డైరెక్టర్ల నివేదిక Krisons Electronic Systems Ltd.

Mar 31, 2010

The directors have pleasure in presenting the 30th Annual Report along with the audited statement of accounts of the company for the financial period 31st March, 2010.

FINANCIAL HIGHLIGHTS -

Particulars Current Yr. Previous Yr. 31.03.2010 31.03.2009 (Amount in Rs.) (Amount in Rs.)

Total Receipts 1,96,29,537/- 2,73,549/-

Total Expenditure 2,53,38,820/- 6,35,537/-

Profit / Loss before Depreciation (57,09,283) (3,61,988)

Less Depreciation 79,000/- -

Profit/ (Loss) for the Year (57,88,282) (3,61,988)

Provision for Income Tax - -

Profit / (Loss) after tax (57,88,282) (3,61,988)

Balance Transferred to Balance Sheet (13,50,27,525) (12,92,39,243)

OPERATIONS & FUTURE OUTLOOK

During the year under review, the company has incurred a net loss of Rs.57,88,282/- against the previous year's loss of Rs.3,61,988/-. Now the company is working on various alternatives to gain momentum on the operations of the Company. The Directors of the company are quite hopeful that the performance of the company will improve in the coming year.

DIVIDEND

In view of the losses, the Directors regret their inability to recommend any dividend for the current year under review.

AUDITOR'S REPORT

The observations of the Auditors are explained as under:-

I) Point No. 3(f) in respect of net worth of the company. The company is making all out efforts to improve the same, and further efforts are being made to enhance the operations of the company.

II) Point No. 3(g) in respect of no provision for doubtful debts and loans & advances amounting to Rs.99,25,565.53/- have been made: The management is hopeful of recovery of the outstanding amounts, therefore, no provision has been made.

MATERIAL CHANGES

No material changes have occurred from the date of the Balance Sheet of the Company till the date of this report, which have any adverse affect of the Company.

PUBLIC DEPOSITS

Your company has not accepted any deposits within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

AUDITORS

M/s Gupta & Jhunjhunwala, Chartered Accountants, Statutory Auditors of the Company holds office until the conclusions of the ensuing Annual General Meeting. The Company has received a letter from them to the effect that their appointment, if made, would be within the limits prescribed u/s 224(1 B) of the Companies Act, 1956. Accordingly, M/s. Gupta & Jhunjhunwala, Chartered Accountants, are required to be reappointed as Statutory Auditors of the Company at the ensuing Annual General Meeting.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the company, Mr. Avtar Singh, Director retire at the ensuing Annual General Meeting of the Company and being eligible offer himself for reappointment. Your Directors recommended his reappointment.

AUDIT COMMITTEE

The audit committee was constituted on 1st January 2007, and Presently Mr. Avtar Singh, Mr. Rajesh Jain & Mr. R. K. Suri are the members of the committee. Audit Committee met and reviewed the financial statements for the financial year ended 31.03.2010 and has not given any adverse observations. It has also recommended the re-appointment of M/s. Gupta & Jhunjhunwala, Chartered Accountants, as statutory auditors of the Company.

DIRECTOR'S RESPONSIBILITY STATEMENT

The Board of Directors of your Company state:-

i) that in the preparation of the annual accounts, the applicable Accounting Standards has been followed.

ii) that the Directors had 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 loss 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 the 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 going concern basis.

PARTICULARS OF EMPLOYEES

There was no employee receiving remuneration during the year in excess of limits prescribed under Section 217(2A) of the Companies Act, 1956 and the relevant rules made there under.

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

The company has not employed any foreign technology. There has been no involvement of foreign exchange during the period. Further, at present Company does not have any manufacturing unit. Therefore, no comments are required for conservation of energy.

