Directors Report of Swadha Nature Ltd.

Mar 31, 2024

Your directors have pleasure in presenting their 32^nd Annual Report on the business and operations of the
Company together with its Audited Accounts for the year ended March 31, 2024. The Management
Discussion and Analysis is also included in this Report.

1. FINANCIAL RESULTS:

The highlights of the financial results of the Company for the financial year ended March 31, 2024 are as
under:

Particulars	Year Ended
	31.03.2024	31.03.2023
Gross Sales/Income	15.77	9.24
Depreciation	0.00	0.00
Profit/(Loss) before Tax	3.73	0.67
T axes/ Deferred T axes	0.00	0.00
Profit/(Loss) After T axes	(345.37)	(354.24)
P& L Balance b/f	(345.37)	(353.56)

2. BRIEF DESCRIPTION OF THE COMPANYâS WORKING DURING THE YEAR/STATE OF
COMPANYâS AFFAIR:

During the year under review, the total income was Rs. 15.77 Lacs as compared to Rs. 9.24 Lacs of the
previous Year 2023-24. After making all necessary provisions for current year and after taking into account
the current year net profit and total provisions for taxation, the surplus carried to Balance Sheet is Rs. 1.82
Lacs. The Promoters, Board of Directors and entire management team are putting their stern effort to achieve
targeted turnover in the segment of agriculture projects.

3. CHANGE OF NAME:

Company has changed their name from MS Securities Limited to Swadha Nature Limited w.e.f. July 20,
2023.

4. DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT:

The Company does not have any shares in the demat suspense account or unclaimed suspense account. Hence,
Disclosures with respect to demat suspense account/ unclaimed suspense account are not required to mention
here.

5. FINANCE:

The Company has not borrowed loan from any Bank during the year under review.

6. SHARE CAPITAL:

Total capital of the company as on date is Rs.4,09,45,000 consisting of 40,94,500 equity shares of Rs.10/-each
bearing distinctive numbers 01- to 42,50,200 out of which 1,55,700 partly paid-up equity shares were
forfeited and BSE has issued notice for forfeiture of 1,55,700 partly paid-up shares on February 23, 2023.

A) Allotment of equity shares pursuant to conversion of convertible warrants:

During the year under review, the Company has not issued equity shares.

B) Issue of equity shares with differential rights:

During the year under review, the Company has not issued any shares with differential voting rights.

C) Issue of sweat equity shares:

During the year under review, the Company has not issued any sweat equity shares.

D) Issue of employee stock options:

During the year under review, the Company has not issued any employee stock options.

E) Provision of money by company for purchase of its own shares by employees or by trustees for the
benefit of employees:

The Company has no scheme of provision of money for purchase of its own shares by employees or by
trustees for the benefit of employees. Hence the details under rule 16 (4) of Companies (Share Capital and
Debentures) Rules, 2014 are not required to be disclosed.

7. DIVIDEND:

The Board of Director of the company has not recommended dividend for the financial year 2023-24.

8. DIRECTORS AND KMP:

a) Key Managerial Personnel:

The following are the Key Managerial Personnel of the Company.

Mr. Manoj Kumar Saraf	Chairman and Managing Director
Mr. Dipakkumar Shah	Managing Director
Mr. Sangita Devi Saraf	Chief Financial Officer
Mrs. Ruchita Adhyaru*	Company Secretary & Compliance officer
Mr. Dhanesh Shah@	Company Secretary & Compliance officer

*Mrs. Ruchita Adhyaru, Company Secretary and Compliance Officer has resigned on December 15,
2023.

@Mr. Dhanesh Shah has been appointed as the Company Secretary and Compliance Officer of the
Company with effect from December 15, 2023.

b) Director:

The following are the Director of the Company.

