Directors Report of Yashraj Containeurs Ltd.

Mar 31, 2024

We are pleased to present the 31^st Annual Report of the Company as follows:

UPDATE ON CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP)

Pursuant to order. C.P. No.533/IBC/MB/2023 dated 22nd February 2024, of the Hon''ble
National Company Law Tribunal - Mumbai Bench ("NCLT Order"), Corporate Insolvency
Resolution Process ("CIRP") has been initiated by the Company and in accordance with the
provisions of the Insolvency and Bankruptcy Code, 2016, ("Code") and related rules and
regulations issued thereunder with effect from 22nd February, 2024 (Corporate Insolvency
Resolution Process Commencement Date).

Particulars	Year Ended 31-03-2024	Year Ended 31-03-2023
Revenue from Operations	551.99	746.07
Expenses	1,140.64	1,334.99
Profit Before Tax	(588.65)	(588.91)
Profit After Tax	(584.78)	(567.27)
Balance carried over to Balance sheet	(584.78)	(567.27)

DIVIDEND

The Board of Directors has not declared any dividend for the year ended 2023.

INDIAN ACCOUNTING STANDARDS

As per the requirements of the Notification dated 16.02.2015 issued by the Ministry
of Corporate Affairs (MCA) Standalone and the Financial Statement of the Company
for the Financial Year 2023-2024 have been approved as per Ind AS.

AMOUNT TRANSFERRED TO RESERVES

The Board has decided to transfer loss of Rs. (584.78) lacs. to its Reserves.

NATURE OF INDUSTRY

The Company is engaged in the business of manufacturing of Drums and Barrels.

STATEMENT ON COMPANY''S AFFAIRS

In view of tough competition from local and international market, the company is
making all efforts to increase the activities.

During the year ended March 31, 2024, your company has made loss after tax of Rs. (584.78)
lacs as against Loss of Rs. (567.27) lacs in the previous year.

MATERIAL CHANGES SINCE END OF FINANCIAL YEAR TILL DATE OF THIS REPORT

There were no material changes since end of financial year till date of this Report.

ASSOCIATE COMPANIES

No Company is an Associate of the Company.

DEPOSITS

The company has not invited or accepted any Deposits as required under section 73 of the
Companies Act from the public during the year under review.

STATUS OF THE COMPANY

Application under Insolvency and Bankruptcy Code, 2016

During the current year 2023-2024, Company has made Application under Voluntarily for
filing Application at NCLT u/s 10 of the Insolvency and Bankruptcy Code, 2016 for Resolution
of debts and revival and Rehabilitation of the Company and the same is beneficial for our
members of the Company.

The matter is actively followed from time to time.

NO FRESH LOAN TAKEN FROM FINANCIAL INSTITUTIONS

The Company has not availed any fresh loan/Working Capital facility during the year 2023¬
2024 and therefore the company has not carried any Valuation Report on the stock /other
assets during the year.

SUBSIDIARY COMPANY

The Company does not have any Subsidiary/Joint Venture/Associate Company as on and for
the year ended March 31, 2024.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT

Particulars of the loans given, Investment made or guarantees given or security provided and
the purpose for which the loans or guarantees or security is proposed to be utilized by the
recipient of the loan or security are provided, if any in the Financial Statement.

PARTICULARS OF CHANGE IN BUSINESS

There is no change in the business operations of the Company.

VOLUNTARY REVISION OF FINANCIAL STATEMENTS

We state that, there is no Voluntary Revision of Financial Statements during the Financial
Year 2023-24.

WEB ADDRESS

Our Web address is www.barrelpeople.com and all the data required under the law is
displayed.

ANNUAL RETURN

As required under Section 134(3)(a) and Section 92(3) of the Act, the data on Annual
Return has been uploaded on the Companys'' website and can be accessed at
www.barrelpeople.com under Investor Relation.

GLOBAL DEPOSITORY RECEIPT

During the year, the company has not received any Global Depository Receipt or American
Depository Receipt or warrants or any convertible instruments which has impact on our
Share Capital (Equity) of the Company.

COMMODITY PRICE RISK OR FOREIGN EXCHANGE

There is no commodity price risk or foreign exchange risk to the company as our activities
barrels and drums are supplied within the country.

PLANT LOCATION:

Our Plant Location are as under:

Address : Survey No.260/6 &7, Bhimpore

Char Rasta, Bhimpore, Daman 396 210

MATERIAL DEVELOPMENTS ON HUMAN RESOURCES/INDUSTRIAL RELATIONS

There is no Material Development on human resources /industrial relations front, including
number of employees

RELATIONSHIP BETWEEN DIRECTORS INTER-SE

As stated, the Company has three (3) Directors. None of the employees are related with
any Directors of the Company.

STATUTORY AUDITORS

At the 30^th AGM held on August 17, 2023, M/s. Satyaprakash Natani & Company, Chartered
Accountants, (Firm Registration No 115438W) were appointed as Statutory Auditors of the
Company. Accordingly, the Audit Committee has recommended re-appointment of M/s.

Satyaprakash Natani & Company, Chartered Accountants, (Firm Regn. No.115438W)

Mumbai, as the Statutory Auditors for a further period of three years i.e. from 2024-25 up
to the conclusion of the AGM for the Financial Year 2026-27. Further, the Statutory Auditors
have issued an Unmodified Opinion on the Financial Statement for the Financial Year 2023¬
2024 and the Auditors Report forms part of this Annual Report.

None of the Directors including Key Managerial Personnel of the Company or their relatives
are concerned or interested in the Resolution.

COST AUDITOR

As per Sec. 148 of the Companies Act, the Company is not required to maintain the cost Audit
records, as the same is not applicable to our Company.

SECRETARIAL AUDITORS REPORT

As required u/s. 204 of the Act and Reg. 24(A) of SEBI LODR Secretarial Audit was conducted
by M/s. Pranay Mandhana & Associates, Practising Company Secretary, (ACS No.60165 and
CP No.23399). The Secretarial Audit Report dated May 20, 2024, is attached and the same
forms Part of the Board Report .

The Company has appointed M/s. Pranay Mandhana & Associates, to conduct Secretarial
Audit for the FY 2023-24.

The other Qualification/ observation made by Secretarial Auditor in his Report, the contents
of the said Audit Report are self-explanatory and do not call for any further comments.

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

Information in accordance with Section 134(3)(m) of the Companies Act, 2013, the disclosure
of particulars with respect to Conservation of Energy is not applicable in the case of your
Company.

Particular	Current year	Previous year
(A) Conservation of energy-
(i) the steps taken or impact on conservation of energy;	NIL	NIL
(ii) the steps taken by the company for utilising alternate sources of energy;	NIL	NIL
(iii) the capital investment on energy conservation equipment;	NIL	NIL

(B) Technology absorption-
(i) the efforts made towards technology absorption;	NIL	NIL
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;	NIL	NIL
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-	NIL	NIL
(a) the details of technology imported;	NIL	NIL
(b) the year of import;	NIL	NIL
(c) whether the technology been fully absorbed;	NIL	NIL
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and	NIL	NIL
(iv) the expenditure incurred on Research and Development.	NIL	NIL
(C) Foreign exchange earnings and Outgo-
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows.	NIL	NIL

* Due to utilization of solar power, the savings on consumption of electricity will be
continuous.

