Jupiter Industries and Leasing Ltd. के निदेशक की रिपोर्ट

Mar 31, 2024

Your directors have pleasure in presenting the 40th Annual Report on the business and operations of the Company
together with the Audited Financial Statement of Accounts for the year ended 31st March 2024.

FINANCIAL RESULTS

¦ ¦

The financial highlights of the current year in comparison to the previous year are as under.

A) STANDALONE: (Amount in lakhs)

PARTICULARS	2023-24 (8.19)	2022-23
ProfitZ(Loss) before Depreciation		(6.90)
Less: Depreciation and Amortization Expense	*
ProfitZ(Loss) before Tax Before exceptional and extra-ordinary items	(8.19)	(6.90)
Exceptional and Extra-ordinary Items	“
Profit/(Loss) before Tax after exceptional and extra-ordinary items	(8.19)	(6.90)
Less: fax Expense (Net)		........................
Profit/(Loss) After Tax	(8.19)	(6.90)
Add : Balance brought forward from the previous year	(299.10)	(292.20)
Balance carried to Balance Sheet	(307.29)	(299.10)

REVIEW OF OPERATION

The total loss of your Company for the year under review is Rs. 8.19 lakhs as compared to Rs. 6.90 lakhs for the
previous year ended 31st March 2023.

There is no business activity carried out by the company. The management does not foresee any prospect of
carrying out any business in the near future till the financial position of the company improves.

DIVIDEND

In view of the accumulated losses, your Directors regret their inability to recommend any dividend for the year.
TRANSFER TO RESERVES

In view of the accumulated losses, the Company has not transferred any amount to general reserve.

DEPOSITS

During the year under review, your Company has neither accepted nor renewed any deposits from the public within
the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014,

The details of money accepted and received from the directors or the relatives of directors of the company have
been disclosed in the financial statements.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and Administration) Rules,2014,
the Annual Return as on 31st March 2024 is available on the Company''s website at: www.iupiterind.co.in

THE DISCLOSURE OF REMUNERATION DETAILS AND PARTICULARS OF EMPLOYEES

As the Company has only one employee and no material liability for employee benefits is expected, liability for the
same is not ascertained,

DIRECTOR’S AND KEY MANAGERIAL PERSONNEL (KMP) APPOINTMENT OR RESIGNATION

At present, the Board of your company consist of 6 Directors, who have wide and varied experience in different
disciplines and fields of corporate functioning. The present composition of the Board consists of 2 Independent
Directors, 1 Non-Executive Director, 2 Executive Directors and Managing Director,

The Company is maintaining optimum combination of Executive, Non-Executive Directors and Independent
Directors.

The Composition of the Board of Directors of the Company as on 31st March 2024 is as follows:

Sr. No.	Directors	Designation
1.	Mr. Hemant D. Shah	Managing Director
2.	Mr. Samir H. Shah	Executive Director
3.	Mr. Jiten S. Patel	Executive Director
4.	Mr. Prakash P. Kanungo	Independent Director
5.	Mr. Sanket H. Shedge	Independent Director

A. Appointment and Re-appointment of Additional Director:

On 29th May 2024, Miss Vinika N. Chouriya (DIN: 10646687) was appointed as an Additional Director on the Board
of the Company. Her tenure as Additional Director will continue till the date of the upcoming Annual General
Meeting (AGM) of the Company, The Board is of the opinion that the appointment of Miss Vinika N. Chouriya as a
Director is both desirable and beneficial to the Company. Therefore, the Board recommends her appointment for
approval by the shareholders at the forthcoming Annual General Meeting. Consequently, her appointment is due
for regularization at the ensuing AGM.

The profile along with other details of Ms. Vinika N. Chouriya are provided in the annexure to the Notice.

B. Re-Appointment of Executive Director due to retire by rotation:

In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. Jiten S. Patel (DIN: 08372558),
Director of the Company, retires by rotation at the ensuing AGM and being eligible, seeks re-appointment. A
resolution seeking the re-appointment of Mr. Jiten S. Patel, forms part of the Notice convening the ensuing Annual
General Meeting scheduled to be held on Monday, 30th September 2024.

The profile along with other details of Mr. Jiten S. Patel are provided in the annexure to the Notice of the Annual
General Meeting.

C. Resignation

During the year under review, Smt. Priya M. Patel (DIN: 08378080) has resigned from the Board as Independent
Director with effect from 09th February 2024, The Board places on record its appreciation for the valuable
contribution made by her during her tenure as an Independent Director of the Company.