Mr. Manoj Kumar Saraf	Chairman and Managing Director
Mr. Dipakkumar Shah	Managing Director
Mr. Sanjeev Saraf	Executive Director
Mr. Pulkit Shah	Non-Executive-Independent Director
Mr. Rohitkumar Parikh	Non-Executive-Independent Director
Mrs. Rima Nanavati	Non-Executive-Independent Director

c) Appointment/Re-appointment:

â¢ Pursuant to the provisions of Section 152 and other applicable provisions if any, of the Companies Act,
2013, Mr. Sanjeev Saraf (DIN: 01762532), Managing Director of the Company is liable to retire by
rotation at the forthcoming Annual General Meeting and he is being eligible offers himself for reÂ¬
appointment.

d) Changes in Directors and Key Managerial Personnel:

The following changes occurred in the Composition of Board Directors due to Appointments and
Resignations of several Directors and KMP:

Name and Designation	Designation	Date of Appointment	Date of Resignation
Mr. Dipakkumar Shah#	Managing Director	25/04/2023	--
Mrs. Kalindi Sampat^A	Dierctor	--	08/07/2024
Mrs. Ruchita Adhyaru*	Company Secretary		15/12/2023
Mr. Dhanesh Shah@	Company Secretary	15/12/2023	--

^#Mr. Dipakumar Shah has been appointed as the Managing Director at the Meeting of the Board of
Directors held on April 25, 2023.

*Mrs. Ruchita Adhyaru, Company Secretary and Compliance Officer has resigned on December 15,
2023.

@Mr. Dhanesh Shah has been appointed as the Company Secretary and Compliance Officer of the
Company with effect from December 15, 2023.

^A Mrs. Kalindi Sampat has resigned from the position of Director on July 08, 2024

e) Declaration by an Independent Director(s) and reappointment, if any:

All Independent Directors have given declarations that they meet the criteria of independence as laid down
under Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The Independent Directors have complied with the Code of
Conduct for Independent Directors prescribed in Schedule IV of the Companies Act, 2013 and the Code of
conduct formulated by the Company as hosted on the Companyâs Website i.e., www.snl.in.net.

9. ANNUAL RETURN:

Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the Companies Act, 2013
read with Rule 12 of Companies (Management and Administration) Rules, 2014, the copy of the draft
Annual Return of the Company for the Financial Year ended on 31 March 2024 in Form MGT-7 is
uploaded on website of the Company and can be accessed at www.snl.in.net.

10. INVESTOR EDUCATION AND PROTECTION FUND (âIEPFâ)

There were no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Company.

11. NUMBER OF MEETINGS OF THE BOARD:

During the year the Board of Directors met seven times (07) as under:

25/04/2023	12/05/2023	10/08/2023	16/08/2023
02/11/2023	16/12/2023	13/02/2024

The Board of Directors of the Company were present at the following Board Meeting held during the year
under review:

Name of Director

Board Meeting
Held

Meetings

attended

Attendance at
last AGM

Mr. Manoj Saraf

Yes

Mr. Kalindi Sampat

Yes

Mr. Sanjeev Saraf	7	7	Yes
Mr. Pulkit Shah	7	7	Yes
Mr. Dipakkumar Shah	7	7	Yes
Mr. Rohitkumar Parikh	7	7	Yes
Mrs. Rima Nanavati	7	7	Yes

12. SEPARATE MEETING OF INDEPENDENT DIRECTORS

Schedule IV of the Act, Listing Regulations and Secretarial Standard - 1 on Meetings of the Board of
Directors mandates that the Independent Directors of the Company hold at least one meeting in a year,
without the attendance of Non-Independent Directors.

The Independent Directors Meeting was held on March 28, 2024. The Independent Directors, inter alia,
discussed and reviewed performance of Non-Independent Directors, the Board as a whole, Chairperson
of the Company and assessed the quality, quantity and timeliness of flow of information between the
Companyâs management and the Board that is necessary for the Board to effectively and reasonably
perform their duties.

In addition to formal meetings, frequent interactions outside the Board Meetings also take place
between the Independent Directors and with the Chairperson, and rest of the Board.

13. DIRECTORSâ RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations obtained by
them, your Directors made the following statements in terms of Section 134(3) (c) of the Companies Act,
2013:

a. That in the preparation of the annual financial statements for the year ended March 31, 2024, the
applicable accounting standards have been followed along with proper explanation relating to material
departures, if any;

b. That such accounting policies have been selected and applied consistently and judgment and estimates
have been made 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 profit of the Company for the year ended on that
date;

c. That proper and sufficient care has been taken 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. That the annual financial statements have been prepared on a going concern basis.

e. That proper internal financial controls were in place and that the financial controls were adequate and
were operating effectively;

f. That system to ensure compliance with the provisions of all applicable laws were in place and were
adequate and operating effectively.

14. DETAIL OF FRAUD AS PER AUDITORS REPORT:

There is no fraud in the Company during the Financial Year ended March 31, 2024. This is also being
supported by the report of the auditors of the Company as no fraud has been reported in their audit report for
the financial year ended March 31, 2024.

