Directors Report of Tashi India Ltd.

Mar 31, 2024

The Directors present their Thirty Nineth Annual Report and Audited Statement of Accounts
for the year ended 31st March, 2024.

FINANCIAL RESULTS:

Particulars	FY 2023-24	FY 2022-23
Total Income	105.02	102.37
Total Expense	68.22	70.95
Profit Before Tax	36.80	31.42
Less: Current Tax	9.15	7.57
Less: Deferred Tax	(29.17)	6.61
Profit after Tax	56.82	17.24
Other Comprehensive Income	142.57	(38.97)
Total comprehensive Income	199.39	(21.73)
Earning Per Share	26.85	(2.93)

DIVIDEND:

The Directors regret their inability to recommend any dividend for the year under review.
WORKING & PERFORMANCE:

Your directors are trying their best to improve the performance of the company.

EXTRACT OFANNUAL RETURN:

As per the requirements of section 92(3) of the Act and Rules framed thereunder, the extract of
the Annual Return for the financial year 2023-24 is available on the website of the company at
www.tashiindia.com.

NUMBER OF BOARD MEETINGS:

During the Financial Year 2023-24, Seven (07) meetings of the Board of Directors of the
Company were held i.e. on 21/04/2023, 12/05/2023, 26/05/2023, 11/08/2023, 02/092023,
10/11/2023 and 13/02/2024.

SEPARATE MEETING OF INDEPENDENT DIRECTORS:

During the year under review, a separate meeting of Independent Directors without the
attendance of Non-Independent Directors and members of the Management, was held on 20th
Day of March, 2024, as required under Schedule IV of the Companies Act, 2013 (Code for
Independent Directors) read with Regulations 25(3) of the SEBI (Listing Obligation &
Disclosure Requirements) Regulations, 2015.

The Independent Directors inter-alia reviewed the performance of the Non-Independent
Directors, Chairman ofthe Company and the Board as a whole.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declarations from all the Independent Directors of the
Company under Section 149(7) of the Companies Act, 2013, confirming that they meet the
criteria ofIndependence laid down in Section 149(6) ofthe Companies Act, 2013.

DIRECTORS'' RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(5) of the Companies Act, 2013, Your Directors
confirm that:

a. In the preparation of Annual Accounts for the financial year ended March 31, 2024, the
applicable accounting standards have been followed along with proper explanation relating
to material departures.

b. The Directors have selected such accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year and of the profit
and loss ofthe Company for that period.

c. The Directors have taken proper and sufficient care toward 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.

d. The Annual Accounts have been prepared on a going concern basis.

e. The Directors have laid down internal financial controls, which are adequate and are
operating effectively.

f. The Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and such systems are adequate and operating effectively.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION
143(12):

During the year under review, there were no frauds reported by the Statutory Auditors to the Audit
Committee ofthe Board under section 143(12) ofthe Companies Act, 2013.

PUBLIC DEPOSITS:

The company being a Non-Banking Finance Company has not accepted any deposits from the
public during the year under review and shall not accept any deposits from the public without
obtaining prior approval of RBI.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED
PARTIES:

Particulars of Related Party Transactions, covered under Section 188 of the Companies Act, 2013
are given in notes to the Financial Statements provided in this Annual report, if any.

SECRETARIAL AUDITOR:

The Board of Directors of the Company has appointed M/s. More Daliya & Associates,
Practicing Company Secretaries, Nagpur, to conduct Secretarial Audit for the Financial Year
2023-24. The Secretarial Audit Report for the Financial Year ended on March 31,2024 is annexed
herewith to this Report.

The said report does not contain any qualification, reservation or adverse remark by the
Secretarial Auditor.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Particulars of loan, guarantee and investments, if any covered under Section 186 of the
Companies Act, 2013 are given in notes to the Financial Statements provided in this Annual
report.

CORPORATE SOCIAL RESPONSIBILITY POLICY:

Your Directors informed that the Company is not required to abide the provisions of Section 135
of the Companies Act, 2013 and Rules made thereunder and Regulation 15(2) of SEBI (Listing
Obligation & Disclosure Requirement) Regulations 2015 in relation to the Corporate Social
Responsibility as the Company is not covered under any of the conditions / criteria mentioned
under Section 135 of the Companies Act, 2013 and SEBI (Listing Obligation & Disclosure
Requirement) Regulations 2015.

BOARD EVALUATION:

The Companies Act 2013 states that a formal annual evaluation needs to be made by the Board
and Schedule IV of the Companies Act 2013 states that the performance evaluation of
Independent Directors shall be done by the entire Board of Directors, excluding the Director
being evaluated. The evaluation of all the Directors and the Board as a whole was being
conducted.

AUDIT COMMITTEE:

In terms of Section 177 ofthe Companies Act, 2013 read with Rule 6 ofthe Companies (Meetings
of Board and its Powers) Rules, 2014, the Audit Committee of the Board of Directors consisting
of below mentioned Independent Directors:

(i) Mr. Akshay Ranka (DIN: 00235788) - Chairman (Independent Director)

(ii) Mr. S.C.Agrawal (DIN: 00511873) - Member (Independent Director)

(iii) Mrs. Shweta Jejani (DIN: 07097052) - Member (Independent Director)

as a practice of good Corporate Governance. All the recommendations made by the Audit
Committee were accepted by the Board.

