Directors Report of Parker Agrochem Exports Ltd.

Mar 31, 2024

Your Directors take pleasure in presenting the THIRTY FIRST Annual Report of the Company together with the Audited Accounts for the
financial year ended on 31^st March, 2024.

FINANCIAL SUMMARY/HIGHLIGHTS:

The brief financial results are as under:

Particulars	2023-24	2022-23
Gross Income	545.50	431.09
Profit/(Loss) before Depreciation and Tax	121.09	75.60
Less: Depreciation	19.33	10.33
Profit/(Loss) Before Tax and Extra Ordinary Items	101.76	65.27
Less: Extra Ordinary Items	-	-
Less: Current Tax	-	-
Deferred Tax	(4.83)	-
Profit/(Loss) After Tax	106.59	65.27
Other Comprehensive Income (Net of Tax)	(0.40)	-
Balance Carried to Balance Sheet	106.19	65.27

During the year under report, the Company continued to carry on the business of renting of storage tank. The Company shall continue to
explore opportunities for trading in commodities such as various agriculture commodities, metals and also in gold and silver.

The Turnover of the Company for the year 2023-24 increased from Rs. 431.09 Lakhs to Rs.545.50 Lakhs. Consequently, the profit before tax
also increased from Rs. 65.27 to Rs.101.76 Lakhs.

SUBSIDIARY COMPANIES/JOINT VENTURE COMPANY/ASSOCIATE COMPANY:

The Company does not have any Subsidiary Company or Joint Venture Company or Associate Company.

MATERIAL CHANGES AND COMMITMENT:

During the year under review, there were no material changes and commitments affecting the financial position of the Company which have
occurred between the end of financial year of the Company to which the financial statements relate and the date of the report.

REASONS FOR REVISION OF FINANCIAL STATEMENT OR REPORT:

During the year, the financial statement or report was not revised. Hence further details are not applicable.

DIVIDEND:

In of views meagre profit of the current year and past year losses, your Directors express their inability to declare any dividend.
TRANSFER TO RESERVE:

Your Directors find it prudent not to transfer any amount to General Reserve.

DIRECTORS & KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions of Section 152 of the Companies Act, 2013 Mr. Natvarlal J. Acharya, Director of the Company retires by rotation
at the ensuing Annual General Meeting and being eligible, has offered himself to be re-appointed as Director of the Company. The Board
recommends the re-appointment of Mr. Natvarlal J. Acharya as Director of the Company liable to retire by rotation.

Barring this there was no change in Director or Key Managerial Personnel during the year.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the requirement of section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby
confirmed:

1. that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation
relating to material departures;

2. that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for that period;

3. that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. that the Directors had prepared the annual accounts on a going concern basis; and

5. that the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are
adequate and were operating effectively.

6. that 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.

COMPLIANCES OF APPLICABLE SECRETARIAL STANDARDS:

The Company has complied with applicable Secretarial Standards during the year under review.

FORMAL EVALUATION BY BOARD OF ITS OWN PERFORMANCE:

Pursuant to the provisions of the Companies Act, 2013 and Regulation 34(3) of Securities and Exchange Board of India (LODR) Regulations,
2015, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation
of the working of its Audit and Nomination & Remuneration Committees based on the criteria and framework adopted by the Board.

NUMBER OF MEETINGS OF BOARD:

The Board of Directors duly met 4 (Four) times on 30^th May, 2023, 11^th August, 2023, 3^rd November, 2023 and 12^th February, 2024.
DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declarations from each of the Independent Director/s under Section 149(7) of the Companies Act,
2013that they meets the criteria of Independence laid down in Section 149(6) of the Companies Act, 2013.

ISSUE OF EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS / SWEAT EQUITY SHARES / EMPLOYEE STOCK OPTION SCHEME:

During the year the Company has not issued any equity shares with differential voting rights or sweat equity shares or shares under employee
stock option scheme. Hence disclosure regarding the same is not given.

AUDITORS:

M/s. Shah & Shah Associates, Chartered Accountants, the existing Auditors of the Company were appointed as Auditors at the 27^th AGM for
holding the office from the conclusion of that 27^th AGM till the conclusion of 32^nd AGM. At the same AGM, any one of the Directors of the
Company was authorized to fix the remuneration of the Statutory Auditors.

