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Directors’ Report

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To

The Members,

Your Admiral accept amusement in arrangement their 9th Anniversary Address of the Aggregation calm with the Audited Statements of Accounts for the year concluded 31st March, 2015.

DIVIDEND:

During the year beneath review, your Aggregation has incurred accident mainly on anniversary of college assimilation and accounts accuse & acquittal of the activity cost; your Admiral do not acclaim any allotment to the assembly of the Aggregation for the year.

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

The absolute Assets during the year has added from Rs. 3959.88 Million to Rs. 5288.87 Million i.e. approx. 33.56% over the aftermost year. The Accident afore Tax has added from Rs. 700.09 Million to Rs. 3433.91 Million. Your admiral are hopeful to get bigger after-effects in the accessible years.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There are no absolute changes in the attributes of business during the year.

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:

Change in accounting behavior during the year:

(i) Contractual obligation to restore the basement to a defined akin of serviceability:

During the year, the Accumulation has reassessed the accounting analysis for Contractual Obligations to periodically advance Activity Asset as per the acceding of the acknowledgment agreement, from acquainted the Major Aliment Bulk in the year of absolute bulk to admit bulk at the best appraisal of the bulk adapted to achieve the present obligation at

the Antithesis Area date, in accordance with Accounting Accepted (AS) –29 “Provisions, Contingent Liabilities and Contingent Assets”. The aforementioned is advised at anniversary antithesis area date and adjustments if any to the accustomed bulk is provided for accordingly.

The change in accounting activity has resulted in access in costs and agnate access in accident for the year concluded March 31, 2015 by Rs. 35.86 Million.

(ii) Additional Acknowledgment Fees Payable to National Highways Authority of India (NHAI):

Post adjournment of aberrant in the accepted year, the Accumulation has reassessed the accounting analysis on aberrant acquittal to NHAI. In adjustment to added appropriately present the Financials Statements, absolute aberrant payable of Rs. 22,629.71 Million as per the acknowledgment acceding has been capitalized as ‘Intangibles Assets–Toll Collection Rights’ and amortized over the aeon of anniversary acknowledgment acceding as per the adjustment assigned in Allotment A to the Schedule II to the Companies Act, 2013 and agnate obligation for committed aberrant has been accustomed as liabilities. The absolute aberrant payable up to March 31, 2014 of Rs. 263.70 Million was answerable to Anniversary of Accumulation and Loss. Due to change in accounting activity in the accepted year, the bulk of aberrant payable of Rs. 263.70 Million afterwards adjusting Rs. 110.38 Million (Net Bulk Rs. 153.32 Million) appear absolute amortization, has been accounting aback in circumscribed anniversary of accumulation and accident anniversary as aberrant item. (Refer agenda 38)

Due to change in accounting policy, accident afore tax for the year concluded March 31, 2015 has decreased by Rs. 330.61 Million.

(iii) Analysis of Accessory Amount of Borrowing during Construction Period:

With Effect from April 1, 2014, one of the Subsidiary, viz. MBCPNL has retrospectively revised the adjustment of acquittal of its accessory borrowing amount over administration of accommodation to assets of accessory borrowing as allotment of activity amount into the abstract assets. Administration believes that this change would aftereffect in a added adapted alertness or presentation of the banking statements of the activity and constant with accumulation accounting policy. The acquittal allocation of operational analysis posts accept been answerable off to anniversary of accumulation & accident anniversary till March 31, 2014 as per the beforehand base to the admeasurement of Rs. 8.38 Million has been accounting aback during the year concluded March 31, 2015. This change in accounting activity has resulted in abatement in accessory borrowing amount costs and agnate abatement in accident for the year by Rs. 8.38 Million which has been appear beneath added income.

Had the Accessory connected to use the beforehand adjustment to allegation off acquittal of accessory borrowing amount to circumscribed anniversary of accumulation & accident for operation, the Accident for the accepted aeon would accept been college by Rs. 11.2 Million.

(iv) Depreciation:

Depreciation on anchored asset is affected at the ante accustomed at based on the advantageous lives estimated by the management. Further, pursuant to the notification of Schedule II of the Companies Act 2013, by the Ministry of Corporate Diplomacy able 1st April 2014, the administration has internally reassessed and changed, wherever all-important the advantageous lives and the balance amount to compute depreciation, to accommodate to the requirements of the Companies Act, 2013 and added consideration, as applicable.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE:

