To The Members,
 
 The Directors hereby present the Annual Report and Audited Statement
 of Accounts for the year ended 31st March, 2012.
 
 1.  FINANCIAL RESULTS
 
 The financial performance of the company for the year ended 31st March,
 2012 is summarised below:
 
 Particulars                                  31-03-2012   31-03-2011
 
 Income                                        16,02,597    65,77.003
 
 Profit/ (Loss) (Before depreciation
 and Income Tax)                              (12,47.736)   (5.32.553)
 
 Depreciation                                  18,50,753    18.50,753
 
 Profit / (Loss) (Before Taxes)               (30,98,489)  (23.83.306)
 
 Provision for Tax                                     -            -
 
 Profit / (Loss) after Tax                    (30,98/489)  (23.83.306)
 
 2. DIRECTORS RESPONSIBILITY STATEMENT  
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act. 1956.  vrith respect to Directors'' ResponstxMy Statement, it is
 hereby confirmed that:
 
 (i) in the preparation of the annual accounts for the year ended 31st
 March, 2012, the appicahle accounting standards have been foMowed;
 
 (ii) the Directors have selected such accounting poides and appfied
 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, 2012 and of ttie profit/ toss of the
 company for the year ended on that date;
 
 (iii) 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;
 
 (iv) the Directors have prepared the annual accounts on a going concern
 basis;
 
 3.  INCOME TAX
 
 The Company has provided Rs. Nil towards provision for Income Tax.
 
 4.  DEPOSITS
 
 Your Company did not accept any deposits from outsiders.
 
 5.  PARTICULARS OF EMPLOYEES
 
 Particulars of employees as per requirements of Section 217(2A) of
 Companies Act, 1956 are not applicable.
 
 6.  DIVIDENDS
 
 The Directors have not recommended any dividend due to loss incurred by
 the Company.
 
 7.  INDUSTRIAL RELATIONS
 
 The Industrial Relations continued to be cordial throughout the year.
 
 8.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The Company has no activity realting to Conservation of Energy,
 Technology Absorption in terms of Section 217(1)(e) of the Companies
 Act, 1956. The company has no foreign exchange earnings during the year
 under review.
 
 9.  AUDITORS
 
 At the Annual General Meeting members are requested to appoint auditors
 for the current year and fix their remuneration.
 
 10.  ACKNOWLEDGEMENT
 
 Your Directors place on Record their sincere appreciation for the
 continous guidance, co-operations and assistance received from the
 Financial Institutions, Banks, Officers & Staff of the Company.
 
                              For and on behalf of Board of Directors
 
 Place : Mumbai                                  SHYAM SUNDER AGARWAL
 
 Dated : the 7th day of August, 2012                         Director