SHREE RANI SATI INVESTMENT AND FINANCE LIMITED

SHREE RANI SATI INVESTMENT AND FINANCE LIMITED

32ND

20092010


BOARD OF DIRECTORS

Shri. Vijay Kumar Jatia ‐ ChairmanSmt. Gauri Jatia ‐ Whole‐time Director Shri. Basant Kumar Khaitan ‐ Director Shri. Pradip Kumar Bubna ‐ Director Shri. Ashwin Didwania ‐ Director ( Upto 26.08.2009) Shri . S. C. Kedia ‐ Director (From 04.06.2009)

BANKERS

Punjab National Bank

AUDITORS

M/s. M L Sharma & Company

REGISTERED OFFICE

Modern Centre, Sane Guruji Marg,

Mahalaxmi, Mumbai ‐ 400 011.


N O T I C E NOTICE is hereby given that the 32nd Annual General Meeting of the members of Shree Rani Sati Investment and Finance Limited will be held at the Registered Office of the Company at Modern Centre, Sane Guruji Marg, Mahalaxmi, Mumbai 400 011, on Friday, the 23rd July, 2010 at 1.00 p.m. to transact the following business:‐

ORDINARY BUSINESS:

1. To receive, consider and adopt the audited Balance Sheet as at 31st March, 2010 and the Profit & Loss Account for the year ended on that date and the Reports of the Directors (together with Compliance Certificate under section 383A of the Companies Act, 1956) and of the Auditors thereon.

2. To appoint a Director in place of Shri. Basant Kumar Khaitan who retires by rotation and being eligible, offers himself for re‐appointment.

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

SPECIAL BUSINESS:

4. To consider and, if thought fit, to pass with or without modification(s) the following Resolution as an Ordinary Resolution:

“RESOLVED that, Shri Subhash Chandra Kedia who was appointed as an Additional Director in the meeting of the Board of Directors of the company and who holds office as such up to the date of the 32nd Annual General Meeting and in respect of whom notice under S. 257 of the Companies Act, 1956 has been received from a member signifying his intention to propose Shri Subhash Chandra Kedia as a candidate for the office of Director of the Company, be and is hereby appointed as a Director of the Company.”

5. To consider and, if thought fit, to pass with or without modification(s) the following Resolution

as Special Resolution “RESOLVED that pursuant to the provisions of Ss. 314, 314(1B) and other applicable provisions of the Companies Act, 1956 consent of the Company be and is hereby accorded to the appointment and remuneration of Rs. 15,000/- p.m. payable to Smt. Prerna Jatia, relative of the Directors from the date she became relative of directors of the Company with effect from 21st May, 2009.”

By Order of the Board of Directors

Sd/ Place: Mumbai Vijay Kumar Jatia Date: 30th April, 2010 Chairman Registered Office: Modern Centre, Sane Guruji Marg, Mahalaxmi, Mumbai ‐ 400 011

NOTES:

a) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. Proxies, in order to be effective, must be received by the company not less than 48 hours before the meeting.

c) The Register of Members and Share Transfer Books of the Company will remain closed from Wednesday, the 14th July, 2010 to Friday, the 23rd July, 2010 (both days inclusive). d) All the statutory registers are open for inspection by members on any working day during working hours. ANNEXURE TO NOTICE Explanatory Statement pursuant to the provisions of Section 173(2) of the Companies Act, 1956. Item No. 4 Shri S. C. Kedia was appointed as additional director of the Company by the Board of Director at their meeting held on 4th June, 2009. As per the provisions of Section 260 of the Companies Act, 1956, he holds office only up to the date of the ensuing Annual General Meeting of the Company. Hence, it is required to regularize his appointment at the ensuing Annual General Meeting of the Company. The Directors commend for your approval the proposed resolution under Item No.4. None of the above Directors except Shri Subhash Chandra Kedia is interested in the aforesaid resolution Item No. 5 Smt. Prerna Sidhant Jatia Nee: Smt. Prerna Ram Kumar Maloo was appointed Executive of the Company w.e.f. 1st April, 2009, on a monthly remuneration of Rs. 15,000/- p.m. Subsequent to this, she became relative of the Directors on 21st May, 2009. In terms of Sec 314 and 314(1B) of the Companies Act, 1956 no relative of a Director shall hold the place or office of profit except with the consent of Shareholders accorded by way of Special Resolution. Hence, this Resolution. Except Shri Vijay Kumar Jatia and Smt. Gauri Jatia, none of the Directors are interested in the aforesaid Resolution.

