Javeri Fiscal Services Ltd.

Your Directors have pleasure in presenting the Nineteenth Annual report of the Company along with the Audited Accounts for the year ended 31st March 2014.

(Rs. In Lakhs)

PARTICULARS	CURRENT YEAR (2013-2014)	PREVIOUS YEAR (2012-2013)
Profit before Depreciation	21.61	18.05
Less: Depreciation	3.73	4.80
Net Profit after Depreciation	17.88	13.25
APPROPRIATION
Provision for Taxation	5.52	4.10
Balance Carried forward to Balance Sheet	12.36	9.15

DIVIDEND

It is endeavor of your Company to make optimum use of its funds for ongoing setup, Expansion and Working Capital requirements. Keeping in mind the aforesaid factors your Directors have decided not to recommend any Dividend for the year ended 31st March 2014.

Your Directors in the current year expect that the Company is striving hard to improve its performance and achieving better results. The Board of Directors is striving to improve the profitability of the Company.

Your Company has received declarations from the Independent Directors Sh. Pankaj Jain, Sh. Prem Prakash Agarwal, Sh. Ashok Kumar Mahawar and Sh. Rajeev Mittal confirming that they meet the criteria of Independent Director as prescribed under Section 149 of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2013 along with Clause 49 of the Listing Agreement with Stock Exchanges as amended from time to time.

None of the directors of your Company is disqualified under the provisions of Section 274(1)(g) of the Companies Act, 1956 and Section 164(2) (a)&(b) of Companies Act, 2013. Your Company has received requisite notices in writing from members proposing the Candidature of the Independent Directors for a term of five consecutive years, not liable to retire by rotation.

Mrs. Richa Agarwal who was appointed as additional directors of the company as on June 23, 2014 and whose term is expire in the ensuring Annual General Meeting is proposing her candidature as a director of the Company.

In view of the notification no. G.S.R. 11(E) dated 5th January 2010, issued by Ministry of Corporate Affairs, the Company is required to obtain Compliance Certificate from Company Secretary in practice. The Company had appointed M/s Sumit Dhawan & Associates, Company Secretary in practice to issue Compliance Certificate for the financial year ended 31st March, 2014.

Your Company, during the year under review, has not invited or accepted any fixed deposits from the public in terms of the provisions of section 58A of The Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975.

None of the employees of your Company is covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended from time to time.

M/s B.M. SHARMA & ASSOCIATES, Chartered Accountants, New Delhi, Statutory Auditors of the Company hold office until the conclusion of the ensuring Annual General Meeting and are eligible for re-appointment. The Company receive a Certificate from them to the effect the re-appointment, if made, would be within the limits prescribed under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for such re-appointment.

The Notes on Financial Statements referred to in the Auditor Report are self-explanatory and, therefore, do not call for further clarification.

A detailed report on Corporate Governance Report pursuant to Clause 49 of the Listing Agreement with Stock Exchanges, along with an Auditors’ Certificate on compliance with the conditions of Corporate Governance, is annexed to this report.

The Management Discussion and Analysis Report for the year 2013-14, pursuant to Clause 49 of the Listing Agreement with Stock Exchanges is given as a Separate Statement in the Annual Report.

Pursuant to Clause 49 of Listing Agreement the CEO and CFO certificate is attached with the Annual Report. The Managing Director and CFO also provide quarterly certificate on financial results while placing the financial results before the board in terms of Clause 41 of Listing Agreement.

The Code of Conduct is posted on the Company’s website. The Managing Director and CFO of the Company has given a declaration that all Directors and Senior Management Personnel concerned affirmed compliance with the code of conduct with reference to the year ended on March 31, 2014. Declaration is attached with the Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

1) Conservation of Energy: Your Company has not consumed energy of any significant level and accordingly no measures were taken for energy conservation and no investment was made for reduction of energy consumption.

2) Technology Absorption: No comment is being made on the technology absorption considering the nature of activities undertaken by your Company during the year under review.

3) Foreign Exchange earnings and Outgo: There has been no foreign exchange earnings and outflow during the year.

