The Directors have pleasure in presenting the Thirtieth Annual Report
 of the Company Together with the Audited Statements of Accounts for the
 year ended 31st March, 2012.
 
                                     For the year       For the year
                                            ended              ended
                                 31st March, 2012   31st March, 2011
                                         (Rupees)           (Rupees)
 
 Gross Income                      1,11,89,992.00     1,14,08,995.00
 
 Profit before Depreciation          98,09,260.00     1,10,48,901.00
 
 Less : Depreciation (Net)               5,97,878                NIL
 
 Profit before Taxation              92,11,382.00     1,10,48,901.00
 
 Less : Provision for Tax
 
 Deferred Tax                           48,142.00                NIL
 
 Current Tax                         18,50,000.00       13,98,749.00
 
 Fringe Benefit Tax                           NIL                NIL
 
 Profit after Tax                    74,09,524.00       96,50,152.00
 
 Less : Prior Period Taxes            9,49,429.00                NIL
 
                                     64,60,095.00       96,50,152.00
 
 Balance brought forward           2,41,95,244.00     1,49,83,540.00
 
 Profit available for
 appropriation                     3,06,55,339.00     2,46,33,692.00
 
 APPROPRIATION
 
 Proposed Dividend                    3,76,000.00        3,76,000.00
 
 Tax on Proposed Dividend               60,997.00          62,449.00
 
 Balance carried forward
 to next year                      3,02,18,342.00     2,41,95,243.00
 
                                   3,06,55,339.00     2,46,33,692.00
 
 Operations:
 
 During the year the review, Your Company earned an income of Rs.
 1,11,89,992 against Rs. 1,14,08,995 in the previous Year. The Company
 earned profit after Tax of Rs. 64,60,095 as compared to profit after
 Tax of Rs. 96,50,152 in the previous Year.
 
 Dividend :
 
 Considering the robust performance during the year and the sound
 financial position of the Company, the Board of Directors have
 recommended payment of a dividend of 2% i.e. 0.20 Paise per share on
 18,80,000 Equity Share of Rs. 10/- each, for the year ended 31st March,
 2012, for approval of the Members. The dividend will entail an outflow
 of Rs. 4,36,997/- (including Dividend Tax of Rs. 60,997/-) on the paid
 up equity share capital of Rs.  1,88,00,000/-.
 
 Director''s Responsibility Statement:
 
 In compliance with Section 217(2AA) of the Companies Act, 1956, as
 amended by the Companies (Amendment) Act, 2000, your Directors confirm:
 
 1.  That the applicable Accounting Standards have been followed in the
 preparation of Annual Accounts along with proper explanations relating
 to material departures, if any.
 
 2.  That the accounting policies have been selected and applied
 consistently and such judgments and estimates made are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company as on 31st March, 2012 and the Profit & Loss Account for
 the year ended on that date.
 
 3.  That proper and sufficient care has been taken for 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.
 
 4.  That the Annual Accounts have been prepared on a going concern
 basis.
 
 Foreign Exchange Earnings and Outgo :
 
 Your Company does not undertake any activities involving Foreign
 currency Earnings and Outgo .
 
 Directors :
 
 SHRI JAYPRAKASH R. SHETH, Director of the Company retires by rotation
 and being eligible offers himself for reappointment.
 
 None of the Directors of the Company are disqualified for being
 appointed as Directors in terms of Section 274 (1)(g) of the Companies
 Act, 1956.
 
 Auditors :
 
 M/s. Rajesh Thakkar & Associates, Auditors of the Company retire at the
 conclusion of ensuing Annual General Meeting and are eligible, offer
 themselves, for reappointment.
 
 The Company has received letter from them to the effect that their
 re-appointment, if made would be within the prescribed limits under
 Section 224(1B) of the Companies Act, 1956 and that they are not
 disqualified for such re-appointment within the meaning of Section 226
 of the said Act.
 
 The notes referred to by the Auditors in their report are
 self-explanatory and hence, do not require any further explanation.
 
 Acknowledgement:
 
 Your Directors wish to place on record their grateful thanks to the
 Banks, various Government Authorities and the Promoters for their
 valuable assistance and cooperation and for the trust and confidence
 posed in the Company by the Shareholders.
 
                                           For and on behalf of Board
 
                                                     JIGNESH R. SHETH
                                                             DIRECTOR
 
 Place: Mumbai
 Date : 30th May, 2012