Directors Report of Regal Entertainment & Consultants Ltd.

Mar 31, 2024

Your directors present their Thirty Second Annual Report and Audited Annual Accounts for the
year ended March 31, 2024.

Financial Results

The Company''s financial performance, for the year ended March 31, 2024 is summarized below:

(Rs. in Lakhs)

ParticularsD	For the year ended March 31, 2024	For the year ended March 31, 2023
Income from operation	8.66	8.67
Less: Other Expenses	(8.42)	(11.42)
Profit/Loss Before tax	0.24	(2.75)
Less: Deferred Tax Liability	(0.03)	-
Less: Current Tax Expense	(0.06)
Profit/Loss after tax	0.15	(2.75)
Add: Profit Brought forward from last year	(134.40)	(131.65)
Profit available for Appropriation	(134.25)	(134.40)
Appropriations
Balance Carried Forward	(134.25)	(134.40)

Operations and Outlook

There has been no change in the nature of business of the Company. The total income from
operation as at the financial year end was Rs. 8.66 Lakhs same as last year and the company
earned a Profit of Rs. 0.15 lakhs as against loss of Rs. (2.75) Lakhs in the last year. Your
Company does not have any Holding, Subsidiary or Associate Company.

DIVIDEND

In order to conserve resources, your directors have not recommended any dividend for the FY
ended 31^st March, 2024.

TRANSFER TO RESERVES

No amount has been transferred to General Reserves for the financial year 2023-24.

FIXED DEPOSITS

The Company has neither invited nor accepted any fixed deposits from the public.

INDIAN ACCOUNTING STANDARDS (IND AS)

The Company has adopted Indian Accounting Standards (''IND AS'') and accordingly, the
financial statements for the year 2023-24 have been prepared in accordance with IND-AS,
prescribed under Section 133 of the Act, read with the relevant rules issued there under and the
other recognised accounting practices and policies to the extent applicable.

RBI PRUDENTIAL NORMS

The Company being Non-Banking Financial (Non- Deposit Accepting or Holding), capital
adequacy requirement, under Companies Prudential Norms (Reserve Bank) Directions, 2007, are
not applicable to the Company.

ANNUAL RETURN

The Annual Return of the Company for the financial year 2023-24 in Form MGT-7 pursuant to
Section 134(3)(a) and Section 92(3) of the Act, read with Rule 12(1) of the Companies
(Management and Administration) Rules, 2014, is not available on the website of the Company
at www.regalentertainment.in /investor_relation. However, our company has been under
suspension since November 2022, which has significantly impacted our operations.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors of the Company, to the best of its
knowledge and ability, hereby confirm that:

i. In the preparation of the annual accounts for the year ended March 31, 2024, the
applicable accounting standards have been followed and there is no material
departure from the same;

ii. The Directors have selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent to give a true and fair
view of the state of affairs of the Company as of March 31, 2024, and of the profit of the
Company for the year ended on that date;

iii. The Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Companyand for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts on a going concern basis;

v. The Director have laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and were operating effectively
during the financial year ended March 31, 2024; and

vi. The Directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating

effectively during the financial year ended March 31, 2024.

CORPORATE GOVERNANCE

In view of the paid-up equity share capital of the company is not exceeding Rs. 10 crores and net
worth not exceeding Rs. 25 Crores as on the last day of the previous financial year, the
compliance with Corporate Governance provisions is not applicable to the company as per
Regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL
YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THIS
REPORT

There are no material changes and commitments affecting the financial position of the
Company occurred between the end of the financial year to which these financial statements
relate and on the date of this report. During the year under review, the Company has been
suspended by BSE Limited on grounds of non-compliance. However, Company has applied for
revocation of suspension.

Further, there has been no change in the nature of business of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

A brief note on management discussion and analysis is annexed which forms part of the
Directors Report and has been prepared in accordance with Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All transactions entered into by the Company with its related parties, during the financial year
2023-24, were in the ordinary course of business and at an arm''s length basis. The details of the
Related Party Transactions are set out in the Notes to Financial Statements forming part of this
Annual Report.

