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Shashijit Infraprojects Ltd.

BSE: 540147 Sector: Infrastructure
NSE: N.A. ISIN Code: INE700V01013
BSE 00:00 | 20 Sep 33.80 3.60
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NSE 05:30 | 01 Jan Shashijit Infraprojects Ltd
OPEN 29.90
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VOLUME 14400
52-Week high 33.80
52-Week low 21.25
P/E 187.78
Mkt Cap.(Rs cr) 35
Buy Price 30.85
Buy Qty 4800.00
Sell Price 33.50
Sell Qty 4800.00
OPEN 29.90
CLOSE 30.20
VOLUME 14400
52-Week high 33.80
52-Week low 21.25
P/E 187.78
Mkt Cap.(Rs cr) 35
Buy Price 30.85
Buy Qty 4800.00
Sell Price 33.50
Sell Qty 4800.00

Shashijit Infraprojects Ltd. (SHASHIJITINFRA) - Director Report

Company director report

To

Dear Members of Shashijit Infraprojects Limited Vapi.

The board of Directors welcomes you all in the 11th AGM of the companyand places before you 11th Annual Report on the business and operation of the Company andCompany's Audited

Financial Statement for the financial year ended 31st March 2018;

1. FINANCIAL HIGHLIGHTS

The Company's financial performance for the year under review alongwith previous year's figures are given hereunder:

(Amount in Rupees)

Particulars

Year Ended 31st March 2018

Year Ended 31st March 2017

Revenue from operations

457317322

254779976

Other Income

2286024

3254255

Total Income

459603346

258034231

Less: Expenditure

431727296

234838473

Earnings before Interest Tax Depreciation
and amortization (EBITDA)

27876050

23195758

Less: Finance Cost

3886829

3669920

Depreciation

8260379

5130716

Profit Before Tax

15728842

14395122

Less: Tax Expense

4649918

5294116

Net Profit

11078924

9101006

2. STATE OF THE COMPANY'S AFFAIRS

The key highlights pertaining to the business of the Company for theyear 2017-18 and period subsequent there to have been given hereunder;

During the year under review your Company achieved revenue ofRs.457317322/- as against Rs.254779976/- in FY 2017-18 and EBT of Rs.15728842/-as against Rs.14395122/- in F.Y 2016-17.

Profit after tax of the Company during the year under review hasincreased to Rs.11078924/- as compared to Net Profit of Rs.9101006/- in the previousyear.

The Directors trust that the Shareholders will find the performance ofthe Company for F.Y 2017-18 to be satisfactory and the Earning per Share (EPS) of theCompany is 1.29 per Share comparing to Earning per Share (EPS) of the Company of 1.23 ofprevious financial year.

The Company is into business of civil construction for industrialcommercial and residential projects.

During the year under review there has been no change in the natureof the business of the Company.

3. APPROPRIATIONS DIVIDEND

Considering the Company's financial performance the Directors haverecommended a

Dividend of Rs.0.20/- (2.00%) per Equity Share on the Capital of8620000 Equity Shares of Rs.10/- each for the F.Y 2017-18.

TRANSFER TO RESERVE & SURPLUS

The Company has transferred whole amount of Profit to Reserves &Surplus account as per attached audited Balance Sheet for the year ended on 31st March2018.

4. CLASSES OF SHARES

As on date the Company has only one class of share capital i.e. EquityShares of Rs.10/- each.

5. EXTRACTS OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in formMGT-9 as required under Section 92 of the Companies Act 2013 read with Rule 12 of theCompanies (Management and administration) Rules 2014 is included in this Report as "Annexure-IV"and forms an integral part of this Report.

6. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDERREVIEW

During the financial year 2017-18 6 (Six) Meetings of the Board ofDirectors were held. The Provisions of Companies Act 2013 and Listing Agreement wereadhered to while considering the time gap between meetings.