15. BOARDâS COMMENT ON THE AUDITORSâ REPORT:

There were no qualifications, reservations or adverse remarks made by Auditors in their respective reports.
Observation made by the Statutory Auditors in their Report are self-explanatory and therefore, do not call
for any further comments under section 134(3)(f) of the Companies Act, 2013.

16. AUDITORS:

A. Statutory Auditors:

In terms of Section 139 of the Companies Act, 2013 (âthe Actâ), and the Companies (Audit and
Auditors) Rules, 2014, made thereunder, the present Statutory Auditors of the Company M/s. Sanket
Shah, Chartered Accountants (M. No.: 150873, FRN. 006103C), has been appointed as the Statutory
Auditors of the Company, for the term of 5 years from the conclusion of this 31st Annual General
Meeting until the conclusion of the 36^th Annual General Meeting to be held in the year 2028 on such
remuneration plus applicable taxes, and out of pocket expenses, as may be recommended by the Audit
Committee and as may be mutually agreed between the Board of Directors of the Company and the
Statutory Auditors from time to time.

B. Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed
PCS Rupal Patel, Practicing Company Secretary, to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report is annexed herewith as âAnnexure -Aâ.

Reply for qualification Remark in Secretarial Audit Report:

1. The Company has filed revocation application and completed all compliances with SEBI LODR and
after site visit, BSE has granted trading permission on March 06, 2024.

2. The Company has again instructed all the Independent Directors and explained them about necessity of
submitting declaration as required under Section 149(6) of the Companies Act, 2013. The Company is
hopeful to obtain it from Independent Directors in a short period.

3. Since the Company is not having any confirmation about the MSME status of the vendor/supplier, the
Company has not filed e-form MSME -1 pursuant to Order 2 and 3 dated 22 January, 2019 issued under
Section 405 of the Companies Act, 2013.

4. The Company has already informed all promoters about provisions relating to 100% promoter holding
is not in demat form as required under Regulation 31(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and the Promotors have confirmed to comply with the same. Some of
the promoters have already complied with the provisions.

17. AUDIT COMMITTEES

The Audit Committee of the Board of Directors of the Company comprises 3 (three) Members. as well as
those in section 177 of the Companies Act, 2013 and include the reviewing of quarterly, half-yearly and
annual financial statements before submission to the Board, ensure compliance of internal control systems
and internal audit, timely payment of statutory dues and other matters. During the year under review, 4
meetings of the committee were held 12/05/2023, 10/08/2023, 02/11/2023 and 13/02/2024. The composition
of committee and attendance at its meetings is given below:

Sr. No.	Name	Position	Category	Number of meeting Attend
1.	Mr. Rohitkumar Parikh	Member	Non-Executive - Independent Director	4
2.	Mr. Pulkit Shah	Chairman	Non-Executive- Independent Director	4
3.	Mrs. Rima Nanavati**	Member	Non-Executive- Independent Director	4

*Mr. Manoj Saraf Resign from audit committee w.e.f. August 16, 2023.

**Mrs. Rima Nanavati appointed in audit committee w.e.f. August 16, 2023.

^AThe Audit Committee has been reconstituted vide Meeting of Board of Directors dated August 16, 2023.

The Board accepted the recommendations of the Audit Committee whenever made by the Committee
during the year.

18. NOMINATION AND REMUNERATION COMMITTEE^:

The Board of Directors of the company have constituted a Nomination & Remuneration Committee of
Directors mainly for the purposes of recommending the Companyâs policy on Remuneration Package for
the Managing/Executive Directors, reviewing the structure, design and implementation of remuneration
policy in respect of key management personnel.

The Nomination & Remuneration Committee consisted of 3 members. During the year under review, 02
(Two) meetings of the committee were held on 25/04/2023 and 15/12/2023. The name of members,
Chairman and their attendance at the Remuneration Committee Meeting are as under Committee of
Board:

Sr.	Name	Position	Category	Number of
No.				meetings Attended
1.	Mr. Rohitkumar Parikh	Member	Non-Executive - Independent Director	2
2.	Mr. Pulkit Shah	Chairman	Non-Executive- Independent Director	2
3.	Mrs. Rima Nanavati**	Member	Non-Executive-	2
			Independent Director

*Mrs. Sangita Saraf Resign w.e.f. August 20, 2024.

