Directors Report of Mideast Portfolio Management Ltd.

Mar 31, 2024

Your Directors have pleasure in presenting the 33^rd Annual Report of your company together with the
Audited Accounts for the year ended 31^st March 2024.

Highlights of financial result for the year were as under:

2023-2024 2022-2023

Rs. In Lakhs Rs. In Lakhs

Operating Income	-	0.55
Add: Other Income	13.95	13.80
Profit from Operations before Other Income & Interest	5.60	6.39
Add: Other Income	-	-
Operating Profit before Interest	5.60	6.39
Less: Interest	5.60	6.39
Add: Exceptional Income/(Expenses)	-	-
Profit Before Tax	5.60	6.39
Provision for Tax	-	-
Income Tax Adjusted for earlier year	-	-
Other Comprehensive Income	-	-
Profit After Tax	5.60	6.39
Add: Surplus brought forward from Previous Year	-	-
Amount Available for apporpriation	5.60	6.39
General Reserve No I	-	-
Debenture Redemption Reserve A/c	-	-
Dividends	-	-
Interin Dividend	-	-
Final (Proposed)	-	-
Tax on Dividend	-	-
Balance Carried Forward	5.60	6.39

OPERATIONS:-

During the year your company has its turnover to Rs 13.95 Lacs including other income as compared
to Rs. 14.35 Lacs in the previous year and thereby registering a decrease of 1.03% as compared to the
previous year. The company has occurred the Net profit of Rs.5.60 Lacs against the Net profit of Rs
6.39 Lacs in the previous year.

DIVIDEND:-

Your Directors regret their inability to recommend any dividend for the year under review.
DIRECTORS:-

As per Section 149(4) of Companies Act, 2013 every listed company shall have half of the total
number of directors as independent directors. They shall hold office for a term up to five consecutive
years on the Board of the Company as per section 149(10).

During the year, Mrs. Jyoti K. Shah, Director retires by rotation but being eligible herself for
reappointment as a Director.

Non-applicability of Corporate Governance and Annual Secretarial Compliance Report :-

The Company is having Paid-up share Capital of the Company Rs.5,03,00,000/ - and Reserves Rs.(-)
1,81,80,681/- as on 31.03.2024 and it is below paid-up capital of Rs. 10 Cr and Net worth below Rs.25
Cr.

Hence as per SEBI Circular No.CIR/ CFD/POLICY CELL/7/ 2014 dated 15" Sept,2014, compliance of
Corporate Governance and ASCR is not applicable to the Company under SEBI ( LODR) Regulations,
2015.

Company''s Philosophy on Corporate Governance

Your Company believes in setting the highest standard in good and ethical corporate governance
practices. Your Company is managed by the Managing Director (MD) under the supervision and
control of the Board of Directors. The MD is assisted by a team of highly qualified and experienced
professionals.

Your company is committed to maintaining the highest standards of corporate governance in its
dealings with its various stakeholders. It is an integral part of the Company''s core values, which
include transparency, integrity, honesty and accountability. Your Company follows the philosophy of
working towards the creation of wealth by enhancing the value of stakeholders, meeting the needs of
customers and employees and the community at large.

The Company attaches great importance to investor relations. With a view to enhance shareholder
participation in corporate affairs, the Company follows the policy of keeping its shareholder informed
in putting up relevant information on its corporate website www.mideastportfolio.com by issuing
public notices of meetings and informing stock exchanges of new developments.

Your Company is in compliance with the conditions of corporate governance stipulated in Clause 49
of the Listing Agreement entered into with the Stock Exchanges.

Your Company has complied with the requirements of the Corporate Governance Code, the
disclosure requirements of which are given below:

Board of Directors
Composition:

The Board of Directors has four members and two are executive and others two are Non-Executive
Directors (NEDs) who bring in a wide range of skills and experience to the Board. The Company has
Chairman and 50% of the Board of Directors is Independent Directors. The composition of the Board
is in conformity with Clause 49 of the Listing Agreement.