NOMINATION & REMUNERATION COMMITTEE:

In terms of Section 178 ofthe Companies Act, 2013 read with Rule 6 ofthe Companies (Meetings
of Board and its Powers) Rules, 2014, the Company has constituted Nomination & Remuneration
Committee ofthe Board of Directors consisting ofbelow mentioned Independent Directors:

(i) Mr. Akshay Ranka (DIN: 00235788) - Chairman (Independent Director)

(ii) Mr. S.C.Agrawal (DIN: 00511873) - Member (Independent Director)

(iii) Mrs. Shweta Jejani (DIN: 07097052) - Member (Independent Director)

as a practice of good Corporate Governance.

VIGIL MECHANISM:

The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms
of Section 177(9) of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligation &
Disclosure Requirement) Regulations, 2015, includes an Ethics comprising senior Executives of
the Company. Protected disclosures can be made by a whistle blower through an e-mail or letter.
The policy on vigil mechanism may be accessed on the Company''s website at
www.tashiindia.com.

CODE OF CONDUCT:

Your Directors informed that pursuant to provisions of Regulation 17(5) of SEBI (Listing
Obligation & Disclosure requirement) Regulations, 2015 every Listed Company is under an
obligation to adopt a policy on Code of Conduct for all the Members ofthe Board of Directors and
Senior Management. As per the said Regulation, the Board of Directors adopted the Policy on
code of conduct for all the Members of Board of Directors and Senior management of the
Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:

Your Directors are of the opinion that with respect to conservation of energy and technology
absorption as prescribed under Section 134(3)(m) of the Companies Act 2013 read with the
Companies (Accounts) Rules, 2014 are not relevant in view of the nature of business activities of
the Company and hence, are not required to be given.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there is no foreign exchange earnings, outgo and expenditure.
DIRECTORS:

In view of the provisions of the Companies Act, 2013, Shri Rohit Bajaj (DIN: 00511745) retires
from the Board by rotation this year and being eligible, offers himself for re-appointment.

ASSOCIATE COMPANIES:

The Company is an Associate of M/S Rohit Techserve Limited (Formerly Known as Rohit
Machines and Fabricators Limited) by virtue of section 2(6) of the Companies act, 2013 pursuant
to Proviso to Section 129(3) ofthe Companies Act, 2013 statement containing the salient features
ofthe financial statement ofthe Company''s Associate is attached herewith.

CONSOLIDATED FINANCIAL STATEMENTS:

The Board of Directors also present the Audited Consolidated Financial Statements
incorporating the duly audited financial statements of the Associate Company and as prepared in
compliance with the Companies Act, 2013 and all other applicable provisions.

A separate statement containing the salient features of our associate Company in the prescribed
form AOC-1 is annexed.

LISTING OF SHARES:

The Shares of the Company continued to be listed on the Stock Exchange, Mumbai. The
Company has paid the annual listing fee for the financial year 2023-24.

The Equity Shares of the Company has the Electronic connectivity under ISIN No.
INE552H01017 To provide service to the Shareholders, the Company has appointed M/s. Adroit
Corporate Services Private Limited, 1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road,
Marol Naka, Mumbai-400 059 as Registrar and Transfer Agent of the Company for existing
physical based and allied Secretarial Services for its Members / Investors and for Electronic
Connectivity with NSDL and CDSL.

STATUTORY AUDITORS AND AUDITORS'' REPORT:

Pursuant to the provisions of section 139 of the Companies Act, 2013 and the rules made
thereunder, the auditors of the Company M/s VMSS & Associates, Chartered Accountants,
Kolkata (Firm Reg. No. 328952E), were appointed at the Annual General Meeting of Financial
Year 2021-22 by the shareholders for a term of 05 (Five) Years commencing from the conclusion
ofthe 37th Annual General Meeting till the conclusion ofthe 42nd Annual General Meeting.

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

During the year under review, there are no orders passed by any authorities which impacts the
going concern status and company''s operations in future.

INTERNAL FINANCIAL CONTROLS:

The Company has in place adequate internal financial controls with reference to financial
statements. During the year, such controls were tested and no reportable material weakness in the
design or operation was observed.

PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE,
2016:

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 ofthe financial year is
not applicable.

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME
SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND
FINANCIAL INSTITUTIONS:

During the year under review, there has been no one time settlement of loans taken from Banks
and Financial Institutions.

STATUTORY DISCLOSURES:

None of the Directors of your Company are disqualified as per the provisions of Section 164(2) of
the Companies Act, 2013. Your Directors have made necessary disclosures, as required, under
various provisions ofthe Companies Act, 2013 and SEBI LODR.

MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE
COMPANY:

No material changes / events affecting the financial position of the Company occurred between
the ends ofthe financial year 31st March, 2024 till date ofthis report.

ACKNOWLEDGEMENT:

Your Directors are grateful to Bankers for their continued support, co-operation and assistance
during the year. Your Directors express their thanks for the sincere and dedicated efforts put in by
the workers, staff and officers during the year.

Registered Office: By Order of the Board,

Imambada Road, For Tashi India Ltd.

Nagpur-440018 (Maharashtra)

Akshay Ranka S.C. Agrawal

Place: Nagpur Director Director

Date: 05/09/2024 (DIN: 00235788) (DIN: 00519575)

Ranka Colony, Vakilpeth, Vasant Nagar, Laxmi Nagar,

Hanuman Nagar, Nagpur - 440009 Nagpur-440022

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Mar 31, 2015

Dear Members,

The Directors present their Thirtieth Annual Report and Audited Statement of Accounts for the year ended 31st March, 2015.