STOCK EXCHANGE

The Company is listed on the Stock Exchange.

Bombay Stock Exchange Ltd.

DIRECTORS AND KMP

The Company is under Corporate Insolvency Resolution Process (CIRP), hence the Board is
suspended. But the Board consists of :

1) Mr. Jayesh Vinodrai Valia - Whole Time Director cum CFO

2) Mrs. Madhu Nitin Kanadia - Independent (Non Executive - Woman) Director

3) Mr. Sunil Vasantrao Patil - Independent Director

DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION BY DIRECTOR FROM A COMPANY

None of the Directors of the Company are receiving any Commission from the Company;

hence the requirement of disclosure is not applicable.

DISCLOSURE ABOUT RECEIPT OF COMMISSION / REMUNERATION BY WHOLE TIME
DIRECTOR / WHOLE-TIME DIRECTOR FROM ITS HOLDING OR SUBSIDIARY COMPANY

Since the Company does not have any Holding or Subsidiary Company, the requirement
of disclosure is not applicable. None of the Director or Whole-time Directors of the
Company are receiving any Commission or Remuneration from its Holding or Subsidiary
Company or any Group Companies.

EVALUATION OF BOARD, COMMITTEES & DIRECTORS

Pursuant to the provisions of the Act and the Listing Regulations, the Board had carried
out performance, evaluation of its own and it is satisfactory.

REPORTING OF FRAUD

The Auditors of the Company have not reported any instances of Fraud Committed
against the Company by its officers or employees as specified Under Section 143(12) of
the Companies Act, 2013.

SHARES BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.
SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the year under review,
hence the requirement of disclosure is not applicable.

BONUS SHARES

No Bonus Shares were issued during the year under review, hence the requirement of
disclosure is not applicable.

EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees; hence
the requirement of disclosure is not applicable.

EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS

The Company has not issued any Equity Shares with Differential Voting Rights during the
year under review hence the requirement of disclosure is not applicable.

FAMILIARIZATION PROGRAMME

The details of programs for familiarization of Independent Directors with the Company,
their roles, rights, responsibilities in the Company, nature of the industry in which the
Company operates, business model of the company and related matters are put on the
website of the company at the link: www.barrelpeople.com

RISK MANAGEMENT

Pursuant to Section 134(3) (n) of the Companies, Act, 2013 and relevant Regulation of
Listing Regulation 2015, the Company has adopted a Risk Management Policy for the
identification and implementation of a Risk Mitigation Plan for the Company. The
company has included appropriate procedures to inform the Board about the Risk
Assessment and minimization procedures. The Board periodically revisit and reviews the
overall Risk Management Plan for making desired changes in response to the dynamics of
the business.

VIGIL MECHANISM AND WHISTLE BLOWER POLICY

Details in respect of Vigil Mechanism and Whistle Blower Policy are provided in the
Corporate Governance report forming Part of this Report

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORY/JUDICIAL AUTHORITY

There are no significant materials orders passed by The Regulatory or Courts or Tribunal,
which would impact the going concern status of the company and in its future except
approval of the Resolution Plan vide order NCLT order dated February 22, 2024, as stated
above.

SEBI has passed an Order and the same are clarified in the Secretarial Auditor''s Report i.e.
Pranay Mandhana & Associates, in his Report dated May 20, 2024, and the same are
self-explanatory barring the above, there are no significant materials orders passed by the
Regulatory, which could impact the going concern status of the company and in its future.

There are no significant materials orders passed by The Regulatory or Courts or Tribunal,
which would impact the going concern status of the company and in its future. BSE has
levied a penalty for Non-Appointment of Company Secretary and it has been paid. The
matter is under consideration.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Corporate Social Responsibility are not applicable to our Company.
INTERNAL CONTROL SYSTEMS

The Company has got internal control system commensurate to the size and the systems
and operations. It is supplemented by extensive internal audit procedures, reviewed by
Management and Audit Committee. The internal audit covers all the activities of the
company. Company reviews findings of internal audit system on regular basis and they
are upgraded based on internal audit recommendations. Your company''s statutory
Auditors'' have confirmed the adequacy of internal control systems.

DIRECTORS'' RESPONSIBILITY STATEMENT UNDER SECTION 134 (5)

The Board of Directors of the Company confirm that:

1. The preparation of the Annual Account, the applicable accounting standards
have been

followed and wherever required, proper explanations relating to material departures
have been given.

2. 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 or loss
of the Company for that period.

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

4. The Accounts have been prepared on a going concern basis.

5. The Company had laid down internal financial controls and such internal financial
controls are adequate and were operating efficiently.

6. The Company had devised proper system to ensure compliance with the provisions of
all applicable laws and such systems were adequate and operating efficiently.

PARTICULARS OF REMUNERATION OF DIRECTORS/KMP/ EMPLOYEES

The details as required under Sec.197 of the Companies Act, 2013, and Rule 5 of the

Companies (Appointment and Remuneration of Managerial Personnel),

None of the Directors/KMP/Employees are drawing remuneration in excess of the limits

during the year under review.

1. The number of permanent employees on the rolls of Company as on March 31, 2024: 52

2. Affirmation that the remuneration is as per the Remuneration Policy of the Company:

It is affirmed that the remuneration paid is as per the Remuneration Policy applicable for

Directors, Key Managerial Personnel and other employees, adopted by the Company.

DIRECTORS SEEKING APPOINTMENTS & RE-APPOINTMENT

As stated, Pursuant to Regulation 36 of SEBI (LODR) Regulation 2015, the Directors to be re¬
appointed at this AGM and the same are annexed herewith.

All the Independent Directors of the Company have been appointed as per the provisions of
the Act and the SEBI Listing Regulations.

COMPANY SECRETARY CUM COMPLIANCE OFFICER

The Board of Directors pursuant to Section 203 of the Companies Act, 2013, and as per
Articles of Association of the Company, have appointed Mr. Uday A. Sawant ACS No.30251),
as Company Secretary cum Compliance Officer of the Company with effect from May 10,
2024.

TAXATION

The Companies Income Tax Assessment have been completed upto the Financial Year 2019-
2020

INDUSTRY STRUCTURE, DEVELOPMENTS, OPPORTUNITIES AND OUTLOOK

Steel Drums are utilized for safe packaging and transportation of liquid/semi
liquid/pulp/greases/powders etc.

The main drivers of rigid Industrial Packaging are:

1. Growth of underlying custom Industries Rigid Industrial packaging demand is closely
correlated with the underlying growth of customer Industries (Chemical Industry with
largest influence).

2) Substitution across Packaging segment shift between different materials due to changing
customer needs.

3) Standardization increases comparability between packaging products.

INDUSTRY OUTLOOK

The year 2023 has continued to see bouts of uncertainty that have tested the growth
conditions across the world. Headline inflation continues to remain elevated exceeding
the comfort zone of the monetary authorities and it would result in continued
uncertainty in the financial market and a carry-on impact of the economic conditions. The
Indian economy too encountered head wings during the year. Following the sharp
rebound in domestic economic activity during the Financial Year 2023-2024 was a year of
normalization with demand in many Sectors gradually moderated, yet remaining robust.

INDUSTRIAL RELATIONS

Industrial Relations with all the employees of the Company were cordial during the year
under review.