Infraprojects Limited

7. VARIATION IN IPO FUND UTILISATION

It is evident from the earlier disclosures on the fund utilizationraised from IPO of Shashijit Infraprojects Limited in October 2016 and further disclosuresas a part of compliance procedures that we have kept aside a sum of Approx. Rs.50 lacs forthe purchase of plant & machinery & scaffolding material which we projected wouldbe needed for the running projects under execution. However it was later realized thatthe particular Plant & machinery & scaffolding material which was needed for aspecific site was not required during the course of execution of the work.

Further we have received additional projects the details of which havebeen shared with all the stake holders and regulatory authorities from time to timethrough proper disclosures. We have also been in discussions & negotiations with ourlong standing clientele on upcoming projects which are also likely to fall in our kittyand to be executed in FY 18-19. We have achieved the projected targets for FY 17-18 andare poised to report a decent growth for the FY 18-19 as well given the work orders inhand to be executed in current financial year.

Further we have always stressed on debt free books and have beenfocused on value creation to the stakeholders by improving on our bottom lines andlowering the interest cost. The same is evident from the fact that despite we haveachieved a sizeable growth in the top lines we have tried to keep our interest cost tominimal by not adding much on working capital facilities and improving the working capitalcycle for better efficiencies in fund management.

Hence there is an acute need of additional working capital at thisjuncture given the immediate work orders to be executed and utilizing liquid funds formaximizing purchasing benefits on materials.

Hence the management has decided to use the funds kept aside forpurchase of plant & machinery & scaffolding material for its working capitalrequirements.

The disclosure in compliance with the SEBI Regulation 32 of the SEBI(LODR) Regulations 2015 is as under:

(Rs. in Lacs)

Objects stated in Prospectus

Amount Disclosed in the Prospectus

Actual Utilization

Variation (Excess/Less Amount Incurred)

Purchase of Machinery and Scaffolding

120.00

92.31

-27.69

Equipment
Loan Repayment

25.00

25.00

0.00

Working Capital Requirements

90.00

117.69

27.69

General Corporate Purposes

64.20

64.20

0.00

Issue related expenses

50.00

50.00

0.00

Total

349.20

349.20

NIL

8. CHANGES IN AUTHORISED SHARE CAPITAL:

There have been no changes in the Authorized Share Capital of theCompany during the year.

9. DEPOSITS

The Company has neither accepted nor renewed any deposits u/s 73 to 76of the Companies Act 2013 during the year under review nor there any outstanding depositif earlier years within the meaning of Section 58A of the Companies Act 1956.

10.MEETING OF INDEPENDENT DIRECTORS

The Independent Director of the Company met one time during the year onThursday 29th March 2018 under the requirement of Point No. VII of Schedule IV ofCompanies Act 2013.

11.BOARD EVALUATION

The evaluation of all the Directors and the Board as a whole wasconducted based on the criteria and framework adopted by the Board.

12.DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review details of Directors & KMPs are asunder;

Name DIN Current Designation Occupation Term

Nationality

Age

1. Mr. Ajit Deepchand Jain (DIN: 01846992)

Indian

54 years

Chairman & Managing Director
Date of Appointment as Director: 05/11/2007
Date of Appointment as Chairman & Managing
Director: 28/08/2016
Term: 3 years from August 28 2016 subject to liable to retire by rotation
Occupation: Business
2. Mrs. Shashi Ajit Jain (DIN: 01847023)

Indian

50 years

Whole-time Director
Date of Appointment as Director: 05/11/2007
Date of Appointment as Whole-time Director:
28/08/2016
Term: 3 years from August 28 2016 subject to liable to retire by rotation
Occupation: Business
3. Ms. Aakruti Ajit Jain (DIN: 02591552)

Indian

27 years

Whole-time Director
Date of Appointment as Director: 01/07/2009
Date of Appointment as Whole-time Director:
28/08/2016
Term: 3 years from August 28 2016 subject to liable to retire by rotation
Occupation: Business
4. Mr. Anil Dadamchand Jain (DIN: 07596536) Independent Director

