Satra Properties (India) Ltd Directors Report.

To

The Members,

SATRA PROPERTIES (INDIA) LIMITED

Your Directors are pleased to present the 35th Annual Report along with Audited Financial Statements for the Financial Year ended 31 March 2018.

1. Financial Highlights:

Rs. in Lacs

Particulars

Standalone for the year

2017-18 2016-17
Profit before Tax (3,919.98) 950.86
Profit / (Loss) after Tax (4,882.97) 648.22
Other Comprehensive Income 17.19 6.15
Total Comprehensive Income (4,865.78) 654.37

2. State of the Companys affairs / operations:

On standalone basis, during the year under review, your Company booked negative total income of Rs. 4,963 lacs due to reversal of sales of major units in one of the project in comparison of Rs. 11,335 lacs in the year 2016-17. On consolidated basis, the total income increased by 2.69% from Rs. 12,879 lacs in the year 2016-17 to Rs. 13,226 lacs in the year 2017-18. The said increase was due to sale of project in one of the subsidiaries of the Company.

On standalone basis, the Company registered net loss before tax of Rs. 3,919 lacs in year 2017-18 as against net profit before tax of Rs. 951 lacs in the previous year. The said decrease was due to cancellation of major units in one of the project of Company. Net loss after tax is

Rs. 4,883 lacs in year 2017-18 as against Net profit after tax of Rs. 648 lacs in the previous year on standalone basis. Net loss after tax is Rs. 14,182 lacs in year 2017-18 as against net profit after tax of Rs. 1,095 lacs on consolidation basis.

The management is putting all its endeavors for undertaking new projects for development in joint venture through its subsidiaries and taking effective steps to improve overall performance of the Group by concentrating on executing the on-going and new projects at fast pace and reduction of borrowings.

Brief about various ongoing and upcoming Projects undertaken by your Company: Ongoing Projects: a. Satra Park, Borivali, Mumbai: CONNECT TO A WORLD THAT CONNECTS YOU WITH LIFE, DAILY

Satra Park is the state-of-the-art residential cum commercial complex with artistically designed interiors and exteriors and a place where every corner is beautifully designed to enjoy the luxuries of comfortable living along with excellent connectivity. It comprises of major 2 BHK and 3 BHK homes.

The Company has already received part Occupation Certificate for the shops section and is expected to complete the residential component of the proposed residential tower by 31 December 2020. b. Satra Plaaza, Nai Sadak, Jodhpur: FIRST ALL-INCLUSIVE BUSINESS DESTINATION

Being a one-stop destination for business, Satra Plaaza is a world of convenience and comfort offering shops, offices and artistically designed and well planned hotel. Designed by the best architects the building shall become the most desired destination for the retailers as well as the customers.

The company has partly finished construction of the shops and office front and plans to complete the project in due course of time.

Brief about various ongoing and upcoming Projects undertaken by Subsidiary Companies / Step-down Subsidiary Company: Ongoing Projects: a. Satra Harmony, Chembur, Mumbai: HOME IS WHERE IS YOUR HEART IS

The Company had launched this project on the auspicious occasion of Akshay Tritya 2017 and is planning to complete the same by 31 December 2019. It would re-develop housing for 36 existing members along with other new members and would comprise compact as well as luxurious 2BHKs. b. Project at Ghatkopar, Mumbai: DISCOVER A TOWNSHIP THAT HOSTS ALL YOUR LIVING DESIRES

The proposed slum redevelopment project is nestled in natures abundance and strategically located. An integrated project spread over highland region would comprise of a township offering varied options of compact apartments for nuclear families. At present the construction activities for shifting the hutments to transit accommodation is ongoing and the Company has successfully obtained revised LOI for this proposed project. The construction of first rehab building has also commenced. c. LE 88, Bandra, Mumbai: MEET A CELEBRATED LIFE THAT CELEBRATES YOUR BEING, TRULY.