In view of the Companies (Amendment) Act, 2017, the first proviso in sub-section (1) in Section 139 of the Companies Act, 2013 has been
omitted with effect from 7^th May, 2018. In view of this, the said appointment of auditor is no longer required to be ratified by the members at
every AGM.

The Board has duly reviewed the Statutory Auditor''s Report on the Accounts. The observations, comments and notes of the Auditor are self¬
explanatory and do not call for any further explanation /clarification.

COST AUDITORS AND COST AUDIT REPORT:

Pursuant to Section 148 of the Companies Act, 2013, the maintenance of Cost records has not been specified to the Company. Hence
disclosure regarding the same is not given.

SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s. Manoj Hurkat & Associates, a firm of Company Secretaries in Practice to undertake
the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as “Annexure-1”.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013

The Company has in place an Anti-Sexual Harassment measures in line with the requirements of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition & Redressal) Act, 2013. During the year, there were no complaints received under the said act. The
Company has complied with the applicable provisions of the Act including the constitution of internal complaints committee.

AUDIT COMMITTEE:

The constitution of Audit Committee as on 31^st March, 2024 is as under:

1. Mr. Jitendrakumar P. Thakker Chairperson

2. Mr. Nikeshkumar B. Patel Member

3. Mr. Kamleshkumar C. Soni Member

NOMINATION & REMUNERATION COMMITTEE:

The constitution of Nomination and Remuneration Committee as on 31^st March, 2024 is as under:

1. Mr. Jitendrakumar P. Thakker Chairperson

2. Mr. Nikeshkumar B. Patel Member

3. Mr. Kamleshkumar C. Soni Member

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The constitution of Stakeholders Relationship Committee as on 31^st March, 2024 is as under:

1. Mr. Kamleshkumar C. Soni Chairperson

2. Mr. Jitendrakumar P. Thakker Member

3. Mr.Jagdish R. Acharya Member

VIGIL MECHANISM:

The Company has a vigil mechanism for its directors and employees, to deal with instance of fraud/ mismanagement, if any and to report
concerns about unethical behavior, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. The details of
policy posted on the website of the Company.

CODE OF BUSINESS CONDUCT AND ETHICS:

The Company has laid down a Code of Conduct (COC) which is applicable to all the Board members and Senior Management of the Company.
The COC is available on the website of the Company www.parkeragrochem.com. All the members of the Board and Senior Management have
affirmed compliance with the Code.

RISK MANAGEMENT POLICY/PLAN:

It may please be noted that as per the applicable requirement of Companies Act, 2013 a risk management policy/plan of the Company is
developed and implemented for creating and protecting the Shareholder''s value by minimizing threats or losses and to identify and Provide a
framework that enables future activities of a Company to take place in a consistent and controlled manner.

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 Company''s shareholders may refer the Company''s website www.parkeragrochem.com for the detailed Nomination & Remuneration
Policy on the appointment and remuneration of Directors including criteria for determining qualifications, positive attributes, independence of
a Director; and other matters provided under sub-section (3) of Section 178.

The Company''s remuneration policy is directed towards rewarding performance based on review of achievements periodically. The remu¬
neration policy is in consonance with the existing industry practice.

ANALYSIS OF REMUNERATION:

The details of remuneration paid to Directors and Key Managerial Personnel are given in extract of Annual Return attached with this report.

Disclosure/details pursuant to provisions of Section 197(12) of the Companies Act 2013 read with Companies (appointment and Remunera¬
tion of managerial personnel) Rules, 2014 are given as follows:

Names and Positions	[A] Ratio of Directors’ Remuneration to the median Remuneration of Employees	[B] Percentage (%) increase in Remuneration
Mr. Jagdish R. Acharya (Chairperson & Managing Director)	9.52	N.A.
Mrs. Shantaben J. Acharya (Non-Executive Director)	-	-
Mr. Natvar J. Acharya (Non-Executive Director)	1.90	N.A.
Mr. Jitendrakumar P. Thakkar (Independent Director)	-	-
Mr. Nikeshkumar B. Patel (Independent Director)	-	-
Mr. Kamleshkumar C. Soni (Independent Director)	-	-
The median remuneration of employees of the Company during the financial year was Rs. 1,26,100/- p.a.
[A] Percentage increase in the median Remuneration of Employees	Nil
[B] Number of permanent Employees on the rolls of Company	21 (Twenty One)
[C] Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof	There was no change in the average salaries of employees other than managerial personnel in 2023-24. There was no change in Managerial Remuneration in 2023-24 as compared to 2022-23. There was no change in the remuneration payable to CFO during the year 2023-24, however, there was increase of 24.59% in the remuneration of CS in the year 2023-24.

