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1 REGISTERED OFFICE 509, Loha Bhavan, 93 P. D’Mello Road, Carnac Bunder, Mumbai – 400 009. BOARD OF DIRECTORS Kshitij Rajkumar Pankaj Raval Naba Kumar Das AUDITORS M/s. M. P. Shah & Company Chatered Accountants, Kolkata BANKERS State Bank of Mysore Nariman Point Branch Union Bank of India Cumbala Hill Branch Kshitij Investments Limited

Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

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Page 1: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

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� REGISTERED OFFICE �509, Loha Bhavan,93 P. D’Mello Road,

Carnac Bunder,Mumbai – 400 009.

� BOARD OF DIRECTORS �Kshitij Rajkumar

Pankaj RavalNaba Kumar Das

� AUDITORS �M/s. M. P. Shah & Company

Chatered Accountants,Kolkata

� BANKERS �State Bank of Mysore

Nariman Point Branch

Union Bank of IndiaCumbala Hill Branch

Kshitij Investments Limited

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KSHITIJ INVESTMENTS LIMITEDRegd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009.

NOTICENotice is hereby given that the 31st Annual General Meeting of the Members of KSHITIJ INVESTMENTSLIMITED will be held on Tuesday, the 14th day of September, 2010 at 10.00 a.m. at the Registered Officeof the Company at 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009 to transactthe following business:-ORDINARY BUSINESS :

1. To receive, consider and adopt the Directors’ and Auditors’ Reports and the Secretarial ComplianceReport and the Audited Balance Sheet as at 31st March, 2010 and the Profit & Loss Accounts for theyear ended on that date.

2. To appoint a Director in place of Mr. Kshitji Rajkumar who retires by rotation & being eligible, offershimself for re-appointment.

3. To appoint Auditors to hold the Office from the conclusion of this Meeting until the conclusion of theNext Annual General Meeting and to fix their remuneration.

PLACE : KOLKATADATED : 20-05-2010

REGD. OFFICE :509, Loha Bhavan, 93, P.D.’mello Road,Carnac Bunder, Mumbai – 400 009.

NOTES:

1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himselfand the proxy need not be a member.

2. The instrument appointing proxy should however be deposited at the Registered Office of the Company not less than48 hours before the commencement of the meeting.

3. Register of Members and Shares Transfer Books will remain closed from Tuesday, 7th day of September, 2010 toTuesday, 14th day of September, 2010 (both days inclusive).

4. In all correspondence with the Company, members are requested to quote their folio numbers.

5. Members desiring to have any information on the accounts are requested to write to the Company at least one weekbefore the meeting so as to enable the Management to keep the information ready. Replies will be provided only at themeeting.

6. Explanatory Statement pursuant to section 173(2) of the Companies Act, 1956 in relation to items under SpecialBusiness is annexed herewith.

Kshitij Investments Limited

By Order of the Board of Directors

PANKAJ H. RAVALCHAIRMAN

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DIRECTOR’S REPORT

To,The Members,

Yours Directors have pleasure in presenting their 31st Annual Report, together with the Audited StatementAccounts for the year ended 31st March, 2010.

OPERATING & FINANCIAL RESULTS :

PARTICULARS Year ended Year ended2009-2010 2008-2009

Total Income 848,046 3,029,305

(a) Operating Profit / (Loss) Before Interest 126,328 (16,923)(b) Less : Interest NIL NIL

__________ ___________(c) Profit / (Loss) before Depreciation & Taxes 126,328 (16,923)(d) Less : Depreciation 125.561 222,891

__________ ___________Net Profit / (Loss) before Tax (233) (239,814)Less : Provision for Fringe Benefit Tax - 4,180

Net Profit / (Loss) after Tax (233) (243,994)(e) Add / (Less) : Balance b/f 666,449 910,443

___________ ____________(f) Balance carried to Balance Sheet 666,216 666,449

WORKING RESULTS :

Sales during the year under review amounted to Rs.383,586.00 compared to Rs.2,953,749.00 in the previousyear, reducing by 87%. However, due to other income of Rs.464,460.00 compared to Rs.75,556.00 in theprevious year, the Company was able to control the Net Loss to Rs.233.00 compared to loss ofRs.243,994.00 in the previous year.

Kshitij Investments Limited

KSHITIJ INVESTMENTS LIMITEDRegd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009.

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DIVIDEND :

Your Directors regret their inability to recommend any dividend due to Loss of Rs.233.00

DEPOSITS :

The Company did not accept any Deposits from the public. There were no unclaimed or unpaid Depositsas on 31st March, 2010.

DIRECTORS’ RESPONSIBILITY STATEMENT :

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

(i) that in the preparation of the accounts for the financial year ended 31st March, 2010, the applicableaccounting standards have been followed along with proper explanation relating to material departures;

(ii) that the Directors have selected such accounting policies and applied them consistently and madejudgments and estimates that were reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year and of the profit/loss of the Companyfor the year under review;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956 for safeguarding the Assets ofthe Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the accounts for the financial year ended 31st March, 2010 on a‘going concern’ basis.

