Your directors have pleasure In presenting you the X Annual Report
 together with the Audited Statements of Accounts of the Company for the
 year ending on 31st March, 2002.
 
 OPERATIONS:
 
 No profit & loss account has been prepared as the company has not
 commenced its commercial activities. The expenses incurred during this
 period have been shown in the statement of pre-operating expenses.
 Further, the financial institution has taken over the physical
 possession of assets of the company and started recovery proceedings.
 
 DIRECTORS:
 
 In accordance with the provisions of the Companies Act, 1956 and
 Articles of Association of the Company Sh.Amit Bansal,Director of the
 Company retires by rotation at this meeting and being eligible offer
 himself for re-appointment.
 
 AUDITORS:
 
 M/s Goel Singhal & Associates,Chartered Accountants,Muzaffarnagar
 retire at this ensuing Annual General Meeting and being eligible offer
 themselves for re-appointment.
 
 AUDITORS REPORT:
 
 The notes to the accounts referred to in Auditors Report are self
 explanatory and. therefore, do not call for any further explanation
 Under Section 217(3) of the Companies Act.1956.
 
 DEPOSITS:
 
 The company has not accepted any Deposits during the year attracting
 the provisions of Section 58-A of the Companies Act, 1956 and Rules
 framed thereunder.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors Responsibility Statement, it is
 hereby confirmed:
 
 (i) That in the preparation of the accounts for the financial year
 ended 31st March, 2002, the applicable accounting standards have been
 followed alongwith proper explanation relating to material departures;
 
 (ii) That the Directors have selected such accounting policies and
 applied them consistently and made judgements and estimates that were
 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 the year under review;
 
 (iii) That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) That the Directors have prepared the accounts for the financial
 year ended 31st March, 2002 on a going concern basis.
 
 PARTICULARS OF EMPLOYEES:
 
 As required by the provisions of Section 217(2A) of the Companies Act,
 1956 read with Companies (Particulars of Employees) Rules, 1975 as
 amended, there is no employee drawing remuneration in excess of the
 limit specified in said rules.
 
 CORPORATE GOVERNANCE:
 
 Your company attaches considerable significance to good corporate
 governance as an step towards building investor confidence, improve
 investors protection and maximise long term shareholder value to the
 extent possible & practicable for the company. Pursuant to Clause 49 of
 the Listing Agreement with the Stock Exchanges, a compliance report on
 Corporate Governance has been annexed as part of the Annual Report.
 
 FOREIGN EXCHANGE:
 
 During the year under review, the company has not used or earned any
 foreign exchange.
 
 APPRECIATION:
 
 Your Directors place on record their sincere appreciation of services
 rendered by parties concerned.
 
                                         For and on behalf of the Board,
 
 DATED: 19.08.2002                                (ANAND PRAKASH BANSAL)
 PLACE: MUZAFFARNAGAR                                           CHAIRMAN