PARTICULARS OF EMPLOYEES:

The statement showing names of top ten employees in terms of remuneration drawn is given as Annexure - 2.

There are no employees of the Company drawing remuneration requiring disclosure of information under Section 134 of the Companies Act,
2013 read with Rule 5(2) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014.

DETAILS OF THE REMUNERATION TO MANAGING DIRECTOR/WHOLE-TIME DIRECTOR (AS PER CLAUSE-IV OF SECTION-II OF
PART-II OF SCHEDULE V):

(i) All elements of the remuneration package such as salary, benefits, bonuses, stock options and pension:

The details are given in Annual Return placed on the website of the Company.

(ii) Details of fixed component and performance-linked incentives, along with the performance criteria:

The details are given in Annual Return placed on the website of the Company and performance criteria is linked with net profit of the
Company.

(iii) Service contracts, notice period and severance fees:

Pursuant to the approval of members in the 28^th AGM,Mr. Jagdish Acharya, Managing Director has been appointed for a period of 3
years w.e.f. 31^st March, 2021. Notice period is 90 days and no severance fees.

(iv) Stock option details, if any, and whether these have been issued at a discount, as well as the period over which they accrued and how
they are exercisable:

The Company has not granted any stock option.

REGULATORY ORDERS:

During the year there were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern
status and Company''s operations in future.

CSR COMMITTEE:

As the requirement of CSR Committee is not applicable to the Company, no further details/disclosure required to be given in this regard.
DETAILS ON CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

(A) Conservation of energy

(i) the steps taken or impact on conservation of energy
	The Company accords high priority to conservation of energy. Several concrete steps have been taken to save energy. The Company is not utilizing alternate sources of energy.
(ii) the steps taken by the company for utilizing alternate sources of energy
(iii) the capital investment on energy conservation equipments
(B) Technology absorption	NIL
(i) the efforts made towards technology absorption
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution	NIL NIL
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) (a) the details of technology imported; (b) the year of import; (c) whether the technology been fully absorbed; (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and	The Company has not imported any technology during the year. Hence, there are no details to be furnished under and of the sub clauses of this clause.
(iv) the expenditure incurred on Research and Development	There are no expenditure incurred on Research and Development by the Company
(C) Foreign exchange earnings and Outgo
The Foreign Exchange earned in terms of actual inflows during the year and	NIL
The Foreign Exchange outgo during the year in terms of actual outflows	NIL

INTERNAL FINANCIAL CONTROL:

The Directors had laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate
and were operating effectively.

DEPOSITS:

During the year under report, your Company has not accepted any deposits pursuant to Section 73 of the Companies Act, 2013. Hence
further details are not given.

Details of money accepted (if any during the year) by the Company from the Directors and/or the relatives of Directors of the Company are
given in the notes to the Financial Statements and the same are not deposit as per the applicable provisions of Companies Act, 2013 and rules
made thereunder.

CORPORATE GOVERNANCE:

As per Regulation 15 (2) of SEBI (LODR) Regulations, 2015 the compliance with Corporate Governance provisions as specified in Regulations
17, 18, 19, 20, 21,22, 23, 24, 25, 26, 27 and clauses (b) to (i) of Sub-Regulation (2) of Regulation 46 and Para C, D and E of Schedule V shall
not apply, in respect of the listed entity having paid up equity share capital not exceeding Rupees Ten Crores and net worth not exceeding
Rupees Twenty Five Crores, as on the last day of the previous financial year.

It may please be noted that as our Company is not falling in the applicability criteria prescribed as mentioned above, Regulation 27 (2) is not
mandatory for the time being to the Company.

Hence, the Report on Corporate Governance is not forming part of the Directors'' Report.

EXTRACT OF ANNUAL RETURN:

The draft of the Annual Return of the Company for the financial year 2023-24in form MGT-7has been made available on the website of the
Company at http://www.parkeragrochem.com.

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

There are no Loans, Investments or Guarantees /Security given by the Company during the year under Section 186 of the Companies Act,
2013; hence no particulars are required to be given.

