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Euro Asia Exports Ltd.

BSE: 530929 Sector: Others
NSE: N.A. ISIN Code: INE535P01015
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VOLUME 500
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Mkt Cap.(Rs cr) 1
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Euro Asia Exports Ltd. (EUROASIA) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting their 36 Annual Report on the business andoperations of the Company and the accounts for the Financial Year ended March31 2017.

1. FINANCIAI/RESULTS:

The Board’s Report shall be prepared based on the standalone financial statementsof the company. The Company’s financial performance is given hereunder.

(Rs.)

Particulars Financial Year ended 31.03.2017 Financial Year ended 31.03.2016
Sales & other income 968179485 915057120
Profit before tax 292970 224177
Less Provision of Tax 90528 69271
Profit after tax 202443 154907
Appropriations:
Equity Dividend
(i) Interim - -
(ii) Final - -
Corporate Tax on Dividend
(i) Interim - -
(ii) Final - -
Transfer from Debenture Redemption Reserve - -
Balance of profit brought forward from previous year (19932175.93) (20087082)
Balance carried to Balance Sheet (19932175.93) (20087082)

During the year under review the company has earned net profit of Rs.202443/-incomparison to profit of Rs. 154907/- in the previous year.

2. DIVIDEND:

The Board has not recommended any dividend for the Financial Year 2016-2017.

3. RESERVES:

No amount is proposed to be transferred to general reserve for the financial year2016-2017.

4. BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING! THE YEAR/STATE OFCOMPANY’S AFFAIR:

The Company is engaged in the business of trading of all types of goods. During theyear under review the company has earned net profit of Rs. 202443/-. The performance ofthe company is expected to be better in the coming years.

1. EXISTING BUSINESSES

The Company is pursuing the Business of Trading in garments.

2. NEW PROJECTS

The Company has not initiated any new project during the financial year under review.

3. CHANGE IN THE NATURE OF BUSINESS:

There was no change in the nature of business of the company during the financial yearunder review.

5. MATERIAL CHANGES ANDCOMMITMENTS:

There were no material changes and commitments affecting the financial position of theCompany which occurred between the end of the financial year of the company and date ofthis Report.

6. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIALSTATEMENTS:

The Company has a proper and adequate system of internal controls. This ensures thatall transactions are authorised recorded and reported correctly and assets aresafeguarded and protected against loss fromunauthorizeduseordisposition.Inadditionthereareoperationalcontrolsandfraudriskcontrolscovering the entire spectrum of internal financial controls.

7. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATECOMPANIES:

The Company has no Subsidiary/ Joint Ventures/Associate Companies.

8. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES. ASSOCIATES AND JOINTVENTURE COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIALS TATEMENT:

The Company has no Subsidiary/ Joint Ventures/Associate Companies.

9. DEPOSITS:

The Company has not accepted any deposits during the financial year under review.

• Accepted during the year: NIL

• Remained unpaid or unclaimed as at the end of the year: NIL

• If there has been any default in repayment of deposits or payment of interestthereon during the year and if so number of such cases and the total amount involved:

> At the beginning of the year: NIL

> Maximum during the year: NIL

> At the end of the year: NIL

10. AUDITOR’S AND THEIR REPORT:

Your Directors request that the term of office for 3 years of M/s VBR & AssociatesChartered Accountants holding the office as Statutory Auditors of the Company expires atthis AGM. Therefore your directors recommend their re-appointment for a further term of 2years and being eligible they offer themselves for reappointment. The Company has receiveda certificate from the auditors to the effect that their reappointment

if made would be in accordance with the provision of section 141of the Companies Act2013.

Comments of the Auditors in their report and the notes forming part of the Accounts areself explanatory and need no comments.

• Frauds reported by Auditors (Section 134(3)(ca)

As per Section 143 of the Companies Act 2013 the report of Auditors states that theCompany has not committed any frauds during the year.

11. COST AUDITOR’S AND THEIR REPORT:

Cost Audit is not Applicable to the company.

