Directors Report of Saral Mining Ltd.

Mar 31, 2014

Dear Members,

The Directors here by present the 20th 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.

FINANCIAL PERFORMANCE:

Key aspects of Company'' financial performance for the year 2013-14 is tabulated below:

[Amount in Rupees]

Particular 2013-14 2012-13

Total Income 14106463002 22606314556

Total Expenditure 14107147057 22613667159

Profit/(Loss) Before Extraordinary items and Taxation (684055) (7352603)

Extraordinary items Nil Nil

Profit/(Loss) before Tax (PBT) (684055) (7352603)

Less: Deferred Tax Nil Nil

Net Profit/(Loss) after Tax for the year (684055) (7352603)

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.

DIRECTORS:

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

Mr. MAHENDRA GANATRA 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 a period of five years. Mr. VINEET DEORARI was appointed on 15.03.2014 as an Additional Director of the Company and holds office up to the date of this Annual General Meeting be and is hereby appointed as an Independent Director of the Company for a period of five years.

Mr. Amishkumar Dantara and Mr. Dhanpal Gandhi were ceased as director w.e.f 15.03.2014 due to resignation.

CHANGE OF NAME:

The name of the Company has been changed to SARAL MINING LIMITED in terms of Certificate of Incorporation Consequent upon Change of Name dated 17th day of August, 2011 issued by the Registrar of Companies, pursuant to approval of the shareholders through passing of Special Resolution in Extra Ordinary General Meeting dated 12th day of June, 2010, the name of the company was changed from XO INFOTECH LIMITED to SARAL MINING LIMITED and the approval for the change of Name still pending with BSE Limited and consequently pending with NSDL and CSDL.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, 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.

CORPORATE GOVERNANCE REPORT:

The 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.

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.

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 in not engage in manufacturing activities. The foreign exchange earnings on account of the operation of the Company during the year was Rs. Nil.

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, SARAL MINING LIMITED PLACE: AHMEDABAD DATE: 25.08.2014 (ANIL MISTRY) CHAIRMAN

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Mar 31, 2013

Dear Shareholders,

The Directors here by present the 19th 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.

FINANCIAL PERFORMANCE:

Key aspects of Company'' financial performance for the year 2012-13 is tabulated below:

[Amount in Rupees]

Particular 2012-13 2011-12

Total Income 22606314556 9756713482

Total Expenditure 22613667159 9756960230

Profit/(Loss) Before Extraordinary items and Taxation (7352603) (246748)

Extraordinary items Nil Nil

Profit/(Loss) before Tax (PBT) (7352603) (246748)

Less: Deferred Tax Nil Nil

Net Profit/(Loss) after Tax for the year (7352603) (246748)

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.

DIRECTORS:

Mr. Amishkumar Dantara Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment. Mr. Anil Chandulal Mistry was appointed as additional directors of the Company with effect from 20.06.2013 and is eligible for re-appointment as director of the Company at the forthcoming Annual General Meeting and whose period of office will be liable to retire by rotation.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, 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.

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.

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.

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 in not engage in manufacturing activities. The foreign exchange earning on account of the operation of the Company during the year was Rs. Nil.

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, SARAL MINING LIMITED

PLACE: AHMEDABAD

DATE: 31.08.2013 Sd/-

(MAHENDRA DOLATRAI GANATRA)

CHAIRMAN

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Mar 31, 2012

Dear Shareholders,

The Directors here by present the Eighteenth Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2012.

FINANCIAL PERFORMANCE:

Key aspects of Company'' financial performance for the year 2011-12 is tabulated below:

[Amount in Rupees]

Particular 2011-12 2010-11

Total Income 9756713482 320757508

Total Expenditure 9756960230 321068078

Profit/(Loss) Before Extraordinary items and Taxation (246748) (310570)

Extraordinary items Nil Nil

Profit/(Loss) before Tax (PBT) (246748) (310570)

Less: Deferred Tax Nil 5243

Net Profit/(Loss) after Tax for the year (246748) (305372)

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisis company faces huge set back. So company unable to generate targeted revenue from the operation the Company hence total Income was stood at Rs. 9756713482/- and has incurred net loss of Rs. 246748/- for the year ended 31st March, 2012.

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.

DIRECTORS:

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

Mr Dhanpal Jitendrakumar Gandhi and Mr Amishkumar Dantara were appointed as additional directors of the Company with effect from 20.03.2012 and are eligible for re-appointment as directors of the Company at the forthcoming Annual General Meeting and whose period of office will be liable to retire by rotation.

Mr Anil Chandulal Mistry and Mr Shankar Prasad Bhagat were ceased as a Director of the Company with effect from 20.03.2012 due to resignation. The management appreciated the services given by him during the tenure of the office as a Director.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, 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.