RELATED PARTY TRANSACTION:

Particulars of contacts or arrangements with related parties referred to in section 188(1) of the Companies Act, 2013 in the prescribed form
AOC-2 is appended as “Annexure-3” to Director''s Report. The related party transactions are otherwise carried out in the ordinary course of
business and on arm''s length basis and the same are in the best interest of the Company. The related party transactions are due to business
exigencies.

MANAGEMENT DISCUSSION AND ANALYSIS:

Necessary Management Discussion and Analysis Report, pursuant to Regulation 34(2)(e) of The SEBI (LODR) Regulations, 2015 is
appended as “Annexure-4” to Director''s Report.

APPRECIATION:

Your Directors wish to place on record their sincere appreciation for significant contribution made by the employees at all the levels through
their dedication, hard work and commitment, thereby enabling the Company to boost its performance during the year under report.

Your Directors also take this opportunity to place on record the valuable co-operation and continuous support extended by its valued
business associates, Auditors, Supplier, Customers, Banks / Financial Institutions, Government authorities and the shareholders for their
continuously reposed confidence in the Company and look forward to having the same support in all its future endeavors.

By Order of the Board
sd/-

Place : Ahmedabad Jagdish R. Acharya

Date : 29^th May, 2024 (DIN: 01251240)

Chairperson & Managing Director

---

Mar 31, 2014

Dear Shareholders,

The Directors present the TWENTY FIRST ANNUAL REPORT together with the Audited Statement of Accounts for the Financial Year 2013 14 ended 31st March, 2014.

1. FINANCIAL RESULTS:

(rs in lacs) Particulars 2013-14 2012-13

Gross Income 19983.97 14373.32

Profit/(Loss) before Depreciation and Tax 78.89 66.80

Less: Depreciation 36.71 34.27

Profit/(Loss) Before Tax 42.18 32.53

Less: Current Tax 13.00 10.00

Add/Less: Deferred Tax Liability (1.39) (0.02)

Profit/(Loss) After Tax 30.57 22.55

Balance Carried to Balance Sheet 30.57 22.55

During the year under report, the Company continued to carry on the business of renting of storage tank and trading in commodities including silver. The Company continue to explore opportunities for trading in commodities such as various agriculture commodities, metals and also in gold and silver.

The turnover of the Company for the year 2013-14 has substantially increased from X 14373.32 Lacs to X 19983.97 Lacs as compared to last year. Due to this, profit before Depreciation and Tax stands increased to Rs.78.89 Lacs as compared to profit of X 66.80 lacs in the last year.

After charging Depreciation, the Company has made profit before tax of X 42.18 lacs as compared to profit of X 32.53 Lacs in the last year. After providing for Taxation (mainly, deferred tax liability), the Company has made profit of X 30.57 Lacs as compared to profit of X 22.55 lacs which has been transferred to Balance Sheet. Thus during the year under report, the Company has been able to improve its working in a significant manner. The Company is hopeful of its continued profitability in the time to come.

2. DIVIDEND:

In view of accumulated losses, the Board of Directors is unable to recommend any dividend on the Equity Shares for the year under review.

3. DIRECTORS:

One of your Director viz. Mrs. Shilpaben Sukhdevbhai Acharya (DIN: 01947859), retire by rotation in terms of Articles 126 of the Articles of Association of the Company. She, however, being eligible has offered herself for reappointment. All the existing independent Directors of the Company are proposed to be appointed for the period of 3 years under section 149 of the Companies Act, 2013 read with revised clause 49 of the listing agreement.

4. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement of 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, 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 are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at 31st March, 2014 being end of the financial year 2013 14 and of the profit of the Company for the year;

(iii) that the Directors had taken proper and sufficient care for 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 had prepared the annual accounts on a going concern basis.

5. DEMATERIALISATION OF EQUITY SHARES:

Shareholders have an option to dematerialise their shares with either of the depositories viz NSDL and CDSL The ISIN allotted is INE750B01010.

6. PERSONNEL AND H. R. D.:

The industrial relations continued to remain cordial and peaceful and your Company continued to give ever increasing importance to training at all levels and other aspects of H. R. D.

7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented in a separate section forming part of the Annual Report.

8. CORPORATE GOVERNANCE:

The Report on Corporate Governance as per Clause 49 of the Listing Agreement is annexed.

9. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:

Your Company has obtained Compliance Certificate as required under the Proviso to Section 383A of the Companies Act, 1956 from M/s. Manoj Hurkat & Associates, Company Secretaries, Ahmedabad which is attached to the Directors'' Report.

10. LISTING:

The Equity Shares of the Company are listed on Ahmedabad Stock Exchange, Bombay Stock Exchange and Saurashtra- Kutch Stock Exchange (Now, derecognised by SEBI). The Company is generally regular in payment of Annual Listing Fees to Ahmedabad and Mumbai Stock Exchanges. The Company has paid Listing fees upto the year 2014 15 to Ahmedabad and Bombay Stock Exchanges.

11. GENERAL:

11.1 INSURANCE:

The Company''s properties including building, plant and machinery, stocks, stores etc. continue to be adequately insured against risks such as fire, riot, strike, civil commotion, malicious damages, machinery breakdown etc.

11.2 AUDITORS:

M/s. Wadhawan & Co., Chartered Accountants, (Firm Registration No. 129455W) the existing auditors of the Company retire at the conclusion of this Annual General Meeting and are eligible for reappointment.

The Company has obtained from them the written consent to such appointment and a certificate to the effect that their appointment as Auditors of the Company from conclusion of the 21st AGM to the conclusion of 26th AGM, subject to ratification by members at every Annual General Meeting if made, will be in accordance with of provisions of Section 139 of the Companies Act, 2013 and such conditions as may be prescribed.

The notes on Accounts and remarks of the Auditors are self explanatory.

The members are requested to consider the matter of appointment of Auditors and also to fix their remuneration.

11.3 PARTICULARS OF EMPLOYEES:

None of the employees of the Company is drawing remuneration requiring disclosure of information under Section 217(2 A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

11.4 DEPOSITS:

The Company has not accepted during the year under review any deposit as defined under the Companies (Acceptance of Deposits) Rules, 1975.

12. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:

Information as per section 217(1)(e) of the Companies Act, 1956 read with rule 2 of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 is given in the annexure and forms an integral part of this report.

13. ACKNOWLEDGMENT:

Your Directors express their sincere thanks and appreciation to the promoters, shareholders and customers for their constant support and co operation.

Your Directors also place on record their gratitude to the Banks, Institutions and Government Departments for their confidence reposed in the Company.

By Order of the Board

sd/- Place : Ahmedabad Sukhdev R. Acharya Date : 12th May, 2014 (DIN: 01318814) Chaurman & Managing Director

---

Mar 31, 2013

Dear Shareholders,

The Directors present the TWENTIETH ANNUAL REPORT together with the Audited Statement of Accounts for the Financial Year 2012-13 ended 31st March, 2013.

1. FINANCIAL RESULTS:

(Rs. in lacs)

Particulars 2012-13 2011-12

Gross Income 14373.32 1038.87

Profit/(Loss) before Depreciation and Tax 66.80 7.67

Less: Depreciation 34.27 33.99

Profit/(Loss) Before Tax 32.53 (26.32)

Less: Current Tax 10.00 0.00

Ad/Less: Deferred Tax Liability 0.02 (0.39)

Profit/(Loss) After Tax 22.55 (26.71)

Balance Carried to Balance Sheet 22.55 (26.71)

During the year under report, the Company continued to carry on the business of renting of storage tank and trading in commodities including silver. The Company continue to explore opportunities for trading in commodities such as various agriculture commodities, metals and also in gold and silver.

The turnover of the Company for the year 2012-13 has substantially increased from Rs. 1038.87 Lacs to Rs. 14373.32 Lacs as compared to last year mainly due to increased trading in commodities. Due to this, profit before Depreciation and Tax stands increased to Rs. 66.80 Lacs as compared to profit of Rs. 7.67 lacs in the last year.

After charging Depreciation, the Company has made profit before tax of Z 32.53 lacs as compared to loss of Rs. (26.32) Lacs in the last year. After providing for Taxation (mainly, deferred tax liability), the Company has made profit of f 22.56 Lacs as compared to loss of Rs. (26.71) lacs which has been transferred to Balance Sheet. Thus during the year under report, the Company has been able to improve its working in a significant manner. The Company is hopeful of its continued profitability in the time to come. )

2. DIVIDEND:

In view of accumulated losses, the Board of Directors is unable to recommend any dividend on the Equity Shares for the year under review.