None of the Directors on the Board is a Member on more than 10 Committees and Chairman of more
than 8 Committees (as specified in Clause 49), across all the companies in which he is a Director. The
necessary disclosures regarding Committee positions have been made by the Directors.

Name of the Director	Business Relationship	Category of Directorship	No. of other Director Ships	** No of other Committee Memberships
				Chairman	Member
Mr. Kishor A. Shah	Chairman cum Managing Director	Promoter	1	-	2
Mrs. Jyoti K. Shah (CFO)	Wholetime Director	Promoter	1	-	2
Mr. Sharad Kulkarni	Director	Independent	1	2	2
Mr. Shrikant Nakhe	Director	Independent	1	2	2

**Represents Memberships/ Chairmanships of Audit Committee, Shareholders''/ Investors'' Grievance
Committee and Remuneration Committee.

Number of Board Meetings attendance at Board Meetings and Previous Annual General Meeting:

5 Board Meetings were held during the period and the gap between two meetings did not exceed four
months.

Name of the Director	No. of Board Meetings attended during the year	32nd AGM held on 30th Sept, 2023 Attended	Remarks
Mr. Kishor A. Shah	5	Yes
Mrs. Jyoti K. Shah	5	Yes
Mr. Sharad Kulkarni	5	Yes
Mr. Shrikant Nakhe	5	Yes

Leave of absence was granted by the Board to the Directors who were absent at the respective Board
Meeting(s).

Dates of Board Meetings

17t^h May 2023, 24* July, 2023, 17* August 2023, 26* October 2023 & 30* January 2024.

The information as required under Annexure I to Clause 49 is being made available to the Board.

Committees of Directors
Audit Committee:

The Company also complies with the provisions of section 292A of the Companies Act, 1956
pertaining to Audit Committee and its functioning.

The Board delegated the following powers to the Audit Committee:

? To investigate any activity within its terms of reference.

? To seek information from any employee.

? To obtain outside legal or other professional advice.

To secure attendance of outsiders with relevant expertise, if it considers necessary.

The Board defined the role of the Audit Committee, as under:

i. Overseeing the Company''s financial reporting process and the disclosure of its financial
information, to ensure that the financial statement is correct, sufficient and credible;

ii. Recommending the appointment/ removal of external auditors, fixing audit fees and
approving payments for any other services;

iii. Reviewing with Management the annual financial statements before submission to the Board;

iv. Reviewing with the Management, and external auditors, the adequacy of internal control
systems;

v. Discussing with external auditors before the audit commences, the nature and scope of audit as
well as have post-audit discussions to ascertain any area of concern;

vi. Reviewing the Company''s financial and risk management policies;

vii. To look into the reasons for substantial defaults in the payment to the depositors, shareholders
(in case of non-payment of declared dividends) and creditors.

The composition of the Audit Committee as on date of report was as under:

Sr. No	Name of the Director	Designation	No. Of Meetings attended during 2023- 2024	Remarks
1	Mr. Sharad Kulkarni	Chairman	5
2	Mrs. Jyoti K. Shah	Member	5
3	Mr. Shrikant Nakhe	Member	5

All the above Directors are Non- Executive.

The Audit Committee met five times during the year under review. The Committee meeting was held
on 17^th May 2023, 24^th July, 2023, 17^th August 2023, 26^th October 2023 & 30^th January 2024.

(Dates are not showing on BSE)

The Audit Committee invites such of the executives as it considers appropriate to be present at its
meetings. The Statutory Auditors are also invited to the meetings

Nomination& Remuneration Committee:

The composition of the Remuneration Committee as on date of report was as under:

Sr. No	Name of the Director	Designation	No. Of Meetings attended during 2023-2024	Remarks
1	Mr. Sharad Kulkarni	Chairman	5
2	Mr.Kishor A.Shah	Member	5
3	Mr. Shrikant Nakhe	Member	5

The Nomination & Remuneration Committee met five times during the year under review The
Committee meeting was held on 17^th May 2023, 24^th July, 2023, 17^th August 2023, 26^th October 2023 &
30^th January 2024..

