The Directors have pleasure in presenting their Sixteenth Annual Report
 together with the audited statement of Accounts of the Company for the
 year ended 31st March 2000.
 
 FINANCIAL RESULTS
 
                                                          (Rs. IN LAKHS)
 
                                                    1999-2000    1998-99
 
 Gross Income                                           27.40     67.71
 
 Gross Profit before interest
 & Depreciation                                         (2.06)    33.22
 
 Interest & Financial Charges                           49.25    100.03
 
 Depreciation & Miscellaneous
 
 Expenses Written Off                                   59.33    309.73
 
 Lease Equalistion writtenback                         (57.68)     --
 
 Profit Before Tax                                    (52.96)  (376.54)
 
 Income Tax                                              --      (1.77)
 
 Provision (As per RBI Norms)                         (13.13)  (229.35)
 
 Previous Year Adjustments                           (610.37)    (2.71)
 
 Loss carried to Balance Sheet                       (676.46)  (610.37)
 
 
 OPERATIONS :
 
 During the year under review the Company has incurred a loss of Rs.
 66.09 lacs after providing for higher depreciation and interest as
 against loss of Rs. 607.67 lacs in the previous year.  In the absence
 of any additional facilities from the business and the financial
 institutions, the Company could not execute a fresh Lease and hire
 Purchase business during the year as compared to Rs. 3 lacs in the
 previous year.
 
 DIVIDEND
 
 In view of the loss incurred the Directors propose not to declare any
 dividend for this year.
 
 DISCLOSURE AS PER LISTING AGREEMENT
 
 The Company's securities are listed at the following Exchanges :-
 
 The Delhi Stock Exchange Association Ltd. Asaf Ali Road, New Delhi -
 110 002
 
 The Stock Exchange Mumbai, Phiroze Jeejeebhoy Towers, Dalal Street,
 Mumbai - 400001.
 
 The Company has paid the payment of Listing Fee to each of the above
 Stock Exchange for the year 1999.  2000.
 
 DEPOSITORY
 
 The Equity Shares of the Company will be compulsorily dematerialised
 from 25th February, 2001 and as per the directive of SEBI, the Company
 has entered into an agreement with NSDL and CDSL.
 
 Dealing in shares in electronic from eliminate loss, left mutilation,
 bad deliveries, forgeries false certificates etc.  associated with
 physical handling of share certificates besides reducing transactioned
 cost of the investor.
 
 The adoption of this modern automated system necessitates certain
 alterations to the provisions of the Articles of Association of the
 Company.  An appropriate Special Resolution for effecting these
 alterations is being proposed is the ensuing Annual General Meeting for
 Shareholders approval.
 
 AUDITORS REPORT
 
 Observations made by the Auditor in their Report are self explanatory
 and do not call for any further comments.
 
 FIXED DEPOSITS
 
 The Company has Fixed Deposits of Rs. 473.84 Lakhs as on 31.03.2000 out
 of which a sum of Rs 15.17 lakhs from 34 depositories of Delhi Office.
 Which matured, has remained unclaimed at the end of the year under
 report However since then the deposits amounting to Rs. 1.43 lakhs to
 10 depositories have either been renewed or repaid.  The remaining
 concerned depositories have again been reminded for their instructions
 for renewal/repayment of their deposits.
 
 DIRECTORS
 
 Sh. Pawan Jain, Director retires by rotation and being eligible offers
 himself for reappointment.
 
 SUBSIDIARY
 
 As required under Section 212 of the Companies Act, 1956 the audited
 Statement of Accounts alongwith the Reports of the Board of Directors
 of Rashi Leasing Limited and the auditors report thereon for the year
 ended 31st March, 2000 is annexed to this report.
 
 AUDITORS
 
 M/s. S. Kumar & Associates, Chartered Accountants, New Delhi, the
 statutory auditors of the Company retire and being eligible offer
 themselves for reappointment.  Mr. S.P. Kuppan, Chartered Accountant,
 Chennai, the Branch Auditors of the Company also retires and offers
 himself for reappointment.
 
 PERSONAL
 
 The provisions of Section 217 (2A) of the Companies Act, 1956 read with
 the particulars of Employees Rule 1975 as ammended are not applicable
 to the Company as no employee is in receipt of remuneration as per the
 limits prescribed under said Section.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO.
 
 Particulars under Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988, on the Conservation of Energy,
 Technology Absorption and Foreign Exchange Earnings and outgo are not
 applicable.
 
 ACKNOWLEDGEMENTS
 
 The Directors would like to express their appreciation for the
 continued co-operation, assistance and support received from the
 bankers.  Financial Institutions, Deposit Holders, Shareholders and
 valued Customers during the year under review.  The Directors also wish
 to place on record their appreciation for the contribution of employees
 at all levels to the Company.