12. APPOINTMENT OF SECRETARIAL AUDITOR AND THEIR REPORT:

The Company had appointed M/s Jain Akshi & Associates Practicing CompanySecretaries to hold the office of the Secretarial Auditors and to conduct the SecretarialAudit for the Financial Year 2016-17 and the Secretarial Audit Report is being attachedwith the Board Report as Annexure-I which is self explanatory and needs no comments.

14. APPOINTMENT OF INTERNAL AUDITOR:

The Internal Auditors M/s. N K Bhat & Associates Chartered Accountant haveconducted Internal Audits periodically for the Financial Year 2016-17 and submitted theirreports to the Audit Committee. The reports submitted by the Internal Auditor have beenreviewed by the Statutory Auditors and the Audit Committee.

15. MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT:

Management’s Discussion and Analysis Report for the year under review asstipulated under the SEBI(Listing Obligations and Disclosure Requirements) Regulations2015 with the Stock Exchanges in India is presented as Annexure-II in thisreport.

16. CORPORATE GOVERNANCE:

The Company is committed to maintain the highest standards of corporate governance andadhere to the corporate governance requirements set out by SEBI. The Company has alsoimplemented several best corporate governance practices as prevalent globally. The reporton Corporate Governance as prescribed under the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 attached as Annexure-III. The requisite certificate fromM/s. Himanshu Sharma & Associates Practicing Company Secretaries confirmingcompliance with the conditions of corporate governance is attached on ‘CorporateGovernance’ is attached as Annexure-IV in this report.

13. SHARE CAPITAL:

During the Financial Year there is no change in the share capital of the Company.However the Paid up Share Capital of the Company is divided into the followingcategories:

Subscribed and paid up: Rs. 15688000
Forfeited Shares: Rs. 8115500
Total Share Capital: Rs. 23803500

A) Issue of equity shares with differential rights:

The Company has not issued equity shares with differential rights.

B) Issue of sweat equitvshares;

The Company has not issued sweat equity shares.

Q Issue of employee stockoptions;

The Company has not issued employee stock options.

D) Provision of money by company for purchase of its own shares by employees or bytrustees for the benefit of employees:

Since shares of the Company has not purchased by the employees or trustees for theirbenefits therefore there is no requirement for the provision of money to be made by theCompany for the same purpose.

14. EXTRACT OF THE ANNUAL RETURN:

The extract of the annual return in Form No.MGT-9 (Attached as Annexure-V) shall formpart of the Board’s report.

15. DIRECTORS AND KEY MANAGERIAL PERSONS:

The Board of Directors of our company are highly qualified and enough to financialliterate for understanding financial terms and activities of company. In the currentperiod composition of Board of Directors are as follows:

Mr. Sunil Kumar Sharma Executive Director
• Mr. Rakesh Kumar Singal Executive Director
• Mr. Gagan Goel Executive Director
• Mr. Bhim Sain Goyal Independent Director
• Ms. Nidhi Maheshwari Independent Director
• Ms. Shweta Gupta Independent Director
Mr. Shyam Sunder Chief Finance Officer
• Ms. Shanu Srivastava Company Secretary

A) Changes in Directors and Key Managerial Personnel

During the year following changes took place:

• Appointments:

(a) Appointment of Mr. Rakesh Kumar Singal as Non Executive Director Dated 30.05.2016;

(b) Appointment of Mr. Kapil Mendiratta as Company Secretary Dated 11.10.2016;

(c) Appointment of Mr. Shyam Sunder as Chief Executive Officer Dated 11.10.2016;

(d) Appointment of Ms. Shweta Gupta as Add. Independent Director Dated 07.02.2017;

(e) Appointment of Ms. Shanu Srivastava as Company Secretary Dated 23.05.2017;

• Resignations:

(a) Resignation of Ms. Pinky Bansal from the post of Company Secretary dated11.10.2016;

(b) Resignation of Mr. Kapil Mendiratta from the post of Company secretary dated07.02.2017;

The composition of Board Directors is according to applicable provisions of theCompanies Act 2013.