**Mrs. Rima Nanavati appointed w.e.f. August 16, 2024.

^AAThe Nomination and Remuneration Committee has been reconstituted vide Meeting of Board of
Directors dated August 16, 2023.

19. STAKEHOLDERS RELATIONSHIP COMMITTEE***:

The Stakeholders Relationship Committee consisted of 3 members. During the year under review, 4
meetings of the committee were held on 07/04/2023, 07/07/2023, 11/10/2023 and 10/01/2024. The name
of members, Chairman and their attendance at the Stakeholders Relationship Committee are as under
Committee of Board:

Sr.

No.

Name

Position

23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The company has not entered into any contracts or arrangements with related party during the year under
review.

24. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant material orders passed by the Regulators /Courts which would impact the going
concern status of the Company and its future operations.

25. PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, there were no proceedings that were filed by the Company or against the
Company, which are pending (except the previous years which was already disclosed) under the Insolvency
and Bankruptcy Code, 2016 as amended, before National Company Law Tribunal or other Courts.

26. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT
AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL
INSTITUTIONS:

During the year under review, there has been no one time settlement of loans from the Bank or Financial
Institutions

27. BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own
performance, the directors individually as well as the evaluation of the working of its Audit, Nomination &
Remuneration and Compliance Committees.

28. CORPORATE SOCIAL RESPONSIBILITY:

As per SEBI circular no: CFD/POLICYCELL/7/2014 dated 15^th September, 2014, (Regulation 27(2) of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 shall not be mandatory to the
following class of companies:

Companies having paid up equity share capital not exceeding Rs.10 crore and Net Worth not exceeding
Rs.25 crore, as on the last day of the previous financial year; Provided that where the provisions of
(Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 becomes
applicable to a company at a later date, such company shall comply with the requirements of (Regulation
27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 within six months from
the date on which the provisions became applicable to the company. Accordingly, it may be noted that the
paid-up share capital of the Company is below Rs. 10 crore and Net Worth of the Company has not
exceeded Rs.25 crore, as on 31^st March, 2024 and hence Corporate Governance is not applicable to the
Company.

29. BUSINESS RISK MANAGEMENT:

The Company has laid down a Risk Management Policy and identified threat of such events which if occurs
will adversely affect either / or, value to shareholders, ability of company to achieve objectives, ability to
implement business strategies, the manner in which the company operates and reputation as âRisksâ. Further

such Risks are categorized in to Strategic Risks, Operating Risks & Regulatory Risks. A detailed exercise is
carried out to identify, evaluate, manage and monitoring all the three types of risks.

30. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its
operations. During the year under review, the company retained external audit firm to review its existing
internal control system with a view of tighten the same and introduce system of self-certification by all the
process owners to ensure that internal controls over all the key business processes are operative. The scope
and authority of the Internal Audit (IA) function is defined in the Internal Audit Charter.

The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system
in the Company, its compliance with operating systems, accounting procedures and policies at all locations
of the Company and its subsidiaries. Based on the report of internal audit function, process owners
undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit
observations and corrective actions thereon are presented to the Audit Committee of the Board.

31. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has adequate and proper internal financial controls with reference to the Financial Statements
during the year under review.

32. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of fraud and
mismanagement.

33. EMPLOYEE RELATIONS:

Employee relations throughout the Company were harmonious. The Board wishes to place on record its
sincere appreciation of the devoted efforts of all employees in advancing the Companyâs vision and strategy
to deliver good performance.

34. NOMINATION & REMUNERATION POLICY OF THE COMPANY:

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for
selection and appointment of Directors, Senior Management and their remuneration. The Remuneration
Policy is stated in the Corporate Governance Report and is also available on the Companyâs website at
www.snl.in.net.

35. CORPORATE GOVERNANCE

The paid-up share capital and net worth is below the prescribed limit for mandatory applicability of
Corporate

Governance Report so the Company has decided not to opt for the time being.

36. MANAGEMENT DISCUSSION & ANALYSIS REPORT:

The Management Discussion and Analysis forms part of this Annual Report for the year ended 31st March,
2024 and marked as âANNEXURE-Bâ.

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

During the year conservation of energy, technology absorption and foreign exchange earnings and outgo
stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of the Companies
(Accounts) Rules, 2014, is nil.

38. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT:

There are no material changes and commitments, affecting the financial position of the Company which has
occurred between the end of financial year as on 31^st March, 2024 and the date of Directorâs Report.