SEXUAL HARASSMENT ON WOMEN (PREVENTION, PROHIBITION AND REDRESSAL) ACT,
2013

The Company has formed an Internal Complaints Committee (ICC) which is responsible for
Redressal of complaints related to Sexual Harassment as per the policy.

During the year under review, there was no complaint of Sexual Harassment on
women/employees.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT OVERALL (MD&A)

During the year 2023-2024 the Global economy has shown positive results and that also
helped in the revival of Asian Economic Growth. However the same are given separately
forming Part of the Board of Directors'' Report.

CORPORATE GOVERNANCE

A Report on Corporate Governance along with a Certificate from Auditors of the Company
regarding the compliance with the conditions of Corporate Governance as stipulated under
Part E of Schedule V of SEBI LODR forms Part of this Annual Report.

COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD

The applicable Secretarial Standard i.e. SS-1 and SS-2 relating to the meetings of the Board
of Directors'' and General Meetings have been duly complied by the company.

INSIDER TRADING REGULATIONS & CODE OF DISCLOSURE

The Board of Directors have adopted the Code of Practice and procedures for fair disclosure
of Unpublished Price Sensitive Information and Code of Internal Procedures and conduct for
Regulating Monitoring and Reporting of Trading by Insiders in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation 2015.

RELATED PARTY TRANSACTIONS

All the Related Party Transactions (RPT) entered into by the Company during the year under
Review were at arms'' length basis in the Ordinary course of business.

There were no materially significant Related Party Transactions made by the Company with
the Promoters/Directors/KMP or other designated persons which could have potential
conflict with the interest of the Company at large. All the Related Party Transactions (RPT)
are placed before the Audit Committee for its approval. As such, no particulars of such
contracts or arrangements are furnished. The same has been enumerated in Note No 31 of
the Balance- Sheet.

In accordance with the requirement of SEBI, LODR the Company has formulated and
adopted policy for determining materiality of and dealing with RPTs. Those policies have
been amended from time to time with the amendment of SEBI, LODR. These codes and
policies are already displayed on Company''s website at www.barrelpeople.com.

ENVIRONMENT PROTECTION AND POLLUTION CONTROL

The Company has always been socially conscious corporate and has always carried forward all
its operations and procedures for Environment friendly norms with all necessary clearances.

GREEN INITIATIVES

Electronic copies of the Annual Report 2023-2024 and the Notice of the AGM are sent to all
the members whose email addresses are registered with the R&T Agents i.e. M/s. Link
Intime (I) Pvt. Ltd.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to the State and Central Government for
their co-operation and dedicated and devoted services rendered by the employees of the
Group of Company at all levels. Your Directors also thank the Bankers, customers,
shareholders and the suppliers of your Company for their co-operation and valuable support.

For Yashraj Containerus Ltd.

Sd/- Sd/-

Place: Mumbai Jayesh V. Valia Uday Sawant

Director Company Secretary
Dt: 30.05.2024 DIN:01117247 Mem. No. 30251

---

Mar 31, 2015

Dear Members,

The Directors are pleased to present the Twenty-Second Annual Report and the Audited Statement of Accounts of your Company for the year ended on 31st March, 2015.

FINANCIAL RESULTS

(Amount in Lacs)

Year ended Year ended 31.3.2015 31.3.2014

Turnover 3537.99 9338.45

Profit/(Loss) Before Depreciation, Finance Charges & Taxation (488.74) 375.35

Profit/(Loss) before Depreciation & Taxation (1297.23) (713.52)

Profit/(Loss) after Depreciation & Taxation (3685.23) (981.91)

Surplus (Deficit) of Profit and Loss Account of earlier year (981.90) 115.54

Balance carried over to Balance Sheet (3685.23) (981.91)

DIVIDEND

During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend.

AMOUNT TRANSFERRED TO RESERVES

The Board has decided to carry Rs. 3685.23 lacs (losses) to its reserves.

MATERIAL CHANGES SINCE END OF FINANCIAL YEAR TILL DATE OF THIS REPORT

There is no material changes since end of financial year till date of this Report.

STATEMENT ON COMPANY'S AFFAIRS

In view of tough competition from local and international market, the company is making all efforts to increase the activities.

FIXED DEPOSITS

The company has not invited or accepted any Fixed Deposits from the public during the year under review.

AUDITORS

As per Sec 139 of the Companies Act, 2013, no listed Company shall appoint Audit firm as Statutory Auditors for more than two terms, of the five consecutive years. M/s. Kakaria & Associates were appointed as Statutory Auditors, in the Annual General Meeting held on September 30, 2006. The Board proposes to appoint M/s. Kakaria & Associates, Chartered Accountants, Vapi. The Directors recommend M/s. Kakaria & Associates, Chartered Accountants, Vapi, to be re-appointed as Statutory Auditors.

SECRETARIAL AUDIT REPORT

The Board has appointed Mr. Prakash K. Pandya, Practising Company Secretary to conduct Secretarial Audit for the financial period. The Secretarial Audit Report for the financial period ended March 31,2015 is annexed herewith marked as Annexure "A" to this Report. QUALIFICATIONS ON SECRETARIAL AUDIT REPORT As regards the Qualifications on Secretarial Audit Report, we state as under:

Non Appointment of Women Director including Key Managerial Personnel

Your Company is seeking exemption from BSE - Mumbai, ROC, Maharashtra, Mumbai including BIFR, New Delhi for Appointment of Women Director under Section 149 of the Companies Act, 2013 including Key Managerial Personnel, as your Company is sick and the matter is under consideration of the above authorities. However on account of sickness, Company is unable to get above officials on a reasonable terms.

Appointment of Independent Directors

Your Company is making efforts to induct one more Independent Director/Non-Executive Director so as to form Nomination and Remuneration Committee of three Directors as per Clause 49(IV) of the Listing Agreement.

As regards the filing of SEBI Disclosures (Insider Trading) the Company has made disclosure under Regulation 30(1) and 30(2) of SEBI takeover Regulations. The Company was of the view, that no other filing is required, separately under SEBI (Insider Trading) Regulations. However, the Company is taking steps to ensure necessary compliances.

Further, ROC forms were inadvertently not filed and the same are being filed in due course.

As regards other Qualifications, the same are self-explanatory.

EXTRACTS OF THE ANNUAL RETURN IN MGT9

The Annual Return in MGT9 form is annexed herewith as Annexure "B" to this Report.

CURRENT STATUS WITH BIFR

As informed in the Last Report the Operating Agency has submitted Draft Rehabilitation Scheme to the Lenders. However on account of discrepancy, the DRS is modified and the same will be circulated to the Secured lenders shortly.

PERSONNEL

The Personnel relations with the employees at all levels continued to remain cordial and peaceful during the year under review. PARTICULARS OF EMPLOYEES

There were no employees, who were in receipt of remuneration in excess of the amount prescribed as per the Companies Act, 2013 during the year.

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

Information in accordance with Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 2014 is given as below. Form 'A' requiring disclosure of particulars with respect to Conservation of Energy is not applicable in the case of your Company.