CHANGE OF NAME:

The name of the Company has been changed to SARAL MINING LIMITED in terms of Certificate dated 17th day of August, 2011 issued by the Registrar of Companies, pursuant to approval of the shareholders through passing of Special Resolution in Extra Ordinary General Meeting dated 12th day of June, 2010, the name of the company was changed from XO INFOTECH LIMITED to SARAL MINING LIMITED.

CHANGE OF REGISTRED OFFICE:

During the year under review, company in their EOGM held on 25.04.2011 obtain approval of member and filed petition before Company Law Board New Delhi for shifting registered office form State of Harayana to State of Gujarat and received CLB order dated 19.09.2011 and the same filed with Registrar of companies Gujarat and received certificate of registration of CLB order for change of state dated 12.04.2012.

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.

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.

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.

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 in not engage in manufacturing activities.

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

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, SARAL MINING LIMITED

PLACE: AHMEDABAD

DATE: 03.08.2012 (MAHENDRA DOLATRAI GANATRA)

CHAIRMAN

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Mar 31, 2010

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

FINANCIAL RESULTS:

(Amt. In Rs.) PARTICULARS 2009-2010 2008-2009

Profit/(Loss) Before Tax 1857608 742127

Less: Provision for Income Tax 304360 11000

Deferred Tax 0 0

Fringe Benefit Tax 0 0

Excess Provision Written Back 0 0

Profit/(Loss) for the year after Taxation 1553248 731127

Balance of Profit Brought Forward (220400019) (221131146)

Transfer from General Reserve 0 0

Net Profit Transferred to Balance Sheet (218846771) (220400019)

OPERATIONS:

During the year under review, your Company has made progress in its operations and has shown impressive growth. The Income during the year of Rs. 240815017 compare to last year income of Rs. 306686461. The net Profit after tax of the company is Rs. 1553248 during the year .Your Directors strive hard and expect that your Company will achieve significant growth in the coming years.

DIVIDEND

In order to conserve resources, the Board of Directors has thought it prudent not to recommend payment of dividend for the year under review.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 as amended.

DIRECTOR:

The Board of Directors of the Company is properly constituted and Mr. Shankar Bhagat, Director of the Company was liable to retire by rotation and being eligible, offer himself for re-appointment.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the companies Act 1956 your director confirms that in the preparation of the annual accounts:

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the loss of the company for that period.

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

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

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

LISTING AGREEMENT:

The securities of the company are listed with the Bombay Stock Exchange Limited (BSE), Mumbai. The company has paid the annual listing fees for the year 2009-2010.

APPOINTMENT OF AUDITORS:

M/s. Arvind A. Thakkar, Chartered Accountants, Ahmedabad, are proposed to be appoint as auditor of the company for the financial year 2010-2011. 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 auditors report on the accounts of the Company for the accounting year ended 31st March, 2010 which is self-explanatory and needs no comments.

POSTAL BALLOT FOR INSERTION OF OBJECT:

The Board of Directors of your Company in their meeting held on 19th March, 2010, has decided to diversify its business activities by venturing into Minerals and Mining activities. The Board of Directors has appointed Mr. Ravi Kapoor, a Practicing Company Secretary having its office at 4th Floor, Shaival Plaza, Near Gujarat College, Ellisbridge, Ahmedabad- 380 006, as Scrutinizer for conducting the Postal Ballot process . Mr. Ravi kapoor, Practicing Company Secretary has given scrutinizers report as on 5th May, 2010 and as votes cast in favour of special resolution is more than 3 times, the special resolution was passed and new object of mines and minerals is inserted in the object clause of the Company.

LISTING AND TRADING APPROVAL OF TOAL 2,80,00,000 EQUITY SHARES:

The company has issued total 2,80,00,000 convertible warrants which were converted into equity shares and during the year company get the listing approval and trading approval for 1,30,00,000 equity shares of the Company as on 26th June, 2009 and 24th July, 2009 respectively and the company also get listing and trading approval of 1,50,00,000 equity shares of the Company as on 28th January, 2010 and 4th March, 2010 respectively.

ACKNOWLEDGEMENT:

The management is grateful to the Government Authorities, Bankers, Vendors, Employees, for their continued assistance and co-operation. The Directors also wish to place on record the confidence of members in the company.

For & on behalf of the Board of Directors

Sd/- Place: Gurgaon Mr. Mahendra Ganatra Date : 06.09.2010 Managing Director

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Mar 31, 2009

The Directors have pleasure in presenting the Fifteenth Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2009.

FINANCIAL RESULTS: In RS In Rs.

