

6. DEPOSITS:

The Company has not accepted any Deposits during the year under Section 58A of the Companies Act, 1956.

7. DIRECTORS (RESPONSIBILITY STATEMENT:

Pursuant to provisions of Section 217 (2AA) of the Companies Act 1956, the Directors state that:

a. That in the preparation of Annual Accounts for the financial year ended 31st March 2009, the applicable accounting standards have been followed along with proper explanations relating to material departures.

b. That 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 and the profit for the financial year ended 31st March, 2009.

c. 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 preventing and detecting fraud and other irregularities.

d. That the D rectors have prepared the accounts for the financial year ended 31st March 2009 on a going concern basis.

8. SUBSIDIARY:

The Company has no subsidiary as at the year end.

9. PARTICULARS OF EMPLOYEES:

There are no particulars to be disclosed under Section 217 (2A) of the Companies Act, 1956 read with Companies (particulars of employees) rules, 1975.

10. ACKNOWLEDGEMENT:

The directors place on record their appreciation for the support and services rendered by the shareholders, employees, bankers and the associates of the company.

For and on behalf of the Board

For PARICHAY INVESTMENTS LIMITED

ANURAG AGRAWAL SAURABH AGRAWAL

Director Director

Place: RAIPUR

Date: 30.06.2009

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Mar 31, 2003

The Directors present their Annual Report on the business operations of the Company alongwith the Statement of Audited Accounts for the year ended 31st March 2003.

FINANCIAL HIGH LIGHTS:

(Amount in Rs.)

Particulars Year Ended Year Ended 31st March 2003 31st March 2002

Income 8,91,984 9,40,632

Expenditure 4,01,593 61,208

Profit before Taxation 4,90,390 8,79,424

Less: Provision for Taxation 1,80,218 87,435

Net Profit after Taxation 3,10,172 7,91,989

YEAR UNDER REVIEW;

During the year under review, the income of the company was Rs. 8,91,984/-. The Company has reported a net profit of Rs. 3,10,172/- as compared to a net profit of Rs. 7,91,989/- in the previous year. Considering unfavorable market conditions, the Board of Directors of the Company continues to be cautiously optimistic about its growth prospects for the current financial year and for future.

DIVIDEND;

With a view to conserve the financial resources for future operations, your Directors have deemed it prudent not to recommend any dividend for the year ended 31st March 2003.

DIRECTORS:

Mr. Ashwin R. Hinduja and Mr. Vivek M. Hinduja retire by rotation and being eligible offer themselves for reappointment.

RESPONSIBILITY STATEMENT;

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

i. In the preparation of the annual accounts, the applicable standards have been followed.

ii. Your Directors have selected such accounting policies and applied them consistently (except as stated above) and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affaires of the Company at the end of the financial year and of the profit of the Company for that period.

iii. 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.

iv. Your Directors have prepared the attached Statement of Accounts for the year ended March 31, 2003 on a going concern basis.

AUDITORS:

M/s. Girish Murthy & Kumar, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a certificate from the Auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The members are requested to appoint the Auditors and authorise the Board to fix their remuneration.

AUDITORS REPORT:

Observations made in the Auditors Report are self-explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956.

FIXED DEPOSITS:

The Company has not accepted or renewed any deposit from public during the year under review.

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 from M/ s Rathi & Associates, Company Secretaries, is attached to the Report.

PARTICULARS OF EMPLOYEES:

During the year under review, none of the employees of the Company was in receipt of remuneration aggregating Rs. 24,00,000/- or more per annum or Rs. 2,00,000/- or more per month and hence, no particulars of employees are required to be furnished pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO:

( A) Conservation of Energy and Technology Absorption:

Considering the Companys existing business activities, your Directors have nothing to state in connection with Conservation of Energy and Technology Absorption.

(B) Foreign Exchange Earnings & Outgo;

During the year under review, no foreign exchange has been earned and expended by the Company.

ACKNOWLEDGEMENTS:

The Directors wish to express their gratitude to the Bankers, Clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Companys management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board

Rajendra J Hinduja Madanlal J Hinduja Director Director

Place: Mumbai Date : 16.07.2003