The Directors have pleasure in presenting the Fiftieth Annual Report
 together with the Statement of Accounts for the year ended 31st March,
 2012:
 
 FINANCIAL RESULTS:
 
                                          (Rs. in lakhs)
 
                                 2011-2012     2010-2011
 
 Profit / (Loss) after Tax          (3.97)        (46.23)
 
 Add : Balance brought          (1,784.76)     (1,738.53)
 
 forward from previous year
 
 Profit / (Loss) carried to     (1,788.73)     (1,784.76)
 Balance sheet
 
 DIVIDEND:
 
 In the absence of distributable profits, the Directors regret their
 inability to recommend dividend.
 
 OPERATIONS:
 
 During the year under review, the Company earned income of Rs. 13.91
 Lakhs from business centre activity towards service charges. For
 various reasons, the business centre activity has not picked up in
 India, which has affected the operations of the Company. Efforts are,
 however, being made to continue to strive for better occupancy rate in
 the current year.
 
 LISTING:
 
 The Equity Shares of the Company are listed at the Bombay Stock
 Exchange Ltd. The Company has paid the Annual Listing Fees to the Stock
 Exchange, for the year 2012-2013.
 
 DIRECTORS:
 
 Mr. Vimal Kejriewal and Mr.H.N.Singh Rajpoot retire by rotation at the
 ensuing Annual General Meeting and are eligible for re-appointment.
 
 Mr. P. F. Simms has resigned as a director of the company with effect
 from 2nd August, 2012. Consequent to the resignation of Mr. P.F. Simms,
 Mr. Rabindranath Jhunjhunwala has also ceased to be an alternate
 director to Mr. P. F. Simms with effect from 2nd August, 2012.  Your
 directors place on record their appreciation of the valuable service
 rendered by them during the tenure of their directorship with the
 Company.
 
 Mr. Kishore Shete was appointed by the Board as an Additional Director
 of the Company with effect from 15th November, 2011. He would hold
 office of Director upto the date of the ensuing Annual General Meeting
 and is eligible for appointment.
 
 Mr. Kishore Shete ceased to be the Manager of the Company with effect
 from 15th November, 2011 and has been appointed by the Board as the
 Wholetime Director of the Company for a period from 15th November, 2011
 to 31st March, 2014. Members are requested to approve the said
 appointment and payment of remuneration to him.
 
 Brief resume of the above Directors, nature of their experience in
 specific functional areas and names of the Companies in which they hold
 directorship and membership/chairmanship of Committees of the Board, as
 stipulated under clause 49 of the Listing Agreement with the stock
 Exchange are given in the section on Corporate Governance in the Annual
 Report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 As specifically required under the Companies Act, 1956, your Directors
 state that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed and that there are no material
 departures;
 
 (ii) such accounting policies have been selected which have been
 applied consistently and judgements and estimates made are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company in the Balance Sheet for the financial year ended 31st
 March, 2012 and of the Loss made for the said financial year, i.e. 1st
 April, 2011 to 31st March, 2012.
 
 (iii) proper and sufficient care for the maintenance of adequate
 accounting records have been taken 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) the Annual Accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
 Reports on Management Discussion & Analysis and on Corporate Governance
 alongwith a certificate from the Auditors form part of this Annual
 Report.
 
 PARTICULARS OF EMPLOYEES:
 
 The Company does not have any employee whose particulars are required
 to be given pursuant to the provisions of Section 217 (2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975.
 
 PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956:
 
 During the year, the Company had strict control on expenditure.
 
 Foreign Exchange Earnings    : Rs.  NIL
 
 Foreign Exchange Outgo       : Rs.  NIL
 
 AUDITORS:
 
 M/s. Agarwal & Mangal, Chartered Accountants, the Auditors of the
 Company would retire at the ensuing Annual General Meeting and are
 eligible for reappointment.
 
 Members are requested to appoint Auditors and to fix their
 remuneration.
 
 ACKNOWLEDGEMENT:
 
 The Board wishes to thank the employees and shareholders for their
 continued support and for the faith they have reposed in FGP.
 
 
                         For and on behalf of the Board of Directors
 
                                                          T.M.Elavia
                                                            Director
 
                                                   H.N.Singh Rajpoot 
                                                            Director
 
 Mumbai
 Date: 13th August, 2012