Particulars as required under Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 and forming part of Directors' Report for the year ended 31st March, 2015

I. RESEARCH & DEVELOPMENT (R & D)

a) Specific areas in which R & D carried out by the Company None

b) Benefits derived as a result of the above R & D None

c) Further plan of action None

d) Expenditure on Research & Development Nil

II. TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION

a) Efforts in brief made towards Technology, Absorption, Adaptation and Innovation Nil

b) Benefit derived as a result of the above effort Nil

c) Particulars of Technology imported during the last 5 years Nil

III. FOREIGN EXCHANGE EARNINGS & OUTGO

a) Activities relating to exports and export plans Nil

Current Year Previous Year Rs. Rs.

b) Total Foreign Exchange Used & Earned:

i) Foreign Exchange Used NIL NIL

ii) Foreign Exchange Earned NIL NIL

STOCK EXCHANGE

The Company is listed on the following Stock Exchange.

1. Bombay Stock Exchange Ltd.

Your Company is listed on Bombay Stock Exchange Ltd. and the Annual Listing fee has been paid.

FUTURE PROSPECTS

As informed in the last Annual General Report, your company has focused its attention towards the Private Sector clients and the other Government Department like defence, food processing etc.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Practising Company Secretaries Certificate form a part of the Annual Report.

DIRECTORS

Mr. Ganesan Venkatraman and Mr. Babulal Bansilal Jain, Independent Director has given Declaration that they are not disqualified and meet the criteria of Independence as per Sub Section (6) of Section 149 of the Companies Act, 2013.

During the year under review Dr. Jayesh V. Valia, retires by rotation, at the conclusion of this meeting and being eligible to offers himself for re-appointment.

During the year, Mr. Vyankatesh H. Mulwad, Director, resigned from the Board. The Board records its appreciation for the services rendered during the tenure on the Board.

INTERNAL CONTROL SYSTEMS

The internal control system commensurate to the size of the companies operations and nature of business and there is periodic Audits. Internal control systems in operation areas of the company ensure that system delivered the desired level of results.

DIRECTORS' RESPONSIBILITY STATEMENT

Statement under sub-section (3c) of Section 134 of the Companies Act, 2013 :

In the preparation of the Annual Accounts:

i) the applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given.

ii) 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 or loss of the Company for that period.

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

v) The Directors had laid down internal financial controls and such internal financial controls are adequate and were operating efficiently.

vi) The Directors had devised proper system to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating efficiently.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT OVERALL (MD&A)

During the year 2014-2015 the Global economy showed positive results and that also helped in the revival of Asian Economic Growth The Forex Market has stabilized and rupee is improving. However the same are given separately forming Part of the Board of Directors' Report.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Practising Company Secretaries Certificate form a part of the Directors' Report.

YASHRAJ CONTAINEURS LTD. recognizes the value of adherence to Corporate Governance in its true sense which alone can ensure continuation of belief and the trust reposed by one and all in your company.

1) BOARD OF DIRECTORS

The Board comprises of three Directors :

1) Dr. Jayesh Vinodrai Valia

2) Mr. Ganesan Venkatraman

3) Mr. Babulal Bansilal Jain

The Directors are responsible for the Management of the Company's business. The Board's role, functions, responsibility and accountability are clearly defined.

2) MANAGERIAL REMUNERATION

The remuneration Committee has recommended to the Board of Directors a policy relating to remuneration for the Directors including KMP. Further, the Board affirm that remuneration paid to Directors are as per policy of the Companies Act.

la. TABLE OF DETAILS OF DIRECTORS, NO OF BOARD MEETINGS HELD, ATTENDANCE AT THOSE MEETINGS, FEES PAID AND ATTENDANCE AT THE AGM HELD FOR THE PREVIOUS YEAR 30.9.2014

Sr. No. Name of Directors AGM held on No. of Meetings 30.9.2014 in a Year

1 Dr. Jayesh Vinodrai Valia - YES 5 Non - Executive Director

2 Mr. Babulal Bansilal Jain - YES 5 Independent Director

3 Mr. Ganesan Venkatraman - YES 5 Independent Director

Sr. No. Name of Directors Attendance Fees

1 Dr. Jayesh Vinodrai Valia - 5 - Non - Executive Director

2 Mr. Babulal Bansilal Jain - 5 25,000 Independent Director

3 Mr. Ganesan Venkatraman - 5 25,000 Independent Director

The Board Meetings were held 5 times i.e; 12/5/2014; 9/8/2014; 27/8/2014; 7/11/2014 and 6/2/2015.

lb. TABLE OF DETAILS OF DIRECTORS, NO OF AUDIT COMMITTEE MEETINGS HELD, FEES PAID AND ATTENDANCE AS AT 31.3.2015.

Sr. No. Name of Directors No. of Meetings in a Year

1 Mr. Ganesan Venkatraman - 5 Member of the Committee/ Independent Director

2 Mr. Babulal Bansilal Jain - 5 Chairman of Committee & Independent Director

3. Dr. Jayesh Vinodrai Valia - Member of the Committee 5

Sr. No. Name of Directors Attendance Fees

1 Mr. Ganesan Venkatraman - 5 25,000 Member of the Committee/ Independent Director

2 Mr. Babulal Bansilal Jain - 5 25,000 Chairman of Committee & Independent Director

3. Dr. Jayesh Vinodrai Valia - Member of the Committee 5 NIL

The Audit Committee Meetings were held 5 times i.e. 12/5/2014; 9/8/2014; 27/8/2014; 7/11/2014 and 6/2/2015.

lc. INDEPENDENT DIRECTORS' MEETING

During the year, one meeting of Independent Directors was held on 10th March, 2015.

2.1 TERMS OF REFERENCE TO AUDIT COMMITTEE IN BRIEF

The Terms of the reference of the Audit Committee are those prescribed under clause49 of the Listing Agreement including inter-alia the review of financial results before submission to the Board for approval to ensure that the financial statements are correct and present true and fair view, interaction with Statutory Auditors, recommendation of appointment and payment of audit fees to the Auditors and to review the adequacy of internal control systems.

2.2 REMUNERATION COMMITTEE

It consists of Mr. Ganesan Venkatraman and Mr. Babulal Bansilal Jain, Independent Directors. It determines the salary and perks payable to Board Level Members and recommends Board for its consideration.

2.3 FAMILIARIZATION PROGRAMME

The Board members are provided with necessary documents/brochures, reports and internal policies to enable them to familiarize with the Company's procedures and practices.

Periodic presentations are made at the Board and Board Committee Meetings, on business and performance updates of the company, business environment, business strategy and risk involved. Detailed presentations on the Company's business segments were made at the separate meetings of the Independent Directors held during the year.

2.4 VIGILANCE MECHANISM FOR EMPLOYEES

The Vigilance Mechanism of the Company, which also incorporates a Whistle Blower Policy are as per the Listing Agreement. Any Employee who wants to report genuine concern is allowed to do it to the Chairman of Audit Committee, Mr. Babulal Bansilal Jain. The Policy on Vigilance Mechanism and Whistle Blower Policy may be accessed on the Company's Website : www.barrelpeople.com.com

2.5 SEXUAL HARASSMENT ON WOMEN (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

During the year under review, there was no complaint on sexual harassment of women/employees.

2.6 STAKEHOLDERS RELATIONSHIP COMMITTEE

Stakeholders Relationship Committee consists of (1) Shri Babulal Bansilal Jain, (2) Mr. G. Venkatraman and (3) Dr. Jayesh Vinodrai Valia.

