Your Directors have pleasure in presenting the Eight Annual Report
 together with the Audited Statement of Accounts for the year ending
 31st March, 2002.
 
 1. FINANCIAL RESULTS
 
 Profit/(Loss) for the year before Depreciation (22,28,879)   (8,40,454)
 
 Depreciation                                      2,19,988     2,90,324
 
 Profit/(Loss) after Depreciation               (24,48,865)  (11,30,778)
 
 Provisions for taxation                                  -            -
 
 Profit/(Loss) after taxation                   (24,48,865)  (11,30,778)
 
 Profit brought forward from previous year         4,88,198    16,44,301
 
 Prior period adjustments                                 -     (25,325)
 
 Balance carried forward                        (19,60,667)     4,88,198
 
 2. DIVIDEND
 
 In view of the losses, your Directors do not recommend any dividend.
 
 3. COMPANIES OVERALL PERFORMANCE
 
 It is that time of the year again, when we look back at the year gone
 by and look forward to the future that awaits us. The last financial
 year has seen the most ups mid downs in the capital market due to
 various reasons, viz problem with the Unit Trust of India, Drought
 condition in various states, budget proposals 2002-2003, scams in
 Indian & American Companies and due to Political instability. This has
 contributed to the declining investors confidence in the Stock Markets.
 However, the capital Market, being the pulse of Indian Economy, have
 been deeply looked into by the market regulator who are taking all
 necessary steps to improve the sentiments. We hope that the market will
 improve and the following year will show some good results.
 
 4. DIRECTORATE
 
 To appoint a Director in place of Shri Mukesh Kumar Jain who retires
 by rotation and being eligible, offers himself for re-appointment.
 
 Shri Ravi Kumar Lal, Shri Amit Goel and Shri Vishal Goyal were
 appointed as additional director with effect from 16th August, 2002
 
 5. CORPORATE GOVERNANCE
 
 As mentioned in our last report also the Stock Exchanges have amended
 the Listing Agreement by incorporating a new clause covering Corporate
 Governance which is an important instrument of investor protection. As
 per the amendment, your Company to required to comply with the
 requirements from the Financial Year 2002-2003. Your Company has
 commenced the implementation of the required provisions of Corporate
 Governance, and will ensure that all mandatory provisions be fully
 complied with before the test date prescribed by the Stock Exchanges.
 
 6. DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217 (2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it to
 hereby confirmed:
 
 i. that in the preparation of the annual accounts for the financial
 year ended 31st March 2002, the applicable accounting standards have
 been followed along with proper explanation relating to material
 departures.
 
 ii. that the directors have select such accounting policies and
 applied them consistently and made Judgements 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
 loss of the Company for the year under review.
 
 iii. that the directors 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.
 
 iv. that the directors have prepared the annual accounts for the
 financial year ended 31st March, 2002 on a going concern basis.
 
 v. As indicated in our previous year report, all actions which have
 been legally advised, has been initiated against Mr. Arun Kumar Jain,
 the terminated director of the company. Should any further offences
 come to fight the required action, as the company may be advised, will
 also be taken. The Board of Directors acknowledges the gravity of
 situation and all possible steps are being taken to restore the
 finandai health of the company.
 
 7. AUDITORS QUALIFICATIONS :
 
 With reference to Auditors main report para No.4, the provision for
 doubtful debts has not been considered necessary as the matter to
 subjudice. However, efforts are being made to recover the amount
 
 8. AUDIT COMMITTEE
 
 An Audit Committee was formed after the introduction of Section 292A of
 the Companies Act, 1956 which comprises Shri K.KGoel, Shri Mukesh Kumar
 Jain and Shri Mohan P.Patel. The Audit Committee Meetings were also
 attended by the Manager Finance and the statutory auditor.
 
 The committee met three times during the year and the attendance of the
 members at the meeting was as follows:
 
 Name of Member        Status           No.of Meetings attended
 
 Kamlesh Kumar Goel    Chairman                           3
 
 Mukesh Kumar Jain     Member                             3
 
 Mohan P.Patel         Member                             3
 
 9. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE
 EARNING AND OUTGOING
 
 The Company being in the financial sector, the particulars required
 under Section 217(1)(e) of the Companies Act, 1956 read with the
 Companies (Disclosure of particulars in the Report of Board of
 Directors) Rules, 1968 are not applicable, except Foreign Exchange
 earning and outgo. However, the Company has not earned or spent any
 foreign exchange during the year.
 
 10. STOCK EXCHANGES
 
 Your Companys Shares are listed in the following Stock Exchanges:
 
 (i) The Delhi Stock Exchange Association Ltd.
 
 (ii) The Stock Exchange, Mumbai
 
 11. AUDITORS
 
 M/S. VIPAN KUMAR AGGARWAL & ASSOCIATES, Chartered Accountants, retiring
 at the ensuing Annual General Meeting are eligible for re-appointment
 
 12. PARTICUALRS OF EMPLOYEES
 
 The Company did not employ any person during the year, who was in
 receipt of remuneration of not less than Rs.12,00,000/- per annum, if
 employed for whole of the year or not less than Rs.1,00,000/- per
 month, if employed for part of the year. Hence the particulars of the
 employees pursuant to the provisions of Section 217 (2A) of the
 Companies Act.1958 are not applicable.
 
 13. ACKNOWLEDGEMENT
 
 The Board wishes to record its appreciation for the efforts put in by
 the employees of the company. The Board also acknowledges the support
 received from its clients, Bankers and National Stock Exchange and from
 the shareholders who have. reposed the confidence in the management of
 the Company.
 
                             For and on behalf of the Board of Directors
                                                                K.K.GOEL
                                                                Director
 Place: New Delhi
 Dated: 2nd September, 2002