CHANGES IN KEY MANAGERIAL PERSONNEL:

During the year under review Mr. Rohit Raghunath Jadhav Company Secretary has resigned as the Company
Secretary & Compliance Officer of the Company with effect from 21st November, 2023 and subsequently Miss.
Vinika N. Chouriya Company Secretary has been appointed as the Company Secretary & Compliance Officer of
the Company with effect from 5th December 2023 to fulfil the requirement of Section 203 of the Companies Act,
2013.

The following have been designated as the Key Managerial Personnel of the Company pursuant to sections 2(51)
and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014:

Key Managerial Personnel as on 31^st March 2024:

Sr. No	Name of Key Managerial Personnel	Designation
1.	Mr. Hemant D. Shah	Managing Director
2.	Mrs. Rasika R. Wadkar	Chief Financial Officer
3.	Mr. Rohit R. Jadhav	Company Secretary and Compliance Officer resigned w.e.f. 21st November, 2023.
4.	Miss. Vinika N. Chouriya	Company Secretary and Compliance Officer appointed w.e.f. 5th December, 2023.

NUMBER OF MEETINGS OF THE BOARD

7 meetings of the Board of Directors were held during the year 2023-24. The dates of the meeting are as follows:

Sr. No.	Date of Meeting
1.	15,h May, 2023
2.	25lh May, 2023
3.	08lh August, 2023
4.	04m September, 2023
5.	07th November, 2023
6.	05lh December, 2023
7.	09th February, 2024

DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OF SECTION 149

As on 31st March 2024, Mr. Prakash P. Kanungo and Mr. Sanket H. Shedge are Independent Directors on the
Board. The Board hereby confirms that, all the Independent Directors of your Company have given a declaration
that they meet the criteria of Independence as provided in Section 149(6) of the Companies Act, 2013, and
Regulation 16(1 ){b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, the
Independent Directors confirmed that the respective Independent Director is not aware of any circumstance or
situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their
duties with an objective independent judgment and without any external influence.

In pursuance of Regulation 25(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Board of directors took on record of the declarations and confirmations submitted by the independent directors
under Regulation 25(8) after undertaking due assessment of the veracity of the same.

DIRECTOR’S REMUNERATION

Since the company has no business activity and huge accumulated losses, the company is not in a position to give
any remuneration to the Managing Director and/or its Directors.

COMPANY SECERETARY’S REMUNERATION

Pursuant to Section 203 of the Companies Act, 2013, Mr. Rohit R. Jadhav, (ACS No. A68132 was the full time
Company Secretary & Compliance Officer of the Company at a remuneration of Rs. 2.40 lakhs p.a. The Company
has accepted his resignation w.e.f. 21st November 2023.

Thereafter Miss Vinika N. Chouriya, (ACS No. A71419), has been appointed as the Company Secretary &
Compliance Officer of the Company on 5th December 2023. Pursuant to Section 203 of the Companies Act, 2013,
Mr. Rohit R. Jadhav is a full time Company Secretary & Compliance Officer of the Company at a remuneration of
Rs, 2,40 lakhs p.a.

CHIEF FINANCIAL OFFICER’S REMUNERATION

Pursuant to Section 203 of the Companies Act, 2013, Mrs. Rasika R. Wadkar, has been appointed as the Chief
Financial Officer (CFO) of the Company on 15th May 2023.

Since the Company does not have any significant business activities, hence the volume and scope of work for the
Chief Financial Officer is less and it is not a full-time work and the job of the Chief Financial Officer is not attractive
commensurate with the scope of work and salary. Thus, no salary is paid to the Chief Financial Officer.

COMMITTEES OF THE BOARD

Pursuant to the requirement under the Companies Act, 2013 and the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has constituted
Committees of the Board i.e., Audit Committee, Nomination and Remuneration Committee and Stakeholders
Relationship Committee.

AUDIT COMMITTEE:

The Audit Committee of the Company is constituted in line with the provisions of Regulation 18(1) of the SEBI
(Listing Obligations and Disctosure Requirements) Regulations, 2015 read with Section 177 of the Companies Act,
2013. Apart from that all the matters provided in Regulation 18 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Section 177 of the Companies Act, 2013, the Audit committee review reports
of the Internal Auditor, meet Statutory Auditors as and when required and discusses their findings, suggestions,
observations, and other related matters and reviews major accounting policies followed by the Company.

The Audit Committee is duly constituted, during the Financial Year ended 31^st March 2024, 4 (Four) Meetings of
the Audit Committee were held on 25th May 2023, 8th August 2023, 7th November 2023 and 9th February 2024.

