Shukra Jewellery Ltd

To

The Members

Your Directors take great pleasure in presenting the 21^st Annual Report ofthe Company together with Audited Accounts for the year ended on March 31, 2012.

Financial Results

OPERATION

During the year under review the Company has achieved turnover of Rs. 34.65 crore ascompare to Rs. 33.62 crore during last year. The management is taking appropriate step toimprove Company's bottom line.

CURRENT YEAR OUT LOOK

The Company is planning to participate/visit various jewellery shows domestic andabroad.

Barring unforeseen circumstances the management is hopeful of achieving higher turnoverduring the year.

DIVIDEND

No Dividend has been recommended by the Board as there was not sufficient profit in thecompany during the year.

DIRECTORS

Mr. Jayendra H Shah has resigned from directorship with effect from 17th March, 2012.The board has expressed thanks to Mr. Jayendra H Shah for the work done in his tenure. Mr.Saurabh Shah has joined directorship at the company wit'i effect from 17th March, 2012.

Mr. Nasirul Haque has resigned from directorship with effect from 17th March, 2012. Theboard has expressed thanks to Mr. Nasirul Haque for the work done in his tenure. Mr. RamjiKhimji Rajput has joined directorship at the company with effect from 17th March, 2012.

In accordance with the provision of the Companies Act, 1956 Vinod N Shah independentdirector, retires by rotation and being eligible offers him for reappointment.

In accordance with the provision of the Companies Act, 1956 Anil M Patel independentdirector, retires by rotation and being eligible offers him for reappointment.

AUDITORS

M/s S K JHA & CO., Chartered Accountants, the company's Auditors retire atconclusion of the ensuing Annual General Meeting. They have signed their willingness toaccept reappointment and have further confirmed their eligibility u/s 224(1 B) of TheCompanies Act, 1956.

PUBLIC DEPOSITS

Your company has not accepted any fixed deposits within the meaning of section 58A fromthe public under the companies Act, 1956 and the rules made there under.

AUDITOR'S REPORT

The auditors of the company has pointed out that the company has not made provision fordepreciation amounting to Rs. 51,26,948. for daman assets The management of the company isof the opinion that same need not be provided as no manufacturing activities have beenundertaken during the financial year.

Except above, observations made in the Auditor's Report are self explanatory and do notcall for any further comments under section 217(3) of the companies Act, 1956.

PARTICULARS OF EMPLOYEES

There were no employees whose remuneration were in excess of the limits prescribedunder section 217(2A) of the companies Act, 1956 read with the companies (Particulars ofEmployees) Rules, 1975.

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

Information required under section 217(1) (e) of Companies Act.

i) Conservation of energy

In the opinion of the directors, there is no need to take any measure in this regard.The company does not have any proposal for additional investment in this regard. Thedetails of energy consumption are not required to be given.

ii) Technology absorption

No technology has been imported during the year.

iii) Foreign Exchange Earnings & Outgo

The Company mainline of business is the Manufacturing of Diamond Studded Gold Jewellery& Trading in Cut & Polished Diamonds.

DIRECTOR'S RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956, withrespect to the Director's Responsibility Statement, it is hereby confirmed:

i) That in the presentation of the annual accounts for the financial year ended 31^stMarch 2012, the applicable accounting standards has been followed along with properexplanations relating to material departures :

ii) That the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial 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 theadequate accounting records in accordance with the provisions of the Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.

iv) That the directors had prepared the accounts for the financial year ended 31^stMarch 2012 on a going concern basis.

LISTING

The Equity shares of the Company are listed at Bombay stock exchanges Limited. TheCompany has paid the Annual Listing fee to the above Stock Exchanges.

CORPORATE GOVERNANCE

The Company has been in compliance with the conditions of Corporate Governance asstipulated in Clause 49 of the Listing Agreement with the Stock Exchanges.

Report on Corporate Governance, Management Discussion and Analysis and Auditors Reporton compliance with the Corporate Governance Requirement have been included in the AnnualReport in separate sections.

ACKNOWLEDGEMENT

Your Directors take this opportunity to place on record their warm appreciation andacknowledge with gratitude the assistance, co-operation and support extended to yourCompany by bankers, clients, employees as well as the investing community and look forwardto their continued support.

ANNEXURE TO THE DIRECTOR'S REPORT

Particulars Required under the Companies (Disclosure of Particulars in the Report ofthe Board of Directors) Rules 1988.

A. CONVERSION OF ENERGY

The Company's operation involve very low energy consumption, wherever possible measureshave already been implemented. The measure set out above do not have any significantimpact on the overall cost of the production.

B TECHNOLOGY ABSORPTION

No technology has been imported during the year.

C FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company mainline of business is the Manufacturing of Diamond Studded Gold,Jewellery & Trading in Cut & Polished Diamonds.