Directors Report of Anup Malleables Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in submitting their Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March 2015

1. Financial Summary (Amount in Rs)

As at the As at the end of end of current previous reporting reporting period period

Total Revenue 17.92,52.079 15.43,65,664

Total Expenses 17,59,52,410 15, 14,29,538

Profit or Loss before Exceptional and Extraordinary items and Tax 32,99,670 29,36,326

Less: Exceptional Items -

Less: Extraordinary Items - -

Profit or Loss before Tax 32,99,670 29,36,326

Less: Current Tax 6,28,752 5,59,517

MAT Credit (6,28,752) (5,59,517)

Deferred Tax (21.997) 74,341

Profit or Loss After Tax 33,21,667 28,61,985

Add: Balance as per last Balance 95,07,493 66,45,508 Sheet

Less: Transfer to Reserves - -

Less: Adjustment relating to (25,25,002) - Fixed Assets

Balance transferred to Balance 1,03,04,159 95,07,493 Sheet

2. Operational & financial growth

Total Revenue

Total income of the Company for the financial year 2014-15 comprises of Net Sales, work contract receipt and other income amounts to Rs.1,780 Lac which is a increase of 16.88 % over last year's figure

Profit Before Tax

Profit before tax for the year under review was Rs.32.99 Lacs, a increase of 12 36 % over the last year's figure

Profit after Tax

Profit after tax for the year under review was profit of Rs 33 22 Lacs registered an increased of 16.07% over the last year's figure.

Earnings per Share

Earnings per share for (he year under review were Rs1.27 as compared to Rs.1.09 for the last year

Net worth

Net worth of the Company for the financial year 2014-15 is Rs 416 94 Lac as against Rs. 408.97 Lac of the last year

3. Dividend

No Dividend has been declared for the current financial year.

4, Corporate governance

Your Company has fully complied with the requirement of Clause-49 of the Listing Agreement regarding Corporate Governance. A Report on Corporate Governance Practices and the Auditors Certificate on compliance of mandatory requirements thereof Is given as annexure to this report

5- Transfer of Unclaimed Dividend to Investor Education and Protection Fund

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.

6. Review of Business Operations and Future Prospects

Your Directors are optimistic about company's business and hopeful of better performance with increased revenue in next year There was no change in the nature of business of company

During the last Financial Year your Company had invested to procure various automatic machines and Jigs, Fixtures & Dies for development of extra large fabricated items such as Bogie Frame Assembly, Side Wall Assembly, Roof Assembly, Under frame Assembly etc. of different Diesel & Electric Locomotives and Coaches Your company had assured to develop all the pending products by the end of the year 2015-2016 and we have groat pleasure to inform you that sincere efforts were made by management and workers of the factory and following products are successfully developed till date -

1. Bogie frame assembly of WAP-9/WAP-7 for Electric locomotives.

2. Bolster assembly of WAG-9M Locomotives

3. Side wall assembly of WAG-9H/WAG-7 Locomotives

4. Head stock assembly of wag-9h locomotives

5. KIT for under frame for EMD Locomotives

To maintain its current dominance in the domestic market and to meet the future challenges, your Company is working on a long term strategic plan, which will steer the Company towards a target of manufacture 50 Bogies frame per month , thereby meeting the strategic objectives of achieving leadership in market

6, Opportunities & threats

There is a demand for machined castings and fabricated items Domestic as well as International Market. However, threats from firms as well as Wagon manufacturers are still continuing. As their prices are very low. developed and established firms are not able to match their prices. In line with the aspirations of ongoing growth in the fiscal year 2014-15, company is integrating its resources and investing in new technologies to achieve greater performance and long term growth. Company is quite hopeful to get electrical power from DVC very shortly and to re-start its Foundry Division by end of this Financial Year, Once Steel Foundry Division gets started, your company is bound to take a quantum jump from its existing position,

7. Material changes and commitment if any affecting the financial position of the company occurred between the end Of the financial year to which this financial statements relate and the dats of the report

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report

8- Conservation of Energy. Technology Absorption, Foreign Exchange Earnings and Outgo

