The Directors have pleasure in presenting the 30th Annual Report
 together with audited accounts of the company for the financial year
 ended 31st March, 2008.
 
                                                Year ended   Year ended
 1.  FINANCIAL RESULTS :                         31.3.2008    31.3.2007
                                                    Rupees    Rupees
 
 Profit before Taxation                        1,35,76,719    86,98,463
 Less : Provision for Taxation                   46,21,182    17,49,530
 Less : Income Tax adjustments of prior year     12,77,940       15,324
 Add : Profit & Loss for earlier year          1,44,88,925  1,44,82,474
 Profit available for Appropriation            2,21,66,522  2,14,16,083
 APPROPRIATION
 Porposed Dividend                             1,63,97,080    54,65,700
 Corporate Dividend Tax                          27,85,864     7,66,565
 Transferred to General Reserve                   7,67,760     6,94,893
 Balance carried to Balance Sheet                22,15,818  1,44,88,925
                                               2,21,66,522  2,14,16,083
 
 2.  DIVIDEND
 
 The Company proposed final dividend of Rs.40/ per share for the
 financial year 2007-08, subject to approval of shareholders of the
 company.
 
 3.  PERFORMANCE
 
 Net Sales of Products and Service for the year was declined marginally
 from Rs.22.00 crores to Rs.21.38 crores due to closure of Sangli,
 Kolhapur and Kondi branches during the year. The expenses of the
 company during the year have reduced marginally compared to previous
 year.
 
 4.  FUTURE PROSPECTS
 
 The Principal of the company viz. M/s. Exide Industries Ltd. have
 terminated companys distribution right of direct selling of exide
 batteries to dealers for the territory within the jurisdiction of the
 company with effect from 31st March 2008 which will result into closure
 of branches and loss of revenue to the company. As a result, the future
 business of the company will be reduced drastically.
 
 5.  PUBLIC DEPOSITS
 
 There are no public deposits outstanding as on 31st March, 2008 as the
 Company has stopped accepting deposits. Hence section 58A of the
 Companies Act, 1956, does not apply.
 
 6.  INSURANCE
 
 The Companys assets continue to be fully insured against all possible
 risk.
 
 7.  PARTICULARS OF EMPLOYEES
 
 Provisions of section 217(2A) of the Companies Act, 1956 read with
 Companies (Particulars of Employees) Rules, 1975 are not applicable
 since there are no employees drawing remuneration exceeding
 Rs.2,00,000/- per month or Rs.24,00,000/- per year.
 
 8.  DIRECTORS
 
 Mr. M. R. Shroff and Mr. S. K. Diwanji Directors of the Company, retire
 by rotation and being eligible, offers themselves for reappointment as
 a Directors at the Annual General Meeting.
 
 9.  DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the provisions of Section 217(2AA) of the Companies Act,
 1956, the Directors hereby confirm that
 
 (a) in the preparation of the annual account for the year ended 31st
 March, 2008, applicable accounting standards have been followed with no
 material departures, if any ;
 
 (b) the Directors have selected such accounting policies and applied
 them consistently and made judgements 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 31st March, 2008 and of the profit of the company
 for the year ended on that date ;
 
 (c) the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities.
 
 (d) the Directors have prepared the annual accounts on a going concern
 basis.
 
 10. AUDITORS
 
 M/s. SHR & Co., Chartered Accountants, 203/212A Rewa Chambers, Sir
 Vithaldas Thackensey Marg, Mumbai - 400 020, retire at the ensuing
 Annual General Meeting and being eligible offer themselves for
 re-appointment.
 
 11.  CONSERVATION OF ENERGY, TECHNOLOGY. ABSORPTION. FOREIGN EARNINGS
 AND OUTGOINGS
 
 During the year the company has neither earned any income in foreign
 exchange (previous year Rs. 15,14,711/-) nor incurred any foreign
 exchange outgo.
 
 The Company has no activities relating to conservation of energy or
 technology absorption.
 
 12. APPRECIATION
 
 Your Directors wish to acknowledge and place on record their
 appreciation for co-operation and support extended by Principals,
 Dealers, Banks, Employees and Members of the company and look forward
 for their continued co-operation.
 
 Regd.Office                                       BY ORDER OF THE BOARD
 225, A-Z Industrial Estate,                               AMZEL LIMITED
 Ganpatrao Kadam Marg,
 Lower Parel,
 MUMBAI - 400 013.                                      SALEEM FAZELBHOY
                                                 CHAIRMAN & MG. DIRECTOR
 
 Mumbai, dated September 8, 2008