The directors are pleased to present the Thirty First Annual Report on
 the business and operations of the Company, together with the audited
 financial statements and auditors report For the financial year ended
 31st March 2012.
 
 Financial Results
 
                                                       (Rs. in Lakhs)
 
 Particulars                               Year Ended     Year Ended
                                           31.03.2012     31.03.2011
 
 Turnover and Profitability
 
 Gross Sales                                  5962.22         724335
 
 Total Expenditure                            5472.74        6784.93
 
 Profit before Depreciation and 
 Financial Charges                             489.48         458.42
 
 Depreciation                                  117.71          78.93
 
 Financial Charges                             207.00         190.33
 
 Profit before Tax                              16477         189.16
 
 Provision for Taxation                        (80.45)        (71.49)
 
 Profit after Tax                                8432         117.67
 
 Prior year adjustments                         (2565)         56.19
 
 Add Profit brought forward from 
 previous year                                 535.92         464.23
 
 Profit available for Appropriation 
 from Operations                               594.59         638.09
 
 Appropriations
 
 Proposed Dividend                              52.81          79.22
 
 Provision for Tax on Proposed Dividend          8.57          14.26
 
 Transfer to General Reserve                        -           8.69
 
 Balance in Profit and Loss Account            533.21         535.92
 
 Results From Operations
 
 The total income for your company reduced by 17.68% over the previous
 year.
 
 Turnover and Profitability
 
 The gross sales and other income for the financial year under review
 was Rs. 5962.22 lakhs. The profit before tax (after depreciation and
 Financial charges) was Rs. 164.77 lakhs and Profit after Tax (before
 extraordinary items) was Rs. 84.32 Lakhs.
 
 Appropriations
 
 Dividend
 
 Considering the performance of the Company, your Directors are pleased
 to recommend a dividend of Re. 1.00 per equity share of face value Rs.
 10 For the year ended 31st March, 2012.
 
 Capital Structure
 
 During the financial year under review, the share capital of your
 company remained unaltered.
 
 Corporate Governance
 
 The Company is committed to maintaining the highest standards of
 Corporate Governance and disclosure practices. The Company ensures
 compliance to law and adherence to ethical standards to enhance
 customer value. A separate section on Corporate Governance, along with
 a certificate from the Auditors confirming the Level of compliance. is
 annexed and forms a part of the Directors'' Report.
 
 Directors
 
 Mr. Bhaskar Valiveti and Mr. Rajkumar Raisinghani retire by rotation at
 the ensuing Annual General Meeting, and being eligible, offer
 themselves for reappointment.
 
 Auditors
 
 M/s. Anand Amarnath & Associates, Chartered Accountants, Bengaluru
 retire at the conclusion of the forthcoming Annual General Meeting.
 Your Company has received a letter from them to the effect that their
 re-appointment, if made, will be in accordance with the provisions of
 Section 224(16) of the Companies Act, 1956.
 
 In the report by the auditors under Companies (Auditors'' Report) Order.
 2003 (as amended), the Auditors have reported that the company has
 maintained proper record 5 of all Accounting transactions.
 
 With respect to observations made by the Auditors in their report dated
 22nd May 2012. under note IX of Annexure to the Auditors Report, the
 responses of the Board are as follows:
 
 The Company is in the process of remitting the due amount to the
 respective department end will ensure that the same is paid in the
 earliest possible time.
 
 Management Discussion and Analysis Report:
 
 The report, as required, is given as Annexure I and forms part of the
 Directors'' Report.
 
 Fixed Deports
 
 During the year under review, your Company has not accepted any
 deposits falling under section 5BA of the Companies Act, 1956 read with
 Companies (Acceptance of Deposits) Rules, 1975 There are no overdue
 deposits, due for payment as at the close of the year.
 
 Directors'' Responsibility Statement
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956. with respect to the Directors Responsibility Statement. your
 Directors state that:
 
 (i) We have followed the applicable accounting standards in preparation
 of the Annual Accounts and there has been no material departure: 
 
 (ii) We have selected such accounting policies and applied them
 consistently end made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of the affairs
 of the Company as at 31 March 2012 and of the Profit of the Company
 for the year ended on that date:
 
 (iii) We have taken proper and sufficient care has been taken 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
 
 (iv) We have prepared the annual accounts on a going concern basis.
 
 Particulars of Research and Development, Conservation of energy,
 technology absorption and Foreign exchange earnings and Outgo
 
 Particulars required under Section 217 (1)(c) of the Companies Act,
 1956 read with Rule 2 of the Companies (Disclosure of Particulars in
 the Report of Board of Directors) Rules, 1988 is given in the Annexure
 11 to the Report.
 
 Particulars of Employees
 
 The details of Employees of the Company who received remuneration in
 excess of the limits prescribed under Section 317 (2A) of the Companies
 Act, 1956 read with the Companies (Particulars of Employees) Rules.
 1975 is given in the Annexure-III to the report.
 
 Acknowledgements
 
 Your Directors would like to place on record their gratitude for all
 the guidance and cooperation received from all its clients, vendors,
 bankers, financial institutions, business associates, advisors,
 regulatory and government authorities.
 
 Your Directors also take this opportunity to thank all its investors
 and stakeholders for their continued support and all employees for
 their valuable contribution and dedicated service.
 
 
                                       For end on behalf of the Board
 
                                                        VINOD RAMHANI
                                         Chairman & Managing Director
 
 Place : Bengaluru 
 Date  : 14th August, 2012