Further, the Related Party Transactions undertaken by the Company were in compliance with
the provisions set out in the Companies Act, 2013, read with the Rules made there under and
relevant provisions of Listing Regulations.

INTERNAL FINANCIAL CONTROLS

Your Company has in place adequate internal financial controls with reference to financial
statements.

PUBLIC DEPOSITS

Your Company has not invited/ accepted any deposits under Section 73 & 74 of the Companies
Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year and, as
such, no amount of principal or interest was outstanding as on the Balance Sheet date on this
account.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

In terms of the provisions of Section 197 (12) of the Act read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. There are
no employee drawing remuneration in excess of the limits set out in the said rules.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of
the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules,2014 are given below.

i) The ratio of the remuneration of each director to the median remuneration
of theemployees

of the Company for the financial year:

Name	Designation	Remuneration	Times per Median
		paid for F.Y.	ofemployee
		2022-23	remuneration
		(Amt in Rupees)
Shreyash Chaturvedi	Managing Director	NIL	NIL

ii) The percentage increase in remuneration of each director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the
financial year;-

Name	% Change
Shreyash Chaturvedi, Managing Director	Nil

iii) The percentage increase in the median remuneration of employees in the financial
year - NIL

iv) The permanent employees on the rolls of the Company - 2

v) There is no increase in managerial remuneration during the year whereas in
median Remuneration of the employee increased by NIL

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT (BRSR)

In accordance with Regulation 34(2)(f) of the SEBI (LODR) Regulations 2015, the Securities and
Exchange Board of India (''SEBI''), in May 2021, introduced new sustainability-related reporting
requirements to be reported in the specific format of Business Responsibility and Sustainability
Report (''BRSR''). BRSR is a notable departure from the existing Business Responsibility Report
and a significant step towards giving a platform to the companies to report the initiatives taken
by them in areas of Environment, Social and Governance.

Further, SEBI has mandated the top 1,000 listed companies, based on market capitalization, to
transition to BRSR from FY 2023-24 onwards. As your Company does not come under top 1000
listed company.

AUDITORS AND AUDITOR''S REPORT
STATUTORY AUDITOR

Pursuant to the provisions of sections 139 and 141 of the Companies Act, 2013 read with
Companies (Audit and Auditors) Rules, M/s. DBS & Associates, LLP, Chartered Accountants
(Firm Registration No. 081627N) has been appointed as Statutory Auditors for a period of 5

years in the 28^th AGM held on 30^th December 2020.

The Notes on the financial statement referred to in the Auditors'' Report are self-explanatory and
do not call for any further comments. The Auditors'' Report contains few qualifications,
reservation or adverse remarks. During the reporting period, no frauds were reported by
Auditors under sub-section (12) of section 143 of the Act, and no offence involving fraud was
committed against the Company by officers or employees of the Company.

SECRETARIAL AUDITOR

The Board has appointed Ms Palak Desai, Practicing Company Secretary, to conduct a
Secretarial Audit for the financial year 2023-24. The Secretarial Audit Report for the financial
year ended March 31, 2024, is annexed herewith marked as Annexure I to this Report.

During the year under review, there was delay in submission of various disclosures and
compliances to the Stock Exchange which has been reported by the secretarial auditor. The
Company clarified to the Secretarial auditor that due to the unavailability of concerned
professional in the Company, the Company could not submit the requisite compliances on
time.

COST AUDITORS

Your Company has not fallen under section 148 and read with its rules made there under
Companies Act 2013, Therefore, no need to appoint the Cost Auditor and its related
Compliance.

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE STATUTORY AUDITOR, IN THEIR
REPORT-

STATUTORY AUDITORS REPORT

The Statutory Auditor report is self-explanatory, and qualification/reservation/adverse remark
made in the auditors report on the financial statements of the Company. ( Please refer to Audited
Report)

FRAUD REPORTED BY AUDITORS

The Statutory Auditors nor the Secretarial Auditors of the Company have not reported any fraud
during FY 2023-24 as specified under second proviso of Section 143(12) of the Companies Act,
2013 (including any statutory modification(s) or re-enactment(s) thereof for the time being
enforce).