By Order of the Board of Directors Sd/-Place: Mumbai Vijay Kumar JatiaDate: 30th April, 2010 Director

Registered Office: Modern Centre, Sane Guruji Marg, Mahalaxmi, Mumbai - 400 011


DIRECTORS' REPORT

To, The Members, The Directors have pleasure in submitting their 32nd Annual Report on the working of the company together with the audited accounts for the year ended 31st March, 2010. FINANCIAL RESULTS

Year Ended 31.03.2010 31.03.2009 Rupees Rupees Rupees Rupees Gross Profit/(Loss) before interest, depreciation & taxes

3,36,70,186 9,00,93,833

Less : Interest 1,28,22,755 92,10,271 Depreciation 2,88,921 1,31,11,676 1,72,032 93,82,303

Profit/(Loss) before tax 2,05,58,510 8,07,11,530 Less : Provision for taxation: Current Tax 28,00,000 89,00,000 Deferred Tax MAT Credit Entitlement

6,02,213 (27,52,677)

(1,30,28,975) (88,51,334)

Fringe Benefit Tax 6,49,536

27,000 (1,29,53,309)

Profit/(Loss) after tax 1,99,08,974 9,36,64,839 Income Tax for earlier years 29,640 Balance brought forward from last year

17,90,16,929 8,53,22,450

Balance Carried to Balance Sheet 19,89,25,903 17,90,16,929

Basic/Diluted Earning per Share 99.54 468.32

DIVIDEND In order to strengthen the internal resources of the Company, your Directors propose to carry forward the sum of Rs. 19,89,25,903/‐ and therefore do not recommend any dividend for the year ended 31st March, 2010. DIRECTORS Shri. Basant Kumar Khaitan, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re‐appointment. Shri Subhash Chandra Kedia has been appointed as Additional Directors of the Company to hold the office upto the ensuing Annual General Meeting, during the year. His candidatures for directorship of the Company is being moved at the 32nd AGM. Shri Ashwin Didwania resigned during the year. The Board put on record the appreciation of the services rendered by him during his tenure.


AUDITORS' APPOINTMENT The present Auditors, M/s M. L. Sharma & Company, Chartered Accountants, hold office until the conclusion of the ensuing Annual General Meeting, and being eligible, offer themselves for re‐appointment. Members are requested to appoint Auditors and to fix their remuneration. FIXED DEPOSITS The Company has not accepted any "Deposit" from the public during the year under review. SUBSIDIARY COMPANIES The statements as required under Section 212 of the Companies Act, 1956 together with the Audited Accounts and Auditors’ Report of the Subsidiary Company Modern Derivatives & Commodities P. Ltd. for the year ended 31st March, 2010 are annexed, hereto.

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

Your Company being basically an investment, finance and trading Company, the provisions of Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 relating to Conservation of Energy do not apply to your Company. The Company has not entered into any foreign collaboration for the import of technology.

Foreign Exchange Earning: Nil Foreign Exchange Outgo: Rs. 97,756/‐ STATEMENT OF PARTICULARS OF EMPLOYEES

There were no employees receiving remuneration as prescribed under Section 217(2A) of the Companies Act, 1956, during the year under review, hence the Companies (Particulars of Employees) Rules, 1975 do not apply to the Company.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors confirm:

i) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure;

ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 31st March, 2010 and of the profit of the Company for that period;

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

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

COMPLIANCE CERTIFICATE Compliance Certificate of the Secretary in whole‐time practice under Section 383A of the Companies Act, 1956 in respect of the financial year ended on 31st March, 2010 is annexed hereto.

For and on behalf of the Board of Directors

Sd/‐ Place: Mumbai VIJAY KUMAR JATIA Date: 30th April, 2010

CHAIRMAN

Registered Office: Modern Centre, Sane Guruji Marg, Mahalaxmi, Mumbai ‐ 400 011.

As at 31st As at 31stSchedule March, 2010 March, 2009

Rupees RupeesSOURCES OF FUNDS

Shareholders' Fund Share Capital 1 2000000 2000000 Reserve & Surplus 2 254784930 234875956

256784930 236875956 Loan Fund Secured Loans 3 712765 285833 Unsecured Loans 4 82935210 143731462

83647975 144017295

Deferred Tax Liability 56543 -Total Funds Employed 340489448 380893251

APPLICATION OF FUNDS

Fixed Assets 5 Gross Block 1555898 622262 Less : Accumulated Depreciation 469568 180647 Net Block 1086330 441615 Investments 6 48593290 68351117 Deferred Tax Assets 13640326 14185996 Current Assets, Loans & Advances Inventories 7 24165047 4087611 Sundry Debtors 8 256549 278628 Cash & Bank Balances 9 261308 75000 Loans & Advances 10 272651415 310313486