B) Declaration by an Independent Director(s) and re- appointment if any

The Independent directors have submitted their disclosure to the Board that theyfulfill all the requirements as to qualify for their appointment as an IndependentDirector under the provisions of Section 149 of the Companies Act 2013.The Board confirmsthat the said independent directors meet the criteria as laid down under the CompaniesAct2013.

The Board proposes the terms of 5years for the independent directors and they shall notbe liable to retire by rotation.

Q Formal Annual Evaluation

The evaluation frame work for assessing the performance of Directors comprises of thefollowing key areas:

• Attendance of Board Meetings and Board CommitteeMeetings

• Quality of contribution to Boarddeliberations

Strategic perspectives or inputs regarding future growth of Company and its performance Providing perspectives and feedback going beyond information provided by themanagement

• Commitment to shareholder and other stakeholder interests

The evaluation involves Self-Evaluation by the Board Member and subsequently assessmentby the Board of Directors. A member of the Board will not participate in the discussion ofhis/her evaluation.

16. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTOR :

Your Company has put in place a system to familiarize its Independent Directors aboutthe Company its Business Segment the Industry and Business model of the Company. Inaddition it also undertakes various measures to update the Independent Director about theongoing events and development relating to the Company. All the Independent Directors ofthe Company are made aware of their role responsibilities & liabilities at the timeof their appointment / re appointment through a formal letter of appointment which alsostipulates various terms and conditions of their engagement including the compliancerequired from him under Companies Act 2013 Listing Regulation and other various statuesand an affirmation is obtained for the same. The Detail of the Familiarization Programmefor Directors are available on the Company’s Website -www.euroasiaexportsltd.com

17. NUMBER OF MEETINGS OF THE BOARD OFDIRECTORS:

The Board meets at regular intervals to discuss and decide on business strategies/policies and review the financial performance of the Company. In case of businessexigencies the Board’s approval is taken through circular resolutions. The CircularResolutions are noted at the subsequent Board Meeting. The notice and detailed agendaalong with the relevant notes and other material information are sent in advance.

Particular details of Board Meeting are as follows: During the financial year fiveBoard meetings were held.

Dates of Board Meeting Directors Present in the Meeting
• 30.05.2016 3
• 16.06.2016 2
• 11.10.2016 2
• 11.11.2016 2
• 07.02.2017 2

18. MANAGERIAL REMUNERATION;

None of the employee of the company falls under the provisions of rule pursuant to 5(2)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

Since no director of the company was in receipt of any remuneration or commissiontherefore the company is not required to make disclosure under the applicable provisionsof the Companies Act 2013.

19. DISCLOSURE REGARDING VARIOUS COMMITTEES:

The Company has the following Committees of the Board:

A) Audit Committee

Audit Committee of the Board of Directors ("the Audit Committee") isentrusted with the responsibility to supervise the Company’s internal controls andfinancial reporting process. The Composition quorum powers role and scope are inaccordance with section 177 of the Companies Act 2013 and the provisions of Regulation 18of the Listing Regulation. All the Members of the Audit Committee are financially literateand bring in expertise in the fields of Finance Taxation Economics Risk andinternational Finance. It functions in accordance with its terms of reference that definesits authority responsibility and reporting function. Mr. Gagan Goel Non ExecutiveIndependent Director is the Chairperson of the Audit Committee. The other Members of AuditCommittee include Mr. Bhim Sain Goyal the Independent Director of the Company & Ms.Nidhi Maheshwari the Non - Executive Independent Director of the Company.

Meeting & Attendance

The Audit Committee met four times during the Financial Year 2016 - 17. The Maximum gapbetween two meetings was not more than 120 Days. The necessary quorum was present for allmeetings. The Chairperson of the Audit Committee was present at the last Annual GeneralMeeting of the Company.

Dates of Board Meeting Members Present in the Meeting
• 30.05.2016 3
• 04.08.2016 2
• 11.11.2016 2
• 07.02.2017 2

All the members of the committee are financially literate Mr. Gagan Goel was appointedas Chairman of the Audit Committee.

