The Directors have pleasure presenting you the 15th Annual Reports of
 the company together with the Audited Accounts for the year ended on
 March 31, 2009.
 
 FINANCIAL RESULTS:
 
 The Operating results of your Company for the period under review are
 as follows:
 
                                                           (Rs. in Lacs)
 
 Particulars                                   Current Year Previous Year
                                                31.03.2009    31.3.2008
 
 Profit / (Loss) before Depreciation & Tax       (8220602)   (10403463)
 Depreciation                                      286835       329103
 Profit / (Loss) before Tax                      (8507437)   (10732566)
 Provisions for Fringe Benefit Tax                  16588        20650
 Profit / (Loss) after tax                       (8524025)   (10753216)
 Balance of previous year brought forward       (64263720)   (53510505)
 Profit / (Loss) carried forward to 
 Balance Sheet                                  (72784216)   (64263720)
 
 DIVIDEND:
 
 Your Directors do not recommend any dividend for the year.
 
 PERFORMANCE
 
 The loss before depreciation and tax was at Rs. 8220602 as against
 previous year Rs.  10403463. The depreciation was at Rs. 286835 as
 against previous year Rs. 329103. The loss after tax was at Rs. 8524025
 as against Rs. 10753216. The board is exploring possibility of other
 profitable venture and is hopeful of improved result in years to come.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 The Board of Directors of the company during the year have explored all
 the possibili- ties to develop the business so as to get the maximum
 returns to its shareholders. The company during the financial year
 traded in financial securities looking to the present scenario of
 overall economic growth in the sector. At present the company is
 looking forward to meet all challenges and trying to explore
 possibilities in the business of bio- fuel and bio-fertilizer.
 
 The company has an adequate internal control system. The audit
 committee frequently meets to review the financial performance of the
 company.
 
 DIRECTORS:
 
 Shri Chanakya Shukla and Kalpesh Trivedi retires by rotation and being
 eligible offers themselves for reappointment. Members are requested to
 reappoint them.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to Clause 49 of the listing agreement the report on Corporate
 Governance is attached which forms part of the Directors Report.
 
 AUDITORS AND AUDIT REPORT
 
 M/s D J N V & CO, Chartered Accountants, the Auditors of the Company
 retire at the conclusion of the 15th Annual General Meeting & being
 eligible offer themselves for re-appointment. The Company has received
 a letter from the auditors of the Company stating that their
 appointment, if made will be within the limits specified in Section 224
 (IB) of the Companies Act, 1956. Your Directors recommend their
 appointment.
 
 The observations made by the Auditors in their report are
 self-explanatory and there- fore, do not call for any comments.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The company has no manufacturing activities. Hence there is no
 information to submit in respect of conservation and absorption of
 technology. There is no foreign exchange earnings and outgo.
 
 DEPOSITS:
 
 The Company has not accepted any deposits coming under the provisions
 of Section 58A of the Companies Act, 1956 read with Companies
 (Acceptance of deposits) Rules 1975.
 
 PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
 
 The provisions of Section 217(2A) of the Companies Act, 1956 read with
 the Companie (Particulars of Employees) Rules 1988, as amended are not
 applicable to the Company, a there are no employees whose remuneration
 is in excess of the limits prescribed.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 As required under Section 217 (2AA) of the Companies Act, 1956 your
 Directors confirn that:
 
 i. In the preparation of the .annual accounts, the applicable
 accounting standards have been followed.
 
 ii. The Directors had selected such accounting policies and applied mem
 consistently an< made judgments and estimates that are reasonable and
 prudent so as to give a true an< fair view of the state of affairs of
 the Company for the period ended on March 31 2009 and of the profit or
 loss of the Company for the year ended on that date.
 
 iii. The Directors have taken proper and sufficient care for the
 maintenance of adequat accounting records in accordance with the
 provisions of the Companies Act, 1956 fo safeguarding the assets of the
 Company and for preventing and detecting fraud an< other
 irregularities.
 
 iv.  The Directors have prepared the annual accounts on a going concern
 basis.
 
 ACKNOWLEDGEMENT:
 
 Your Directors take this opportunity to express their gratitude for the
 valuable assistance an( co-operation extended by the Bankers, vendors,
 customers, advisors, the general public and fo: the valued efforts and
 dedication shown by the Company employees at all levels. Your Director;
 also sincerely acknowledge the confidence and faith reposed by the
 shareholders of the Company.
 
                                          For and on behalf of the Board
 
 Date      :   03.09.2009                 Yogendra Kumar Gupta
 Place     :   Ahmedabad                  Managing Director