CRITERIA FOR DETERMINING QUALIFICATION, POSITIVE ATTRIBUTES AND
INDEPENDENCE OF A DIRECTOR

1. Qualification: - The Board of Directors of Your company has formulated the job description
for the posts of MD and other Functional Director. The selection of Full-time Directors is
done by the Nomination and Remuneration Committee on the basis of such criteria

2. Positive Attribute: - Apart from the duties of Directors as prescribed in the Companies Act

the Directors are expected to demonstrate high standards of ethical behavior,
communication skills and independent judgment. The Directors are also expected to abide
by the respective code of conduct as applicable to them

3. Independence: - A Director is considered as independent if he/she meets the criteria laid
down in Section 149(6) of the Act, the Rules framed their under and Regulations 16(1)(b) of
the Listing Regulations.

INDEPENDENT DIRECTOR

Your Company is listed NBFC Company, all director is appointed by Board based on
recommendations given by the Nomination and Remuneration Committee, subject to the
approval of the Shareholders.

As on date 31.03.2024, Regal has Three (3) Independent Directors on the Board of the Company.

1. Mr. Sudeb Sarbadhikary

2. Mr. Mehul velyibhai Jayant Patel

3. Mr. Manish Chaturvedi

All the Independent Directors has made declaration that criteria of independence as specified
under Section 149(6) of the Companies Act, 2013 & Regulation 16(1)(b) of SEBI (LODR)
Regulations, 2015 has been complied with. Pursuant to Part (c)(2)(i) of Schedule V of SEBI (LODR)
Regulations 2015,

LISTING

The equity shares of the company are listed at BSE Ltd and the listing fee for the financial year
2023-24 has not been paid to the concerned Stock Exchange as the trading is suspended and the
Company is under process of revocation of suspension.

DIRECTORS & KEY MANAGERIAL PERSONNEL

As on 31^st March, 2024, the Company had (4) Directors consisting of (3) Independent Directors
and One (1) Managing Director on its Board.

During the year under review, the following changes took place:

1. Mr. Mehul Patel was appointed as Additional Independent (Non-Executive) Director w.e.f.
30/05/2022.

2. Mr. Shreyash Chaturvedi was re-appointed as Managing Director w.e.f. 30/05/2022.

On the basis of the written representations received from the Directors, none of the
Directors of the Company are disqualified under Section 164 (2) of the Act.

3. Mr. Sudeb Sarbadhikary was appointed as Additional Independent (Non-Executive)
Director w.e.f. 30/ 05/2017.

4. Mr. Manish Chaturvedi Resigned as Additional Independent (Non-Executive) Director
w.e.f 15.10.2024.

RETIREMENT OF DIRECTORS BY ROTATION

In accordance with the provisions Section 152, 160 and other applicable provisions, if any, of the
Companies Act, 2013, And Article 157, 158 of the Articles of Association of the Company Mr.
Shreyash Chaturvedi (DIN- 06393031) who is liable to retires by rotation at the 32^nd Annual
General Meeting to be held on 31.12.2024 and being eligible, offer themselves for reappointment.
Brief particulars of directors seeking re-appointment together with their Directorships in other
Companies and Committee Memberships have been given in the Annexure to the Notice of 32^nd
Annual General Meeting in pursuance to Regulation 36(3) of SEBI (LODR) Regulations, 2015
and Secretarial Standards 2 issued by ICSI

COMPOSITION OF THE BOARD

As required under the Act and SEBI (LODR) Regulations, 2015, your Company has constituted
following Board Level Committees.

Details of the Board Level Committee as on 31.03.2024 are given below :-

1. Audit Committees.

2. Nomination & Remuneration Committees.

3. Stakeholders Relationship Committee.

4. IT Strategy Committee

The compositions, powers, roles, terms of reference, etc. and no. of meeting held of relevant
Committees are as per the requirements of the applicable laws.

DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNAL:

Your Company has not received any significant or material ones passed by any regulatory
Authority, Court or Tribunal which shall impact the going concern status and Company''s
operations in future

DETAILS OF SUBSIDIARIES. TOINT VENTURES AND ASSOCIATES:

Your Company does not have any its Subsidiaries, Joint Venture or Associate companies of the
Company.