DIRECTORS :

Mr. Kshitji Rajkumar, Director retires by rotation at the ensuing Annual General Meeting and being eligibleoffers himself for re-appointment.

Mr. Partha Sarathi Das resigned as Director with effect from 23rd December, 2009 due to his personalworks. The Board placed on record appreciation of his services to the Company during his tenure ofdirectorship.

AUDITORS :

M/s. M. P. SHAH & CO. , Chartered Accountants, Auditors have furnished thir eligibility certificate requiredunder Section 224 (I-B) of Companies Act, 1956. The Board recommends their re-appointment till theconclusion of the Next Annual General Meeting.

Kshitij Investments Limited

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SECRETARIAL COMPLIANCE CERTIFICATE :

M/s. R. N. SHAH & ASSOCIATES, Company Secretaries have furnished certificate as required underSub-Section (1) of Section 383A of the Companies Act, 1956 and which is annexed to this report.

PARTICULARS OF EMPLOYEES :

None of the employees had drawn remuneration as required under provisions of Section 217 (2-A) of theCompanies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGSAND EXPENDITURE :

The Company didn’t have any activity related to conservation of Energy and Technology Absorption. Therewas no foreign exchange earning nor foreign exchange outgo during the year under review.

For and on behalf of the Board of Directors

PLACE : KOLKATADATED : 20-05-2010

Kshitij Investments Limited

PANKAJ H. RAVALCHAIRMAN

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COMPLIANCE CERTIFICATE

To,The MembersKSHITIJ INVESTMENTS LIMITED

We have examined the registers, records, books and papers of KSHITIJ INVESTMENTS LIMITED (theCompany) as required to be maintained under the Companies Act, 1956 (the Act) and the rules madethere under and also the provisions contained in the Memorandum and Articles of Association of theCompany for the financial year ended on 31st March, 2010. In our opinion and to the best of ourinformation and according to the examinations carried out by us and explanations furnished to us bythe Company its Officers and agents, we certify that in respect of the aforesaid financial year:

1. The Company has kept and maintained all registers as stated in Annexure ‘A’ to this certificate,as per the provisions and the rules made there under and all entries therein have been dulyrecorded.

2. The Company has duly filed the forms and returns as stated in Annexure ‘B’ to this certificate,with the Registrar of Companies, Regional Director, Central Government, Company Law Board orother authorities within the time prescribed under the Act and the rules made there under.

3. The Company being a Public Limited Company has the minimum prescribed paid-up capital.

4. The Board of Directors duly met 9 (Nine) times on 29th April, 2009; 19th, May, 2009; 15th June,2009; 29th June, 2009; 30th July, 2009; 29th October, 2009; 23rd December, 2009; 27th January,2010 and 22nd March, 2010 in respect of which meetings proper notices were given and theproceedings were properly recorded and signed including the circular resolutions passed in theMinutes Book maintained for the purpose.

5. The Company has closed its Register of Members form 23rd day of September, 2009 to 30th daySeptember, 2009 and necessary compliance of section 154 of the Act has been made.

6. The Annual General Meeting for the financial year ended 31st March, 2009 was heldon 30th September, 2009 after giving due notice to the members of the Company and theresolutions passed there at were duly recorded in the Minutes Book maintained for the purpose.

7. No extra-ordinary general meeting was held during the financial year.

R. N. SHAH & ASSOCIATESCompany Secretaries

Rajnikant N. ShahB. Com. (Hons.); Ll.B. (Gen.); F.C.S.

Tele-Fax : 2839 9965Mobile : 93247 60604

2052 6554E-mail : [email protected]

OFFICE :306, ApolloComplex,R. K. Singh Marg,Off. Parsi Panchayat Road,Old Nagardas Road,Andheri (East), Fort, Mumbai -1.

Kshitij Investments Limited

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8. The Company has not advanced any loans to its directors and/or persons or firms or Companiesreferred in the section 295 of the Act.

9. The Company has not entered into any contracts falling within the purview of section 297 of theAct

10. The Company was not required to make any entries in the register maintained under section 301of the Act.

11. The Company has obtained necessary approvals from the Board of Directors, members andprevious approval of the Central Government pursuant to the section 314 of the Act whereverapplicable.

12. The Company has not issued any duplicate share certificates during the financial year.

13. (i) There was no allotment/transfer/transmission of securities during the year;

(ii) not deposited any amount in separate bank account as no dividend including interim dividendwas declared during the financial year;

(iii) not posted warrants for dividends to any members of the Company as no dividend wasdeclared during the financial year;

(iv) no amounts in unpaid dividend account, application money due for refund, matured deposits,matured debentures and the interest accrued thereon which have remained unclaimed orunpaid for a period of seven years, so no amount has been transferred to Investor Educationand Protection Fund;

(v) The Company has duly complied with the requirements of section 217 of the Act.

