Dear Shareholders,
 
 The Directors have pleasure before presenting you their Annual Report
 along with Audited Accounts of the Company for the year ended on 31
 March, 2012
 
 FINANCIAL RESULTS:
 
 The financial highlights of the Company are as below: 
 
                                           (Rs. In Lac)
 
 PARTICULARS                        2010-11       2011-12
 
 Sales & Other Income                 --           57.36
 
 Total Expenditure                    0.10         77.52
 
 Profit / (Loss) Before Tax          (0.10)       (20.15) 
 
 Provision for Taxation               --            --
 
 Profit/(Loss) after Taxation        (0.10)       (20.15)
 
 
 
 DIVIDEND
 
 Your Directors regret their inability to recommend any Dividend to the
 Shareholders of the Company.
 
 FUTURE OUTLOOK
 
 Your Company is being in process of suspension of revocation of trading
 in equity at Bombay Stock Exchange.
 
 DIRECTORS
 
 Mr. Priyavrat Joshi, Director of the Company retires by rotation at the
 ensuring Annual General Meeting and being eligible offers himself for
 re-appointment.
 
 Mr. Harshul Shah is being appointed as an Additional independent
 Director of the Company regularizes subject to approval of Shareholders
 at its meeting.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT :
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm:
 
 i) That, in the preparation of the annual accounts for the year 31
 March, 2012, the applicable accounting Standards had been followed and
 there has been no material departure;
 
 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 at the end of the financial year ended 31
 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.
 
 AUDITORS
 
 Mr. Vedant M. Raval, Chartered Accountant, Ahmedabad retire at the
 forthcoming Annual General Meeting and being eligible offer themselves
 for re-appointment.
 
 M/s. C. Padmashi and Co., Chartered Accountant, Ahmedabad had resigned
 as an Auditors of the Company in place of whom Mr. Vedant M. Rawal,
 Chartered Accountant, Ahmedabad were appointed as an Auditor of the
 Company at its Extra Ordinary General Meeting of the Members to hold
 office till he conclusion of forthcoming Annual General Meeting.
 
 AUDITOR''S REMARKS
 
 The observations made in the Auditors'' Report, read with the relevant
 notes thereon are self- explanatory and therefore do not call for any
 further comments under Section 217 of the Companies Act, 1956.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 Management Discussion & Analysis is given separately and forms part of
 this Annual Report.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
 Governance is given in Annexure – II.
 
 CEO AND CFO CERTIFICATION
 
 Mr. Hemant Nanavaty, Managing Director, have given certificate to the
 board as contemplated in sub- clause (V) of clause 49 of the Listing
 Agreement.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO ETC.
 
 Since the company has not carried out any activities during the year
 the details relating to Conservation of Energy and Technology
 Absorption are not applicable. The Company has no foreign exchange
 earnings and outgo.
 
 PARTICULARS OF EMPLOYEES
 
 Provision of Section 217(2A) of the Companies Act, 1956 read with the
 Companies (Particulars of Employees) Rules, 1976 as amended do not
 apply the company for the year under audit.
 
 ACKNOWLEDGMENT
 
 Your Directors wish to place on record their sincere appreciation for
 the continued co-continued, assistance and help received by the Company
 from various authorities.
 
 
                             ON BEHALF OF THE BOARD OF DIRECTORS
 
 Date : 03.09.2012      Hemant D. Nanavaty          Harshul Shah
 
 Place : Ahmedabad      MANAGING DIRECTOR               DIRECTOR