Directors Report of Shikhar Consultants Ltd.

Mar 31, 2025

Your Board of Directors is pleased to present 32^nd Annual Report of Shikhar Consultants Ltd
(hereinafter referred to as "the Company") covering the business, operations and Audited
Financial Statements of the Company for the financial year ended March 31, 2025.

1. Financial Highlights:

The standalone financial performance of your Company for the year ended March 31, 2025 is
summarised below:

Particulars	2024-2025	2023-2024
Revenue from Operation	0.00	0.00
Other Income	0.00	3.200.00
Total Revenue	0.00	3.200.00
Profit/ (Loss) Before Exceptional Item	(9,08,961.00)	(49,79,464.00)
Exceptional Item	0.00	0.00
Profit/ (Loss) Before Tax	(9,08,961.00)	(49,79,464.00)
Tax	0.00	0.00
Profit/ (Loss) After Tax	(9,08,961.00)	(49,79,464.00)

2. Change in the Nature of Business, If any:

There has not been any change in the nature of business of the Company during the Financial Year
ended March 31, 2025.

3. Company Performance/ Review of Operation:

There has been no revenue in the Company for the FY 2024-25 as against FY 2023-24

Due to the efforts of the management, the suspension of trading in the securities of the Company
has been successfully revoked effective from December 16, 2024 vide BSE Notice No. 20241206-3
dated December 06, 2024.

4. Subsidiaries and Joint Ventures:

As on March 31, 2025, according to the Companies Act, 2013 and rules made there under the
Company does not have any Subsidiary Company, Associate Company and Joint Venture
Company. Considering this, ''Form AOC - 1'' is not applicable.

5. Dividend:

Considering no revenue during in the current financial year, your Directors have not
recommended any dividend for the financial year under review.

6. Transfer to Reserves:

During the financial year, the Company has incurred loss, due to which Company did not transfer
any amount to the Statutory Reserve maintained under Section 45 IC of the RBI Act, 1934.

7. Share Capital:

During the year under review there were no change in Share capital of the Company.

8. Material changes affecting the Company:

There has been no change in the nature of business of the Company. There have been no material
changes and commitments affecting the financial position of the Company between the end of the
financial year and the date of this report.

9. Public Deposits:

During the financial year 2024-25, your Company has not accepted any deposit within the meaning
of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance
of Deposits) Rules, 2014.

10. Directors and Key Managerial Personnel:

a. Appointment/ Reappointment/ Cessation

During the year under review, there has been following changes in the Composition of the

Board of Directors and Key Managerial Personnel of the Company.

• Mr. Balaji Prithviraj Singh (DIN: 06413344), has been appointed as Additional Independent
Director w.e.f. December 30, 2024 for a period of 5 years and has been regularised in Extra¬
Ordinary General Meeting held on January 24, 2025.

• Ms. Rutu Siddharth Lodha (DIN: 09531277) has been appointed as Additional Independent
Director w.e.f. December 30, 2024 for a period of 5 years and has been regularised in Extra¬
Ordinary General Meeting held on January 24, 2025.

• Mr. Ganesh Shrinivas Zawar (DIN: 10670593), has been appointed as Additional
Independent Director w.e.f. December 30, 2024 for a period of 5 years and has been
regularised in Extra-Ordinary General Meeting held on January 24, 2025.

• Mr. Ghanshyam Gangabisan Biyani (DIN: 07917773) and Ms. Rashmi Rameshwar Biham
(DIN: 07917768) ceased to Non-Executive Independent Director of the Company w.e.f.
December 30, 2024

b. Director liable to retire by rotation:

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Rajesh Shrinivas Daga

(DIN: 03249957) Executive Director, whose office is liable to retire at the ensuing 32^nd AGM,

being eligible, seeks re-appointment. The notice convening the 32^nd AGM to be held on

September 30, 2025, annexed to the Annual report, sets out the details.

c. Re-appointment:

i. Mr. Jeetmal Ramkaran Asawa, Managing Director of the Company (DIN: 07798244) has
been appointed for the term of five years effective from January 01, 2020. His office of
directorship is due for retirement on December 31, 2025. Based on the recommendation
of the Nomination and Remuneration Committee and after taking into account the
performance evaluation and considering the knowledge, experience, expertise and
substantial contribution in the business operations, the committee has recommended
the re-appointment of Mr. Jeetmal Ramkaran Asawa to the Company for another term
of five years.

The Board, at its meeting held on September 08, 2025, approved the reappointment of
Mr. Jeetmal Ramkaran Asawa as Managing Director of the Company with effect from
January 01, 2026 to December 31, 2030 whose office shall be liable to retire by rotation
The Board recommends the reappointment to the shareholders

ii. Mr. Rajesh Shrinivas Daga, Executive Director of the Company (DIN: 03249957) has
been appointed for the term of five years. His office of directorship is due for retirement.
Based on the recommendation of the Nomination and Remuneration Committee and
after taking into account the performance evaluation and considering the knowledge,
experience, expertise and substantial contribution in the business operations, the
committee has recommended the re-appointment of Mr. Rajesh Shrinivas Daga as
Executive Director designated as Whole-time Director to the Company for another term
of five years w.e.f. September 08, 2025.

The Board, at its meeting held on September 08, 2025, approved the reappointment of
Mr. Rajesh Shrinivas Daga as Executive Director designated as Whole-time Director
with effect from September 08, 2025 to September 07, 2030 whose office shall be liable
to retire by rotation The Board recommends the re-appointment to the shareholders.

The notice convening the 32^nd AGM, to be held on Tuesday, September 30, 2025, sets out the
details.

11. Declaration by Independent Director:

The Company has received the necessary declaration from each Independent Director under
Section 149(7) of the Companies Act, 2013 that they meet the criteria of independence laid down
in Section 149(6) of the Companies Act, 2013 along with a declaration received pursuant to sub¬
rule 3 of rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014. They
have also furnished the declaration pursuant to Regulation 25(8) of the SEBI Listing Regulations
affirming compliance to the criteria of Independence as provided under Regulation 16(1)(b) of the
SEBI Listing Regulations.

Based on the declarations and confirmations of the Independent Directors and after undertaking
due assessment of the veracity of the same, the Board of Directors recorded their opinion that all
the Independent Directors are independent of the Management and have fulfilled all the
conditions as specified under the governing provisions of the Companies Act, 2013 and the SEBI
Listing Regulations.

Further, the Independent Directors have also confirmed that they have complied with the
Company''s code of conduct. Also, the separate meeting of the Independent Directors has been
duly convened and held.

12. Statement of the Board of Directors:

The Board of Directors of the Company is of the opinion that all the Independent Directors of the
Company possess highest standard of integrity, relevant expertise and experience required to best
serve the interest of the Company.

