Dear Shareowners,
 
 The Directors have great pleasure in presenting the Annual Report
 together with audited statement of accounts for the financial year
 ended 31st March, 2012.
 
 1.  FINANCIAL RESULTS:
 
 Particulars:                   Current 
                                year 2012 (Rs.)   Previous year
                                                  2011 (Rs.)
 
 Income from operations                   -               -
 
 Less: Expenses                      93,842          55,683 
 
 Net Profit ( )/Loss (-)            (93,842)        (55,683)
 
 As the Company is venturing into the new business activities therefore
 during the year Company is unable to generate revenue from its current
 operations. The Directors of the Company are hopeful to earn profits in
 ensuing year.  .
 
 2. DIRECTORS:
 
 a) During the year, Shri Sanjeev Jain was appointed as an Additional
 Director on 14lh February, 2012 and holds office till the conclusion of
 ensuing AGM, is proposed to be reappointed as Director, who shall be
 liable to retire by rotation.
 
 b).  Shri Harish Soni, Director of the Company resigned from the
 Directorship of the Company during the year.
 
 c).  Shri Mehul C. Mehta, Director of the company is retiring by
 rotation at the forthcoming annual general meeting and being eligible
 offer himself for re-appointment. The Board recommends his
 reappointment.
 
 3.  POSTAL BALLOT:
 
 During the period under review, the company had passed the following
 resolutions by way of postal ballot pursuant to Section 192A of the
 Companies Act, 1956 relating to:
 
 1) Change of name of the Company from Khatau Exim Limited to Velox
 Industries Limited
 
 2) Change the main objects of the Company.
 
 3) Increase in Authorised Share capital of the Company from Rs.25 Lacs
 to Rs. 1 Crore.
 
 The necessary approvals were obtained from the concerened authorities.
 
 4.  LISTING OF EQUITY SHARES:
 
 The equity shares of the company are listed at Bombay Stock Exchange,
 Mumbai and the Annual Listing fee for the financial year 2012-13 have
 already been paid to the Stock Exchange.
 
 5.  AUDITORS:
 
 The Statutory Auditors of the Company M/s. A.F. Khasgiwala & Co.,
 Chartered Accountants retire at the conclusion of ensuing Annual
 General Meeting and have confirmed their eligibility and willingness to
 accept office of Auditors, If reappointed. The Board recommends
 reappointment of M/s. A.F. Khasgiwala & Co. as Statutory Auditors for
 the financial year 2012-13 for shareholders approval.
 
 6.  COMPLIANCE CERTIFICATE:
 
 Compliance Certificate obtained pursuant to provision of Section 383A
 of Companies Act, 1956 from a Secretary in whole-time-practice in the
 prescribed form regarding the Compliance of all the provisions of
 Companies Act, 1956.
 
 7.  PARTICULARS OF THE EMPLOYEES:
 
 There are no employees engaged by the Company, the particulars of whom
 are required to be given under Section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Amendment
 Rules, 2011.
 
 8.  CONSERVATION OF ENERGY, TECHNOLOGY, ADOPTION & FOREIGN EXCHANGE
 EARNING & OUTGO:
 
 Since the Company has not been carrying out any type of commercial
 activity during the year, the part relating to the conservation of the
 energy and Technology Adoption are not applicable.  There are no
 foreign exchange earnings or outgo by the Company.
 
 9.  DIRECTORS RESPONSIBILITY STATEMENT:
 
 In accordance with the provisions of Section 217 (2AA) of the Companies
 Act, 1956 (The Act), your Directors confirm that:
 
 i) In preparation of the Annual Accounts for the year ending 31st
 March, 2012, the applicable Accounting Standards have been followed;
 
 ii) 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 & fair view of the state of affairs of
 the Company for the year ended 31st March, 2012 and of profit of the
 Company for that year;
 
 iii) The Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of Companies Act, 1956 for safeguarding the assets of the
 company and for preventing and detecting fraud and other
 irregularities;
 
 iv) The directors have prepared the Annual Accounts on Going Concern
 basis.
 
 10.  DIVIDEND:
 
 The Board of Directors of the Company have not declared an dividend on
 the Equity Shares of the Company for the Financial Year 2011-12.
 
 11.  DEPOSITS:
 
 The Company has not accepted any deposits from public during the year
 under review.
 
 12.  ACKNOWLEDGEMENT:
 
 Your Directors thank all the employees for their sincere efforts,
 active involvement and devoted services rendered.
 
 Your Directors thank the shareholders of the Company for the confidence
 reposed in the Management of the Company
 
 Your Directors place on record their gratitude to the Customers,
 Suppliers, company''s Bankers and Financial Institutions for their
 support and cooperation during the year under review.
 
                                     By Order of Board of Directors 
 
                                       For Velox Industries Limited 
 
                                      (Formerly Khatau Exim Limited)
 
                                       Sd/-       Sd/-
 
                                       Director   Director
 
 Place: Mumbai
 
 Date: 05.09.2012