The director have pleasure in presenting the Annual Report and
 statement of Account for the Company for the year ended 31st March,
 2004.
  
 FINANCIAL RESULT 
  
                                                          (Rs. in Lacs) 
  
                                                Year ended   Year ended 
                                                31.03.2004   31.03.2003 
  
 Sales and Misc. Income                              0.002        66.45 
 Profit before depreciation                        (55.74)     (452.49) 
 Depreciation                                      (28.75)      (81.93) 
 Provision for Taxation                                NIL          NIL 
 Misc. Expenses W/off                               (0.17)       (2.12) 
 Net Profit Carried to Balance Sheet               (84.65)     (536.54) 
  
 OPERATIONS 
  
 During the entire year, plant was temporarily closed and production was
 NIL, the Company has become a sick unit and is registered with BIFR.
 Arrangement to lease out plant was cancelled unfortunately.
  
 DIVIDEND 
  
 In absence of adequate profit, your directors are unable to declare
 dividend.
  
 AUDITORS  
  
 The members are requested to appoint Auditors for the ensuing year.
 M/s. B.M. Jhaveri & co., retiring Auditors, having offered themselves
 of re-appointment.
  
 FIXED DEPOSIT 
  
 The Company has not accepted any Fixed Deposit from Public.
  
 PERSONNEL 
  
 The particulars of Employees as required under Section 217(2a) of the
 Companies Act, 1956 are not applicable as none of the employee draw
 remuneration beyond the limit specified.
  
 CORPORATE GOVERNANCE REPORT: 
  
 It is annexed as a separate part of the Corporate Governance section.
  
 CONVERSION OF ENERGY/TECHNOLOGY ABSORPTION ETC.: 
  
 Information required under Section 217(1) of the Companies Act, 1956 is
 enclosed in the prescribed form A, B, & C.
  
                                         FOR AND ON BEHALF OF THE BOARD 
                                         FOR RAASHI FERTILIZERS LIMITED
  
 PLACE: MUMBAI                                               J.C. MEHTA
 DATE : 16-08-2004                                             DIRECTOR