RISK MANAGEMENT:

Risk management has always been an integral part of the Company and for this purpose the
company has been for years implementing a risk management policy. The Company has
implemented an effective and meaningful system in place to safeguard the interest of the
company. The main objectives of this policy are:

a. Manage the risk without adversely impacting the normal business and its growth.

b. Enable sustained business performance.

c. Lesser impact on the company''s finances.

d. Be compliant to the relevant requirements of the Exchanges/ Regulators.

BOARD EVALUATION

The Board evaluated the effectiveness of its functioning and that of the Committees and of
individual directors on the basis of various aspects /criteria of board/ Committee Governance.

The criteria & aspects covered in the evaluation included knowledge to perform the role, level
of oversight, performance of duties and the fulfilment of Directors'' obligations and fiduciary
responsibilities, including but not limited to, active participation at the Board and Committee
meeting.

Further, the Independent Directors at their meeting, reviewed the performance of Board,
Chairman of the Board and of Non-Executive Directors.

TRAINING OF INDEPENDENT DIRECTORS/ FAMILIARISATION PROGRAMMES

Whenever new Non-executive and Independent Directors are inducted in the Board they are
introduced to our Company''s'' Organization structure, our business, constitution, board
procedures and management strategy. They are provided with Company annual reports,
financials etc.

DISCLOSURES
AUDIT COMMITTEE

The Audit Committee was reconstituted and adopted on 04/08/2017. All the recommendations
made by the Audit Committee were accepted by the Board.

Audit Committee

New Member
Manish Chaturvedi	Chairman
Sudeb Sarbadhikary	Member
Shreyash Chaturvedi	Member

VIGIL MECHANISM

The Company''s whistle Blower Policy/ Vigil Mechanism (mechanism) is formulated for
securing/ reporting deterring/ punishing/ rectifying any unethical, unlawful acts, behavior
etc. and to enable to voice/ address bonafide concern of malpractice, deviation from the
policies of the Company internallyin an effective and systematic manner after its discovery.

The Policy on vigil mechanism and whistle blower policy may be accessed on the Company''s
website at www.regalentertainment.in

CODE FOR FAIR DISCLOSURE, INTERNAL PROCEDURES AND CONDUCT FOR
REGULATING, MONITORING AND REPORTING OF TRADING BY INSIDERS

The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015, The Insider Trading
Policy of the Company lays down guidelines and procedures to be followed, and disclosures to
be made while dealing with shares of the Company, as well as the consequences of violation.
The policy has been formulated to regulate, monitor and ensure reporting of deals by
employees and to maintain the highest ethical standards of dealing in Company securities.

The Insider Trading Policy of the Company covering code of practices and procedures for fair
disclosure of unpublished price-sensitive information and code of conduct for the prevention of
insider trading, isavailable on our website www.regalentertainment.in

MEETING OF THE BOARD

Four meetings of the Board of Directors were held during the financial year from April 01, 2023
to March 31, 2024. The dates on which the meetings were held are as follows: -

May 30, 2023, August 14, 2023, November 14, 2023 and February 14, 2024.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Pursuant to the clarification dated February 13, 2015 issued by Ministry of Corporate Affairs
and Section 186(11) of the Companies Act, 2013, the provisions of Section 186(4) of the
Companies Act, 2013 requiring disclosure in the financial statements of the full particulars of the
loan given, investment made or guarantee given or security provided and the purpose for which
the loan or guarantee or securityis proposed to be utilized by the recipient of the loan or guarantee
or security is not applicable to bankingcompany.

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The company does not envisage any risk, which may threaten the existence of the company. The
company takes all necessary steps to identify measures & manage risk effectively.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following items as
there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. The Company has not issued any sweat equity shares to its directors or employees;

4. There was no revision of financial statements and Board''s Report of the Company during
the year under review.

5. No orders were passed by the Regulators or Courts or Tribunals which impact the going
concern status and the Company''s operations in future

6. No application has been made under the Insolvency and Bankruptcy Code; hence the
requirement to disclose the details of application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 during the year along with their
status as at the end of the financial year is not applicable.

Your Director''s further state that during the year under review, there were no cases filed
pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the provisions do not apply to the Company.

