The Directors have pleasure in presenting the Twenty Second Annual
 Report together with the Audited Accounts for the year ended 31st
 March, 2012.
 
     FINANCIAL RESULTS                       (Rs. in Lakh)
 
                              For the Year    For the Year
                                     ended           ended
                                  31-03-12        31-03-11
 
 1.  Turnover                         1.64          202.52
 
 2.  Total Expenditure                6.05          182.91
 
 3.  Interest                            -               -
 
 4.  Gross Profit/(Loss)             (4.41)          19.61
 
 5.  Depreciation                     8.17            8.17
 
 6.  Provision For Taxation              -               -
 
 7.  Net Profit/(Loss) (4-5-6)      (12.58)          11.44
 
 PRODUCTION
 
 There was no production during the year due to power cut and Labour
 Problem.
 
 DIVIDEND
 
 Due to non availability of distributable profit, the Directors regret
 their inability to recommend any dividend in respect of Equity Shares
 for the year under review.
 
 DIRECTORS
 
 In accordance with the provision of the Companies Act, 1956 and the
 Company''s Articles of Association, Sri Sanjay Kumar Agarwala and Sri
 Naresh Kumar Agarwala, Directors of the Company retire by rotation and
 being eligible, offer themselves for re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
 the Directors confirm that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 (ii) the directors had 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 and of the profit or
 loss of the company for that period;
 
 (iii) the directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) the directors had prepared the annual accounts on a going concern
 basis.
 
 THE CORPORATE GOVERNANCE CODE :
 
 The Company has complied with the conditions of Corporate Governance as
 stipulated under the Listing Agreement with the Stock Exchanges. A
 separate section on Corporate Governance along with a certificate from
 the Auditor''s for the compliance is annexed and forms part of this
 report.
 
 SUBSIDIARIES :
 
 The Company has no subsidiaries, within the meaning of Section 4 of the
 Companies Act, 1956.
 
 INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 :
 
 Information Under Section 217(1)(e) of the Companies Act, 1956, read
 with the companies (disclosure of particulars in the report of the
 Board of Directors) Rules, 1988 regarding conservation of energy,
 technology absorption, foreign exchange earning and outgo is not
 applicable for your company during the year under review.
 
 AUDITORS
 
 M/s. R. K. BIHANI & ASSOCIATES, Chartered Accountants, Auditors of the
 Company retire at the ensuing Annual General Meeting and being eligible
 offer themselves for re-appointed. The company has received a
 certificate from the Auditor''s that they are qualified under Section
 224(1B) of the Companies Act, 1956 to act as the Auditors of the
 Company, if re-appointed.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employee of the Company is drawing remuneration exceeding
 the limits specified under Section 217(2A) of the Companies Act, 1956
 read with the Companies (Particulars of the Employees) Rules, 1975.
 
 PUBLIC DEPOSIT
 
 The Company has not accepted any deposit(s) within the meaning of
 Section 58A of the Companies Act, 1956 and the rules made thereof.
 
 FOREIGN EXCHANGE EARNING & OUTGO ACTIVITIES
 
 There is neither inflow nor outflow of Foreign Exchange.
 
 INDUSTRIAL RELATIONS
 
 The factory remained closed through out the year and the Industrial
 relations continued to be strained.
 
 On 09-05-1997 the Electricity Department disconnected the line. The
 Electricity Department raised the differential bill from 01-04-1995 to
 30-04-1997. The Company has disputed the demand and filed a petition
 against the above demand to Kolkata High Court. The Honb''le High Court
 referred the Case to the Chief Electrical Inspector, West Bengal and
 the Case is under process. The Company has also disputed bill amounting
 to Rs. 12,83,751/- raised during the Financial Year 1998-99.  The Chief
 Electrical Inspector awarded the same and directed W.B.S.E.B. to issue
 revised Bill. Subsequently W.B.S.E.D.C.L. has issued revised bill for
 Rs. 51,96,125/-
 
 AUDITOR''S REMARK
 
 With reference to the observations made by the Auditors in their
 report, the directors are to state that the notes submitted by the
 Board as contemplated under section 217(3) of the Companies Act, 1956;
 forming part of the Company''s Accounts are self explanatory and
 therefore do not call for any further clarification.
 
                                       For and on behalf of the Board
 
                                             S/d.                S/d.
                             Naresh Kumar Agarwal      Sanjay Agarwal
                                         Director            Director
 
 Registered Office:
 Mitruka House, 
 42- M. G. Road,
 Siliguri-734 005
 
 Dated:- The 23rd day of June, 2012