Terms of Reference:

The term of reference of the Committee include recommending to the Board of Directors specific
remuneration packages for Executive Directors and management staff.

Remuneration Policy:

Non-Executive Directors

None of the Non-Executive Directors (NEDs) are paid any remuneration whether by way of
Commission or Sitting Fees.

Remuneration to Directors:

No remuneration was paid to any Directors during the year under review.

Stakeholders'' Grievance Committee:

The present composition of the shareholders/ Investors Grievance Committee is as under:

Sr. No	Name of the Director	Designation	Category of Directorship
1	Mr. Shrikant Nakhe	Chairman	Independent
2	Mr. Kishor A. Shah	Member	Non Independent
3	Mr. Sharad Kulkarni	Member	Independent

Total number of shareholders complaints received during the period under review was nil.

All the above Directors are Non- Executive.

The stakeholder''s Grievance Committee met five times during the year under review. The Committee
meeting was held on 17^th May 2023, 24^th July, 2023, 17^th August 2023, 26^th October 2023 & 30^th January
2024.

Risk Management Committee:

The composition of the Risk Management Committee as on date of report was as under:

Sr. No	Name of the Director	Designation	No. Of Meetings attended during 2023-2024	Remarks
1	Mr. Shrikant Nakhe	Chairman	5
2	Mrs. Jyoti K. Shah	Member	5
3	Mr. Sharad Kulkarni	Member	5

The Risk Management Committee met five times during the year under review. The Committee
meeting was held on 17^th May 2023, 24^th July, 2023, 17^th August 2023, 26^th October 2023 & 30^th January
2024.

General Body Meetings

The last three Annual General Meeting (AGMs) were held as under:

Financial Year ended	Day & Date	Time	Venue
30th AGM	30th September, 2021	10.00 A.M.	Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM"
31st AGM	30th September, 2022	10.00 A.M.	Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM"
32nd AGM	30th September, 2023	10.00 A.M.	Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM"

All special resolutions moved at the last AGM were passed unanimously on a show of hands by the
shareholders present at the meeting. None of the business required to be transacted at this AGM is
proposed to be passed by postal ballot.

Disclosures

Postal Ballot: Nil
Special Resolution: Nil

Whistle Blower Policy

With a view to establish a mechanism for protecting employees reporting unethical behavior, frauds
or violation of Company''s Code of Conduct, the Board of Directors has adopted a Whistle Blower
Policy (a non-mandatory requirement as per clause 49 of the Listing Agreement). No person has been
denied access to the Audit Committee.

Policy to prevent sexual harassment at the workplace

The Company is committed to creating and maintaining an atmosphere in which employees can work
together, without fear of sexual harassment, exploitation or intimidation. Every employee is made
aware that the Company is strongly opposed to sexual harassment and that such behavior is
prohibited both by law and by the Mideast Group. To redress complaints of sexual harassment, a
Complaint Committee for the Group has been formed, which is headed by Mrs. Jyoti K. Shah.

Details of Non-compliance:

There has not been any non-compliance of mandatory requirements by the Company and no
penalties or strictures were imposed on the Company by the Stock Exchanges, or SEBI, or any
statutory authority, on any matter related to capital markets

Means of Communication:

The quarterly results are published in the two newspapers viz. Financial Express and Mumbai
Lakshadweep Official news releases and presentations made to analysts are sent to the Stock
Exchanges, where the Company''s shares are listed.