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

The information on conservation of energy, technology absorption and foreign exchange earnings
and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The
Companies (Accounts) Rules, 2014, is as follows:

(A) Conservation of energy-

(i) The steps taken or impact on conservation of energy: NIL

(ii) The steps taken by the company for utilizing alternate sources of energy: NIL

(iii) The capital investment on energy conservation equipment: NIL

(B) Technology absorption-

(i) The efforts made towards technology absorption: NIL

(ii) The benefits derived like product improvement, cost reduction, product development or
import substitution: NIL

(iii) In case of imported technology (imported during the last three years reckoned from the
beginning of the financial year)- : NIL

(iv) The expenditure incurred on Research and Development: NIL

FOREIGN EXCHANGE EARNINGS AND OUTGO:

Your company was not received any foreign Earning from the foreign and not to outgo any
foreign earnings

DETAILS REGARDING OTS (One Time Settlement) DONE DURING THE YEAR

During the year under review, Your Company has not done any OTS with any lender.

ACKNOWLEDGMENT

Your Directors would like to express their sincere appreciation for the assistance and co¬
operation received from the banks, Government authorities, customers, Board members and
members of the company during the year under review. Your Directors also wish to place on
record their deep sense ofappreciation for the committed services by the Company''s employees.

For and on behalf of the Board

Sd/- Sd/-

Place: Mumbai Shreyash Chaturvedi Mehul Velyibhai Jayant

Patel

Date: 07/12/2024 Managing Director Director

DIN: 06393031 DIN: 03228708

---

Mar 31, 2014

Dear Members,

The Directors presents their Twentysecond Annual Report and Audited Accounts for the year ended 31st March 2014.

FINANCIAL RESULTS :

For the year ended For the year ended March 31, 2014 March 31, 2013 (Rs. in Lakh) (Rs. in Lakh)

Income from operation 8.42 7.92

Profit before tax (8.29) (7.77)

Less: Deffered tax liablity 0.09 (0.06)

Profit after tax (8.20) (7.71)

Add: Profit brought forward (51.39) (43.68) from last year

Profit available for (59.59) (51.39) Appropriation

APPROPRIATIONS:

Balance Carried Forward (59.59) (51.39)



DIVIDEND :

In view of the losses, your Directors do not recommend any dividend.

OPERATIONS AND OUTLOOK :

The total income from operation increased to Rs.8.42 Lakh from Rs. 7.92 Lakh and the company incurred a loss of Rs. 8.20 Lakh, as against loss of Rs.7.71 Lakh in the last year.

DIRECTORS'' RESPONSIBILITY STATEMENT

In accordance with provisions of Section 217(2AA) of the Com- panies Act, 1956, with respect to the Directors'' Responsibility Statement, it is hereby confirmed:

i. That in the presentation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards had been followed along with proper explanation relating to material departure;

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 or Loss of the Company for the year under review;

iii. That the directors had taken proper and sufficient care for the maintenance of the 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 accounts for the financial year ended 31st March 2014 on a going concern Basis.

REPORT ON CORPORATE GOVERNANCE :

Pursuant to clause 49 of the Listing Agreement with Stock Exchanges, a separate Section titled Corporate Governance has been included in this report. The auditors certificate on compli- ance of clause 49 of the listing Agreement by the Company is annexed to this report.

MANAGEMENT DISCUSSION AND ANALYSIS:

A brief note on management discussion and analysis is annexed which forms part of the Directors Report and has been prepared in accordance with clause 49 of the listing agreement.

FIXED DEPOSITS :

The Company has neither invited nor accepted any fixed deposits from the public.

LISTING :

The equity shares of the company are listed at the Stock Ex- change, Mumbai and Madras and listing fee for the financial year 2014-15 have been paid to the concerned Stock Exchanges.

DIRECTORS :

In accordance with the provisions of Section 152 of the Compa- nies Act, 2013 and the company''s Articles of Association, Shri Dinesh Gupta, Director retire by rotation at the forthcoming An- nual General Meeting and being eligible offer himself for reap- pointment. Your Board recommends appointment of Mr. Dinesh Gupta as director liable to retire by rotation.