3.2 Broad terms of Reference to Stakeholders /Investor Grievances Committee

To approve Share Transfers, to review and advise the Company on any grievance in relation to

(a) Non-transfer of shares

(b) Non-receipt of Annual Report

(c) Any other grievance raised by any stakeholder.

3.3 Status of Investor Complaints

No complaints were received from the Investors during the year under review.

3.4 Compliance Officer - Dr. Jayesh Vinodrai Valia

Details of Annual General Meeting held in three previous years

DATE TIME VENUE OF AGM

Tuesday, 30th September, 2014 1.00 p.m. The No.1 Party Hall, Building No.1, Sumer Nagar, S. V. Road, Kora Kendra Bus Stop, Borivali (West), Mumbai 400 092.

Monday, 23rd September, 2013 12.30 p.m. The No.1 Party Hall, Building No.1, Sumer Nagar, S. V. Road, Kora Kendra Bus Stop, Borivali (West), Mumbai 400 092.

Friday, 28th September, 2012 11.00 a.m. The No.1 Party Hall, Building No.1, Sumer Nagar, S. V. Road, Kora Kendra Bus Stop, Borivali (West), Mumbai 400 092.

4. General Stakeholders' Information

1. Annual General Meeting.

Day, Date and Time : By Separate Communication

5. Financial Calendar (2014 - 2015)

Annual General Meeting for the year ended 31st March, 2015.

Date : Wednesday, 30th September, 2015 at 1.00 p.m. Information sent by separate commnication.

6. Book Closure Date : 24.9.2015 to 30.9.2015 (both days inclusive)

7. Dividend Payment Date : Not applicable since dividend not recommended.

8a. Registered Office : Plot No. 757/758, Jwala Estate, First Floor, Soni Wadi, Near Kora Kendra, Off S.V. Road, Borivali (West), Mumbai 400 092.

8b. CIN No. : L28120MH1993PLCO73160

Email : yashraj [e-mail]

Website : www.barrelpeople.com

Telephone : 022-28992658 / 28997506 / 2898 3234

Fax : 022-2899 7806

9. Listing on Stock Exchange : Equity Shares Bombay Stock Exchange Ltd., Dalal Street, Mumbai 400 001.

10. Stock Market Information

i) Stock Code : 530063

Bombay Stock Exchange Ltd.

11. Registrars & Transfer Agents : M/s. Sharex Dynamic (India) Pvt. Ltd., Unit-1, Luthra Industrial Premises, Safeed Pool, Andheri Kurla Road, Andheri (East), Mumbai - 400 072. Tel: [phone]

Share Transfer System :

Your Company's Equity Shares are admitted with the Depository System of National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) as an eligible security under the Depositories Act, 1996. As such, facilities for dematerializations of your Company's Equity Shares are available vide INE No.095 CO 10 18 at both the depositories. Your Company's Equity Shares are under compulsory dematerialization.

12. Dematerialisation of Shares and Liquidity :

Approximately 98.35. % of the Equity Shares have been dematerialized upto 31st March, 2015. Trading in Equity Shares of your Company is permitted only in dematerialized form compulsorily as per notification issued by The Securities and Exchange Board of India.

13. i) Materially significant related party transactions that may have potential conflict with the interests of company

The Company does not have material significant related party transactions i.e. transactions of the company of material nature with its Promoters, Directors of the Management, or their subsidiaries or relatives etc. that may have potential conflicts with the interest of the Company at large. However Disclosure of Transactions with any related party have been made in the Balance- Sheet in Notes to Accounts at Note No 27 which are self explanatory.

ii) Non-Compliance by the Company, penalties, strictures imposed on the Company by Bombay Stock Exchange Ltd. or SEBI or any statutory authority, on any matter related to Capital Markets, during the last three years.

- None

iii) Details of Compliance with mandatory requirements and adoption of the non-mandatory requirement of this clause

The Company has complied with mandatory requirements and None of the Independent Directors on our Board has served for a tenure exceeding nine years.

14. Means of Communication :

The Quarterly/Half Yearly Unaudited Financial Results/Audited Financial Results are published in Navshakti and Free Press Journal, and put up on the website of Bombay Stock Exchange Ltd. as well as on Company's website www.barrelpeople.com. The notices to the stakeholders are published in Navshakti and Free Press Journal.

15. Practising Company Secretaries Certificate on Corporate Governance:

Your Company has obtained a certificate from the Practising Company Secretaries regarding compliance of conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. This is annexed to the Annual Report. The Certificate will also be sent to Bombay Stock Exchange Ltd. alongwith the Annual Accounts to be filed by the Company.

16. ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation of the dedicated and devoted services rendered by the employees of the Company at all levels and are grateful to the Company's Bankers, Financial Institutions for their timely assistance and co-operation in the working of your Company. Your Directors also thank the customers, Stakeholders and the suppliers of your Company for their co- operation and valuable support.

17. DECLARATION

The Board has laid down a code of conduct for all Board Members and Senior Management of the Company which is posted on the website of the company. The Board Members and Senior Management have affirmed compliance with the code of conduct.

FOR YASHRAJ CONTAINEURS LTD. PLACE : MUMBAI (DR. JAYESH V. VALIA) DATED : 8.8.2015 EXECUTIVE CHAIRMAN

---

Mar 31, 2014

The Members,

The Directors are pleased to present the Twenty-First Annual Report and the Audited Statement of Accounts of your Company for the year ended on 31st March, 2014.

FINANCIAL RESULTS

(Amount in Lacs) Year ended Year ended 31/3/2014 31/3/2013

Turnover 9338.45 11219.32

Profit/(Loss) Before Depreciation, Finance Charges & Taxation 375.35 1372.95

Profit/(Loss) before Depreciation & Taxation (713.52) 379.79

Profit/(Loss) after

Depreciation & Taxation (981.91) 115.54

Surplus (Deficit) of Profit and Loss Account of earlier year (115.54) 104.32

Balance carried over to Balance Sheet (981.91) 115.54

DIVIDEND

During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend.

FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the public, during the year under review.

DIRECTORS

Mr. Vyankatesh H. Mulwad has resigned from the Board of Directors of the Company, with effect from May 12, 2014.

The Board places on record its appreciation of the services rendered by Mr. Vyankatesh H. Mulwad, during his tenure on the Board.

CURRENT STATUS WITH RESPECT TO APPLICATION WITH BIFR

As per the approval given by BIFR in its meeting held on 4/4/2013, the Company initiated the necessary steps of filing application with BSE to get its In principle approval for allotment of 80 lacs. Share warrants at par to the Promoters'' Group. BSE informed that Company being declared as sick and BIFR has exempted the company from compliance of the certain Listing Agreement Clauses it can proceed further and allot the share warrants to the promoters. Accordingly 80 lacs. share warrants were allotted to promoters and Promoter Group Companies. Before the closure of financial

year 2014, the promoters brought in Rs. 8.00 crores by which the share warants got converted into Equity shares.

BIFR also directed Bank of India to revise the Draft Rehabilitation Scheme and resubmit it to BIFR. The company has given the necessary information and Bank of India is in the process of finalising the DRS and file with the BIFR.