297334319 314754725 Less:Current Liabilities & Provisions 11 Current Liabilities 2667817 2143202 Provisions 17497000 14697000

20164817 16840202 Net Current Assets 277169502 297914523

Total Fund Utilised 340489448 380893251

SIGNIFICIANT ACCOUNTING POLICIES, NOTES ONACCOUNTS 16

As per our report of even date For M.L. SHARMA & COMPANYRegd No 109963WChartered Accountants Sd/-

Vijay Kumar Jatia Director

Sd/-(C H BANDI) Partner Sd/-Membership No : 5385 Gauri Jatia Mumbai, Dated : 30th April, 2010 Director

SHREE RANI SATI INVESTMENT AND FINANCE LIMITED BALANCE SHEET AS AT 31ST MARCH, 2010

For and on behalf of the Board

Current Previous Schedule Year Year

Rupees RupeesINCOME

Sales 12 51716769 82050152 Income from Operation 13 29046911 140183462

80763680 222233614

EXPENDITURE

Purchases 64913361 54219950 Interest 12822755 9210271 Administrative & Other Expenses 14 2257569 30092593 Depreciation 288921 172032 (Increase)/Decrease in Stock 15 (20077436) 47827238

60205170 141522084

PROFIT

Profit/(Loss) before Tax 20558510 80711530 Less : Provision for Taxation : Current Tax 2800000 8900000 Fringe Benefit Tax - 27000 Deferred Tax 602213 (13028975) MAT Credit Entitlement (2752677) (8851334) Profit/(Loss) after Tax 19908974 93664839 Income Tax for earlier years - 29640 Balance brought forward from last year 179016929 85322450 Balance carried to Balance Sheet 198925903 179016929

EARNING PER SHARE 99.54 468.32 [Refer Note no (II) 5 of Schedule 16] Basic/Diluted earning per share

SIGNIFICIANT ACCOUNTING POLICIES, NOTES ONACCOUNTS 16



Sd/-(C H BANDI) Partner Sd/-Membership No : 5385 Gauri Jatia Mumbai,Dated : 30th April, 2010 Director



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

As at 31st As at 31stMarch, 2010 March, 2009

Rupees RupeesSCHEDULE - 1 SHARE CAPITAL Authorised 500000 Equity Shares of Rs 10/- each 5000000 5000000

5000000 5000000

Issued, Subscribed & Paid Up 200000 Equity Shares of Rs 10/- 2000000 2000000 each fully paid up

2000000 2000000

SCHEDULE - 2 RESERVE & SURPLUS Capital Reserve 18551588 18551588 As per last Balance Sheet General Reserve As per last Balance Sheet 37307439 37307439 Surplus Balance in Profit & Loss Account 198925903 179016929

254784930 234875956

SCHEDULE - 3 SECURED LOANS HDFC Bank Ltd (Car Loan) 712765 285833 [Repayable current year Rs 327068/- (Previous year Rs 166850/-)]

712765 285833

Vehicle Loan is Secured against the specific vehicles.

SCHEDULE - 4 UNSECURED LOANS Short Term Loans & Advances From Companies 72800000 136650000 Interest accrued & due 10135210 7081462

82935210 143731462

SHREE RANI SATI INVESTMENT AND FINANCE LIMITEDSCHEDULES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS 31ST MARCH, 2010

SCHEDULE - 5 FIXED ASSETS

Particulars As at As at Up to Up to As at As at01.04.2009 Additions Deduction 31.03.2010 31.03.2009 For the Year Deduction 31.03.2010 31.03.2010 31.03.2009Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees

Motor Car 1 593964 - - 593964 169389 109922 - 279311 314653 424575Motor Car 2 - 933636 - 933636 - 172183 - 172183 761453 -Computer 28298 0 - 28298 11258 6816 - 18074 10224 17040

622262 933636 0 1555898 180647 288921 - 469568 1086330 441615Previous Year 1036099 28298 442135 622262 270318 172032 261703 180647 441615 765781

SHREE RANI SATI INVESTMENT & FINANCE LIMITED

GROSS BLOCK - AT COST DEPRECIATION NET BLOCK

SCHEDULE - 6 INVESTMENTS

Face No of No ofValue Shares Cost Shares Cost

Rupees Rupees Rupees LONG TERM INVESTMENTS Fully Paid Up (Quoted) : Equity Shares of Modern India Ltd 2 8825221 30985290 8929816 31350117