39. PARTICULARS OF EMPLOYEES:

The table containing the names and other particulars of employees in accordance with the provisions of
Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is provided as âAnnexure- Câ to the Boardâs report.

None of the employees of the Company drew remuneration of Rs.1,02,00,000/- or more per annum and
Rs.8,50,000/- or more per month during the year. No employee was in receipt of remuneration during the
year or part thereof which, in the aggregate, at a rate which is in excess of the remuneration drawn by the
managing director or whole-time director or manager and holds by himself or along with his spouse and
dependent children, not less than two percent of the equity shares of the company. Hence, no information is
required to be furnished as required under Rule, 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.

40. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy against
sexual harassment in line with the provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed there under.

During the financial year 2023-24, the company has not received any complaints on sexual harassment and
hence no complaints remain pending as of March 31, 2024.

41. SECRETARIAL STANDARDS:

The Directors stated that applicable Secretarial Standards - 1, 2, 3 and 4 issued by the Institute of Company
secretaries of India relating to âMeetings of the Board of Directorsâ and General Meetingsâ and âReport of
the Board of Directorsâ respectively, have been duly followed by the Company.

42. PREVENTION OF INSIDER TRADING:

In January 2015, SEBI notified the SEBI (Prohibition of Insider Trading) Regulation, 2015 which came into
effect from May, 2015. Pursuant thereto, the Company has formulated and adopted a new code for
Prevention of Insider Trading.

The New Code viz. âCode of Internal Procedures and Conduct for regulating, Monitoring and reporting of
Trading by Insidersâ and âCode of Practices and Procedures for fair Disclosure of Unpublished price
Sensitive Informationâ has been framed and adopted. The Code requires pre-clearance for dealing in the

Companyâs shares and prohibits purchase or sale of Company shares by the Directors and designated
employees while in possession of unpublished price sensitive information in relation to the Company and
during the period when the Trading Window is closed. The Company is Responsible for implementation of
the Code.

43. ACKNOWLEDGMENT:

Your Directors acknowledge thanks ton to the various Central and State Government Departments,
Organizations and Agencies for the continued help and co-operation extended by them. The Directors also
gratefully acknowledge all stakeholders of the Company viz. customers, members, dealers, vendors, banks
and other business partners for the excellent support received from them during the year. The Directors
place on record their sincere appreciation to all employees of the Company for their unstinted commitment
and continued contribution to the Company.

Date: 04/09/2024 By Order of the Board of Directors

Place: Patna For Swadha Nature Limited

(Formerly Known as MS Securities Limited)

Sd/- Sd/- Sd/-

Dipakkumar Shah Pulkit Shah Dhanesh Shah

Managing Director Director Company Secretary

DIN: 08234203 DIN: 05272041

Mar 31, 2012

TO THE MEMBERS

The Directors has pleasure in presenting before you the ANNUAL REPORT together with Audited Statement of Accounts for the year ended 31st March 2012.The financial statements for the year 2011-12, are enclosed with the reports of the auditors which are self explanatory need no further comments. The significant accountings policies on which the financial statements of the company are drawn up as well as the explanatory notes on the accounts are also attached. The financial statements have been prepared in accordance with the provision of the Companies Act,

1956, in the manner required, and exhibit a true and fair view of the state of affairs of the operating results.

1. FINANCIAL RESULT

Profit or Loss before Taxation Rs. (10,58,493.91) Deferred Tax Exps / Savings Rs. (1,364.92)

Provision for Bad Debts written back Rs. 43,20,727.83

Profit or (Loss) B/F from Previous year Rs. (1,82,48,087.81)

Profit or Loss C/F to Balance Sheet Rs. (1,49,42,218.81)

2. PERFORMANCE

Your Directors are informing you that the company has incurred a loss during the year. The Directors are very positive that the company will make the profit in the coming year.

3. DIVIDEND

Your Directors have not recommended any dividend due to loss incurred during the year.

4. EMPLOYEES REMUNERATION

The Company has no employees receiving remuneration is excess of Rs. 6000000/- (Rupees Sixty Lacs Only) during the year Or Rs. 500000/- (Rs. Five Lacs Only) per month and hence particulars u/s 217 (2A) of The Companies (Particulars of Employees) Rules 1975 as amended have not been given.