FINANCIAL RESULTS :

The accounts for the year under review reflect a profit of Rs. 60,57,416 /-.The Directors propose to appropriate the same as under:

Profit / (Loss) Before Tax Rs. 60,57,416

Less: - Appropriations

Provision for Taxation

Current Tax 17,96,355

Deferred Tax 60,588 Rs. 18,56,943

Profit / (Loss) After Tax Rs. 42,00,473

Add:- Balance Brought Forward 7,03,17,555 Rs. 7,03,17,555

Rs. 7,45,18,028

Less :Transfer to Reserve Fund (8,41,000)

Contingent Provision (19,000)

Depreciation adjustment

as per Companies Act 2013 (1,08,410) Rs. (9,68,410)

BALANCE CARRIED FORWARD Rs. 7,35,49,618

DIVIDEND:

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

STATE OF COMPANY'S AFFAIR AND FUTURE OUTLOOK :

The performance of the Company was satisfactory during the year under review. Your Company plans to take the performance to the next level by adopting modern ways and hence your Directors are confident of achieving better working results in the coming years.

EXTRACT OF ANNUAL RETURN :

The extract of Annual Return, in format MGT-9, for the Financial Year 2014-15 has been enclosed with this report.

NUMBER OF BOARD MEETINGS :

During the Financial Year 2014-15, Five (5) meetings of the Board of Directors of the Company were held i.e. on 24.05.2014, 11.08.2014, 13.11.2014, 06.02.2015, 26.03.2015.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES :

There are no related party transactions as referred Under Section 188(1) of the Companies Act, 2013 for the Financial Year 2014 - 15.

SECRETARIAL AUDITOR :

The Board of Directors of the Company has appointed M/s. Siddharth Sipani & Associates, Practicing Company Secretary, to conduct Secretarial Audit for the Financial Year 2014 - 15. The Secretarial Audit Report for the Financial Year ended March 31, 2015 is annexed herewith to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse mark.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Your Directors informed the provisions of Section 186 of the Companies Act 2013 is not applicable to the Company as the Company is an NBFC Company.

CORPORATE SOCIAL RESPONSIBILITY POLICY:

Your Directors informed that the Company is not required to abide the provisions of Section 135 of the Companies Act, 2013 and Rules made thereunder in relation to the Corporate Social Responsibility as the Company has not covered under any of the conditions / criteria mentioned under Section 135 of the Companies Act, 2013.

DECLARATION BY INDEPENDENT DIRECTORS :

The Company has received necessary declarations from all the Independent Directors of the Company Under Section 149(7) of the Companies Act, 2013, confirming that they meet the criteria of Independence laid down in Section 149(6) of the Companies Act, 2013.

BOARD EVALUATION :

The Companies Act 2013 states that a formal annual evaluation needs to be made by the Board and Schedule IV of the Companies Act 2013 states that the performance evaluation of Independent Directors shall be done by the entire Board of Directors, excluding the Director being evaluated. The evaluation of all the Directors and the Board as a whole was being conducted. None of the Independent Directors are due for re-appointment.

COMMITTEES IN TERMS OF COMPANIES ACT 2013 :

During the year under review, the Company formed below mentioned committees in terms of Companies Act, 2013.

Audit Committee :

In terms of Section 177 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Company has constituted Audit Committee of the Board of Directors consisting of below mentioned Independent Directors :

(i) Mr. Akshay Ranka - Chairman (Independent Director)

(ii) Mr. S.C.Agrawal - Member (Independent Director)

(iii) Mrs. Shweta Jejani - Member (Independent Director)

Nomination & Remuneration Committee :

In terms of Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014, the Company has constituted Nomination & Remuneration Committee of the Board of Directors consisting of below mentioned Independent Directors :

(i) Mr. Akshay Ranka - Chairman (Independent Director)

(ii) Mr. S.C.Agrawal - Member (Independent Director)

(iii) Mrs. Shweta Jejani - Member (Independent Director)

VIGIL MECHANISM

The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of Section 177(9) of the Companies Act, 2013, includes an Ethics comprising Senior Executives of the Company. Protected disclosures can be made by a whistle blower through an e-mail or letter.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT:

Your Directors are of the opinion that with respect to conservation of energy and technology absorption as perscribed under Section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014 are not relevant in view of the nature of business activities of the Company and hence, are not required to be given.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there is no foreign exchange earning, outgo and expenditure.

DIRECTORS RESPONSIBILITY STATEMENT :

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). GAAP comprises mandatory Accounting Standards as prescribed Under Section 133 of the Companies Act , 2013 ('the Act'), read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act(to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI). There are no material departures from prescribed Accounting Standards in the adoption of these standards.

The Directors confirm that :

i) In the preparation of Annual Accounts for the financial year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures and in compliance with the laws.

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

iii) The Directors have taken proper and sufficient care toward 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.

iv) The Annual Accounts have been prepared on a going concern basis.

v) The Directors have laid down internal financial controls, which are adequate and are operating effectively.

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

DIRECTORS:

In view of the provisions of the Companies Act 2013, Shri Rohit Bajaj (DIN 00511745) retires from the Board by rotation this year and being eligible, offers himself for reappointment.

Pursuant to Section 149(4) of the said Act, every listed company is required to appoint at least one third of its Directors as Independent Directors. The Board already has more than half of its Directors in the category of Independent Directors. Further, pursuant to Section 149(10) & (11) of the Companies Act, 2013, an Independent Director shall hold office for a term upto Five (5) consecutive years on the Board and shall not hold office in the Company for more than two consecutive terms of five (5) years each.

