SAVAS ENGINEERING COMPANY PRIVATE LIMITED THE ANNUAL REPORT Board of Directors

SAVAS ENGINEERING COMPANY (P) LTD Reg. Office. & Works : 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad - 382 213, Gujarat Phone : 91-8238080306 E-mail : info@savas.co.in Website: www.savas.co.in CIN : U29197GJ1999PTC081203 NOTICE NOTICE is hereby given that the Annual General Meeting of Savas Engineering Company Pvt. Ltd. will be held on Thursday, 3 rd day of September, 2015 at 12.00 Noon at the Registered Office of the Company to transact the following business: Ordinary Business: 1. To receive, consider and adopt the Balance Sheet as at 31 st March 2015, the Profit and Loss Account for the year ended on 31 st March, 2015 and the report of the Directors and Auditors Report thereon. 2. To appoint a Director in place of Mrs. Aakanksha Mamtora (DIN: 01006590), who retires by rotation and, being eligible, offers herself for re-appointment. 3. To re-appoint auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of Annual General Meeting for the Financial Year ended on 2019-20 and to fix their remuneration and to pass the following resolution thereof. RESOLVED THAT pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made thereunder, and pursuant to the recommendations of the Board of Directors, M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad, (Firm Registration No. 107525W) be and are hereby re-appointed as the Statutory Auditors of the Company, to hold office from the conclusion of this Annual General Meeting to the conclusion of Annual General Meeting for the Financial Year ended on 2019-20 (subject to ratification of the appointment by the members at every Annual General Meeting held after this Annual General Meeting) and that the Board of Directors be and are hereby authorised to fix such remuneration as may be determined in consultation with the auditors, and that such remuneration as may be agreed upon between the auditors and the Board of Directors. By Order of the Board of Directors Sunil Jain Place: Ahmedabad Whole-time Director & CEO Date: 18 th May, 2015 (DIN: 01732987) Registered Office: 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad, Gujarat - 382 213 CIN: U29197GJ1999PTC081203 Notes A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself and such proxy need not be a member of the Company. Proxies in order to be effective must reach the registered office of the Company not less than 48 hours before the scheduled commencement of the meeting. A person can act as proxy on behalf of members not exceeding fifty (50) and holding in the aggregate not more than ten percent of the total share capital of the Company.

SAVAS ENGINEERING COMPANY (P) LTD Reg. Office. & Works : 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad - 382 213, Gujarat Phone : 91-8238080306 E-mail : info@savas.co.in Website: www.savas.co.in CIN : U29197GJ1999PTC081203 Paid up capital of the company has been increased to Rs. 19.05 Lacs from Rs. 1.27 Lacs by way of issue of 1,77,800 equity shares of Rs. 10/- each to the existing equity shareholders of the Company due to conversion of loan into Equity on 12 th March, 2015. The paid up Equity Share Capital as on 31 st March, 2015 stood at Rs. 19.05 Lacs. Right Issue During the year under review, the Company has issued 1,77,800 by way of Right Issue in the ratio of 14 new share against 1 Equity Shares of Rs. 10 each to M/s. Transformers & Rectifiers (India) Limited for the consideration other than cash on 12 th March, 2015. Registered office Change During the year, the Company has changed its Registered Office from Narayani Apartment, 1 st Floor, Ganesh Nagar, Erandawane, Pune, Maharashtra 411 004 to 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad, Gujarat - 382 213 w. e. f. 16 th October, 2014. Directors Mrs. Aakanksha Mamtora (DIN: 01006590) retires by rotation at the ensuing Annual General Meeting and being eligible, offer herself for re-appointment in accordance with the provisions of the Articles of Association of the Company. During the year, the Board has appointed Mr. Nikki Ghumra as Director of the Company being regularized in last Annual General Meeting. Further the Board of Directors of the Company comprises of Mr. Sunil Jain, Mr. Aakanksha Mamtora and Mr. Niki Ghumra. Fixed Deposit The Company has neither accepted nor invited any deposit from public, falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014. Particulars of Loans, Guarantees and Investments Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement. Number of the Meetings of the Board Regular meetings of the Board are held at least once in a quarter inter-alia, to review the quarterly results of the Company. Additional Board meetings are convened to discuss and decide on various business policies, strategies and other businesses. During the FY 2014-15, the Board met Seven (7) times i.e. 1 st July, 2014, 28 th July, 2014, 13 th October, 2014, 28 th October, 2014, 13 th January, 2015, 12 th February, 2015 and 12 th March, 2015.

