The Directors have pleasure in presenting their Annual Report together
 with the Audited Annual Accounts of the Company for the year ended 31st
 March, 2012.
 
 WORKING :
 
 During the year under review, the Company has incurred loss of Rs.
 2,25,541/- (Previous Year profit of Rs. 1,14,638/-). During the
 Financial Year 2011-12, the Company has paid reinstatement fees to
 Bombay Stock Exchange Ltd. and hence Incurred the Loss. The Company got
 relisted on Bombay Stock Exchange w.e.f. 22/12/2011.
 
 FINANCIAL PERFORMANCE
 
                                   2011-2012  2010-2011
                                    (Rupees)   (Rupees)
 
 Profit/(Loss) before tax         (2,25,541)   1,14,638
 
 Less: Provision for Taxation             -      38,000
 
 Profit after tax                 (2,25,541)     76,638
 
 Add : Balance brought forward    19,84,096   19,06,704
 Add: Excess / (Short)
 
 Provision of Income tax                  -         754
 
 Balance c/d to Balance Sheet     17,58,555   19,84,096
 
 DIVIDEND:
 
 Your Directors do not recommend any dividend for the year under review.
 
 DIRECTORS
 
 Mr. Prashant Vaidya, Director of the Company retires by rotation at the
 ensuing Annual General Meeting, and being eligible, offers himself for
 re-appointment at the ensuing Annual General Meeting.
 
 Mr. Achyuthan Nair resigned from the Directorship of the Company with
 effect from 16th April, 2012. The Board has placed on record its
 appreciation of the valuable services rendered by him during his tenure
 as a Director of the Company.
 
 Mr. Pradeep Nair was appointed as an Additional Director of the Company
 with effect from 16th April, 2012 and holds office upto the date of the
 ensuing Annual General Meeting of the Company. In terms of Section 257
 of the Companies Act, 1956, the Company has received a notice in
 writing alongwith requisite deposit amount from a member signifying his
 intention to propose Mr. Pradeep Nair as a candidate for the office of
 Director.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As stipulated in Section 217(2AA) of the Companies Act, 1956, your
 Directors subscribe to the Directors'' Responsibility Statement and
 confirm as under:
 
 1.  that in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 2.  that 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 aforesaid
 financial year and of the Loss of the Company for that period;
 
 3.  that 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;
 
 4.  that the directors have prepared the annual accounts on a going
 concern basis.
 
 INFORMATION REQUIRED AS PER LISTING AGREEMENT :
 
 1.  The shares of the Company are listed at The Stock Exchange, Phiroz
 Jeezeebhoy Towers, Dalai Street, Mumbai - 400001 and the annual listing
 fees for the year 2012-13 has already been paid on 21st April, 2012.
 
 2.  Clause 49 of the Listing Agreement regarding Corporate Governance
 Is not applicable to the Company.
 
 AUDITORS
 
 M/s. S. Jain Bohra & Company, Chartered Accountants, the Auditors of
 the Company, retire at the conclusion of the ensuing Annual General
 Meeting and being eligible, have offered themselves for re-
 appointment. They have further confirmed that the said appointment if
 made, would be in conformity with the provisions of Section 224(1B) of
 the Companies Act 1956.
 
 AUDITORS REPORT:
 
 The observations made in the Auditors'' Report are self-explanatory and
 therefore do not call for any further comments.
 
 FIXED DEPOSITS:
 
 The Company has neither invited nor accepted any fixed deposit from the
 public or from its shareholders during the year under review.
 
 INFORMATION PURSUANT TO SECTION 217(2A) OF THE COMPANIES ACT, 1956:
 
 The Company has not any remuneration attracting the provisions of
 Section 217(2A) of the Companies Act, 1956 read with Companies
 (Particulars of Employees) Rules, 1975 during the year under review.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO :
 
 Since the Company did not carry on any manufacturing activity, the
 requirements of Section 217(1)(e) of the Companies Act, 1956 read with
 the Companies (Disclosure of Particulars in the Report of the Board of
 Directors) Rules, 1988 regarding conservation of energy and technology
 absorption are not applicable. There were no foreign exchange earnings
 and outgo during the year under review.
 
                  FOR & ON BEHALF OF THE BOARD OF DIRECTORS
 
                                                PRAVIN SHAH 
                                                   DIRECTOR
 
                                            PRASHANT VAIDYA 
                                                   DIRECTOR
 
 PLACE : MUMBAI 
 DATE : 23/07/2012