In view of the same, it becomes necessary to appoint and fix the term of existing Independent Directors of the Company in accordance with Section 149 of the Act and therefore, the Board, in its meeting held on 06th February, 2015 appointed Shri Akshay Ranka (DIN 00235788) and Shri S.C. Agrawal (DIN 00511873) Independent Directors of the Company for a period of 5 (Five) years i.e. from 06th February, 2015 to 05th February, 2020, pursuant to Section 149 of the Companies Act, 2013, subject to the approval of the members/ shareholders of the Company. As required under the Companies Act, 2013 and the rules made thereunder, the same is now put up for the approval of the members at the ensuing AGM of the Company. Necessary details have been annexed to the notice of the Meeting in terms of Section 102 of the said act. The Independent Directors have submitted the declaration of Independence as required Under Section 149(6) of the Act, declaring that they meet the criteria of independence.

Further, Smt Shweta Jejani (DIN. 07097052) who was appointed as an Additional Director of the Company by the Board of Directors with effect from February 06, 2015 and who holds office till the date of Annual General Meeting, in terms of Section 161 of the Companies Act, 2013 and in respect of whom the Company has received a notice in writing from a member along with the deposit of requisite amount under Section 160 of the Companies Act, 2013 proposing her candidature for the office of Independent Director, being so eligible and therefore, the Directors recommends to the Shareholders for their approval, the appointment of Smt Shweta Jejani (DIN. 07097052) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a period of 5 (Five) years with effect from the date of approval of her appointment by the Board of Directors, i.e. from 06th February, 2015 to 05th February, 2020.

Apart from the above, there is no change as regard to the Directorship of the Company.

LISTING OF SHARES:

The Shares of the Company continued to be listed on the Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the annual listing fee for the financial year 2015-2016.

The Equity Shares of the Company has the Electronic connectivity under ISIN No. INE552H01017 To provide service to the Shareholders, the Company has appointed M/s. Adroit Corporate Services Private Limited, 1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, Mumbai-400 059 as Registrar and Transfer Agent of the Company for existing physical based and allied Secretarial Services for its Members / Investors and for Electronic Connectivity with NSDL and CDSL.

AUDITORS AND AUDITORS' REPORT :

M/s B. Chhawchharia & Co., Chartered Accountants, Nagpur retires at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received letters from them to the effect that their re-appointment, if made would be within the prescribed limits under Section 141 of the Companies Act, 2013 and that they are not disqualified for the re-appointment.

The observations made by the auditors read together with the relevant notes thereon, are self-explanatory and do not call any comments.

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

During the year under review, there are no orders passed by any authorities which impacts the going concern status and company's operations in future.

INTERNAL FINANCIAL CONTROLS :

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.

MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

No material changes / events affecting the financial position of the Company occurred between the end of the financial year 31st March, 2015 till date of this report.

ACKNOWLEDGEMENT:

Your Directors are grateful to Bankers for their continued support, co-operation and assistance during the year. Your Directors express their thanks for the sincere and dedicated efforts put in by the workers, staff and officers during the year.

Registered Office: By order of the Board,

254, Pandit Ravi Shankar Shukla Marg, For TASHI INDIA LTD. Civil Lines, Nagpur-440 001

Place: Nagpur Dated: 11.07.2015

S.C. AGARWAL AKSHAY RANKA DIRECTOR DIRECTOR [DIN:00511873] [DIN: 00235788]

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Mar 31, 2014

Dear Members

The Directors present their Twenty Ninth Annual Report and Audited Statement of Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS:

The accounts for the year under review reflect a profit of Rs. 46,96,020/-. The Directors propose to appropriate the same as under:

Profit / (Loss) Before Tax Rs. 46,96,020

Less: - Appropriations Provision for Taxation Current Tax Rs. 14,10,000 Deferred Tax Rs. (6,522) Rs. 14,03,478

Profit / (Loss) After Tax Rs. 32,92,542

ADD:- Balance Brought Forward Rs. 6,78,40,013

LESS : Appropriations Contingent Provision Rs. (1,56,000) Transfer to Reserve Fund Rs. (6,59,000)

BALANCE CARRIED FORWARD Rs. 7,03,17,555

DIVIDEND:

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

WORKING & PERFORMANCE:

The performance of the Company was satisfactory during the year under review. The Company has restored the main object clause relating to the finance business activities i.e. NBFI activities in the Memorandum of Association of the Company by passing the Shareholders resolution through postal ballot declared on 21st January, 2014 by the Scrutinizer.

The Board of Directors are trying their best to further improve the performance of the Company and are hopeful of better working results in the coming year

PARTICULARS OF EMPLOYEES:

There is no employee in respect of whom particulars pursuant to Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975; are required to be given.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT:

Your Directors are of the opinion that with respect to conservation of energy and technology absorption as per Section 217 (1)(e) read with Companies (Disclosure Particulars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence, are not required to be given.

DIRECTORS RESPONSIBILITY STATEMENT:

The Directors report that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss account of the company for that period.

iii) The Directors have 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.

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

v) 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.

vi) 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.

SECRETARIAL COMPLIANCE CERTIFICATE:

T. S. PAHADE & ASSOCIATES, Company Secretary, Nagpur has issued a Secretarial Compliance Certificate for the FY 2013-14 in terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies Act 1956. The same has been received and attached to the Board Report.

DIRECTORS:

Shri Sunil Bajaj, retires by rotation and being eligible, offers himself for re-appointment.