13. Familiarisation Programme for the Independent Director:

In compliance with the requirements of SEBI Listing Regulations, the Company has put in place a
Familiarization Programme for the Independent Directors to familiarize them with the Company,
their roles, rights, responsibilities in the Company, nature of the industry in which the Company
operates, business model etc. Further, at the time of the appointment of an independent director,
the Company issues a formal letter of appointment outlining his/ her role, function, duties and
responsibilities. Details of the Familiarization Programme conducted are available on the website
of the Company https://www.shikharconsultants.com/invester.html

14. Evaluation of Board Performance:

Pursuant to Section 134(2) of the Companies Act, 2013 read with the Rules issued thereunder and
SEBI (Listing Obligations and Disclosure Requirements) 2015, the Board carried out the annual
performance evaluation of the Board of Directors as a whole, Committees of the Board and
individual Directors.

The parameters for performance evaluation of the Board include composition of the Board, process
of appointment to the Board of Directors, common understanding of the roles and responsibilities
of the Board members, timelines for circulating board papers, content and the quality of
information provided to the Board, attention to the Company''s long term strategic issues,
evaluating strategic risks, overseeing and guiding acquisitions etc. Some of the performance
indicators for the Committees include understanding the terms of reference, effectiveness of
discussions at the Committee meetings, information provided to the Committee to discharge its
duties and performance of the Committee vis-a-vis its responsibilities.

Performance of individual Directors was evaluated based on parameters such as attendance at the
meeting(s), contribution to Board deliberations, engagement with colleagues on the Board, ability
to guide the Company in key matters, knowledge and understanding of relevant areas and
responsibility towards stakeholders. All the Directors were subject to self-evaluation and peer
evaluation.

The performance of the Independent Directors was evaluated taking into account the above factors
as well as independent decision-making and non-conflict of interest. Further, the evaluation
process was based on the affirmation received from the Independent Directors that they met the
independence criteria as required under the Companies Act, 2013 and Listing Regulations, 2015.

Subsequent to the evaluation done in the financial year 2024-25, some action areas have been
identified for the Board to engage itself with. These include review of your Company''s goals,
strategy, capability gaps, technological developments, SWOT analysis, etc. and also a thorough
review of key issues facing the Company. All these will be suitably dealt with by the Board.

15. Board Meetings:

The Board met 6 (Six) Times during the financial year at the Registered Office of the Company.

The Board Meetings were held on May 30, 2024, August 14, 2024, August 28, 2024, November 14,
2024, December 30, 2024 and February 10, 2025. The meeting of the Board had been conducted at
regular interval with a time gap of not more than 120 days between two consecutive meetings.

16. Board Committee:

The Board currently has the following Committee:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholder Relationship Committee

Composition of Committees

Audit Committee	Nomination and Remuneration Committee	Stakeholder and Relationship Committee
Balaji Prithviraj Singh - Chairperson	Rutu Siddharth Lodha - Chairperson	Rutu Siddharth Lodha - Chairperson
Rutu Siddharth Lodha - Member	Ganesh Shrinivas Zawar - Member	Rajesh Shriniwas Daga - Member
Jeetmal Ramkaran Asawa - Member	Jeetmal Ramkaran Asawa - Member	Jeetmal Ramkaran Asawa - Member

17. Nomination and Remuneration Policy:

Pursuant to the provisions of Section 178 of the Act and on the recommendation of the Nomination
& Remuneration Committee, the Board has adopted the Nomination & Remuneration Policy for
selection and appointment of Directors, Senior Management including Key Managerial Personnel
(KMP) and their remuneration. The details of this policy have been placed on the website of the
Company at https://www.shikharconsultants.com/invester.html

18. Management Discussion and Analysis Report:

Management Discussion and Analysis Report for the year under review, giving detailed analysis
of the Company''s operations as stipulated under Regulation 34 of SEBI (LODR) Regulations, is
presented in a separate section forming part of the Annual Report.

19. Secretarial Standards:

The Company has tried to comply with the applicable Secretarial Standards issued by the Institute
of the Company Secretaries of India but not been complied fully.

20. Related Party Transactions:

All related party transactions are placed before the Audit Committee for its review and approval.
Prior/ Omnibus approval of the Audit Committee is obtained on an annual basis for a financial
year, for the transactions that are of foreseen and repetitive in nature. The statement giving details
of all related party transactions entered into pursuant to the omnibus approval together with
relevant information are placed before the Audit Committee for review and updated on a
quarterly basis.

All Related Party Transactions entered during the year were in Ordinary Course of the Business
and at Arm''s Length basis. During the year under review, the Company has not entered into any
contracts/ arrangements/ transactions with related parties that qualify as material in accordance
with the Policy of the Company on materiality of related party transactions. Hence, the disclosure
of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 in
''Form AOC-2'' is not applicable.

The details of such related party transactions are available in the Notes to the Standalone financial
statements section of this Annual Report.

21. Internal Financial Control:

The Company has designed and implemented a process-driven framework for Internal Financial
Control (''FC'') within the meaning of the explanation to Section 134(5)(e) of the Companies Act,
2013.

For the year ended March 31, 2025, the Board is of the opinion that the Company has the Internal
Financial Control.

22. Directors'' Responsibility Statement:

Pursuant to Section 134(3)(c) of the Companies Act, 2013 (including any statutory modification(s)
or re-enactment(s) for the time being in force), the Board of Directors of your Company confirms
that:

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

b. the Directors had 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 as at March 31, 2025 and of the profit and
loss of the company for that period.

c. the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 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.

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

f. the Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

23. Audit Reports and Auditors:

Statutory Auditors:

M/s BMAKS & Associates, Chartered Accountants (FRN: 0121927W) were appointed as Statutory
Auditors of the Company at the Extra-Ordinary General Meeting ("EOGM") held on January 24,
2025 to fill the casual vacancy caused by the resignation of M/s RDB & Associates, Chartered
Accountants (FRN: 135005W) from the conclusion of EOGM until the conclusion of the ensuing
Annual General Meeting.

Further, on recommendation of the Audit Committee, it is proposed to appoint M/s BMAKS &
Associates, Chartered Accountants (FRN: 0121927W) as Statutory Auditor of the Company for a
term of 5 (five) consecutive years from date of conclusion of the 32^nd Annual General Meeting upto
the conclusion of the 37^th Annual General Meeting.

The notice convening the 32^nd AGM, to be held on Tuesday, September 30, 2025, sets out the
details.

Statutory Auditor''s Report

The Statutory auditor''s report for the financial year 2024-25 on the financial statement on the
Company forms a part of this Annual Report. The observations and comments, if any, are self¬
explanatory and do not call for further explanation under Section 134(3)(f) of the Act.

No frauds have been reported by the auditor for the financial year 2025.