SAVAS ENGINEERING COMPANY (P) LTD Reg. Office. & Works : 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad - 382 213, Gujarat Phone : 91-8238080306 E-mail : info@savas.co.in Website: www.savas.co.in CIN : U29197GJ1999PTC081203 Sexual Harassment of Women at Workplace There were no incidences of sexual harassment reported during the year under review, in terms of the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Directors Responsibility Statement As stipulated in Section 134(3) (c) read with sub section 5 of the Companies Act, 2013, Directors subscribe to the Directors Responsibility Statement, and confirm that: 1. In preparation of annual accounts for the year ended on 31 st March, 2015, the applicable accounting standards have been followed and that no material departures have been made from the same; 2. The Directors had 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 and of the profit or loss of the Company for that year; 3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; 4. The Directors had prepared the annual accounts for the year ended on 31 st March, 2015 on going concern basis; and 5. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. Holding Company During the year under review, M/s. Transformers & Rectifiers (India) Ltd. has acquired the Shares of the Company and hence the Company has become the wholly owned subsidiary of M/s. Transformers & Rectifiers (India) Ltd. Material Changes and Commitment affecting financial position of the Company There are no material changes and commitments affecting the financial position of the Company which has occurred between at the end of financial year of the Company i.e. 31 st March, 2015 and the date of Director s Report i.e. 18 th May, 2015.

SAVAS ENGINEERING COMPANY (P) LTD Reg. Office. & Works : 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad - 382 213, Gujarat Phone : 91-8238080306 E-mail : info@savas.co.in Website: www.savas.co.in CIN : U29197GJ1999PTC081203 Extract of Annual Return Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules, 2014 the extract of the Annual Return as at 31 st March, 2015 in Form MGT-9 forms part of this Annual Report as Annexure - 1. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo Information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earning & Outgo required under Section 134 (3)(m) of the Companies Act, 2013 forms part of this Annual Report as Annexure 2. Contracts or Arrangements with Related Parties All the related party transactions that were entered during the financial year were in the Ordinary course of business of the Company and were on arm s length basis. There were no materially significant related party transactions entered by the Company with its Promoters, Directors or other persons which may have potential conflict with the interest of the Company. The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 in Form AOC - 2 forms part of this Annual Report as Annexure - 3. Particulars regarding Employees Particulars of employees under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is not applicable this year, as there were no employees drawing the remuneration of Rs. 60 Lacs or more, paid in respect of persons employed throughout the financial year or to whom remuneration of Rs.5 lacs or more per month, paid in respect of persons employed for part of the financial year. Auditor The Auditors of the Company, M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad, (Firm Registration No. 107525W) will retire at conclusion of ensuring Annual General Meeting and being eligible, have offered themselves for re-appointment. The Company has received a written certificate from Auditors stating their appointment, if made, would be within prescribed limit under Section 139(1) of the Companies Act, 2013 and the Rules made thereunder, and pursuant to the recommendations of the Board of Directors, M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad, (Firm Registration No. 107525W) be re-appointed as Auditors of the Company.

Sr. No. iii) Change in Promoters Shareholding Promoters Shareholding SAVAS ENGINEERING COMPANY (P) LTD Reg. Office. & Works : 498/1, Radhe Industrial Estate, Tajpur Road, Village: Changodar, Taluka: Sanand, Ahmedabad - 382 213, Gujarat Phone : 91-8238080306 E-mail : info@savas.co.in Website: www.savas.co.in CIN : U29197GJ1999PTC081203 Shareholding at the beginning of the year No. of shares % of the total shares of the Company Cumulative Shareholding during the year No. of shares % of total shares of the Company 1. Mr. Sunil Jain At the beginning of the year 6350 50 6350 50 Sale (01.07.2014) (6350) 50 - - At the end of the year - - - - 2. Transformers and Rectifiers (India) Ltd. At the beginning of the year 6350 50 6350 50 Purchase (01.07.2014) 6350 100 12700 100 Right Issue (12.03.2015) 177800 100 190500 100 At the end of the year 190500 100 190500 100 iv) Shareholding pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs Not Applicable v) Shareholding of Directors and Key Managerial Personnel Sr. No For Each of the Directors and KMP Shareholding at the beginning of the year No. of shares % of the total shares of the Company Cumulative Shareholding during the year No. of shares % of total shares of the Company 1. Mr. Sunil Jain At the beginning of the year 6350 50 6350 50 Change during the year (6350) 50 (6350) 50 At the End of the year - - - - 2. Mrs. Aakanksha Mamtora At the beginning of the year - - - - Change during the year - - - - At the End of the year - - - - 3. Mr. Niki Ghumra At the beginning of the year - - - - Change during the year - - - - At the End of the year - - - -