Sr. No.	Name	Designation
1.	Mr. Prakash P. Kanungo	Chairman and Member
2.	Mr. Sanket H. Shedqe	Member
3.	Mrs. Priya M. Patel	Member
4.	Mr. Hemant D. Shah	Member
5.	Mr. Samir H. Shah	Member

NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee of the Company is constituted in line with the provisions of
Regulation 19(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with
Section 178 of the Companies Act, 2013.

Apart from that all the matters provided in Regulation 19 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 read with Section 178 of the Companies Act, 2013, the Nomination and
Remuneration Committee identifies (a) criteria for determining qualifications, positive attributes, independence of
a director, etc. and (b) guiding principles for payment of remuneration to Directors, Key Managerial Personnel and
other employees.

The Nomination and Remuneration Committee is duly constituted, during the Financial Year ended 31^s'' March
2024, 3 (Three) Meetings of the Nomination and Remuneration Committee were held on 25th May 2023, 08th
August 2023 and 9th February 2024.

The Composition of the Nomination and Remuneration Committee as on 31^s1 March 2024 is as under:

Sr. No.	Name	Designation
1.	Mr. Prakash P. Kanungo	Chairman and Member
2.	Mr. Sanket H. Shedqe	Member
3.	Mrs. Priya M. Patel	Member
4.	Mr. Hemant D. Shah	Member
5.	Mr. Samir H. Shah	Member

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The scope of the Shareholders relationship Committee is to review and address the grievance of the shareholders
in respect of share transfers, transmission, non-receipt of annual report, non-receipt of dividend, etc, and other
related activities. In addition, the Committee also investigates matters which can facilitate better investor’s services
and relations. The Stakeholders’ Relationship Committee is duly constituted, during the Financial Year ended on
31 st March 2024. Meetings of the Stakeholders’ Relationship Committee was held on 07th November 2023.

The Composition of the Shareholders Relationship Committee as on 31st March 2024 is as under:

Sr. No.	Name	Designation
1.	Mr. Prakash P. Kanungo	Chairman and Member
2.	Mr. Sanket H. Shedge	Member
3.	Mrs. Priya M. Patel	Member
4.	Mr. Hemant D. Shah	Member
5.	Mr. Samir H. Shah	Member

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

The company has placed a system of internal financial controls with reference to the financial statements. In our
view, these interna! financial controls are adequate and are operating effectively.

AUDITORS

At the AGM held on 30th September, 2023, M/s. N N K & Co, Chartered Accountants (Firm Registration
No. 143291W) were appointed as Statutory Auditors of the Company for a period of five years.

AUDITORS’ REPORT

The Auditors in their Report to the members, having given a qualified opinion and the response of your Directors
with respect to it is as follows:

The Company being in the business of Leasing & Hire Purchase incurred heavy losses during 1995 to 1997 as the
borrowers defaulted in their payments to the Company. Further the entire financial services industry faced similar
crises during the said period. The Company unfortunately could not revive thereafter due to non-funding by the
banks and paucity of its own funds.

The interest of Rs. 14,364.81 lakhs has been computed from 1997 at an exorbitant rate of interest of 18% p.a.
compounded quarterly. The principal amount of the loan being only about Rs. 70 lakhs.

COST RECORDS AND COST AUDIT

The provisions relating to maintenance of Cost Records as specified by the Central Government under Section
148 of the Companies Act, 2013 is not applicable to the Company for the financial year 2023-24. Also, as per rule
4 of the Companies (Cost Records and Audit) Rules, 2014, cost audit is not applicable to your company.
Accordingly, the cost auditor is not appointed for the fnancial year 2023-24.

INTERNAL AUDITORS

The Board of Directors of the Company has appointed D R J & Associates, Chartered Accountants (Firm
registration Number 155082W) as the Internal Auditors to conduct the Internal Audit of the Company for the
Financial Year 2023-24.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 the Company has appointed Mr. Hemant Gupta,
Practicing Company Secretary (Membership No.: F12032; COP No.: 17869), to undertake the Secretarial Audit of
the Company for the financial year 2023-24. A Secretarial Audit Report given by the Secretarial Auditors is annexed
with this Report as ANNEXURE - I.

EXPLANATION OR COMMENTS TO QUALIFICATION, RESERVATION, ADVERSE REMARK OR
DISCLAIMER MADE, IF ANY, IN THE STATUTORY AUDITORS’ REPORT AND THE SECRETARIAL AUDIT
REPORT.

