To: The Shareholders of Rajesh Malleables Ltd.
 
 The Directors present herewith their Therty Annual Report to gather
 with Audited Statement of Accounts of your Company for the period ended
 31st March 2012
 
 FINANCIAL RESULTS
 
                                          (31st March, 
                                           2012)        (31st December,
                                                         2010)
                                          (15 Months) 
                                               Rs.      (9 Months) Rs.
 
 Revenue from                              6,23,92,862     2,87,77,525
 operations/discontinued
 operations (Net of Excise Duty)
 
 Other Income                                   55,925          17,775
 
 Operating Profit (Loss) (before           1,29,89,354      (26,88,968)
 Interest, Depreciation and Tax)
 
 Interest                                     3,42,042          98,912
 
 Depreciation (Net)                                  -        3,47,351
 
 Profit/(Loss) Before Exceptional          1,26,47,312      (31,35,231)
 Items & Prior Period Expense
 
 (Add)/: Prior Period                       (92,05,808)    1.24.24.733
 (Expenses)/lncome
 
 (Add): Provision for Income -Tax                    -               -
 & Deferred Tax
 
 Profit After Prior Period                   34,41,504       92,89,502
 Adjustments from continuing operations
 
 Net profit for the year                     34,41,504       92,89,502
 
 Add: (Loss) brought forward             (18,80,32,511)  (19,73,22,013)
 from Previous Year
 
 Balance carried to Balance Sheet        (18,45,91,007)  (18,80,32,511)
 
 During the year under review the company has made Net Profit of Rs.
 34.42 lacs during the period of 15 months as against Rs.  92.89 lacs
 during the period of 9 months. Your Directors are hopeful that the
 performance will improve gradually in years to come.
 
 With a view (i) to make consistency with Income tax Act, (ii) to avoid
 complexity of two accounting years (iii) to avoid duplicity of work ,
 your board has increased the period of financial year ending from 31st
 December 2011 to 31st March 2012.
 
 Your Directors regret their inability to recommend payment of dividend
 in view of the performance in the year under review.  OPERATIONS
 
 Your Directors are pleased to inform you that on account of continuous
 and sincere affords of the entire management team.  The net worth of
 the company became positive and the revival of the company is
 sustainable.
 
 DEPOSITS
 
 During the year under review, the Company has not accepted any deposits
 by invitation from public under Section 58-A of the Companies Act,
 1956.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The particulars regarding Conservation of Energy, Technology Absorption
 and Foreign Exchange Earnings and Outgo pursu- ant to 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 is given
 in Annexure I and forming part of this report.
 
 PARTICULARS OF EMPLOYEES
 
 There is no employee covered under Section 217 (2A) of the Companies
 Act, 1956.
 
 DIRECTORS
 
 Shri Paresh H. Patel retires by rotation, and being eligible offer
 himself for reappointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956 with respect to Directors'' Responsibilities Statement, it is
 hereby confirmed:
 
 1) That in preparation of the accounts for the period ended 31st March,
 2012, the applicable accounting standards have been followed;
 
 2) That the Directors have selected such accounting policies and
 applied them consistently and were 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 or loss of the Company for the
 year under review;
 
 3) 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;
 
 4) That the Directors have prepared the accounts for the period ended
 31st March, 2012 on a going concern basis.
 
 AUDITORS & AUDITORS'' REPORT
 
 Mr. S. Mandawat & Co., Chartered Accountants, Ahmedabad, the Statutory
 Auditors of the Company holds tfye office until the conclusion of the
 ensuing Annual General Meeting. You are requested to re-appoint them
 and fix their remuneration. The notes on the accounts referred to in
 the Auditors'' Report are self explanatory and therefore do not call for
 any further comments.
 
 CORPORATE GOVERNANCE
 
 The corporate governance report along with auditor''s certificate
 regarding compliance of the conditions of corporate gover- nance as
 stipulated in clause 49 of the listing agreement with the stock
 exchanges is attached herewith.
 
 SUBSIDIARY COMPANY
 
 There is no subsidiary Company as on 31st March 2012 therefore the
 statement relating to Subsidiary Company, pursuant to Section 212 of
 the Companies Act, 1956 is not applicable during the year under review.
 
 ACKNOWLEDGMENT
 
 The Board of Directors place on record the appreciations for the
 services rendered by its employees, Financial Institutions, Bankers and
 other authorities and look forward to their continued support.
 
                        FOR AND ON BEHALF OF THE BOARD OF DIRECTORS 
 
                                         ANUJ R MEHTA
 
                                      MANAGING DIRECTOR
 
 Place: Ahmedabad.
 
 Date: 10th August, 2012