Everest Fintrade Ltd

To,

The Members,

EVEREST FINTRADE LIMITED.

Your Directors ate pleased to present 26th Annual Report for the period ended31st Match, 2011.

FINANCIAL RESULTS AND PROSPECTS:

The Company has acquired development right in respect of plot of land at Mumbra (Dist.Thane). The Land is not developed due to Technical problem like Reservation and presenceof the Tenants on the Plot. The Company has incurred administrative and other expenses ofRs. 1,08,650/- (previous year Rs. 97,591/-) during the year to hold the developmentrights.. Your Directors are making all endeavors to resolve the issues and commence thedevelopment activity.

DIVIDEND :

In view of the financial position of the Company, your Board is unable to recommendsany dividend for the period ended 31st March, 2011.

DIRECTORS :

Mr Nainesh Shah, Director of the company retires by rotation and, being eligible,offers himself for re-appointment.

AUDITORS :

The Auditors of the Company M/s. J D,.Zatakia & Co., Chartered Accountants havingpeer review certificate retire at the conclusion of the Annual General Meeting and, beingeligible, have expressed their willingness to be re-appointed. A Certificate from the saidAuditors has been obtained as to their eligibility under section 224(1B) of the CompaniesAct, 1956,.

DIRECTOR'S RESPONSIBILITY STATEMENT :

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 withrespect to the Directors Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31stMarch 2011, the applicable accounting standards had been followed along with properexplanation relating to material departure 3;

(ii) that the Directors had selected such accounting policies and applied them and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company as at 31st March' 2011

(iii) that the Directors had taken proper and sufficient care for' the maintenance ofadequate accounting records in accordance with the provision of the Companies Act, 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(iv) that the Directors had prepared the annual accounts on a going concern basis.,

PARTICULARS OF EMPLOYEES STATEMENT :

During the financial year, the Company had no employees in receipt of remunerationattracting the provision of the section 217(2A) of the Companies Act, 1956,

PARTICULARS CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, ADOPTION AND INNOVATION,FOREIGN EXCHANGE EARNINGS & OUTGO : -

The Company's consumption for electricity is negligible in view of its operations andsince the Company has not carried out any development or construction activity,information relating to Conservation of Energy, technology, absorption, adoption &innovation, is not applicable to the Company There are no foreign exchange earnings oroutgo.

DEPOSITS:-

During the year under review the Company did not accept any deposit from the publicwithin the meaning of Section 58A of the Companies Act, 1956 read with the Companies(Acceptance of Deposits) Rule, 1975 as amended.

LISTING OF SHARES:-

The Shares of the Company are listed at Bombay Stock Exchange Ltd. Mumbai, andapplicable listing fees as applicable have been paid

CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY:

Provisions of Clause 49 of the Listing Agreement are not applicable.. The Companyprepares the quarterly unaudited financial results and submits the same to the stockexchange.. Voluntary Guidelines issued by the Ministry of Corporate Affairs will beobserved as and when the Company commences its developmental activity. Corporate SocialResponsibility may also be implemented as and when the Company's development projectcommences its activity.

GROUP

The List of persons constituting "Group" (within the meaning as defined inthe Monopolies and Restrictive Trade Practices Act, 1969) for the purpose of availingexemption from applicability of the provisions of Regulations 10 to 12 of the SecuritiesExchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations 1997as provided in Clause 3(l)(i) of the said Regulations is given in the Notes to theAccounts,

COMPLIANCE CERTIFICATE

In accordance with Section 383A of the Companies Act, 1956 and Companies (ComplianceCertificate) Rules, 2001, the Company has obtained a Certificate from M/s Dholakia andAssociates, Practising Company Secretaries confirming that the Company has complied withall the provisions of the Companies Act, 1956 during the financial year under review and acopy of such certificate is annexed to this Report

RELATED PARTY TRANSACTIONS

In accordance with the Accounting Standard 18 prescribed by the Institute of CharteredAccountants of India, transactions with related parties have been disclosed separately andform a part of this report.

ACKNOWLEDGEMENTS :

The Board places on records its appreciation of the support extended by the members,employees, bankers and persons associated with the Company

By order of the Board

For EVEREST FINTRADE LIMITED

DIRECTOR

PLACE: MUMBAI

DATE :30th May 2011