Directors Report of Anand Credit Ltd.

Mar 31, 2012

To, THE MEMBERS OF THE COMPANY

The Directors have pleasure in presenting the Nineteenth Annual Report and the Audited Statement of Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS:

The summary of financial results for the year under review along with the figures for previous year are as follows:-

(Rs. in Lacs)

Particulars 2011-2012 2010-2011

1. Net Sales / Income from Operations 5.70 20.94

2. Total Expenditure 24.03 50.64

3. Operating Profit/(Loss) before Finance Cost, Depreciation & Taxation (1-2) (18.33) (29.70)

4. Finance Cost 0.05 0.02

5. Depreciation 2.40 1.98

6. Profit before Tax (3-4-5) (20.78) (31.70)

7. Provision for taxation 0.00 0.00

8. Profit/(loss) after Tax (6-7) (20.78) (31.70)

9. Balance of Profit & Loss Account brought forward from P.Y. 13.77 45.47

10. Amount available for appropriation (8-9) (7.01) 13.77

11. Balance carried to Balance sheet (7.01) 13.77

DIVIDEND:

Your Directors have not recommended any dividend on equity shares for the year under review.

PUBLIC DEPOSITS:

The company has not accepted any deposits from the public.

MANAGEMENT DISCUSSION AND ANALYSIS:

A report on Management and Discussion and Analysis as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange forms parts of the Annual Report.

DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and Article 150 of the Articles of Association, Shri Ramesh Shah, Director of the Company retire by rotation at this annual general meeting and being eligible, offer himself for reappointment. The Board recommends his reappointment.Shri Gunvant M. Acharya was appointed as Director on 30th September, 2011 and has resigned on 7th November, 2011.

INSURANCE:

All the properties and assets of the Company are adequately insured.

AUDITORS:

M/s A. L. Thakkar & Co., Auditors of the Company retires at the conclusion of forthcoming Annual General Meeting and being eligible to offer themselves for reappointment.

AUDITORS REPORT:

The Auditors report is self-explanatory and so far, there is no negative remark by the Auditors.

DIRECTORS'' RESPONSIBILITY STATEMENT:

In accordance with the provisions of section 217(2AA) of the Companies (amendment) Act, 2000 the Directors confirm that :-

1. In the preparation of accounts, the applicable accounting standards have been followed.

2. Accounting policies selected were applied consistently. Reasonable and prudent Judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of 31st March, 2012 and the profit of the Company for the year ended on that date.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. The Annual Accounts of the company have been prepared on a going concern basis.

CORPORATE GOVERNANCE:

Your Company is committed to maintain the highest standard of Corporate Governance. Your Directors adhere to the stipulations set out in the Listing Agreement with the Stock Exchanges. As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on Corporate Governance together with a certificate from the Company''s Auditors confirming compliance there to is set out in the Annexure forming part of this report.

LISTING OF SHARES:

The equity shares of the Company are listed at the Bombay Stock Exchange Limited (BSE). The Company has paid the applicable listing fees up to the date. The Company''s shares are also traded in dematerialised segment and the Company had entered into agreements with CDSL and NSDL for custodian services.

PARTICULARS OF THE EMPLOYEES:

The Company has no employee to whom the provision of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 apply and henceforth not applicable to the company.

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

Conservation of energy and technology absorption information pursuant to Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are not applicable. There is no Foreign Exchange Earning and Outgo during the year.

ACKNOWLEDGMENT:

Your Directors wish to place on record their appreciation and sincere thanks to the state government, government agencies, banks, customers, financial institutions, shareholders, vendors and other related organizations, who through their continued support and co-operation, have helped, as partners, in your company''s progress.

Your Directors also acknowledge the hard work, dedication and commitment of the employees.

Date : August 13, 2012 For and on behalf of the Board

Place: Ahmedabad Ramesh L. Shah

Chairman and Managing Director

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Mar 31, 2010

The Directors have pleasure in presenting the Seventeenth Annual Report together with the audited statement of accounts for the period ended on 31st March, 2010.

FINANCIAL RESULTS : (Rs. in Lacs)

Particulars 2009-2010 2008-2009

1. Total Income 43.84 37.00

2. Total Expenditure 27.03 20.73

3. Profit/(Loss) before Depreciation & Taxation 18.49 17.87

4.Depreciation 1.67 1.60

5. Provision for taxation 6.00 5.74

6. Income tax for earlier years 0.00 0.00

7. Profit (loss) after Tax 10.82 10.53

8. Add : Balance of Profit & Loss Account brought forward from P.Y 35.43 24.90

9. Amount available for appropriation 46.25 35.43

10. Balance carried to Balance sheet 46.25 35.43



DIVIDEND :

Your Directors have not recommended any dividend on equity shares for the year under review.

MANAGEMENT DISCUSSION AND ANALYSIS :

A report on Management and Discussion and Analysis as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange forms parts of the Annual Report.

DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and Article 150 of the Articles of Association, Shri Vipul Shah, Director of the Company retire by rotation at this annual general meeting and being eligible, offer himself for reappointment. The Board recommends his reappointment.

LISTING :

The Companys Shares are listed on Ahmedabad Stock Exchange Ltd and Bombay Stock Exchange Ltd and the Company has paid the necessary Listing fees. The Directors are pleased to inform that the trading in the equity shares of the Company is started during the year at both the exchanges. The Custodial fees payable to depositories namely NSDL & CDSL has also been remitted by the Company.

INSURANCE:

All the properties and assets of the Company areadequately insured.

DIRECTORS RESPONSIBILITY STATEMENT :

Pursuant to the requirement under section 217 (2AA) of the Companies Amendment Act, 2000 with respect to Director Responsibility Statement it is hereby confirmed:

1. That in the preparation of the annual accounts for the financial year ended 31st March, 2010 the applicable accounting standard had been followed along with proper explanation relating to material departures.

2. That the selected accounting polices were applied consistently and judgements and estimates that are reasonable and prudent were made so as to give a true and fair view of the state of affairs of the Company at the end of the financial ear and of the profit of the Company for that period;

3. That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. That the annual accounts were prepared for the financial year ended 31March 2010 on a going concern basis.

AUDITORS:

M/s A. L. Thakkar & Co., Auditors of the Company retires at the conclusion of forthcoming Annual General Meeting and being eligible, have offered themselves for reappointment.

AUDITORS REPORT :

The Auditors report is self-explanatory and so far, there is no negative remark by the Auditors.

CORPORATE GOVERNANCE:

Your Company is committed to maintain the highest standard of Corporate Governance. Your Directors adhere to the stipulations set out in the Listing Agreement with the Stock Exchanges. As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on Corporate Governance together with a certificate from the Companys Auditors confirming compliance there to is set out in the Annexure forming part of this report.

PARTICULARS OF THE EMPLOYEES :

The Company has no employee to whom the provision of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 apply and henceforth not applicable to the company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO :

Conservation of energy and technology absorption information pursuant to Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are not applicable. There is no Foreign Exchange Earnings and Outgoes during the year.

ACKNOWLEDGMENT :

Your Directors express their sincere thanks to all customers, vendors, investors, bankers, insurance companies, consultants,and advisors for their continued support throughout the year. Your Directors sincerely acknowledges the contribution made by all the employees for their dedicated services to the company.

For and on behalf of the Board

Place: Ahmedabad Ramesh L. Shah

Date: 22.08.2010 Chairman and Managing Director