The provisions of Section 134(m) of the Companies Act, 2013 do not apply to our Company as far as Conservation of Energy or Technology Absorption are concerned,

Foreign Exchange Outgo:

(Amount in rs)

Nature of Expense 2014-15 2013-14

Stores & Spares Purchased 4,93,161 9,75,799

9. Statement concerning development and implementation of Risk Management Policy of the company

The current economic environment, in combination with significant growth ambitions of your company, carries with it an evolving set of risks. Company recognises that these risks need to be managed to protect its customers, employees, shareholders and other stakeholders, to achieve its business objectives and enable sustainable growth Risk and opportunity management is therefore a key element of the overall corporate strategy

10. Details of policy developed and implemented by the company on its Corporate Social Responsibility Initiatives

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable

11. Particulars of Loans. Guarantees or Investments made under section 186 of The Companies Act, 2013

Company maintained proper records for loans, guarantees or investments made by the Company under Section 186 of the Companies Act. 2013 during the year under review.

12. Particulars of Contracts or Arrangements made with Related Parties

Particulars of contract or arrangements made with related parties as defined under Section 188 of the Companies Act, 2013 is given as annexure to this report.

13. Explanation or comments on Qualifications, reservations or adverse remarks or disclaimers made by the Auditors and the Practicing Company Secretary in their reports

There are no qualifications, reservations or adverse remarks made by the Auditors in their report,

14. Company's policy relating to Directors Appointment, Payment of Remuneration and Discharge of their Duties

Your Company has created a Nomination and Remuneration Committee which regulates and monitors directors appointment, payment of remuneration and evaluates their performance in discharge of there duties

15. Annual Return

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is furnished in Annexure A and is attached to this Report

16. Number of Board Meetings conducted during the year under review

The Company has conducted twenty Board Meetings during the financial year under review

17. Directors' Responsibility Statement:

In accordance with the provisions of Section 134(5) of the Companies Act. 2013 the Board hereby submit its responsibility Statement:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures,

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 at the end of the financial year and of the profit and loss of the company for that period;

c) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act far safeguarding the assets of the company and for preventing and delecting fraud and other irregularities.

d) the directors have prepared the annual accounts on a going concern basis,

e) the Company being unlisted, sub clause (e) of section 134(3) of the Companies Act, 2013 pertaining to laying down internal financial controls is not applicable to the Company; 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

18. Subsidiaries. Joint Ventures and Associate Companies

The Company does not have any Subsidiary, Joint venture or Associate Company during the year given in annexure enclosed.

19. Deposits

The Company has neither accepted nor renewed any deposits during the year under review.

20. Directors

Mr Navin Kumar Tulsyan (DIN 00304819) is hereby appointed as an Independent Director of the Company and he shall hold office for a term of five consecutive years from the date of this Annual General Meeting or till the date of the 36th Annual General Meeting whichever is earlier.

Mrs. Nikeeta Agarwalla (DIN 05155503) is hereby appointed as an Non-Executive Director of the Company and She shall hold office for a term of five consecutive years from the date of this Annual General Meeting or till the date of the 38th Annual General Meeting whichever is earlier."

21. Declaration of Independent Directors

Company received declaration from independent director under the provisions of Section 149 of Company Acl 2013.

22. Adequacy of Internal Financial Controls with reference to Financial Statements

The company has adequate Internal Control System commensurate with the size and nature of the business. The system has been designed to ensure that, all assets are acquired economically, used efficiently and protected against loss, destruction or unauthorized use. All resources are used efficiently and effectively Accounting, Financial and other operational information are accurate. reliable and provided timely and all applicable laws and internal policies are complied with true spirit,

23. Auditors

M/s Ashok Kedia & Company Chartered Accountants were appointed as Statutory Auditors period of 5 years in the Annual General Meeting held in the year 2015 and are eligible for reappointment, subject to ratification of members at ensuing Annual General Meeting of the company.