Terms & Reference

The Audit committee inter alia performs the functions of approving Annual InternalAudit Plan review of financial reporting system internal controls system discussion onfinancial reporting system discussion on financial results interaction with statutoryand Internal Auditor recommendations for the appointment of statutory and InternalAuditors and their remuneration Review of Business Risk Management Plan ManagementDiscussion and Analysis Review of Internal Audit Reports Significant related partytransactions. The Company has framed the Audit Committee Charter for the purpose ofeffective Compliance of Provisions of Section 177 of the Companies Act 2013 andRegulation 18 of the Listing Regulation. In fulfilling the above role the Audit Committeehas powers to investigate any activity within its terms of reference to seek informationfrom employees and to obtain outside legal and professional advice.

The term of reference of the committee have been revised in conformity with theprovisions of section 177 of the Companies Act 2013 and the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.

At present composition of Committee was change in meeting held on 01.08.2017 thecommittee comprises of three Independent Directors viz Mr. Bhim Sain Goyal Ms. NidhiMaheshwari and Ms. Shweta Gupta.

B) Nomination and Remuneration Committee

Performance Evaluation Criteria for Independent Directors and Remuneration Policy forDirectors Key Managerial Personnel and other employees

The Company’s Remuneration Policy for Directors Key Managerial Personnel andother employees is annexed as Annexure VI to the Board Report. Further the Company hasdevised a Policy for performance evaluation of Directors.

The Board of the company has decided that the committee will also be known with thename Nomination and Remuneration Committee as required under Companies Act 2013. TheCommittee recommends remunerations promotions increments and considers the appointmentof Executive Directors as and when required.

Meeting & Attendance

At present the Nomination and Remuneration Committee of the company comprises of thefollowing members who are Directors of the company and Dates of Meeting

Dates Nomination and Remuneration Meeting

• 11.10.2016 2
• 11.11.2016 2

Mr. Bhim Sain Goyal Mr. Gagan Goel and Ms. Nidhi Maheshwari are the members ofNomination & Remuneration Committee Members.

Terms & Reference

The Board has framed the Nomination & Remuneration Committee Charter which ensureseffective Compliance of Section 178 of the Companies Act 2013 and Regulation 19 ofListing Regulation which are as follows:

• Reviewing the overall Compensation Policy Service agreements and otheremployment Conditions of Managing Director and Senior Management ( One Level below theBoard);

• To help in determining the appropriate size diversity and composition of theBoard;

• To recommend to the Board appointment / re-appointment and removal of Directors;

• To frame criteria for determining qualifications positive attributes andIndependence of Directors to create an evaluation framework for Independent Director andthe Board;

• To assist in developing a succession plan for the Board;

• To assist the Board in fulfilling responsibilities entrusted from time to time;

• Delegation of any of its powers to any member of the Committee or the ComplianceOfficer;

At present composition of Committee was change in meeting held on 01.08.2017 thecommittee comprises of three Independent Directors viz Mr. Bhim Sain Goyal Ms. NidhiMaheshwari and Ms. Shweta Gupta.

C) Stakeholders Relationship Committee:

The Board has renamed the ‘Shareholders’ / Investors’ GrievanceCommittee’ of the company with ‘Stakeholders ’Relationship Committee’as required under Companies Act 2013. The Board had delegated the power to consider andresolve grievance of security holders of the company to Stakeholders Relationshipcommittee

The Stakeholders Relationship committee presently comprises of three Directors viz. Mr.Gagan Goel (Chairman) Mr. Bhim Sain Goyal and Ms. Nidhi Maheshwari.