This project is a Joint Venture with Pyramid Developers and would be the address to 81 distinguished families. Being reserved for selected few, the 26 storey internationally designed tower is situated in the heart of Bandra overlooking the Bandra-Worli Sea Link. With the epitome of luxury and world class amenities, the building is nearing completion and would be ready by 31 December 2018.

Apart from the above, there are few projects, which are at the initial stage of negotiation.

3. Dividend:

The Board does not recommend any Dividend for the Financial Year 2017-18.

4. Transfer to Reserves:

The Company has not proposed any amount to be transferred to the reserves.

5. Extract of Annual Return:

In accordance with Section 92(3) and Section 134(3) (a) of the Companies Act, 2013, an extract of annual return in the prescribed format is enclosed herewith as Annexure I to the Boards report.

6. Number of Meetings of the Board:

The Board met Seven times during the financial year, the details of which are given in the Corporate Governance Report that forms a part of this Annual Report.

7. Directors Responsibility Statement:

In accordance to Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that

• in the preparation of the annual accounts for the financial year ended 31 March 2018, the applicable accounting standards have been followed and there have been no material departures;

• the directors have 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 as at 31 March 2018 and of the loss of the Company for the year ended on that date;

• the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• the directors have prepared the annual accounts on a going concern basis; and

• the directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

• the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

8. A statement on declaration given by Independent Directors:

Your Company has received declaration from all the Independent Directors of your Company, confirming that they meet the criteria of independence as prescribed in Section 149(6) of the Companies Act, 2013 and under Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 {SEBI (LODR) Regulations, 2015}.

9. Policy Matters: a. Nomination and Remuneration Policy:

The policy of the Company on directors appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178(3) of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 adopted by the Board, is enclosed herewith as Annexure II to the Boards Report. b. Whistle Blower Policy and Vigil Mechanism:

Your Company has adopted and established the necessary Whistle Blower Policy and Vigil mechanism for Directors and employees to report deviations from the standards defined in the Code of Conduct adopted by the Board of Directors and reporting instances of unethical/improper conduct and taking suitable steps to investigate and correct the same. c. Risk Management:

The Risk Management is overseen by the Board of Directors on a continuous basis. The Board oversees Companys process and policies for determining risk tolerance and review managements measurement and comparison of overall risk tolerance to established levels. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuous basis.

10. Auditors and Auditors Report: a. Statutory Auditors:

At the 31st Annual General Meeting held on

27 September 2014, GMJ & Co., Chartered Accountants, (Firm Registration No. 103429W) were appointed as statutory auditors of the

Company for a term of five consecutive years i.e. to hold office till the conclusion of the Annual General Meeting to be held in the calendar year 2019. In this regard, the Company has received a certificate from the auditors to the effect that they are not disqualified from continuing as Auditors of the Company.

The requirement to place the matter relating to appointment of Statutory Auditors for ratification by members at every Annual General Meeting is done away with vide notification dated 7 May 2018 issued by the Ministry of Corporate Affairs. Explanations / Comments by the Board in the Auditors Report:

The Auditors have made certain comments in their Report concerning the Standalone financial statements of the Company. The Management puts forth its explanations as below:

• With reference to clause (vii)(a) of the Annexure to the Independent Auditors Report on the Standalone financial statements; the Auditors have made a remark regarding delays in payment of statutory dues and pending undisputed statutory dues more than six months of Rs. 321.64 Lacs on account of Dividend Distribution Tax, Rs. 131.27 Lacs on account of Income Tax (including TDS),

Rs. 382.72 Lacs on account of Value Added Tax and Rs. 259.90 Lacs on account of service tax (including cess) due to liquidity constraints. The Management has to state that the Company has already deposited Rs. 5.78 Lacs towards Income Tax (including TDS), Rs. 110.62 Lacs towards Value Added Tax and Rs. 180.74 Lacs towards service tax upto the date of this report and is confident to meet its outstanding statutory liabilities very soon.

