డైరెక్టర్ల నివేదిక Northern Projects Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the company for the Financial year ended 31 st March, 2014.

2013 - 2014 2012 - 2013

(Rs) (Rs) FINANCIAL RESULTS

Total Revenue 6,262,237 4,530,643

Net Profit before Taxation 121,458 1,115,222

Less : Provision for Taxation 120,000 220,000

Provision for Deferred Tax 15,997 21,555

Net Profit/(Loss) after Taxation (14,539) 873,667

Less : Transfer to RBI Reserve Fund — 174,733

Add : Balance brought forward 157,847,634 157,148,700

Balance Carried Forward to Balance Sheet 157,833,095 157,847,634

COMPANY PERFORMANCE

The working results of your Company during Financial year ended on 31st March, 2014 was not satisfactory.

DIVIDEND

The Directors have considered not recommended any dividend for the year under review.

DIRECTORS

Mr. G. K. Agarwal, Director retires by rotation and being eligible offers himself for re-appointment. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 the Directors state as follows:-

i) That in the preparation of the Annual Accounts for the financial year ended 31st March, 2014 the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for the year under review;

iii) That the Directors had 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 had prepared the accounts for the financial year ended 31st March, 2014 on a ''going concern'' basis.

AUDITORS

M/s Salarpuria & Partners, Chartered Accountants, Auditors of the Company, hold office till the conclusion of this Annual General Meeting. They have expressed their willingness to continue as the Statutory Auditors of the Company, if so reappointed and have furnished to the Company the requisite certificate to the effect that their re- appointment if effected would be within the limits prescribed under section 224(1 B) of the Companies Act, 1956. Accordingly, approval of the Shareholders will be sought at the ensuing Annual General Meeting of the Company to the re-appointment of and remuneration payable to M/s Salarpuria & Partners, Chartered Accountants, as Statutory Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting.

PUBLIC DEPOSIT:

The provisions of Section 58A of the Companies Act, 1956 and the rules framed thereunder in respect of acceptance of deposits are not applicable to your Company.

PARTICULARS OF EMPLOYEES:

Disclosures in terms of sub-section (2A) of section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not applicable to your Company.

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

The provisions of Section 217(1 )(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 in respect of Conservation of Energy, Technology Absorption & Foreign Exchange Earnings and Outgo are not applicable during the year under review.

ACKNOWLEDGEMENT:

Your Directors would like to thank shareholders, bankers and all other business associates for the continuous support given by them to the Company and their confidence in its management.

FOR AND ON BEHALF OF THE BOARD V. N. AGARWAL Place: Kolkata G. K. AGARWAL Date: 28th May, 2014 DIRECTORS

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Mar 31, 2011

The Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March, 2011.

FINANCIAL RESULTS 31.03.2011 31.03.2010

Net Profit before Taxation 2,03,29,445 80,98,071

Less: Provision for Income Tax 32,00,000 12,55,000

Add: Provision for Deferred Tax 2,538 3,015

Net Profit after Taxation 1,71,31,983 68,46,086

Less: Transferred to RBI Reserve Fun 40,65,890 13,70,000

Add: Balance Brought Forward 14,09,39,417 13,54,63,331

Balance Carried forward to Balance Sheet 15,40,05,510 14,09,39,417

COMPANY ERFORMANCE

In the light of challenging business conditions, the working results of your Company during financial year ended on 31st March, 2011 was satisfactory.

DIVIDEND

The Directors have considered to plough back the profits in business for better financial strength and as such they have not recommended any dividend for the financial year under review.

DIRECTORS

Shri G. K. Agarwal, Director, retires by rotation and being eligible offers himself for re-appointment.

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 Annual Accounts for the financial year ended 31st March, 2011 the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for the year under review; (iii) That the Directors had 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 had prepared the accounts for the financial year ended 31st March, 2011 on a 'going concern' basis.

AUDITORS

Messrs Salarpuria & Partners, Chartered Accountants, Auditors of the Company, hold office till the conclusion of this Annual General Meeting. They have expressed their willingness to continue as the Statutory Auditors of the Company, if so reappointed and have furnished to the Company the requisite certificate to the effect that their re-appointment if affected would be within the limits prescribed under section 224(1 B) of the Companies Act, 1956. Accordingly, approval of the Shareholders will be sought at the ensuing Annual General Meeting of the Company to the reappointment of and remuneration payable to Messrs Salarpuria & Partners, Chartered Accountants as Statutory Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting.

FIXED DEOSIT

Your Company has not invited and/or accepted any deposits from the General Public under Sections 58A and 58AA of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES

Information required to be given pursuant to the provisions of section 217(2A) of the Companies Act, 1958 read with the Companies (Particulars of Employees) Rules, 1975 are not applicable to your Company.

INTERNAL CONTROL

The Company has an Internal Control System commensurate with the nature and size of its business. The objective of these procedures are to ensure efficient use and protection of the Company's resources, accuracy in financial reports and due compliance of status and Company policies and procedure.

INDUSTRIAL RELATION

Industrial Relation between the Management and Employees within the Organization was cordial. The Directors look to the future in confidence.

COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

There are no information to be reported as required in accordance with the provisions of section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, regarding Conservation of Energy, Technology Absorption & Foreign Exchange Earnings and Outgo.

ACKNOWLEDGEMENTS

Your Directors would like to thank shareholders, customers, dealers, suppliers, bankers, employees union and all other business associates for the continuous support given by them to the Company and their confidence in its management.

For and on behalf of the Board

V. N. AGARWAL

Place : Kolkata G. K. AGARWAL

Date: 28th May, 2011 Directors