The Directors hereby present their report on the business and
 operations of the Company for the year ended on 31st March, 2002. The
 working results are summarised here in below:
 
                                            Current Year   Previous Year
                                                     Rs.             Rs.
 
 Profit before depreciation & income Tax          719114          648149
 
 Less: Depreciation                                  260             260
 
 Provision for Tax                                 32500           38200
 
 Net Profit for the year                          686354          609689
 
 Add: Profit brought forward from previous Year  1389441         1068974
 
 Less: Prior Period Adjustment                         -           14863
 
 Less: Transfer to General Reserves               171589          152422
 
 Less: Transfer to Statutory Reserves
 (as per NBFC Guidelines)                         137271          121938
 
 Net surplus carried in the Balance Sheet        1766935         1389440
 
 DIVIDEND:
 
 No dividend is being declared during the year under review.
 
 DIRECTORS:
 
 Shri Navin Bhattar retire by rotation and being eligible, offers
 himself for re-appointment. The re-appointment of Shri Navin Bhattar
 is recommended to the members of the Company.
 
 SUBSIDIARY COMPANIES:
 
 As required under Section 212 of the Companies Act, 1956 the Accounts
 of the subsidiary companies are annexed.
 
 CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION & ADAPTATION, FOREIGN
 EXCHANGE EARNINGS & OUTGO:
 
 Information pursuant to Section 217 (1) (C) of the Companies Act, 1956
 read with Rules made thereunder is not applicable to the Company and
 hence not given. There is no foreign exchange earnings and out go
 during the year under review.
 
 PARTICULARS OF EMPLOYEES:
 
 During the year under review there was no employee who was in receipt
 of remuneration exceeding Rs. 24,00,000/- per annum or Rs. 2,00,000/-
 per month if employed for the year.
 
 AUDITORS:
 
 M/s. S. S. Rathi & Co. Chartered Accountants, the retiring auditors are
 eligible for reappointment and have indicated their willingness to
 continue, if re-appointed.
 
 COMPLIANCE CERTIFICATE:
 
 A Compliance certificate from a Practicing Company Secretary as
 required under Section 383A of the Companies Act, 1956 is annexed
 herewith.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 The Directors hereby state that in preparation of Annual Accounts for
 the year ended 31st March, 2002 the applicable Accounting Standards
 have been followed. The Directors have selected applicable 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 the affairs of the Company as at 31st March, 2002
 and the Profit for the period ended on 31st March, 2002. The Directors
 have taken proper and sufficient care to maintain 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. The Accounts have been
 prepared on a going concern basis.
 
                                          For and on behalf of the Board
 
                                           G. M. Loyalka   Shailesh Daga
                                                Director        Director
 Place: Mumbai
 Date: 3rd September, 02