30985290 31350117

Fully Paid Up (Unquoted) : Equity Shares of F Pudumjee Investment Co Ltd 10 50000 502500 50000 502500 Sarat Leasing & Finance Ltd 10 550000 5500000 550000 5500000 Equest Capital Advisors Pvt Ltd 10 40000 400000 40000 400000 Modern India Free Trade Warehousing 10 1000 10000 1000 10000 Pvt Ltd Gyan Ventures Pvt Ltd 10 1750 17500 1750 17500 Lexicon Constructions Pvt Ltd 10 1750 17500 1750 17500 Modern India Realty & Infra Ltd 10 5000 50000 - - Mandev Tubes Pvt Ltd 10 - - 37000 4995000 Redeemable Non-Cumulative Preference Shares of Sarat Leasing & Finance Ltd - 10% 100 - - 56000 5600000 Candescent Traders Pvt Ltd - 10% 100 4500 450000 4500 450000 Camellia Mercantile Pvt Ltd - 10% 100 - - 10000 1000000 Alcyone Trading Co Pvt Ltd - 10% 100 - - 25000 2500000 Ignatius Trading Co Pvt Ltd - 10% 100 - - 5000 500000 F Pudumjee Investment Co Ltd - 12% 10 - - 239800 2398000 Vedant Mercantile Pvt Ltd - 9% 100 - - 16000 1600000

6947500 25490500

Investment in Subsidiary Companies Fully Paid Up (Unquoted) : Equity Shares of Modern Derivatives & Comm Pvt Ltd 10 1050000 10510500 105000 10510500

10510500 10510500

Investment in Units The Osian Art Fund - SC1 10 - 150000 10000 1000000

150000 1000000TOTAL 48593290 68351117

Aggregate Book Value - Quoted 30985290 31350117 Aggregate Book Value - Unquoted 17608000 37001000 Market Book Value - Quoted 1340551070 1322059259


As at 31st March, 2010 As at 31st March, 2009

As at 31st As at 31stMarch, 2010 March, 2009

Rupees RupeesSCHEDULE - 7 INVENTORIES Equity Shares 24165047 4087611

24165047 4087611

SCHEDULE - 8 SUNDRY DEBTORS (Unsecured, Considered Good) Others 256549 278628

256549 278628

SCHEDULE - 9 CASH & BANK BALANCES Cash on Hand 75000 75000 In Current Account with Scheduled Banks 186308 -

261308 75000

SCHEDULE - 10 LOANS & ADVANCE (Unsecured, Considered Good) Loans 130675000 166750000 Deposits 56291 51734 Prepaid Insurance 5252 8600 Advances recoverable in cash or in kind or for value to be recd 107742311 116133279 MAT Credit Entitlement 17883262 15130585 Advance Fringe Benefit Tax 99970 99241 Advance Income Tax, Tax Deducted at Source & STT 16189329 12140047

272651415 310313486

SCHEDULE - 11 CURRENT LIABILITIES & PROVISIONS Current Liabilities Sundry Creditors for expenses other than Micro, Small & 35744 44231 Medium Enterprises Tax Deducted at Sources 2632073 2079186 On Current a/c with Scheduled Bank (Temporary Overdrawn) - 19785

2667817 2143202 Provisions Provisions for Taxations 17400000 14600000 Provisions for FBT 97000 97000

17497000 1469700020164817 16840202


Current Previous Year Year

Rupees RupeesSCHEDULE - 12 SALES Sales - Shares 51716769 82050152

51716769 82050152

SCHEDULE - 13 INCOME FROM OPERATION Interest - Gross [TDS Rs 1045883/- (Previous Year Rs 918027/-)] 9428507 4085846 Dividend - Gross From Long Term Investments 4412611 1801521 From Others 138298 788264 Miscellaneous Income 15342 8981 Profit on Sale of Car - 19568 Profit on Sale of Long Term Investments 15052153 133479282

29046911 140183462

SHREE RANI SATI INVESTMENT AND FINANCE LIMITEDSCHEDULES ANNEXED TO AND FORMING PART OF THE PROFIT & LOSS ACCOUNT

FOR THE YEAR ENDED 31ST MARCH, 2010

Current Previous Year Year

Rupees RupeesSCHEDULE - 14 ADMINISTRATIVE & OTHER EXPENSES Directors' Remuneration 433715 430430 Salaries & Bonus 653575 580945 Bank & Demat Charges 26111 47704 Directors' Sitting Fees 6750 6000 Listing Fees 11030 11084 Advertisement 167928 321016 Printing & Stationery 3393 4189 Telephone Expenses 38522 54793 Travelling & Conveyance 199200 142500 Legal & Professional Fees 235075 202284 Motor Car Expenses 180098 50463 Insurance 9376 8110 Share Trading Expenses 140980 211562 Auditors' Remuneration For Audit Fees 27575 For Tax Audit Fees 11030 38605 38605 Miscellaneous Expenses 113211 50279 Short Term Capital Loss - 27774468 Loss in Shares Futures - 158161

