Directors Report of Gujarat Aqua Industries Ltd.

Mar 31, 2012

To, The members,

The Directors have the pleasure in presenting the Annual Report together with the Audited Statement of Account for the year ending on 31st March, 2012

FINANCIAL RESULTS :

Particulars Current Year Previous Year 2011-12 2010-11

Income from Operation 0 0

Depreciation 2,082 3,518

Profit / (Loss) for the year (-) 1,46,217 (-) 42,88,631

Income Tax (Earlier year) 0 0

Profit / (Loss ) after provision for Tax (-)1,46,217 (-)42,88,631

Balance Brought forward from previous year (-)3,43,39,441 (-)3,00,50,810

Balance carried to Balance sheet (-)3,44,85,658 (-) 3,43,39,441

DIVIDEND :

Your directors do not recommend any dividend for the year.

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

The disclosures required to be made pursuant to the provisions of section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in respect of Report of Directors) Rules, 1988 are not applicable. There was no foreign exchange earnings and outgo during the year under the review.

PERSONNEL:

The information required to be given pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 do not apply.

DIRECTORS :

Shri. Jayesh Patel and Mrs. Ansoya Patel retires by rotation at the ensuing Annual General Meeting and being eligible Only Shri jayesh Patel offer himself for reappointment and Mrs. Ansoya Patel does not offer herself for appointment. Your Directors recommends re-appointment of Shri. Jayesh Patel.

AUDITORS :

The auditors M/s. Kamal C Mehta & Co., Chartered Accountants offers themselves for reappointment at the ensuing annual general meeting. The company has received a letter from the auditors stating that their appointment if made will be within the limits of Section 224 (1) (B) of the Companies Act, 1956. The Directors recommend for their reappointment.

AUDITORS'' REPORT :

The observation made in the Auditors'' Report read together with relevant notes thereon are self explanatory and hence do not call, any further comments under Section 217 of the Companies Act 1956.

SECRETARIAL AUDIT REPORT :

The Compliance Certificates as required under section 383A of the Companies Act, 1956 has been obtained from a Practicing Company Secretary and is form part of the Balance Sheet.

DEPOSITS :

Your Company has not contravened the provisions of Section 58 A of the Companies Act, 1956.

LISTING :

The shares of the company are listed at Ahmedabad Stock Exchange, Mumbai Stock Exchange and Madras Stock Exchange, Annual Listing fees of Bombay Stock Exchange, CDSL are paid for the year 2011- 2012, while that of Ahmedabad and Madras Stock Exchange is unpaid.

DIRECTORS RESPONSIBITLY STATEMENT :

1. The annual accounts have been prepared by following the applicable accounting standards together with proper explanation relating to material departures.

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

3. The directors took proper and sufficient care for the maintenance of proper and adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. The annual accounts are prepared on going concern basis.

APPRECIATION :

Your Directors wish to convey their thanks to the bankers, and other persons for their continued support to the company.

By Order of the Board of Directors

For Gujarat Aqua Industries Limited

Date : 25/08/2012 Sd/- Sd/-

Place : Ahmedabad Director Director

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Mar 31, 2010

The Directors have the pleasure in presenting the Annual Report together with the Audited Statement of Account for the year ending on 31st March, 2010.

Financial Results:

Particulars Current Year Previous Year

Income from Operation 0 0

Depreciation 1604220 1623893

Profit / (Loss) for the year 62979 (-3468178)

Income Tax ( Earlier year ) 0 0

Profit / (Loss ) after provision for Tax (-1541241) (-5092071)

Balance Brought forward from previous year (-28509569) (-23417498)

Balance carried to Balance sheet 30050810 28509569

DIVIDEND:

Your directors do not recommend any dividend for the year.

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

The disclosures required to be made pursuant to the provisions of section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in respect of Report of Directors) Rules, 1988 are not applicable. There was no foreign exchange earnings and outgo during the year under the review.

