BOARD’S REPORT

Dear Members,

The Board of Directors are pleased to present the Company's Thirty Third Annual Report and the Company's financial statements for the financial year ended March 31^st, 2018.

I am pleased to report that your Company performed justifiably well in the financial year 2017-18 despite the few ebbs and flows and the impact of demonetization that the whole economy was facing and is poised for long term sustainable growth and looks to stabilize and grow further in the near future.

1. FINANCIAL HIGHLIGHTS

Your Company's financial performance for the year ended March 31, 2018 is as below:

(Rs. In Lakhs)

INDIAN ACCOUNTING STANDARDS (IND AS)

Effective April 1, 2017, the Company has adopted all the Ind AS Standards and the adoption was carried out in accordance with IND AS 101 “First time adoption of Indian Accounting Standards” with April 1, 2016 as the transition date. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) rules, 2014 (IGAAP), which was the previous GAAP.

2. REVIEW OF OPERATIONS

Coming on the back of demonetization at the end of 2016 and GST (Goods and Services Tax) implementation in July 2017, hotel performance slowed down, but the sector has weathered the storm cautiously. The sales and other income of Financial Year 2017-18 was recorded at Rs.3480.70 lakhs (PY Rs.3637.09 lakhs ).During the year under review, the quantum of sales and turnover had gone down as compared to previous financial year due to the impact of demonetization on leisure room demand & restaurant spending ; applicability of GST rate at 18% on Rooms as well as Banquet business and also Competition by few new hotels. Moreover the big fat Indian weddings being replaced with more muted and cautious ceremonies with an emphasis on digital transactions and conservative spending. Some of the country’s renowned wedding planners, caterers, decor artists said spending is down by 30-40%, and business has taken a knock. People have given up on the lavish, carefree spends, and have settled for low-key affairs with pruned guest lists. In respect of Room Sales, the Hotel has witnessed nearly same occupancy level. The average room rates (ARR) decreased by 6 percent in FY 2017-18.

3. MANAGEMENT DISCUSSION & ANALYSIS BRAND DEVELOPMENT

Since June 2017 onwards your Company is being managed and operated by ACCOR group of hotels, an international brand that is compatible with the character and culture of our Company to increase business prospects and strengthen the marketing network. It was thought of, that as part of business strategy and brand development, collaboration or tie up with an international brand will strengthen our brand equity as well as marketing network. But in real scenario things did not turned out to be advantageous as company had to invest on up gradation & renovation of the property and operating cost increased substantially on hiring qualified/professional manpower, marketing, insurance, software installation & allied expenditures and in turn overall sales and profitability not realized as per the expectations due to various factors cited above.

Prospects & Concerns

In times to come, it is assured by Hotel Operator [ACCOR] that these global players have not only strong National but also International Sales and Marketing Set up. With growing number of hotels in each chain, they are also able to tie up with many Airlines, Credit Card Companies and offer attractive loyalty programmes for the customers. The management continues to expect that there will be increment in Online business and improvement in room occupancy rate due to renovation, refurbishment and up gradation of guest rooms, supported by prevalent personalized service and provision of special amenities for guest comfort and also VLU Cards. As a token of love and affection, Company has introduced VLU card for all those who have ever visited Surya Palace in the last 30 years. This card is absolutely free and comes with a host of benefits. A special banquet bonanza wherein VLU card holders can host a wedding and up to half of the guests could dine free subject to certain conditions and discounts at the restaurants, cake shop, takeaway and rooms.

India is the most digitally-advanced traveler nation in terms of digital tools being used for planning, booking and experiencing a journey. India’s rising middle class and increasing disposable incomes has continued to support the growth of domestic and outbound tourism. The tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Wellness and medical tourism in India is just not limited to few cities. The country has a history in the field of wellness and health as it is home to world’s two oldest, safest, and most effective health and wellness traditions, Ayurveda and Yoga. There are numbers of destinations in India that are important for wellness tourism for both domestic as well as international tourists and they are indeed some of the finest in the country.

