Your Directors present their 9th Annual Report together with the
 Audited Accounts for the period ended 31st March 2003.
 
 Financial Results
 
 The profit & loss account shows a loss from operations of Rs. 4.87
 lakhs
 
 Financial Results                                      (Rs. lacs)
 
 Turnover                                                    13.09
 
 Expenditure                                                 17.96
 
 Net loss                                                     4.87
 
 Dividend
 
 As the Company made a loss, no dividend is being declared.
 
 General Review
 
 Due to severe constraints in cash flows the company could not undertake
 any fruitful business activities during the year. During the year the
 company has cleared a major portion of its current liabilities and the
 only major liability remaining is on account of land sale advances
 received for sale of part of its real estate stock and this will be
 extinguished when final sale to purchasers takes place. Thus the
 company has moved to a position of being free from any major
 liabilities, while it had already become debt free during previous
 years. Future company business would depend upon recovery of dues from
 debtors as that would provide the cash for operations and earning
 activities. Without cash flows the company can only wait for its stock
 and assets to appreciate over the years and make a profit from sale of
 the same. Delisting of shares from the stock exchanges would provide
 saving of scarce cash resources and the same is being sought to be done
 at the AGM as it would not be detrimental to shareholders in the
 absence of any trading in the companys shares on the stock exchanges
 over the past several years and the promoters, who are the single
 largest block of shareholders, have accorded their assent to the same.
 
 Directors
 
 Mr.A.S.Thind and Jasjeev Singh Swani, Directors retire by rotation and
 being eligible offers themselves for reappointment.
 
 Auditors
 
 M/s Mehra & Sistani, Chartered Accountants, New Delhi retire at the
 ensuing AGM and are eligible for reappointment. -
 
 Auditors Report
 
 Auditors observations are self explanatory and/or suitably explained
 in the notes on accounts.
 
 Particulars of Employees
 
 There were no employees of the Company drawing in excess of Rs.
 2,00,000 per month or Rs. 24,00,000 per annum.
 
 Particulars required to be disclosed under the Companies (Disclosure of
 particulars in the report of Board of Directors) Rules 1988:
 
 A. Conservation of Energy : Not applicable
 
 B. Technology absorption : Not applicable
 
 C. Foreign exchange earning And outgo :
 
 i) Activities relating to exports : Nil
 
 ii) Initiatives relating to exports : Nil
 
 iii) Development of new export markets, effort made for exports &
 export plan : Nil
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 In terms of section 217 (2AA) of the Companies Act, 1956, the directors
 would like to state that :-
 
 1) In the preparation of the annual accounts, the applicable accounting
 standards have been followed.
 
 2) The directors have selected such accounting policies and applied
 them consistently and made judgement 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 and
 loss of the company for that period.
 
 3) The directors have 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.
 
 4) The directors have prepared the annual accounts on a going concern
 basis.
 
                                                   By order of the Board
                                              Sd/-                  Sd/-
 Place: New Delhi.                    (RAJANTH1ND)           (A.S.THIND)
 Date: 30/06/2003                         Director              Director