The Directors have pleasure in presenting the 15th Annual Report
 together with Audited Accounts of the Company for the year ended 31st
 March 1999.
 
 FINANCIAL HIGHLIGHTS :
 
                                           (Rs. in Lacs)
                                          1998-99   1997-98
 
 Total Income                              28.02      3.05
 
 Cash Profit/(Loss)                         3.78    (41.53)
 
 Less : Depreciation & Preliminary
 Expenses                                   0.61      0.61
 
 Profit/(Loss) before Tax                   3.17    (42.14)
 
 Less : Provision/paid for Taxation          -         -
 
 Net Profit/(Loss) after Tax                3.17    (42.14)
 
 Less : Prior Period Adjustment              -         -
 
 Add : Surplus Brought forward from
 Previous Year                              3.17    (42.14)
 
                                          (72.73)   (30.59)
 
 Net Profit/(Loss) carried forward
 to Balance Sheet                         (69.57)   (72.73)
 
 OPERATIONS :
 
 During the year under review, the total income from operations
 increases substantially to Rs. 28.02 lacs from Rs. 3.05 lacs for the
 previous year.  The Company is trading in Fabrics.  The activity has
 been increased substantially compared to the last year inspire of
 recession in textile industries.
 
 DIVIDEND :
 
 The Director's have preferred not to recommend any dividend for the
 Year.
 
 FURTHER PROSPECTS :
 
 With a view to regain profitability, the Directors have decided to
 undertake trading and merchandising activities.
 
 DIRECTORS :
 
 During the year under review Sakharam R. Chavan was appointed as an
 Additional Directors of the company pursuant to the provisions of
 Section 260 of the Companies Act, 1956 and subject to provisions of the
 Articles of Association of the Company.  The said additional directors
 hold their respective offices till the date of ensuing Annual General
 Meeting of the Company.  The Company has however received notices from
 Members pursuant to Section 257 of the Companies Act, 1956 together
 with Deposits of necessary amounts, proposing the candidature of the
 said directors for the respective offices.
 
 The Company has not accepted any deposit from public during the year.
 
 PARTICULARS OF EMPLOYEES :
 
 During the year under review, the Company did not have any employee
 drawing remuneration equal to or exceeding the limits prescribed under
 Section 217 (2A) of the Companies Act, 1956.
 
 AUDITORS :
 
 M/s R.C. Jain and Associates, Chartered Accountants, Statutory Auditors
 of the Company retire at the conclusion of this Annual General Meeting
 and expressed their willingness for re-appointment.  The said auditors
 have confirmed that their appointment, if made, shall be within the
 limits prescribed under Section 224 (1-B) of the Companies Act, 1956.
 The Board recommends the re-appointment of the said auditors.
 
 AUDITORS' REPORT :
 
 The comments made by the Auditors vide Item No.2 (d) of their Report
 together with Note Nos.4 and 5 of Schedule M for Notes forming part
 of Accounts, are self explanatory and do not require further
 explanation.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO :
 
 During the year under review, the Company did not have any activities
 in relation to Conservation of Energy, Technology Absorption and there
 were no Foreign Exchange Earnings or Outgo.