Shareholder Information:

i) Annual General Meeting

Date: 30.09.2024
Time: 10.00 A.M

Venue: Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM"

Financial Calendar
Financial reporting for

Quarter ending June 30, 2024 : Mid of August, 2024

Quarter ending Sept.30, 2024 : Mid of November, 2024

Quarter ending Dec.31, 2024 : Mid of February, 2025

Quarter ending March 31, 2025 : End of May, 2025

Annual General Meeting for the

Year ended March 31, 2024 : End of September, 2024

ii) Dates of Book Closure : 24.09.2024 to 30.09.2024 (both days inclusive)

iii) Dividend payment date : No dividend declared.

iv) Listing on Stock Exchange at : BSE Limited, Mumbai

vi) Demat ISIN Number in NSDL and CDSL: INE033E01015

vii) Stock Market Data :

Year 2023-2024	Bombay Stock Exchange
	Month''s High Price	Month''s Low Price
April, 2023	3.40	2.80
May, 2023	3.92	3.23
June, 2023	3.85	3.10
July, 2023	4.12	3.71
August, 2023	4.50	3.25
September, 2023	5.39	4.33
October, 2023	4.33	3.70
November, 2023	4.30	4.00
December, 2023	4.88	4.10
January, 2024	6.17	4.20
February, 2024	11.75	6.47
March, 2024	11.15	9.15

viii) Registrar and Share Transfer Agent :

Adroit Corporate Services Pvt. Ltd.

19, Jaferbhoy Industrial Estate,

1^st Floor, Makwana Road,

Marol Naka, Mumbai - 400 059.

Tel.: [phone] 3748

ix) Share Transfer System :

Share Transfers are registered and returned within a period of 30 days from the date of receipt,
if the documents are clear in all respects. The power to approve transfer of securities has been
delegated by the Board to the Shareholders / Investors Grievance and Share Transfer

Committee, which meets once in a fortnight. Share transfer requests are processed within an
average of 15 days from the date of receipt. Letters are sent to the shareholders after transfer of
shares in their names giving an option for dematerialization of shares of the physical shares.
Physical shares are dematerialization, share certificates are dispatched by Registered Posts.

x) (a) Distribution of Shareholding (as on 31.03.2024):

		For the Year 2023 - 2024
		No. of	% of	No. of	% of
		Shareholders	Shareholders	Shares held	Shareholding
Upto	500	2588	77.41	469,468	9.34
501 -	1000	446	13.34	391,954	7.79
1001 -	2000	192	5.74	317,586	6.31
2001 -	3000	52	1.56	132,595	2.64
3001 -	4000	9	0.27	31,850	0.63
4001 -	5000	13	0.39	60,722	1.21
5001 -	10000	20	0.60	149,364	2.97
10001 & above		23	0.69	3,476,461	69.12
T O T A L		3343	100.00	5,030,000	100.00

(b) Categories of Shareholders (as on 31.03.2024)

For the period 2023- 2024

	Categories	No. of Shares held	% of Shareholders
A	Promoter''s holding
a.	Promoters Indian Promoters Foreign Promoters	1,975,000	39.27
b.	Person acting in concert
	Sub-total	1,975,000	39.27
B
1	Institutional Investors
a	Mutual Funds and UTI
b	Banking, financial institutions/ Insurance Companies
c	Fils
d	Others
2	Non- Institutions
a	Bodies Corporate	698,199	13.88
b	Indian Public	1,783,648	35.46
c	NRI	562,178	11.18
d	Any other
	HUF	10,775	0.21
	Trust	200	0.00
	Sub- total	3,055,000	60.73
	Grand Total	5,030,000	100.00

xi) Dematerialization of shares and Liquidity :

Over 83.14% of the shares have been dematerialized up to 31^st March, 2024. There are 3,460,907
and 720,575 shares are demated in the NSDL and CDSL Depository respectively, to whom all
company''s mailers and Annual Reports are dispatched in addition to registered members. The
shares of the Company are listed in Mumbai Stock Exchange and hence facilitate liquidity.

xii) Address for correspondence: Mid East Portfolio Management Limited

1/203, Vishal Complex, Narsing Lane, Off. S.V. Road,

Malad (West), Mumbai - 400 064, ® 28240444

DEPOSITS:-

The Company has not accepted and/or renewed any public deposit during the year review.
DIRECTOR''S RESPONSIBILITY STATEMENT:-

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm:-

i. that in the preparation of the annual accounts for the year ended on 31^st March 2024, the
applicable accounting standards have been followed;

ii. 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 for the period and of the profit of the Company for
that period under review.

iii. 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, 2013 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities.

iv. that the directors have prepared the accounts for the year ending 31^st March, 2024 on a going
concern'' basis.

v. Directors had devised proper systems to ensure compliance with provisions of all
applicable laws and that such system were adequate and operating effectively.

