Your Directors have pleasure in submitting their 5th Annual Report and
 Accounts for the year ended 31st March, 2000.
 
 FINANCIAL RESULTS
 
                                          31.3.2000     31.3.1999
                                                  (Rupees in Lacs)
 
 Income from operations                       17.55          0.02 
                                              17.55          0.02
 Net Loss During the year                     (1.97)        (4.30)
 
 OPERATING PERFORMANCE
 
 The working of the company resulted in a loss of Rs. 1.97 lacs during
 the year, compared to a loss of Rs. 4.30 lacs during the previous year.
 
 DIVIDEND
 
 In view of loss, the directors regret their inability to recommend any
 dividend.
 
 EMPLOYEES
 
 Information on particulars of Employees' Remuneration as per Section
 217(2A) of the Companies ' Act, 1956 read with Companies (Particulars
 of Employees) Rules, 1975 is not applicable to the company as there
 were no employees drawing a salary of Rs. 50,000 or more per month.
 
 
 DIRECTORS
 
 Sri Rajendra Shah retires by rotation and being eligible has offered
 himself for re-appointment. 
 
 FIXED DEPOSITS
 
 The company has not accepted any fixed deposits from general public.
 
 
 AUDITORS
 
 Lunia & Co., Chartered Accountants, auditors of the company will be
 retiring at the ensuing Annual General Meeting. Being eligible, they
 have offered themselves for re-appointment.
 
 CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARN-
 ING & OUTGOINGS
 
 Information pursuant to Section 217(1)(e) of the Companies Act, 1956
 read with the Compa- nies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988 relating to the foregoing matters is
 given hereunder.
 
 a) Conservation of energy : Nil
 
 b) Technology absorption, research & development : Nil
 
 c) Foreign Exchange earning & outgoings : Nil
 
                         For and on behalf of the Board of Directors
 
 Place: Ahmedabad,                       Dhiren C. Shah
 Date : 11th July, 2000.                     Chairman