In pursuant to the provisions of section 117 (9) & (10) of the Companies Act, 2013, a vigil mechanism for directors and employees to report genuine concerns has been established.

Pursuant to the provisions of Section 217 (2AA) of the Companies Act, 1956 the Directors of your Company give hereunder the Directors responsibility statement relating to the account of the Company.

a) All the applicable accounting standards have been followed in the preparation of the accompanying accounts.

b) 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 at the end of the financial year on 31st March 2014 and of the Profit and Loss of the Company for the said period.

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) The Directors have prepared the Annual Accounts for the year ended 31st March, 2014 on a going concern basis.

Relationship with Shareholders, Banks, Suppliers and Customers remained excellent during the year under review. Your Directors are grateful for the support extended by them and look forward to receiving their continued support.

We also acknowledge with appreciation the devoted services rendered by the workers, staff and executives as all levels of Company.

FINANCIAL RESULTS: (Rs. In Lakhs) PARTICULARSCURRENT YEAR (2013-2014)PREVIOUS YEAR (2012-2013) Profit before Depreciation21.6118.05 Less: Depreciation 3.734.80 Net Profit after Depreciation17.8813.25 APPROPRIATION Provision for Taxation5.524.10 Balance Carried forward to Balance Sheet12.369.15

DIVIDEND It is endeavor of your Company to make optimum use of its funds for ongoing setup, Expansion and Working Capital requirements. Keeping in mind the aforesaid factors your Directors have decided not to recommend any Dividend for the year ended 31st March 2014.

1) Technology Absorption: No comment is being made on the technology absorption considering the nature of activities undertaken by your Company during the year under review.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE & DEVELOPMENTS

The Company operates in the single business segment of trading in various types of Iron &Steel. At present, the Company is trading in various types of steel products as well as sale of products on Commission basis. This sector of steel is witnessing intense competition from

numerous players in the country.

OPPORTUNITIES, THREATS, RISKS AND CONCERNS

The Company has the opportunity to further increase the sales as there may be growing demand in future. The Company seeks lots of opportunities in the steel market in future. The Company anticipates the increasing demand of steel because of development of various kinds of Infrastructure and Housing Projects. The Company has also planned to start the direct sales

in this sector apart from Consignment sales.

SEGMENT PERFORMANCE

Due to the intense competition in the segment of steel trading there are number of players in this segment of business. The Company is striving to have the competitive position in the business segment of Iron & Steel and making all efforts to increase the turnover in this segment.

INTERNAL CONTROL SYSTEM & THEIR ADEQUACY

The Company has a good system of internal controls in all sphere of its activity. The internal control system is supplemented by effective Internal Audit. The audit committee regularly reviews the findings of the internal auditors and effective steps to implement the suggestion /observation of the auditors are taken and monitored regularly. In the opinion of the Board, an effective internal control system commensurate to the size of the Company exists.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONALPERFORMANCE

There was an increase in the revenue from operation of Rs. 13.98 Lacs, in current year; there was also an increase in other income from 1.92 Lacs in the current year. The Company has earned a profit before tax amounting to 17.88 Lac. The Board is striving hard to further increase the turnover and overall profitability of the Company and also planning to offer direct sales apart from sale on consignment basis.

MATERIAL DEVELOPMENT IN HUMAN RESOURCES /INDUSTRIAL RELATIONS FRONT, INCLUDING THE NUMBER OF PEOPLE EMPLOYED.

The Company has employees and the cordial relations were maintained with all of them throughout the year. The Board of the Company wishes to place on record its appreciation to all the employees for their sustained efforts in improving the capacity utilization and operational efficiency. The Company has initiated many steps in career and personality development of the employees belonging to different departments. The employees attended seminars and other training programs to enhance their skills and knowledge.

To motivate and to get the best results from the employees the Company has the performance based incentive scheme for its entire management & office cadre.

CAUTIONARY STATEMENT

Statement in this report describing the Company’s position and expectations may be “forward statements” within the meaning of applicable securities laws or regulations. Actual result could differ materially from those expressed or implied. Important factors that could make the difference to the Company’s operations include, among others, economic condition affecting demand/ supply and the price condition in the market in which the Company operates changes in the Government regulations, Tax laws and other statutes and incidental factors.