ACKNOWLEDGEMENT

Your directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, Banks and investors for their assistance and valuable guidance/

By the order of the Board FOR KRISONS ELECTRONIC SYSTEMS LTD

(Avtar Singh) (Ramesh Kumar Suri)

Director Managing Director

Place: New Delhi

Date: 28-09-2010

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Mar 31, 2009

The directors have pleasure in presenting the 29th Annual Report along with the audited statement of accounts of the company for the financial period 31st March, 2009.

Current Yr. Previous Yr Particulars 31.03.2009 31.03.2008 (Rs.) (Rs.)

Total Receipts 2,73,549/ Nil

Total Expenditure 6,35,537/ 42,65.345/-

Profit / Loss before Depreciation (3,61,988) (42,06,580)

Less Depreciation - 58,7657

Net Profit/ Loss for the Year (3,61,988) (42,65,345)

Provision for Income Tax - -

Profit /(Loss) after Tax (3,61,988) (42,65,345)

"Balance Transferred to Balance Sheet (12,92,39,243) (12,48,77,255)

FINANCIAL HIGHLIGHTS OPERATIONS & FUTURE LOOK

During the year under review, the company has incurred a net loss of Rs.3.61.988/- against the previous year's loss of Rs.42.65.345/-. Now the company is working on various alternatives to gain momentum on the operations of the Company. The Directors of the company are quite hopeful that the performance of the company will improve in the coming years.

DIVIDEND

In view of the losses the Directors regret their inability to recommend any dividend for the current year under review.

AUDITOR'S REPORT

the Observations of the Auditors are explained as under:

i) Point No. 3(f) in respect of net worth of the company the company is making all out efforts to improve the same, the on retime settlement with Punjab National Bank has improved the same and further efforts are being made to enhance the operations of the company.

ii) Point No.3 (g) in respect of no provisions favor debts and loans & advances amounting to Rs.3,65,80,201/- have been made: The management remains hopeful do recovery of the outstanding amounts, therefore no provisions has been made.

MATERIAL CHANGES

No material changes. have occurred from the date of the Balance Sheet of the Company till the date of this report, which have any adverse afflict of the Company,

PUBLIC DEPOSITS

Your company has not accepted any deposits within the meaning of Section 58A of the Companies Act 1956 and the rules made there under.

AUDITORS

M/s Gupta & Jhunhunwala. Chartered Accountants, Statutory Auditors of the Company holds office until the conclusions of the ensiling Annual General Meeting . The Company has received a letter from them to the effect that their appointment if made would be within the limits prescribed u/s 224(1B) of the Companies Act, 1956. Accordingly, M/s. Gupta & Jhunjhunwala Chartered Accounts are required to be reappointed as statutory auditors of the company at the ensuing Annual General Meeting.

DIRECTORS

In accordance with the provisions of the Companies Act 1956 and Articles of Association of the company Mr. Rajesh Jain, Director retire at the ensuing Annual General Meeting of the meeting of the company and being eligible offer himself for reappointment. Your Director recommended his reappointment. AUDIT COMMITTEE

The audit committee was constituted on 1th January 2007, and Presently Mr. Avtar Singh, Mr. Rajesh Jain & Mr. R. K. Sun are the members of the committee. Audit Committee met and reviewed the financial statements for the financial year ended 31.03.2009 and has not given any adverse observations. It has also recommended the re-appointment of M/s. Gupta & Jhunjhunwala, Chartered Accountants, as statutory auditors of the Company.

DIRECTOR'S RESPONSIBILITY STATEMENT

The Board of Directors of your Company state:-

i) that in the preparation of the annual accounts, the applicable Accounting Standards has been followed.

ii) that the Directors had 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 loss other 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 the 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 going concern basis.

PARTICULARS OF EMPLOYEES

There was no employee receiving remuneration during the year in excess of limps prescribed under Section 217(2A) of the Companies Act, 1956 and the relevant rules made there under.

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

the company has not employed any foreign technology. There has been no involvement of foreign exchange during the period. Further, at present Company does not have any manufacturing unit Therefore, no comments are required for conservation of energy.