2257569 30092593

SCHEDULE - 15 (INCREASE)/DECREASE IN STOCK Opening Stock Equity Shares 4087611 95505495

4087611 95505495 Less : Transfer to Investment Account - 43590646

4087611 51914849 Closing Stock Equity Shares 24165047 4087611

24165047 4087611(20077436) 47827238


SCHEDULE - 16

I Significant Accounting Policies : a) General : These accounts are prepared on the historical cost convention and on the Accounting principle of a going concern. Accounting principles not specificially referred to otherwise are consistent with earlier years and in consonance with generally accepted accounting principle. b) Fixed Assets : Fixed Assets are stated at cost less accumulated depreciation. c) Depreication : Depreciation on fixed assets has been provided on WDV basis as per the rates specified in Schedule XIV of the Companies Act, 1956. d) Investments : --Long Term Investments are stated at cost. Provision for diminution in the value of long term investments made only if, such a decline in the opinion of the management is other than temporary. --Investments include shares and securities purchased with the intention of holding them as investment as per Board resolution. --Current Investments are stated at Lower of cost or Fair value. e) Inventories : Inventories are valued at cost or market value whichever is lower. Cost comprises of all cost of purchases & other cost incidental thereto. Cost formula used is FIFO. f) Recognition of Income & Expenditure : Income & Expenditure are recognised on accrual basis except dividend, which is accounted on receipt basis and interest on debentures, which is accounted as per the terms of the issue laid down by the Issuer Company. g) Taxation : Provision for Income-tax is made on the assessable income at the tax rate applicable to the relevant assessment year. Deferred income taxes are recognized for the future tax consequences attributable to timing differences between the financial statement determination of income and their recognition for tax purpose. The effect of deferred tax assets and liabilities of a change in tax rates are recognized in income using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. h) Contigent Liability : Contingent Liabilities are not provided for in the accounts and are disclosed by way of notes, if any. i) Intangible Assets : Intangible Assets are recognized by the Company only if it is probable that the future economic benefit that are attributable to the assets will flow to the enterprises and the cost of the same can be measured reliably. Intangible Assets are amortized on a systematic basis over its useful life and the amortization for each period will be recognized as an expenses. j) Provisions : A provision is recognized when an enterprises has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjisted to reflect the current best estimates. k) Impairment : Impairment loss is recognized wherever the carrying amount of an asset is in excess of its recoverable amount and the same is recognized as an expenses in the statement of profit and loss and carrying amount of the recoverable amount. Reversal of Impairment loss is recognized in prior years is recorded when there is an indication that the assets is reduced to its impairment losses recognized for the asset no longer exist or have decreased.

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

SHREE RANI SATI INVESTMENT AND FINANCE LIMITEDSCHEDULES OF NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET

l) Foreign Currency Transaction : Foreign Currency Transactions are recorded at the exchange rate prevailing on the date of transaction. Monetary Assets and Liabilities in foreign currency transactions remaining unsettled at the end of the year (other than forward contract transactions) are translated at the year end rates and the corresponding effect is given to the respective account. Exchange differences' arising on account of fluctuations in the rate of exchange is recognized in the P & L A/cs.

m) Retirement Benefits : Retirement benefits are not applicable to the Company.

II Notes on Accounts : 1. In compliance with the AS - 22 "Accounting for taxes on Income" the company has reversed Deferred Tax Assets (Net) amounting to 602213/- for the current year and the same has been transfer to Profit & Loss A/c. i) Deferred Tax Assets are the Tax effect of the following items

31.03.2010 31.03.2009 i) Un absorbed Business Losses (512528) 8294312 ii) Un absorbed Short Term Capital Losses 0 4720271 iii) Depreciation (89685) 14392

(602213) 13028975 ii) Position of Defferred Tax Assets as on Balance Sheet Date are as under

31.03.2010 31.03.2009 a) Deferred Tax Liabilities : Depreciation 56543 0

b) Deferred Tax Assests i) Un absorbed Business Losses 8920055 9432583 ii) Short Capital Capital Lossess 4720271 4720271 iii) Depreciation 0 33142

13640326 14185996

2. As per the Guidance Note on Accounting for Credit available in respect of Minimum Alternative Tax (MAT) under the Income Tax Act, 1961 the Company has recognised the MAT credit entitlement for current year amounting to Rs 2752677/- and shown under Loans and Advances as MAT Credit Entitlements and same has been credit to Profit and Loss Account.