PERSONNEL:

The information required to be given pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 do not apply.

AUDITORS:

The auditors M/s. Kamal C Mehta & Co., Chartered Accountants offers themselves for reappointment at the ensuing annual general meeting. The company has received a letter from the auditors stating that their appointment if made will be within the limits of Section 224 (1) (B) of the Companies Act, 1956. The Directors recommend for their reappointment.

DEPOSITS:

Your Company has not contravened the provisions of Section 58 A of the Companies Act,1956. LISTING:

The shares of the company are listed at Ahmedabad Stock Exchange, Mumbai Stock Exchange and Madras Stock Exchange, Annual Listing fees of Bombay Stock Exchange, NSDL and CDSL are paid for the year 2010- 2011, while that of Ahmedabad and Madras Stock Exchange is unpaid.

DIRECTORS RESPONSIBITLY STATEMENT:

1. The annual accounts have been prepared by following the applicable accounting standards together with proper explanation relating to material departures.

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

3. The directors took proper and sufficient care for the maintenance of proper and adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. The annual accounts are prepared on going concern basis.

APPRECIATION:

Your Directors wish to convey their thanks to all the bankers, suppliers, customers and other persons for their continued support to the company.

By Order of the Board of Directors

For Gujarat Aqua Industries Limited

Date: 29/07/2010

Place: Ahmedabad

Director Director

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Mar 31, 2009

The Directors have pleasure in presenting the Sixteenth Annual Report of the Company for the year ended 31st March, 2009.

FINANCIAL RESULTS: Current Year Previous Year Rs. in Lacs Rs. in lacs (2008-09) (2007-08)

Gross Profit/Loss before interest, depreciation and taxation (21.46) 22.58

Less: Interest 13.21 4.81

Gross Profit/Loss after interest (34.68) 17.77

Less: Depreciation for the year 16.24 15.54

Net Profit/Loss for the year (50.92) 2.22

Balance carried forward to Balance Sheet (50.92) 2.22

OPERATIONS:

The financial year 2008-09 was not good for the company and the activity virtually stopped compared to the previous year from the business point of view.

DIRECTORS:

Mrs Ansoya Patel retires by rotation in terms of Section 256 of the Companies Act, and being eligible could offer himself for re-appointment. Your Directors propose his re- appointment.

FIXED DEPOSITS:

The Company has not accepted any deposit coming under provisions of Section 58 A of the Companies Act, 1956 read with Companies (Acceptance of deposits) Rules, 1975.

AUDITORS:

M/s Kamal C. Mehta & Co., Chartered Accountants, the auditors of the company, retires at the conclusion of the Sixteenth Annual General meeting. Your Directors recommend their appointment.

DIRECTOR'S RESPONSIBILITY STATEMENT:

In terms of section 217 (2AA) of the Companies /Vet, 1956, in relation to financial statement for the year under reference, the Board of Director stats that:

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

2. Reasonable and prudent accounting policies have been used in the preparation of the financial statements, that they have been consistently applied and that reasonable and prudent judgment and estimates have been made in respect to 'terns not concluded by the year end, so as to give a true and fair view of the state of affairs of the company as at 31st March 2009 and of the profit for the year ended on that date.

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

4. The financial statements have been prepared on a going concern basis.

CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

A statement giving details of conservation of energy, technology absorption, foreign exchange earning or outgo, in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is annexed hereto and forms part of the report.

PERSONNEL:

During the year, employer-employee relations continued to be cordial. There was no employee drawing remuneration exceeding the limits laid down u/s 217 of the Companies Act, 1956. Hence, particulars of the employees pursuant to Section 217 (2A) of the Companies Act, 1956 are not required to be given.

ACKNOWLEDGEMENT:

The Directors are thankful to all members of the company for the trust and confidence expressed by them in the management.

For & On behalf of the Hoard of Directors

JAYESH PATEL

CHAIRMAN

Date: 29-07-2009 Place: Ahmedabad