• With reference to clause (viii) of the Annexure to the Independent Auditors Report on the Standalone financial statements; the Auditors have made a remark regarding default in interest payable to a financial institution amounting to Rs. 539.70 lacs. The management has to state that the default occurred due to liquidity constraints and the Company is confident to repay the dues very soon. b. Internal Auditors:

During the year under review, on the recommendation of the Audit Committee, the Board of Directors appointed P. P. Shah & Associates, Chartered Accountants as the Internal Auditors of the Company for the Financial Year

2017-18 to conduct Internal Audit of the functions and activities of the Company and submit their report to the Board as required under Section 138 of the Companies Act, 2013 and applicable Rules and provisions thereunder.

Further, the Board of Directors has appointed P. P. Shah & Associates, Chartered Accountants as the Internal Auditors of the Company for the Financial Year 2018-19. c . Secretarial Auditor:

Mr. Dharmesh Zaveri of D. M. Zaveri & Co., Practicing Company Secretary (CP No. 4363), Mumbai, was appointed to conduct the secretarial audit of the Company for the financial year 2017-18, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The secretarial audit report for the Financial Year 2017-18 is enclosed herewith as Annexure III to the Boards Report. There were no qualifications, reservation, adverse remarks or disclaimer given by the Secretarial Auditor except delay in filing of Form ODI (Overseas Direct Investment) and intimation of Share Certificate / Evidence of Investment to authorised Dealer Bank within due date. The Management has to state that the same was inadvertent and due to oversight and the Company is in process of immediately filing / intimating the same.

Further, the Board has appointed Mr. Dharmesh Zaveri of D. M. Zaveri & Co., Practicing Company Secretary, Mumbai, as secretarial auditor of the Company for the Financial Year 2018-19. d. Cost Auditor:

Pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 the Board has approved appointment of Mr. Prasad Krishna Sawant, Cost Accountant (Firm Registration Number: 100725) as a Cost Auditor of the Company for the Financial Year 2018-19 to conduct the Cost Audit of the Company for remuneration of

Rs. 60,000/- plus applicable taxes and actual out of pocket expenses incurred in relation to performance of the duties. Necessary resolution for ratification of remuneration payable to the Cost Auditor is included in the Notice of 35th Annual General Meeting for seeking approval of shareholders. The Cost Audit report for the F.Y. 2017-18 will be filed within the period stipulated under the Companies Act, 2013.

Further maintenance of cost records as specified by the Central Government under section 148(1) of the Companies Act, 2013, is required by the Company and accordingly such accounts and records are made and maintained.

11. Particulars of Loans, Guarantee or Investments under Section 186:

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 forms part of the notes to financial statements provided in this Annual Report.

12. Particulars of contracts or arrangements with Related

Parties:

All contracts/ arrangements/ transactions that were entered into during the financial year were on an arms length basis and in the ordinary course of business. All the related party transactions were pre-approved by the Audit Committee.

In view of the same, disclosure in Form AOC-2 has been provided in Annexure IV to the Boards Report for the financial year ended 31 March 2018 with respect to the contracts/ arrangements / transactions with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

A policy governing the related party transactions as approved by the Board may be accessed on the Companys website viz. www.satraproperties.in. Related party disclosures Forms part of the notes to the financial statements provided in this Annual Report.

13. Material changes and commitments affecting financial position between the end of the Financial Year and date of report:

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which this financial statements relate and the date of this Report.

14. Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo:

The particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, are as follows:

(A) Conservation of energy and Technology absorption: i. The steps taken on conservation of energy:

The Company constantly endeavours to achieve energy conservation in its products by adopting energy efficient products. From the project inception stage, through design and execution, to post occupancy, we constantly work with internal and external teams to meet the Energy Performance. The following best practices are in place to achieve this objective:

• Energy efficient electronic ballast and lighting system;

• Heat Reflective paint;

• Adoption of high efficiency pumps, motors;

• LED Lamps for common areas & pathways;

• Use of energy efficient lamps, control gears and ballast VFDs highly efficient motors;

• Use of CFLs, fluorescent tubes and LEDs in the common areas of residential projects;

