Your Directors, hereby present the 10th Annual Report together with the
 Audited statement of account for the year ended on 31st March, 2002.
 
 1) FINANCIAL RESULTS:
 
 The financial Results for the year ended are as under
 
 Particulars                                    Year ended    Year Ended
                                                31/03/2002    31/03/2001
 
 Sales and other Income                             114.74        215.50
 
 Profit/Loss before interest
 depreciation and tax                               -19.36         -4.88
 
 Interest                                            43,56         63.44
 
 Depreciation                                        20.66         20.73
 
 Profit/Loss before tax                             -83.58         89.05
 
 Tax                                                     0             0
 
 Provision for arrears of Depreciation                   0        -19.23
 
 Profit/Loss after Tax Carried to Balance Sheet     -83.58        -87.37
 
 2) DIVIDEND
 
 You Directors do not recommend any dividend for the year ended
 31-03-2002
 
 3) PUBLIC DEPOSIT
 
 The company has not accepted any deposit U/S 58-A of the Companies Act.
 1956 during the year under report.
 
 4. DIRECTORS:
 
 Shri Vikash Jain Director shall retire by rotation at the ensuing
 annual general meeting and being eligible offers himself for
 reappointment
 
 5) AUDITORS:
 
 M/s. D. C. Parikh & Co. Chartered Accountants Auditors of the Company
 retire at the ensuing annual general meeting and are eligible for
 reappointment.
 
 5) AUDITORS REPORT:
 
 The observation of the auditors are explained wherever necessary, by
 way of appropriate notes to the account except the followings:
 
 6) Valuation of finished goods Inventory includes excise duty as per
 the requirement of the Income tax Act.
 
 7) DIRECTOR RESPONSIBILITY STATEMENT:
 
 Your Board States that
 
 (i) In the preparation of the annual accounts for the year ended on 31
 st March 2002, the applicable accounting standards had been followed
 and there had been no material departures from the said standards.
 
 (ii) The Directors had selected 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 31st March, 2002 and of the profits of the Company
 for the year ended on that day
 
 (iii) The Directors had taken proper and sufficient care for the
 maintenance of adequate accounting statement 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) The Directors had prepared the annual accounts for the year ended
 on 31st March, 2002 on a going concern basis.
 
 (8) AUDIT COMMITTEE:
 
 Yours board had formed Audit committee consisting of Mr N. T. Patel,
 Mr. Vikas Jain, Directors and Mrs. Kamlesh Jain, Managing Director as
 required U/S 292 A of the companies Act 1956.
 
 (9) PARTICULARS OF EMPLOYEES:
 
 Information in accordance with the provisions of section 217(2A)of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rule, 1975 as amended regarding employees is nil.
 
 (10) PARTICULARS REGARDING CONSERVATION OF ENERGY/TECHNOLOGY ABSORPTION
 AND FOREIGN EXCHANGE INCOME AMD OUTGO:
 
 Information in accordance with the provision of section 217 (IE) of the
 Companies Act, 1956 read with the Companies (Disclosure of
 Particulars)Rules,1988 is as per Annexure A.
 
 11) ACKNOWLEDGEMENT:
 
 Your Directors convey their deep sense of gratitude to the employees of
 the company and the Companys Banker Bank of Baroda, and Suppliers of
 the Company.
 
                                                   By order of the Board
                                                       Smt. Kamlesh Jain
                                                             Chairperson
 Place : 12, G. 1. D. C., Por Ramangamdi,
 Dist, Baroda 391243.
 Dated: 2nd September, 2002
 
 ANNEXURE TO DIRECTORS REPORTS :
 
 ANNEXURE:
 
 Statement of Particulars under the companies (Disclosure of particular
 in the report of Board of Directors) Rule, 1998.
 
 A. CONSERVATION OF ENERGY :
 
 (a) energy conservation measures taken: NIL
 
 (b) Additional investment and proposals, if any beeing implemented for
 energy NIL
 
 (C) ompact of the measures at
 
 (a) and (b) adobe for reduction of energy consumption and consequent
 inpact on the cost of production of goods : N.A.
 
 (d) total energy consumption and energy consumption per unit of
 production as per From A : N.A.
 
 B. TECHNOLOGY ABSORPTION
 
 (e) efforts made in technology absorption is given hereunder:
 
 Research and Development (R & D)
 
 1 Specific area in which R & D carried out by the company : NIL
 
 2. Benefits derived as a result of thr above R & D : NIL
 
 3. Future plan of action : NIL
 
 4. Expenditure on R & D : NIL
 
 (a) Capital : NIL
 
 (b) Recurring : NIL
 
 (c) Total : NIL
 
 (d) Total R&D expenditure as a percentage of total turnover : Nil
 
 TECHNOLOGY ABSORPATION, ADAPTATION AND INNOVATION
 
 1. Efforts, in brief, made towards technology absorption, adaptation
 and innovation.: NIL
 
 2. Benefits derived as a results of the above efforts, e. G. Product
 improvement, cost reduction, product development, import subsititution
 etc. : NIL
 
 3. In case of imported technology :
 
 (a) Technology imported : NIL
 
 (b) Year of import : NIL
 
 (c) Has technology been fully absorbed?  : NIL
 
 (d) If not fully absorbed, areas Where this has no taken place, reasons
 therefore and future plans of action : NIL
 
 B. FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 (f) activities relating to exports NIL
 
                                                     2001-02     2001-01
 (g) total foreign exchange used                         NIL         NIL
 
 (h) total foreign exchange earned                       NIL         NIL
 
                                                   By Order of the Board
                                                       Smt. Kamlesh Jain
                                                             Chairperson
 Place : 12, G.I.D.C, For - Ramangamdi,
 Dist, Baroda-391243.
 Dated 2nd September, 2002