24. Disclosure of composition of Audit Committee and providing Vigil Mechanism

The provisions of Section 177 of the Companies Act. 2013 read with Rule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 regarding the Audit Committee and Vigil Mechanism are formed and works as per the position of act.

25. Shares

During the year under review, the company has undertaken following transactions:

Increase in Share Buy Back of Sweat Equity Bonus Shares Capital Securities

Nil Nil Nil Nil

Increase in Share Employees Stock Capital Option Plan

Nil Nil

26. Details of significant and material orders passed by the Regulators, Courts And Tribunals

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.

27. Financial Statements

Pursuant to Clause 41 of the Listing Agreement entered into with the stock exchanges, the Board of Directors nas pleasure attaching the Financial Statement prepared in accordance with the Accounting Standards prescribed by the institute of Chartered Accountants of India. Since your Company does not have any subsidiary, preparation of the Consolidated Financial Statement is required

Listing With Stock Exchanges

The Company confirms that it has paid the Annual Listing Fees for the year 2014-2015 to BSE and CSE where the Company's Shares are listed

28. Acknowledgement

Your Directors place on record their sincere thanks to the bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company,

For and on behalf of the Board of Directors

Ashok Khaitan Suyash Khaitan Director Director DIN: 00293871 DIN: 03349969

Place: Kolkata Date; 30st May 2015

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Mar 31, 2014

Dear Shareholders,

The Directors take pleasure in presenting their Annual Repodapd the Audited Accounts o( your gprppapy for

FINANCIAL RESULTS

(Amount in Rs.) Particulars F.Y. 2013-14 F.Y. 2012-13

1 Gross Turn Over 154,365,864 126,693,363

2 Net Turnover 152,323,218 125,461,857

3 Other Income 2,042,646 1,231,506

4 Total Revenue 154,365,864 126,693,363

5 Earning before Interest, 2,22,83,919 19,545,995

Depreciation and Amortization (EBIDTA)

6 Interest 12,564,743 12,369,803

7 Depreciation 6,782,850 3,982,942

8 Profit before Taxation (PBT) 2,936,326 3,193,250

9 Tax including Deferred Tax 74,341 4,002,017

10 Profit (Loss) after Tax 2,861,985 (808,767)

11 Profit brought forward from 6,645,508 26,204,275 previous year

12 Less: Capitalisation for Bonus - 18,750,000 Issue

13 Profit during the year 2,861,985 (808,767)

14 Amount available for appropriation 9,507,493 6,645,508

15 Surplus carried to Balance Sheet 9,507,493 6,645,508

OPERATIONAL & FINANCIAL GROWTH Total Revenue

Total income of the Company for the financial year 2013-14 comprises of Net Sales, work contract receipt and other income amounts to Rs. 1523 Lacs which was a increase of 21% over last year''s figure.

Profit before Tax

Profit before tax for the year under review was Rs.29.36 Lacs, a decrease of 8% over the last year''s figure.

Profit after Tax

Profit after tax for the year under review was profit of Rs.28.61 Lacs registered a increased of 110% over the last year''s figure.

Earnings per Share

Earnings per share for the year under review was Rs1.09 as compared to Rs.(0.31) for the last year.

Net worth

Net worth of the Company for the financial year 2013-14 is Rs.408.97 Lac as against Rs. 380.35 Lac of the last year.

Dividend

Considering your Company''s present situation, your Directors regret to recommend a dividend for the year under '' review.

CORPORATE GOVERNANCE

Your Company has fully complied with the requirements of Clause-49 of the Listing Agreement regarding Corporate Governance. A Report on Corporate Governance Practices and the Auditors Certificate on compliance of mandatory requirements thereof is given as annexure to this report.

DIRECTORS'' RESPONSIBILITY STATEMENT

Your Directors hereby confirm that:

a) in the preparation of annual accounts, containing financial statements for the year ended March 31, 2014, the applicable accounting standards have been followed along with proper explanations, wherever required.

b) the Board 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 for the period.

c) the Board has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safe guarding the assets of the company and for preventing and detecting any fraud and other irregularities.

d) the annual accounts have been prepared on a going concern basis.