• Use of best quality wires, cables, switches and low self power loss breakers;

• Selection of high efficiency transformers, DG sets and other equipments;

• The use of separate energy meters for major common area loads so that power consumption can be monitored and efforts can be made to minimise the same;

• Use of energy efficient lifts with group control in residential projects;

• Use of energy, high energy efficiency equipment e.g. Elevators, Water Pumps, STP. ii. Steps taken by the Company for utilizing alternative sources of energy:

The Company undertakes various measures to conserve energy by using energy efficient lighting systems, electric transmissions etc. iii. Capital investment on energy conservation equipment:

The Company continues to make project level investments for reduction in consumption of energy. However, capital investment on energy conservation equipment cannot be quantified.

(B) Technology Absorption: i. The efforts made towards technology absorption:

• The improvement of existing or the development/ deployment of new construction technologies to speed up the process and make construction more efficient;

• Researching the market for new machines, materials and developing methodologies for their effective use in our project sites;

• LEDs for common area lighting;

• Introduction of laser plummets for accurate making;

• Technologies like Aluminium formwork, Aluminum Profile & Accessories have been adopted;

• The Company uses modern technologies for implementation of its projects in consultation with Architects, Engineers and Designers. ii. The benefits derived like product improvement, cost reduction, product development or import substitution:

• Construction methodologies have been revised to optimize the process through improved processes and new technologies. iii. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year):

The Company has not imported technology during the last three years. iv. The Expenditure incurred on Research and

Development:

During the year under review, no expenditure has been incurred on Research and Development.

(C) Foreign Exchange Earnings and Outgo:

There were no Foreign Exchange earnings and outgo in terms of actual outflows and actual inflows during the year under review.

15. Committees of the Board: i. Corporate Social Responsibility Committee:

In accordance with Section 135 of the Companies Act, 2013, your Company has constituted Corporate Social Responsibility (CSR) Committee consisting of 3 Directors out of which 2 are independent Directors. During the year under review, consequent to the tendering of resignation by Mr. Vidyadhar D. Khadilkar w.e.f 31 May 2017, the Corporate Social Responsibility Committee was reconstituted and Mr. Vishal R Karia was inducted as member of the committee w.e.f. 31 May 2017.

Further consequent to the tendering of resignation by Mr. Rushabh P. Satra on 15 December 2017, the Corporate Social Responsibility Committee was reconstituted and Mr. Kamlesh B. Limbachiya Independent Director of the Company was inducted as member of Committee w.e.f. 15 December 2017.

The Composition of this Committee as on 31 March, 2018 was as under:

• Mr. Praful N. Satra - Chairman, Executive Director

• Mr. Vishal R. Karia - Member, Independent Director

• Mr. Kamlesh B. Limbachiya - Member, Independent Director The CSR Policy of the Company is provided on the Companys website viz. www.satraproperties.in. Pursuant to Section 135 of the Companies Act, 2013 read with relevant rules framed thereunder, the Company was not required to undertake any CSR activities for the financial year 2017-18. The annual report on our CSR activities is enclosed herewith as Annexure V to the Boards report.

ii. Audit Committee:

During the year under review, consequent upon tendering of resignation by Mr. Vidyadhar D. Khadilkar w.e.f 31 May 2017, the Audit Committee was reconstituted and Mr. Rushabh P. Satra, Non-Executive Director was inducted as member of the committee w.e.f. 31 May 2017.

Further, consequent to the tendering of resignation by Mr. Rushabh P. Satra on 15 December 2017, the Audit Committee was reconstituted and Mr. Praful N. Satra, Executive Director of the Company was inducted as member of Committee w.e.f. 15 December 2017.

The composition of Audit committee as on 31 March 2018 was as under:

• Mr. Kamlesh B. Limbachiya - Chairman, Independent Director

• Mr. Praful N. Satra- Member, Executive Director

• Mrs. Sheetal D. Ghatalia - Member, Independent Director During the period under review, the suggestions put forth by the Audit Committee were duly considered and accepted by the Board of Directors. There were no instances of non-acceptance of such recommendations.