Secretarial Auditor and audit report:

Being a publicly listed Company, the Company is required to annex a Secretarial Audit Report
from a Company Secretary in Practice with the Board Report for the said purpose, on the
recommendation of the Audit Committee, the Company appointed M/s. Nikhilesh Lad &
Associates, Practicing Company Secretaries in accordance with provisions of Section 204 of the
Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 to conduct the secretarial audit of the Company for the financial
year 2024-2025. The Secretarial Audit Report in Form No. MR -3 for the financial year ended March
31, 2025, is annexed herewith as an Annexure-I'' to this Board''s Report.

The Board has duly reviewed the Secretarial Audit Report. The observations and comments, if any, are self¬
explanatory and do not call for further explanation under Section 134(3)f) of the Act.

Further, in alignment with the amended requirements under Regulation 24A of SEBI LODR to the
extent applicable and based on the recommendation of the Audit Committee and the Board of
Directors, it is proposed to appoint M/s. Nikhilesh Lad & Associates, Practicing Company
Secretaries as the Secretarial Auditor of the Company for a period of five (5) consecutive financial
years, commencing from FY 2025-26 to FY 2029-30, subject to approval of the Members at the
ensuing General Meeting.

Internal Auditor:

Pursuant to the provisions of Section 138 of Companies Act 2013, the Company had appointed
M/s Mansi Biyani, Chartered Accountants, as an Internal Auditor of the Company for the
Financial year 2024-25.

24. Significant and material orders:

There were no significant and material orders passed by the regulators or courts or tribunals
impacting the Company''s going concern status and/ or its future operations.

25. Establishment of Vigil Mechanism / Whistle Blower Policy:

As per the provisions of Section 177(9) of the Companies Act, 2013 (''Act''), the Company is required
to establish an effective Vigil Mechanism for directors and employees to report genuine concerns.

The Company has a Whistle-blower Policy to encourage and facilitate employees to report
concerns about unethical behavior, actual/ suspected fraud and violation of the Company''s Code
of Conduct or Ethics Policy. The Policy has been suitably modified to meet the requirements of
Vigil Mechanism under the Companies Act, 2013. The policy provides for adequate safeguards
against victimization of persons who avail the same and provides for direct access to the
Chairperson of the Audit Committee. The policy also establishes adequate mechanisms to enable
employees to report instances of leaks of unpublished price-sensitive information. The Audit
Committee of the Company oversees the implementation of the Whistle-Blower Policy.

The Company has disclosed information about the establishment of the Whistle Blower Policy on
its website https:/ / www.shikharconsultants.com/invester.html

During the year, no person has been declined access to the Audit Committee, wherever desired.

26. Annual Return:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, copies of the
Annual Returns of the Company prepared in accordance with Section 92(1) of the Companies Act,
2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are
placed on the website of the Company and is accessible at Company''s website at
https://www.shikharconsultants.com/invester.html

27. Particulars of Loans, Guarantees or Investments:

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the
Act, are given in the notes to the Financial Statements.

28. Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings
and Outgo:

The information on conservation of energy, technology absorption, and foreign exchange earnings
and outgo as stipulated under Sub-section (3)(m) of Section 134 of the Companies Act, 2013, read
with the rule 8 of the Companies (Accounts) Rules, 2014, are enclosed as ''Annexure-II'' to this
Board''s report.

29. Particulars of Employees and Related Disclosures:

In terms of compliance with provisions of Section 197(12) of the Act read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the particulars
of remuneration to the Directors and employees of the Company and the details of the ratio of
remuneration of each director to the median employee''s remuneration is annexed herewith as
"Annexure-III" to this Boards Report.

In terms of Section 197(12) of the Companies Act, 2013, read with Rule 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
employee(s) drawing remuneration in excess of limits set out in said rules forms part of this Boards
Report in Annexure if any.

30. Corporate Social Responsibility:

The Company was not required to spend towards Corporate Social Responsibility (CSR) as per the
applicability of provisions of Section 135 of the Companies Act, 2013.

31. Maintenance Cost Records:

Pursuant to the provisions of Section 148 of the Act read with Companies (Cost Records and Audit)
Rules, 2014, as amended from time to time, the Company is not required to maintain the Cost
Records.

32. Non-Disqualification Certificate from Practicing Company Secretary:

A certificate as required under Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
Listing Regulations, a certificate to that effect received by M/s Nikhilesh Lad & Associates,
Practicing Company Secretaries as "Annexure-IV", as on March 31, 2025, is annexed to this Report.

33. Disclosure Regarding Prevention of Sexual Harassment:

During the financial year under review, your company was not required to constitute Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 as there are less than 10 employees in the company.

34. Compliance with the Maternity Benefit Act, 1961:

Pursuant to the Companies (Accounts) Second Amendment Rules, 2025, the Company affirms that
it is in compliance with the provisions of the Maternity Benefit Act, 1961. The Company remains
committed to providing a safe, supportive, and inclusive work environment for women
employees, in line with the applicable statutory requirements.

35. Disclosure under Section 67(3)(c) of the Companies Act, 2013:

No disclosure is required under section 67(3)(c) of the Companies Act, 2013 read with Rule 16(4)
of Companies (Share Capital and Debentures) Rules, 2014, in respect of voting rights not exercised
directly by the employees of the Company as the provisions of the said section are not applicable.

36. Reporting of Frauds by Auditors:

The Auditors of the Company have not reported any instances of fraud committed against the
Company by its officers or employees as specified under Section 143(12) of the Companies Act,
2013.

37. Risk Management:

The Risk Management framework enables identification and evaluation of business risks and
opportunities, seeks to create transparency, minimize adverse impact on business objectives and
enhance the Company''s competitive advantage. The Company has adopted a Risk Management
Policy pursuant to Section 134 of Companies Act, 2013. The Company has robust risk management
framework to safeguard to Organization from various risk through adequate and timely actions.
The elements of risk as identified for the Company are set out in the Management Discussion and
Analysis Report forming the part of this Annual Report.

38. Other Disclosures:

• There were no proceedings, either filed by or against your Company or pending under the
Insolvency and Bankruptcy Code, 2016 as amended, before the National Company Law
Tribunal or other Courts as on March 31, 2025.

• Your Company has not issued shares with differential voting rights and sweat equity shares
during the year under review.

• There were no instances where your Company required the valuation for one time settlement
or while taking the loan from the Banks or Financial institutions, during the financial year
under review.

39. Acknowledgement:

Y our directors would like to express their appreciation for the assistance and co-operation received
from the financial institutions, banks, Government authorities, customers, vendors and members
during the year under review. Your Director''s take on record their deep sense of appreciation to
the contributions made by the employees through their hard work, dedication, competence,
support and co-operation towards the progress of your Company.