With ample market supply and increasing competition from formidable rivals there is bound to be pressure. The telecom revolution coupled with the emergence of the hotel aggregation startups has changed the Indian travel industry. Booked through online room aggregator sites and marketed through the medium of Facebook posts and hotel review sites. As per ICRA estimates, one in every four hotel rooms in India is booked by online means. This is low as compared to a 70 percent online booking rate in Europe, leaving a huge opportunity for innovation in the sector. Even as occupancies have increased ARRs (Average room rentals) have remained constant, as per ICRA. This indicates to a clear case of disruption. While the sites such as MakeMyTrip, Expedia, Booking, Yatra, ClearTrip, GoIbibo have existed for over a decade, the entry of startups such as Oyo Rooms, Treebo, FabHotels, GoStays, etc has disrupted the segment, pricing even the upper segment hotels as budget stays, and increasing occupancy rates. It has made even five-star and four-star properties list on budget room aggregation sites.

Further the Industry has observed that Room rentals have declined: Sales and marketing are the biggest pain points for a property owner. The entry of the likes of Airbnb has opened doors of vacant rooms inside houses of city dwellers to travellers. In big cities and tourist / travel destinations, people have started vacating their homes to make way for budget hotels. The entry of a FabHotels, Treebo have led to a standardization of room linen, to staff behavior to bathroom toiletries at such properties. The same model is being witnessed in India’s emerging co-working startups which take a well-furnished property and market it on their platform in a revenue share arrangement with the property owner. Some, try to lure the customer into paying them online first, by offering a discount for pre-payment than the ‘pay at hotel’ option. Room rental prices in India’s central business districts of big towns have fallen, despite inflationary pressures on the property owner. Often aggregation sites discount the room rates from their own pocket. At other times, they offer a minimum guarantee to the property owner, offering them a minimum occupancy rate, at all times. All because of the young startups, room occupancy rates have improved and even corporates prefer to make their staff stay in such properties than the heavily priced luxury hotels.

Townhouse is a hotel brand launched by Oyo to cater to the premium mid-market segment. The online disruption has changed the industry and changed the way Indian traveller books a room. Of course, the online aggregators also try and keep a check on the quality of inventory through user reviews, which is one of the first ways to check, if anything is a miss in the property.

In India, the only threat to this industry is the lack of new entrepreneurs and consolidation amongst existing ones. In 2016, Make MyTrip bought out its second biggest rival GoIbibo. OyoRooms had acquired its smaller rival ZoRooms in 2016, while Stayzlila and RoomsTonite shutdown due to lack of funds. More shutdowns in this nascent space will only impede the disruption. Lesser competition would again start pushing prices up for rooms, even as quality could deteriorate.

The hospitality industry, like every other sector in the Indian economy, was liable to pay multiple taxes (VAT, luxury tax, and service tax) under the previous tax regime. GST, the biggest indirect reform in India, India was rolled out effective July 1, 2017, a four-tier structure of

5, 12, 18 and 28% for various categories in the hospitality industry. This transitional reform significantly impacted all areas of businesses across sectors including the hotel industry. GST is a mixed bag of better and easier rules and regulations and increased costs and compliances. The biggest issue for the hospitality industry has been the high rate of 18 per cent GST for hotels charging room rentals up to Rs. 7,500. Before GST, the guest used to pay 15% Tax (Service Tax 9% Luxury Tax 6%) on Rooms Sales and 10.5% of Service Tax on Banquet Sales. Now, post GST the customer has to be 18% of Tax on Rooms as well as Banquet Sales. One of the biggest hurdles for the Indian hospitality and tourism industry, in terms of attracting international tourists is that of not having a competitive tax structure. There should be flat tax as room rates are dynamic and based on demand, and the cost of real estate and labour cost varies across the country. There is lack of Parity with Asian Counterparts. As India becomes an even bigger player in the global hospitality and tourism industry, we need services to be at par with global rates. Our Asian neighbors such as Japan and Singapore have very low tax rates for their hospitality sector (8% and 7% respectively) which is an important reason for them ranking high on tourist wish lists.