3. Disclosure of related party transaction as required by para 23 of AS18 issued by The Institute of Chartered Accountants of India : a) List of Related Parties over which control exists and transactions made during the year:

1. F Pudumjee Investment Co Ltd Associates : Signaficant Influence 2. Modern India Ltd Associates : Signaficant Influence 3. Modern Derivatives & Commodities Pvt Ltd Subsidary : Where Control Exist 4. Sarat Leasing and Finance Ltd Associates : Signaficant Influence 5. Camellia Mercantile Pvt Ltd Associates : Signaficant Influence 6. Alcyone Trading Co Pvt Ltd Associates : Signaficant Influence 7. Candescent Traders Pvt Ltd Associates : Signaficant Influence 8. Ignatius Trading Co Pvt Ltd Associates : Signaficant Influence 9. Mr Vijay Kumar Jatia Key Management Personnel 10. Mr Vedant Jatia Relatives of Directors 11. Mr Mudit Jatia Relatives of Directors 12. Mrs Prerna Jatia Key Management Personnel 13. Mrs Gauri Jatia Key Management Personnel


Name of the Related Party (As identified by the Management) Descritpion of Relationship

b) Details of transactions Related Parties during the Financial Year ended 31.03.2010:Key

Management Subsidiary Description of transactios Personnels 1. Interest paid on ICD 0 0 12763422

(0) (0) (11120437) 2. Dividend Received 0 0 4412611

(0) (0) (1786772) 3. Loans/Advances taken during the year (Net) 0 0 72800000

(0) (0) (136650000) 4. Unquoted Preference Shares Purchased/Sold 6198000 0 7300000

(0) (0) (0) 5. Salary 194950 (0) (0)

(0) (0) (0) 6. Managerial Remuneration 433715 0 0

(430430) (0) (0)

Outstanding Balance as on 31.03.2010

4. As per AS - 17 in respect of segment reporting, the only segment in which company deals is Trading in shares and commodity and investment in shares.

5. In compliance with Accounting standard-20 "Earning per Share" issued by The Institute of Chartered Accountants of India, Basic earning per share has been calculated by dividing net profit after tax with the weighted average number of Equity Shares outstanding during the period as per details given below :-

Year ended Year ended31.03.2010 31.03.2009

Net Profit available for equity shareholders (Rs) 19908974 93664839 Weighted average number of equity shares 200000 200000 outstanding during the years (In Nos) Basic/Diluted Earning Per Share (Rs) 99.54 468.32

6. Details of Directors' Remuneration :Year ended Year ended31.03.2010 31.03.2009

Salary 420000 420000 Perquisites 13715 10430

433715 430430

The Computation of net profit under section 349 of the Companies Act, 1956 has not been given as no commission is payable to the whole Time Director under section 309 of the Companies Act, 1956.

7. Provision involving substantial degree of estimation in measurement are recognised when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

8. Company has not accounted interest on loan given to Dimensions Investment & Securities Ltd, since it has not been able to repay loan on demand. Company has taken steps to recover given, however pending recovery of principal no provision of interest is made in Books of account.


Current Year Rs 72800000/- (Unsecured Loans)

Associates

Previous Year Rs 136650000/- (Unsecured Loans)Current Year Rs Nil (Loans Given)

Previous Year Rs Nil (Loans Given)

9. Information pursuant to the provisions of paragraphs 3 & 4 of Para II Schedule VI of the Companies Act, 1956. a) Quantitative details of Purchases,Sales & Stocks :

2009-2010 2008-2009Particulars Qty (Value) Qty (Value)

a) Equity Shares (In Nos) Opening Stock Purchases Sales & Transfer to Investment A/c Closing Stock

b) Licence Capacity/Installed Capacity - N.A.