In compliance with the SEBI guidelines the Company has appointed M/s. Skyline FinancialServices Pvt Limited as RTA (Registered Transfer Agent) to look after the share transfertransmission transposition issuance of duplicate share certificate sharede-materialization/re-materialization etc independently under the supervision and controlof the Stakeholders Relationship committee Meeting & Attendance

At present the Nomination and Remuneration Committee of the company comprises of thefollowing members who are Directors of the company and Dates of Meeting

Dates of Stakeholders Relationship Meeting Members Present in the Meeting
• 30.05.2016 3
• 04.08.2016 2
• 11.11.2016 2

Terms & Reference

The Board has clearly defined the terms of reference for the committee which generallymeets at Regular Interval. The Committee looks in to the matters of Shareholders/Investors grievances along with other matters listed below:

• Approval of Transfer of Shares/ debentures and issue of duplicate/ split/consolidation/ sub-division of share/debenture certificates

• Consider resolve and monitor redressal of Shareholding grievances of theCompany with respect to transfer of shares non - receipt of annual report non - receiptof declared dividend.

• Review the Performance of the Company’s Registrar & Transfer Agents.

The secretarial Department of the Company and the Registrar and Share Transfer AgentSkyline Services Pvt. Ltd. Attend to all grievances of the Shareholders received directlyor through SEBI Stock Exchanges Ministry of Corporate Affairs Registrar of Companiesetc. The Minutes of the Stakeholder’s Relationship Committee Meetings are circulatedto the Board and noted by the Board of Directors at the Board Meetings. Continuous effortsare made to ensure that grievances are more expeditiously redressed to the completesatisfaction of the investors.

Shareholders are requested to furnish their updated telephone number and emailaddresses to facilitate

20. PARTICULARS OF EMPLOYEE AND MANAGERIAL REMUNERATION:

During the year under review the Company does not have any employee who is drawing theremuneration in excess of the limits prescribed by provisions of Section 197(12) of theCompanies Act 2013 read with Rules 5 (1) (2) and (3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.

1. DISCLOSURES PURSUANT TO SECTION 197 (12) AND RULE 5 OF COMPANIES (APPOINTMENT ANDREMUNERATION OF MANAGERIAL PERSONNEL! RULES. 2014:

The company has given remuneration according to the remuneration policy formulated bythe Company. Further information is as follows:

I. The Ratio of Remuneration of each Director to the Median Employees Remuneration ofthe Company for the financial year 2015-2016 is as follows:

No remuneration has been paid to any director in the Financial Year 2016-17.

II. The percentage increase in remuneration of each Director Chief Financial OfficerChief Executive Officer Company Secretary or Manager if any in the financial year:

No remuneration was being paid to any director and no changes have been made inremuneration paid to Chief Financial Officer and Company Secretary of the Company.

III. The percentage increase in the median remuneration of employees in the FinancialYear 2016-17:

There has been an increase of 0.01 % in percentage of median remuneration paid toemployees in the Financial Year 2016-17 as compared to Financial Year 2015-16.

IV. the number of permanent employees on the rolls of company:

The numbers of permanent employees on the rolls of the Company are 4.

V. average percentile increase already made in the salaries of employees other than themanagerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration:

No managerial remuneration was being paid to any director in Financial Year 2016-17.

VI. affirmation that the remuneration is as per the remuneration policy of the company:

The Directors of the Company confirm that the remuneration in the Financial Year2016-17 has been paid according to the remuneration policy of the Company.

21. SIGNING OF BALANCE SHEET:

The Balance Sheet of the Company is not signed in pursuance to the provision of Section134 of companies act 2013. The Balance Sheet was signed by two directors of the companyand chief finance officer of the company but not signed by Company Secretary as on thedate of signing of Balance Sheet there was Casual vacancy in the Office of CompanySecretary because Mr. Kapil Mendiratta Company Secretary of the Company resigned on07.02.2017 and balance Sheet was signed on 23.05.2017.

AFFIRMATIONS AND DISCLOSURES:

1. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS ANDEMPLOYEES:

Pursuant to Section 177(9) and (10) of the Companies Act 2013 and Regulation 22 of theListing Regulation the Company has formulated Whistle Blower Policy for Vigil Mechanismof Directors and employees to report to the management about the unethical behavior fraudor violation of Company’s code of conduct. The Company has established a vigilmechanism for Directors and employees to report their genuine concerns details of whichhave been given in the Corporate Governance Report forming part of annual report.

