The Directors wish to place before you the 20th Annual Report and
 Audited Accounts for the Financial Year ended on 31st March, 2008.
 
 FINANCIAL RESULTS
 
 The summarized financial results of the company have been given below :
 
                                                            (Rs.in Lacs)
 PARTICULARS                                 Current Year  Previous Year
                                             Amount Rs.    Amount Rs.
 
 Sales and Other Income                            793.90     4472.13
 Profit / (Loss) before Depreciation and Taxes    (818.64)    (717.96)
 Less : Depreciation provided during the year      473.39     1091.89
 Profit / (Loss) before Tax                      (1292.03)   (1809.85)
 Less : Provision for Taxation (FBT)                 2.40        2.97
 Provision for Deferred Tax                         (0.99)     (85.65)
 Profit / (Loss) after Tax                       (1293.44)   (1727.17)
 Less: Prior Period Adjustments                     24.87       29.96
 Net Profit / (Loss) for the Year                (1318.31)   (1757.13)
 Add: Profit / (Loss) brought forward            (4153.84)   (2396.71)
 Balance Carried to Balance Sheet                (5472.15)   (4153.84)
 
 COMPANYS PERFORMANCE
 
 During the Year under review, the Optical Media Division has stopped
 its production becouse of unprecedented liquidity crises of the Company
 as well as continuous reduction in the Selling price of Optical Media
 Products.  Thus, the said division was unable to recover its full
 variable cost and accordingly, it has been decided to stop the
 production of Optical Media Division to arrest further losses.
 
 However, since last couple of months, the market position of the
 optical media products is slightly improved upon but, because of
 liquidity problems, the company could not commence the production of
 Optical Media Division. More so, the computer consumer division has
 also shown remarkable decline in its top line because of the liquidity
 position of the company.
 
 The companys reference with BIFR /AAIFR is still pending.
 
 In the Financial Year 2007-08, the Company has achived total net sales
 of Rs. 782.38 Lacs as against Rs.  4415.76 Lacs for the year 2006-07
 
 In terms of Division-wise Sales, the break-up is as under:
 
                                                  (Rs. in lacs)
                                                           % of Change
                                           Net Sales                      
                                       2007-08   2006-07
 
 Optical Media Division (OMD)           20.79    1897.07    (99%)
 Computer Consumables                  761.59    2518.69    (70%)
 Division (CCD)
 Total                                 782.38    4415.76
 
 FUTURE OUTLOOK
 
 Considering the government intervention for DVD-R and CD-R, anti
 dumping duty is imposed on Optical Media products and accordingly there
 is a positive impact on the demand of Optical Media products in the
 country This has also increased the net margin for Optical Media
 products but, due to the unprecedented liquidity crises faced by the
 company, your Directors could not commence the operations of the said
 division for the year under review.  However, there are good chances
 that the production shall be viable in the near future and the company
 will be able to generate reasonable cash flow.
 
 On the other hand, the companys media and stationery division has good
 future outlook, becouse the company shall be able to provide cheque
 books to various banks as it is already registered with Reserve Bank of
 India as authorised printer for printing of the cheque books. Again,
 the financial position of the Company did not allow it to take the full
 advantage of its Computer Stationary Products.
 
 DIVIDEND
 
 In view of the loss incurred by the Company during the year 2007-08,
 your directors do not recommend any dividend on the equity share
 capital or preference shares of the company for the financial year
 ending on 31st March, 2008.
 
 AUDITORS QUALIFICATION
 
 Auditors have qualified the report by stating that:
 
 a) No confirmation of balance
 
 Due to the sickness of the company and inability to make the payment to
 the suppliers, banks and institutions, the company is unable to receive
 positive response and therefore, partial balance cannot be reconciled.
 
 b) No provision of Leave Encashment
 
 Your Auditors have also qualified the report by stating that the
 company has not provided for leave encashment as required by Accounting
 Standard -15. It is to be stated that your company is following cash
 system for leave encashment and therefore, no provision has been made
 in the books of accounts.
 
 c) Classification of NPA by Bank & IDBI
 
 As your companys liquidity position has been worsened, it was
 difficult to make the payment to the banks and IDBI and therefore,
 there are delays and defaults resulted in non performing assets.
 
 All other qualifications of the auditors are self explanatory.
 
 LISTING AND LISTING FEES
 
 Company has got its Equity Shares listed on Ahmedabad and Mumbai Stock
 Exchanges. Company has paid the listing fees.
 
 DIRECTORS
 
 Shri Ravindra B Shah and Shri Gautam D Broker, Directors of the Company
 retire by rotation at the forthcoming Annual General Meeting and being
 eligible offer themselves for re-appointmnet.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956, with respect to Directors responsibility, it is hereby
 confirmed :
 
 i) That in the preparation of the accounts for the financial year ended
 31st March, 2008, the applicable Accounting Standards have been
 followed along with proper explanation relating to material departure;
 
 ii) That the Directors have selected such Accounting Policies and
 applied them consistently and made judgements and estimates that were
 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 year and of the profit or
 loss of the Company for the year under review;
 
 iii) 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;
 
 iv) That the Directors have prepared the accounts for the financial
 year ended 31st March,2008 on going concern basis.
 
 CORPORATE GOVERNANCE
 
 Your Company has been duly complying with the requirements of clause 49
 of the Listing Agreement dealing with Corporate Governance and details
 are set out in the Annexure to this Report.
 
 DEMAT OF SHARES OF THE COMPANY
 
 Company has already dematerialised its Equity Shares and as on date
 65.63% of share are in demat form.  Investors/shareholders are
 requested to make use of the facility provided by the Company for
 dematerialisation of shares for which arrangements have been made with
 M/s. Intime Spectrum Registry Pvt. Ltd. of C-13, Pannalal Silk Mill
 Compound, LBS Marg, Bhandup (West), Mumbai-400078, who are the
 connectivity agent.
 
 AUDITORS
 
 The Auditors of the Company, M/s. Parikh & Majmudar, Chartered
 Accountants retire at the conclusion of the ensuing Annual General
 Meeting and are eligible for re-appointment.They have furnished a
 certificate that their appointment, if made shall be within the limits
 laid down under Section 224(1B) of the Companies Act, 1956. Your
 Directors recommend the re-appointment of M/s. Parikh & Majmudar as
 Auditors of the Company.
 
 INFORMATION REGARDING CONSERVATION OF ENERGY ETC. AND EMPLOYEES :
 
 Information required under section 217(1 )(e) of the Companies Act.
 1956 read with Rule 2 of the Companies (Disclosure of Particulars in
 the Report of the Board of Directors) Rules, 1988 and information as
 per Section 217 (2A) of the Companies Act. 1956 read with the Companies
 (Particulars of Employees), Rules, 1975, as amended from time to time,
 form part of this report. However, as per the provision of Section
 219(1) (b) (iv) the Report and Accounts are being sent to all the
 shareholders of the Company excluding the information relating to
 conservation of energy, technology absorption and foreign exchange
 earnings and outgo and the statement of particulars of employees. Any
 shareholder interested in obtaining such particulars may inspect the
 same at the Register Office of the Company.
 
 APPRECIATION
 
 The Board of Directors wish to place on record their deep appreciation
 and gratitude for the services rendered by the Workers, Staff and
 Executives of the Company. The Board of Directors also convey their
 gratitude to the Investing Shareholders, Customers, Suppliers, Banks,
 Financial Institutions and various Private and Government Agencies for
 their continued co-operation and confidence reposed in the company.
 
                                         For and on behalf of the Board
 
 Place : Ahmedabad                                     Dinker M. Broker
 Date  : 28th June, 2008                                       Chairman