Apart from the above, there is no change as regard to the Directorship of the Company.

LISTING OF SHARES:

The Equity Shares of the Company are continued to be listed on The Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the annual listing fee for the financial year 2014-2015.

The Equity Shares of the Company has the Electronic connectivity under ISIN No. INE552H01017. To provide service to the Shareholders, the Company has appointed M/s. Adroit Corporate Services Private Limited, 1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, Mumbai-400 059 as Registrar and Transfer Agent of the Company for existing physical based and allied Secretarial Services for its Members / Investors and for Electronic Connectivity with NSDL and CDSL.

PUBLIC DEPOSITS:

During the period under review, the Company has not accepted any public deposit under Section 58A of the Companies Act, 1956.

AUDITORS:

M/s. B. Chhawchharia, Chartered Accountants, Nagpur auditors of the company retires at the conclusion of the ensuing meeting and are eligible for re-appointment. In accordance with the Companies Act, 2013, it is proposed to re-appoint them from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting, subject to the approval of the shareholders.

AUDITOR''S REPORT:

The observations made by the Auditors are self-explanatory and does not require any clarification.

ACKNOWLEDGEMENT:

The Directors are grateful to Bankers for their continued support, co-operation and assistance during the year. The Directors express their thanks for the sincere and dedicated efforts put in by the workers, staff and officers during the year.



For and on behalf of the Board Registered Office: For Tashi India Ltd. 254, Pandit Ravi Shankar Shukla Marg, Civil Lines, Nagpur-440 001 AKSHAY RANKA S.C. AGRAWAL PLACE: NAGPUR. DIRECTOR DIRECTOR DATED: 11th, August 2014 (DIN:00235788) (DIN:00511873)

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Mar 31, 2013

The Directors present their Twenty Eighth Annual Report and Audited Statement of Accounts for the year ended 31st March 2013.

FINANCIAL RESULTS:

The accounts for the year under review reflect a profit of 44,72,633. The Directors propose to appropriate the same as under:

Profit / (Loss) Before Tax Rs.44,72,633

Less: - Appropriations Provision for Taxation

Current Tax Rs.12,69,079

Deferred Tax Rs.38,897

Rs.13,07,976

Profit / (Loss) After Tax Rs.31,64,657

ADD:- Balance Brought Forward Rs. 6,46,75,356

BALANCE CARRIED FORWARD Rs.6,78,40,013

DIVIDEND:

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

WORKING & PERFORMANCE:

The performance of the Company was satisfactory during the year under review. The Company has ceased its NBFI activities in the year 2011 and the Company has also applied to the Reserve Bank of India (RBI) for the surrender of its NBFC Registration Certificate. Flow ever, with view to restart the NBFC business activities, the Board of Directors of the Company decided to withdraw the application filed with the Reserve Bank of India for surrendering the NBFC status.

During the year under review, the Company was engaged on its trading activities i.e. sale various products like doors, plast fibred and other products, etc.

The Board of Directors are trying their best to further improve the performance of the Company and are hopeful of better working results in the coming year.

PARTICULARS OF EMPLOYEES:

There is no employee in respect of whom particulars pursuant to Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are required to be given.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT:

Your Directors are of the opinion that with respect to conservation of energy and technology absorption as per Section 217 (l)(e) read with Companies (Disclosure Particulars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence, are not required to be given.

DIRECTORS RESPONSIBILITY STATEMENT:

As per Provision of Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

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

b. The accounting policies have been consistently applied and reasonable and prudent judgment and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2013 and the Profit & Loss account of the Company for the period.

c. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 has been taken for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

DIRECTORS:

Shri S C Agrawal, retires by rotation and being eligible, offers himself for re- appointment.

Apart from the above, there is no change as regard to the Directorship of the Company.

LISTING OF SHARES:

The Equity Shares of the Company are continued to be listed on The Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the annual listing fee for the financial year 2013-2014.

The Equity Shares of the Company has the Electronic connectivity under ISIN No. INE552H01017. To provide service to the Shareholders, the Company has appointed M/s. Adroit Corporate Services Private Limited, 1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, Mumbai-400 059 as Registrar and Transfer Agent of the Company for existing physical based and allied Secretarial Services for its Members / Investors and for Electronic Connectivity with NSDL and CDSL.

PUBLIC DEPOSITS:

During the period under review, the Company has not accepted any public deposit under Section 58A of the Companies Act, 1956.

AUDITORS:

M/s. B. Chhawchharia, Chartered Accountants, Nagpur auditors of the company retires at the conclusion of the ensuing meeting and are eligible for re-appointment.

AUDITOR''S REPORT:

The observations made by the Auditors are self-explanatory and does not require any clarification.

ACKNOWLEDGEMENT:

The Directors are grateful to Bankers for their continued support, co-operation and assistance during the year. The Directors express their thanks for the sincere and dedicated efforts put in by the workers, staff and officers during the year.

For and on behalf of the Board

Registered Office:

254, Pandit Ravi Shankar Shukla Marg,

Civil Lines, Nagpur-440 001

AKSHAY RANKA S.C. AGRAWAL

PLACE: NAGPUR. DIRECTOR DIRECTOR

DATED: 27th, July 2013

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Mar 31, 2012

The Directors present their Twenty Seventh Annual Report and Audited Statement of Accounts for the year ended 31st March 2012.

