Directors Report of Shikhar Leasing & Trading Ltd.

Mar 31, 2013

The Members,

The Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the Company for the year ended 31st March, 2013.

Financial Results

Rupees in Lacs

Particulars 2011-2012

Income From Operation 20.39 7.35

Interest & Other Income 4.93 6.58

13.93

Profit /fLoss )before Depreciation (1.11) (0.65)

Less: Depreciation 0.53 2.92

Profit/fLoss) before taxation (1.64) (3.54)

Less: Deferred tax ProvisionfAssets) (17.74) (123.25)

Less: Income Tax of earlier year (0.45) (0.47)

Contingent provision for standard assets 1.11 0.37

Net Profit/(Loss) for the year 40.96 118.87

Add: Balance of Profit & Loss a/c. b/f. from Previous Year 153.25 (272.12)

Balance Carried to Balance Sheet 194.21 15325



OPERATION:

The Company has earned total Income of Rs 25.32 lacs for the year under review against the total income of Rs.14.91 lacs during the previous year.

DIVIDEND:

In view of the loss the directors are unable to recommend any dividend for the year under report.

DIRECTORATE:

Mr. Sanjay A Desai and Mr. Damji L Shah retire by rotation and being eligible offer themselves for re-appointment. Mr. Vipul P Chheda has been reappointed as whole time director of the Company for a period of 5 years with effect from 1st October,2013 on a remuneration as laid down in the ordinary resolution proposed in the accompanying notice.

III. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

IV. That the Directors had prepared the annual accounts for the year ended on 31st March, 2013 on a going concern basis.

AUDITORS:

M/S. A.C.MODI & ASSOCIATES, Chartered Accountants the present Auditors of the Company have furnished a certificate regarding their eligibility for re- appointment You are requested to appoint auditors of the company and fix their remuneration.

FOR AND ON BEHALF OF THE BOARD

DIRECTOR

PLACE: MUMBAI

Dated: 30th May 2013

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Mar 31, 2012

The Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the Company for the year ended 31st March, 2012.

Financial Results

Rupees in Lacs

Particulars 2011-2012 2010-2011

Income From Operation 7.35 28.38

Interest & Other Income 6.58 2.99

13.93 31.37

Profit / (Loss)before Depreciation (0.65) (442.14)

Less: Depreciation 2.92 2.35

Profit/(Loss) before taxation (3.54) (444.49)

Less : Deferred tax Provision(Assets) (123.25) 0.18

Less: Income Tax of earlier year (0.47) 6.36

Contingent provision for standard assets 0.37 0.14

Net Profit/(Loss) for the year 118.87 451.18

Add: Balance of Profit & Loss a/c. b/f. from Previous Year (27.2.12) 179.06

Balance Carried to Balance Sheet 153.25 (272.12)

OPERATION:

The Company has earned total Income of Rsl3.93 lacs for the year under review against the total income of Rs. 31.37 lacs during the previous year. The Observation made by the auditors are explained in the notes to the accounts and are self explainery.

DIVIDEND:

In order to conserve the financial resources your directors do not recommend any dividend for the year under report.

DIRECTORATE:

Shri Girish M Boradia and Shri Vipul P Chheda retire by rotation and being eligible offer themselves for re-appointment.

PARTICULARS OF EMPLOYEES:

The company did not employ anybody drawing remuneration of Rs. 60,00,000/- or more per annum or Rs.5,00,000/-or more per month and hence the question of providing information under section 217(2A) Of the companies Act, 1956 does not arise.

COMPLIANCE CERTIFICATE:

A compliance certificate from D. Kothari & Associates, Company Secretaries, that the company has complied with all the provisions of the Companies Act,1956, pursuant to section 383A of the Companies Act,1956 as amended is attached herewith and forms part of this report.

DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGES EARNINGS AND OUTGO.:

Particulars regarding conservation of energy, technology absorption as required pursuant to section 217 (1) (e) of the Companies Act, 1956, as amended are not given since the said section is not applicable to the Company.