For and on behalf of the Board of Directors of
Shikhar Consultants Ltd

Sd/-

Jeetmal Ramkaran Asawa
Chairman and Managing Director
DIN: 07798244

Place: Mumbai

Date: September 08, 2025

C/o: A/ 41 Nandjyot Indl Premises Co Op Soc. Ltd,

Sakinaka, Kurla Andheri Road, Andheri (E),

Mumbai - 400072, Maharashtra, India

---

Mar 31, 2024

Your Company’s Directors are pleased to present the 31st Annual Report of the
Company, along with Audited Accounts, for the financial year ended 31-03-2024.

1. FINANCIAL RESULTS

Sr. No	Particulars	For the Period
		2023-2024	2022-2023
1.	Income / (Loss) from operation	0.00	-
2.	Other Income	0.00	3,200.00
3.	Total Income / (Loss)	0.00	3,200.00
4.	Total Expenditure	49,79,464.00	10,74,118.00
5.	Profit / (loss) before depreciation and taxation	(49,79,464.00)	(10,70,918.00)
6.	Depreciation	-	-
7.	Profit / (Loss) before Tax	(49,79,464.00)	(10,70,918.00)
8.	Net Profit / (loss) after Taxes	(49,79,464.00)	(10,70,918.00)

2. REVISION OF FINANCIAL STATEMENT

During year under review there has been no revision of financial statement in the
relevant financial year.

3. SHARE CAPITAL

The details of authorized and paid-up equity shares of the Company are as follows:

(Amount in INR)

Particulars	As at 31/03/2024	As at 31/03/2023
Authorized Capital 50,00,000 Equity Shares of Rs. 10 each	5,00,00,000	5,00,00,000
	5,00,00,000	5,00,00,000
Issued, Subscribed and Paid up Capital 45,35,500 Equity Shares of Rs. 10 each fully paid up	4,53,55,000	4,53,55,000
Total	4,53,55,000	4,53,55,000

4. DIVIDEND

In the absence of any profit during the year, directors are unable to recommend any
dividend.

5. TRANSFER TO RESERVES

The company did not transfer any amounts to General Reserve during the year.

6. COMPANY’S PERFORMANCE

The company generate no revenue and has loss after tax of INR 49,79,464.00 as
compared to loss of INR 10,70,918.00 in the previous year.

Your Company is undertaking active efforts towards accelerating the growth speed
and is optimistic about better performance in the future.

7. MATERIAL EVENTS OCCURRING AFTER BALANCE SHEET DATE

It is reported that no material events were reported which could The Company has
entered into the revocation of suspension of the company and its taking all the steps
to follow all the compliance related with the revocation.

8. SUBSIDIARY COMPANIES

The Company is not having any subsidiary or an associate company.

9. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the
best of their knowledge and ability, confirm that:

(a) In the preparation of the annual accounts for the year ended 31-03-2024, 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 as at March 31,2024 and of the loss of the Company for the year
ended on that date.

(c) The Directors 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 and for preventing and detecting
fraud and other irregularities.

(d) The Directors have prepared the annual accounts on a ‘going concern’ basis.

(e) Boards of Directors laid down Internal Financial Control System procedures
and are adequate and operating effectively.

(f) The Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such system are adequate and
operating effectively.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

(a) Mr. Rajesh Shrinivas Daga being eligible, offer himself for re-appointment.

11. BOARD OF DIRECTOR:

Composition and category of Directors

The Board of Directors of the company consists of 4 Directors, and all are having
rich experience in various business fields.

During the Financial Year 2023-2024, Six Board Meetings were held. The Maximum
time gap between any two consecutive meetings of the Board of Directors of the
Company was not more than One Hundred and Twenty Days (120 days).

The Last Annual General Meeting of the Company was held on 30th September
2023 at 11.00 a.m.

The following Table gives details of directors, attendance of Directors at the board
meeting and at the last annual general meeting, number of membership held by
directors in the various board/ committee.

Name of Director	Category	No. of Directorship held in other Companies1	Committee Membership in other Companies (member/Chairman)	No. of Board Meeting attended during the year	Last AGM Attended
Rajesh Daga	Executive, Non¬ Independent	01	NIL	06	Yes
Jeetmal Asawa	Executive, Non¬ Independent	02	NIL	06	Yes
Rashmi Bihani	Non¬ Executive Independent	NIL	NIL	06	Yes
Ghanshyam Biyani	Non¬ Executive Independent	NIL	NIL	06	Yes

Notes¹: excludes directorship held in Private Limited Companies, foreign companies
and companies under section 8 of the Companies Act, 2013, trust and alternate
directorship as per Regulation 27 of the Securities Exchange Board of India (Listing
Obligation and Disclosure Requirements) Regulation, 2015.

12. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors confirming
that they satisfy the criteria of independence as prescribed under the provisions of the
Act and the SEBI Regulations.

13. AUDIT COMMITTEE:

(a) In accordance with the provisions of the Regulation 18 of SEBI (LODR)
Regulations, 2015 and Companies Act, 2013, the Company is having an Audit
Committee comprising of Independent Directors. The Audit Committee acts in
accordance with the terms of reference specified from time to time by the Board.

(b) The Audit Committee consists of three directors.

Terms of Reference:

The brief description of terms of reference of the audit committee is oversee the
Company’s Financial reporting system and disclosure of financial information, to
review report of statutory auditor and to ensure adequate follow up action and
reviewing compliance with accounting standards.

The Audit Committee has adequate powers to carry out its functions as per
Securities and Exchange Board of India (Listing Obligations And Disclosure
Requirements) Regulations, 2015.

Composition and Meetings of the Audit Committee:

The Audit Committee has held 4 meeting during the financial year 2023-2024

Name of the members	Designation	Audit Committee Meeting Held	Meetings Attended
1. Ghanshyam Biyani	Chairman	4	4
2. Jeetmal Asawa	Member	4	4
3. Rashmi Bihani	Member	4	4

14. NOMINATION AND REMUNEARATION COMMITTEE:

In compliance with Section 178 of the Act and the Listing Regulations, the Board
has constituted the Nomination and Remuneration Committee (“NRC”). The Board of
Directors has constituted a Remuneration Committee for the purpose of deciding
appointment/ re-appointment of Managing Directors/ Whole Time Directors etc and
remuneration and compensation payable to them.

Composition, Meetings and Attendance of the Nomination and Remuneration
Committee are as follows:

Name of the members	Designation	Audit Committee Meeting Held	Meetings Attended
1. Rashmi Bihani	Chairman	1	1
2. Jeetmal Asawa	Member	1	1
3. Ghanshyam Biyani	Member	1	1

As company is running in losses NRC decided not to pay any remuneration and
sitting fees to the directors’ of the company.

15. SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE:

The Board constituted a Shareholders’/Investors’ Grievance Committee. The
Committee consists of three Directors, Ms. Rashmi Bihani, Non-Executive
Independent Director is head of this Committee. Other two namely Mr. Rajesh
Daga and Mr. Jeetmal Asawa are members of the Committee.