Indian

56 years

Date of Appointment as Director: 27/08/2016
Term: Upon conclusion of AGM for F.Y 2021-22
Occupation: Service
5. Mr. Dheeraj Mohanlal Khandelwal (DIN:

Indian

43 years

07595594) Independent Director
Date of Appointment as Director: 27/08/2016
Term: Upon conclusion of AGM for F.Y 2021-22
Occupation: Practicing Chartered Accountant
5. Mr. Prabhat Ramkrishna Gupta (DIN: 07595615)

Indian

53 years

Independent Director
Date of Appointment as Director: 27/08/2016
Term: Upon conclusion of AGM for F.Y 2021-22
Occupation: Business
6 Mr. Ishwar Patil

Indian

37 years

Chief Financial Officer
Date of Appointment as CFO: 25/08/2016
7. Mr. Manthan Shah

Indian

28 years

Company Secretary & Compliance Officer
Date of Appointment as CS: 25/08/2016

In accordance with the provisions of Section 152 and other applicableprovisions if any of the Companies Act 2013 read with Companies (Appointment andQualification of Directors) Rules 2014 (including any statutory modification(s) orre-enactment(s) thereof for the time being in force) and the Articles of Association ofthe Company Ms. Aakruti Jain (DIN: 02591552) is liable to retire by rotation atthe ensuing AGM and being eligible has offered herself for re-appointment.

13.MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF

THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THECOMPANY TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financialposition of the Company which have occurred during the financial year of the Company towhich the financial statement relates and the date of this report.

14.DECLARATION BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OFSECTION

149

A declaration by an Independent Director(s) that they meet the criteriaof independence as provided in sub-section (6) of Section 149 of the Companies Act 2013has been taken by the company and the same is forming part of the Directors' Report as "Annexure-II".

15.REMUNERATION OF DIRECTORS KEY MANAGERIAL PERSONNEL AND PARTICULARS

OF EMPLOYEES:

The remuneration paid to the Directors in accordance with theNomination and Remuneration policy formulated in accordance with section 178 of theCompanies Act 2013 and Regulation 19 of the Listing Regulations (including any statutorymodification(s) or re-enactment(s) thereof for the time being in force).

The information required under section 197 of the Companies Act 2013read with Rule No. 5 of Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 (including any statutory modification(s) or re-enactment(s) thereof for thetime being in force) in respect of Directors/ employees of the Company is set out in the"Annexure I" to this report.

16.NOMINATION AND REMUNERATION POLICY:

The Company has formulated and adopted the Nomination and RemunerationPolicy in accordance with the provisions of the Companies Act 2013 read with rules issuedthereunder and the Listing Regulations.

The said policy of the Company inter alia provides that Nominationand Remuneration Committee shall formulate the criteria for appointment of ExecutiveNon-Executive and Independent Directors on the Board of Directors of the Company andpersons in the senior management of the Company their remuneration includingdetermination of qualifications positive attributes independence of Directors and othermatters as provided under subsection (3) of section 178 of the Companies Act 2013(including any statutory modification(s) or re-enactment(s) thereof for the time being inforce).

17.CONSTITUTION OF COMITTEES

AUDIT COMMITTEE

The Company has constituted an Audit Committee in accordance withSection 177(1) of the Companies Act 2013 the details of which have been provided in theCorporate Governance Report forming part of this Annual Report. There has been no instancewhere the Board of Directors had not accepted any recommendation of the Audit Committee.

NOMINATION & REMUNARATION COMMITTEE

The Company has constituted Nomination and Remuneration Committee inaccordance with Section 178 of the Companies Act 2013 the details of which have beenprovided in the Corporate Governance Report forming part of this Annual Report.

STAKEHOLDER RELATIONSHIP COMMITTEE

The Company has constituted Stakeholder Relationship Committee inaccordance with Section 178 of the Companies Act 2013 the details of which have beenprovided in the Corporate Governance Report forming part of this Annual Report.