DIRECTORS'' RESPONSIBILITY STATEMENT

Statement under sub-section (2AA) of Section 217 of the Companies Act, 1956 :

In the preparation of the Annual Accounts:

i) the applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given.

ii) 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 or loss of the Company for that year.

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

PERSONNEL

The Personnel relations with the employees at all levels continued to remain cordial and peaceful during the year under review.

PARTICULARS OF EMPLOYEES

There were no employees, who were in receipt of remuneration of Rs.24,00,000/- or more per annum, if employed for the full year or Rs.2,00,000/- or more per month, if employed for part of the year.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure ''B'' forming part of this Report. Form ''A'' requiring disclosure of particulars with respect to Conservation of Energy is not applicable in the case of your Company.

STOCK EXCHANGE

The Company is listed on the following Stock Exchange.

1. Bombay Stock Exchange Ltd.

Your Company is listed on Bombay Stock Exchange Ltd. and the Annual Listing fee has been paid.

FUTURE PROSPECTS

Due to change in government policy the company was forced to close its units at Chennai. Kolkatta, Rai-Sonepet and Visag which were by and large depending on the Oil Sector Company orders. Now it has focussed its attention towards the Private Sector clients and the other Government Department like defence, food processing etc.

AUDITORS

As per Sec 139 of the Companies Act, 2013, no listed Company shall appoint Audit firm as Statutory Auditors for more than two terms, of the five consecutive years. M/s. Kakaria & Associates were appointed as Statutory Auditors, in the Annual General Meeting held on September 30, 2006. They have completed their term of eight years. The Board proposes to appoint M/s. Kakaria & Associates, Chartered Accountants, Vapi, for a remaining period of two years .

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Practising Company Secretaries Certificate form a part of the Annual Report.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation of the dedicated and devoted services rendered by the employees of the Company at all levels and are grateful to the Company''s Bankers, Financial Institutions for their timely assistance and co-operation in the working of your Company. Your Directors also thank the customers, shareholders and the suppliers of your Company for their co-operation and valuable support.

FOR AND ON BEHALF OF THE BOARD (DR. JAYESH V. VALIA) EXECUTIVE CHAIRMAN

PLACE : MUMBAI DATED : 9.8.2014

---

Mar 31, 2013

To, The Members,

The Directors are pleased to present the Twentieth Annual Report and the Audited Statement of Accounts of your Company for the year ended on 31st March, 2013.

FINANCIAL RESULTS



(Amount in Lacs)

Year ended Year ended 31/3/2013 31/3/2012

Turnover 11219.32 10561.87

Profit/(Loss) Before

Depreciation, Finance

Charges & Taxation 1372.95 1191.24

Profit/(Loss) before

Depreciation & Taxation 379.79 371.67

Profit/(Loss) after

Depreciation & Taxation 115.54 104.32

Surplus (Deficit) of Profit and

Loss Account of earlier year 104.32 128.86

Balance carried over to

Balance Sheet 115.54 104.32



DIVIDEND

During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend.

FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the public, during the year under review.

DIRECTORS

During the year under review Mr. Babulal Bansilal Jain retires by rotation at the conclusion of this meeting and being eligible offers himself for re-appointment

REFERENCE TO BIFR

Your Company has been declared sick by the Hon''ble Board for Industrial and Financial Reconstruction. New Delhi (BIFR) on December 21, 2011 and your Company has filed Rehabilitation Scheme as required with the concerned authorities in the prescribed time. The Operating Agency (OA) is processing the Rehabilitation Scheme and will forward the same to the Hon''ble BIFR with its comments thereon for getting approval of the Hon''ble BIFR in the nature of Draft Rehabilitation Scheme.

In the meeting held on March 18, 2013, the Hon''ble Bench of BIFR considered and approved the application of the company for extending the SSI benefits to the companies, plant situated in Howrah - Kolkatta, Rai - Sonipat, Chennai and Visakhapatnam.

In the hearing held on April 4,2013, the Hon''ble Bench of BIFR approved the proposal to allot 80.00 lacs, share warrants to promoters as per SEBI pricing Guidelines.

DIRECTORS'' RESPONSIBILITY STATEMENT

Statement under sub-section (2AA) of Section 217 of the

Companies Act, 1956 :

In the preparation of the Annual Accounts:

i) the applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given.

ii) 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 or loss of the Company for that year.

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

PERSONNEL ''

The Personnel relations with the employees at all levels continued to remain cordial and peaceful during the year under review.

PARTICULARS OF EMPLOYEES

There were no employees, who were in receipt of remuneration of Rs. 24,00,000/- or more per annum, if employed for the full year or Rs. 2,00,000/- or more per month, if employed for part of the year.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure ''B'' forming part of this Report. Form ''A'' requiring disclosure of particulars with respect to Conservation of Energy is not applicable in the case of your Company.

STOCK EXCHANGE

The Company is listed on the following Stock Exchange.

1. Bombay Stock Exchange Ltd.

Your Company is listed on Bombay Stock Exchange Ltd. and the Annual Listing fee has been paid.

FUTURE PROSPECTS

We are renowned manufacturers of M S Barrels of 210 litres each with a Pan India presence. Our units are located at Daman (Union Territory), Chennai, Kolkata and Rai (Sonipat, Haryana) and Vishakhapatnam within the industrial purview. Our name in the barrel industry has become synomous with quality, dependability, consumer friendly relations, affordable consumer price and after sales-service. We are ranking second on all

India basis and first in Private sector in manufacturing M S Barrels and in expanding our network in all over India and hence our presence is felt in almost all the regions. Our products are consumed to a large extent by Oil Rich Companies i.e. Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., Indian Oil Corporation Ltd., Mother Dairy and Blue Chip Companies like Reliance Industries etc. Year on year the demand for the products is very healthy. The Directors trust that the future prospects are encouraging for the Company has the Plant and Machinery is the most ultra modern and sophisticated and your Company''s products have got recurring demand and they have been used in Industrial Application.

AUDITORS

The Statutory Auditors M/s. Kakaria & Associates, Chartered Accountants, Vapi, are eligible to be re-appointed. The Directors recommend M/s. Kakaria & Associates to be re-appointed as Statutory Auditors.

EXPANSION ACTIVITY

Your Company has got ambitious plans to put up additional factories at different locations to enlarge its market share.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Practising Company Secretaries Certificate form a part of the Annual Report.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation of the dedicated and devoted services rendered by the employees of the Company at all levels and are grateful to the Company''s Bankers, Financial Institutions for their timely assistance and co-operation in the working of your Company. Your Directors also thank the customers, shareholders and the suppliers of your Company for their co-operation and valuable support.



FOR AND ON BEHALF OF THE BOARD



(DR. JAYESH VINODRAI VALIA)

EXECUTIVE CHAIRMAN



PLACE : MUMBAI

DATED: 13.8.2013

---

Mar 31, 2012

The Directors are pleased to present the Nineteeth Annual Report and the Audited Statement of Accounts of your Company for the year ended on 31st March, 2012.

FINANCIAL RESULTS

(Amount in Rupees)

Year ended Year ended 31/3/2012 31/3/2011

Turnover 1056186842 1156572992

Profit/(Loss) Before Depreciation, Financ Charges & Taxation (9826101) 119841824

(Loss) before Lreciation & Taxation (16303481) 40468884

Profit/(Loss) after Depreciation & Taxation (530346) 13333517

Surplus (Deficit) of Profit and Loss Account of earlier year 12886348 12726820

Balance carried over to Balance Sheet 10431605 12886348

DIVIDEND

During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend.

FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the public, during the year under review.

DIRECTORS

1. Mr. Vyankatesh H. Mulwad was appointed as an Additional Director in the Board Meeting held on 7th February, 2012. He retires at the conclusion of this ensuing Annual General Meeting and requires consent from the members for re- appointment.

2. Mr. Ganesan Venkatraman was appointed as an Additional Director in the Board Meeting held on 12th May, 2012. He retires at the conclusion of this ensuing Annual General Meeting and requires consent from the members for re- appointment.

3. Mr. Maruti Shankarrao Patil seased to be Director of your Company from 31st August, 2011 upon resignation.

REFERENCE TO BIFR

Your Company has been declared sick by the Hon’ble Board for Industrial and Financial Reconstruction. New Delhi (BIFR) on December 21, 2011 and your Company has filed Rehabilitation Scheme as required with the concerned authorities in the prescribed time. The Operating Agency (OA) is processing the Rehabilitation Scheme and will forward the same to the Hon’ble BIFR with its comments thereon for getting approval of the Hon’ble BIFR in the nature of Draft Rehabilitation Scheme.

DIRECTORS’ RESPONSIBILITY STATEMENT

Statement under sub-section (2AA) of Section 217 of the Companies Act, 1956 :

In the preparation of the Annual Accounts:

i) the applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given.

ii) 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 or loss of the Company for that year.

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

PERSONNEL

The Personnel relations with the employees at all levels continued to remain cordial and peaceful during the year under review.

PARTICULARS OF EMPLOYEES

There were no employees, who were in receipt of remuneration of Rs. 24,00,000/- or more per annum, if employed for the full yearor Rs. 2,00,000/- or more per month, if employed for part of the year.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure ‘B’ forming part of this Report. Form A‘ requiring disclosure of particulars with respect to Conservation of Energy is not applicable in the case of your Company.

STOCK EXCHANGE

The Company is listed on the following Stock Exchange.

1. Bombay Stock Exchange Ltd.

Your Company is listed on Bombay Stock Exchange Ltd. and the Annual Listing fee has been paid.

FUTURE PROSPECTS

We are renowned manufacturers of M S Barrels of 210 litres each with a Pan India presence. Our units are located at Daman (Union Territory), Chennai, Kolkata and Rai (Sonipat, Haryana) within the industrial purview. Our name in the barrel industry has become synomous with quality, dependability, consumer friendly relations, affordable consumer price and after sales-

service. We are ranking second on all India basis and first in Private sector'in manufacturing M S Barrels and in expanding our network in all over India and hence our presence is felt in almost all the regions. Our products are consumed to a large extent by Oil Rich Companies i.e. Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., Indian Oil CorporationLtd., Mother Dairy and Blue Chip Companies like Reliance Industries etc. Year on year the demand for the products is very healthy. The Directors trust that the future prospects are encouraging for the Company as the Plant and Machinery is the most ultra modern and sophisticated and your Company’s products have got recurring demand and they have been used in Industrial Application.

AUDITORS

The Statutory Auditors M/s. Kakaria & Associates, Chartered Accountants, Vapi, are eligible to be re-appointed. The Directors recommend M/s. Kakaria & Associates to be re-appointed as Statutory Auditors.

EXPANSION ACTIVITY

Your Company has got ambitious plans to put up additional factories at different locations to enlarge its market share.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Auditors Certificate form a part of the Annual Report.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation of the dedicated and devoted services rendered by the employees of the Company at all levels and are grateful to the Company’s Bankers, Financial Institutions for their timely assistance and co-operation in the working of your Company. Your Directors alsothank the customers, shareholders and the suppliers of your Company for their co-operation and valuable support.

FOR AND ON BEHALF OF THE BOARD (DR. JAYESH VINODRAI VALIA) EXECUTIVE CHAIRMAN

PLACE : MUMBAI

DATED : 14.8.2012

---

Mar 31, 2011

The Members,

The Directors are pleased to present the Eighteenth Annual Report and the Audited Statement of Accounts of your Company for the year ended on 31st March, 2011.

FINANCIAL RESULTS

(Amount in Rupees) Year ended Year ended 31/3/2011 31/3/2010

Turnover 1118225846 1036698977

Profit/(Loss) Before Depreciation, Finance Charges & Taxation 119841824 114001719

Profit/(Loss) before Depreciation & Taxation 40468884 37336448

Profit/(Loss) after Depreciation & Taxation 13333517 10359160

Surplus (Deficit) of Profit and Loss Account of earlier year 12726820 11049374

Balance carried over to Balance Sheet 12886348 12726820

DIVIDEND

During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend.

FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the public, during the year under review.

DIRECTORS

During the year under review Mr. Maruti Shankarrao Patil, retires by rotation at the conclusion of this meeting and being eligible offers himself for re-election.

During the year under review Mr. Babulal Bansilal Jain, retires by rotation at the conclusion of this meeting and being eligible offers himself for re-election.

Mr. Shashikant Krishna Kittur who held the Directorship of the Company has ceased to be the Director with effect from August 11, 2010 due to his expiry. The Board places on record its appreciation for the valuable services rendered by him during his tenure as a Director of the Company.

REFERENCE TO BIFR

Your Company has been declared sick by the Hon'ble Board for Industrial and Financial Reconstruction. New Delhi (BIFR) on January 20,2006 and your Company has filed Rehabilitation Scheme as required with tne concerned authorities in the prescribed time. The Operating Agency (OA) had processed the Rehabilitation Scheme and has forwarded the same to the Hon'ble BIFR with its comments thereon and it is in the process for getting approval of the Hon'ble BIFR in the nature of Draft Rehabilitation Scheme.

Your Company was declared as a Sick Industrial Company by the Hon'ble BIFR by its Order dated January 20,2006. However GSFC challenged that order by appealing to the Hon'ble AAIFR under the pretext that they were not heard and the appeal was allowed and the issue was remanded back to Hon'ble BIFR for proceeding according to the law vide its order dated 18-12-2008.

DIRECTORS' RESPONSIBILITY STATEMENT

Statement under sub-section (2AA) of Section 217 of the Companies Act, 1956:

In the preparation of the Annual Accounts:

i) the applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given.

ii) 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 or loss of the Company for that year.

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

PERSONNEL

The Personnel relations with the employees at all levels continued to remain cordial and peaceful during the year under review.

PARTICULARS OF EMPLOYEES

There were no employees, who were in receipt of remuneration of Rs. 24,00,000/- or more per annum, if employed for the full year or Rs. 2,00,000/- or more per month, if employed for part of the year.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure 'B' forming part of this Report. Form 'A' requiring disclosure of particulars with respect to Conservation of Energy is not applicable in the case of your Company.

STOCK EXCHANGE

The Company is listed on the following Stock Exchange.

1. Bombay Stock Exchange Ltd.

Your Company is listed on Bombay Stock Exchange Ltd. and the Annual Listing fee has been paid.