The Statutory Auditors’ Report and the Secretarial Audit Report to the members, for the year ended 31st March
2024, does not contain any qualification, reservation, adverse remark or disclaimer which require explanations or
comments by the Board. However, the reply of the Board to the ‘emphasis of matter'' reported in the Statutory
Auditors’ Reports is given in the ‘Auditors Report’ clause above.

During the year, there were no instances of frauds reported by the auditors under section 143(12) of the Companies
Act, 2013 to the Audit Committee.

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not
applicable to the Company as the Net worth of the Company is less than rupees Five Hundred Crores, Turnover is
less than rupees One Thousand Crore and Net Profit is less than rupees Five Crores.

CORPORATE GOVERNANCE

As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, report on
Corporate Governance shall not apply on listed entity having paid up equity share capital not exceeding rupees ten
crore and net worth not exceeding rupees twenty-five crore, as on the last day of the previous financial year hence,
the report on Corporate Governance is not applicable to the company.

SHARE CAPITAL

At the beginning of the year, your company has a paid-up capital of Rs. 1.00 crore during the year under review.
WHISTLEBLOWER POLICY

In pursuance of provisions of the Companies Act, 2013, and the Listing Regulations the Company has formulated
Whistle Blower Policy (Vigil Mechanism) with a view to providing a mechanism for (i) directors and employees of
the Company to freely communicate/report genuine concerns and/or grievances about illegal or unethical practices,
unethical behaviour, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy, and
(ii) the stakeholders of the company to freely communicate their concerns about illegal or unethical practices, and
to approach the Whistle Officer/Chairman of the Audit Committee of the Company to, inter-alia, report the same to
the management. This Policy is an extension of the Company''s Code of Conduct.

The Audit Committee oversees the vigil mechanism through the committee. This Policy inter-alia provides direct
access to the Chairman of the Audit Committee.

The Whistle Officer/Chairman of the Audit Committee shall submit a report to the Audit Committee on a regular
basis about all the complaints referred to him since the last report together with the results of investigations, if any.

DEMATERIALISATION OF SHARES

Out of the total shares, 35.59% shares are held in physical form. Shareholders holding shares in physical form are
once again advised to dematerialize their shares to avoid the risk associated with the physical holding of share
certificates and for facilitating easy liquidity for shares.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE {PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013

The Company is committed to provide a protective environment at the workplace for all its women employees.
Also, in terms of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the Rules made thereunder, the Company has complied with the constitution of Internal Complaints
Committee to which employees can write their complaints and adopted a Policy on Prevention of Sexual
Harassment of Women at Workplace.

During the year ended 31st March 2024 there were no incidents of sexual harassment reported in the Company
i.e., Complaints pending at the beginning of the year: NIL, Complaints received during the year: NIL, Disposed of
during the year: NIL, Pending at the end of the year: NIL.

In accordance with the requirements of Section 134(3)(c) of the Companies Act, 2013, your directors, hereby
confirm that:

(a) In the preparation of the annual accounts for the financial year ended 31st March 2024, the applicable
accounting standards had 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 on 31st March 2024 and of the loss of the company for the financial year ended 31st
March 2024;

(c) 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;

(d) The Directors had prepared the annual accounts on a going concern basis;

(e) The Directors, had laid down internal financial controls to be followed by the company and that such
infernal financial controls are adequate and were operating effectively; and

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

CHANGE IN THE NATURE OF BUSINESS

There is no change in the nature of the business of the Company.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE

There are no significant and/or materia! orders passed by the regulators or courts or tribunals impacting the going
concern status and Company''s operations in the future.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013

No loans, guarantees or investments under section 186 of the Act, has been made by the company.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB¬
SECTION (1) OF SECTION 188 OF THE COMPANIES ACT, 2013

During the year, there are no contracts or arrangements with related parties referred to in sub-section (1) of section
188 of the Act, have been entered by the company.

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

In terms of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014, the particulars of conservation of energy, technology absorption, foreign exchange earnings, and outgo, are
provided below:

CONSERVATION OF ENERGY

With respect to conservation of energy pursuant to rule 8(3) A of the Companies (Accounts) Rules 2014 -

Sr. No.	Particulars	Steps/Amount
1.	Steps taken or impact on conservation of energy	Nil
2.	Steps taken by the company for utilizing alternate sources of	Nil
	energy
3.	Capital investment on energy conservation equipment	Nil

TECHNOLOGY ABSORPTION

Wth respect to technology absorption pursuant to Rule 8(3) B of the Companies (Accounts) Rules, 2014 are not
given as the Company has not spent any amount towards technology absorption.