FINANCIAL RESULTS:

The accounts for the year under review reflect a profit of Rs. 10,293,116. The Directors propose to appropriate the same as under:

Profit/(Loss) Before Tax Rs. 10,293,116

Less:- Appropriations

Provision for Taxation

Current Tax Rs. 2,450,000

Deferred Tax Rs. 110,871

Rs. 2,560,871

Profit/(Loss) After Tax Rs. 7,732,245

ADD:- Balance Brought Forward Rs. 56,943,111

BALANCE CARRIED FORWARD Rs. 64,675,356

DIVIDEND:

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

WORKING & PERFORMANCE:

The performance of the Company was satisfactory during the year under review.

The Company has ceased its NBFI activities in the last year itself and have done all the necessary compliances with the ROC, RBI, etc

Presently, the Company is focusing mainly on its trading activities i.e. sale various products like doors, plast fibres and other products, etc.

The Board of Directors are trying their best to further improve the performance of the Company and are hopeful of better working results in the coming year.

PARTICULARS OF EMPLOYEES:

There is no employee in respect of whom particulars pursuant to Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975; are required to be given.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT:

Your Directors are of the opinion that with respect to conservation of energy and technology absorption as per Section 217 (l)(e) read with Companies (Disclosure Particulars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence, are not required to be given.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there is no foreign exchange earning, outgo and expenditure.

DIRECTORS RESPONSIBILITY STATEMENT:

As per Provision of Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

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

b. The accounting policies have been consistently applied and reasonable and prudent judgement and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and the Profit & Loss account of the Company for the period.

c. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 has been taken for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

SECRETARIAL COMPLIANCE CERTIFICATE:

T. S. PAHADE & ASSOCIATES, Company Secretary, Nagpur has issued a Secretarial Compliance Certificate in terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies Act 1956. The same has been received and attached to the Board Report.

DIRECTORS:

Shri Akshay Ranka, retires by rotation and being eligible, offers himself for re- appointment.

Apart from the above, there is no change as regard to the Directorship of the Company.

LISTING OF SHARES:

The Equity Shares of the Company are continued to be listed on The Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the annual listing fee for the financial year 2012-2013.

The Equity Shares of the Company has the Electronic connectivity under ISIN No. INE552H01017. To provide service to the Shareholders, the Company has appointed M/s. Adroit Corporate Services Private Limited, 1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, Mumbai-400 059 as Registrar and Transfer Agent of the Company for existing physical based and allied Secretarial Services for its Members/Investors and for Electronic Connectivity with NSDL and CDSL.

PUBLIC DEPOSITS:

During the period under review, the Company has not accepted any public deposit under Section 58A of the Companies Act, 1956.

AUDITORS:

M/s. B. Chhawchharia, Chartered Accountants, Nagpur auditors of the company retires at the conclusion of the ensuing meeting and are eligible for re-appointment.

AUDITOR'S REPORT:

The observations made by the Auditors are self-explanatory and does not require any clarification.

ACKNOWLEDGEMENT:

The Directors are grateful to Bankers for their continued support, co-operation and assistance during the year. The Directors express their thanks for the sincere and dedicated efforts put in by the workers, staff and officers during the year.

For and on behalf of the Board

Akshay Ranka S. C. Agrawal DIRECTOR DIRECTOR

Registered Office:- 254, Pandit Ravi Shankar Shukla Marg, Civil Lines, Nagpur-440 001

PLACE: NAGPUR. DATED: 23rd August, 2011

---

Mar 31, 2010

The Directors present their Twenty Fifth Annual Report and Audited Statement of Accounts for the year ended 31 st March 2010.

FINANCIAL RESULTS:

The accounts for the year under review reflect a profit of Rs. 337,446.The Directors propose to appropriate the same as under:

Profit / (Loss) Before Tax Rs. 337,446

Less: - Appropriations

Provision for Taxation

Current Tax Rs. NIL

Deferred Tax Rs. 36,662

Excess/(Short) Provision for Tax Rs . 8,440

Fringe Benefits Tax Rs. NIL

Rs. 45,102

Profit / (Loss) After Tax Rs. 2,92,344

ADD:- Balance Brought Forward Rs. 56,269,168

Excess Provision for Tax Rs. NIL

BALANCE CARRIED FORWARD Rs 56,561,512

DIVIDEND:

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

WORKING & PERFORMANCE:

The performance of the Company was satisfactory during the year under review. The Board of Directors are trying their best to further improve the performance of the Company and are hopeful of better working results in the coming year.

PARTICULARS OF EMPLOYEES:

There is no employee in respect of whom particulars pursuant to Section 217 (2 A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975; are required to be given.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT:

Your Directors are of the opinion that with respect to conservation of energy and technology absorption as per Section 217 (l)(e) read with Companies (Disclosure Particulars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence, are not required to be given.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year under review, there is no foreign exchange earning, outgo and expenditure.

DIRECTORS RESPONSIBILITY STATEMENT:

As per Provision of Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

1. In the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. The accounting policies have been consistently applied and reasonable and prudent judgement and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31s1 March, 2010 and the Profit & Loss account of the Company for the period.

3. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 has been taken for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. The annual accounts have been prepared on a going concern basis.

SECRETARIAL COMPLIANCE CERTIFICATE :

M/S. T. S. PAHADE & ASSOCIATES, Company Secretary, Nagpur has issued a Secretarial Compliance Certificate in terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies Act 1956. The same has been received and attached to the Board Report.

DIRECTORS:

Shri Jagdish Shirke, retires by rotation and being eligible, offers himself for re-appointment.

LISTING OF SHARES:

The Equity Shares of the Company are listed on The Stock Exchange, Mumbai ans Madhya Pradesh. The Company has paid the annual listing fee for the financial year 2010-2011.