Foreign exchange earnings. Rs. Nil,

Foreign exchange outgo. Rs. Nil

PUBLIC DEPOSIT:

The Company has not accepted any deposit from Public. Therefore provision of section 58(A) of Companies Act,1956 are not applicable to the Company.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act, 1956 your directors confirm:

I. That in the preparation of the annual accounts for year ended on 31st March, 2012, the applicable accounting standards had been followed;

II. That 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 at the end of the financial year ended on 31st March,2012 and of the profit of the Company for that period;

III. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

IV. That the Directors had prepared the annual accounts for the year ended on 3'lst March, 2012 on a going concern basis.

AUDITORS:

M/S. A.C.MODI & ASSOCIATES, Chartered Accountants the present Auditors of the Company have furnished a certificate regarding their eligibility for re- appointment. You are requested to appoint auditors of the company and fix their remuneration.

FOR AND ON BEHALF OF THE BOARD

DIRECTOR

PLACE: MUMBAI

Dated: 28 JUNE 2012

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Mar 31, 2010

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

Financial Results

Rupees in Lacs

Particulars 2009-2010 2008-2009

Income From Operation1 70.36 278.05

Interest & Other Income 39.66 71.28

210.02 349.33

Profit before Depreciation (89.13) 0.26

Less: Depreciation1. 1.71 2.07

Profit/(Loss) before taxation (90.83) (1.81)

Less: Provison for Taxation 9.80 0.00

Less : Deferred tax Provision1. 1.46 (2.01)

Less: Provision for Fringe Benefit Tax 00.0 0.35

Less: Income Tax of earlier year0. 0.17 (0.10)

Net Profit/(Loss) for the year (102.26) (0.05)

Add: Balance of Profit & Loss a/c.

b/f. from Previous Year 281.32 281.37

Balance Carried to Balance Sheet 179.06 281.32

OPERATION:

The Company has earned total Income of Rs. 210.02 lacs for the year under review against the total income of Rs. 349.33 lacs during the previous year. The Observation made by the auditors is explained in the notes to the accounts and are self explanatory.

The Company has close down it activities of manufacturing of electrical goods carried on contract basis in the month of July,2010 at Khergam, Valsad, Gujarat and settled claims of all the workers

DIVIDEND:

In view of loss and In order to conserve the financial resources your directors do not recommend any dividend for the year under report.

DIRECTORATE:

Mr.Vipul P.Chheda and Mr. Kantilal S. Maroo retire by rotation and being eligible offer them selves for re-appointment.Mr. Girish Boradia has been appointed as additional director of the Company by the board of directors and he holds the office until the date of the ensuing annual general meting. You are requested to appoint him as director of the Company.

PARTICULARS OF EMPLOYEES:

The company did not employ anybody drawing remuneration of Rs. 24,00,000/- or more per annum or Rs.2,00,000/-or more per month and hence the question of providing information under section 217(2A) Of the companies Act, 1956 does not arise.

COMPLIANCE CERTIFICATE:

A compliance certificate from D. Kothari 85 Associates, Company Secretaries, that the company has complied with all the provisions of the Companies Act, 1956, pursuant to section 383A of the Companies Act, 1956 as amended is attached herewith and forms part of this report.

DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGES EARNINGS AND OUTGO. :

Particulars regarding conservation of energy, technology absorption as required pursuant to section 217 (1) (e) of the Companies Act, 1956, as amended are not given since the said section is not applicable to the Company.

Foreign exchange earnings. Rs. Nil

Foreign exchange outgo. Rs. Nil

PUBLIC DEPOSIT:

The Company has not accepted any deposit from Public. Therefore provision of section 58(A) of Companies Act, 1956 are not applicable to the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act, 1956 your directors confirm:

I. That in the preparation of the annual accounts for year ended on 31st March, 2010, the applicable accounting standards had been followed;

II. That 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 at the end of the financial year ended on 31st March,2010 and of the loss of the Company for that period;

III. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

IV. That the Directors had prepared the annual accounts for the year ended on 31st March, 2010 on a going concern basis.

AUDITORS:

M/S. A.C.MODI 85 ASSOCIATES, Chartered Accountants the present Auditors of the Company have furnished a certificate regarding their eligibility for re- appointment. You are requested to appoint auditors of the company and fix their remuneration.

FOR AND ON BEHALF OF THE BOARD

DIRECTOR

PLACE: MUMBAI

Dated : 2nd September, 2010.