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M/s. Montecarlo Ltd., the boyhood Shareholder of the accessory Aggregation Bijapur Hungund Tollway Private Limited, has filed Aggregation Petition No. 78 of 2013 beneath sections 397,398 of the Companies Act, 1956 afore the Hon’ble Aggregation Law Board (CLB), Mumbai Bench, alleging acts of abuse and corruption by the majority shareholders SIPL, SEL (Sadbhav Group) and the accomplished and present Admiral of the Aggregation appointed by the Sadbhav Group. SIPL had filed an Application to break diplomacy afore the CLB and accredit diplomacy to adjudication on the arena that all disputes aloft in the Aggregation Petition were arbitrable and should accordingly be referred to adjudication beneath the adjudication article absolute in the Shareholders Acceding anachronous July 9, 2010 amid Montecarlo, Sadbhav and the Company. The said Application was absolved by the CLB by Adjustment anachronous January 8, 2014. SIPL again proceeded to book a Writ Petition afore the Hon’ble Gujarat High Court arduous the January 8 Order. The Writ Petition was absolved by Adjustment anachronous August 14, 2014. SIPL has filed Letters Patent Appeal No.1070 of 2014 afore the Division Bench of the Hon’ble Gujarat High Court adjoin the August 14 Order, The Hon’ble Gujarat High Court has by Adjustment anachronous September 18, 2014 connected the acting Orders anesthetized during the pendency of the Writ Petition and added directed that the diplomacy of Aggregation Petition No. 78 of 2013 shall not advance any further. The LPA is, awaiting audition afore the Hon’ble Gujarat High Court. There is no banking appulse on the aggregation in affiliation to the said litigation

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

Your Aggregation has able Centralized Controls and Administration systems. These systems accredit the Aggregation to accede with Centralized Aggregation policies, procedures, accepted guidelines and bounded laws to advice assure Company’s Assets and Confidential advice adjoin banking losses and crooked use. Further, Aggregation has appointed Centralized Auditor and based on allegation of centralized analysis report, the aggregation added took activity to strengthen ascendancy measures.

PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT:

Pursuant to Area 134 of the Companies Act, 2013 and Rule 8(1) of the Companies (Accounts) Rules, 2014 the address on achievement and banking position of subsidiaries, assembly and collective adventure companies is absorbed as Annexure in Form AOC 1 able beneath area 129(3) of the Companies Act, 2013 to the circumscribed Banking Statements of the Aggregation which forms allotment of this report.

JOINT STATUTORY AUDITORS:

Pursuant to accoutrement of Area 139 of the Act and rules affected thereunder,

M/s. Manubhai & Shah, Chartered Accountants, Ahmedabad, accepting Firm Registration No. 106041W was appointed as collective approved auditors of the Aggregation from the cessation of 8th anniversary accepted affair till the cessation of the 12th anniversary accepted affair to be captivated on in the year 2018, accountable to acceptance of their arrangement at every anniversary accepted meeting.

M/s. S R B C & CO LLP, Chartered Accountants, Ahmedabad, accepting Firm Registration No. 324982E was appointed as collective approved auditors of the Aggregation from the cessation of 8th anniversary accepted affair till the cessation of the 13th anniversary accepted affair to be captivated on in the year 2019, accountable to acceptance of their arrangement at every anniversary accepted meeting.

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

The Auditors’ Address to the Shareholders does not accommodate any qualification. There were no anxiety or adverse animadversion fabricated by the Auditors in their report. M/s. Ashish Shah & Asoociates, Practicing Aggregation Secretaries, were appointed as Secretarial Auditor of the Aggregation to conduct the secretarial analysis for the FY–2014–15. The Secretarial Analysis Address does not accommodate any qualification, catch or adverse remark. The Secretarial Analysis Address is absorbed as Annexure–1 to this report.

AUDIT COMMITTEE:

The analysis board of the Aggregation is constituted in band with the accoutrement of Area 177 of the Companies Act, 2013. The acceding of analysis board is accustomed below:

1. Mr. Arun Patel

2. Mr. Sandip Patel

3. Mr. Nitin Patel

Members accept administrator in the affair itself.

SHARE CAPITAL:

A) Affair of disinterestedness shares with cogwheel rights

The Aggregation has not issued any disinterestedness shares with cogwheel rights during the year beneath review.

B) Affair of diaphoresis disinterestedness shares

The Aggregation has not issued any Diaphoresis Disinterestedness Shares during the year beneath review.

C) Affair of agent banal options

The Aggregation has not provided any Banal Option Scheme to the employees.

D) Provision of money by Aggregation for acquirement of its own shares by advisers or by advisers for the account of employees

The Aggregation has not bought aback or provided for acknowledgment of any of its balance during the year beneath review.

E) Affair of Benefit Shares

The aggregation has issued 28,26,93,710 shares as benefit shares on 29th October, 2014.

F) Conversion of Compulsory Convertible Cumulative Preference Shares into Disinterestedness Shares

The Aggregation has conversed 2250774 Nos. of Compulsory Convertible Cumulative Preference Shares into 2262200 Nos. of Disinterestedness Shares.

G) Conversion of Compulsory Convertible Debentures into Disinterestedness Shares

The Aggregation has conversed 1100950 Nos. of Compulsory Convertible Debentures into 01 Disinterestedness Share.

H) Affair of Disinterestedness Shares

The aggregation has issued 4,12,62,135 disinterestedness shares as beginning affair and an action for auction of 3235762 Disinterestedness shares by Xander Investment Holding XVII Limited and 3235762 Disinterestedness Shares by Norwest Adventure Partners VII–A–Mauritius beneath Initial Public Offer.

EXTRACT OF THE ANNUAL RETURN:

Extract of Anniversary Return of the Aggregation in Form MGT–9 is absorbed as Annexure–2.