14. The Board of Directors of the Company is duly constituted and there is no appointments ofdirectors, additional directors, alternate directors and directors to fill casual vacancies have beenduly made.

15. The Company has not appointed any managing director/whole-time director/manager during thefinancial year.

16. The Company has not appointed any sole selling agents during the financial year.

17. The Company was not required to obtain approvals of the Central Government, Company LawBoard, Regional Director, Registrar or such other authorities as prescribed under the variousprovisions of the Act.

18. The directors have disclosed their interest in other firms/companies to the Board of Directorspursuant to the provisions of the Act and the rules made there under.

19. The Company has not issued any shares, debentures or other securities during the financial year.

20. The Company has not bought back any shares during the financial year.

21. There was no redemption of preference shares or debentures during the financial year.

Kshitij Investments Limited

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22. There was no transaction necessitating the Company to keep in abeyance the rights to dividend,right shares and bonus shares pending registration of transfer of shares.

23. The Company has not invited/accepted any deposits including any unsecured loans falling with thepurview of Section 58A during the financial year.

24. The Company has not made any borrowings during the financial year ended 31st March, 2010.

25. The Company has not made any loans or advances or given guarantees or provided securities toother bodies corporate in consequently no entries have been made in the register kept for thepurpose.

26. The Company has not altered the provisions of the Memorandum with respect to situation of theCompany’s registered office from one state to another during the year under scrutiny.

27. The Company has not altered the provisions of the Memorandum with respect to the objects ofthe Company during the year under scrutiny.

28. The Company has not altered the provisions of the Memorandum with respect to name of theCompany during the year under scrutiny.

29. The Company has not altered the provisions of the Memorandum with respect to share capital ofthe Company during the year under scrutiny.

30. The Company has not altered its Articles of Association during the financial year.

31. There was no prosecution initiated against or show cause notices received by the Company,during the financial year, for offences under the Act.

32. The Company has not received any money as security from its employees during the financialyear.

33. As the provisions of the Provident Fund Act are not applicable to the Company, the Company isnot supposed to deposit both employees’ and employer’s contribution towards Provident Fundduring the financial year with prescribed authorities pursuant to Section 418 of the Act.

For R. N. SHAH & ASSOCIATES COMPANY SECRETARIES

PLACE : MUMBAI (RAJNIKANT N. SHAH)DATE : 20th May, 2010. Proprietor

C. P. No. 700

Kshitij Investments Limited

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ANNEXURE ‘A’

Registers as maintained by KSHITIJ INVESTMENTS LIMITED :

1. Board Minutes Book u/s. 193.

2. Members Minutes Book u/s. 193.

3. Attendance Register.

4. Application for and Allotment of Shares u/s.72.

5. Register of Members u/s. 150.

6. Register of Share Transfers u/s. 108.

7. Register of Directors, Managing Directors u/s. 303.

8. Register of Directors’ Share holdings u/s.307.

9. Register of Contracts u/s. 301.

10. Register of Companies and Firms in which Directors interest u/s. 301(3).

ANNEXURE ‘B’

Forms and Returns as filed by KSHITIJ INVESTMENTS LIMITED with Registrar of Companies,Regional Director, Central Government or other authorities during the financial yearended 31st March, 2010:

1. From 20B toghter with Auual Return dated 30/09/2008 filed u/s. 159 on 19/11/2009.

2. From 23 AC & 23ACA toghter with Balance Sheet as on 31/03/2009 filed u/s.220 on 04/10/2009.

3. From 66 toghter with Complianc Certificate for the financial year ended 31/03/2009 filed u/s. 383A on04/10/2009

4. Form 32 dated 29.04.2009 filed u/s. 264(2)/266(1)(a) on 16.05.2009 for appointment of Mr. NabaKumar Das and Mr. Partha Sarathi Das as Additional Director of the Company.

5. Form 18 dated 19/05/2009 filed u/s. 146 on 21/05/2009 for Shifting of Registered Office from ‘213,Sant Tukaram Road, Mumbai – 400 009 to 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder,Mumbai – 400 009 with effect from 19th May, 2009.

6. Form 32 dated 28.06.2009 filed on 24.07.2009 for Resignation of Mr. Tapas Roy as Director of theCompany.

7. Form 32 dated 30.09.2009 filed u/s. 264(2)/266(1)(a) on 04.10.2009 for appointment of Mr. NabaKumar Das and Mr. Partha Sarathi Das as Director of the Company.

8. Form 32 dated 23.12.2009 filed on 02.01.2010 for Resignation of Mr. Partha Sarathi Das as Directorof the Company.

.