The Equity Shares of the Company has the Electronic connectivity under (SIN No. INE552H01017. To provide service to the Shareholders, the Company has appointed M/s. Adroit Corporate Services Private Limited, 1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, Mumbai-400 059 as Registrar and Transfer Agent of the Company for existing physical based and allied Secretarial Services for its Members / Investors and for Electronic Connectivity with NSDL and CDSL.

PUBLIC DEPOSITS :

During the period under review, the Company has not accepted any public deposit under Section 58A of the Companies Act, 1956.

AUDITORS:

M/s. Bankim V. Shah, Chartered Accountants, Mumbai auditors of the company retire at the conclusion of the ensuing meeting and are eligible for re-appointment.

AUDITORS REPORT:

The observations made by the Auditors are self-explanatory and does not require any clarification.

ACKNOWLEDGEMENT:

The Directors are grateful to Bankers for their continued support, co-operation and assistance during the year. The Directors express their thanks for the sincere and dedicated efforts put in by the workers, staff and officers during the year.

For and on behalf of the Board

Registered Office: 254, Ravi Shankar Shukla Marg, Civil Lines, Nagpur-440 001 S. C. AGRAWAL JAGDISH SHIRKE

PLACE: NAGPUR. DIRECTOR DIRECTOR DATED: 4th September, 2010

---

Mar 31, 2009

The Directors present their Twenty-Fourth Annual Report and Audited Statement of Accounts for the year ended 31 st March, 2009.

FINANCIAL RESULTS:

The accounts for the year under review reflect a Profit before Tax of Rs. (2,595,022). The Directors propose to appropriate the same as under:

Profit before Tax Rs. (2,595,022) Add: Balance brought forward Rs. 59,025,971 Less: Provision for Taxation

- Current Tax Nil - Fringe benefit tax Rs.65,000 - Deferred Tax Rs.32,969 - Earlier Years Income Tax Written Off Rs. 63,813

Rs. 161,782 Balance Carried to Balance Sheet Rs.56,269,167

WORKING:

During the year under review the performance of the Company was not satisfactory. The Board of Directors are trying their best to improve the performance of the Company and are hopeful of better working results in the coming year. DIVIDEND:

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

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

Your Directors are of the opinion that particulars with respect to conservation of energy and technology, absorption as per Section 217(1) (e) read with Companies (Disclosure of particu- lars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence, are not required to be given. There was no earnings in Foreign Exchange however there are Imports amounting to Rs. 4,136,231/- during the year under review.

DIRECTORS RESPONSIBILITY STATEMENT:

The Directors confirm that:

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

b. The accounting policies have been consistently applied and reasonable and prudent judgment and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2009 and the Profit and Loss Account of the Company for the period.

c. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 has been taken for safe- guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

SECRETARIAL COMPLIANCE CERTIFICATE: M/s. V. Ramachandran, Company Secretary, Nagpur has issued a Secretarial Compliance Certificate in terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies Act, 1956. The same has been received and attached to the Board Report.

PARTICULARS OF EMPLOYEES: There is no employee in respect of whom particulars pursuant to section 217(2A) of the Companies Act, 1956, are required to be given. DIRECTORS: Shri Jagdish Shirke has been appointed on Board w.e.f. 30.06.2009 as an Additional Director. Also Shri Murli Lahoti, is not associated with Company due to resignation. Shri N.K.Jejani, retires by rotation and being eligible offers himself for reappointment.

PUBLIC DEPOSITS: During the period under review, the Company has not accepted any public deposits under Section 58A of the Companies Act, 1956.

AUDITORS REPORT The observations made by the Auditors in their report are self-explanatory and have also been further amplified in the Notes to the Accounts.

AUDITORS: M/s. Bankim V. Shah, Chartered Accountants, Mumbai the auditors retire at the conclusion of the ensuing meeting and are eligible for re-appointment.

LISTING OF SHARES: The Equity Shares of the Company are listed on Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the annual listing fees for the financial year 2008-2009. The Equity Shares of the Company has the Electronic connectivity under ISIN No.lNE552H01017. The company has, M/s. Adroit Corporate Services Private Limited, 1st floor 19,20 Jaferbhoy Industrial estate, Makwana Road, Marol naka,Mumbai-400 059, as Reg- istrar and transfer Agent of the company for existing physical based and allied Secretarial Services for its members /Investors and for Electronic Connectivity with NSDL and CDSL.

ACKNOWLEDGEMENTS: The Directors are grateful to Banks for their continued co-operation and assistance during the year.

The Directors express their thanks for the sincere and dedicated efforts put in by all the employees during the year.

For and on behalf of the Board

Place: NAGPUR S.C.AGRAWAL JAGDISH SHIRKE Dated: 04.09.2009 DIRECTOR DIRECTOR

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Mar 31, 2004

The Directors present their Nineteenth Annual Report and Audited Statement of Accounts for the year ended 31st March, 2004.

FINANCIAL RESULTS:

The accounts for the year under review reflect a profit before tax of Rs. 1,10,88,342. The Directors propose to appropriate the same as under:

Profit before Tax Rs. 1,10,88,342

Add: Balance brought forward Rs. 1,75,91,725

Excess Provision for taxation Rs. 3,28,859 Rs. 1,79,20,584

Rs. 2,90,08,926

Less : Provision for Taxation

-Current Tax Rs. 41,93,000

-DefferedTax Rs. 15,895

Earlier years Income Tax written off Rs. 1,152 Rs. 42,10,047

Balance carried to Balance Sheet Rs. 2,47,98,879

WORKING :

During the year under review the working of the Company was satisfactory. The Board of Directors are trying their best to further improve the performance of the Company and are hopeful of better working results in the coming year.