ACKNOWLEDGEMENT

Your directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, Banks and investors for their assistance and valuable guidance.

By the order of the Board

FOR KRISONS ELECTRONIC SYSTEMS LTD

(Avtar Singh) (Ramesh Kumar Suri) Director Managing Director

Place: New Delhi

Date: 06-09-2009

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Mar 31, 2008

The directors have pleasure in presenting the 28th Annual Report along with the audited statement of accounts of the company for the financial period 31st March, 2008.

FINANCIAL HIGHLIGHTS

Current Yr. Previous Yr..

Particulars 31.03.2008 31.03.2007

(Rs.) (Rs.) Total Receipts Nil Nil

Total Expenditure 42,65,345/- 16,33,979/-

Profit / Loss before Depreciation (42,06,580) (15,26,419)

Less Depreciation 58,765/- 1,07,560/-

Net Profit/Loss for the Year (42,65,345) (16,33,979)

Provision for Income Tax - -

Balance Transferred to Balance Sheet (12,88,77,255) (12,46,11,910)

OPERATIONS & FUTURE OUTLOOK

During the year the Company has fulfilled all its obligations under the one time settlement scheme with Punjab National Bank. Now it is working on various alternatives to gain momentum on the operations of the Company.

DIVIDEND

In view of the accumulated losses of the company, the Directors regret their inability to recommend any dividend for the current year under review.

AUDITOR'S REPORT

The observations of the Auditors are explained as under:-

I) Point No. 3(f) in respect of net worth of the company. The company is making all out efforts to improve the same, the one time settlement with Punjab National Bank has improved the same and further efforts are being made to enhance the operations of the company

II) Point No. 3(g) in respect of no provision for doubtful debts and loans & advances amounting to Rs.3,65,80,201/- have been made: The management is hopeful of recovery of the outstanding amounts, therefore, no provision has been made.

MATERIAL CHANGES

No material changes have occurred from the date of the Balance Sheet Of the Company till the date of this report, which have any adverse affect of he Company.

PUBLIC DEPOSITS

Your company has not accepted any deposits within the meaning of Section 58 A of the Companies Act 1956 and the rules made there under.

AUDITORS

M/s Gupta & Jhunjhunwala, Chartered Accountants, Statutory Auditors of the Company holds office until the conclusions of the ensuing Annual General Meeting. The Company has received term to the effect that their appointment, if made, would be within the limits prescribed u/s 224(1B)of the Companies Act, 1956. Accordingly, M/s. Gupta & Jhunjhunwala Chartered Accountants, are required to be reappointed as Statutory Auditors of the Company at the ensuing Annual General Meeting.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the company, Mr. Rajesh Jain. Director retire at the ensuing Annual General Meeting of the Company and being eligible offer himself for reappointment. Your Directors recommended his reappointment.

AUDIT COMMITTEE

The audit committee was constituted on Ist January 2007, and Presently Mr. Avtar Singh, Mr. Rajesh Jain & auditors of the Company.

DIRECTOR'S RESPONSIBILITY STATEMENT

The board of Directors of your company state;-

i) That in the preparation of annul accounts, the applicable Accounting standards has been followed.

ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that or 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 loss 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 provision of the 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 going concern basic.

PARTICULAR OR EMPLOYEES:

There was no employee receiving remuneration during the year in excess of limits prescribed under section 217(2A) of the companies Act, 1956 and the relevant rules made there under.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

The company has not employed any foreign technology. There has been no involovement of foreign exchange during the period. Further, at present company does not have any manufacturing unit. Therefore, no comments are required for conservation of energy.

ACKNOWLEDGEMENT

Your directors take this opportunity to offer their sincere thanks to various departments of the Central and State Governments, Banks and investors for their assistance and valuable guidance.

By the order 0f the Board

FOR KRISONS ELECTRONIC SYSTEMS LTD

(Avtar Singh) (Ramesh Kumar Suri)

Director Managing Director

Place: New Delhi

Date: 06-09-2008