The Directors have pleasure in presenting before you the Twenty First
 Annual Report and the audited Accounts for the year ended 3 1sl March,
 2012.
 
 Financial Results
 
                                                       (Rs. in Lakhs)
                                 Current Year           Previous Year
                                 Ended                  Ended 
                                 31.03.2012             31.03.2011
 
 Sales and Other Income            1,116.40                 418.38
 
 Profit / (Loss) before 
 Depreciation and Tax                 11.61                 153.46
 
 Less: Depreciation                   (8.49)                 (8.65)
 
 Profit / (Loss) before Tax            3.12                 144.81
 
 Less: Provision for FBT & 
 Written back                         (0.58)                (36.52)
 
 Deferred Tax Assets/Liability        (1.04)                 (0.27)
 
 Profit / (Loss) after Tax             1.50                 108.02
 
 Balance carried to balance 
 sheet                                 1.50                 108.02
 
 
 
 
 
 Operations:
 
 Conditions in the Capital Markets continue to be weak, and are
 reflected in your company''s results. Your company has worked hard
 last year to protect capital as well as to try and encourage growth,
 thanks to which it ended in the black.
 
 Future Prospects:
 
 Your company is keeping pace with changes brought about by the
 regulatory authorities and is implementing it in the best possible
 manner, in the best interests of its clients as well its share-holders.
 Conditions, however, have only deteriorated since the last financial
 year and continue to be testing. There continues to be hope, however,
 that the government will take its long awaited steps to improve the
 overall business environment in the country.
 
 Particulars under Section 217(l)(e) of the Companies Act, 1956
 
 In view of the-nature of activities of the Company, the particulars
 under section 217(l)(e) of the Companies Act. 1956 regarding
 conservation of energy and technology absorption are not given.
 
 There was no foreign exchange earning or outgo during the year under
 report.
 
 Listing:
 
 The shares of the Company are listed on Bombay Stock Exchange Limited
 and the listing fees for the year 2012-2013 were paid.
 
 Directors
 
 Shri Nikhil Doshi resigned as Director of the company with effect from
 July 16, 2012.. The Board hereby place on record the sincere
 appreciation of his valuable advice given by him during his tenure as
 Director of the company.  _
 
 Shri Indra Kumar Bagri and Shri Abhishek Bagri, Directors of the
 company would retire by rotation at the ensuing Annual General Meeting
 and are eligible for re-appointment.
 
 Mrs. Svvati Dujari has been appointed as Additional Director by the
 Board of Directors effective from 03/09/2012. By virtue of Section 260
 of the Companies Act, 1956 she would hold office unto the date of the
 ensuing Annual General Meeting and she is eligible for appointment.
 
 Deposits
 
 The Company has not invited Deposits from the public.
 
 Director''s Responsibility Statement
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm the following: 
 
 i) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 ii) That 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 as at the end of the
 financial year and of the Profit or Loss for that period.
 
 iii) That 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 have been taken;
 
 iv) That the Annual Accounts have been prepared on a going concern
 basis.
 
 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.
 
 Compliance Certificate:
 
 A Compliance Certificate from a secretary in whole-time practice under
 section 383A of the Companies Act, 1956 in respect of the financial
 year ended on March 31, 2012 is attached hereto.
 
 Auditors
 
 M/s. Bhupendra Shah and Associates, Chartered Accountants, Auditors of
 the Company, would retire at the ensuing Annual General Meeting, and
 are eligible for re- appointment.
 
 You are requested to appoint Auditors and fix their remuneration.
 
 Personnel
 
 Your Company has received the full co-operation and support of its
 personnel. Your Directors thank them and expect the same support from
 them in the years to come.
 
 Corporate Governance
 
 Pursuant to clause 49 of the Listing Agreement with the Stock
 Exchanges, Reports on Management Discussion & Analysis and on Corporate
 Governance along with a certificate from the Auditors forms part of
 this report.
 
 Acknowledgements
 
 The Board of Directors wishes to thank their Clients, Institutions,
 Shareholders and the Bankers of the Company for their support and
 co-operation.
 
                                     For and on behalf of the Board
 
 Place: Mumbai
                                                               Sd/-
 
 September 03, 2012                               Indra Kumar Bagri
 
                                                           Chairman