3. DIRECTORS:

Two of your Directors viz. Shri Pravinkumar M. Thakkar and Shri Sukhdevbhai R Acharya, retire by rotation in terms of Articles 126 of the Articles of Association of the Company. They, however, being eligible have offered themselves for reappointment.

4. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement of 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, 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 are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at 31st March, 2013 being end of the financial year 2012-13 and of the profit of the Company for the year;

(iii) that the Directors had taken proper and sufficient care for 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 had prepared the annual accounts on a going concern basis.

5. DEMATERIALISATION OF EQUITY SHARES:

Shareholders have an option to dematerialise their shares with either of the depositories viz NSDL and CDSL. The ISIN allotted is INE750B01010.

6. PERSONNEL AND H. R. D.:

The industrial relations continued to remain cordial and peaceful and your Company continued to give ever increasing importance to training at all levels and other aspects of H. R. D.

7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented in a separate section forming part of the Annual Report.

8. CORPORATE GOVERNANCE:

The Report on Corporate Governance as per Clause 49 of the Listing Agreement is annexed.

9. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:

Your Company has obtained Compliance Certificate as required under the Proviso to Section 383A of the Companies Act, 1956 from M/s. Manoj Hurkat & Associates, Company Secretaries, Ahmadabad which is attached to the Directors'' Report.

10. LISTING:

The Equity Shares of the Company are listed on Ahmadabad Stock Exchange, Bombay Stock Exchange and Saurashtra- Kutch Stock Exchange (Now, derecognised by SEBI). The Company is generally regular in payment of Annual Listing Fees to Ahmadabad and Mumbai Stock Exchanges. The Company has paid Listing fees upto the year 2013 14 to Ahmadabad and Bombay Stock Exchanges.

11. GENERAL:

11.1 INSURANCE:

The Company''s properties including building, plant and machinery, stocks, stores etc. continue to be adequately insured against risks such as fire, riot, strike, civil, commotion, malicious damages, machinery breakdown etc.

11.2 AUDITORS:

The present Auditors of the Company M/s. Wadhawan & Co., Chartered Accountants, Ahmadabad will retire at the ensuing Annual General Meeting. They have submitted certificate for their eligibility for re appointment under Section 224 (IB) of the Companies Act, 1956. The notes of Auditors on accounts are self-explanatory.

11.3 PARTICULARS OF EMPLOYEES:

None of the employees of the Company is drawing remuneration requiring disclosure of information under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

11.4 DEPOSITS:

The Company has not accepted during the year under review any deposit as defined under the Companies (Acceptance of Deposits) Rules, 1975.

12. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:

Information as per section 217(l)(e) of the Companies Act, 1956 read with rule 2 of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 is given in the annexure and forms an integral part of'' this report.

13. ACKNOWLEDGMENT:

Your Directors express their sincere thanks and appreciation to the promoters, shareholders and customers for their constant support and co operation.

Your Directors also place on record their gratitude to the Banks, Institutions and Government Departments for their confidence reposed in the Company.

By Order of the Board

sd/-

Place : Ahmedabad Sukhdev R. Acharya

Date : 29th May, 2013. Chairman & Managing Director

---

Mar 31, 2010

The Directors present the SEVENTEENTH ANNUAL REPORT together with the Audited Statement of Accounts for the Financial Year 2009-10 ended 31st March, 2010.

1. FINANCIAL RESULTS:

(Rs. in lacs)

Particulars 2009-10 2008-09

Gross Income 1,50,747.67 3,11,488.57

Profit/(Loss) before Depreciation and Tax 25.86 10.11

Less: Depreciation 28.57 27.38

Profit/(Loss) Before Tax (2.71) (17.27)

Less: Provision for Tax 0.00 0.85

Add: Deferred Tax Liability 0.91 5.33

Profit/(Loss) After Tax (1.80) (12.79) Less: Prior Period Expenses 0.00 0.15

Balance Carried to Balance Sheet (1.80) (12.94)

During the year under report, the Company continued to carry on the business of renting of storage tank and trading in commodities such as Shares in Joint Stock Companies, Castor Oil, Sludge Sales and Currencies and also in gold and silver.

Subsequently, at the end of the year, the Company has decided to close down the businesses of dealing in bullions, gold and silver, currencies etc. However, the Company shall continue to carry on the business of renting of storage tank, trading in commodities and shares and securities.