10. As on the date of the Balance Sheet, the Company was holding the following Equity Shares :

Name of the Scrip Nos Value Aftek Ltd 1000 16650.00 Ansal Properties & Infra Ltd 2100 149415.00 Asian Electricals Ltd 500 14275.00 Alps Industries Ltd 2000 22200.00 Amco India Ltd 1000 35250.00 Asian Hotels (East) Ltd 200 107810.00 Asian Hotels (West) Ltd 200 107810.00 Asian Hotels Ltd 200 107810.00 Assam Company Ltd 5000 103500.00 BAG Films & Media Ltd 1000 19900.00 Bharat Seats Ltd 3000 52950.00 Central Bank of India 500 73275.00 Delta Corp Ltd 1000 34600.00 Dena Bank 500 39150.00 Development Credit Bank Ltd 5000 143894.80 Electrosteel Casting Ltd 10000 266908.86 Enso Secutrack Ltd 2000 32300.00 Essar Oils Ltd 1000 138350.00 Four Soft Ltd 2000 46500.00 Future Capital Holdings Ltd 300 55380.00 GHCL Ltd 3500 147000.00 Greaves Cotton Ltd 500 146050.00 Hardcastle & Waud Mfg Co Ltd 64 43804.80 Himachal Fut Corp Ltd 1500 18675.00 Housing & Development Infra Ltd 200 57240.00 IFCI Ltd 2000 52100.00 Ispat Inds Ltd - Preference Shares 1200 0.00 ITI Ltd 772 14975.51 IVR Prime Urban Developers Ltd 1000 173700.00 JB Chem & Pharma Ltd 1000 70950.00 J K Paper Ltd 2000 101900.00 Kohinoor Foods Ltd 2000 114000.00 K S Oils Ltd 1000 61973.10 KSK Energy Ltd 200 36840.00 Lok Housing Ltd 500 17750.00 Magnum Ventures Ltd 5000 43500.00 Mahindra Lifespace Developers Ltd 10 3845.00 Mangalam Cements Ltd 500 87175.00 Mercator Lines Ltd 1000 55650.00 Noida Toll Bridge Ltd 1000 32650.00 OCL India Ltd 500 58225.00

1205071 (24165047) 252669 (4087611)

1627855 (64913361) 864705(54219950)

As on 31.03.2010

675453(51716769) 4631972(125640798)


252669 (4087611) 4019936 (95505495)

Omax Auto Ltd 1000 52600.00 Om Metal Infra Ltd 1000 25800.00 Orient Paper & Inds Ltd 500 25225.00 Parsvnath Developers Ltd 10 1130.00 PBA Infra Ltd 500 32825.00 Peninsula Land Ltd 1100 81180.00 Pennar Inds Ltd - Pref Shares 3350 0.00 Pentamedia Graphics Ltd 3200 8288.00 PTL Enterprises Ltd 969900 16147543.69 Pudumjee Inds Ltd 23065 359814.00 Pudumjee Pulp & Paper Mills Ltd 113150 2261610.75 Purvankara Ltd 1000 102300.00 Radha Madhav Corp Ltd 2000 31400.00 Reliance Indl Infra Ltd 600 486030.00 Reliance Chemo Inds Ltd 1000 27400.00 Rohit Ferro Ltd 1000 41500.00 Sangam India Ltd 1000 29700.00 Shree Rama Multi Ltd 4000 21400.00 Shri Lakshmi Cotsyn Ltd 1000 175500.00 Siyaram Silk Mills Ltd 6000 975000.00 Srei Infra Ltd 1000 76350.00 Sterling Tools Ltd 500 47525.00 Supreme Holdings Ltd 100 2480.00 Suzlon Ltd 500 35950.00 Thacker & Co Ltd 150 21300.00 Universal Cable Ltd 500 42225.00 Visa Steels Ltd 2000 84800.00 Vijaya Bank 1000 47450.00 Wire & Wireless (India) Ltd 1000 14788.37

1205071 24165046.88

11. The Company did not earn any Foreign Exchange by way of Export, however Rs 97756/- (Previous Year Rs 59142.49) spent for the purpose of foreign travelling.

12. The figures have been rounded off to nearest rupee.

13. The Company has not received any memorandum (as required to be filled by the supplier with the notified authority under the Micro Small & Medium Enterprises Developemt Act, 2006) claiming their status as Micro Small & Medium Enterprises. Accordingly the amount paid/payable together with the interest, if any, have not been given.

14. Previous periods' figures have been regrouped and recast, whereever necessary to conform to current years' classifications.