FUTURE PROSPECTS

We are renowned manufacturers of M S Barrels of 210 litres each with a Pan India presence. Our units are located at Daman (Union Territory), Chennai, Kolkata and Rai (Sonipat, Hariyana) within the industrial purview. Our name in the barrel industry has become synomous with quality, dependability, consumer friendly relations, affordable consumer price and after sales- service. We are ranking second on all India basis and first in Private sector in manufacturing M S Barrels and in expanding our network in all over India and hence our presence is felt in almost all the regions. Our products are consumed to a large extent by Oil Rich Companies i.e. Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., Indian Oil Corporation Ltd., Mother Dairy and Blue Chip Companies like Reliance Industries etc. Year on year the demand for the • products is very healthy. The Directors trust that the future prospects are encouraging for the Company as.the Plant and Machinery is the most ultra modern and sophisticated and your Company's products have got recurring demand and they have been used in Industrial Application.

AUDITORS

The Statutory Auditors M/s. Kakaria & Associates, Chartered Accountants, Vapi, are eligible to be re-appointed. The Directors recommend M/s. Kakaria & Associates to be re-appointed as Statutory Auditors.

EXPANSION ACTIVITY

Your Company has got ambitious plans to put up additional factories at different locations to enlarge its market share.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Auditors Certificate form a part of the Annual Report.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation of the dedicated and devoted services rendered by the employees of the Company at all levels and are grateful to the Company's Bankers, Financial Institutions for their timely assistance and co-operation in the working of your Company. Your Directors alsothank the customers, shareholders and the suppliers of your Company for their co-operation and valuable support.

FOR AND ON BEHALF OF THE BOARD (DR. JAYESH V. VALIA) EXECUTIVE CHAIRMAN

PLACE : MUMBAI DATED : 15.7.2011

---

Mar 31, 2010

The Directors are pleased to present the Seventeenth Annual Report and the Audited Statement of Accounts of your Company for the year ended on 31st March, 2010.

FINANCIAL RESULTS

(Amount in Rupees)

Year ended Year ended 31/3/2010 31/3/2009

Turnover 1036698977 1077219085

Profit/(Loss) Before

Depreciation, Finance

Charges & Taxation 114001719 160178497

Profit/(Loss) before

Depreciation & Taxation 37336448 75164440 Profit/(Loss) after

Depreciation & Taxation 10359160 52691593

Surplus (Deficit) of Profit and

Loss Account of earlier year 11049374 56889707

Balance carried over to

Balance Sheet 12726820 11049374

DIVIDEND

During the year under review, owing to the accumulated losses, the directors do not recommend any dividend.

FIXED DEPOSITS

The Company has not invited or accepted any Fixed Deposits from the public, during the year under review.

DIRECTORS

During the year under review Dr. Jayesh Vinodrai Valia, retires by rotation at the conclusion of this meeting and being eligible offers himself for re-election.

Mr. Ganesan Venkatraman joined the Board on August 21, 2010. He is an Additional Director and requires consent from the Members.

Mr. Shashikant Krishna Kittur who held the Directorship of the Company has ceased to be the Director with effect from August 11, 2010 due to his expiry. The Board places on record its appreciation for the valuable services rendered by him during his tenure as a Director of the Company.

REFERENCE TO BIFR

Your Company has been declared sick by the Honourable Board for Industrial And Financial Reconstruction, New Delhi.(BIFR) on January 20,2006, and your Company has filed Rehabilitation Scheme as required with the concerned authorities in the prescribed time. The Operating Agency (OA) had processed the Rehabilitation Scheme and has forwarded the same to the Honble BIFR with its comments thereon and it is in the process for getting approval of the Honble BIFR in the nature of Draft Rehabilitation Scheme.

Your Company was declared as a Sick Industrial Company by the Honble BIFR by its Order dated January 20,2006. However,

GSFC challenged that order by appealing to the Honble AAIFR under the pretext that they were not heard and the appeal was allowed and the issue was remanded back to Honble BIFR for proceeding according to the law vide its order dated 18.12.2008.

DIRECTORS RESPONSIBILITY STATEMENT

Statement under sub-section (2AA) of Section 217 of the Companies Act, 1956 :

In the preparation of the Annual Accounts :

i) the applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given.

ii) 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 5nd fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that year.

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

PERSONNEL

The Personnel relations with the employees at all levels continued to remain cordial and peaceful during the year under review.

PARTICULARS OF EMPLOYEES

There were no employees, who were in receipt of remuneration of Rs.24,00,000/- or more per annum, if employed for the full year or Rs.2,00,000/- or more per month, if employed for part of the year.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure B forming part of this Report. Form A requiring disclosure of particulars with respect to Conservation of Energy is not applicable in the case of your Company.

STOCK EXCHANGE

The Company is listed on the following Stock Exchange.

1. Bombay Stock Exchange Ltd.

Your Company is listed on Bombay Stock Exchange Ltd. and the Annual Listing fee has been paid.

FUTURE PROSPECTS

We are renowned manufacturers of M S Barrels of 210 litres each with a Pan India presence. Our units are located at Daman (Union Territory), Chennai, Kolkata and Rai (Sonipat, Haryana)within the industrial purview. Our name in the barrel

industry has become synomous with quality, dependability, consumer friendly relations, affordable consumer price and after sales-service. We are ranking second on all India basis and first in Private sector in manufacturing M S Barrels and in expanding our network in all over India and hence our presence is felt in almost all the regions. Our products are consumed to a large extent by Oil Rich Companies i.e. Hindustan Petroleum Corporation Ltd., Bharat Petroleum Corporation Ltd., Indian Oil Corporation Ltd., Mother Dairy and Blue Chip Companies like Reliance Industries etc. Year on year the demand for the products is very healthy.

The Directors trust that the future prospects are encouraging for the Company as the Plant and Machinery is the most ultra modem and sophisticated and your Companys products have got recurring demand and they have been used in Industrial Application.

AUDITORS

The Statutory Auditors M/s. Kakaria & Associates, Chartered Accountants, Vapi, are eligible to be re-appointed. The Directors recommend M/s. Kakaria & Associates to be re-appointed as Statutory Auditors.

EXPANSION ACTIVITY

Your Company has set up additional manufacturing facilities at Chennai, Kolkatta and Rai (Sonipat, Haryana) respectively during the year under review. There is a smooth sailing. Your Company has got ambitious plans to put up additional factories at different locations to enlarge its market share.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with Bombay Stock Exchange Ltd. the Management Discussion and Analysis and the Report on Corporate Governance together with Auditors Certificate form a part of the Annual Report.

The Auditors have qualified their report in respect of noncompliance of certain Corporate Governance norms referred to in the coverage on Corporate Governance Report forming part of the Annual Report. The said Corporate Governance Report on non-Compliance with Clause 49 of the Listing Agreement is self-explanatory and do not require further elucidation.

Your Company could not comply with the statutory requirements of formation of various Committees due to inadequacy of strength of Directors.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation of the dedicated and devoted services rendered by the employees of the Company at all levels and are grateful to the Companys Bankers, Financial Institutions for their timely assistance and co-operation in the working of your Company. Your Directors also thank the customers, shareholders and the suppliers of your Company for their co-operation and valuable support.

FOR AND ON BEHALF OF THE BOARD

(DR. JAYESH V. VALIA)

EXECUTIVE CHAIRMAN

PLACE : MUMBAI DATED: 21.8.2010