CONSERVATION OF ENERGY:-

The Company is engaged in the business of trading and dealings in shares and securities and
consequently various disclosures required u/s 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosures of Particulars in the Report of the Directors) Rules, 1988 are not applicable to
this Company.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

The Board of Directors of the Company has done eight board meetings during this financial year
which is in compliance to the provisions of the Companies Act, 2013.

FOREIGN EXCHANGE EARNINGS & OUTGO:-

During the year under review - Earnings - Nil

- Outgo - Nil

PERSONNEL:-

Information as per section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules, 1975 is not given as there was no employee earning monthly salary as specified in
aforesaid Section or more during the year.

CORPORATE GOVERNANCE :-

The Company has complied with the requirements regarding Corporate Governance as required
under Clause 49 of the Listing Agreement entered into with the Stock Exchanges, where the
Company''s shares are listed. A report on the Corporate Governance in this regard is made a part of
this Annual Report and a Certificate from the Auditors of the Company regarding compliance of the
conditions of the Corporate Governance is attached to this report.

SUBSIDIARY COMPANIES

The Company does not have any subsidiary.

CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the
Board and all employees in the course of day to day business operations of the company. The Code
lays down the standard procedure of business conduct which is expected to be followed by the
Directors and the designated employees in their business dealings and in particular on matters
relating to integrity in the work place, in business practices and in dealing with stakeholders. The
Code gives guidance through examples on the expected behavior from an employee in a given
situation and the reporting structure.

All the Board Members and the Senior Management personnel have confirmed compliance with the
Code.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to
regulate trading insecurities by the Directors and designated employees of the Company. The Code
prohibits the purchase or sale of Company shares by the Directors and the designated employees
while in possession of unpublished price sensitive information in relation to the Company and
during the period when the Trading Window is closed. The Board is responsible for implementation
of the Code.

All Board Directors and the designated employees have confirmed compliance with the Code.

SECRETARIAL AUDIT

During the year under review, M/s VKM & Associates, Practicing Company Secretary who was
appointed as the Secretarial Auditor of the Company has issued the audit report in respect of the
secretarial audit of the Company for the financial year ended March 31, 2024. The Secretarial Audit
Report which forms a part of the Annual Report and state that the Company has preferred appeal
against Assessment Order from Income Tax Department to High Court, Bombay and matter is
pending till date and apart from that requires no comments.

EXTRACT OF THE ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9, as required under
Section 92 of the Companies Act, 2013, is included in this Report as Annexure II and forms an
integral part of this Report.

PARTICULARS PURSUANT TO SECTION 197(12) AND THE RELEVANT RULES

During the year under review, your Company enjoyed cordial relationship with workers and
employees at all levels. The company regards its employees as great asset.

For the particulars of employees as required to be disclosed in the Directors Report in accordance
with the Provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014, the Directors state that the
company does not have any employee, who

(i) if employed throughout the financial year, was in receipt of remuneration for that year which, in
the aggregate, was not less than 60,00,000/- rupees per annum;

(ii) if employed for a part of the financial year, was in receipt of remuneration for any part of that
year, at a rate which, in the aggregate, was not less than 5,00,000/- rupees per month;

(iii) if employed throughout the financial year or part thereof, was in receipt of remuneration in that
year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess
of that drawn by the managing director or whole-time director or manager and holds by himself
or along with his spouse and dependent children, not less than two percent of the equity shares
of the company.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate Internal Control System, commensurate with the size, scale and
complexity of its operations. The scope of the Internal Audit function outsourced Chartered
Accountants as of current is well defined in the engagement letter of the Internal Auditor duly
approved by the Audit Committee. To maintain its objectivity and independence, the Internal
Auditor reports to the Audit Committee.