The Hotel and Restaurant Association of Western India had been lobbying for a GST rate of 5% as it believed that a lower rate will bring in more tourists and allow Indian businesses to compete with global chains. The GST Council is under process to provide certain relaxations to Hotel Industry.

Current Year

During the Current year in first two months the sales and turnover is on upward trend as compared to previous corresponding period. Your Company continues in its quest for excellence by constant improvement of the guest experience through better service levels, innovative concepts, product upgrades, sales and marketing initiatives. etc.We are focusing on regaining social events which will contribute in Food & Beverage and Room business.

Our main forte and focus has been the popularity of Food and beverages facilities. The foray of Indian restaurants into a variety of global cuisines and food fusion is having a positive impact on the F&B sector. Customers are more willing to experiment with different cuisines because it is now easily accessible in the cities they live in, and this trend had increased Indian consumers’ frequency of eating out.

Demand is likely to surge in the current year. We expect to have increase in market share with the ACCOR brand - several advantages because of its Central Reservation System (CRS).A strong Guest Relations Management (GRM) (Le-Club Loyalty Programme) and VLU cards initiative has been activated through personalized services, collection and analysis of guest information, effective communication and proper networking system. This will ensure that we retain as well as build upon current businesses and consolidate our market positions. Meetings, Incentives, Conventions and Events’ (MICE) is an innovative and challenging concept which many hospitality companies are adapting to and there is an ample room for growth.

Your Hotel’s communication campaign is through leading dailies, magazines, hoardings and social networking (Facebook, Instagram, Twitter along with other social media options ) also. The management has taken active steps to promote the property with some effective marketing initiatives. We are launching some new services to add to the brand portfolio. Internal skill sets are being honed and developed for better utilization and implementation of available resources. With these efforts, we hope to increase the profitability of your Company in the coming years.

We are indeed proud to share that your Company has been recognized and duly awarded Certificate of Excellence for the year 2018 by its guests by TRIP ADVISOR. in world’s most trusted travel advice portal

4. DIRECTORS AND KEY MANAGERIAL PERSONNEL

There was no change in the Composition of Board of Directors during the Financial Year 2017-18. Ms. Chanda Agrawal retires by rotation at the forthcoming Annual General Meeting and being eligible offer herself for re-appointment. The Directors recommend re-appointment of Ms. Chanda Agrawal as a Director on the Board.

5. RESERVES

The Board do not recommend to transfer any amount to General Reserves.

6. DIVIDEND

In view of considerable fund deployed in “Expansion & Renovation Project” your Directors have not recommended Dividend for the Financial Year 2017-18.

7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

In terms of Section 125 of the Companies Act, 2013, any unclaimed or unpaid Dividend for the financial year ended March 31, 2011 is due for remittance on 26^th October, 2018 to the Investor Education and Protection Fund established by the Central Government.

Further Section 124(6) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and refund) Rules,2016 amended from time to time, which inter alia requires the Company to transfer the equity shares on which the dividend has remained unpaid or unclaimed for a continues period of seven years, to a special demat account to be opened by Investor Education and Protection Fund Authority (‘IEPF Authority’). The Company has intimated individually to all such shareholders, (for details refer point No.5 of Notice of AGM)

8. SHARE CAPITAL

The paid up equity share capital as on 31^st March 2018 was Rs. 6,00,00,000/-. There was no public issue, rights issue, bonus issue or preferential issue, etc. during the year. The Company has not issued shares with differential voting rights, sweat equity shares, nor has it granted any stock options.

9. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report.