Kshitij Investments Limited

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M. P. SHAH & Co.Chartered Accountants

Kshitij Investments Limited

Auditor’s Report to the Members of KSHITIJ INVESTMENTS LIMITED.We have audited the annexed Balance Sheet of KSHITIJ INVESTMENTS LIMITED as at 31st March2010 and also the annexed Profit & Loss Account of the company for the year ended on that date annexedthereto. These financial statements are responsibility of the Company’s management. Our responsibilityis to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes (a) examining, on a test basis, evidence tosupport the financial statement amounts and disclosures in the financial statements (b) assessing theaccounting principles used in the preparation of financial statements (c)assessing significant estimatesmade by the management in the preparation of the financial statements and (d) evaluating overall financialstatement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of Indiain terms of subsection (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, astatement on the matters specified in paragraphs 4 & 5 of the said Order.

Further to our Comments in the Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge andbelief, were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law, have been kept by the Company so faras appears from our examination of the books;

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report arein agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with bythis report comply with the accounting standards referred to in subsection (3C) of section 211 ofthe Companies Act, 1956;

e) On the basis of written representations received from the Directors, as on 31st March 2010, andtaken on record by the Board of Directors, we report that none of the Directors is disqualified as on31st March 2010 from being appointed as a Director in terms of clause (g) of subsection (1) ofsection 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, thesaid accounts read with accounting policies and notes appearing in the schedule 14,give the information required by the Companies Act, 1956 in the manner so required and give atrue & fair view in conformity with the accounting principles generally accepted in India;

i) in the case of the Balance Sheet , of the state of affairs of the Company as at 31st March 2010;

ii) in the case of the Profit & Loss Account, of the Loss of the Company for the Year ended on that date.; and

iii) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Place : Kolkata

Dated : 20.05.2010

For M.P. SHAH & CO.Chartered Accountant

(M.P. SHAH)Partner

M.No.2443

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M. P. SHAH & Co.

Chartered Accountants

Annexure to the Auditor’s Report Referred to in paragraph 3 of our report of even date

Re : KSHITIJ INVESTMENTS LIMITED

i) (a) The company has maintained proper record showing full particulars, including quantitativedetails and situation of fixed assets;

(b) As explained to us, the fixed assets of the company have been physically verified by themanagement at reasonable interval and no material discrepancies were noticed on suchverification.

(c) In our opinion and according to the information and explanation given to us, there is nosubstantial disposal of Fixed Assets during the year.

(ii) a) The inventory has been physically verified during the year by the management. In our opinionfrequency of the verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management are reasonableand adequate in relation to the size of the company and the nature of the business.

(c) The company is maintaining proper records of the inventory. As informed, no materialdiscrepancies were noticed on such physical verification.

(iii) (a) As informed to us, the Company has not granted any loans, secured or unsecured to companies,firms or other parties covered in the register maintained under section 301 of the Act andaccordingly, paragraph 4(iii)(a) to (d) of the Order are not applicable.

(b) As informed to us, the Company has not taken any loans, secured or unsecured to companies,firms or other parties covered in the register maintained under section 301 of the Act andaccordingly, paragraph 4(iii)(e) to (g) of the Order are not applicable.

(iv) In our opinion there is an adequate internal control procedure commensurate with the size ofthe company and the nature of its business, for the purchase of goods, investments and fixedassets and for the sale of goods. Further on the basis of our examination of the books andrecords of the Company, and according to the information and explanation given to us, wehave neither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control procedures.

(v) According to information and explanations provided by the management, there have been nocontracts or arrangements during the period that need to be entered into the register maintainedunder section 301 of the Act. So that the paragraph (v)(a) & (b) of the order are not applicable.

(vi) The Company has not accepted any deposit from the Public during the year within the meaningof the provisions of section 58A & section 58AA of the Act and rules framed thereunder.

(vii) According to information given to us, the Company has no Internal Audit System commensuratewith the size and nature of its business.

Kshitij Investments Limited

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(viii) Maintenance of cost records has not been prescribed by the Central Government to theCompany under clause (d) of sub-section (1) of section 209 of the Act.

(ix) (a) According to the records of the Company, the Company is regular in depositing with theappropriate authorities undisputed statutory dues including Provident Fund, Investor Educationand Protection Fund, Employees’ State Insurance, Income-tax, Sales-tax, Wealth-tax, Servicetax, Custom Duty, Excise Duty, Cess and any other statutory dues as applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable inrespect of Sales - tax/Income-tax/Custom Duty/Wealth-tax/Service tax/Excise Duty/Cesswere outstanding as at 31.03.2010 for a period of more than 6 months from the date theybecome payable.

(c) According to the records of the Company, the dues outstanding in respect of income-tax,sales-tax, customs duty, wealth-tax, service-tax, excise-tax, cess, etc. on account of anydispute, are as follows :

(x) The Company has no accumulated losses at the end of the financial year. The Company has incurredCash losses during the financial year covered under our audit. The company has incurred cashlosses in the immediately preceding financial year.

(xi) Based on our audit procedures and as per the information and explanations given to Management,the company has not defaulted in repayment of dues to financial institution, banks and debentureholders.

(xii) According to records of the Company and according to the information and explanations given to us,the Company has not granted any loans and advances on the basis of security by way of pledge ofshares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/societies arenot applicable to the Company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and otherinvestments. Accordingly, the provisions of clause 4 (xiv) of the companies (Auditor’s report) order,2003 are not applicable to the company.