FOREIGN EXCHANGE EARNING AND OUTGO

Information pursuant to Rule 8(3)C of the Companies (Accounts) Rules.

The Company has incurred following Foreign Exchange Expenditure or has earned following Foreign Exchange
Earnings during the year under review.

Particulars	Amount (in rupees)
Foreign Exchange Expenditure	Nil
Foreign Exchange Earnings	Nil

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with the applicable provisions of Secretarial Standards issued by the Institute of
Company Secretaries of India.

ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The evaluation of Board, Committee(s) and individual Directors was carried out based on a structured questionnaire
encompassing parameters such as performing statutory duties, level of engagement and contribution,
independence of judgment, etc.

MEETINGS OF INDEPENDENT DIRECTORS

The Company''s Independent Directors meet at least once in every financial year without the presence of non-

independent directors and members of the management.

The independent director in their meeting (a) review the performance of non-independent directors and the Board
as a whole, (b) review the performance of the Chairperson of the company, taking into account the views of
executive directors and non-executive directors, and (c) assess the quality, quantity, and timeliness of the flow of

information between the company management and the Board that is necessary for the Board to effectively and
reasonably perform their duties.

A meeting of the Independent Directors was held on 07th November 2023 and all independent directors attended
the meeting.

AC KN OWLED G E M E NTS

Your directors place on records their sincere appreciation to the Shareholders, Investors, Financial Institutions,
Banks, Suppliers, Government, and Semi-Government agencies for their continued assistance and co-operation
extended to the Company and wishes to place on record their appreciation of employees for their hard work,
dedication, and commitment.

By Order of the Board of Directors
For JUPITER INDUSTRIES & LEASING LIMITED

H, D. SHAH

Managing Director
Din No: 02303535

S. H. SHAH

Director
Din No: 00890587

Place : Mumbai

Date : 6th September, 2024

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Mar 31, 2014

Dear Members,

The Directors are pleased to place before you the Thirtieth Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2014.

1. OPERATIONS & FINANCIAL RESULTS

Year ended Year ended 31-03-2014 31-03-2013 Rupees Rupees

Profit/(Loss) before

Depreciation (1,34,520) (1,68,197)

Less: Depreciation provided for the year - -

Profit/(Loss) before Tax (1,34,520) (1,68,197)

Less: Provision for Tax - -

Profit/(Loss) after Tax (1,34,520) (1,68,197)

Add: Balance brought forward from the previous year (2,48,22,533) (2.46,54,336)

Amount carried to balance sheet (2,49,57,053) (2,48,22,533)

2. DIVIDEND

In view of the accumulated losses, your Directors regret their inability to recommend any dividend for the year.

3. OPERATION & PROSPECTS

In view of the accumulated losses, the company is not in a position to carry out any Business activity.

4. FIXED DEPOSITS

The Company does not hold any Fixed Deposits from the public as on 31st March, 2014.

5. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Company''s Articles of Association Mr. H. D. Shah, Director retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment.

6. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors confirm:

1) that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

2) that 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 and fair view of the state of affairs of the company at the end of the financial year ended 31st March, 2014 and of the loss of the Company for that year;

3) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4) that the Directors have prepared the annual accounts on a going concern basis.

7. AUDITORS

M/s. A.B. Modi & Associates, Chartered Accountants, Auditors of your Company, retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

8. PARTICULARS OF EMPLOYEES

There were no employees drawing salary as prescribed under Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is not given, as it is not applicable to the Company.

10. ACKNOWLEDGMENT

Your Directors take this opportunity to express their warm appreciation of the dedicated services rendered by the personnel of the Company. The Directors also place on record their sincere thanks for the co-operation and support extended to your Company by the Bankers and Shareholders.

By Order of the Board of Directors

H D. SHAH Director

Place : Mumbai Date : 30th May, 2014

---

Mar 31, 2011

The Directors are pleased to place before you the Twenty-Seventh Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2011.

1. OPERATIONS & FINANCIAL RESULTS

Year ended Year ended 31-03-2011 31-03-2010 Rupees Rupees

Profit/(Loss) before

Depreciation (95,033) (71,644) Less: Depreciation provided

fortheyear 61,825 16,22,875

Profit/(Loss) before Tax (1,56,858) (16,94,519)

Profit/(Loss) after Tax (1,56,858) (16,94,519)

Add: Balance brought forward

from the previous year (2,54,97,564) (2,38,03,045)

Amount carried to balance sheet (2,56,54,422) (2,54,97,564)

2. DIVIDEND

In view of the accumulated losses, your Directors regret their inability to recommend any dividend for the year.