10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished below: CONSERVATION OF ENERGY

The Company is extremely cautious with regard to resource management & particularly the energy conservation be it electrical or gas consumption. We have installed necessary capacitors in our electrical sub stations & VFD (Variable Frequency Drive) in most of the motors. All the halogens, incandescent bulbs & even the PL tubes (Plug in light) are almost replaced with LED (Light Emitting Diodes). The entire property has magnetic door locks which monitors the overall supply to individual guest rooms & thermostats controls are provided for guest comfort & energy saving. All the glass window are replaced with Double Glace DGU & fixed sunscreen protection are laid on them.The new magnetic chillers used for air conditioning process have proved to be major savers.

Besides these, the hotel teams continued their efforts to explore opportunities to reduce energy consumption by:

- controlled use of lighting and other equipment;

- regulating of chilled water set points according to ambient temperature;

- setting benchmarks for energy consumption by area.

- upgrading building management systems;

Every Quarter we have a trend of celebrating Energy Saving Week wherein entire team is motivated not only to save energy but also to contribute their ideas for energy conservation.

- Zero Flush Urinals installed in Banquet Halls (Save Water Save Energy)

#TECHNOLOGY ABSORPTION

In the Opinion of the Board, the required particulars, pertaining to technology absorption are not applicable as hotels form part of service industry.

- FOREIGN EXCHANGE EARNINGS AND OUTGO

During the year under review, your Company earned Foreign Exchange of Rs. 1,89,30,282/- (PY Rs. 1,41,51,135/-), whereas outflow of foreign exchange was Rs. 20,01,652.42/- (PY Rs. 78,76,885/-)

11. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY

The Company has been taking proactive approach concerning the development and implementation of a Risk Management Policy after identifying the following elements of risks which in the opinion of the Board may threaten the very existence of the Company itself.

(a) financial; (b) legal and regulatory; (c) operating; and (d) commercial risks, including health, safety and environment.

The Company does not have any Risk Management Committee as the Board takes into consideration all the risk factors at regular intervals at its meetings.

12. INSURANCE

The Company has a broad-banded approach towards insurance. Adequate cover has been taken for all movable and immovable assets against numerous risks and hazards.

13. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

The Company has adopted an Anti-harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee are set up to redress complaints received regularly and are monitored by women line supervisors who directly report to the Chairman & Managing Director. All female employees are covered under the policy. There was no complaint received from any employee during the financial year 2017-18 and hence, no complaint is outstanding as on March 31, 2018 for redressal.

14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

There was no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.

15. DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.

16. COMPANY’S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES

The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee are applicable to the Company and hence the Company has devised policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 and have been displayed on website www.suryapalace.com.

17. FORMAL ANNUAL EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10)of SEBI (LODR), regulation 2015 a structured questionnaire was prepared after taking into consideration the various aspects of the Board’s functioning, composition of the Board and its committees. The Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees.

18. STATUTORY AUDITORS

M/s Modi & Joshi, Chartered Accountant, Vadodara were appointed as Statutory Auditors for a period of 5 years in the 32^nd Annual General Meeting held on 12^th September, 2017. They have confirmed that they are not disqualified from continuing as Auditors of the Company. The requirement to place the matter relating to appointment of auditors for ratification by members at every Annual General Meeting is withdrawn vide notification dated May 7, 2018 issued by Ministry of Corporate Affairs, New Delhi. Accordingly, no resolution is proposed for ratification of appointment as Auditors.

19. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Kashyap Shah, a Company Secretary in practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is furnished in Annexure 1 (Form No. MR-3).

20. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There was no qualifications, reservations or adverse remarks made by the either by the Auditors or by the Practicing Company Secretary in their respective reports.

21. EXTRACT OF ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of sub-section (3) Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is furnished in Annexure 2 (Form No. MGT- 9) and is attached to this Report.

22. DISCLOSURE UNDER RULE- 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATOIN) RULES, 2014

Disclosure required under Section 197 of the Companies Act, 2013 read with Rule-5 of the Companies (Appointment and remuneration) Rules, 2014 have been annexed as Annexure-3.

23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

The contract or arrangements made with related parties as defined under Section 188 of the Companies Act, 2013 during the year under review is furnished in Annexure 4 (AOC -2) and is attached to this report. All the Related Party Transaction are held at arm’s length price and in Ordinary Course of Business and hence approval under Section 188 is not required.