(xv) The Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) The Company has not obtained any term loans during the year.

(xvii) The Company has not raised any funds on short-term basis or on long-term-basis during the year.

Kshitij Investments Limited

Name Amount Period toof Nature of Dues (Rs. in lacs) which the Forum where dispute is pending

Statute amountrelates

Vat ACT- Ex-Party Assessment due Appeal before Sr. Jt. Commissioner 2003 & Interest. 408.13 2006-2007 of Commercial Taxes,

Behala, W. B.

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(xviii) The Company has not made any preferential allotment of shares to parties and companies coveredin the Register maintained under section 301 of the Act.

(xix) The Company has not issued any debentures during the year.

(xx) The Company has not raised any money by public issues during the year.

(xxi) Based upon the audit procedure performed for the purpose of reporting the true and fair view of thestatement and as per the information and explanations given by the management, be report that nofraud on or by the company has been noticed or reported during the course of our audit.

PLACE : KOLKATA

DATED : 20.05.2010

Kshitij Investments Limited

For M.P. SHAH & CO.Chartered Accountant

(M.P. SHAH)Partner

M.No.2443

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BALANCE SHEET AS AT 31ST MARCH, 2010

SCHEDULES CURRENT YEAR PREVIOUS YEAR AMOUNT (in Rs.) AMOUNT (in Rs.)

SOURCES OF FUNDS :SHAREHOLDERS FUNDSSHARE CAPITAL 1 6,294,000.00 6,294,000.00RESERVE & SURPLUS 2 878,716.00 878,949.00 TOTAL 7,172,716.00 7,172,949.00

APPLICATION OF FUNDS :FIXED ASSETS : 3GROSS BLOCK 2,536,920.00 2,536,920.00LESS : ACCUMULATED DEPRECIATION 1,526,769.00 1,400,208.00 NET BLOCK 1,010,151.00 1,136,712.00

CURRENT ASSETS, LOANS & ADVANCES :INVETORIES 4 1,633,624 --SUNDRY DEBTORS 5 -- 1,266,464.00CASH & BANK BALANCES 6 221,693.00 764,136.00LOAN & ADVANCES 7 13,628,064.00 14,892,217.00

15,483,381.00 16,922,817.00LESS : CURRENT LIABILITIES & PROVISIONCURRENT LIABILITIES 8 9,342,497.00 10,910,670.00

NET CURRENT ASSETS 6,140,884.00 6,012,147.00

MISCELLANEOUS EXPENDITURES(TO THE EXTENT NOT WRITTEN OFF OR ADJUSTED)PRELIMINARY EXPENSES 24,090.00 26,767.00LESS : WRITTEN OFF DURING THE YEAR 2,409.00 2.677.00

21,681.00 24,090.00 TOTAL 7,172,716.00 7,172,949.00

ACCOUNTING POLICIES AND NOTES ON ACCOUNTS 11

SCHEDULE REFERRED TO ABOVE FORM INTEGRAL PART OF THE BALANCE SHEET.

AS PER OUR ATTACHED REPORT OF EVEN DATE.

For M. P. SHAH & CO. ON BEHALF OF THE BOARD OF DIRECTORSChartered Accountants For KSHITIJ INVESTMENTS LIMITED

Sd/- Sd/- Sd/-(M. P. SHAH) (KSHITIJ RAJKUMAR) (PANKAJ RAVAL) Partner Director DirectorM. No. 2443

PLACE : KOLKATADATED : 20-05-2010

Kshitij Investments Limited

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PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010

SCHEDULES CURRENT YEAR PREVIOUS YEAR AMOUNT (in Rs.) AMOUNT (in Rs.)

INCOME :

SALES 383,586.00 2,953,749.00

OTHER INCOME 9 464,460.00 75,556.00

CLOSING STOCK 1,633,624.00 --

TOTAL 2,481,670.00 3,029,305.00

EXPENDITURE :

OPENING STOCK -- --

PURCHASES 1,999,658.00 2,703,643.00

ADMINISTRATIVE & OTHER EXPENSES 10 339,484.00 326,384.00

AUDIT FEES 16,200.00 16,200.00

DEPRECIATION 126,561.00 222,891.00

TOTAL 2,481,903.00 3,269,118.00

PROFIT / (LOSS) BEFORE TAX (233.00) (239,814.00)

PROVISION FOR TAX1)CURRENT TAX - -2) FRINGE BENEFIT TAX - 4,180.00

PROFIT / (LOSS) AFTER TAX (233.00) (243,994.00)

ADD : PROFIT / (LOSS) BROUGHT FORWARD 666,449.00 910,443.00

PROFIT / (LOSS) CARRIED FORWARD 666,216.00 666,449.00TO BALANCE SHEETACCOUNTING POLICIES AND NOTES ON ACCOUNTS 11

SCHEDULE REFERRED TO ABOVE FORM INTEGRAL PART OF THE PROFIT & LOSS ACCOUNTAS PER OUR ATTACHED REPORT OF EVEN DATE.