DIVIDEND:

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

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :

Your Directors are of the opinion that particulars with respect to conservation of energy and technology absorption as per Section 217(1)(e) read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence are not required to be given.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

Details of Foreign exchange earnings through exports are shown in Notes No 4 of Notes of Accounts. To avoid repetition members are requested to refer thes notes. There has been no foreign exchange earnings or outgo during the year under review.

DIRECTORS RESPONSIBILITY STATEMENT :

The Directors confirm that :

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

b. The accounting policies have been consistently applied and reasonable and prudent judgement and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2004 and the Profit and Loss Account of the Company for the period.

c. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 has been taken for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

SECRETARIAL COMPLIANCE CERTIFICATE :

M/s. V. Ramachandran, Company Secretaries, Nagpur has issued a Secretarial Compliance Certificate in terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies Act, 1956. The same has been received and attached to the board Report.

PARTICULARS OF EMPLOYEES :

There is no employee in respect of whom particulars pursuant to Section 217(2A) of the Companies Act, 1956 are required to be given.

DIRECTORS :

Shri R. K. Bhutoria and Shri Anand Daga, retires by rotation and being eligible, offers themselves for re-appointment.

PUBLIC DEPOSITS :

During the period under review, the Company has not accepted any public deposits under Section 58A of the Companies Act, 1956.

AUDITORS :

M/s. Bankim V. Shah, Chartered Accountants, Mumbai the auditors retire at the conclusion of the ensuing meeting and are elgible for re-appointment.

LISTING OF SHARES :

The Equity Shares of the Company are listed on Stock Exchanges at Mumbai and Indore (Madhya Pradesh). Moreover, the annual listing fees of these exchanges for the financial year 2004-2005 has been paid by the Company.

ACKNOWLEDGEMENT:

The Directors are grateful to the Bankers for their continued co-operation and assistance during the year.

The Directors express their thanks for the sincere & dedicated efforts put in all the employees during the year.

For and on behalf of the Board

S.C. AGRAWAL ANAND C. DAGA DIRECTOR DIRECTOR

Place : NAGPUR Dated : 24.08.2004

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Mar 31, 2002

The Directors present their Seventeenth Annual Report and Audited Statement Accounts for the year ended 31st March 2002.

FINANCIAL RESULTS:

The accounts for the year under review reflect a profit before tax of Rs. 6, 349, 015. The Directors

propose to appropriate the same as under:

Profit before Tax Rs. 6, 349, 015

Add: Balance brought forward Rs. 7, 288, 592

Transitional adjustment on account of Deffered Tax as on 01. 04. 2001 Rs. 223, 750 Rs. 7, 512, 342

Rs. 13, 868, 357

Less: Provision for Taxation (Net of Deffered Tax Rs. 78, 969) Rs. 2, 230, 931

Taxation for earlier years Rs. 3, 541 Rs. 2, 234, 472

Balance carried to Balance Sheet Rs. 11, 626, 885



WORKING AND FUTURE PROSPECTS:

The performance of the company for the year under review was found encouraging. The Directors are exploring new areas of business with good potentials.

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

Your Directors are of the opinion that particulars with respect to conservation of energy and technology absorption as per Section 217(1 )(e) read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 are not relevant in view of the nature of business activities of the Company and hence are not required to be given. There has been no foreign exchange earnings or outgo during the year under review.

DIRECTORS RESPONSIBILITY STATEMENT:

The Directors confirm that:

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

b. The accounting policies have been consistently applied and reasonable and prudent judgement and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31 st March, 2002 and the Profit and Loss Account of the Company for the period.

c. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 has been taken for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

SECRETARIAL COMPLIANCE CERTIFICATE:

Mr. V. Ramachandran, Company Secretary, Nagpur has issued a Secretarial Compliance Certificate in terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies Act, 1956. The same has been received and attached to the board Report.

AUDITORS REPORT:

As regards observation in Para 2(f) of Auditors Report, the Directors state that Note No. 1 and 3 of Schedule 9 is self-explanatory.

PARTICULARS OF EMPLOYEES:

There is no employee in respect of whom particulars pursuant to section 217(2A) of the Companies Act, 1956 are required to be given.

DIRECTORS:

Shri N. K. Jejani, retires by rotation and being eligible, offers himself for re-appointment.

PUBLIC DEPOSITS:

During the period under review, the Company has not accepted any public deposits under Section 58A of the Companies Act, 1956.

AUDITORS:

M/s Bankim V. Shah, Chartered Accountants, Mumbai the auditors retire at the conclusion of the ensuing meeting and are elgible for re-appointment.

LISTING OF SHARES:

The Equity Shares of the Company are listed on Stock Exchanges at Mumbai and Indore (Madhya Pradesh). Moreover, the annual listing fees of these exchanges for the financial year 2002-2003 has been paid by the Company.

ACKNOWLEDGEMENT:

The Directors are grateful to the Bankers for their continued co-operation and assistance during the year.

The Directors express their thanks for the sincere & dedicated efforts put in all the employ- ees during the year.

For and on behalf of the Board

S. C. AGRAWAL ANAND C. DAGA

DIRECTOR DIRECTOR

Place: NAGPUR Dated: 17. 08. 2002