The Internal Auditor evaluates the adequacy of the internal control system in the Company on the
basis of Statement of Operations Procedure, instruction manuals, accounting policy and procedures.

PERFORMANCE EVALUATION OF BOARD, COMMITTEES & INDIVIDUAL DIRECTORS

A formal evaluation of the performance of the Board, its Committees, the Chairman and the
individual Directors was carried out for the year 2023-24 led by the Nomination & Remuneration
Committee.

As part of the evaluation process, the performance of non-independent Directors, the Chairman and
the Board was done by the independent Directors. The performance evaluation of the respective
Committees and that of independent and non-independent Directors was done by the Board
excluding the Director being evaluated. The Directors expressed satisfaction with the evaluation
process.

REMUNERATION POLICY

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

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has in place a whistleblower policy, to support the Code of conduct of the Company.
This policy documents the Company''s commitment to maintain an open work environment in which
employees, consultants and contractors are able to report instances of unethical or undesirable

conduct, actual or suspected fraud or any violation of Company''s Code of conduct at a significantly
senior level without fear of intimidation or retaliation.

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

In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules made there under, the Company formulated an
internal Policy on Sexual Harassment at Workplace (Prevention, Prohibition and Redressal) during
the year under review. An internal Complaint committee has been set up to redress complaints
received regarding sexual harassment. All woman employees (permanent, contractual, temporary,
trainees) are covered under this policy.

During the year under review there were no complaints received by the Company related to sexual
harassment.

CASH FLOW STATEMENT

In conformity with the provision of Clause 32 of the Listing Agreement the cash flow statement for
the year ended 31^st March 2024 is annexed hereto.

MATERIAL AND SIGNIFICANT ORDERS PASSED BY REGULATORS & COURTS

No significant and material orders have been passed by any regulators or courts or tribunals against
the Company impacting the going concern status and Company''s operations in future.

ACKNOWLEDGEMENT:-

Our Directors express their sincere appreciation of the co-operation received from shareholders,
bankers and other business constituents during the year under review. Our Directors also wish to
place on record their deep sense of appreciation for the commitment displayed by all executives,
officers and staff resulting in the performance of the Company during the year.

For and on behalf of the Board of Directors
Of Mid East Portfolio Management Ltd.

Sd/- Sd/-

Kishor A. Shah Jyoti K. Shah

Managing Director Director & CFO

(DIN: 00015575) (DIN: 00020912)

Place: Mumbai
Date: 22^nd August, 2024

---

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 23rd Annual Report of your company together with the Audited Accounts for the year ended 31st March 2014.

OPERATIONS:-

The Company has achieved a turnover of Rs.113.12 Lacs during the current year as against Rs.13.58 lacs of previous year . During the current year Company has earned profit of Rs. 0.19 Lacs as against loss of Rs.19.21 Lacs in the previous financial year.

During the year, the Company has sold Wind mill projects at Tamilnadu and closed down Wind power generation segment.

DIVIDEND:-

Your Directors regret their inability to recommend any dividend for the year under review. DIRECTORS:-

As per Section 149(4) of Companies Act, 2013 every listed company shall have half of the total number of directors as independent directors. They shall hold office for a term upto five consecutive years on the Board of the Company as per section 149(10).

As per Section 152 (6) (e) total number of directors shall not include independent directors. Mr. Harish Kotian, Mr. Vicent Mascerenhas and Mr. Urvish Shah have offered for election as Independent Director.

Out of remaining 4 directors 1 are executive directors and 3 are Non Executive director.

