The Directors are pleased to present the Twenty Ninth 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 2010.
 
 Financial Results                                    (Rs. in Lakhs)
 
 Particulars                          Year Ended         Year Ended
 
                                      31-03-2010         31-03-2009
 
 Turnover and Profitability
 
 Gross Sales                             6617.25            5882.67 
 
 Total Expenditure                       6078.05            5248.04 
 
 Profit before Depreciation and 
 Financial Charges                        539.20             634.63
 
 Depreciation                              70.81             105.61
 
 Financial Charges                        189.62             183.40
 
 Profit before Tax                        278.77             345.62
 
 Provision for Taxation                  (99.09)           (147.69)
 
 Profit after Tax                         179.68             197.93
 
 Prior year adjustments                 (153.83)            (48.44)
 
 Add : Profit brought forward
 
 from previous year                       499.25             413.83
 
 Profit available for Appropriation
 
 from Operations                          525.10             563.32
 
 Appropriations
 
 Proposed Dividend                         52.81              52.81 
 
 Provision for Tax
 
 on Proposed Dividend                       7.41               7.41
 
 Transfer to General Reserve                0.65               3.85
 
 Balance in Profit & Loss Account         464.23             499.25
 
 RESULTS FROM OPERATIONS
 
 Inspite of a slow recovery from a global recession, the total income
 for your company grew by around 12% over the previous year.
 
 TURNOVER AND PROFITABILITY
 
 The gross sales and other income for the financial year under review
 was Rs.6617.25 lakhs. The profit before tax (after depreciation and
 Financial charges) was Rs.278.77 Lakhs and Profit after Tax (before
 extraordinary items) was Rs. 179.68 lakhs.
 
 APPROPRIATIONS DIVIDEND
 
 Considering the performance of the Company, your Directors are pleased
 to recommend a dividend of 10% on the paid-up Equity Share Capital of
 the Company for the year 2009-10.
 
 TRANSFER TO GENERAL RESERVE
 
 The Board of Directors propose to transfer Rs.0.65 lakhs to General
 Reserves.
 
 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
 
 There was no change in Board of Directors of the Company ..  during the
 year. Dr. Suleman Adam Merchant and Mr. V. Bala Subramaniam, 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(1 B) 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 records of all Accounting transactions.
 
 With respect to observations made by the Auditors in their report dated
 24th May 2010 under Note IX of Annexure to the Auditors Report, the
 responses of the Board are as follows:
 
 The Company is in process of remitting the due amount to the respective
 department and will ensure that it is paid in the earliest possible
 time.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 The report, as required, is given as Annexure-l and forms part of the
 Directors Report.
 
 FIXED DEPOSITS
 
 During the year under review, your Company has not accepted any
 deposits under Section 58Aof 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 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 as at 31s1 March 2010 and of the profit of
 the Company for the year ended on that date;
 
 (iii) we 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; 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 ETC.
 
 Particulars required under Section 217 (1)(e) 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-ll to the Report.
 
 PARTICULARS OF EMPLOYEES
 
 The details of Employees of the Company who received remuneration in
 excess of the limits prescribed under Section 217 (2A) of the Companies
 Act, 1956 read with the Companies (Particulars of Employees) Rules,
 1975 is given in the Annexure-lll to the report.
 
 ACKNOWLEDGMENTS
 
 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 and on behalf of the Board
 
 
 Place: Bengaluru                                       VINOD RAMNANI
 
 Date : 9th August 2010                  Chairman & Managing Director