The Committee meets at regular intervals to consider, interalia, shareholders’
complaints if any received like non/delay in, transfer of shares, non-receipt of
balance-sheet, etc to the satisfaction of complainants. The committee overseas
the performance of the Registrar and Share Transfer Agent and also deals with
the matters relating to approval of transfer/transmission/subdivision and
consolidation of shares certificate, issue of duplicate share certificates,
dematerialization and rematerilasation of shares etc.

During the year No letters/queries received from shareholders. At the end of
financial year there are no any queries pending for compliance.

16. POSTAL BALLOT RESOLUTION

All Resolutions are generally passed by way of show of hands. No Resolution was
put though postal Ballot last year.

17. GENERAL BODY MEETING:

Location and time where the last three Annual general meeting were held are
given below;

Financial Year	Date	Location	Time
2020-2021	30.09.2021	A-41 Nandjyot Indl.Estate, A.K.Road, Sakinaka, Andheri (E), Mumbai - 400072	11.00 AM
2021-2022	24.09.2022	A-41 Nandjyot Indl.Estate, A.K.Road, Sakinaka, Andheri (E), Mumbai - 400072	11.00 AM
2022-2023	30.09.2023	A-41 Nandjyot Indl.Estate, A.K.Road, Sakinaka, Andheri (E), Mumbai - 400072	11.00 AM

18. INTERNAL FINANCIAL CONTROL

Company has maintained adequate internal financial control with reference to
financial statements as per Rule 8(5)(viii) of Companies (Accounts) Rules, 2014.

19. APPOINTMENT OF AUDITORS

M/s RDB & Associates, Chartered Accountants, AHMEDNAGAR (FRN/M. No.
0135005W), Statutory Auditors of the Company, holds office until the conclusion of the
forthcoming Annual General Meeting.

The Directors of the Company recommend appointing. Chartered Accountants,
AHMEDNAGAR RDB & ASSOCIATES, (FRN/M. No. 0135005W) as the Statutory
Auditors of the Company to hold office from the conclusion of this Annual General
Meeting (AGM) till the conclusion of AGM of the Company to be held in the year 2027

20. AUDITORS’ REPORT

The auditors’ report contains qualifications which are as follows:

Qualified Opinion by Statutory Auditor:

The company suspended on Bombay Stock Exchange since long time due to penal
reasons. Company is trying for revocation suspension

A provision has been made in the books of account in respect of fees and penalties
which may be levied on the Company for aforesaid non-compliances. Any fees and
penalties that may be levied by the Stock Exchange or SEBI for such non
compliances cannot presently be determined.

Except for the indeterminate effects of the matter described in above paragraph, the
accompanying financial statements give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the

Company as at 31-03-2024, and its profit and its cash flows for the year ended on
that date.

SECRETARIAL AUDITOR

The board has appointed Mr. Niklesh Lad, Practicing Company Secretary to conduct
Secretarial Audit for the Financial Year 2023-24. The Secretarial Audit Report is
annexed and is integral part of the annual report. There is no adverse opinion in this
report but have a qualified opinion made by the auditor.

Qualified Opinion by Secretarial Auditor:

The Company has failed to comply with the listing norms, on account of which the
company has been suspended on Bombay Stock Exchange since long.

Comments of Board of Directors:

Board of Directors already paid penalty in the month of April which is levied by the
SEBI. Further board of directors are coordinating with BSE for revocation of
suspension and also in process to comply any other requirements as required with
the help of professional experts.

21. RISK MANAGEMENT

The board of directors of the Company has framed and implemented a risk
management policy. The boards of directors are also responsible for reviewing the
risk management plan and ensuring its effectiveness and oversight in the area of
financial risks and controls. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis.

22. TRANSACTIONS WITH RELATED PARTIES

All related party transactions that were entered into during the financial year ended
31st March, 2024 were on an arm’s length basis and were in the ordinary course of
business. Therefore, the provisions of Section 188 of the Companies Act, 2013 were
not attracted. Further, there are no materially significant related party transactions
during the year under review made by the Company with Promoters, Directors, or
other designated persons which may have a potential conflict with the interest of the
Company at large. Thus, disclosure in Form AOC-2 is not required.

23. DISCLOSURE REGARDING TRANSACTIONS WITH PROMOTERS / DIRECTORS
OR MANAGEMENT

There is no materially significant transaction made by the Company with its
Promoters, Directors or the Management or the irrelative etc., which have potential
conflict with the interest of the Company at large.

24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has abided with section 186 of the Companies Act, 2013 for loan and
investment made by the company. Refer Annexure-I for detail.

25. EXTRACT OF ANNUAL RETURN

As provided under section 92(3) of the Act, the extract of annual return is given in
Annexure II in the prescribed Form MGT-9, which forms part of this report.

26. PARTICULARS OF EMPLOYEES

As on 31st March, 2024 the provisions of Section 197 read with Rule 5 (1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
not applicable to the Company.

None of the top ten employees in term of remuneration have drawn remuneration in
the year.

27. DEPOSITS

During the year, the Company has not accepted any deposits under the provisions
of the Companies Act, 2013.

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

The Company has nothing to report in respect of information on conservation of
energy and technology absorption as required under Section 134 of the Companies
Act, 2013 read with Companies (Account) Rules, 2014 is not applicable.

The Company has not earned and spent any Foreign Exchange during the Financial
Year 2023-23.

29. MANAGEMENT DISCUSSIONS AND ANALYSIS

1. Industry structure & developments:--

We are finance & Investment Company and main business activity is granting
of loans & advances and investing/dealing in shares & securities. A
potentiality of development is very high as capital market & money market
sector of economy is very bigger.

2. Opportunities & threats:--

Capital market is very much uncertain as well as financing is also risky
business. At the same time there is a great opportunity of earning good
profitability also. In short more profit more the risk slogan is perfectly
associated for finance & capital market business

3. Segment wise performance:--

The whole work of the company is performed in only one segment. Further
details Mentioned in notes no.24 of the Financial Statement

4. Outlook:--

The capital market & money market performance is depending upon the
credit policy, government stability, industrial development & piece,
international trends, etc.

5. Risk & concern:--

Capital market & money market is more risk-prone & concern should also
been given to industrial development which depends upon the demand of
products, availability of funds in market etc.

6. Internal control system & their adequacy:--

Internal control system of the company is adequate and in commensurate
with the size of the company and the nature of its business.

30. MATERIAL CHANGES AND COMMITMENTS

There were no material changes and commitments affecting the financial position of
the company have taken place between the end of the financial year of the Company
to which financial statements relate and the date of report.

