The Directors have great pleasure in presenting the 22nd Annual Report
 together with the Audited statements of Accounts of your Company for
 the financial year ended on 31st March 2010.
 
 FINANCIAL RESULTS:
 
                                                   (Amount in Lacs)
 
 Particulars                              Financial Year  Financial Year
                                           2009-10          2008-09
 
 Sales                                    22762.16         16907.60
 
 Depreciation                               451.89           464.88
 
 Profit/(Loss) before Taxation               84.07           367.76
 
 Provision for taxation current year         66.00           150.00
 
 Profity(Loss) after Tax                     39.22           234.42
 
 Add. Balance Brought forward from 
 Previous year                             1052.42           818.00
 
 Amount available for Appropriation        1091.65          1052.42
 
 Less: Proposed Dividend on Equity Shares     Nil              Nil
 
 Less: Dividend Tax                           Nil              Nil
 
 Balance transferred to Balance Sheet      1091.65          1052.42
 
 OPERATIONS:
 
 During the year under review, the Companys total Sales was Rs.
 22762.16 lacs as against the previous year sales of Rs. 16907.60 lacs.
 The Company has earned net profit of Rs.39.22 lacs as against the
 previous net profit of Rs. 234.42 lacs after providing depreciation of
 Rs. 451.89 and provision for taxation (current year) of Rs. 66.00 lacs
 for the financial year ended on 31st March, 2010.
 
 OUTLOOK FOR THE CURRENT YEAR 2009-10
 
 Yours Directors and top management have taken all measures to improve
 upon the performance of the
 
 Company by increasing revenues in finance and securities market as well
 as infrastructure activities. The Company is also in the process of
 implementing various cost effective measures to improve the operating
 margins. The management of the Company is planning to introduce new
 system of work control for effective results and also initiate a
 special Customer Relationship Module (CRM). For this, a special
 Business Process Department shall be set up.
 
 DIVIDEND:
 
 The Board is of the view that the Company should utilize its funds
 towards debt repayment and improving its working capital to the maximum
 extent possible. Accordingly, the directors do not recommend any
 dividend for the year ended March 31, 2010. The director submits that
 this will increase Shareholders value in long term.
 
 FIXED DEPOSIT:
 
 The Company has not accepted any deposit from the public pursuant to
 the provisions of Section 58A of the Companies Act, 1956.
 
 DIRECTORS:
 
 Mr. Radheshyam T Agarwal Director of the Company who retires by
 rotation at the ensuing Annual General Meeting, being eligible and
 offers him-self for re-appointment.
 
 Mr. Purshottam R. Agarwal was appointed as Additional Director of the
 Company with effect from 04.12.2009 is eligible for re-appointment as
 director of the Company at the forthcoming Annual General Meeting.
 
 Ms. Anjani R. Agarwal and Mr. Ramniwas K. Pandya were appointed as
 Additional Director of the Company with effect from 28.12.2009 are
 eligible for re-appointment as director of the Company at the
 forthcoming Annual General Meeting.
 
 Mr. Mukesh H. Agarwal, Director and Mr. Rambhagat R. Agarwal, Managing
 Director were resigned with effect from 05.10.2009 and 02.11.2009
 respectively. The Board takes on record the valuable contributions made
 by them.
 
 AUDITORS AND THEIR REPORTS:
 
 Auditors of the Company M/S. Nahta Jain & Associates, Chartered
 Accountants, Ahmedabad retires at the ensuing Annual General Meeting of
 the Company and are eligible for re-appointment. The Shareholders are
 requested to appoint the auditors and fix their remuneration.
 
 The observations made by the Auditors in their Auditors report and
 the notes appearing in the accounts with regard to it are
 self-explanatory and do not requires further clarification by the
 Board.  
 
 ADDITIONAL DISCLOSURES:
 
 In line with the requirements of the Listing Agreement with the Stock
 Exchanges and Accounting Standard of i the Institute of Chartered
 Accountants of India, your Company has made additional disclosures in
 the notes on accounts for the year under review in respect of Related
 Party Transactions, Deferred Tax Liability, etc.  
 
 CORPORATE GOVERNANCE REPORT:
 
 Your Company perceives Corporate Governance as an endeavor for
 transparency and a wholehearted approach towards continuous enhancement
 of shareholders value. Your Company has been complying with the
 conditions of Corporate Governance as stipulated in Clause 49 of the
 Listing Agreement. Further, the Board of Directors of your Company
 constituted a Committee known as Corporate Governance Committee, which
 recommends the best practices in the Corporate Governance.
 
 A separate report on Corporate Governance along with Auditors
 Certificate on compliance with the Corporate Governance norms and
 stipulated in Clause 49 of the Listing Agreement, forming part of this
 report is annexed herewith.
 
 PARTICULARS OF EMPLOYEES:
 
 The statement showing particulars of employees under section 217{2A) of
 the Companies Act, 1956, read with the companies (Particulars of
 Employees) Rules, 1975, as amended, is not required to be given as
 there were no employees coming within the purview of this section.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO:
 
 Information pursuant to Section 217(1 )(e) of the Companies Act 1956
 read with the Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988 relating to the foregoing matters is
 given hereunder.
 
 a) Conservation of energy Rs. 10,56,34,658
 
 b) Technology absorption, research & development Rs. 71,394
 
 c) FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 Foreign Exchange Earnings during the year Rs. -
 
 Foreign Exchange Outgo during the year Rs. 3,23,84,080
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to the provisions of Section 217(2AA) of the Companies Act,
 1956, the Directors of your Company confirm that:
 
 i) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii) the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that were 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 and of the profit or
 loss of the Company for that period;
 
 iii) the Directors 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;
 
 iv) the Directors have prepared the accounts on a going concern
 basis.
 
 ACKNOWLEDGEMENT:
 
 Your Directors acknowledge their valuable contribution and appreciate
 the co-operation received from the bankers, customers and financial
 institutions for their continued assistance and support extended to the
 Company.
 
 Your Directors also express their appreciation to all the employees of
 the Company for their sustained contribution throughout the period.
 
 Yours Directors wish to thank the shareholders for their continued
 support, encouragement and the confidence reposed in the Management.
 
                          FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
 
 place: ahmedabad.                                          Chairman
  
 DATE: 01.08.2010