The Board of Directors of the Company have decided to adopt the provisions with respect to appointment and tenure of Independent Directors which are consistent with the Companies Act, 2013 and the Listing Agreement. Shri Dhiraj Mehta, Shri Brijesh Mathur and Shri Kanaiyalal B. Agrawal are Non- Executive Independent Directors of the Company. The period of office of these Directors was liable to determination by retirement by rotation under the erstwhile applicable provisions of the Companies Act, 1956. In terms of Section 149 and other applicable provisions of the Companies Act.2013, Shri Dhiraj Mehta, Shri Brijesh Mathur and Shri Kanaiyalal B. Agrawal being eligible, offer themselves for appointment, and are proposed to be appointed as Independent Directors for a term as stated in the Resolutions. Your Board recommends the said appointments.

Shri Surendra Salgia resigned as a Director of the company with effect from June 01,2014. The Board places on record its appreciation for the valuable services rendered by Shri Surendra Salgia during his tenure as Director.

AUDITORS:

M/s K.K. Gada & Co. Chartered Accountants, who are Statutory Auditors of the company hold office upto the forthcoming Annual General Meeting and are recommended for reappointment to audit the account of the company for the financial year 2014-15. As required under the provision of Section 139 of the Companies Act 2013 the company has obtained written confir- mation from M/s K.K. Gada & Co. that their appointment, if made, would be in conformity with the limits specified in the said sec- tion and they satisfy the criteria specified in Section 141 of the Companies Act, 2013 read with Rule 4 of the Companies (Audit & Auditors) Rules 2014.

EMPLOYEES:

None of the employee of the company is falling under the Category specified in section 217 (2A) of the Companies Act 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO.

The provision of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure in the Report of Board of Directors) Rules 1988 are not applicable to your Company, since your company is not a scheduled industries as per said rules.

Your Company neither earned nor spent any foreign exchange during the year.

ACKNOWLEDGEMENT

The Board wishes to express its deep appreciation to the entire staff members, Bankers, shareholders and clients for their valuable support to the Company.

For and on behalf of the Board

DINESH GUPTA SATISH KUSUMBIWAL Managing Director Jt. Managing Director

Place: Mumbai Date: August 28, 2014

---

Mar 31, 2013

The Directors presents theirTwentyfirst Annual Report and Audited Accounts for the year ended 31st March 2013.

FINANCIAL RESULTS :

For the year ended For the year ended March 31, 2013 March 31, 2012 (Rs. in Lakh) (Rs. in Lakh)

Income from operation 7.92 27.97

Profit before tax (7.77) (0.64)

Less: Earlier Year Item --- 0.08

Deffered tax liablity (0.06) (0.01)

Profit after tax (7.71) (0.71)

Add: Profit brought forward (43.68) (42.97) from last year

Profit available for (51.39) (43.68)

Appropriation

APPROPRIATIONS:

Balance Carried Forward (51.39) (43.68)

DIVIDEND :

In view of the losses, your Directors do not recommend any dividend.

OPERATIONS AND OUTLOOK :

The total income from operation decreased to Rs.7.92 Lakh from Rs.27.97 Lakh and the company incurred a loss of Rs. 7.71 Lakh, as against loss of Rs.0.71 Lakh in the last year.

DIRECTORS'' RESPONSIBILITY STATEMENT

In accordance with provisions of Section 217(2AA) of the Companies Act, 1956, with respect to the Directors'' Responsibility Statement, it is hereby confirmed:

i. That in the presentation of the annual accounts for the financial year ended 31st March, 2013, the applicable accounting standards had been followed along with proper explanation relating to material departure;

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 or Loss of the Company for the year under review;

iii. That the directors had taken proper and sufficient care for the maintenance of the 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 accounts for the financial year ended 31st March 2013 on a going concern basis.

REPORT ON CORPORATE GOVERNANCE :

Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a separate Section titled Corporate Governance has been included in this report. The auditors certificate on com- pliance of clause 49 of the listing Agreement by the Company is annexed to this report.

MANAGEMENT DISCUSSION AND ANALYSIS:

A brief note on management discussion and analysis is annexed which forms part of the Directors Report and has been prepared in accordance with clause 49 of the listing agreement.

