Dear Shareholders,
 
 The Directors present the TWENTYFIFTH ANNUAL REPORT together with the
 Audited Statement of Account for the Financial Year 2010-11 ended 31st
 March, 2011.
 
 1.  FINANCIAL RESULTS :
 
                                                        (Rs. in Lacs)
 
 Particulars                                     2010-11      2009-10
 
 Operating Loss (Before Interest & Depreciation)    8.82         6.84
 
 Less : Interest                                   13.52        14.30
 
 Loss before Depreciation                          22.34        21.14
 
 Less : Depreciation                               13.14        13.37
 
 Net Loss before Tax                               35.48        34.51
 
 Less : Provision for Taxation                         -            -
 
 Loss after Tax                                    35.48        34.51
 
 Balance of Loss brought 
 forward from Previous year                       241.27       206.76
 
 Net Loss carried to Balance Sheet                276.75       241.27
 
 In view of unabsorbed depreciation and carried forward losses and also
 in view of absence of virtual certainty of sufficient future taxable
 income, deferred tax assets/liabilities have not been recognised.
 
 2.  DIVIDEND:
 
 Your Directors are unable to recommend Dividend for the year 2010-11 in
 view of the accumulated losses as on 31st March, 2011.
 
 3.  PRODUCTION, SALES AND WORKING RESULTS:
 
 There was no production of Mineral Water Bottles during the year under
 review. There were no sales and no other income during the year under
 review as compared to income of Rs.30.12lacs for the year 2009-10.
 
 The Operating Loss (before interest and depreciation) has been increase
 to Rs.8.82 lacs during the year under review as compared to Rs. 6.84
 lacs during the year 2009-10. After providing for Interest, the Loss
 before Depreciation stood at Rs.22.34 lacs during the year under review
 as compared to Rs. 21.14 lacs for the year 2009-10. The Company had
 incurred Loss after tax of Rs. 35.48 lacs as compared to Loss of Rs.
 34.51 lacs for the year 2009-10.
 
 4.  FINANCE:
 
 4.1 During the year, the Company continued to repay interest and
 principal amount to Banks as per rescheduled payment period.
 
 4.2 The Company’s Income-tax Assessment has been completed upto the
 Assessment Year 2008-09 and Sales tax Assessment has been completed
 upto the Year 2008-09.
 
 5.  DIRECTORS:
 
 One of your Directors viz. Shri Ravindra Kumar Jain, retire by rotation
 in terms of Articles 153 and 154 of the Articles of Association of the
 Company. He, however, being eligible, offer himself for reappointment.
 
 6.  DIRECTORS’ RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
 1956, with respect to Directors’ Responsibility Statement, it is hereby
 confirmed:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 (ii) that the Directors had 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 31st March, 2011 being end of the
 financial year 2010-11 and of the Loss of the Company for the year;
 
 (iii) that the Directors had taken proper and sufficient care for
 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) that the Directors had prepared the annual accounts on a going
 concern basis.
 
 7.  DEMATERIALISATION OF EQUITY SHARES:
 
 To facilitate holding of securities in dematerialised/electronic form,
 the Company has entered into agreements with both National Securities
 Depository Limited (NSDL) and Central Depository Services (India)
 Limited (CDSL). Thus, shareholders have an option to dematerialise
 their shares with either of the depositories. The ISIN No. allotted is
 INE214D01021.
 
 8.  PERSONNEL AND H.R.D.:
 
 Your Directors are glad to report that the industrial relations
 continued to remain cordial and peaceful and your Company continued to
 give ever increasing importance to training at all levels and other
 aspects of H.R.D.
 
 9.  CORPORATE GOVERNANCE:
 
 The report on Corporate Governance as per Clause 49 of the Listing
 Agreement is annexed.
 
 10.  LISTING:
 
 The Equity Shares of the Company are listed on Ahmedabad, Mumbai and
 Delhi Stock Exchanges and the Company has paid Annual Listing Fees upto
 the year 2011-12.
 
 11.  MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
 
 Management Discussion and Analysis Report for the year under review, as
 stipulated under Clause 49 of the Listing Agreement with the Stock
 Exchanges is presented in a separate section forming part of the Annual
 Report.
 
 12.  GENERAL:
 
 12.1 INSURANCE:
 
 The Company’s properties including building, plant and machinery,
 stocks, stores etc. continue to be adequately insured against risks
 such as fire, riot, strike, civil commotion, malicious damages,
 machinery breakdown etc.
 
 12.2 AUDITORS:
 
 The present Auditors of the Company M/s. Shah & Dalal, Chartered
 Accountants, Ahmedabad will retire at the ensuing Annual General
 Meeting. They have submitted certificate for their eligibility for
 re-appointment under Section 224(1-B) of the Companies Act, 1956. The
 remarks of Auditors and Notes to Accounts are self explanatory.
 
 12.3 PARTICULARS OF EMPLOYEES:
 
 None of the employees of the Company is drawing remuneration requiring
 disclosure under Section 217(2-A) of the Companies Act, 1956, read with
 the Companies (Particulars of Employees) Rules, 1975.
 
 12.4 DEPOSITS:
 
 The Company has not accepted any deposit as defined under the Companies
 (Acceptance of Deposits) Rules, 1975.
 
 13.  PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
 IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
 
 A.  Conservation of Energy:
 
 Measures taken for Conservation of Energy, additional proposals and its
 impacts: Nil
 
 Total energy consumption and energy consumption per unit of production
 has not been submitted as there was no Production during the year under
 review.
 
 B.  Technology absorption:
 
 Efforts made in technology absorption: Nil
 
 C.  Foreign Exchange Earnings and Outgo:
 
 The Company has not earned or spent any Foreign Exchange during the
 year under review.
 
 14.  ACKNOWLEDGMENT:
 
 Your Directors express their sincere gratitude for the assistance and
 co-operation extended by Banks, Government authorities, Shareholders,
 Suppliers and Customers.
 
                                       For and on behalf of the Board,
 
                             Narendra Kumar Jain      Amrish V. Pandya
                                        Director              Director
 
 Place : Ahmedabad 
 Date  : 21st July, 2011