Shikhar Consultants Ltd. के निदेशक की रिपोर्ट

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

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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

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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

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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.