16. Annual Performance Evaluation of Board, its Committees and Directors:

The evaluation of all the directors and the Board as a whole and that of its committees was conducted based on the criteria and framework adopted by the Board in accordance with the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

The following process was adopted for Board Evaluation: Feedback was sought from each Director about their views on the performance of the Board covering various criteria such as degree of fulfilment of key responsibilities, Board structure and composition, establishment and delineation of responsibilities to various Committees, effectiveness of Board processes, information and functioning, Board culture and dynamics, quality of relationship between the Board and the Management and efficacy of communication with stakeholders. Feedback was also taken from every director on his assessment of the performance of each of the other Directors.

The Nomination and Remuneration Committee (NRC) then discussed the above feedback received from all the Directors.

Based on the inputs received, the Chairman of the NRC also made a presentation to the Independent Directors at their meeting, summarising the inputs received from the Directors as regards Board performance as a whole, and of the Chairman. The performance of the

Non-Independent Non-Executive directors and Board as whole was also reviewed by them. Post the meeting of the Independent Directors, their collective feedback on the performance of the Board (as a whole) was discussed by the Chairman of the NRC with the Chairman of the Board. It was also presented to the Board and a plan for improvements was agreed upon. Every statutorily mandated committee of the Board conducted a self-assessment of its performance and these assessments were presented to the Board for consideration. Areas on which the Committees of the Board were assessed included degree of fulfillment of key responsibilities, adequacy of Committee composition and effectiveness of meetings. Feedback was provided to the Directors, as appropriate. Significant highlights, learning and action points arising out of the evaluation were presented to the Board.

17. The change in the nature of business:

There is no change in the present nature of business of the Company.

18. Directors or Key Managerial Personnel who were appointed or have resigned during the year:

As per the relevant provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 the changes in Directors and Key Managerial Personnel are detailed as follows: Mr. Vidyadhar D. Khadilkar (DIN: 01548603), Independent Director of the Company tendered his resignation from the office of Independent Director w.e.f. 31 May 2017. The Board placed on record its appreciation for the services rendered by him during his tenure with the Company.

Pursuant to recommendation of Nomination and Remuneration Committee and approval of the Audit Committee and pursuant to the provisions of Section 203 of the Companies Act, 2013 read with relevant rules thereunder and in accordance with Articles of Association of the Company and other applicable provisions of the Companies Act, 2013, Mr. Sharad G. Kathawate was appointed as a Chief Financial Officer and Whole Time Key Managerial Personnel of the Company w.e.f. 31 May 2017.

Mr. Rushabh P. Satra (DIN: 06608627) resigned as Chief Financial Officer & Key Managerial Personnel and Whole time Director of the Company w.e.f. 31 May 2017. The Board places on record its appreciation for the services rendered by him during his tenure with the Company. However, he continued to act as a Non-Executive Director of the Company. Further, Mr. Rushabh P. Satra who was appointed as Additional Director of your Company w.e.f. 24 October 2016 by the Board of Directors in accordance with necessary provisions of the Companies Act, 2013 was confirmed as a Director of the Company in the 34th Annual General Meeting held on 28 September

2017. Subsequently, he tendered his resignation w.e.f. 15 December 2017 due to pre occupation. The Board places on record its appreciation for the services rendered by him during his tenure with the Company.

Mr. Sharad G. Kathawate resigned as Chief Financial Officer and Key Managerial Personnel of the Company w.e.f. 6 January 2018. The Board places on record its appreciation for the services rendered by him during his tenure with the Company.

Mr. Praful N. Satra (DIN: 00053900) retires at the ensuing Annual General Meeting and being eligible, seeks re-appointment. The Board has recommended his appointment.