DEPOSITS:-

The Company has not accepted and/or renewed any public deposit during the year review. DIRECTOR''S RESPONSIBILITY STATEMENT:-

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm:-

i. that in the preparation of the annual accounts for the year ended on 31st March 2014, the applicable accounting standards have been followed;

ii. 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 for the period and of the profit of the Company for that period under review.

iii. 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.

iv. that the directors have prepared the accounts for the year ending 31st March, 2014 on a going concern'' basis.

CONSERVATION OF ENERGY:-

The Company is engaged in the business of trading and dealings in shares and securities and consequently various disclosures required u/s 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the Report of the Directors) Rules, 1988 are not applicable to this Company.

FOREIGN EXCHANGE EARNINGS & OUTGO:-

During the year under review - Earnings - Nil

- Outgo - Nil

AUDITORS:-

Members are requested to appoint Auditors for the current year and to authorize the Board of Directors to fix their remuneration. At previous meeting, M/ s. Mehta Chokshi & Shah., Chartered Accountant, was appointed as Statutory Auditors of your Company from the conclusion of the previous Annual General Meeting. The said Statutory Auditors retire at the ensuing Annual General Meeting and being eligible under section 139 of the Companies Act, 2013, offer themselves for re- appointment

AUDITORS OBSRVATIONS:

There is no sufficient profit or cash flow to the company. The caompny has taken approval from share holders for waiving of preference dividend and extension of maturity of preference shares.

Investment in the shares of listed company are under suspension, so loss on investments can not be booked at present level.

PERSONNEL:-

Information as per section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 is not given as there was no employee earning monthly salary as specified in aforesaid Section or more during the year.

CORPORATE GOVERNANCE

The Company has complied with the requirements regarding Corporate Governance as required under Clause 49 of the Listing Agreement entered into with the Stock Exchanges, where the Company''s shares are listed. A report on the Corporate Governance in this regard is made a part of this Annual Report and a Certificate from the Auditors of the Company regarding compliance of the conditions of the Corporate Governance is attached to this report.

COMPLIANCE CERTIFICATE:-

We enclose herewith compliance certificate u/ s 383A of the Companies Act, 1956.

ACKNOWLEDGEMENT:-

Your Directors wish to express their gratitude to the officials of the financial institutions, Stock Exchanges, company''s bankers and shareholders who have extended their valuable support to the Company. Directors are also grateful to the staff and employees of the Company for their devotion and relentless services.

For and on behalf of the Board of Directors

Kishor A. Shah (Managing Director)

Place : Mumbai Date : 27th May, 2014

---

Mar 31, 2010

The Directors have pleasure in presenting the 19th Annual Report of your company together with the Audited Accounts for the year ended 31st March 2010.

OPERATIONS:-

During the period, the Company has suffered loss from the operation of the Company.

DIVIDEND:-

Your Directors regret their inability to recommend any dividend for the year under review.

DIRECTORS:-

During the year, Mr. Harish Kotian retires by rotation but being eligible himself for re-appointment. During the year, Mrs. Jyoti K. Shah retires by rotation but being eligible herself for re-appointment.

DEPOSITS:-

The Company has not accepted and/or renewed any public deposit during the year review. DIRECTORS RESPONSIBILITY STATEMENT:-

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm:-

i. that in the preparation of the annual accounts for the year ended on 31st March 2010,

the applicable accounting standards have been followed;

ii. 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 for the period and of the profit of the Company for that period under review.

iii. 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.

iv. that the directors have prepared the accounts for the year ending 31st March, 2010 on a going concern basis.

CONSERVATION OF ENERGY:-

The Company is engaged in the business of trading and dealings in shares and securities and consequently various disclosures required u/s 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the Report of the Directors) Rules, 1988 are not applicable to this Company.

FOREIGN EXCHANGE EARNINGS & OUTGO:-

During the year under review - Earnings - Nil

- Outgo - Nil

AUDITORS:-

M/S. Mehta Chokshi & Shah, Chartered Accountants who are the Auditors of the Company hold the Office till the conclusion of ensuring Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received consent from the Auditors pursuant to Section 224 of the Companies Act, 1956.

