Kanika Infrastructure & Power Ltd. (the "Company") and its subsidiaries (collectively referred to as the "Group") provide a wide range of information Infrastructure business process outsourcing. The group's full service for portfolio consists of Application, Development and Maintenance, Business Intelligence, Enterprise Solutions, Assurance, Engineering and Industrial Services and Infrastructure Activities.

2) Since the company does not have any Convertible Debenture etc. so the disclosure regarding diluted Earning per Share as per Accounting Standard-20 is not required.

3) That company has sundry debtors of Rs.16,58,93,732.00 at the end of the year out of which amount equivalent to Rs. 3,86,91,503.00 is relates to export and out of export debtors amount equivalent to Rs. 2,53,17,325.00 is doubtful in nature and no provisions has been made according to accounting standards as the same is related to the RBI permission. However, the company has written to RBI about the matter with the fact and requested to grant permission for the write off of the same as the export proceeds were with held by the foreign entities earlier years due to defective software, software not meeting their requirement. The RBI has put the name of the company in precaution list due to non realization of the same. Out of the above doubtful export proceeds Rs.i,33,74,178/-is receivable from a wholly owned subsidiary of the company at Singapore. The Singapore subsidiary of the company has not able to sale software equivalent to Rs.54,60,000/- due to defective and the same is lying with the subsidiary in the stock.

4) CONTINGENT LIABILITIES :-

(a) Claims against the company not acknowledged as Debt - NIL

(b) Provision for bills discounted - NIL

5) The Balance of Sundry Debtors, Sundry Creditors, Advances given and received are subject to confirmation by the parties.

6) Comparative figures of the previous year, wherever necessary, have been regrouped and reclassified to confirm in bracket, with those of the current year.

The directors are pleased to present their report to the members together with the audited financial statements of Kanika Infotech (Singapore) Pte Ltd (the "Company") for the financial year ended 31 st March 2014.

1. DIRECTORS

The directors of the company in office at the date of this report are : Sunil Kumar Mall Cheong Chow Seng

2. ARRANGEMENT TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES

Neither at the end of nor at any time during the financial year was the company a party to any arrangement whose object is to enable the directors of the company to acquire benefits by means of the acquisitions of shares or deben- tures of the company or any other body corporate.

3. DIRECTORS' INTEREST IN SHARES AND DEBENTURES

The following directors, who held office at the end of the financial year, had, according to the register of directors' shareholdings required to be kept under Section 164 of the Singapore Companies Act, an interest in shares of the company as stated below :

Ordinary shares of $1/- each At beginning of At end of Holding Company Financial year Financial year Kanika Infrastructure & Power Ltd. (India) Name of the Managing director Sunil Kumar Mall 87,018 83,193

Except as disclosed above, no director who held office at the end of the financial year had interests in shares, share options, warrants or debentures of the company, or of related corporations, either at the beginning or at the end of the financial year.

4. DIRECTORS' CONTRACTUAL BENEFITS

Since the end of the previous financial year, except as disclosed in the financial statements, no director of the company has received or become entitle to receive a benefit by reason of a contract made by the company or a related corporation with the director, or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.

5. AUDITORS

V.P.Kumaran & Co. have expressed their willingness to accept re-appointment as auditors.