Directors Report of Sunday Exports Ltd.

Mar 31, 2011

TO THE MEMBERS OF SUNDAY EXPORTS LIMITED,

The Directors have pleasure in presenting the 17th Annual Report together with the Audited Accounts of the Company for the Financial Year ended on 31st March, 2011.

FINANCIAL RESULTS:

PARTICULARS 2010-2011 2009-2010

(Rs in Lacs) (Rs in Lacs)

Income for the year 346.82 86.43 Profit/(Loss) before Interest and depreciation

and Taxation 6.08 (9.21)

Less: Interest & Financial charges 0.19 0.08

Depreciation 2.86 2.86

Profit/(Loss) before Tax 3.02 (12.15)

Less: Provision for taxation - 0.00

ProfitZ(Loss) after Tax 3.02 (12.15)

Add: Accumulated profit/loss 105.19 117.34

Surplus carried to Balance Sheet 108.21 105.19

DIVIDEND :

In view of the previous loss incurred by the company and to conserve resources, the Directors enable to recommend any dividend during the year under review.

REVIEW OF BUSINESS OPERATIONS

The turnover of the Company was Rs. 346.82 lacs as compared to Rs. 86.43 lacs

of previous financial year. During the financial year ended 31.03.2011 company has not made any exports. Your Company has incurred the profit of Rs. 3.02 Lacs as compared to net loss of Rs. 12.15 Lacs that of previous financial year. Your directors are hopeful to start L export sales of garments and Diamond Ornaments in gulf countries.

DIRECTORS

In accordance with the provisions of section 255 and section 256 of the Companies Act,1956 and the Articles of Association of the Company, Shri Devang R. Gandhi, retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

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

a). That in the preparation of the annual accounts for the financial year ended 31st March, 2011, all applicable accounting standards have been followed along with proper explanation relating to material departures if any have been furnished.

b) That the Directors have selected appropriate accounting polices and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the company for the year under review.

c) That the Directors have taken proper and sufficient care to the best of their knowledge and ability, 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;

d) That the Directors have prepared the annual accounts on a 'Going concern' basis.

AUDITORS AND AUDITORS' REPORT

M/s. Jagasheth & Co., Chartered Accountants, Statutory Auditors of the Company, retire at ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept the office of the Statutory Auditors, if re-appointed. They have issued a certificate stating that their re-appointment, if made, would be within the prescribed limits under section 224(1B) of the Companies Act, 1956.

The observations made in the Auditors' Report read together with the relevant notes thereon are self explanatory, and therefore, do not call for any further comments or explanations Under Section 217 of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars are required to be shown in terms of provisions

of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended. A CORPORATE GOVERNANCE:

As required under the clause 49 of Listing Agreement executed with Stock Exchanges, Report on "Corporate Governance" as well as "Management Discussion and Analysis" are attached herewith and forming part of the report of Annual Report of the Company.

A certificate as issued by M/s. Jagasheth & Co., Chartered Accountant, a Statutory Auditors of the Company for compliance of the conditions of the Corporate Governance as stipulated under clause 49 of the Listing Agreement executed by the Company with the Exchanges is annexed to the Annual Report on Corporate Governance.

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

The additional information required to be disclosed pursuant to Section 217 (l)(e) of the Companies Act read with the companies (Disclosures of Particulars in the Report of Board of Directors) Rules 1988 is given in the Annexure-1 forming part of this Report. ACKNOWLEDGEMENT:

Your directors express their gratitude to the continued support extended to the company by Bankers, its valued customers, various Government, Semi- Government, Local Authorities, Suppliers, Business Associates and devoted employees for their contribution to the growth and progress of the Company.

The Directors also take an opportunity to thank the shareholders across the country for the confidence reposed in the Management.

Surat For and on behalf of Board

01.27th Aug. 2011 Rameshchandra I. Gandhi Chairman

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Mar 31, 2010

The Directors have pleasure in presenting the 16th Annual Report together with the Audited Accounts of the Company for the Financial Year ended on 31st March, 2010.