FINANCIAL STATEMENTS

Pursuant to Clause 41 of the Listing Agreement entered into with the stock exchanges, the Board of Directors has pleasure in attaching the Financial Statement prepared in accordance with the Accounting Standards prescribed by the Institute of Chartered Accountants of India. Since your Company does not have any subsidiary, preparation of the Consolidated Financial Statement is not required.

DIRECTORS

Mr. Ashok Khaitan (DIN: 00293871), an executive Director who was appointed as an Additional Director for a period of three years having 25 year experience in Finance and Administration I

Mr. Ayush Agarwalla (DIN: 03051060), an executive Director who was appointed as an Additional Director for a period of three years having 3 years experience in Mechanical Engineering.

Mr. Suyash Khaitan (DIN: 03349969), an executive Director who was appointed as an Additional Director for a period of three years having 2 years Experience in administration and finance field

Mr. Sushil Kumar (06763392), a non- executive Director of the Company whose period of office is liable to retirement by rotation is designated as Additional Director having 12 years Experience in commercial and sales.

Mr. Vikash Agarwal (DIN: 06763404), a non- executive Director of the Company whose period of office is liable to retirement by rotation designated as Additional Director having 10 years Experience in Finance and Accounts Field.

Mr. Sanjeev Choudhary (DIN: 02788969), a non- executive Director of the Company whose period of office is liable to retirement by rotation designated as Additional Director having 11 years Experience in Accounts and Finance Field.

None of the Directors of the Company are disqualified as per section 164 of the Companies Act, 2013. The Directors have made necessary disclosures as required under various provisions of the Act and Clause 49 of the Listing Agreement.

STATUTORY AUDITORS

The Statutory Auditors M/s. Ashok Kedia & Company, Chartered Accountants, retire at the conclusion of the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. Certificate from the Auditors has been obtained to the effect that their re-appointment, if made, would be within the limits prescribed under section 224(1 B) of the Companies Act, 1956 and section 139 of the Companies Act, 2013.The Notes to Accounts forming part of the financial statements are self explanatory and needs no further explanation. There are no qualifications or adverse remarks in the Auditors'' Report which require any clarification/explanation.

FIXED DEPOSITS:

The Company has not accepted any fixed deposits from public within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

SECRETARIAL AUDIT / COMPLIANCE REPORT

¦ The Secretarial Compliance Certificate confirms that the Company had complied with all the applicable provisions of the Companies Act, 1956, Listing Agreements with the Stock Exchanges, Securities Contract (Regulation) Act, 1956, '' and all the other Regulations of SEBl as applicable to the Company, including the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended) and the SEBI (prohibition of Insider Trading) Regulations, 1992. I

FOREIGN EXCHANGE EARNINGS AND OUTGO

CURRENT YEAR PREVIOUS YEAR

a) Earning in Foreign Exchange Nil Nil

b) Expenditure in Foreign Currency 9,75,799 6,12,37,681

c) Imports of goods Nil Nil

d) Purchase of Fixed Assets Nil '' Nil

APPRECIATION ,

Your Directors take this opportunity to thank the Bankers, Government Authorities, Customers, Vendors, Shareholders and Employees for their continued assistance, cooperation and support to the Company.

For and on behalf of the Board of Directors

Sd /- Ashok Khaitan Managing Director

Place : Kolkata Dated : 29.05.2014

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Mar 31, 2013

Dear Shareholders,

The Directors take pleasure in presenting their 31st Annual Report and the Audited Accounts of your Company for the year ended March 31, 2013.

