The Directors hereby present the 62nd Annual Report and Audited
 Accounts of the Company for the year ended 31 st March, 2012.
 
                                                 (Rs. in lacs)
 
 FINANCIAL RESULTS                Current Year    Previous Year
                                 (12 Months)     (12 Months)
 
 After meeting all operating 
 and administrative expenses,
 the working of the year shows
 a deficit of                       (3.64)         (5.37)
 
 Add:
 
 Depreciation                        0.66           0.66
 
 Profit / (Loss) for the year       (4.30)         (6.03)
 
 Profit I (Loss) brought 
 forward from
 the previous year                (186.42)       (180.39)
 
 Balance Carried to Balance Sheet
 (Reserve Surplus)                (190.72)       (186.42)
 
 PERFORMANCE
 
 Your Company is an investment, leasing, finance and miscellaneous
 services Company.
 
 REHABILITATION SCHEME
 
 Your Company has fully implemented the sanctioned Scheme.
 
 The application is made to the Bombay Stock Exchange for re-listing of
 the new Equity Shares issued to the existing Shareholders, is still
 pending for approval.
 
 AUDIT COMMITTEE
 
 As per the requirement of Section 292A of the Companies Act, 1956, and
 also the Listing Agreements with Bombay Stock Exchange Limited, Mumbai,
 an Audit Committee of the Board of Directors is already in place.
 During the year, the Committee held four meetings.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 (VI) of the Listing Agreement, a report on
 Corporate Governance and Certificate from the Company''s Auditors
 confirming compliance is annexed hereto.
 
 DIRECTORS
 
 S/Shri M.S. Sanganeria, Suresh Sharma and Pramod Sharma retire by
 rotation and, being eligible, offer themselves for reappointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 The Board of Directors of the Company state:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed alongwith proper explanation
 relating to material departures;
 
 (ii) that the Directors have 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 the end of the financial year and of the
 profit or loss of the company for that period;
 
 (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 as on 31 st
 March, 2012, on a going concern basis.
 
 DEPOSITS
 
 The Company has not accepted any deposits from the public during the
 year.
 
 PARTICULARS OF EMPLOYEES
 
 The Company has no employee, therefore the details specified under
 Section 217(2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975, are not applicable.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The Company has no manufacturing activity and therefore, the disclosure
 of particulars as required under Section 217(1 )(e) of the Companies
 Act, 1956, in so far as it relates to the conservation of energy,
 technology absorption is not applicable. There is no foreign exchange
 earnings and outgo during the year.
 
 AUDITORS'' REPORT
 
 The observations made by the Auditors in their Report do not require
 any comments as the same are either self explanatory or have been fully
 explained in the notes attached to the Accounts.
 
 APPOINTMENT OF AUDITORS
 
 The retiring Auditor M/s. V.K. Beswal & Associates have furnished
 certificates to the Company to the effect that their appointment, if
 made, would be within the limits prescribed under the Companies Act,
 1956. Shareholders are requested to appoint the Auditors and to fix
 their remuneration.
 
 APPRECIATION
 
 The Directors wish to place on record their appreciation of the co-
 operation received from the various departments of the Central and
 State Governments, Bankers and Financial Institutions.
 
                             On behalf of the Board of Directors
 
                             S.  K. Sharma           P. Sharma
 Mumbai,the 29th May,2012.    Director                Director