31. NON-DEPOSIT TAKING NON-BANKING FINANCIAL COMPANY:

The Company being registered as a Non-Banking Financial Institution on 20^th April,
1998 In terms of the provisions of Non-Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007. Your
Company is categorized as a Non-deposit taking Non-Banking Financial Company.
The Company has not accepted any deposits from the public during the year
pursuant to the provisions of Section 73 of the Companies Act, 2013.

32. ANNUAL PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR)
Regulations, 2015, the company has implemented a system of evaluating
performance of the Board of Directors and of its Committees and individual directors
on the basis of evaluation criteria suggested by the Nomination and Remuneration
Committee. Accordingly, the Board has carried out an evaluation of its performance
after taking into consideration various performance related aspects of the Board’s
functioning, composition of the Board and its Committees, culture, execution and
performance of specific duties, remuneration, obligations and governance. The
performance evaluation of the Board as a whole and Chairman and the Non¬
Independent Directors was also carried out by the Independent Directors in their
meeting. Similarly the performance of various committees, individual independent
and Non independent Directors was evaluated by the entire Board of Directors
(excluding the Director being evaluated) on various parameters like engagement,
analysis, decision making, communication and interest of stakeholders. The Board
of Directors expressed its satisfaction with the performance of the Board, its
committees and individual directors.

33. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

In order to ensure that the activities of the Company and its employees are
conducted in a fair and transparent manner by adoption of highest standards of
professionalism, honesty, integrity and ethical behavior of the company has adopted
a vigil mechanism policy.

34. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK
PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

During the year under review, no case of sexual harassment against women
employees at any of its work place, department was reported.

35. ACKNOWLEDGEMENT

Your Directors take this opportunity to express the gratitude to all investors, clients,
vendors, bankers, Regulatory and Government authorities, and business associates
for their cooperation, encouragement and continued support extended to the
Company. Your Directors also wish to place on record their appreciation to the
Associates for their continuing support and unstinting efforts in ensuring an
excellent all round operational performance at all levels.

For and on behalf of the Board of Directors

For Shikhar Consultants Ltd

Rajesh Daga Jeetmal Asawa

Place: Mumbai Director Director

Date: 28/08/2024 DIN: 03249957 DIN: 07798244

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Mar 31, 2013

Dear Shareholders,

The Directors have pleasure in presenting their Twentieth Annual Report on the affairs of the Company and the Financial Accounts for the year 2012-2013 and the Auditors Report thereon.

1. FINANCIAL RESULTS

Sr. For the Period PARTICULARS No. 2012-2013 2011-2012

1. Income / (Loss) from operation 18.19 06.18

2. Other Income 00.00 00.00

3. Total Income / (Loss) 18.19 06.18

4. Total Expenditure 05.21 09.31

5. Profit / (Loss) before depreciation and taxation 12.98 (3.51)

6. Depreciation 00.10 00.19

7. Profit / (Loss) before Tax 12.87 (3.32)

8. Net Profit/(Loss) After Taxes 12.87 (3.32)

9. Paid up Equity Share Capital 453.55 453.55

10. Reserves and Surplus (176.77) (189.65)

2. DIVIDEND

In the absence of profit during the year, directors are unable to recommend any dividend.

3. OPERATIONS

The Company''s performance and profitability is increased comparing to last year and profit after taxation for the current year is of Rs. 12.87 Lakhs and accumulated losses reduced by the same amount.

4. DIRECTORS

Shri Bharat Deora retires by rotation at he ensuring Annual General Meeting and being eligible, offer himself for re-appointment.

5. DIRECTORS'' RESPONSIBILITY STATEMENT:

As required under section 217 (2AA) of the Companies Act 1956, the Directors hereby confirm that:

(a) In the preparation of Annual Accounts, the applicable accounting standards have been followed.

(b) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true & 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 that period.

(c) The Directors have, as far as possible, 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, to the est of their knowledge and ability.

(d) The Directors have prepared the Annual Accounts on a going concern basis.

6. CORPORATE GOVERNANCE

The Report on Corporate Governance as prescribed by the Listing Agreement is annexed and forms a part of the Annual Report. The certificate on compliance of the provision of the Code of Corporate Governance as required underthe Listing Agreement is also attached.

7. DISCLOSURE

Your Company is not engaged in any manufacturing activity, inclusion of particulars with respect to conservation of energy and technology absorption as required under Companies (Disclosure of particulars in the Report of Directors) Rules - 1988 is not required, Further there is no foreign exchange earning & outgo during the year.)

8. APPOINTMENT OF AUDITOR''S

Based on recommendation of the audit committee it is proposed to appoint S. K. Patodia & Associates, Shree Shakamhari Corporate Park, Plot No. 156-158, Chakravarti Ashok Complex, J.B. Nagar, Andheri (E), Mumbai - 400 099. Chartered Accountants, as statutory Auditors of the Company.

The Company has received a certificate form the proposed auditors to the effect that their appointment, if made, would be within the prescribed limits under section 224 (1B) of the Companies Act, 1956.

9. PARTICULARS OF EMPLOYEES

The Company has no employee in respect of whom the information as per Section 217 (2A) of the Companies Act, 1956 read with companies (Particulars of Employees Rules, 1975, is required to be given.

10. FIXED DEPOSITS

During the year, the Company has not accepted any deposits under Section 58-Aof the Companies Act, 1956.

11. ACKNOWLEDGMENT

Your Director would like to express their grateful appreciation for the assistance and co-operation received from the Shareholders, Bankers and Customers during the year under review. Your Directors wish to place on record their deep sense of appreciation for the devoted services of all the persons related with the company.

For and on behalf of the Board

Place : Mumbai

Dated : 27.08.2013 BABULAL AGRAWAL

DIRECTOR

---

Mar 31, 2011

Dear Shareholders,

The Directors have pleasure in presenting their Fighteenth Annual Report on the affairs of the Company and the Financial Accounts for the year 2010-2011 and the Auditors Report thereon.

1. FINANCIAL RESULTS (Rs. in Lakhs)

Sr. Particulars For the period No 2010-2011 2009-2010

1. Income / (Loss) from operation 15.36 14.45

2. Other income 00.00 00.00

3. Total Income / (Loss) 15.36 14.45

4. Total Expenditure 03.31 02.84

5. Profit /(loss) before depreciation and taxation. 12.05 11.91

6. Depreciation 0.27 0.27

7. Profit/(Loss) before Tax 11.77 11.64

8. Net Profit/ (loss)after Taxes 11.77 11.64

9. Paid up Equity Share Capital 453.55 453.55

10. Reserves and Surplus (186.33) (198.10)

2. DIVIDEND

In the absence of profit during the year, directors are unable to recommend any dividend.

3. OPERATIONS

The Company''s performance and profitability is increased comparing to last year and profit after taxation for the current year is of Rs 11.77 Lakhs and accumulated losses reduced by the same amount.