FIXED DEPOSITS :

The Company has neither invited nor accepted any fixed deposits from the public.

LISTING :

The equity shares of the company are listed at the Stock Ex- change, Mumbai and Madras and listing fee for the financial year 2013-14 have been paid to the concerned Stock Ex- changes.

DIRECTORS :

Shri Dhiraj Mehta and Shri Surendra Salgia retire by rotation and eligible for reappointment, which the directors recommend.

AUDITORS AND AUDITORS REPORT :

Shareholders are requested to appoint the Auditors of the Company. M/s K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed the Company that being eligible they offer themselves for reappointment, and have certified that their appointment, if made, will be in accordance with the limits specified in Section 224 (1-B) of the Companies Act, 1956.

The observations of the Auditors in their Report read together with notes to accounts are self explanatory and do not call for any further information & explanation under section 217 (3) of the Companies Act, 1956.

EMPLOYEES :

None of the employee of the company is falling under the Category specified in section 217 (2A) of the Companies Act 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO.

The provision of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure in the Report of Board of Directors) Rules 1988 are not applicable to your Company, since your company is not a scheduled industries as per said rules.

Your Company neither earned nor spent any foreign exchange during the year.

ACKNOWLEDGEMENT

The Board wishes to express its deep appreciation to the entire staff members, bankers, shareholders and clients for their valu- able support to the Company.



By order of the Board

DINESH GUPTA SATISH KUSUMBIWAL

Managing Director Jt. Managing Director



Place : Mumbai

Date : August 14, 2013.

---

Mar 31, 2012

The Directors presents theirTwentieth Annual Report and Audited Accounts for the year ended 31st March 2012.

FINANCIAL RESULTS :

For the year ended For the year ended

March 31, 2012 March 31, 2011 (Rs. in Lakh) (Rs. in Lakh)

Income from operation 27.97 30.57

Profit before tax (0.64) (0.88)

Less: Earlier Year Item 0.08 0.04

Deffered tax liablity (0.01) (0.06)

Profit aftertax (0.71) (0.86)

Add: Profit brought forward (42.97) (42.11)

from last year

Profit available for (43.68) (42.97)

Appropriation

APPROPRIATIONS:

Balance Carried Forward (43.68) (42.97)



DIVIDEND :

In view of the losses, your Directors do not recommend any dividend. OPERATIONS AND OUTLOOK :

The total income from operation decreased to Rs.27.97 Lakh from Rs. 30.57 Lakh and the company incurred a loss of Rs. 0.64 Lakh , as against loss of Rs.0.88 Lakh in the last year.

DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with provisions of Section 217(2AA) of the Companies Act, 1956, with respect to the Directors' Responsibility Statement, it is hereby confirmed :

i. That in the presentation of the annual accounts for the financial year ended 31st March, 2012, the applicable accounting standards had been followed along with proper explanation relating to material departure;

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 or Loss of the Company for the year under review;

iii. That the directors had taken proper and sufficient care for the maintenance of the 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 accounts for the financial year ended 31st March 2012 on a going concern basis.

REPORT ON CORPORATE GOVERNANCE :

Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a separate Section titled Corporate Governance has been included in this report. The auditors certificate on compliance of clause 49 of the listing Agreement by the Company is annexed to this report.

MANAGEMENT DISCUSSION AND ANALYSIS:

A brief note on management discussion and analysis is annexed which forms part of the Directors Report and has been prepared in accordance with clause 49 of the listing agreement.

FIXED DEPOSITS :

The Company has neither invited nor accepted any fixed deposits from the public.

LISTING :

The equity shares of the company are listed in the Stock Exchange, Mumbai and Madras and listing fee for the financial year 2012-13 have been paid to the concerned Stock Exchanges.

DIRECTORS :

Shri Dinesh Gupta and Shri Satish Kusumbiwal retire by rotation and eligible for reappointment, which the directors recommend.

AUDITORS :

Shareholders are requested to appoint the Auditors of the Company. M/s. K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed the Company that being eligible they offer themselves for reappointment, and have certified that their appointment, if made, will be in accordance with the limits specified in Section 224 (1-B) of the Companies Act, 1956.