5. AUDITORS

M/s S.K. Nayak & Co., Chartered Accountants, the Statutory Auditors of the Company retires at the ensuing Annual General Meeting and is eligible for re-appointment. The members are requested to consider their re-appointment for the current financial year 2012-13 and authorize the Board of Directors to fix their remuneration. The retiring auditor have, under section 224 (1B) of the Companies Act, 1956, furnished certificate of their eligibility for the appointment.

6. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

The disclosures of particulars regarding energy conservation technology absorption and foreign exchange earning out go as required in The Companies (Disclosures of particulars in the report of Board of Directors ) Rules 1988 in term of section 217 (1) (c) of The Companies Act, are at present not applicable to the Company.

7. DIRECTORS RESPONSIBILITY STATEMENT

The Directors state that:

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

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimate that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2012 and of the Profit or Loss of the company for the year ended 31st March, 2012.

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 defecting fraud and other irregularities; and

iv) The Directors have prepared the annual accounts ongoing concern basis.

8. COMPOSITION OF BOARD OF DIRECTORS

There is change in the composition of the Board of Directors during the year. Shri Om Prakash Tiwary has been appointed as an Independent Director in the Company and Shri Sushil Kumar Sureka ceased to be the Director of the Company w.e.f. 28.01.2012.

9. SECTRETARIAL COMPLIANCE CERTIFICATE

The compliance certificate obtained from Company Secretary in whole-time practice in accordance with section 383(A) of the Companies Act, 1956 and the rules made there under is annexed to this report.

10. ACKNOWLEDGEMENT

Your Directors wish to express their sincere appreciation for the co-operation and support received from Government authorities, Suppliers, customers and shareholders. The Directors also place on record their appreciation for the dedication and commitment of all employees of the Company.

For and on Behalf of the

Board of Directors of

M/s MS Securities Ltd Manoj Kumar Saraf

Director

Place : Patna

Date : 11.08.2012

Mar 31, 2011

The Directors has pleasure in presenting before you the ANNUAL REPORT together with Audited Statement of Accounts for the year ended 31st March 2011.

The financial statements for the year 2010-11, are enclosed with the reports of the auditors which arc self explanatory need no further comments. The significant accountings policies on which the financial statements of the company are drawn up as well as the explanatory notes on the accounts arc also attached. The financial statements have been prepared in accordance with the provision of the Companies Act, 1956, in the manner required, and exhibit a true and fair view of the state of affairs of the operating results.

1. FINANCIAL RESULT

Profit or Loss before Taxation Rs. 86,353.43

Provision for Taxation/Tax Expense Rs. 10,480.00

Deferred Tax Exps / Savings Rs. 1.537.00

Profit or Loss after Tax Rs. 77,410.43

Profit or (Loss) B/F from Previous year Rs. (18,325,498.22)

Profit or Loss C/F to Balance Sheet Rs. (18,248,087.81)

2. PERFORMANCE

Your Directors are pleased to inform you that the company has earned a good profit during the year. The excellent work will continue in current year also and the Directors are very positive that the growth rate will be maximized.

3. DIVIDEND

Your Directors have not recommended any dividend in view of the need for finance for expansion and consolidation of the Company.

4. EMPLOYEES REMUNERATION:

There is no employee drawing remuneration to the extent as required to be disclosed under section 217(2A) of the Companies Act, 1956 and the rules thereunder as amended.

5. AUDITORS

M/s S.K. Nayak & Co., Chartered Accountants, the Statutory Auditors of the Company retires at the ensuing Annual General Meeting and are eligible for re- appointment. The members are requested to consider their re-appointment for the current financial year 2011-12 and authorize the Board of Directors to fix their remuneration. The retiring auditor have, under section 224 (1B) of the Companies Act, 1956, furnished certificate of their eligibility for the appointment.

6. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO.

The disclosures of particulars regarding energy conservation technology absorption and foreign exchange earning out go as required in The Companies (Disclosures of particulars in the report of Board of Directors) Rules 1988 in term of section 217 (1) (c) of The Companies Act, are at present not applicable to the Company.

7. DIRECTORS RESPONSIBILITY STATEMENT]

The Directors state that:

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

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimate that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 3151 March, 2011 and of the Profit or Loss of the company for the year ended 31st March, 2011.

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 defecting fraud and other irregularities; and

iv) The Directors have prepared the annual accounts ongoing concern basis.

