The Directors of your company have pleasure in presenting their Report
 and Audited Statements of Accounts for the year ended March 31, 2012.
 
 FINANCIAL RESULTS
 
 The salient features of the Company''s financial results for the year
 under review are summarized below:
   
                                     For the year       For the year 
                                            Ended              Ended
 Particulars                           31/03/2012         31/03/2011
                                  (Amount in Rs.)    (Amount in Rs.)
 
 Profit/(Loss) before taxation             506703             999476
 
 Less: Provision for Taxation              100000             320000
 
 Less :- Earlier Year tax 
 adjustment                                  2614               2423
 
 Profit for the year                       404089             677053
 
 Add : Balance brought forward           10223357            9546304
 
 Balance carried to Balance Sheet        10627446           10223357
 
 These Financials were approved in Board Meeting held on 17.05.2012
 
 DIVIDEND
 
 To Conserve the Resources and to strengthen the financial position of
 the company, your directors have not recommended any dividend for the
 year under review.
 
 DIRECTORS
 
 In accordance with the provisions of the Section 260 of the Companies
 Act, 1956, the Board of Directors of the Company, in its Meeting held
 on 01.06.2012 has appointed Shri R. P. Singh as an additional Director
 on the Board of the Company.
 
 The Company has received notice under Section 257 of the companies Act,
 1956, from member proposing the candidatures of Shri R. P. Singh as
 Directors of the Company. Requisite approval for his appointment as
 Directors of the Company have been sought at the ensuing Annual General
 Meeting and the Board recommends his appointment for the consideration
 of the members of the company.
 
 Additional director is not disqualified for being appointed as
 directors of the company, as specified in Section 274(1) (g) of the
 companies Act, 1956.
 
 Further Smt. Meena Ranka has resigned from the Board of Directors of
 the Company and her resignation from Directorship was approved and
 accepted by the Company. The Board places on record its appreciation
 for her guidance during the tenures as Director of the Company.
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee during the year, covered by section 217 (2A) of
 the Companies Act 1956, read with the Companies (Particulars of
 Employees) Rules, 1975.
 
 PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
 EXCHANGE AND OUTGO 
 
 The company is not covered under any of the industry specified in
 schedule under rule 2(A) of the Companies (Disclosure of particulars in
 the Report of Board of Directors) Rules, 1988 as such the Company is
 not required to submit particulars of Energy Conservation as required
 under Rule 2(A) and there is no activity which should be disclosed as
 per Rule 2(B) and 2(C) about Technology Absorption and Foreign Outgo.
 
 AUDITORS
 
 M/s. Karnavat & Co., Chartered Accountants, Mumbai will cease to be
 Auditors of the Company at the conclusion of the ensuing Annual General
 Meeting and being eligible, they offered themselves for re-appointment.
 
 COMPLIANCE CERTIFICATE
 
 Your company has complied with all the provisions of companies Act,
 1956, a certificate to this effect has been obtained from Practicing
 Company Secretaries, Mumbai.
 
 RESPONSIBILITY STATEMENT
 
 Your Directors confirm:
 
 a) That in the preparation of the Annual Accounts, the applicable
 accounting standards have been followed and that no material departures
 have been made from the same;
 
 b) That they have 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 affairs of the Company at
 the end of the financial year and of the Profit or Loss of the Company
 for the period;
 
 c) That they 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;
 
 d) That they have prepared the Annual accounts on a going concern
 basis.
 
 CORPORATE GOVERNANCE
 
 The Company is making all efforts for complying the provisions relating
 to Corporate Governance pursuant to clause 49 of the Listing Agreement
 with Stock Exchange.
 
                                       FOR AND ON BEHALF OF THE BOARD
 
                                                         (N. K. Jain)
                                                             DIRECTOR
 
 Place: Mumbai 
 Dated: 01-09-2012