18.AUDITORS

STATUTORY AUDITORS

The Company in its 10th Annual General Meeting (AGM) held on 25thSeptember 2017 appointed M/s NPV & Associates (Firm Registration Number- 129408W)Chartered Accountants as Statutory Auditors of the Company to hold office for the periodof 5 consecutive years from the conclusion of the 10th Annual General Meeting until theconclusion of the 15th Annual General Meeting of the Company. M/s NPV & AssociatesChartered Accountants have given their consent to act as Statutory Auditors and have alsoconfirmed that their appointment if made will be in accordance with the provisions ofthe Companies Act 2013

STATUTORY AUDITORS' OBSERVATIONS IN AUDIT REPORT

The notes on financial statement referred to in the Auditor's Reportare self-explanatory. There is no qualification reservation or adverse remarks ordisclaimer by the Auditors in their Report and do not call for any furtherexplanation/comment from the Board.

SECRETARIAL AUDITOR

Pursuant to Section 204 of the Companies Act 2013 and Rules madethereunder the Company had appointed Nitesh Shah & Associates Company Secretaries(Membership No. 35681 COP No. 13222) as Secretarial Auditor of the Company to conduct theSecretarial Audit of the Company. The Company had provided all assistance and facilitiesto the Secretarial Auditor for conducting their Audit.

The report of the Secretarial Auditor for the financial year 2017-18 isannexed to this Report in as "Annexure-III" Form MR-3 by NiteshShah & Associates Company Secretaries which forms part of the Directors' Report.

SECRETARIAL AUDITORS' OBSERVATIONS IN SECRETARIAL AUDIT REPORT

Your Company was required to file Form MGT-10 for transactions made byEdelcap Securities Limited as specified by Section 93 of the Companies Act 2013 read withRule 13 of the Companies (Management and Administration) Rules 2014 within time periodas specified by Section 403 of the Companies Act 2013.

The respective Companies Amendment Act 2017 as published in theofficial gazette on 3rd January 2018 has abolished the requirement of submission of FormMGT-10 w. e. f. 13th June 2018. Therefore the Company was not required to filerespective Form No. MGT-10 as on 13th June 2018. Hence the Company has not filedrespective Form MGT-10 with the Ministry of Corporate Affairs assuming the allowed periodof filing available under section 403 of the Companies act 2013.

INTERNAL AUDITORS

Pursuant to Section 138 of the Companies Act 2013 read with Companies(Accounts) Rules 2014 the Company has appointed Mr. Rahul Kala Chartered Accountant(Membership No. 428047) as the Internal Auditor of the Company to carry put the InternalAudit of the Functions and activities of the Company.

19.INTERNAL AUDIT & CONTROLS

The Company engaged Mr. Rahul Kala Chartered Accountant as InternalAuditor of Company. During the year the Company continued to implement his suggestionsand recommendations to improve the control environment. Their scope of work includesreview of processes for safeguarding the assets of the Company identifying opportunitiesfor cost saving review of operational efficiency effectiveness of systems and processesCompliance with Laws Regulations and Contracts and assessing the internal controlstrengths in all areas. Internal

Auditor's findings are discussed with the process owners and suitablecorrective actions taken as per the directions of Audit Committee on an ongoing basis toimprove efficiency in operations.

20.DISCLOSURE OF PROVIDING VIGIL MECHANISM

The Company has established a vigil mechanism/whistle blower policy asper the Section 179(9) & 179(10) of the Companies Act 2013 to overseas through theAudit committee the genuine concerns expressed by the employees and other Directors. TheCompany has also provided adequate safeguards against victimization of employees andDirectors who express their concerns. The Company has also provided direct access to thechairman of the Audit Committee on reporting issues concerning the interests of theemployees and the Company.

The policy is readily available on Company's website www.shashijitinfraprojects.com.

21.DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITSCORPORATE SOCIAL RESPONSIBILITY INITIATIVES

Section 135(1) of the Companies Act 2013 which is not applicable tothe Company for financial year 2017-18. Hence Company does not have to form Policyregarding Corporate Social Responsibility.