8. COMPOSITION OF BOARD OF DIRECTORS

There is no change in the composition of the Board of Directors. Sri Sanjeev Kumar Saraf and Sri Mahendra Kumar Choudhary retires by rotation and being eligible offer themselves for reappointment. The present Board of Directors consist of four persons namely Sri Manoj Kumar Saraf, Sri Sanjeev Kumar Saraf, Sri Sushil Kumar Sureka and Sri Mahendra Kumar Choudhary.

9. ACKNOWLEDGEMENT

Your Directors wish to express their sincere appreciation for the co-operation and support received from Government authorities, Suppliers, customers and shareholders. The Directors also place on record their appreciation for the dedication and commitment of all employees of the Company.

For and on Behalf of the Board of Directors of

M/s MS Securities Ltd

-Sd-

Manoj Kumar Saraf

Director

Date: 29/08/2011

Place: Patna

Mar 31, 2010

The Directors has pleasure in presenting before you the 18th ANNUAL REPORT together with Audited Statement of Accounts for the year ended 31 March 2010. The financial statements for the year 2009-10. are enclosed with the reports of the auditors which are self explanatory need no further comments. The significant accountings policies on which the financial statements of the company arc drawn up as well as the explanatory notes on the accounts are also attached. The financial statements have been prepared in accordance with the provision of the Companies Act, 1956. in the manner required, and exhibit a true and fair view of the state affairs of the operating results.

1. FINANCIAL RESULT

Profit or Loss before Taxation Rs.(21,036-41)

Provision for Taxation /Tax Expense Rs, Nil

Deferred Tax Exps / Savings Rs.1,290.00

Profit or Loss after Tax Rs,(19,746.41)

Profit or (Loss) B/F from Previous year Rs.(1,83,05,751,81)

Profit or Loss C/F to Balance Sheet Rs.(1,83,25,498.22)

2. PERFORMANCE

Your Directors are informing you that the company has incurred a loss during the year. The Directors are very positive that the company will make the profit in the coming year.

3. DIVIDEND

Your Directors have not recommended any dividend in view of the need for finance for expansion and consolidation of the Company.

4. EMPLOYEES REMUNERATION;

There is no employee drawing remuneration to the extent as required to be disclosed under section 217(2A) of the Companies Act, 1956 and the rules there under as amended.

5. AUDITORS

M/'s S.K. Nayak &. Co., Chartered Accountants, the Statutory Auditors of the Company retires at the ensuing Annual General Meeting and are eligible for re- appointment. The members are requested to consider their re-appointment for the current financial year 2010-11 and authorize the Board of Directors to fix their remuneration. The retiring auditor have, under section 224 (1 B) of The Companies Act, 1956, furnished certificate of their eligibility for the appointment.

6. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The disclosures of particulars regarding energy conservation technology absorption and foreign exchange earning out go as required in The Companies (Disclosures of particulars in the report of Board of Directors } Rules I'JSS in term of section 217 (I) (c) of The Companies Act. are at present not applicable to the Company.

7. DIRECTORS RESPONSIBILITY STATEMENT

The Directors state that:

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

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimate that arc reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st March, 2010 and of the Profit or Loss of the company for the year ended 31sl March. 2010.

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 defecting fraud and other irregularities: and

iv) The Directors have prepared the annual accounts ongoing concern basis.

9. COMPOSITION OF BOARD OF DIRECTORS

There is change in the composition of the Board of Directors. Dr. Rajeev Kumar Saraf and Sri Rajat Banka ceased to be Directors of the Company with effect from 26,08.2010 and Sri Mahendra Kumar Choudhary was appointed as an Independent Director of the Company with effect from 26.08.2010 to fill up the casual vacancy.

Sri Manoj Kumar Saraf and Mr. Sushil Kumar Sureka retires by rotation and being eligible offer themselves for reappointment. The present Board of Directors consist of four persons namely Sri Manoj Kumar Saraf, Sri Sanjeev Kumar Saraf, Sri Mahendra Kumar Choudhary and Mr. Sushil Kumar Sureka.

10. ACKNOWLEDGEMENT

Your Directors wish to express their sincere appreciation for the co-operation and support received from Government authorities. Suppliers, customers and shareholders. The Directors also place on record their appreciation for the dedication and commitment of all employees of the Company.

For and on Behalf of the Board of Directors of

MS Securities Ltd

-sd-

Manoj Kumar Saraf

Director

Date: 28/08/2010

Place : Patna

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