For M. P. SHAH & CO. ON BEHALF OF THE BOARD OF DIRECTORSChartered Accountants For KSHITIJ INVESTMENTS LIMITED

Sd/- Sd/- Sd/-(M. P. SHAH) (KSHITIJ RAJKUMAR) (PANKAJ RAVAL) Partner Director DirectorM. No. 2443

PLACE : KOLKATADATED : 20-05-2010.

Kshitij Investments Limited

Page 16: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

16

SCHEDULES FORMING PART OF THE BALANCE SHEET AND PROFIT AND LOSS A/C

CURRENT YEAR PREVIOUS YEAR AMOUNT (in Rs.) AMOUNT (in Rs.)

SCHEDULE - 1

AUTHORISED CAPITAL750000( Previous Year 750000 Equity Shares) 7,500,000.00 7,500,000.00Equity Shares of Rs. 10/- each

ISSUED, SUBSCRIBED & PAID UP629400( Previous Year 629400 Equity Shares)Equity Shares of Rs. 10/- eachFULLY PAID UP 6,294,000.00 6,294,000.00

6,294,000.00 6,294,000.00

SCHEDULE - 2

RESERVE & SURPLUS

CAPITAL RESERVE 212,500.00 212,500.00PROFIT & LOSS ACCOUNT 666,216.00 666,449.00

878,716.00 878,949.00

SCHEDULE - 4

INVETORIES 1,633,624.00 --(AS CETIFIED BY THE MANAGMENT) 1,6,33,624.00 --

SCHEDULE - 5

SUNDRY DEBTORS

(UNSECURED, CONSIDERED GOODBY THE MANAGEMENT)OUTSTANDING MORE THAN SIX MONTHS - -

OUTSTANDING BELOW SIX MONTHS - 1,266,464.00

- 1,266,464.00

SCHEDULE - 6CASH & BANK BALANCESCASH IN HAND 8,140.00 1,257.00As Certified by Management)CASH AT BANK IN CURRENT ACCOUNTS 213,553.00 762,879.00

221,693.00 764.136.00

Kshitij Investments Limited

Page 17: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

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CURRENT YEAR PREVIOUS YEAR AMOUNT (in Rs.) AMOUNT (in Rs.)

SCHEDULE - 7LOANS & ADVANCESADVANCE TO STAFF 56,161.00 56,161.00

OTHER ADVANCES 13,494,524.00 14,758,677.00

DEPOSITS 77,379.00 77,379.00

13,628,064.00 14,892,217.00

SCHEDULE - 8CURRENT LIABILITIES

SUNDRY CREDITORS 290,089.00 1,885,162.00

advance & DEPOSITS 8,968,547 8,870,476.00

OTHER LIABILITIES 83,861 150,852.00

PROVISION FOR F.B.T. - 4,180.009,342,497.00 10,910,670.00

SCHEDULE - 9

OTHER INCOMESUNDRY BALANCE WRITTEN BACK -- 71670.00PROFIT ON SALE OF INVESTMENTS -- 3,886.00MAINTENANCE CHARGES 218,460.00 --SERVICE CHARGES 246,000.00 -

464,460.00 75,556.00SCHEDULE - 10OTHER EXPENSES

EMPLOYEES REMUNARATIONBONUS 5,200.00 5,200.00ESTABLISHMENT 62,400.00 62,400.00HOUSE RENT ALLOWANCE 6,240.00 6,120.00

[A] 73,840.00 73,720.00

STAFF WELFARE EXPENSESLEAVE TRAVEL ALLOWANCE 5,200.00 5,200.00MEDICAL EXPENSES REIMBURSEMENT A/C 5,200.00 5,200.00

[B] 10,400.00 10,400.00

SUB TOTAL [A + B] 84,240.00 84,120.00

RENT, RATES, TAXES & LICENSE FEESLICENCE FEES 1,850.00 --RENT A/C 13,620.00 7,620.00

SUB TOTAL = 15,470.00 7,620.00

Kshitij Investments Limited

Page 18: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

18

CURRENT YEAR PREVIOUS YEAR AMOUNT (in Rs.) AMOUNT (in Rs.)