3. OPERATION & PROSPECTS

In view of the accumulated losses, the company is not in a position to carry out any Business activity.

4. FIXED DEPOSITS

The Company does not hold any Fixed Deposits from the public as on 31st March, 2011.

5. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Company's Articles of Association Mr. H. D. Shah, Director retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment

During the year, Mr. R.G. Pai, Director, demised and hence he ceased to be the Director on the Board of the Company with effect from 17th June, 2011. The Board wishes to place on record its appreciation for his valuable contribution during his long association with the Company which came to an end due to his sad demise.

Mr. P. P. Kanungo was appointed as an Additional Director to fill in the said casual vacancy caused due to the sad demise of Mr. R. G. Pai Mr. P. P. Kanungo was appointed as Additional Director with effect from 17th June, 2011.

6. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors confirm :

1) that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

2) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year ended 31st March, 2011 and of the loss of the Company for that year;

3) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4) that the Directors have prepared the annual accounts on a going concern basis.

7. AUDITORS

The Auditors of the Company M/s. J.D. Gandhi & Co., Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and, have expressed their inability to continue, since they are preoccupied, as Auditors of the Company. The Directors therefore propose M/s. K V S & Company, Chartered Accountants, be appointed as the Auditors of your Company, and they have given their certificate to the effect that, the appointment if made, will be in accordance with the limits specified in Section 224 (1B) of the Companies Act 1956.

8. PARTICULARS OF EMPLOYEES

There were no employees drawing salary as prescribed under Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is not given, as it is not applicable to the Company.

10. ACKNOWLEDGMENT

Your Directors take this opportunity to express their warm appreciation of the dedicated services rendered by the personnel of the Company. The Directors also place on record their sincere thanks for the co-operation and support extended to your Company by the Bankers, Clients and Shareholders.

By Order of the Board of Directors

H.D. SHAH Director

Mumbai,

7th September, 2011

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Mar 31, 2010

The Directors are pleased to place before you the Twenty-Sixth Annual Report and the Audited Accounts of the Company for the year ended 31th March, 2010.

1. OPERATIONS & FINANCIAL RESULTS

Year ended Year ended 31-03r2010 31-03-2009 Rupees Rupees

Profit/(Loss) before

Depreciation (71,644) (90,410)

Less: Depreciation provided for the year 16,22,875 16,22,875

Profit/(Loss) before Tax (16,94,519) (17,13,285)

Profit/(Loss) after Tax (16,94,519) (17,13,285)

Add: Balance brought forward from the previous year (2,38,03,045) (2,20,89,760)

Amount carried to balance sheet (2,54,97,564) (2,38,03,045)

2. DIVIDEND

In view of the accumulated losses, your Directors regret their inability to recommend any dividend for the year.

3. OPERATION & PROSPECTS

In view of the accumulated losses, the company is not in a position to carry out any Business activity.

4. FIXED DEPOSITS

The Company does not hold any Fixed Deposits from the public as on 31st March, 2010.

5. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Companys Articles of Association Mr. S. H Shah, Director retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. R. V. Joshi, Director of your company has resigned. The Board of Directors have placed on record their sincere appreciation of the services rendered by him.

6. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors confirm:

1) that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

2). that 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 and fair view of the state of affairs of the company at the end of the financial year ended 31* March, 2010 and of the loss of the Company for that year;

3) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4) that the Directors have prepared the annual accounts on a going concern basis.

7. AUDITORS

The Auditors of the Company M/s. Gandhi & Associates, Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and, have expressed their inability to continue, as Auditor of the company, since they are preoccupied. The Directors therefore propose M/s. J.D. Gandhi & Co. Chartered Accountants, be appointed as the Auditors of your Company, and they have given their certificate to the effect that, the appointment if made, will be in accordance with the limits specified in Section 224 (1B) of the Companies Act 1956.

8. PARTICULARS OF EMPLOYEES

There were no employees drawing salary as prescribed under Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is not given, as it is not applicable to the Company.

10. ACKNOWLEDGMENT

Your Directors take this opportunity to express their warm appreciation of the dedicated services rendered by the personnel of the Company. The Directors also place on record their sincere thanks for the co-operation and support extended to your Company by the Bankers, Clients and Shareholders.

By Order of the Board of Directors

H.D.SHAH

Chairman

Mumbai,

6th September, 2010