The Board of Directors have pleasure in presenting the Annual Report
 along with the audited accounts of the Company for the financial year
 ended March 31, 2007.
 
 Financial Results
 
 The Company has earned the profit before tax of Rs. 3135.1 lacs during
 the year ended March 31, 2007.
 
 Dividend
 
 The Board of Directors are not recommending any dividend payment for
 the year 2006-07 with a view to conserve the resources within the
 Company.
 
 Operations
 
 Currently the Company is holding investments in Group Company viz.
 Eicher Motors Limited as core / strategic long term investment. The
 Company invested the surplus funds in the mutual funds and Inter
 corporate deposits (ICDs) during the year. The Company plans to invest
 in other projects of Group Companies as strategic long term investments
 as may be undertaken by Eicher Group from time to time.
 
 Delisting of equity shares of the Company from BSE & NSE.
 
 During the year, the Company has delisted the shares from the Bombay
 Stock Exchange (w.e.f. 231 February, 2007) and National Stock Exchange
 (w.e.f. 13* March, 2007) as per SEBI (Delisting of Securities)
 Guidelines, 2003.The delisting of shares was approved by Board of
 Directors and the members of the Company in their respective meetings
 held on 28* November, 2006 and 23rd December, 2006.
 
 Public Deposits
 
 During the year under review, there were no deposits accepted, matured
 and repaid. The Company does not intend to accept or hold public
 deposits in the future also.
 
 Board of Directors
 
 During the year Mr Siddhartha Lal, Mr Vinod Aggarwal and Mr Ravi Sikka
 were co-opted as Additional Directors and they hold office till the
 date of the ensuing Annual General Meeting.  Mr Siddhartha Lal has also
 been appointed as the Managing Director of the Company w.e.f. 21
 August, 2007 without payment of remuneration.
 
 Mr S Sandilya-Director, retires by rotation and being eligible offers
 himself for reappointment.
 
 During the year Mr Priya Brat, Mr P N Vijay and Mr M J Subbaiah, ceased
 to be Directors of the Company. The Board places on record its deep
 appreciation for the valuable contributions made by Mr. Priya Brat, Mr.
 P N Vijay and Mr. M J Subbaiah during their tenure as Directors of the
 Company.
 
 Auditors
 
 M/s VKGN & Associates, Chartered Accountants, have expressed their
 willingness to continue in office if re-appointed.  A certificate has
 been obtained from them to the effect that the appointment, if made,
 will be in accordance with the limits specified in sub-section (IB) of
 section 224 of the Companies Act, 1956.
 
 Conservation of Energy and Technology absorption
 and adaptation
 
 Conservation of Energy and Technology Absorption, is not applicable to
 your Company. Hence the particulars as required have not been
 furnished.
 
 Foreign Exchange Earnings / Expenditure
 
 During the year, the Company has neither earned nor used any foreign
 Exchange.  
 
 Particulars of Employees 
 
 There were no employees drawing remuneration as per limits specified
 under sub-section (2A) of section 217 of the Companies Act, 1956, read
 with Companies (Particulars of employees) Rules 1975, for the year
 ended March 31, 2007.
 
 Statement of Responsibility
 
 As required under section 2I7(2AA) of the Companies (Amendment) Act,
 2000, Board of Directors confirms that:
 
 a) the applicable accounting standards have been followed in
 preparation of the annual accounts;
 
 b) the accounting policies have been applied consistently, judgments
 and estimates have been reasonable and prudent thereby giving a true
 and fair view of the state of affairs of the company at the end of
 financial year and of the profit of the company for the year;
 
 c) proper and sufficient care has been taken 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 frauds and other irregularities;
 
 d) The annual accounts have been prepared on a going concern basis.
 
 Acknowledgement
 
 The Directors wish to thank and acknowledge the cooperation and
 assistance extended by the Central Government and the concerned State
 Governments, Financial Institutions and the Companys Bankers.
 
 The Directors appreciate the dedicated and sincere services of the
 employees of the Company and look forward to their continued
 involvement and support.
 
                                    For and on behalf of the Board
 
 Place : New Delhi                             S Sandilya
 Date : August 21, 2007                         Chairman