The Directors are pleased to present their 26th Annual Report and
 Audited Accounts for the Year ended 31st March 2007.
 
 Financial Results
 
                      Year ended 31st March    Year ended 31st March 
                              2007                   2006 
                          (Rs. In Lac)           (Rs. In Lac)
 
 Gross Income                 4.01                  5.55
 Profit before Taxes         -0.36                 -3.51
 Provision for Taxes          0                     0
 Profit after Tax            -0.36                 -3.5I
 
 HUMAN RESOURCES
 
 Your company believes that employees, play a strong role in growth. By
 providing challenging projects and client experiences coupled with a
 rewarding work environment, your company helps attract and retain the
 best talent.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO - NIL
 
 PARTICULARS OF EMPLOYEES:
 
 There is no employee whose particulars are required to be covered under
 Section 217(2A) of the Companies Act, 1956 read with Companies
 (Particulars of Employees) Rule 1975.
 
 CORPORATE GOVERNANCE:
 
 A report on the Corporate Governance Code as per Kumar Manglam Birla
 Committee Report along with a Certificate from Statutory Auditors of
 the Company regarding compliance of the conditions of Corporate
 Governance as stipulated under clause 49 of the Listing Agreement is
 given in Annexure forming part of this report.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956
 the Directors Responsibility Statement is as under:-
 
 1.  That in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures.
 
 2.  That the directors had selected such accounting policies and
 applied them consistently and made judgment 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 financial year and of the
 profit and loss of the company for that period.
 
 3.  That 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.
 
 4.  That the directors had prepared the annual accounts on a going
 concern basis.
 
 PARTICULARS REGARDING ENERGY CONSERVATION
 
 The particulars as described under Section 217(l)(e) of the Companies
 Act, 1956 read with Companies (Disclosure of particulars in the Report
 of Board of Directors) Rules 1988, are not applicable to the company.
 
 FIXED DEPOSITS
 
 The company has not accepted any fixed deposits during the year
 therefore the provisions of Section 58A of the Companies Act, 1956 are
 not applicable to the Company.
 
 AUDITORS
 
 M/s Gupta & Agarwal Chartered Accountants, Kolkata who retire by
 rotation at the forthcoming Annual General Meeting have offered
 themselves for reappointment as the Auditors of the Company.
 
 STOCK EXCHANGES
 
 The shares of your company are listed on Delhi Stock Exchange, Mumbai.
 Stock Exchange and Calcutta Stock Exchange.
 
 ACKNOWLEDGEMENT
 
 The directors thank the clients, Companys bankers for their continued
 support to the company. Your directors wish to place on record their
 appreciation for the dedicated and sincere services rendered by the
 staff and officers of the company without the steady growth of the
 company would have not been possible.
 
 The Directors thank you for your support and cooperation to the
 company.
 
                                  By order of the Board of Directors
 
                                                Sd/-
 
                                             Director