The directors are pleased to present their Eighteenth Annual Report
 and Audited Statement of Accounts for the year ended 31st March, 2012
 
 1. Financial Performance                              (Rs.in Lacs)
                                               2011-12     2010-11
 
 Income                                       4,215.84    1,684.23
 
 Expenditure                                  2,954.20      930.86
 
 Earning before Tax                           1,261.64      753.37
 
 Provision for Tax                              260.00      154.00
 
 Provision for Deferred Tax                       0.24        1.68
 
 Income Tax Adjustments of earlier years         (0.13)      (4.27)
 
 Earnings after Tax                            1001.27      593.42
 
 Balance Brought forward                      2,210.84    1,617.41
 
 Balance carried forward to Balance Sheet     3,212.11    2,210.84
 
 *Previous year figures have been regrouped in view of the Revised
 Schedule VI.
 
 3.  DIVIDEND
 
 In order to conserve the financial resources of the company for future,
 the Board of Directors do not recommend payment of any dividend.
 
 4.  DIRECTORS
 
 In accordance with provisions of the Companies Act 1956 and the
 Company''s Articles of the Association, Mr. Sachin N. Doshi who
 retires by rotation and being eligible offers himself for
 re-appointment.
 
 5.  DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
 the Directors confirm that:
 
 a) in the preparation of the annual accounts, applicable accounting
 standards have been followed.
 
 b) the estimates are made so as to give true and fair view of the
 statement of affairs of the Company at the end of the financial year.
 
 c) the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 d) the Directors had prepared the annual accounts on a going concern
 basis.
 
 6.  PARTICULARS OF EMPLOYEES
 
 Information as per section 217(2A) of the Companies Act, 1956 read with
 the Companies (Particulars of Employees) Rules,1975 as amended is not
 applicable to your Company.
 
 7.  FIXED DEPOSITS
 
 Your Company has not accepted any deposits from the Public during the
 year under review.
 
 8.  AUDITORS
 
 The shareholders of the company are requested to re-appoint the
 retiring Auditors M/s. M. A. Parekh & Associates, Chartered
 Accountants, the retiring Auditors, who have furnished the requisite
 certificate u/s 224(1B) of the Companies Act, 1956 and therefore
 eligible for re-appointment as Auditors of the company.
 
 9.  CORPORATE GOVERNANCE
 
 The report on Corporate Governance and the Auditors'' certificate on
 compliance with the conditions of corporate governance under Clause 49
 of the Listing Agreement is annexed to this report.
 
 10.  APPRECIATION
 
 Your Director wish to place a record for their sincere appreciation and
 thanks for the excellent co-operation and support received from the
 Company''s Bankers, Business Associates, Suppliers, Consultant,
 Customers, Contractors and Shareholders at large, and look forward the
 same in a greater level in the ensuing years.
 
                           For and on behalf of the board of Directors 
                                                 NAVINCHANDRA B. DOSHI
 
                                                              CHAIRMAN
 
 Place: Mumbai Date: 14th August, 2012