FINANCIAL RESULTS:

PARTICULARS 2009-2010 2008-2009 (Rs in Lacs) (Rs in Lacs)

Income for the year 86.43 247.70 Profit/(Loss) before Interest and depreciation and Taxation (9.21) 11.24

Less: Interest & Financial charges 0.08 2.60

Depreciation 2.86 2.86

Profit/(Loss) before Tax (12.15) 5.53

Less: Provision for taxation 0.00 0.00

ProfitALoss) after Tax (12.15) 5.53

Add: Accumulated profit/loss 117.34 111.81

Surplus carried to Balance Sheet 105.19 117.34

DIVIDEND :

In view of the previous loss incurred by the company and to conserve resources, the Directors enable to recommend any dividend during the year under review.

REVIEW OF BUSINESS OPERATIONS

The turnover of the Company was Rs. 86.43 lacs as compared to Rs. 247.70 lacs of previous financial year. During the financial year ended 31.03.2010 company has not made any exports. Your Company has incurred the loss of Rs. 12.15 Lacs as compared to net Profit of Rs. 5.53 Lacs that of previous financial year. Your directors are hopeful to start export sales of garments and Diamond Ornaments in gulf countries.

DIRECTORS

In accordance with the provisions of section 255 and section 256 of the Companies Act, 1956 and the Articles of Association of the Company, Shri Devang R. Gandhi, retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appoint- ment.

DIRECTORS RESPONSIBILITY STATEMENT

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

a). That in the preparation of the annual accounts for the financial year ended 31st March, 2010, all applicable accounting standards have been followed along with proper expla- nation relating to material departures if any have been furnished.

b) That the Directors have selected appropriate accounting polices and applied them con- sistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the company for the year under review.

c) That the Directors have taken proper and sufficient care to the best of their knowledge and ability, 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;

d) That the Directors have prepared the annual accounts on a Going concern basis.

AUDITORS AND AUDITORS REPORT

M/s. Jagasheth & Co., Chartered Accountants, Statutory Auditors of the Company, retire at endsuing Annual General Meeting and have confirmed their eligibility and willingness to accept the office of the Statutory Auditors, if re-appointed. They have issued a certificate stating that their re-appointment, if made, would be within the prescribed limits under sec- tion 224(1B) of the Companies Act, 1956.

The observations made in the Auditors Report read together with the relevant notes thereon are self explanatory, and therefore, do not call for any further comments or explanations Under Section 217 of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars are required to be shown in terms of provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended.

CORPORATE GOVERNANCE:

As required under the clause 49 of Listing Agreement executed with Stock Exchanges, Report on "Corporate Governance" as well as "Management Discussion and Analysis" are attached herewith and forming part of the report of Annual Report of the Company. A certificate as issued by M/s. Jagasheth & Co., Chartered Accountant, a Statutory Auditors of the Company for compliance of the conditions of the Corporate Governance as stipulated under clause 49 of the Listing Agreement executed by the Company with the Exchanges is annexed to the Annual Report on Corporate Governance.

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

The additional information required to be disclosed pursuant to Section 217 (l)(e) of the Companies Act read vvith the companies (Disclosures of Particulars in the Report of Board of Directors) Rules 1988 is given in the Annexure-1 forming part of this Report. ACKNOWLEDGEMENT:

Your directors express their gratitude to the continued support extended to the company by Bankers, its valued customers, various Government, Semi- Government, Local Authori- ties, Suppliers, Business Associates and devoted employees for their contribution to the growth and progress of the Company.

The Directors also take an opportunity to thank the shareholders across the country for the confidence reposed in the Management.

Surat For and on behalf of Board

Dt. 09th Sep. 2010 Rameshchandra I. Gandhi Chairman

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Mar 31, 2009

The Directors have pleasure in presenting the 15th Annual Report together with the Audited Accounts of the Company for the financial Year ended on 31st March, 2009.

