The Directors have pleasure in presenting the Nineteenth Annual Report
 to the members together with the Audited Accounts for the financial
 year ended 31st March, 2012.
 
 FINANCIAL RESULTS
  
                                           Year ended        Year ended
                                     31st March, 2012  31st March, 2011
                                          Rs. in lacs       Rs. in lacs
 
 Profit/(Loss) Before Tax                     (05.22)          (295.15)
 
 Less: Provision for taxation:                   ---               ---
 
 Less: Short Provision made for 
 Income Tax                                      ---           (115.99)
 
 Profit/(Loss) After Tax                      (05.22)          (411.14)
 
 Less: Balance Brought forward 
 from last year                                  ---               ---
 
 Amount available for Appropriation           (05.22)          (411.14)
 APPROPRIATIONS
 
 Balance carried to Balance Sheet             (05.22)          (411.14)
 
                                              (05.22)          (411.14)
 
 DIVIDEND
 
 Owing to the loss incurred during the year, your Company did not
 consider it prudent to recommend any dividend for the year under
 review.
 
 REVIEW OF OPERATIONS
 
 Your Company has decided to change its business model from
 manufacturing to trading which is yet to be finalized.
 
 DIRECTORS
 
 Mr.Birendra Pratap Singh has resigned from Directorship of the Company
 on 3.4.2012 Mr.Arabinda Bose and Mr B.K.Banerjee resigned as Directors
 from your Company on 23.4.2012 .Your Directors'' would like to record
 their sincere appreciation for the valuable services rendered by them
 during their tenure as Directors.
 
 Mr Ramesh Kumar Jhawar and Mr.Shouvik Kundu were appointed as
 Additional Directors in the Company They hold office upto the ensuing
 Annual General Meeting and being eligible offer themselves for
 re-appointment. The Company has received notices from shareholders
 signifying their intention for their re-appointment
 
 In terms of Article 142/143 of the Articles of Association of the
 Company, Mr. Hemant Premji Thacker shall retire by rotation at the
 forthcoming Annual General Meeting and being eligible, offer himself
 for re-appointment. Brief particulars and expertise of these Directors
 have been given in the Notice of the Meeting.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed with no material departures;
 
 (ii) the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are 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 annual accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement, a Report on Corporate
 Governance together with the Auditors'' Compliance Certificate and
 Management Discussions and Analysis Report is annexed to this Annual
 Report.
 
 INVESTORS EDUCATION & PROTECTION FUND
 
 Unpaid / unclaimed dividend shown in the following table shall be
 deposited as and when it become due
 
 Financial Year  Date of Declaration   Last date for    Due Date for 
   to which                              claiming       transfer to
 the dividend       of Dividend          dividend     IEPF Account of 
                                                        the Central 
                                                         Government
 
    2004-05          14.06.2005         13.06.2012       13.07.2012
 
 AUDITORS
 
 M/s H. K. Agrawal & Co., Chartered Accountants, the Statutory Auditors
 of the Company, retires as the Auditors on conclusion of the
 forthcoming Annual General Meeting. They have expressed their
 unwillingness to be re-appointed.  M/s Rohit Shukla & Associates,
 Chartered Accountants have expressed their willingness to be appointed
 as Statutory Auditors of the Company and the Company has received
 letter from them to the effect that their appointment, if made, would
 be within the prescribed limits under Section 224(1-B) of the Companies
 Act, 1956. Accordingly, their appointment is recommended by the Board
 of Directors on the recommendation of Audit Committee.
 
 AUDITORS'' OBSERVATIONS
 
 As regards Auditor''s observation whether the Company will be able to
 continues as a going concern . Your Directors would like to state that
 our Company is looking for a new trading module of business. The
 Directors are hopeful of carrying business in near future.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees of the Company received remuneration requiring
 any disclosure to be made under Section 217(2A) of the Companies Act,
 1956 read with The Companies (Particulars of Employees) Rules, 1975 as
 amended, hence particulars are not annexed.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
 EARNINGS & OUTGO
 
 The Company has not undertaken any manufacturing activity during the
 year.
 
 Foreign Exchange Earnings & Outgo - NIL
 
 ACKNOWLEDGEMENT
 
 Your Directors acknowledge the co-operation and support received from
 its Shareholders, the Company''s Bankers and staff members during the
 year.
 
 Place: Kolkata                       For and on behalf of the Board
 
 Date :  30th May, 2012
 
                                              (Shouvik Kundu)
                                                 DIRECTOR
 
                                           (Ramesh Kumar Jhawar)
                                                 DIRECTOR
 
                                          (Hemant Premji Thacker)
                                                 DIRECTOR