FINANCIAL RESULTS (Amount in Rs.) Particulars F.Y. 2012-13 F.Y. 2011-12

1 Gross Turn Over 126,693,363 137,204,325

2 Net Turnover 125,461,857 134,233,458

3 Other Income 1,231,506 2,970,867

4 Total Revenue 126,693,363 137,204,325

5 Earnings before Interest, Depreciation and Amor- 19,545,995 23,426,450 tization (EBIDTA)

6 Interest 12,369,803 8,072,781

7 Depreciation 3,982,942 3,195,236 ''

8 Profit before Taxation (PBT) 3,193,250 12,158,433

9 Tax including Deferred Tax 4,002,017 3,939,534

10 Profit (Loss) after Tax (808,767) 8,218,899

11 Profit brought forward from previous year 26,204,275 18,421,210

12 Less: Capitalization for Bonus Issue 18,750,000 7,454,275 13 Amount available for appropriation 6,645,508 26,640,109

14 Transfer to General Reserve - -

15 Proposed Dividend & Tax - 435,834

16 Surplus carried to Balance Sheet 6,645,508 26,204,275

OPERATIONAL & FINANCIAL GROWTH Total Revenue

Total income of the Company for the financial year 2012-13 comprises of Net Sales, work contract receipt and other income amounts to Rs.1254 Lacs which was a decrease of 7% over last year''s figure.

Profit before Tax

Profit before tax for the year under review was Rs.31.93 Lacs, a decrease of 26% over the last year''s figure.

Profit after Tax

Loss after tax for the year under review was loss of Rs.8.08 Lacs registered a decrease of 110% over the last year''s figure.

Earnings per Share

Earnings per share for the year under review was Rs.(0.03) as compared to Rs. 10.66 for the last year.

Net worth

Net worth of the Company for the financial year 2012-13 is Rs.380.35 Lac as against Rs.388.44 Lac of the last year.

DIVIDEND

Considering your Company''s present situation, your Directors regret to recommend a dividend for the year under re- view. *

CORPORATE GOVERNANCE

Your Company has fully complied with the requirements of Clause-49 of the Listing Agreement regarding Corporate Governance. (

A Report on Corporate Governance Practices and the Practicing Company Secretary''s Certificate on compliance of mandatory requirements thereof is given as annexure to this report.

DIRECTORS'' RESPONSIBILITY STATEMENT

Your Directors hereby confirm that:

a) in the preparation of annual accounts, containing financial statements for the year ended March 31, 2013, the applicable accounting standards have been followed along with proper explanations, wherever required.

b) the Board 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 for the period.

c) the Board has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 1956 for safe guarding the assets of the company and for pre- venting and detecting any fraud and other irregularities.

d) the annual accounts have been prepared on a going concern basis.

FINANCIAL STATEMENTS

Pursuant to Clause 41 of the Listing Agreement entered into with the stock exchanges, the Board of Directors has pleasure in attaching the Financial Statement prepared in accordance with the Accounting Standards prescribed by the Institute of Chartered Accountants of India.

Since your Company does not have any subsidiary, preparation of the Consolidated Financial Statement is not required.

DIRECTORS

Mr. Rishi Bajoria and Mr. Binoy Modi, Directors of the Company retire by rotation at the ensuing Annual General Meeting and are eligible for re-appointment.

None of the Directors of the Company are disqualified as per section 274(1 )(g) of the Companies Act, 1956. The Di- rectors have made necessary disclosures as required under various provisions of the Act and Clause 49 of the Listing Agreement.

STATUTORY AUDITORS

The Statutory Auditors M/s. Ashok Kedia & Company, Chartered Accountants, retire at the conclusion of the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. Certificate from the Auditors has been obtained to the effect that their re-appointment, if made, would be within the limits prescribed under section 224(1 B) of the Companies Act, 1956.

The Notes to Accounts forming part of the financial statements are self explanatory and needs no further explanation. There are no qualifications or adverse remarks in the Auditors'' Report which require any clarification/explanation.

APPRECIATION

Your Directors take this opportunity to thank the Bankers, Government Authorities, Customers, Vendors, Shareholders and Employees for their continued assistance, cooperation and support to the Company.