Sd/-(C H BANDI) Partner Sd/-Membership No : 5385 Gauri Jatia Mumbai,Dated : 30th April, 2010 Director


Signature to Schedules '1' to '16'For and on behalf of the Board

1 Registration Details Registration No State Code Balance Sheet Date

2 Capital raised during the year (Amount in Rs Thousands) Public Issue Nil Right Issue Nil Bonus Issue Nil Private Placement Nil

3 Position of mobilisation and deployment of funds (Amount in Rs Thousands) Total Liabilities 340490 Total Assets 340490

Sources of Funds Paid Up Capital 2000 Reserve & Surplus 254785 Secured Loans 713 Unsecured Loans 82935 Deferred Tax Liability 57

Application of Funds Net Fixed Assets 1086 Investments 48593 Deferred Tax Assets 13641 Net Current Assets 277170 Miscellaneous Expenditure Nil Accumulated Losses Nil

4 Performance of Company (Amount in Rs Thousands) Turnover 80764 Total Expenditure 60205 Profit Before Tax 20559 Profit After Tax 19909 Earning per Share in Rs 99.54 Dividend Rate % Nil

5 Generic Names of Three Principal Products/Services of Company (As per monetary terms) Item Code No (ITC Code) NA Products Description NA

31/03/2010


20461 of 197811

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL FINANCIAL PROFILE

2009-2010 2008-2009Rupees Rupees

A CASH FLOW FROM OPERATING ACTIVITIES: Net Profit before tax and extraordinary items 20558510 80711530 Adjustment for : Depreciation 288921 172032 Profit on Sale of Investments (15052153) (133479282) Dividend from Long Term Investments (4412611) (1801521) Profit on Sale of Fixed Assets 0 (19568) Loss on Sale of Investments 0 27774468 Interest 12822755 9210271 Operating Profit before working capital changes 14205422 (17432070) Adjustment for : Trade and other receivables 44486838 (274881334) Inventories (20077436) 47827238 Trade payables 524615 (8770509) Cash generated from operation 39139439 (253256675) Direct Taxes (4050011) (9468624) Interest Paid (9769007) (2159321) Cash flow before extraordinary items 25320421 (264884620) Extraoridinary items 0 0NET CASH FROM OPERATING ACTIVITIES 25320421 (264884620)

B CASH FLOW FROM INVESTING ACTIVITIES: Purchases of Fixed Assets (933636) (28298) Sale of Fixed Assets 0 200000 Purchases of Investments (50000) (11492500) Sale of Investments 34859980 154120747 Dividend from Long Term Investments 4412611 1801521NET CASH USED IN INVESTING ACTIVITIES 38288955 144601470

C CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from Car Loans 426932 (166850) Proceeds from short term borrowings (63850000) 120450000NET CASH USED IN FINANCING ACTIVITIES (63423068) 120283150

Net increase in cash and cash equivalents 186308 0Cash and cash equivalents (Opening) 75000 75000Cash and cash equivalents (Closing) 261308 75000

Sd/-Vijay Kumar Jatia

Director

Sd/-Sd/-

Director

SHREE RANI SATI INVESTMENT AND FINANCE LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010

AS PER LISTING AGREEMENT


Gauri Jatia (C H BANDI) Partner

As per our report of even date For M.L. SHARMA & COMPANYRegd No 109963WChartered Accountants

Membership No : 5385Mumbai, Dated :Sd/-

2009-2010 2008-2009Rupees Rupees

A CASH FLOW FROM OPERATING ACTIVITIES: Net Profit before tax and extraordinary items (427521) (892772) Adjustment for : Depreciation 359178 428481

Miscellaneous Expenditure W/off 60004 60004 Operating Profit before working capital changes (8339) (404287) Adjustment for : Trade and other receivables (36159) (4047055) Trade payables 1215 (4254) Cash generated from operation (43283) (4455596) Direct Taxes (96070) 48127 Cash flow beforeNon recurring items 52787 (4503723)

Increase Miscellaneous Expenses 0 105200NET CASH FROM OPERATING ACTIVITIES 52787 (4608923)

B CASH FLOW FROM INVESTING ACTIVITIES: Purchases of Fixed Assets 0 (541874) Dividend from Long Term Investments 0 0NET CASH USED IN INVESTING ACTIVITIES 0 (541874)

C CASH FLOW FROM FINANCING ACTIVITIES:Proceeds from Capital Issue 0 5400000Borrowings 0 0NET CASH USED IN FINANCING ACTIVITIES 0 5400000

Net increase in cash and cash equivalents 52787 249203Cash and cash equivalents (Opening) 1849311 1600108Cash and cash equivalents (Closing) 1902098 1849311

Sd/-Vijay Kumar Jatia

Sd/- Director

Membership No : 5385 Sd/-Place : Mumbai Gauri Jatia Dated : 30th April, 2010 Director

C H Bandi (Partner)

MODERN DERIVATIVES AND COMMODITIES PRIVATE LIMITEDCASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010

AS PER LISTING AGREEMENT

For M L SHARMA & COMPANY For and on behalf of the BoardChartered Accountants

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