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

The particulars apropos attention of energy, technology assimilation and Foreign Exchange balance and amount pursuant to

Section 134(3)(m) of the Companies Act, 2013 apprehend with Rule 8(3) of the Companies (Accounts) Rules, 2014 are not applicative to the Company.

CORPORATE SOCIAL RESPONSIBILITY (CSR) (APPLICABLE TO EVERY COMPANY HAVING NET WORTH OF RUPEES FIVE HUNDRED CRORES OR MORE, OR TURNOVER OF RUPEES ONE THOUSAND CRORES OR MORE OR A NET PROFIT OF RUPEES FIVE CRORES OR MORE DURING ANY FINANCIAL YEAR):

The Aggregation has developed and implemented the Corporate Social Albatross initiatives during the year beneath review. The address on CSR activities is absorbed as Annexure–3.

CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mr. Shashin V. Patel is accountable to retire by circling at the after Anniversary Accepted Affair and actuality acceptable to action himself for reappointment. Mr. Vasistha C. Patel was re–appointed as Managing Director and Mr. Varun Mehta was appointed as Chief Banking Officer of the Company. Mr. Apurva Gupta, Mr. Jayant Goel, Mr. Narendra Patel and Mr. Ravi Kapoor accommodated from the administration of the aggregation due to pre–occupation. Mr. Arun Patel, Mr. Atul Ruparel, Mr. Mirat Bhadlawala, Mrs. Daksha Shah and Mr. Jagdish Joshipura accept been appointed as the Absolute Admiral accountable to the approval of shareholders of the aggregation in the Accepted Meeting. Hence, the shareholders are requested to accept the arrangement of aloft mentioned absolute directors. There actuality no added changes in administration during the year beneath review.

DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the accoutrement of Area 134(5) of the Companies Act, 2013 the Board hereby submits its albatross Statement:–

(a) in the alertness of the anniversary accounts, the applicative accounting standards had been followed forth with able account apropos to absolute departures;

(b) the admiral had called such accounting behavior and activated them consistently and fabricated judgments and estimates that are reasonable and advisable so as to accord a accurate and fair appearance of the accompaniment of diplomacy of the aggregation at the end of the banking year and of the accumulation and accident of the aggregation for that period;

(c) the admiral had taken able and acceptable affliction for the aliment of able accounting annal in accordance with the accoutrement of this Act for attention the assets of the aggregation and for preventing and audition artifice and added irregularities;

(d) the admiral had able the anniversary accounts on a activity affair basis; and

(e) The Admiral had laid bottomward centralized banking controls to be followed by the Aggregation and that such centralized banking controls are able and were operating effectively; and

(f) the admiral had devised able systems to ensure acquiescence with the accoutrement of all applicative laws and that such systems were able and operating effectively.

PARTICULARS OF EMPLOYEES:

During the year beneath review, there was no agent who has fatigued accomplishment in balance of the banned set out beneath Area 197(12) of the Companies Act, 2013 apprehend with Rule 5(2) and 5(3) of the Companies (Appointment and Accomplishment of Managerial Personnel) Rules, 2014.

Disclosures pertaining to accomplishment and added capacity as adapted beneath Area 197(12) of the Act apprehend with Rule 5(1) of the Companies (Appointment and Accomplishment of Managerial Personnel) Rules, 2014 is absorbed as Annexure–4.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

There were Nine (9) Board Meetings captivated on 8th May, 2014, 26th May, 2014, 30th May, 2014, 4th September, 2014, 13th October, 2014, 22nd October, 2014, 29th October, 2014, 15th December, 2014 and 7th January, 2015 during the banking year 2014–15.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Details of Loans, Guarantees and investments covered beneath the accoutrement of Area 186 of the Companies Act 2013 are accustomed in the addendum no 11 and 13 to the Banking Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

Particulars of Contracts or arrange with accompanying parties are as absorbed Annexure–5.

VIGIL MECHANISM:

The Aggregation has accustomed a acuity apparatus by adopting Whistle Blower Policy.

STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY:

In accordance with the Article 49 of the advertisement agreement, the Board formally adopted accomplish for framing, implementing and ecology the accident administration plan for the Aggregation by way of Accident Administration Activity and constituted a Accident administration Committee.

The Administration has additionally envisaged the abuse action and its acumen in account of anniversary articular risk.

Further, the Aggregation identifies risks with its amount and ascendancy systems are instituted to ensure that the risks in business action are mitigated. The Board provides blank and reviews the Accident Administration Activity periodically. In the assessment of the Board there has been no identification of elements of accident that may abuse the actuality of the Company.

ACKNOWLEDGEMENTS:

The Admiral ambition to accurate their acknowledgment of the abutment and cooperation of Government of Gujarat, AUDA, Bankers and Banking Institutions. Your Admiral ambition to abode on almanac their acknowledgment of the advisers of the Aggregation at all levels for their charge and connected abutment for the Company.

For and on account of the Board of Directors

Sadbhav Basement Activity Limited

Vishnubhai M. Patel Administrator DIN: 00048287

Vasistha C. Patel Managing Director DIN:00048324

Date : November 04, 2015

Place : Ahmedabad

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