To The Members of Raghunath International Limited
 
 The Directors have pleasure in presenting the Eighteenth Annual Report
 of the Company together with the Audited Accounts of the Company for
 the year ended March 31, 2012.
 
 FINANCIAL RESULTS
 
 The highlights of the Financial Results are as under:
 
                                          (Rupees in Lakhs) 
 
 PARTICULARS                         Year ended   Year ended 
                                        2011-12      2010-11 
  
 Sales and Other Income (Gross)           52.86        75.55
 
 Profit/(Loss) before Interest and        08.56        05.59
 Depreciation
 
 Less: Finance Charges                   (12.83)      (14.19)
 
 Less: Depreciation                      (06.58)      (07.25)
 
 Profit/(Loss) for the Year              (10.85)      (15.85)
 
 Add/(Less): Extraordinary Items         (02.16)      (02.10)
 
 Less: Fringe Benefit Tax                   Nil          Nil
 
 Add/Less: Provision for Income Tax      (07.58)       00.05
 
 Less: Provision for Wealth Tax           (0.09)       (0.09)
 
 Add/(Less): Deferred Tax Assets/         06.64        07.85
 (Liability)
 
 Net Profit/(Loss) for the Year          (14.04)      (10.14)
 
 Add: Balance brought forward            137.76       147.89
 
 Amount available for appropriation      123.72       137.76 
 Appropriation:
 
 Transfer to General Reserves               Nil          Nil
 
 Surplus carried to the Balance Sheet    123.72       137.76
 
 OPERATIONS
 
 During the year under review, the Sales and Other Income of the Company
 declined to Rs. 52.86 lacs as compared to 75.55 lacs in the previous
 year. The Company has posted a loss of Rs. (14.04) lacs as against loss
 of Rs. (10.14) lacs in the previous year. Net loss of the company
 increased to Rs. (14.04) lacs in comparison to net loss of Rs. (10.14)
 lacs in the previous year.
 
 The Company will focus on real estate and allied business and will
 formulate its strategies accordingly.
 
 DIVIDEND
 
 Since your Company has not made any profit, your Directors have not
 recommended any dividend.
 
 DIRECTORS
 
 In accordance with the requirements of the Companies Act, 1956 and the
 Articles of Association of the Company, Shri Manish Bhatia and Shiv
 Prakash Trivedi are liable to retire by rotation and are eligible for
 re-appointment.
 
 Mr. G.N. Choudhary is reappointed as Whole-time Director for the tenure
 of five year, subject to the approval of the members of the Company at
 ensuing Annual General Meeting of the Company.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirements under Section 217 (2AA) of the Companies
 Act, 1956, with respect to the Directors'' Responsibility Statement, it
 is hereby confirmed:
 
 (i) That in the preparation of the annual accounts for the financial
 year ended 31st March, 2012, the applicable accounting standards had
 been followed and no material departure have been made from the same; 
 
 (ii) That the Directors had 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 and of the
 profit of the Company for the year under review; 
 
 (iii) That 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 Director has prepared the annual accounts for the financial
 year ended 31st March, 2012, on ''going concern'' basis.
 
 DEMATERIALIZATION OF EQUITY SHARES
 
 The Company''s equity shares are available for trading in the Depository
 systems of both the National Securities Depository Limited (NSDL) and
 the Central Depository Services (India) Limited (CDSL). The
 International Securities Identification Number (ISIN) allotted by NSDL
 and CDSL to the Company is INE753B01014. The Dematerialization status
 of the Company as on March 31st, 2012 is as under:-
 
 Particulars         Nos. of Shares      Percentage
 
 Electronic Mode
 
 NSDL                     26,78,552         53.57%
 
 CDSL                     4,38, 368         08.77%
 
                            3116920         62.34%
 
 Physical Mode            18,83,280         37.66%
 
 Total:                   50,00,200        100.00
 
 CORPORATE GOVERNANCE
 
 Your Company has successfully implemented the mandatory provisions of
 Corporate Governance in accordance with the provisions of Clause 49 of
 the Listing Agreement of the Stock Exchanges. Separate Reports on
 Corporate Governance and Management Discussion & Analysis are included
 in the Annual Report and Certificate dated May 30, 2012 of the Auditors
 of your Company confirming the compliance of conditions of Corporate
 Governance is also annexed thereto.
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee in respect of whom information is required to be
 given pursuant to Section 217(2A) of the Companies Act, 1956, read with
 the Companies (Particulars of Employees) Rules, 1975 as amended
 up-to-date.
 
 AUDITORS
 
 M/s. Kumar Piyush & Co. Chartered Accountants, the Statutory Auditors,
 will retire at the conclusion of ensuing Annual General Meeting and
 being eligible, offer themselves for re-appointment.
 
 AUDITORS'' REPORT
 
 In respect of observation made by the Auditors in their Report, your
 Directors wish to state that the respective notes to the accounts are
 self-explanatory, and do not call for any further comments.
 
 INDUSTRIAL RELATIONS
 
 During the year under review, your Company had cordial and harmonious
 relations at all levels of the Organization.
 
 PUBLIC DEPOSITS
 
 During the year under review, your Company has not accepted any fixed
 deposits from the public within the meaning of Section 58A of the
 Companies Act, 1956 and the Rules made there under.
 
 SUBSIDIARY COMPANY
 
 There is no Subsidiary Company during the year under review.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS & OUTGO:
 
 The information required under Section 217 (1) (e) of the Companies
 Act, 1956 read with the Companies (Disclosure of Particulars in the
 Report of the Board of Directors) Rules, 1988 is attached hereto as
 Annexure-''A'' and forms part of the Directors'' Report.
 
 ACKNOWLEDGEMENTS:
 
 The Directors acknowledge with gratitude, the co-operation and
 assistance received from the Government, Banks, Authorities and other
 Business Constituents. The Directors would also like to thank the
 employees, shareholders, customers and suppliers for their continuous
 support given by them to the Company and their confidence in the
 Management.
 
                             For and on behalf of the Board
                                                       Sd/-
                                            (Manish Bhatia)
                                                   Director 
                                           DIN NO. 02181290
 
                                                       Sd/-
                                          (G. N. Choudhary)
                                                   Director 
                                            DIN NO.00012883
 
 Place: Delhi 
 Date : May 30, 2012