The Directors have pleasure in presenting their 19th Annual Report on
 the business and operations of the Company for the year ended 31st
 March, 2011.
 
 1.  FINANCIAL RESULTS & OPERATIONS:
 
 Accounting year 2010-2011 is the 19th year of operation. During the
 year under review, no commercial activities were carried out. In view
 of this, the company has continued to incur losses. The management is
 putting every effort to come out of the financial crisis. It has
 already paid of the Secured Loans during the year.
 
 2.  DIVIDEND:
 
 During the year under review, owing to the accumulated losses, the
 Directors do not recommend any dividend.
 
 3.  FIXED DEPOSITS:
 
 During the year under review, the Company has not invited or accepted
 any Fixed Deposits from the public.
 
 4.  DIRECTORS :
 
 Shri Ashish S Pandare and Shri Lalji Ramraj Yadav, Directors of the
 Company who retires by rotation under Article 104 of Articles of
 Association of the Company and being eligible offers themselves for
 re-appointment as directors of the Company. Shri Mandar S. Palav has
 been inducted on the Board of Directors with effect from 18th November
 2010.
 
 5.  AUDITORS:
 
 M/s. Padam Chand Jain & Associates, Chartered Accountants as the
 Statutory Auditors of the Company The Board recommends the reappoint of
 M/s. Padam Chand Jain & Associates, as auditors of the Company for the
 financial year 2011-12, who have also confirmed that their appointment
 shall be within the limits prescribed under Section 224 (1B) of the
 Companies Act, 1956. Necessary Resolutions for their appointment has
 been proposed for the consideration of the Members of the Company.
 
 6.  AUDITOR''S REPORT:
 
 There are no adverse observations made by the Auditors in their Report.
 
 7.  AUDIT COMMITTEE:
 
 Audit Committee is consisting of Shri Ashish S. Pandare - Chairman,
 Shri. Lalji Ramraj Yadav and Shri Dinesh H. Desai as Members of the
 Audit Committee
 
 8.  SHAREHOLDERS AND INVESTOR GRIEVANCE COMMITTEE:
 
 Shareholders and Investor Grievance Committee is consisting of Shri
 Ashish S. Pandare - Chairman, Shri. Lalji Ramraj Yadav and Shri Dinesh
 H. Desai as Members of the Shareholders and Investors Grievance
 Committee.
 
 9.  DIRECTOR''S RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, The Directors
 confirm that:
 
 a) In the presentation of the Annual Accounts, the applicable
 Accounting Standards except revised AS 15 applicable for Accounting
 Treatment for Gratuity, Leave Encashment and other Retirement Benefits
 have been followed and that no material departures except to the extent
 disclosed have been made from the same;
 
 b) The Directors had selected such Accounting policies and applied them
 consistently and 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 period;
 
 c) The Directors had 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, and,
 
 d) The Directors had prepared the Annual Accounts on a going concern
 basis.
 
 10. STATEMENTS OF PARTICULARS UNDER COMPANIES (DISCLOSURE OF
 PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:
 
 Information in accordance with the provisions of Section 217(1)(e) of
 the Act read with the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988, regarding Conservation of
 Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
 is not applicable in case of your Company.
 
 11. STOCK EXCHANGES:
 
 The Company is listed on the following Stock Exchanges:
 
 a) Bombay Stock Exchange Limited.
 
 b) Ahmedabad Stock Exchange.
 
 The Trading in the shares of the Company are presently suspended from
 in both the Stock Exchanges. However, the Company has paid the
 necessary listing fees to both the Stock Exchanges and has applied for
 the revocation of suspension of trading in equity shares of the
 Company.
 
 12. PARTICULARS OF EMPLOYEES :
 
 The Company has no employee in the category specified under Section
 217(2A) of the Companies Act, 1956.
 
 13. FOREIGN EXCHANGE:
 
 During the year under review, there were no foreign exchanges Earnings
 or outgo.
 
 14. CORPORATE GOVERNANCE:
 
 The Corporate Governance Report forms an integral part of this Report
 and is set out as separately in this Report. The Certificate of the
 Auditors of the Company certifying compliance with the conditions of
 Corporate Governance as stipulated in Clause 49 of the Listing
 Agreement with Stock Exchanges is annexed with the Report on Corporate
 Governance.
 
 15. HUMAN RESOURCES:
 
 Progressive policies to encourage excellence both in individual and
 team spirit are in place.
 
 16. ACKNOWLEDGEMENTS:
 
 Your Directors wish to place on record their appreciation for the
 assistance and co-operation received from the Company''s Bankers,
 Government Agencies, Financial Institutions, Customers, Investors and
 Business constituents and look forward to maintain the same in future.
 
 
 
                       FOR AND ON BEHALF OF THE BOARD OF DIRECTORS,
 
 Place : Ahmedabad             Sd/-         Sd/-          Sd/-
 
 Date  : 11th August 2011      Director     Director      Director