Your Company’s Policy on Related Party Transactions, as adopted by your Board, can be accessed on the Company’s website at www.suryapalace.com

24. CORPORATE GOVERNANCE CERTIFICATE

The Compliance certificate from Practicing Company Secretaries regarding compliance of conditions of corporate governance as stipulated in Schedule V of the Securities Exchange Board of India (Listing Obligation Disclosure Requirement) Regulation, 2015 is annexed as Annexure 5 to the report.

25. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

The Company had four Board meetings during the financial year under review on 23.05.2017; 14.09.2017; 12.12.2017 & 06.02.2018.

26. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company.

27. INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY

Your Company has in place an adequate system of Internal Controls, with documented procedures covering all corporate functions and hotel operating unit to ensure that all transactions are authorized, recorded and reported correctly. This ensures prompt financial reporting, optimum utilization of various resources and immediate reporting of deviations. Compliance with laws and regulations is also ensured and confirmed and is checked by the Internal Auditor of the Company.

The reports of the Internal Auditor are reviewed by the Audit Committee. The Audit Committee also reviews adequacy of internal controls, system and procedures, insurance coverage of assets from various risks and steps are taken to manage foreign currency exposures. The Audit Committee also interacts with Internal Auditors and Statutory Auditors of the Company to ensure compliance of various observations made during the conduct of audits and adequacy of various controls.

28. DEPOSITS

The Company has not invited deposit from members or public. Inter Corporate deposits received from corporate as unsecured loans (for details refer Annexure 4 :Form AOC-2)

29. WEBSITE

The corporate website www.suryapalace.com reflecting the new architecture is far more experimental, with large images showcasing the property and its facilities, enhanced content, both in quantity and quality, with in depth information on experiences, services and facilities. The website also displays financial & corporate information.

30. DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

31. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM The Audit Committee consists of the following members

a. Mr. Jatil Patel (Chairman & Non executive Independent Director)

b. Mr. A. C Patel (Non-executive Independent Director)

c. Ms. Chanda Agrawal (Non-executive Director)

d. Mr. Mukund Bakshi (Non-executive Independent Director)

The above composition of the Audit Committee consists of independent Directors who form the majority. The Company has established a vigil mechanism and overseas through the committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of co employees and the Compan

32. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement:-

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) 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 profit and loss of the company for that period;

(c) the directors had 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;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. Internal financial control means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

33. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS

During the year under review, there were no frauds reported by the Company or fraud on the Company by the officers and employees of the Company has been noticed or reported or no fraud are reported by the auditors to the Audit Committee or the Board under section 143(12) of the Companies Act, 2013.

34. SECRETARIAL STANDARDS OF ICSI

Pursuant to the approval given on 10^th April, 2015 by the Central Government to the Secretarial Standards specified by the Institute of Company Secretaries of India, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) came into effect from 1 July 2015 and further amendments applicable w.e. f 1^st October, 2017. The Company is in compliance with the same.

35. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has adopted the whistleblower mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud, or violation of the Company’s code of conduct and ethics. The Company has a “Whistle Blower Policy”, the copy of which is available on the website of the Company, namely www.suryapalace.com.

36. SAFETY & ENVIRONMENT

The Company is committed to providing a safe and healthy working environment and achieving an injury and illness free work place.

37. ACKNOWLEDGEMENTS

Your Directors would like to express its sincere appreciation and gratitude to the Company’s valued stakeholders including Members, customers, Bankers, vendors, business partners, State Government and the Government of India for their continued co-operation and support.

Directors also place on record sincere appreciation of the commitment and enthusiasm of all its employees.

An acknowledgement to all, with whose help, cooperation and hard work, the Company is able to achieve the results.

For and on behalf of the Board of Directors

Place:Vadodara

Date: 29^th May, 2018 Signing as per Board resolution passed on 29^th May, 2018

Ambalal Patel Chairman