PARTICULARS 2008-2009 2007-2008

Profit/(Loss) Before Tax 742127 (2183529)

Less: Provision for Income Tax 11000 -

- Deferred Tax 0 (166668)

- Fringe Benefit Tax 0 14007

Excess Provision Written Back 0 155576

Profit/(Loss) for the year after Taxation 731127 (1,875292)

Balance of Profit Brought Forward -221131146 (300826324)

Transfer from General Reserve 0 81570470

Net Profit Transferred to Balance Sheet -220400019 (221131146)

OPERATIONS:

During the year under review, your Company has made progress in its operations and has shown impressive growth. The business is increased to the level of Rs.30,54,85,000 during the year. The net Profit of the company is Rs.7,42,126 during the year .Your Directors strive hard and expect that your Company will achieve significant growth in the coming years.

DIVIDEND

In order to conserve resources, the Board of Directors has thought it prudent not to recommend payment of dividend for the year under review.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 as amended.

DIRECTOR:

The Board of Directors of the Company is properly constituted and Mr. Anil Mistry, Director of the Company was liable to retire by rotation and being eligible, offer himself for re-appointment.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the companies Act 1956 your director confirms that in the preparation of the annual accounts:

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the loss of the company for that period.

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

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

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

LISTING AGREEMENT:

The securities of the company are listed with the Bombay Stock Exchange Limited (BSE), Mumbai. The company has paid the annual listing fees for the year 2009-2010.

APPOINTMENT OF AUDITORS:

M/s. Arvind A. Thakkar, Chartered Accountants, Ahmedabad, are proposed to be appoint as auditor of the company in place of retiring auditor M/s. D. M, Oza & Associates, Chartered Accountants, Ahmedabad for the financial year 2009-2010. 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(1 B) of the Companies Act, 1956 has been received from the auditor.

The Statutory Auditors of the Company have submitted auditors report on the accounts of the Company for the accounting year ended 31st March, 2009 which is self-explanatory and needs no comments.

PREFERENTIAL ISSUE OF CONVERTIBLE EQUITY WARRANTS

Preferential Issue of 1.30.00.000 Convertible Equity Warrants:

In order to finance the Project, to strengthen the equity base and to make the net worth of the Company positive, the Board of Directors of the Company decided to issue Convertible Equity Warrants on preferential basis under the provisions of Chapter XIII of the SEBI (Disclosure and Investor Protection Guidelines), 2000(and all subsequent amendments thereto) and Section 81 of the Companies Act, 1956. The approval of the Members for this purpose was taken vide their Extra Ordinary General Meeting dated 4th November, 2007 and thereby the Company issued, offered and allotted 1,30,00,000 Convertible warrants (to be converted into 1,30,00,000 Equity Shares of Rs.10 each) within 18 months from their allotment. The Company has received the full amount towards the convertible warrants and after receiving full amount towards the warrant, board allotted 1,30,00,000 Equity Shares to the allottees after conversion of convertible warrants into Equity Shares as on 10th December, 2008 and then company apply for listing and trading approval for the same.

As per the Regulation 13.4.3 of Chapter XIII of the SEBI (DIP) Guidelines, 2000, the allotment of warrants should be completed withing 15 days from the date of AGM or from the in-principle approval from the Exchange whichever is later, but due to some problem allotment of convertible warrants cannot be allotted withing 15 days as per Regulation 13.4.3 of chapter XIII of the SEBI (DIP) Guidelines, 2000.

The Company has taken consent of the Shareholders to ratify the issue, allotment of equity shares of Rs.10/ - each arising upon the conversion of 1,30,00,000 warrants issued in accordance with the special resolution passed earlier by the company at its EGM dated 04.11.2007 through the postal ballot as on 12.05.2009 and then company has applied for listing and trading approval.

Preferential Issue of 1.50,00,000 Convertible Equity Warrants:

In order to part finance the Project of Smart Display System, which has already been taken up by the Company, the Board of Directors of the Company were in need of additional funds. This requirement was met by making a further issue vide the Extra Ordinary General Meeting of the Members dated 21st June, 2008 of 1,50,00,000 Convertible Equity Warrants (to be converted into 1,50,00,000 Equity Shares of Rs.10 each) within 17 months from the allotment. The Company has received Rs. 7 towards the convertible warrants upto the date.

ACKNOWLEDGEMENT:

The management is grateful to the Government Authorities, Bankers, Vendors, Employees, for their continued assistance and co-operation. The Directors also wish to place on record the confidence of members in the company.

For & on behalf of the Board of Directors

Place: Gurgaon Mr Mahendra Ganatra

Date: 04-06-2009 Managing Director