22.SECRETARIAL STANDARDS

Pursuant to clause 9 of the revised Secretarial Standards your companyhas complied with applicable secretarial standards issued by the Institute of CompanySecretaries of India during the financial year under review.

23.SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

During the year the Company did not have any Subsidiary Joint ventureor Associate Company and hence the details of financial performance are not required to befurnished.

24.MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on the operations of theCompany has been provided in a separate section which forms part of this Annual Report.

25.DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION & REDRESSAL) ACT 2013

The Company has in place an Anti-Sexual Harassment Policy in line withthe requirements of The Sexual Harassment of Women at the Workplace (PreventionProhibition & Redressal) Act 2013. The Company has complied with the provisionsrelating to the Constitution of Internal Complaints Committee under the Sexual Harassmentof Women at Workplace (Prevention

Prohibition and Redressal) Act 2013. There was no case filled orregistered with the Committee during the year under the Sexual Harassment of Women atWorkplace (Prevention Prohibition & Redressal) Act 2013. Further Company ensuresthat there is a healthy and safe environment for every women employee at the workplace andmade the necessary policies for safe and secure environment for women employee.

All employees (permanent contractual temporary trainees) are coveredunder this policy. The following is a summary of sexual harassment complaints received anddisposed of during each Calendar year:

1. No. of complaints received:

--

2. No. of complaints disposed off:

--

3. No. of cases pending for more than 90 days:

--

4. No. of workshops or awareness programme against sexual harassment carried out:

--

5. Nature of action taken by the employer or district officer:

--

26.CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO:

a. CONSERVATION OF ENERGY

i the steps taken or impact on conservation of energy; The Company continued energy conservation efforts during the year. It has closely monitored power consumption and running hours on day-to-day basis thus resulting in optimum utilization of energy.
ii the steps taken by the company for utilizing alternate sources of energy; NIL
iii the capital investment on energy conservation equipment; NIL

b. TECHNOLOGY ABSORPTION:

i the efforts made towards technology absorption; The activities of the Company at present do not involve technology absorption and research and development.
ii the benefits derived like cost reduction product development or import substitution;

NIL

iii in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

NIL

a) the details of technology imported;
b) the year of import;
c) whether the technology been fully absorbed;
d) if not fully absorbed areas where
absorption has not taken place and the reasons thereof; and
iv Expenditure incurred on Research and Development.

NIL

c. FOREIGN EXCHANGE EARNINGS AND OUTGO-

The Foreign Exchange earned in terms of actual inflows during the year:

NIL

The Foreign Exchange outgo during the year in terms of actual outflows:

NIL

27.CORPORATE GOVERNANCE:

Details regarding Corporate Governance Report of the Company regardingcompliance of the conditions of Corporate Governance pursuant to SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 with stock exchanges is annexed here within "Annexure- VI" which forms part of the Directors Report.

28.PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All contracts/ arrangements/ transactions entered by the Company withRelated Parties were in ordinary course of business and at arm's length basis.

All transactions with related parties were reviewed and approved by theAudit committee and are in accordance with the policy on related Party Transactionsformulated by the Company.

There are no materially significant related party transactions that mayhave potential conflict with interest of the Company at large.

The particulars of Contracts or Arrangements made with related partiesmade pursuant to Section 188 are furnished in Annexure AOC-2 and is attached as "AnnexureV" to this report.

The policy on the materiality of Related Party Transactions as approvedby the Board may be accessed on the Company's website: www.shashijitinfraprojects.com

29.PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF

THE COMPANIES ACT 2013

There were no loans guarantees or investments made by the Companyunder Section 186 of the Companies Act 2013 as on 31st March 2018 and hence the saiddetails are not provided.

30.DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THEREGULATORS

COURTS TRIBUNALS IMPACTING THE GOING CONCERN STATUS & COMPANY'S

OPERATIONS IN FUTURE

No significant & material orders has been passed by the regulatorscourts tribunals against the Company impacting the going concern status & company'soperations in future the requirement of disclosure is not applicable.