For and on behalf of the Board of Directors

D. K. Agarwalla

Managing Director

Place: Kolkata

Dated : 30th May 2013

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Mar 31, 2011

The Director have pleasure in presenting their Annual Report together with the audited accounts of your company for the year ended 31 st March 2011

FINANCIAL RESULTS Year Ended Year Ended 31.03.2011 31.03.2010

Profit /(Loss ) before Taxation 8.977.649 5.776.326

Excess Provision for Gratuity written Back - (38,339)

Provision for Taxation 1,350,000 1,950,000

Deferred Taxation Assets / Liabilities 1,161,381 (90,362)

Short Provision for FBT for earlier year - 25,997

Profit/ (Loss) after Taxation 6,466,268 3,929,030

Balance brought forwarded for last year 11,954,942 8,025,912

Balance of Profit carried to balance sheet 18,421,210 11.954.942

DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement under section 217 (2AA) of the companies Act 1956 with respect to directors responsibility statement it is here by confirmed .

i) that in the preparation of the annual accounts for the financial year ended 31 st March 2011 the applicable accounting standards had been followed along with proper explanation relating to material departures ;

ii) that the directors had selected such accounting policies and applied them consistently and made judgements and estimates that were 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 and of the profit of the company for the year under review ;

iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the companies Act 1956 for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities

iv) that the directors has prepared the accounts for the financial year ended 31st March 2011 on a going concern basis .

AUDITORS

Messrs Ashok kedia & company chartered Accountants statutory audutirs of the company retire at the following annual general meeting and are eligible after them selves for re-appointment .

CONSERVATIONOF ENERGY

All possible steps have been taken by your company to achive the object of energy conservation

TECHNOLOGY ABSORPTION

As the company is not is high any imported technology no information regarding technology absorption is to be given

PARTICULAR OF EMPLOYEE

None of the employees of the company were in receipt of remuneration on aggregating Rs 2.00.000/- or more per month or Rs 2.00.000 or more per annum whether employed for full year or part of the year

PERSONNEL

your Directors would take place on record their deep appreciation for the contribution made by the employees at all levels for the smooth operation of the company during the year



Regd Office : For & on behalf of the Board 20, Biplabai Denesh Majumdar Sarani Type -A , I st floor New Alipore Kolkatta - 700 053 Dated the 16 th day of August 2011 Director

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Mar 31, 2010

The Directors have pleasure in presenting their Annuai Report together with the audited accounts of your company for the year ended 31st March, 2010.

FINANCIAL RESULTS Year Ended Year Ended 31.03.2010 31.03.2009

Profit/(Loss) before Taxation 5,776,326 4,918,938

Less : Provision for diminution in value of long term investment - (518)

Excess Provision for Gratuity Written Back (38,339) --

Provision for Taxation 1,950,000 490,000

Provision for FBT - 92,500

Deferred Tax Assets/Liabilities (90,362) 747,299

Short Provision for FBT for earlier year 25,997 38,357

Profit/(Loss) after Taxation 3,929,030 3,551,300

Balance brought forwarded from last year 8,025,912 4,474,612

Balance of Profit carried to Balance Sheet 11,954,942 8,025,912

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed :

i) that in the preparation of the annual accounts for the financial year ended 31st March, 2010, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 and of the Profit of the company for the year under review;

iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities.

iv) that the directors had prepared the accounts for the financial year ended 31st March, 2010 on a going concern basis

AUDITORS

Messrs Ashok Kedia & Company, Chartered Accountants, statutory auditors of the company retire at the forthcoming Annual General Meeting and are eligible after themselves for re- appointment.

CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION

The company has done efforts for rationalisation of energy consumption. No technology being absorbed during the year under review.

There is no other information under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988 to be furnished.

PARTICULARS OF EMPLOYEES

None of the Employees of the company were in receipt of remuneration on aggregating Rs. 2,00,0007- or more per month or Rs. 24,00,000/- or more per annum whether employed for full year or part of the year.

PERSONNEL

Your Directors would take to place on record their deep appreciation for the contribution made by the employees at all levels for the smooth operation of the company during the year.

FOREIGN EXCHANGE EARNING AND OUTGO

a) Foreign Exchange Earning NIL

b) Foreign Exchange Outgo NIL

Regd. Office : For & on behalf of the Board

8, Waterloo Street, Kolkata - 700 069

Dated the 02nd Sep, 2010 Director