The turnover of the Company for the year 2009-10 has substantially reduced (by 48.39% to 1,50,747.67 Lacs as , compared 3,11,488.57 Lacs in 2008-09) due to decrease in trading activities. Due to increase in total expenditure, there has been increase in cash profit, (i.e. Profit before Depreciation and Tax of Rs.25.86 lacs as compared to Rs.10.11 Lacs during 2008-09).

After charging Depreciation, the Company made loss before tax of Rs.2.71 lacs as compared to loss of Ss. 17.27 Lacs during 2008-09. After providing for Taxation, the Company has made loss of Rs. 1.80 lacs as compared to Rs. 12.94 lacs. The debit balance of Rs.1.80 lacs has been transferred to Balance Sheet.

2. DIVIDEND:

In view of the insufficient profit during the year as well as accumulated losses, the Board of Directors is unable to recommend any dividend on the Equity Shares for the year under review.

3. DIRECTORS:

Two of your Directors viz. Shri Punamchand R. Acharya and Shri Pravinchandra M. Thakkar retire by rotation in terms of Articles 126 of the Articles of Association of the Company. They, however, being eligible offer themselves for reappointment.

Shri Sankarlal S. Thakkar was appointed as Director of the Company by the Board of Directors in its meeting held on 10* May, 2010 with immediate effect.

Shri Chaturbhai R. Majithia, Director and Smt. Swetal C. Pandya, Company Secretary resigned from their office w.e.f. 10th May, 2010 and their resignation were sanctioned by the Board of Directors in its meeting held on 10th May, 2010.

4. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement of 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, 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 are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at 31" March, 2010 being end of the financial year 2009-10 and of the Loss of the Company for the year;

(iii) that the Directors had taken proper and sufficient care for 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 had prepared the annual accounts on a going concern basis.

5. DEMATERIALISATION OF EQUITY SHARES:

Shareholders have an option to dematerialise their shares with either of the depositories viz NSDL and CDSL. The ISIN allotted is INE750B01Q10.

6. PERSONNEL AND H. R. D.:

The industrial relations continued to remain cordial and peaceful and your Company continued to give ever increasing importance to training at all levels and other aspects of H. R. D.

7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented in a separate section forming part of the Annual Report.

8. CORPORATE GOVERNANCE:

The Report on Corporate Governance as per Clause 49 of the Listing Agreement is annexed.

9. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:

Your Company has obtained Compliance Certificate as required under the Proviso to Section 3S3A of the Companies Act, 1956 from M/s. Mehta Hurkat 8. Associates, Company Secretaries, Ahmedabad which is attached to the Directors Report.

10. LISTING:

The Equity Shares of the Company are listed on Ahmedabad Stock Exchange, Bombay Stock Exchange and Saurashtra- Kutch Stock Exchange. The Company is generally regular in payment of Annual Listing Fees. The Company has paid Listing fees upto the year 2010-11 to Ahmedabad and Bombay Stock Exchanges.

11. GENERAL:

11.1 INSURANCE:

The Companys properties including building, plant and machinery, stocks, stores etc. continue to be adequately insured against risks such as fire, not, strike, civil commotion, malicious damages, machinery breakdown etc.

11.2 AUDITORS:

The present Auditors of the Company M/s. Wadhawan & Co., Chartered Accountants, Ahmedabad will retire at the ensuing Annual General Meeting. They have submitted certificate for their eligibility for re-appointment under Section 224(1-B) of the Companies Act, 1956. The notes of Auditors on accounts are self-explanatory.

11.3 PARTICULARS OF EMPLOYEES:

None of the employees of the Company is drawing remuneration requiring disclosure of information under Section 217(Z-A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

11.4 DEPOSITS:

The Company has not accepted during the year under review any deposit as defined under the Companies (Acceptance of Deposits) Rules, 1975.

12. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:

Information as per section 217(l)(e) of the Companies Act, 1956 read with rule 1 of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 is given in the annexure and forms an integral part of this report.

13. ACKNOWLEDGMENT:

Your Directors express their sincere thanks and appreciation to Promoters, Shareholders, Suppliers and Customers for their constant support and co-operation.

Your Directors also place on record their gratitude to the Banks, Financial Institutions and Government Departments for their confidence reposed in the Company.



By Order of the Board

Place : Ahmedabad Sukhdev R. Acharya

Date : 31st July, 2010. Chairman & Managing Director