The Directors have pleasure in presenting their Twenty-sixth Annual
 Report together with the Audited Accounts for the year ended 31stMarch,
 2012.
 
 FINANCIAL RESULTS
 
                                      For the year   For the year
                                             ended          ended
                                        31.03.2012     31.03.2011
 
 Rupees Rupees
 
 Total Income                           65,044,452     30,419,341
 
 Gross Profit before Depreciation 
 and Tax                                   128,997        145,404
 
 Depreciation                               68,410         68,410
 
 Profit Before Tax                          60,587         76,994
 
 Provision for Tax - Current               (20,000)       (56,700)
 
 - Deferred                                 22,618         85,867
 
 Profit After Tax                           63,205        105,861
 
 Balance in Profit and Loss Account 
 brought forward                        11,605,785     11,499,924
 
 Add: Exces/Short Provision for Tax              -              -
 
 Less: Provision for Tax for 
 earlier year                                    -              -
 
 Profit Available for Appropriation     11,668,990     11,605,785
 
 Appropriation
 
 Transfer to General Reserve                     -              -
 
 Balance Carried Forward                11,668,990     11.605,785
 
 DIVIDEND
 
 The Directors do not recommend payment of dividend for the year.
 
 OPERATIONS
 
 During the year the Company achieved an income Rs. 65,044,452 as
 compared to Rs. 30,419,341 in the previous year. The Company''s profit
 was Rs. 63,205 during the year as compared to a profit of Rs. 105,861
 in the previous year.
 
 PROSPECTS
 
 With improving market conditions, Board is optimistic of better results
 ahead. The company has applied for membership in Multi Commodities
 Exchange and is hopeful of doing substantial business.
 
 DIRECTORS
 
 Mr. L. R. Bhansali, retires by rotation, and being eligible, offers
 himself for re-appointment. Your Directors recommend his
 re-appointment.
 
 AUDITORS
 
 M/s. N. P. Jhaveri and Associates, Chartered Accountants, Mumbai, the
 Statutory Auditors of the Company retire at the forthcoming Annual
 General Meeting and are eligible for re-appointment.
 
 FIXED DEPOSIT
 
 The Company has not accepted any deposit within the meaning of Section
 58A of the Companies Act 1956 and the Companies (Acceptance of
 Deposits) Rules, 1975.
 
 EMPLOYEES
 
 None of the employees of the Company were in receipt of remuneration in
 excess of the limits prescribed under Section 217(2A) of the Companies
 Act, 1956 read with Companies (Particulars of Employee) Rules, 1975
 including Companies (Particulars of Employees) Amendment Rules, 2011
 and Companies (Amendment) Act, 1988.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
 COMPANIES ACT, 1956
 
 The Directors state:
 
 (i) that in the preparation of the Annual Accounts, the applicable
 accounting standards have been followed;
 
 (ii) that 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 a true and fair view of the state
 of affairs of the Company at the end of the financial year ended 31st
 March, 2012 and of the profit of the Company for that financial year;
 
 (iii)that the Directors have taken proper and sufficient care for the
 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;
 
 (iv) that the Directors have prepared the Annual Accounts on a going
 concern basis.
 
 TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Information in accordance with the provisions of Section 217 (1)(e) of
 the Companies Act, 1956, read with the Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988 are
 annexed.
 
 LISTING
 
 The Equity Shares of the company are listed at the Bombay Stock
 Exchange Limited. The Company has paid the annual listing fees to the
 above exchange.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to place on record their appreciation of the
 Company''s employees for their support.
 
                                      For and on behalf of the Board
 
                                               CHANDRAKANT RUPARELIA
                                                            Director
 
                                                   RAJENDRA BHANDARI
                                                            Director
 
 Place : Mumbai 
 Date  : 30th May, 2012