The Director have pleasure in presenting the Tenth Annual Report on the
 affairs of the Company alongwith audited accounts of the Company for
 the year ended 31st March, 2003.
 
 FINANCIAL RESULTS                                      (Rs. in Lacs)
 
                                                   for the      for the
                                                year ended   year ended
                                                 2002-2003    2001-2002
 
 Gross Income                                        64.70        38.56
 Gross Profit/(Loss)                                 25.91         1.44
 Less: Depreciation                                   0.79         1.20
 Interest                                             0.01         0.01
 Profit/(Loss) before Tax                            25.11         0.23
 Less: Provision for Income Tax                          -            -
 Profit/(Loss) After Tax                             25.11         0.23
 Add/(Less): Balance brought                      (244.41)     (244.64)
 forward from last year
 Balance Carried to balance sheet                 (219.30)     (244.41)
 
 DIVIDEND:
 
 During the year under review there were inadequate profit and looking
 to the accumulated losses your Directors are unable to recommend any
 dividend for the year 2002-2003.
 
 REVIEW OF OPERATIONS;
 
 During the year under review, the Company had net profit of
 Rs. 25,10,483/- against net profit of Rs. 22,549/- in the last year.
 
 FUTURE OUTLOOK
 
 Due to recession prevailing in the Financial Sector the Company had
 decided to enter into new business related to import, export, trading
 in Ferrous and Non-Ferrous and precious metals & for that purpose,
 object clause of the Company has been changed and accordingly Name of
 me Company has also been changed to E-Metals India Ltd. from Daudayal
 Finvest Limited. Your Directors are hopeful for bright future of the
 Company in this new field.
 
 FIXED DEPOSIT
 
 During the year the Company has not accepted any fixed deposit
 as per the provisions of Section 58A of the Companies Act,
 1956, and rule 3(2)(I) of the Companies (Acceptance of
 Deposits) Rules, 1975.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information pursuant to Section 217(1)(e) of the Companies Act, 1956,
 read with the Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988, relating to conservation of energy and
 technology absorption is not given as the Company has no activities
 relating to it.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 In compliance to the Provision of Section 217 (2AA) in the Companies
 Act, 1956, your Directors state that:
 
 (i) in the preparation of 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 the end of the financial year and of the
 profit or loss of the company for mat period;
 
 (iii) that 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;
 
 (iv) that the directors had prepared the annual accounts on a going
 concern basis.
 
 DEMATERIALISATION OF SHARES
 
 In view of the weak financial position, there is a slight delay in
 process of dematerialisation of shares of your Company, however, your
 Directors are hopeful to implement the same shortly.
 
 CORPORATE GOVERNANCE
 
 The Securities & Exchange Board of India has introduced a code of
 corporate governance for the listed companies by an amendment to the
 listing agreement. Accordingly, all the stock exchanges inserted a new
 Clause 49 in the listing agreement on corporate governance, and the
 provisions thereof have been complied by your Company. The report on
 corporate governance is placed as Annexure A.
 
 PARTICULARS OF EMPLOYEES
 
 During the year under review, there was no employee drawing salary in
 excess of the limits prescribed under Section 217(2A) of the Companies
 Act, 1956, and the rules prescribed thereunder
 
 DIRECTORS
 
 Mr. Sanjay Agrawaal retire by rotation at the forthcoming Annual
 General Meeting and being eligible offer himself for re-appointment.
 
 AUDITORS
 
 M/s. ABN & Co., Chartered Accountants, Indore, hold office until the
 conclusion of this Annual General Meeting and being eligible, offer
 themselves for re-appointment The observations of the Auditors in their
 report read with relevant notes to the Accounts forming part of this
 report are self-explanatory.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to place on record their appreciation for the
 assistance and co-operation mat your Company received from the
 shareholders and all others whose continued support has been a source 
 of strength to the Company. Your Directors also wish to place on record
 their sincere appreciation for the devotion and dedicated efforts put
 in by employees at all levels and look forward to their continued
 support to the Company.
 
                                                  By Order of the Board
 
 Indore                                                (Neena Agrawaal)
 Date: 12.08.2003.                                  Whole-Time Director