To the Members,
 
 The Directors have pleasure in presenting the 32nd ANNUAL REPORT, for
 the year ended 31st March, 2012.
 
 I.  FINANCIAL RESULTS :
 
                                                       (Rupees in Lacs)
 
                                        CURRENT YEAR 
                                        31.03.2012     PREVIOUS YEAR 
                                                       31.03.2011
 
 Income from Operations                     106.60            Nil
 
 Other Income                                26.09         453.17
 
 Less: Expenditure                          105.45         401.61
 
 Profit / (Loss) Before Tax                  27.23          51.55
 
 Less : Provision for Taxation               (5.78)         11.00
 
 Profit / (Loss) After Taxation              32.42          40.55
 
 Balance Brought Forward                  (1481.26)      (1521.83)
 
 Balance Carried to Balance Sheet         (1448.84)      (1481.27)
 
 II.  GENERAL REVIEW OF OPERATIONS :
 
 The Indian Economy during the year displayed distinct signs of strong
 long term growth. The Company could not carry out manufacturing
 activity during the year under review. However the Company has achieved
 a post tax profit of Rs. 32.42 lacs as compared profit of Rs. 40.55
 lacs in previous year.
 
 III. DIVIDEND :
 
 In order to conserve the resources, your Directors are unable to
 declare any dividend.
 
 IV.  DIRECTORS:
 
 During the year under review, Mrs. Bhavna R. Mehta was appointed as an
 Additional Director on the Board of Directors. Mrs. Bhavna R. Mehta
 would vacate his office on the date of ensuing Annual General Meeting
 of the Company. The Company has received notice under Section 257 of
 the said Act from a shareholder proposing the candidature of the said
 Directors for the office of the Directors of the Company. Accordingly,
 resolution has been proposed in the Notice of the forthcoming Annual
 General Meeting of the Company for the Appointment of Mrs. Bhavna R.
 Mehta, as a Director of the Company.
 
 Details of the Directors to be appointed/ re-appointed at the
 forthcoming Annual General Meeting as required pursuant to clause 49
 (vi) (a) of the listing Agreement are appended here with as Annexure I.
 
 V.  SECRETARIAL AUDIT REPORT:
 
 The Company has obtained Compliance Certificate from a Company
 Secretary in whole time practice pursuant to section 383A of the
 Companies Act, 1956 and is form part of the Balance Sheet.
 
 VI.  AUDITORS:
 
 M/s. AMD & Co., Chartered Associates, the retiring Auditors have
 expressed their willingness to be re- appointed. It has been proposed
 to reappoint M/s. AMD & Co; Chartered Accountants as Auditors of the
 Company. The Company has received a Certificate from them that they are
 qualified under Section 224 (1) of the Companies Act, 1956 for
 appointment as Auditors of the Company. Members are requested to
 consider their appointment at a remuneration to be decided by the Board
 of Directors for the financial year ending March 31, 2013 as set out in
 the Notice convening the Meeting.
 
 VII. AUDITORS REMARKS:
 
 The observations of the Auditors contained in their Report regarding
 the Donation of Rs. 4,00,000 /- given which in excess of the limit
 prescribed under Section 293 (1) (e) of the Companies Act 1956 without
 taking the consent in General Meeting. The Company is taking necessary
 steps for obtaining shareholders approval at the ensuing Annual general
 meeting.
 
 VIII.  STATUTORY INFORMATION:
 
 The Company had no employees, drawing remuneration in excess of the
 limits laid out under Section 217(2A) of the Companies Act, 1956, read
 with the Companies (Particulars of Employees) Rules, 1975.
 
 IX.  CORPORATE GOVERNANCE:
 
 As required under the Listing Agreement with Bombay Stock Exchange
 Limited, a report on Corporate Governance is given in Annexure A to
 this Report
 
 X.  ENERGY CONSERVATION:
 
 Since the company has not done any manufacturing during the year, the
 provisions of energy conservation are not applicable during the year.
 
 XI.  DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 subscribe to the ''Directors Responsibility Statement'' and confirm
 that:- - In the preparation of the annual accounts, the applicable
 accounting standards have been followed, alongwith proper explanation
 relating to material departures.
 
 - The Directors have selected such accounting policies and applied them
 consistently and made judgements 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 or loss
 of the Company, for that period.
 
 - The Directors have taken proper and sufficient care of the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act, for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 - The Directors have prepared the annual accounts on a going concern
 basis.
 
 XI. ACKNOWLEDGEMENT:
 
 Your Directors wish to thank the Company''s bankers and all other
 associates, for their co-operation and support during the year.
 
                            For and on behalf of Board of Directors
 
                                                               Sd/-
 
                                                 Mr. Abhishek Mehta 
 
                                                  Managing Director
 
 Place : Mumbai 
 
 Date : 31st May, 2012