ADMINISTRATIVE & OPERATIONAL EXPENSESADVERTISEMENT 35,012 39,513BROKERAGE & COMMISSION 17,593 -CELL PHONE CHARGES 1,500 -CONVEYANCE 5,395 2,108CENTRAL SALES TAX: PAID - 5,744COOLIE & CARTAGE - 120ANNUAL LISTING FEES - 58,284ELECTRIC CHARGES 1,200 -EX-GRATIA - 4,400FILING FEES 4,200 2,500GENERAL EXPENSES 551 1,500HANDLING CHARGES 8,250 -INTEREST - 5,016INTERNET CHARGES 9,580 -INTEREST ON FBT 450 2,670INTEREST ON VAT 3,993 -LEGAL EXPENSES 721 130LICENCE FEES - 1,850MISC EXPENSES - 414OTHER ALLOWANCE 32,400 26,400POSTAGE & COURIER 870 1,047PRELIMINARY EXPENSES WRITTEN OFF 2,409 2,677PRINTINGT & STATIONERY 3,877 12,192PROFESSIONAL FEES 47,760 9,292PROFESSIONAL TAX 2,500 2,500REPAIR & MAINTENANCE 380 -SALES PROMOTION - 52,480SALES TAX EXPENSES A/C 320 420SUNDRY BALANCES WRITTEN OFF 905 3TELEPHONE CHARGES - 1,601TRAVELLING EXPENSES 29,207 -

SUB TOTAL = 209,073 232,861

BANK COMMISSION & OTHER CHARGES 1,914 1,784TRANSPORT CHARGES 28,787 -

SUB TOTAL = 30,701 1,784

GRAND TOTAL OF SCHEDULE 10 339,484 326,384

Kshitij Investments Limited

Page 19: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

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Page 20: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

20

SCHEDULE – 11:

ACCOUNTING POLICIES AND NOTES ON ACCOUNTS :-

1. Significant Accounting Policies :

1.1. Method of Accounting :

The financial statements have been prepared on the historical cost convention and in accordancewith mandatory accounting standards.

1.2. Revenue Recognition :

Sales are recognized on the basis of dispatches to the customers. Sales dose not includes Stateor Central Sales Tax.

1.3. Fixed Assets :

Fixed assets have been stated at the cost less accumulated depreciation Cost comprises thepurchase price and other attributable expenses. Depreciation is provided on straight line methodin accordance with the rate prescribed under schedule XIV of the companies Act 1956, on pro-rata basis.

1.4. Inventories :

Finished goods are valued at cost or net realizable value whichever is lower.

1.5. Miscellaneous Expenditure :

Preliminary expenses are being written off @10% from the year of commercial production.

1.6. Retirement Benefit :

Employees Provident Fund Act and Employees State Insurance Act are not applicable to thecompany. No provision has been made for leave encashment and Gratuity payable on retirement.

2. Notes on Accounts

2.1. All the current assets, loans and advances have a value, on realization at least equal to theamount, at which they are stated in the accounts.

2.2. All the known liabilities have been provided for and there are no contingent liabilities during theyear.

2.3. Depreciation on fixed assets have been provided during the year on straight line method at therate prescribed under schedule XIV of the companies Act 1956.

2.4. Due to / from small scale industries more than Rs.1 lac. Nil.

Kshitij Investments Limited

Page 21: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

21

2.5. Balance with sundry debtors, creditors are subject to confirmation from the respective partiesand consequential / adjustments arising there form, if any.

2.6. In absence of virtual certainty of sufficient taxable income, net deferred tax assets has not beenrecognized by way of prudence in accordance with Accounting Standard (AS) 22 “Accounting fortaxes on Income” issued by the Institute of Chartered Accountants of India.

2.7. Segmental Reporting

The Company is engaged in selling of Iron & Steel products only. Hence, the company has noBusiness & Geogrphical Segment during the year.

2.8. RelatedParty Disclosure :

There is no related party transaction during the year.

2.9 EARNING PER SHARE

PARTICULARS 31.03.2010 31.03.2009

Profit/(Loss) Attributable to the (233) (243,994)Share holders

Weighted average no, of Eguity Sharesoutstanding during the year 629400 629400

Nominal value of Equity Share 10 10

Basic/Diluted earning per Share -- (0.39)

2.10 Previous year figures have been regrouped and / or rearranged wherever considere necessary

Schedule 1 to 11form an integral part of Accounts

As per our annexed Report of even date

For M. P. SHAH & CO.Chartered Accountants For KSHITIJ INVESTMENTS LIMITED

Sd/- Sd/- Sd/-(M. P. SHAH) (KSHITIJ RAJKUMAR) (PANKAJ RAVAL) Partner Director DirectorM. No. 2443

PLACE : KOLKATADATED : 20.05.2010

Kshitij Investments Limited

Page 22: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

22

For and on behalf of the Board KSHITIJ INVESTMENTS LIMITED

Sd/- Sd/- (KSHITIJ RAJKUMAR) (PANKAJ RAVAL)

Director DirectorPLACE : KOLKATADATED : 20.05.2010

AUDITOR’S CERTIFICATEWe have verified the above cash flow statement for the year ended 31st March, 2010 of Kshitij Investments Limited. Thestatement is based on and in agreement with the coorespoding Profit & Loss Account and Balance Sheet of the compnaycovered by our report of 20th June, 2010 to the members of the company and has been prepared in accordance with therequirements of clause 32 of the company’s Listing agreement with Stock Exchanges.