The observations of the Auditors in their Report are self explanatory.

EMPLOYEES :

None of the employee of the company is falling under the Cat- egory specified in section 217 (2A) of the companies Act 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO.

The provision of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure in the Report of Board of Directors) Rules 1988 are not applicable to your Company, since your company is not a scheduled industries as per said rules.

Your Company neither earned nor spent any foreign exchange during the year.

ACKNOWLEDGEMENT

The Board wishes to express its deep appreciation to the entire staff members, bankers, shareholders and clients for their valuable support to the Company.

By order of the Board

DINESH GUPTA SATISH KUSUMBIWAL Managing Director Jt. Managing Director

Place : Mumbai Date : August 29, 2012.

---

Mar 31, 2010

The Directors presents their Eighteenth Annual Report and Audited Accounts for the year ended 31st March 2010.

FINANCIAL RESULTS :

For the year ended For the year ended March 31, 2010 March 31, 2009 (Rs. in Lakh) (Rs. in Lakh)

Income 83.99 99.38

Profit before tax (7.51) (31.62)

Less: Provision for tax - -

Provision for Fringe benifit tax - 0.06

Earlier Year Item 1.29 -

Deffered tax liablity (0.22) 0.10

Profit after tax (8.58) (31.78)

Add: Profit brought forward (33.53) (1.74)

from last year

Profit available for (42.11) (33.52)

Appropriation

APPROPRIATIONS:

Balance Carried Forward (42.11) (33.52)

DIVIDEND :

In view of the losses, your Directors do not recommend any Dividend.

OPERATIONS AND OUTLOOK :

The total income decreased to Rs.83.99 Lakhs from Rs. 99.38 Lakhs and the company incurred a loss of Rs. 7.51 Lakhs, as against Loss of Rs.31.62 Lakhs in the last year.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with provisions of Section 217(2AA) of the Companies Act, 1956, with respect to the Directors Responsibility Statement, it is hereby confirmed :

i. That in the presentation 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 departure;

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 or Loss of the Company for the year under review;

iii. That the directors had taken proper and sufficient care for the maintenance of the 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 accounts for the financial year ended 31st March 2010 on a going concern basis.

REPORT ON CORPORATE GOVERNANCE :

Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a separate Section titled Corporate Governance has been included in this report. The auditors certificate on compliance of clause 49 of the listing Agreement by the Company is annexed to this report.

MANAGEMENT DISCUSSION AND ANALYSIS:

A brief note on management discussion and analysis is annexed which forms part of the Directors Report and has been prepared in accordance with clause 49 of the listing agreement.

FIXED DEPOSITS :

The Company has neither invited nor accepted any fixed deposits from the public.

LISTING :

The equity shares of the company are listed in the Stock Exchange, Mumbai and Madras and listing fee for the financial year 2010-11 have been paid to the concerned Stock Exchanges. The approval of Delhi Stock Exchange for voluntary delisting is still awaited meanwhile company has not made payment of listing fee to Delhi Stock Exchange.

DIRECTORS :

Shri Dhiraj Mehta and Shri Surendra Salgia retire by rotation and eligible for reappointment, which the directors recommend.

AUDITORS :

Shareholders are requested to appoint the Auditors of the Company. M/s K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed the Company that being eligible they offer themselves for reappointment, and have certified that their appointment, if made, will be in accordance with the limits specified in Section 224 (1-B) of the Companies Act, 1956.

The observations of the Auditors in their Report are self explanatory.

EMPLOYEES :

None of the employee of the company is falling under the Cat- egory specified in section 217 (2A) of the companies Act 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO.

The provision of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure in the Report of Board of Directors) Rules 1988 are not applicable to your Company, since your company is not a scheduled industries as per said rules.

Your Company neither earned nor spent any foreign exchange during the year.

ACKNOWLEDGEMENT

The Board wishes to express its deep appreciation to the entire staff members, bankers, shareholders and clients for their valuable support to the Company.

By order of the Board



DINESH GUPTA SATISH KUSUMBIWAL Managing Director Jt. Managing Director

Place : Mumbai

Date : 30h August, 2010.