The details of training and familiarization programme for Directors have been provided on the website of your Company viz. www.satraproperties.in 19. Subsidiaries: Your Company has 7 Subsidiaries as on 31 March 2018 detailed below: a. Satra Property Developers Private Limited, Satra Lifestyles Private Limited, Satra Infrastructure and Land Developers Private Limited, Satra Estate Development Private Limited, Satra International Realtors Limited are the Wholly owned subsidiaries of your Company. b. Satra Buildcon Private Limited is Subsidiary of your Company. c. RRB Realtors Private Limited ceased to be a step down subsidiary of your Company w.e.f 25 January 2018. Further, Satra Realty and Builders Limited ceased to be a step down subsidiary of your Company w.e.f. 9 April 2018.

Apart from the above, no company has become/ ceased to be a subsidiary, joint venture or associate of your Company. The report on the performance and financial position of each of the subsidiaries, associate and joint venture and salient features of the financial statements in the prescribed Form AOC-1 is enclosed as Annexure to Financial Statements. In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the consolidated financial statements and related information of the Company and audited financial statements of each of the subsidiaries is available on our website viz. www.satraproperties.in.

The Audited Consolidated Financial Statements based on the Financial Statements received from Subsidiaries/ Associate Companies as approved by their respective Board of Directors, have been prepared in accordance with the relevant accounting standards, as applicable. Your Company has presented the Consolidated Financial Statements which forms part of the Annual Report.

20. Deposits:

During the year under review, your Company has not accepted any Public Deposits under Chapter V of the Companies Act, 2013.

21. Secured Redeemable Non-Convertible Debentures (Unlisted):

Pursuant to the approval of debenture holders, dates of redemption of balance 4,330 Nos. of Secured Redeemable Non-Convertible Debentures ("NCDs") of

Rs. 1 Lac each fully paid up which were issued on private placement basis were revised. Accordingly, the NCDs will be redeemable from April 2019 to December 2019.

Further, rate of interest was also revised @ 9% p.a. to be compounded every 9 completed calendar month from the date of subscription on the aforesaid NCDs.

22. Particulars of Employees:

The table containing the names and other particulars of employees in accordance with the provisions of section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is enclosed herewith as Annexure VI to the Boards Report.

Further, in accordance with Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 a statement containing particulars of employees as stipulated therein is enclosed herewith as Annexure VII to the

Boards Report.

23. Corporate Governance and Management Discussion and Analysis Statement:

Your Company has been practicing the principles of good Corporate Governance. A detailed Report on Corporate Governance together with Management Discussion and Analysis Statement are included in this Annual Report.

24. Compliance Certificate:

In terms of Regulation 17(8) of SEBI (LODR) Regulations, 2015, the Company has obtained compliance certificate from Mr. Praful N. Satra, Managing Director and

Mr. Manish R. Jakhmola, Chief Financial Officer of the Company for the Financial Year 2017-18.

25. Disclosure under the Sexual Harassment of Women at

Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has formulated an Internal Complaints Committee on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of The Sexual Harrasment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013. There were no cases/complaints pertaining to sexual harassment reported during the year under review.

26. Details of significant and Material orders passed by the regulators or Courts or tribunals impacting the going concern status and Companys operations in future:

During the year under review, there were no significant or material orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

27. Internal Financial Controls with reference to Financial Statements:

There are internal financial controls in place with reference to the financial statements. During the year under review, these controls were evaluated and no significant weakness was identified either in the design or operation of the controls.

28. Secretarial Standards:

The Company has complied with the Secretarial Standards as applicable to the Company pursuant to the provisions of the Companies Act, 2013.

29. Appreciation:

The Board of Directors expresses their appreciation for the assistance, guidance, co-operation and support extended to your Company by the financial institutions, banks, customers, vendors, professionals, Government authorities and to all the members and Debenture holders of the Company. Your Company looks upon them as partners in its progress and has shared with them the rewards of growth. Your Directors also place on record their deep sense of appreciation for the commitment and involvement of the Companys executives, staff and workers and looks forward to their continued co-operation.

For and on behalf of the Board of Directors Satra Properties (India) Limited

Praful N. Satra

Chairman and Managing Director

Mumbai, 13 August 2018