The directors have pleasure in presenting the Twenty Second Annual
 Report and the audited Financial Statements for the financial year
 ended 31st March 2012.
 
 FINANCIAL RESULTS:                         2011-2012       2010-2011
   
                                                     (Rupees in lakhs)
 
 Sales                                             -               -
   
 Other income                                      -               -
 
 Total income                                      -               -
 
 Profit/(Loss) before Depreciation and tax     (3.04)          (2.82)
 
 LESS: Depreciation                                -               -
 
 Net Profit/(Net Loss)                          3.04)          (2.82)
 
 Profit/(Loss) aftertax                        (3.04)          (2.82)
 
 ADD: Surplus/(Deficit) brought forward
      from previous year                     (498.11)        (495.28)
 
 Net Profit/(Loss) carried to Balance sheet  (501.15)        (498.11)
 
 DIVIDEND
 
 In view of the Loss your directors do not recommend any dividend for
 the current year.
 
 DEPOSITS
 
 The Company has not invited or accepted any deposits from the public.
 
 DIRECTORS:
 
 During the year Mr.Gopichand Idandas retires by rotation and being
 eligible offers himself for reappointment.
 
 AUDITORS:
 
 M/s B.P. Jain & Co., Chartered Accountants, Chennai, retire at the
 forthcoming Annual General Meeting and being eligible offer themselves
 for reappointment.
 
 PARTICULARS OF EMPLOYEES:
 
 There is no employee during the year under review whose particulars are
 required to be given as per the provisions of Section 217 (2A) of the
 Companies Act, 1956.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Your Directors Confirm
 
 i.  that in the preparation of the annual accounts, the applicable
 accounting standards have been
 
 followed; ii.  that the Directors 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
 the state of affairs of the company as at 31st March 2012 and of the
 Loss of the company for that year;
 
 
 iii. that the Directors had 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;
 
 iv.  that the Directors have prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE
 
 As per the listing agreement with the Stock Exchanges, a separate
 discussion on Corporate Governance is appended.
 
 LISTING OF EQUITY SHARES
 
 The company''s equity shares are listed on the Chennai and Mumbai Stock
 Exchanges.
 
 STATUTORY DISCLOSURE
 
 Information required under Section 217(1 )(e) of the Companies Act,
 1956 read with the Companies (Disclosure of particulars in the report
 of the Board of Directors) Rules 1988.
 
 1. Conservation of Energy, Technology absorption and Research and
 Development
 
 The Company has no activity relating to conservation of energy,
 technology absorption and Research & Development during the year.
 
 2. Foreign Exchange Earnings and Outgo
 
 During the year the Company had no earnings or outgo in foreign
 exchange.
 
 ACKNOWLEDGEMENT
 
 Your directors wish to place on record their appreciation for the
 co-operation received from the State and Central Government
 organizations and also from the dedicated management team.
 
                                    For and on behalf of the Board
 
 Place : Chennai                                 Gopichand Idandas
 
 Date  : 21.05.2012                                       Chairman