PERSONNEL:-

Information as per section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 is not given as there was no employee earning monthly salary as specified in aforesaid Section or more during the year.

CORPORATE GOVERNANCE :-

The Company has complied with the requirements regarding Corporate Governance as required under Clause 49 of the Listing Agreement entered into with the Stock Exchanges, where the Companys shares are listed. A report on the Corporate Governance in this regard is made a part of this Annual Report and a Certificate from the Auditors of the Company regarding compliance of the conditions of the Corporate Governance is attached to this report.

COMPLIANCE CERTIFICATE :-

We enclose herewith compliance certificate U/S383 A of the Companies Act, 1956.

ACKNOWLEDCEMENT:-

Your Directors wish to express their gratitude to the officials of the financial institutions, Stock Exchanges, companys bankers and shareholders who have extended their valuable support to the Company. Directors are also grateful to the staff and employees of the Company for their devotion and relentless services.

For and on behalf of the Board of Directors

Kishor A. Shah

(Chairman & Managing Director)

Place : Mumbai

Date : 12th August, 2010

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Jun 30, 2009

The Directors have pleasure in presenting the 18* Annual Report of your company together with the Audited Accounts for the Period ended 30 June 2009.

OPERATIONS:-

During the period, the Company has suffered loss from the operation of the Company.

DIVIDEND:-

Your Directors regret their inability to recommend any dividend for the year under review.

DIRECTORS:-

During the year, Mr. Pratap Chudasama retires by rotation but being eligible himself for re- appointment. During the year, Mr. Dilip Shah retires by rotation but being eligible himself for re- appointment.

DEPOS1TS:-

The Company has not accepted and/or renewed any public deposit during the year review. DIRECTORS RESPONSIBILITY STATEMENT:-

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm:-

i. that in the preparation of the annual accounts for the period ended on 30th June 2009, the applicable accounting standards have been followed;

ii. 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 for the period and of the profit of the Company for that period under review.

iii. 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.

iv. that the directors have prepared the accounts for the period ending 30th June, 2008 on a going concern basis.

CONSERVATION OF ENERGY:-

The Company is engaged in the business of trading and dealings in shares and securities and consequently various disclosures required u/s 217(lXe) of the Companies Act, 1956 read with the Companies (Disclosures of Particulars in the Report of the Directors) Rules, 1988 are not applicable to this Company.

FOREIGN EXCHANGE EARNINGS & OUTGO:-

During the year under review - Earnings - Nil

Outgo - Nil

AUDITORS:-

M/S. Mehta Chokshi & Shah, Chartered Accountants who are the Auditors of the Company hold the Office till the conclusion of ensuring Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received consent from the Auditors pursuant to Section 224 of the Companies Act, 1956.

PERSONNEL:-

Information as per section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 is not given as there was no employee earning monthly salary as specified in aforesaid Section or more during the year.

CORPORATE GOVERNANCE :-

The Company has complied with the requirements regarding Corporate Governance as required under Clause 49 of the Listing Agreement entered into with the Stock Exchanges, where the Companys shares are listed. A report on the Corporate Governance in this regard is made a part of this Annual Report and a Certificate from the Auditors of the Company regarding compliance of the conditions of the Corporate Governance is attached to this report.

COMPLIANCE CERTIFICATE :-

We enclose herewith compliance certificate U/S383 A of the Companies Act, 1956.

ACKNOWLEDGEMENT:-

Your Directors wish to express their gratitude to the officials of the financial institutions, Stock Exchanges, companys bankers and shareholders who have extended their valuable support to the Company. Directors are also grateful to the staff and employees of the Company for their devotion and relentless services.

For and on behalf of the Board of Directors Kishor A. Shah (Chairman & Managing Director)

Place : Mumbai Date : 16th November, 2009