1) Foreign Exchange earnings and Outgo: There has been no foreign exchange earnings and outflow during the year.

PARTICULARS OF EMPLOYEES: None of the employees of your Company is covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended from time to time.

DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the provisions of Section 217 (2AA) of the Companies Act, 1956 the Directors of your Company give hereunder the Directors responsibility statement relating to the account of the Company. a) All the applicable accounting standards have been followed in the preparation of the accompanying accounts. b) 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 at the end of the financial year on 31st March 2014 and of the Profit and Loss of the Company for the said period. c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and d) The Directors have prepared the Annual Accounts for the year ended 31st March, 2014 on a going concern basis.

CURRENT YEAR WORKING: Your Directors in the current year expect that the Company is striving hard to improve its performance and achieving better results. The Board of Directors is striving to improve the profitability of the Company. DIRECTORS: Your Company has received declarations from the Independent Directors Sh. Pankaj Jain, Sh. Prem Prakash Agarwal, Sh. Ashok Kumar Mahawar and Sh. Rajeev Mittal confirming that they meet the criteria of Independent Director as prescribed under Section 149 of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2013 along with Clause 49 of the Listing Agreement with Stock Exchanges as amended from time to time. None of the directors of your Company is disqualified under the provisions of Section 274(1)(g) of the Companies Act, 1956 and Section 164(2) (a)&(b) of Companies Act, 2013. Your Company has received requisite notices in writing from members proposing the Candidature of the Independent Directors for a term of five consecutive years, not liable to retire by rotation. Mrs. Richa Agarwal who was appointed as additional directors of the company as on June 23, 2014 and whose term is expire in the ensuring Annual General Meeting is proposing her candidature as a director of the Company. COMPLIANCE CERTIFICATE In view of the notification no. G.S.R. 11(E) dated 5th January 2010, issued by Ministry of Corporate Affairs, the Company is required to obtain Compliance Certificate from Company Secretary in practice. The Company had appointed M/s Sumit Dhawan & Associates, Company Secretary in practice to issue Compliance Certificate for the financial year ended 31st March, 2014. PUBLIC DEPOSITS Your Company, during the year under review, has not invited or accepted any fixed deposits from the public in terms of the provisions of section 58A of The Companies Act, 1956 read with Companies (Acceptance of Deposits) Rules, 1975. AUDITORS & AUDITOR’S REPORT: M/s B.M. SHARMA & ASSOCIATES, Chartered Accountants, New Delhi, Statutory Auditors of the Company hold office until the conclusion of the ensuring Annual General Meeting and are eligible for re-appointment. The Company receive a Certificate from them to the effect the re-appointment, if made, would be within the limits prescribed under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for such re-appointment. The Notes on Financial Statements referred to in the Auditor Report are self-explanatory and, therefore, do not call for further clarification. CORPORATE GOVERNANCE REPORT A detailed report on Corporate Governance Report pursuant to Clause 49 of the Listing Agreement with Stock Exchanges, along with an Auditors’ Certificate on compliance with the conditions of Corporate Governance, is annexed to this report. Management Discussion and Analysis Report The Management Discussion and Analysis Report for the year 2013-14, pursuant to Clause 49 of the Listing Agreement with Stock Exchanges is given as a Separate Statement in the Annual Report. CEO AND CFO CERTIFICATE Pursuant to Clause 49 of Listing Agreement the CEO and CFO certificate is attached with the Annual Report. The Managing Director and CFO also provide quarterly certificate on financial results while placing the financial results before the board in terms of Clause 41 of Listing Agreement. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT PERSONNEL The Code of Conduct is posted on the Company’s website. The Managing Director and CFO of the Company has given a declaration that all Directors and Senior Management Personnel concerned affirmed compliance with the code of conduct with reference to the year ended on March 31, 2014. Declaration is attached with the Annual Report. VIGIL MECHANISM: In pursuant to the provisions of section 117 (9) & (10) of the Companies Act, 2013, a vigil mechanism for directors and employees to report genuine concerns has been established.

RISK DISCLOSURES ON DERIVATIVES