For M. P. SHAH & CO. CHARTERED ACCOUNTANTS

Sd/- (M. P. SHAH)

PLACE : KOLKATA PartnerDATED : 20.5.2010 M. No. 2443

Kshitij Investments LimitedCASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010

2009-2010 2008-2009(in Rs.) (in Rs.)

A. CASH FLOW FROM OPERATIONAL ACTIVITESNet Profit/(Loss) for the Year - 233 - (239,814)Add : Adjustment for :

Depreciation 126,561 222,891Preliminary Expenses W/Off 2,409 2,677Sundry Debit Balance Written Off 905 3Interest Paid - -

129,875 225,571129,642 (14,243)

Less : Sundry Balance Written Back - 71,670Interest Received - -Profit on sale of Investment - 3,886

- 75,556Operating Profit before working capital Changes - 129,642 - (89,799)

Adjustment for :Inventories (1,633,624) -Current Liabilities (1,568,173) (7,272,524)Loans & Advances 1,264,153 (1,953,416)Receivable 1,265,559 9,877,466

(672,085) 651,526Net Cash used in operation (542,443) 561,727B. CASH FLOW FROM INVESTING ACTIVITIES

Sale of Investment 15,309 -Purchase of Fixed Assets (626,883) -Sale of Fixed Assets 694,838Interest Received - - - 83,264Net cash used in investing activities 83,264-

C. CASH FLOW FROM FINANCING ACTIVITIESInterest Paid - -Net cash used in financing activities (542,443) 644,991

Net increase in cash & cash equivalents (A+B+C) - -Add. : Opening Cash & Cash equivalents 764,136 119,145Less : Investment included in above - -

764,136 119,145Closing Cash & Cash equivalents as 31st March, 2010 221,693 764,136

Page 23: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

23

Balance Sheet abstract and Company’s General Business Profile required under Part IV of ScheduleVI to the Companies Act, 1956

1. Registration Details :

Registration No. 21,315 State Code 11

Balance Sheet Date 31st March, 2010

2. Capital Raised During the Year

Public Issue NIL Right Issue NIL

Bonus Issue NIL Private Placement NIL

3. Position of Mobilization and ( Rs. in thousand)Deployment of Funds

Total Liabilities 7,173 Total Assets 7,173

Sources of Funds :

Paid of Capital 6,294 Reserve Surplus 879Secured Loan NIL Unsecured Loan --

Application of Funds :Net Fixed Assets 1,010 Investments --Net Current Assets 6,141 Misc. Expenditure 22Accumulated Losses NIL

4. Performance of the Company : ( Rs. in thousand)

Total Income 2,482 Total Expenditure 2,482

Profit/(Loss) Before Tax (0.233) Profit/(Loss) After Tax (0.233)

Earning Per Share (Rs.) - Dividend Rate (%) NIL

5. Generic Names of Principle Products :

Name ITC Code

Wire, Rod & Coils HC 7213.90

CTD Bar HC 7214.20

Kshitij Investments Limited

Page 24: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

24

KSHITIJ INVESTMENTS LIMITEDRegd. Office : 509, Loha Bhavan, 93, P. D’Mello Road, Carnac Bunder, Mumbai – 400 009.

ATTENDANCE SLIP

Please complete the attendance slip and hand it over at the entrance of the meeting hall. Joint Shareholdersmay obtain additional attendance slip on request.

Name & Address of the Shareholder (In Block Letter)(To be filled in if the first named Joint-holder does not attend the meeting)

Name of the proxy

No. of Share Held Registered Folio No.

I hereby record my presence at the THIRTY FIRST ANNUAL GENERAL MEETING of the Company at theRegistered Office of Company at 509, Loha Bhavan, 93, P. D’Mello Road, Carnac Bunder,Mumbai – 400 009. on 14th Sept, 2010. at 10.00 a.m.

Members’/Proxys’ Signature(To be signed at the time of handing over this slip).

(Please cut here)

KSHITIJ INVESTMENTS LIMITEDRegd. Office : 509, Loha Bhavan, 93, P. D’Mello Road, Carnac Bunder, Mumbai – 400 009.

PROXY FORM

I/We being a members of Kshitij Investments Limited hereby appoint of

as my/our proxy to vote for me/us on our behalf at the THIRTY FIRST ANNUAL GENERAL MEETING ofthe Company to be held on 14h day of September, 2010 at 10.00 a.m. at the Registered Office of theCompany at 509, Loha Bhavan, 93, P. D’Mello Road, Carnac Bunder, Mumbai – 400 009.

Signed this day of 2010.

Regd. Folio No.

No. of Shares held Affix Re.1/-.

RevenueStamp

Kshitij Investments Limited

Page 25: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

25

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Page 26: Kshitij Investments Limited...2 KSHITIJ INVESTMENTS LIMITED Regd. Office: 509, Loha Bhavan, 93, P. D’mello Road, Carnac Bunder, Mumbai – 400 009. NOTICE Notice is hereby given

26

Kshitij Investments Limited

31st Annual Report

2009 - 2010