Dear Members,
 
 The Directors have pleasure in presenting their 19th Report and audited
 accounts for the financial year ended on March 31,2012.
 
 FINANCIAL RESULTS
 
                                        (Rs. in Lacs)
 
 PARTICULARS                        2011-12         2010-11
 
 Total Income                         29.88           65.16
 
 Profit/(Loss) before                 (2.71)          10.39
 
 Depreciation & Provisions
 
 Depreciation                          0.17            0.10
 
 Provisions for Doubtful
 
 Debts & Diminution in                13.68           73.40
 
 value of Investment
 
 Tax Expenses/FBT                      0.00            0.00
 
 NetProfit/(Loss)                    (16.56)         (63.11)
 
 OPERATIONS
 
 During the year under review, the Company earned total income of Rs.
 29.88 Lacs as compared to Rs. 65.16 Lacs during the year 2010-11.
 However, the Net Loss for the year under review was Rs. 16.56 Lacs as
 compared to a loss of Rs. 63.11 Lacs during the year 2010-11.
 
 DIVIDEND
 
 In view of the loss in the current financial year, the Board regrets
 its inability to recommend any dividend for the year under review.
 
 RESERVES
 
 During the year, no amount was transferred to reserves.
 
 AUDITORS
 
 The Auditors of the Company M/s Kalani &
 
 Company, Chartered Accountants, Jaipur, retire at the ensuing Annual
 General Meeting and being eligible, offer themselves for
 re-appointment. The auditors have furnished a certificate to the effect
 that the proposed re-appointment, if made, will be in accordance with
 sub-section (IB) of Section 224 of the Companies Act, 1956.
 
 COST AUDITORS
 
 During the year, Board appointed Mr. Sultan Singh, Cost Accountant to
 furnish certificate under Rule 2 of The Companies (Cost Accounting
 Records) Rules, 2011. The Board has obtained the Compliance certificate
 for the year ended March 31, 2012 and will file the same once the form
 has been notified by the Ministry of Company Affairs
 
 AUDITOR''S OBSERVATIONS:
 
 Observations of auditor are self explanatory and do not require any
 further to be commented by directors in this report.
 
 DIRECTORS
 
 As per provisions of Articles of Association, Shri Rajendra Prasad Daga
 retires by rotation and being eligible, offers himself for
 re-appointment.
 
 Also, Shri Amit Mahipal Gupta has resigned from the post of Managing
 Director w.e.f. May 11,2012.  However, he still continues to be
 associated with the Company as a Director.
 
 PARTICULARS OF EMPLOYEES
 
 During the year under review, there were no employees drawing
 remuneration of Rs. 60,00,000/- p.a. or Rs. 5,00,000/- p.m. or more.
 Hence there is no information to be provided in accordance with the
 provisions of Section 217(2A) of the Companies Act, 1956 read with the
 Companies (Particulars of employees) Rules, 1975.
 
 SUBSIDIARIES
 
 The Company does not have any subsidiary Company.
 
 8)CORPORATE GOVERNANCE
 
 A report on Corporate Governance along with a certificate from the
 Practicing Company Secretary regarding compliance of conditions of
 Corporate Governance is annexed and forms part of this annual report.
 As on date, the company has complied with all provisions pertaining to
 Clause 49 of the Listing Agreement with the Stock Exchanges in this
 regard.
 
 MANAGEMENT DISCUSSION & ANALYSIS
 
 The report on Management Discussion & Analysis as required under the
 Listing Agreement with the Stock Exchanges is annexed and forms part of
 the Directors'' Report.
 
 COMPLIANCE CERTIFICATE
 
 Pursuant to proviso to Section 383A of the Companies Act, 1956, a
 Company having paid up share capital of Rs. 10 Lacs and above but upto
 Rs.  500 Lacs is required to obtain Compliance Certificate from Company
 Secretary.
 
 The Compliance certificate obtained from the Company Secretary is
 annexed and forms part of the Directors'' Report.
 
 PUBLIC DEPOSITS
 
 During the year under review, your Company has not accepted any
 deposits from public in terms of Section 58 A of the Companies Act,
 1956 read with Companies (Acceptance of Deposits) Rules, 1975.
 
 DELISTING OF SHARES FROM JAIPUR STOCK EXCHANGE AND DELHI STOCK EXCHANGE
 
 Your directors recommended the voluntary delisting of shares from
 Jaipur Stock Exchange Limited and Delhi Stock Exchange as these Stock
 Exchanges looses their relevance in the recent past as the transaction
 in securities are done online and in dematerialized form.
 
 The Special Resolution for delisting was passed in last AGM but the
 same could not be carried out.
 
 REVOCATION OF SUSPENSION OF TRADING IN SHARES AT BOMBAY STOCK EXCHANGE
 LIMITED
 
 During the year under review, the Company has complied with the
 provisions of Listing Agreement to the satisfaction of Bombay Stock
 Exchange Limited and it has revoked the suspension of trading in shares
 of Company w.e.f. November 16, 2011.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2 A A) of the Companies Act, 1956, the
 Directors confirm that:
 
 1.  In the preparation of the annual accounts, the applicable
 accounting have been followed along with proper explanation relating to
 material departures;
 
 2.  The Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give true and fair view of the state of affairs of
 your company at the end of the financial year and of the profit of your
 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 preventing and detecting fraud and other
 irregularities;
 
 4.  The Directors have prepared the annual accounts on a going concern
 basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 The particulars required under Section 217(l)(e) of the Companies Act,
 1956 read with the Companies (Disclosure of Particulars in the Report
 of the Board of Directors) Rules, 1988, is given in Annexure-I to this
 Directors Report.
 
 ACKNOWLEDGEMENT
 
 Your Directors place on record their appreciation for the co-operation
 extended by the Government authorities, Bankers, Suppliers, Customers
 and other business associates and are grateful for their assistance,
 guidance and support. Your Directors are also grateful to the
 employees, shareholders and general public for their support and
 confidence reposed in the management.
 
                             For and on behalf of the Board of Directors
 
                               Sd/-             Sd/-
 
 PLACE: JAIPUR           (AMIT MAHIPAL GUPTA) (ANUBHA GUPTA)
 
 DATE : 14.08.2012          Director           Whole-time 
                                               Director