2. RISK MANAGEMENTPOLICY:

In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015contemporary practices of good corporate governance Company has developed the policies& procedures to assess the risk associated with the Company and minimization thereofand periodically informed the Board of Directors for their review to ensure that theexecutive management controls the risk in accordance with the defined policies andprocedures adopted by the company. Business risk evaluation and management is an ongoingprocess within the Company. The assessment is periodically examined by the Board.

3. CORPORATE SOCIAL RESPONSIBILITYfCSRl:

The concept of Corporate Social Responsibility is not applicable to the Company.

4. LISTING:

The shares of the Company are listed at Delhi Jaipur and Bombay Stock Exchange Ltd.

5. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION186:

The company has given short term loan and advances of Rs. 1514152 as on 31.03.2017.

6. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

Company has not or made any arrangement with the related parties during the financialyear.

7. DETAILSOFSIGNIFICANTANDMATERIALORDERSPASSEDBYTHEREGULATORSORCOURT SO TRIBUNALSIMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE:

There were no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and company’s operations infuture.

8. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION.PROHIBITION AND REDRESSAL1 ACT. 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition and Redressal)Act 2013. All employees are covered under this policy and during the year no complaintshave been received from them.

9. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO

The details of conservation of energy technology absorption foreign exchange earningsand outgo are as follows:

A) Conservation of Energy

The operations of the Company are not energy intensive therefore no capital investmenthas been made on energy conservation equipments during the year. The company hasendeavored to conserve energy consumption wherever feasible and has not utilizedalternate sources of equipments.

B) Technology Absorption

No new technology has been imported during last 4 years as the orders received by thecompany are gradually declining. However the technology for Transistorized Convertersother equipments and parts of Induction Heating Machines imported has been fully absorbed.

The industry has been under recession from past many years due to which manufacturingis unviable at low volumes and as a result of which company is incurring losses from itsmanufacturing activities and has decided to shut down manufacturing activities and disposeoff plant and machinery.

C) Foreign Exchange Earnings and Outgo

Activities relating to export initiatives taken to increase exports and development ofNew Export market

Foreign exchange outflows: Nil Foreign exchange inflows: Nil

10. DIRECTORS’ RESPONSIBILITYSTATEMENT:

The Directors’ Responsibility Statement referred to in clause(c) of sub-section(3)of Sectionl34 of the Companies Act 2013 shall state that—

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

(b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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 have laid down internal financial control to be followed by theCompany and that such internal financial control are adequate and were operatingeffectively; and

$ the Directors had devise proper systems to ensure compliance with the provisions ofall applicable law sand that such systems were adequate and operating effectively.

11. REVOCATION OF SUSPENSION OFTRADING:

The securities of the company are currently listed at Bombay Stock Exchange DelhiStock Exchange and Jaipur Stock Exchange.

The securities of the company was suspended from trading due to non compliance since28th October 1996

However with effect from 29th April 2016 Bombay Stock Exchange has revoked thesuspension and securities of the company are available for trading. Revocation at DelhiStock Exchange and Jaipur Stock Exchange are not required as these stock exchanges havebeen de-recognized bySEBI.

ACKNOWLEDGEMENTS:

The Directors wish to place on record their appreciation for the sincere servicesrendered by employees of the Company at all levels. Your Directors also wish to place onrecord their appreciation for the valuable co-operation and support received from theGovernment of India various state governments the Banks/ Financial institutions andother stakeholders such as shareholders customers and suppliers among others. TheDirectors also commend the continuing commitment and dedication of the employees at alllevels which has been critical for the Company’s success. The Directors look forwardto their continued support in future.

For and on behalf of the Board of Directors of
Euro Asia Exports Limited
SD/- SD/-
Gagan Goel' Rakesh Kumar Singal
Director Director
DIN: 07166489 DIN: 06595136
Address: H No-705 Saraswati Vihar Address: D-50 Sushant Lok II Sector-
Gurgaon 122001 56 Gurgaon 122002
Place: New Delhi
Date: 29.08.2017
Telephone: +91- 011-47055518
Email id: infoeuroasiaexnortsltd.com
Website:www.euroasiaexDortsltd.com