Dear Members,
 
 The are presenting the Twenty First Annual Report together with the
 audited Statement of accounts for the year ended on 31st March, 2012.
 
 1 Financial Results                                    (Rs. in lacs)
 
 Particulars                                   2011-12        2010-11
 
 Sales and service charges & other income        31.29         32.29
 
 Profit (Loss) before Depreciation              (38.50)        19.45
 
 Depreciation                                     2.82          2.85
 
 Profit (Loss) before Tax                       (35.68)        16.60
 
 Provision for Tax                              (13.15)         3.08
 
 Profit (Loss) after Tax                         35.50         13.52
 
 Profit (Loss) b/ffrom earlier year            (518.95)      (532.48)
 
 Profit (Loss) c/f to Balance sheet            (247.35)      (518.95)
 
 2.  Operations;
 
 During the year F.Y. 2011-12, Company could not achieve expected and
 desired growth in terms of turnover as the working of the company was
 under tremendous pressure due to adverse scenario.
 
 However, after a .prolonged spell of uncertainty and repulsion in the
 working on account of mounting losses from the operations, the company
 has been able to come out of the rapidly increasing cash loss position.
 This can be attributed to the various measures adopted by the  company
 in the last few years.
 
 3.  Dividend:
 
 Your Directors did not declare any dividend.
 
 4.  Re-appointmentof Mr. Vikram Bhagatas Managing Director:
 
 Mr. Vikram D. Bhagat was appointed as Director on the Board of the
 Company since its incorporation. He was appointed as Managing Director
 of the Company for a term of 5 years.  Board decided to continue him as
 Managing Director and hence wants to re-appoint him as Managing
 Director for a term of 5 years w.e.f. 01/04/2012 subject to approval by
 share holders of the Company in General Meeting.
 
 Remuneration payable to Mr. Vikram D. Bhagat as Managing Director will
 be Rs. 1,00,000/- per month as decided by Board of Directors in
 consultation with Mr. Vikram D. Bhagat.
 
 5.  Directors
 
 Mr. Hiren Patel, Director of the company retires at the ensuring Annual
 General meeting and eligible for re-appointment.
 
 6.  Personnel
 
 Your directors'' wish to place on record their appreciation for the
 contribution to growth of the business made by employees at all levels.
 Information as required pursuant to section 217[2A) of the companies
 Act, 1956 has not been given, as it is not applicable.
 
 7.  Auditors
 
 M/s ASA & Associates, Chartered Accountants, Ahmedabad, Auditor of the
 Company holds office until the conclusion of the ensuring Annual
 General Meeting. As stated in the item no. 3 of the notice, they are
 eligible for reappointment to conduct statutory audit. The company has
 received certificate from the auditor to the effect that their
 appointment if made, would be within the prescribed limits under
 section 224(1] of the Companies Act, 1956.
 
 Notes to the accounts referred to in Auditor''s report are self
 explanatory and therefore do not call for any further comments.
 
 8.  Issue of Securities on Preferential basis
 
 In order to generate funds for diversification, expansion and
 implementation of future growth plans and working capital requirements
 of the company, Company had issued 2361150 Equity shares during
 previous year to promoters and non-promoters on preferential basis.
 Approval of the share holders was obtained in duly convened Extra-
 Ordinary General Meeting held on 10/02/2012 for which proper notice
 were given to all the share holders of the, Company whose names were
 appear in the Register of Shareholders on relevant date 10/01/2012.
 
 The securities were issues at a price of Rs. 20/- per share including
 premium of Rs. 10/- per share.  The issue price was calculated in
 accordance with the requirements contained in SEBI (ICDR) Regulations.
 
 Company has taken necessary listing and trading permissions from
 relevant Stock Exchanges for allotted securities and intimated
 depositories about issued securities.
 
 9.  Deposits
 
 During the year, Company has not accepted inter corporate Deposits,
 which falls under Section 58A of Companies Act, 1956.
 
 10.  Energy. Technology And Foreign Exchange
 
 The additional information required to be disclosed in terms of
 notification No.1029 dated 31st December, 1998 issued by the Department
 of Company Affairs, Ministry of Finance is not applicable.
 
 11. Foreign Exchange Earning and Outgo
 
 The were no foreign exchange earnings or outgo during the year.
 
 12.  Directors'' Responsibility Statement
 
 Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
 confirm that:
 
 i. In the preparation of Annual Accounts, appropriate accounting
 standard have been m followed.
 
 ii.  Appropriate accounting policies have been selected and applied
 consistently and judgments and estimates made that are reasonable and
 prudent so as to give true and fair view of state of affairs of the
 company at the end of financial year ended 31st March, 2012.
 
 iii. Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of
 Companies Act, 1956 for safe guarding the assets of the company and for
 preventing and detecting fraud and other irregularities.
 
 iv.  The Annual Accounts have been prepared on going concern basis.
 
 13.  Auditor''s Qualification
 
 Auditors have qualified their report to the members of the Company. In
 this connection directors of the Company have discussed the same at
 arm''s length on the recommendation of audit committee and have imitated
 to take necessary action so as to show fair view of state of affairs of
 the company in the coming financial year.
 
 14.  Report on Corporate Governance
 
 Compliance Report on Corporate Governance is a part of Annual Report is
 annexed herewith.
 
 15.  Acknowledgements
 
 Your Directors wish to place on record their appreciation of the whole
 hearted co-operation extended to company from various departments of
 the central and state governments, company'' bankers and financial
 institutions and employees of the company and look forward for the same
 cordial relationship in coming years.
 
 PLACE: AHMEDABAD        FOR AND ON BEHALF OF THE BOARD
 
 DATE : 30/05/2012 
 
                                    (Director) 
 
                               (Mr. Vikram. D. Bhagat)