FINANCIAL RESULTS:

PARTICULARS 2008-2009 2007-2008 ( Rs in Lacs) ( Rs in Lacs)

Income for the year 247.70 373.37

Profit/( Loss) before Interest and depreciation and Taxation 11.24 36.98

Less: Interest & financial charges 2.60 28.33

Depreciation 2.86 2.85

Profit/(Loss)before Tax 5.53 5.80

Less: Provision for taxation 0.00 0.00

Profit/(Loss) after Tax 5.53 5.80

Add: Accumulated profit/loss 111.81 106.01

Surplus carried to Balance Sheet 117.34 111.81

DIVIDEND:

In view of the previous loss incurred by the company and to conserve resources, the Directors enable to recommend any dividend during the year under review.

REVIEW OF BUSINESS OPERATIONS

The turnover of the Company was Rs. 247.70 lacs as compared to Rs. 373.37 lacs of previous financial year. During the financial year ended 31.03.2009 company has not made any exports. Your Company has incurred the profitof Rs. 5.53 Lacs as compared to net Profit of Rs. 5.80 Lacs that of previous financial year. Your directors arc hopeful to start export sales of garments and Diamond Ornaments in gulf countries.

DIRECTORS

In accordance with the provisions of section 255 and section 256 of the Companics Act, 1956 and the Articles of Association of the Company, Shri Devang R. Gand . retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re -appoint- ment.

DIRECTORS RESPONSIBILITY STATEMENT

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

a). That in the preparation of the annual accounts for the financial year ended 31st 03, 2009, all applicable accounting standards have been followed along with proper expla- nation relating to material departures if any have been furnished.

b) That the Directors have selected appropriate accounting polices and applied them con- sistently and made judgments and estimates that were reasonab and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the company for the year under review.

c) That the Directors have taken proper and sufficient care to the best of their knowledge and ability, for the maintenance of adequate accounting records i accordance with the provisions of the Companies Act,1956 for safeguarding the asset of the Company and for preventing and detecting fraud and other irregularities;

d) That the Directors have prepared the annual accounts on a Going concern basis.

AUDITORS AND AUDITORS REPORT

M/s. Jagasheth & Co., Chartered Accountants, Statutory Auditors of the Company, retire at endsuing Annual General Meeting and have confirmed their eligibility and willingness to accept the office of the Statutory Auditors, if re-appointed. They have issued a certificate stating that their re-appointment, if made, would be within the prescrbed limits under sec- tion 224( 1B) of the Companies Act, 1956.

The observations made in the Auditors Report read together with the levant notes thereon arc self explanatory, and therefore, do not call for any further comments or explanations Under Section 217 of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars arc required to be shown in terms of provisions

of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended. CORPORATE GOVERNANCE:

As required under the clause 49 of Listing Agreement executed with Stock Exchanges. Report on "Corporate Governance" as well as "Management Discussion and Analysis" are attached herewith and forming part of the report of Annual Report of the Company.

A certificate as issued by M/s. Jagasheth & Co.. Chartered Accountant, a Statutory Auditors of the Company for compliance of the conditions of the Corporate Governance as stipulated under clause 49 of the Listing Agreement executed by the Company with the Exchanges is annexed to the Annual Report on Corporate Governance.

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

The additional information required to be disclosed pursuant to Section 217(1 )(e) of the Companies Act read with the companies (Disclosures of Particulars in the Report of Board of Directors) Rules 1988 is given in the Annexure-I forming part of this Report. ACKNOWLEDGEMENT:

Your directors express their gratitude to the continued support extended to the company by Bankers, its valued customers, various Government, Semi- Government, Local Authori- ties. Suppliers, Business Associates and devoted employees for their contribution to the growth and progress of the Company.

The Directors also take an opportunity to thank the shareholders across the country for the confidence reposed in the Management.

Surat For and on behalf of Board

Dt. 07th July 2009

Rameshchandra I. Gandhi Chairman