The Directors have pleasure in presenting the Annual Report together
 with the Audited Statements of Account of the Company for the year
 ended 31st March, 2012.
 
 FINANCIAL RESULTS
 
                                   Current year      Previous year
                                     31.03.2012         31.03.2011
                                            Rs.                Rs.
 
 Profit before Depreciation            8,48,136          51,45,482
 
 Depreciation                         26,91,701          26,91,701
 
 Last year''s bal carried 
 forward                            6,37,38,976        5,59,01,793
 
 LOSS carried to balance sheet      6,72,78,813        6,37,38,976
 
 DIVIDEND:
 
 In view of the loss during the year under review, your Directors regret
 their inability to recommend any dividend.
 
 AUDITORS
 
 The Auditors M/s. K. C. Moondra & Co., the present auditors of the
 Company, have pursuant to section 224(1) of the Companies Act, 1956
 furnished a certificate regarding their eligibility for re-appointment
 as the Company''s auditors.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 Your Directors are taking necessary steps for energy conservation which
 will help in reducing the cost of operations.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to sub-section (2AA) of section 217 of the Companies Act,
 1956, the Board of Directors of the Company hereby state and confirm
 that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards had been followed;
 
 (ii) 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 that year;
 
 (iii) the Directors had 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) the Directors had prepared the annual accounts on a going concern
 basis.
 
 FIXED DEPOSITS:
 
 The Company has no unpaid fixed deposits.
 
 PARTICULARS OF EMPLOYEES
 
 The provisions of Section 217(2A) of the Companies Act, 1956, read with
 the Companies (Particulars of Employees) Rules, 1975, as amended, do
 not apply to the Company for the year under review.
 
                                       For and on behalf of the Board 
                                            For RAJESH SOLVEX LIMITED
 
                                                             CHAIRMAN
 
 Place: Mumbai 
 Date : 30.05.2012