Directors Report of Simco Trading & Finance Co. Ltd.

Mar 31, 2009

The directors have pleasure in presenting the 23rd Annual Report together with the Audited Statement of Accounts of the Company for the year ended March 31, 2009.

FINANCIAL RESULTS:

(Rs. in Lacs) As at As at

Particulars 31.03.09 31.03.08 Amount (Rs.) Amount (Rs.)

Gross Receipts 0.98 110.88

Profit/(Loss) before Tax (3.02) 106.53

Provision for Tax - 32.00

Profit/(Loss) After tax (3.31) 74.45

Profit/(Loss) brought forward 239.78 165.24

Profit/(Loss) Carried to the Balance Sheet 235.38 239.78

Dividend:

Your directors do not recommend any dividend for the year under review.

Directors:

Mr. B. K. Taparia retire by rotation at the ensuing Annual General Meeting and being eligible have offers himself for re-appointment as a director. Your directors recommend his re- appointment.

Auditors:

The Auditors of the Company Malpani & Associates Chartered Accountants, Mumbai retire at the conclusion of the ensuing Annual General Meeting. They had signified their willingness to accept the appointment and further confirmed their eligibility under section 224 (1-B) of the Companies Act, 1956.

Particulars of Employees:

There were no employees who were in receipt of remuneration in excess of the limit prescribed under,section 217(2A) of the Companies Act, 1956.

Particulars In Respect Of Conservation Of Energy Technology Absorption And Foreign Exchange Earning And Out Go

The particulars required under section 217 (1) (e) of the Companies Act, 1956, in respect of conservation of energy, technology absorption and foreign exchange earning and outgo are not applicable to the Company.

Acknowledgement

The directors acknowledge the support received from Government Agencies and valued clients and also directors wish to place on record their deep sense of appreciation for the devoted services of the employees, officers and executives at all the levels.

The directors would also to like to thank all the shareholders of the Company for the keen interest shown in the affairs of the Company.

For and on behalf of the Board

Director Director

Place: Mumbai Date: 14th August 2009