4. DIRECTORS

Shri Pankaj Shah retire by notation at the ensuing Annul General Meeting and being eligible, offer himself for re-appointment,

5. DIRECTORS'' RESPONSIBILITY STATEMENT:

As required under section 217 (2AA) of the Companies Act 1956, the Directors hereby confirm that:

(a) In the preparation of Annual Accounts, the applicable accounting standards have been followed.

(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 & 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 that period.

(c) The Directors have, as far as possible, taken proper and Maintenance 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, to the best of their knowledge and ability;

(d) The Directors have prepared the Annual Accounts on a going concern basis.

6. MANAGEMENT DISCUSSIONS AND ANALYSIS

1. Industry structure & developments:--

We are finance & investment company and main business activity is granting of loans & advances and investing/dealing in shares & securities. Potentialities of development is very high as capital market & money market sector of economy is very bigger,

2. Opportunities & threats;—

Capital market is very much uncertain as well as financing is also risky business. At the same time there is great opportunities of earning good profitability also. In short More profit more the risk slogan is perfectly associated for finance & capital market business

3. segment wise performance;—

Report on segment wise performance is given in Note 2 (m) of schedule on notes to the Accounts.

4. Outlook:-

The capital market & money market performance is depend upon the credit policy ,government stability , industrial development & piece ,international trends, etc.

5. Risk & concern:—

Capital market & money market is more risk-prone & concern should also been given to industrial development which depends upon the demand of products, availability of funds in market etc.

6. Internal control system & their adequacy:-

Internal control system of the company is adequate and in commensurate with the size of the company and the nature of its business.

7. CORPORATE GOVERNANCE

The Report on Corporate Governance as prescribed by the listing Agreement is annexed and forms a part of the Annual Report, The certificate on compliance of the provision of the Code of Corporate Governance as required under the Listing Agreement is also attached.

8. DISCLOSURE

Your Company is not engaged in any manufacturing activity, inclusion of particulars with respect to conservation of energy and technology absorption as required under Companies (Disclosure of particulars in the Report of Directors) Rules - 1988 is not required. Further there is no foreign exchange canting & outgo during the year.

9. AUDITOR''S AND AUDITOR''S REPORT

Based on recommendation of the audit committee it is proposed to reappoint Ishwar Tawani , 18,Anand Complex,Dalmandi, Ahmednagar, Chartered Accountants, as statutory Auditors of the Company The Company has received a certificate form the proposed auditors to the effect that their appointment, if made, would be within the prescribed limits under section 224 (IB) of the Companies Act, 1956. The notes to the accounts referred to in the Auditors Report are self-explanatory and therefore do not call for any further comments.

10. PARTICULARS OF EMPLOYEES

The Company has no employee in respect of whom the in formal ion as per Section 217 (2 A) of the Companies Act, 1956 read with companies (Particulars of Employees) Rules, 1975, is required to be given,

11. FIXED DEPOSITS

During the year, the Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

12. ACKNOWLEDGEMENT

Your Director would like to express their grateful appreciation for the assistance and co-operation received from the Shareholders, Bankers and Customers during the year under review. Your Directors wish to place on record their deep sense of appreciation for the devoted services of all the persons related with the company.

For and on behalf of the Board PLACE: MUMBA1

DATED: 22-08-2011 BABULAL, AGRAWAL DIRECTOR

---

Mar 31, 2010

The Directors have pleasure in presenting their Seventeenth Annual Report on the affairs of the Company and the Financial Accounts for the year 2009-2010 and the Auditors Report thereon,

1. FINANCIAL RESULTS (Rs. in Lakhs)

Sr. For the Period

No. PARTICULARS 2009-2010 2008-2009

1. Income / (Loss) from operation 14.45 15.18

2. Other Income 00.00 00.00

3. Total Income / (Loss) 14.45 15.18

4. Total Expenditure 02.54 02.83

5. Profit / (loss) before depreciation and taxation. 11.91 12.29

6. Depreciation 0.27 0.27

7. Profit / (Loss) before Tax 11.64 12.08

8. Net Profit / (loss) after Taxes 11.64 12.08

9. Paid, up Equity Share Capital 453.55 453.55

10. Reserves and Surplus (198.10) (209.71)

2. DIVIDEND

In the absence of profit during the year, directors are unable to recommend any dividend.

3. OPERATIONS

The Companys performance and profitability is increased comparing to last year and profit after taxation for the current year is of Rs 11.64 Lakhs and accumulated losses reduced by the same amount..

4. DIRECTORS

Shri Ramratan Saraf retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

5. DIRECTORS RESPONSIBILITY STATEMENT:

As required under section 217 (2AA) of the Companies Act 1956, the Directors hereby confirm that:

(a) In the preparation of Annual Accounts, the applicable accounting standards have been followed.

(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 & 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 that period.

(c) The Directors have, as far as possible, 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, to the best of their knowledge and ability;

(d) The Directors have prepared the Annual Accounts on a going concern basis.

7. CORPORATE GOVERNANCE

The Report on Corporate Governance as prescribed by the Listing Agreement is annexed and forms a part of the Annual Report. The certificate on compliance of the provision of the Code of Corporate Governance as required under the Listing Agreement is also attached.

8. DISCLOSURE

Your Company is not engaged in any manufacturing activity, inclusion of particulars with respect to conservation of energy and technology absorption as required under Companies (Disclosure of particulars in the Report of Directors) Rules -1988 is not required. Further there is no foreign exchange earning & outgo during the year.

9. AUDITORS AND AUDITORS REPORT

Based on recommendation of the audit committee it is proposed to reappoint Ishwar Tawani, 18, Anand Complex, Dalmandi, Ahmednagar, Chartered Accountants, as statutory Auditors of the Company

The Company has received a certificate form the proposed 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 notes to the accounts referred to in the Auditors Report are self-explanatory and therefore do not call for any further comments.

10. PARTICULARS OF EMPLOYEES

The Company has no employee in respect of whom the information as per Section 217 (2A) of the Companies Act, 1956 read with companies (Particulars of Employees) Rules, 1975, is required to be given. 11. FIXED DEPOSITS

During the year, the Company has not accepted any deposits under Section58-A of the Companies Act, 1956.

12. ACKNOWLEDGEMENT

Your Director would like to express their grateful appreciation for the assistance and co-operation received from the Shareholders, Bankers and Customers during the year under review.

Your Directors wish to place on record their deep sense of appreciation for the devoted services of all the persons related with the company.

PLACE : MUMBAI For and on behalf of the Board

DATED: 24-08-2010 BABULAL AGRAWAL

Director

---

Mar 31, 2008

The Directors have pleasure in presenting their Fifteenth Annual Report on the affairs of the Company and the Financial Accounts for the year 2007-2008 and the Auditors Report thereon.

