The Directors have great pleasure in presenting this Sixteenth Annual
 Report and Audited Statement of Accounts for the Year ended March 31st
 , 2010
 
                                     FINANCE REVIEW    FINANCIAL YEAR
                                     2009-2010         2008-2009
                                     (Rs. In Lacs)     (Rs. In Lacs)
 
 Total Income                           3915.93          1436.20
 
 Total Expenditure                      3344.47           979.15
 
 Profit before Interest & Depreciation   571.45           457.05
 
 Interest                                 79.80            93.07
 
 Depreciation                            243.38           195.63
 
 Profit Before Tax                       248.27           168.35 
 
 Provision for taxation
 
 a) Current tax                           42.18            19.07
 
 b) FBT                                     --              0.98
 
 c) Deferred tax                          47.75            22.61 
 
 Profit after Tax                        158.34           125.69 
 
 Balance brought forward from 
 earlier year                            285.84           160.15 
 
 Balance carried to Balance sheet        444.18           285.84
 
 DIVIDEND:
 
 To enable the company to augment and conserve money for long term
 working capital requirement, the Board of Directors do not recommend
 Dividend this year.
 
 PERFORMANCE OF THE COMPANY:
 
 The Company has recorded a profit of 248.27 lacs which shows an
 increase of 47.76% as compared to last year.
 
 The Company has commissioned a factory at Belgaum in the state of
 Karnataka. The factory is setup to manufacture Bituminous Products that
 includes Paving Grade Bitumen, Industrial Grade Bitumen, Modified
 Bitumen (CRMB/PMB), Bitumen Emulsions, Bitumen Felts, Expansion Joint
 Boards and other waterproofing compounds and paints. The factory
 started the operations in the month of November 2009. The response is
 very good from the market.
 
 Company is considering establishing Import facility for Bulk Bitumen,
 which includes tank farm near Jetty / Port. Company is also planning to
 establish Green House, Agriculture, Horticulture, Floriculture and or
 similar activities at companys land in Rajasthan.
 
 To expand the core business of the company, the Company is planning to
 add around 25New Tankers in fleet of Bitumen and LPG tankers.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT :
 
 Management discussion and Analysis Report as required under clause 49
 of the listing agreement is annexed as Annexure II forming part of this
 report.
 
 PUBLIC DEPOSITS:
 
 The Company has not accepted any deposits from the public during the
 year.
 
 LISTING OF SHARES:
 
 The equity shares of the company are listed on the Stock Exchange,
 Mumbai. (BSE code 531921) the listing fees for the year 2010-11 have
 been duly paid.
 
 CORPORATE GOVERNANCE:
 
 In terms of clause 49, of the listing agreement, the Corporate
 Governance report is annexed hereto and forms part of this report.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to section 217 (2AA) of the Companies Act, 1956, the Board of
 Directors of the Company hereby state and confirm that:
 
 1.  In the preparation of annual accounts for the year ended, March 31,
 2010 the applicable Accounting Standards have been followed. There are
 no material departures from the applicable accounting standards;
 
 2.  The Directors had 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 at the end of the financial year under review and of the
 profit of the Company for that year;
 
 3.  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;
 
 The Directors have prepared the attached statement of accounts for the
 year ended March 31, 2010 on a going concern basis.
 
 INDUSTRIAL RELATIONS:
 
 Industrial relation continued to be cordial during the year.
 
 DIRECTORS:
 
 Mr. Ramchandra Agarwal, Mr. Harikishan Patni and Mr. Jaswant D. Sharma
 retire by rotation at the forth coming Annual General Meeting and being
 eligible offer themselves for re-appointment.
 
 AUDITORS:
 
 M/s.RASHMI AGARWAL Chartered Accountants have been appointed as the
 Auditors of the Company to fill the Vacancy caused by the resignation
 of M/s. ANIL K. LODHA & CO. Chartered Accountants and to hold office
 from the conclusion of this meeting until the conclusion of next Annual
 General Meeting at a remuneration to be decided by the Board of
 Directors. Your Company has received a Certificate from M/s.RASHMI
 AGARWAL, Under section 224 (1B) of the companies Act, 1956.
 
 The Directors place on record their appreciation on the valuable advise
 and services rendered to the company by M/s. ANIL K. LODHA & CO.
 Chartered Accountants during their Association as the Statutory
 Auditors.
 
 CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE
 EARNING AND OUTGO:
 
 (A) Conservation of Energy and Technology Absorption:
 
 The information required to be given U/s 217(i)(e) of the Companies
 Act, 1956 read with Companies (Disclosure of particulars in the report
 of Board of Directors) Rules, 1988 is not applicable since the company
 is not engaged in manufacturing business.
 
 (B) Foreign Exchange Earning and Outgo:
 
 During the year under review, the company did not have any Foreign
 Exchange Earning or Outgo.
 
 PARTICULARS OF EMPLOYEES:
 
 There are no employees of the Company for whom the provisions of
 section 217(2A) of the Companies Act, 1956 are applicable.
 
 ACKNOWLEDGMENT:
 
 Your Directors wish to place on record their appreciation for the
 excellent performance of the employees of the company during the year.
 
 Your Directors also express their gratitude to the bankers, government
 agencies, customers, business Associates and shareholders for their
 co-operation and look forward to their continued support in the future.
 
 Place: Mumbai.                      FOR AND ON BEHALF OF THE BOARD.
 
 Dated: August 28th , 2010                       JAIPRAKASH AGARWAL.
 
                                                  Managing Director