31.COST RECORDS

The Company is not required to maintain cost records as specified bythe Central Government under sub section (1) of Section 148 of the Companies Act 2013.

32.HUMAN RESOURCES & INDUSTRIAL RELATIONS:

The Company is pleased to report that during the year under reportingthe industrial relations were cordial.

33.PARTICULARS OF EMPLOYEES

The provisions of Rule 5(2) & (3) of the Companies (Appointment& Remuneration of Managerial Personnel) Rules 2014 requiring particulars of theemployees in receipt of remuneration in excess of Rs.102 lacs per year to be disclosed inthe Report of Board of Directors is not applicable to the Company as none of the employeeswas in receipt of remuneration in excess of Rs.102 lacs during the financial year 2017-18.

34.DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to theinformation and explanations obtained by them your Directors make the followingstatements in terms of the Section 134(3) (c) of the Companies Act 2013:

a. ACCOUNTING STANDARD

In the preparation of the annual accounts the applicable accountingstandards had been followed along with proper explanation relating to material departures;if any; b. ACCOUNTING POLICIES

The directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are 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 and loss of the company for that period; c. PROPEREFFICIENT AND CARE

The directors had taken proper and sufficient care for the maintenanceof adequate accounting records in accordance with the provisions of this Act forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities; d. GOING CONCERN BASIS

The directors had prepared the annual accounts on a going concernbasis; e. INTERNAL FINANCIAL CONTROLS

The directors had laid down internal financial controls to be followedby the company and that such internal financial controls are adequate and were operatingeffectively. f. COMPLIANCE WITH ALL LAWS

The directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

35.CFO/CEO CERTIFICATION:

The CFO/CEO certification on the financial statement of the Company asrequired under Regulation 17(8) of the SEBI (ICDR) Regulations 2015 forms part of thisAnnual Report.

36.CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which isapplicable to the Member of the Board and all employees in the course of day to dayoperations of the Company in accordance with the applicable Accounting Standards. The Codelaid down by the Board is known as "Code of Conduct". The Code has been postedon the Company's website "www.shashijitinfraprojects.com".

37.REPORTING ON SUSTAINABILITY

We are continuously striving to promote better and more effectivesustainability policy and practices. In order to ensure transparent communication of oursustainability efforts to all our stakeholders we have made conscious efforts throughtechnology innovation and effective communication and transparency.

38.RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM

The Company has established a well-defined process of risk managementwherein the identification analysis and assessment of the various risks measuring of theprobable impact of such risks formulation of risk mitigation strategy and implementationof the same takes place in a structured manner. Though the various risks associated withthe business cannot be eliminated completely all efforts are made to minimize the impactof such risks on the operations of the Company. Necessary internal control systems arealso put in place by the Company on various activities across the board to ensure thatbusiness operations are directed towards attaining the stated organizational objectiveswith optimum utilization of the resources.

39.OTHER DISCLOSURES:

Your Directors state that no disclosure or reporting is required inrespect of the following items as there were no transactions on these items during theyear under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividendvoting or otherwise.

3. Issue of shares (including sweat equity shares) to employees ofthe Company under any scheme.

4. Neither the Managing Director nor the Whole-time Directors ofthe Company receive any remuneration or commission from any of its subsidiaries.

40.ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to all theconcerned particularly

Company's bankers Bombay Stock Exchange Limited various governmentauthorities suppliers clientele and the staff of the Company and well-wishers of theCompany and for their continued support extended to the operations of the Company duringthe year under review. Your Directors also acknowledges gratefully the shareholders fortheir support and confidence reposed on your Company.

For and on behalf of the Board of Directors Shashijit InfraprojectsLimited

Sd/- (Ajit Jain) Chairman & Managing Director DIN: 01846992

Place: Vapi

Dated: 1st September 2018