1. FINANCIAL RESULTS (Rs. in Lakhs) Sr. For the Period

No. PARTICULARS 2007-2008 2006-2007

1. Income / (Loss) from operation 12.60 (39.31)

2. Other Income 00.00 00.00

3. Total Income / (Loss) 12.60 (39.31)

4. Total Expenditure 02.50 04.56

5. Profit / (loss) before depreciation and taxation. 10.10 (43.85)

6. Depreciation 0.27 0.55

7. Profit/(Loss) before Tax 09.83 (44.40)

8. Net Profit / (loss) after Taxes 09.83 (44.42)

9. Paid up Equity Share Capital 453.55 453.55

10. Reserves and Surplus (221.78) (231.61)

2. DIVIDEND

In the absence of profit during the year, directors are unable to recommend any dividend.

3. OPERATIONS

The Companys performance and profitability is increased comparing to last year and profit after taxation for the current year is of Rs 9.83 Lakhs and accumulated losses reduced by the same amount..

4. DIRECTORS

Shri Babulal Agrawal retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

5. DIRECTORS RESPONSIBILITY STATEMENT:

As required under section 217 (2AA) of the Companies Act 1956, the Directors hereby confirm that:

(a) In the preparation of Annual Accounts, the applicable accounting standards have been followed.

(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 & 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 that period.

(c) The Directors have, as far as possible, 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, to the best of their knowledge and ability;

(d) The Directors have prepared the Annual Accounts on a going concern basis.

6. MANAGEMENT DISCUSSIONS AND ANALYSIS

1. Industry structure & developments:—

We are finance & investment company and main business activity is granting of loans & advances and investing/dealing in shares & securities. Potentialities of development is very high as capital market & money market sector of economy is very bigger.

2. Opportunities & threats:—

Capital market is very much uncertain as well as financing is also risky business. At the same time there is great opportunities of earning good profitability also In short More profit more the risk slogan is perfectly associated for finance & capital market business

3. Segment wise performance:—

Report on segment wise performance is given in Note 2 (m) of schedule on notes to the accounts.

4. Outlook:-

The capital market & money market performance is depend upon the credit policy, government stability, industrial development & piece,international trends, etc.

5. Risk & concern:

Capital market & money market is more risk-prone & concern should also been given to industrial development which depends upon the demand of products, availability of funds in market etc.

6. Internal control system & their adequacy:-

Internal control system of the company is adequate and in commensurate with the size of the company and the nature of its business.

7. CORPORATE GOVERNANCE

The Report on Corporate Governance as prescribed by the Listing Agreement is annexed and forms a part of the Annual Report. The certificate on compliance of the provision of the Code of Corporate Governance as required under the Listing Agreement is also attached.

8. DISCLOSURE

Your Company is not engaged in any manufacturing activity, inclusion of particulars with "respect to conservation of energy and technology absorption as required under Companies (Disclosure of particulars in the. Report of Directors) Rules -1988 is not required. Further there is no foreign exchange earning & outgo during the year.

9. AUDITORS AND AUDITORS REPORT

Based on recommendation of the audit committee it is proposed to reappoint Ishwar Tawani, 18,Anand Complex, Dalmandi, Ahmednagar, Chartered Accountants, as statutory Auditors of the Company

The Company has received a certificate form the proposed 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 notes to the accounts referred to in the Auditors Report are self-explanatory and therefore do not call for any further comments.

10. PARTICULARS OF EMPLOYEES

The Company has no employee in respect of whom the information as per Section 217 (2A) of the. Companies Act, 1956 read with companies (Particulars of Employees) Rules, 1975, is required to be given.

11. FIXED DEPOSITS

During the year, the Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

12. ACKNOWLEDGEMENT

Your Director would like to express their grateful appreciation for the assistance and co-operation received from the Shareholders, Bankers and Customers during the year under review.

Your Directors wish to place on record their deep sense of appreciation for the devoted services of all the persons related with the company.

PLACE : MUMBAI For and oh behalf of the Board DATED : 3rd Sept. 2008 BABULAL AGRAWAL Director

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Mar 31, 2000

The Directors have pleasure in presenting their Seventh Annual Report on the affairs of the Company and the Financial Accounts for the year 1999-2000 and the Auditors Report thereon.

FINANCIAL RESULTS (Rs. in Lakhs)

Particulars For the period 1999-2000 1998-99

Income/(Loss) from operation 16.87 (14.55)

Other Income 00.69 00.59

Total Income/(Loss) 17.56 (13.96)

Total Expenditure 07.05 07.19

Interest 00.40 0.52

Profit/(Loss) before depreciation and taxation. 10.11 (21.67)

Depreciation 01.28 1.28

Profit/(Loss) before Tax 08.83 (22.95)

Provision for Taxation 00.39 0.00

Net Profit/(Loss) After Taxes 08.44 (22.95)

Prior period Adjustments 00.00 (05.21)

Net Profit (loss) available For appropriations 08.44 (28.16)

Paidup Equity Share Capital 453.55 453.55

Reserves and Surplus (92.78) (101.23)

DIVIDEND

In view of carried forward losses the directors do not recommend any Dividend.

OPERATIONS

Economic conditions in the country showed some improvement particularly stock market is jumped in upward direction during the year under review. On account of improvement in stock market the Company has also improved it's performance comparing to previous year and earned net profit after ax of Rs. 8.44 lakhs (previous year loss of Rs. 28.16 lakhs). The Company is thinking to enter into new line of business of developing various software products which has bigger export as well as local market. The software industry is booming and is growing @ 55/60% per annum in the last three years and is expected to grow despite the cessation of Y2K opportunities.

Since the opening up of internet opportunities to private parties, a new vista of opportunity has emerged in terms of product development in e-commerce based products. The integration of India economy with the world economy with special thrust given by the government to the software sector, the company is poised for a bright future.

DIRECTORS

Shri Bharat Deora retire by rotation at the ensuring Annual General Meeting and being eligible, offer himself for re-appointment.

DISCLOSURE

The Company being a Non-Banking Financial Company, inclusion of particulars with respect to conservation of energy and technology absorption as a required under Companies (Disclosure of particulars in the Report of Directors) Rules, 1988 is not required. Further there is no foreign exchange a outgo during the year.

AUDITORS'S AND AUDITOR'S REPORT

M/s. Laddha Associates, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letter from M/s. Laddha Associations, to the effect that their appointment, if made, would be within the prescribed limits under section 244(1-B) of the Companies Act, 1956 and offer themselves for reappointment you are requested to consider their offer./

The notes to the accounts referred to in the Auditors Report are self explanatory and thereof do not call for any further comments.

PARTICULARS OF EMPLOYEES

The Company has no employees in respect of whom the information as per Section 217(2A) of the Companies Act, 1956 read with companies (Particulars of Employees) Rules, 1975, is required to be given.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

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Mar 31, 1999

Details are collected from 1999-2000 annual reports therefore information is not available.