The Directors presents theirTwentieth Annual Report and Audited
 Accounts for the year ended 31st March 2012.
 
 FINANCIAL RESULTS :
 
                                 For the year ended   For the year ended
 
                                     March 31, 2012       March 31, 2011
                                      (Rs. in Lakh)        (Rs. in Lakh)
 
 Income from operation                        27.97                30.57
 
 Profit before tax                           (0.64)               (0.88)
 
 Less: Earlier Year Item                       0.08                 0.04
 
 Deffered tax liablity                       (0.01)               (0.06)
 
 Profit aftertax                             (0.71)               (0.86)
 
 Add: Profit brought forward                (42.97)              (42.11)
 
 from last year
 
 Profit available for                       (43.68)              (42.97)
 
 Appropriation
 
 APPROPRIATIONS:
 
 Balance Carried Forward                   (43.68)               (42.97)
 
 
 
 DIVIDEND :
 
 In view of the losses, your Directors do not recommend any dividend.
 OPERATIONS AND OUTLOOK :
 
 The total income from operation decreased to Rs.27.97 Lakh from Rs.
 30.57 Lakh and the company incurred a loss of Rs. 0.64 Lakh , as
 against loss of Rs.0.88 Lakh in the last year.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 In accordance with provisions of Section 217(2AA) of the Companies Act,
 1956, with respect to the Directors'' Responsibility Statement, it is
 hereby confirmed :
 
 i.  That in the presentation of the annual accounts for the financial
 year ended 31st March, 2012, the applicable accounting standards had
 been followed along with proper explanation relating to material
 departure;
 
 ii.  That the directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that 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;
 
 iii. That the directors had taken proper and sufficient care for the
 maintenance of the 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 the directors had prepared the accounts for the financial
 year ended 31st March 2012 on a going concern basis.
 
 REPORT ON CORPORATE GOVERNANCE :
 
 Pursuant to clause 49 of the Listing Agreement with Stock Exchange, a
 separate Section titled Corporate Governance has been included in this
 report. The auditors certificate on compliance of clause 49 of the
 listing Agreement by the Company is annexed to this report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS:
 
 A brief note on management discussion and analysis is annexed which
 forms part of the Directors Report and has been prepared in accordance
 with clause 49 of the listing agreement.
 
 FIXED DEPOSITS :
 
 The Company has neither invited nor accepted any fixed deposits from
 the public.
 
 LISTING :
 
 The equity shares of the company are listed in the Stock Exchange,
 Mumbai and Madras and listing fee for the financial year 2012-13 have
 been paid to the concerned Stock Exchanges.
 
 DIRECTORS :
 
 Shri Dinesh Gupta and Shri Satish Kusumbiwal retire by rotation and
 eligible for reappointment, which the directors recommend.
 
 AUDITORS :
 
 Shareholders are requested to appoint the Auditors of the Company. M/s.
 K. K. Gada & Co, Chartered Accountants, retiring Auditors have informed
 the Company that being eligible they offer themselves for
 reappointment, and have certified that their appointment, if made, will
 be in accordance with the limits specified in Section 224 (1-B) of the
 Companies Act, 1956.
 
 The observations of the Auditors in their Report are self explanatory.
 
 EMPLOYEES :
 
 None of the employee of the company is falling under the Cat- egory
 specified in section 217 (2A) of the companies Act 1956.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO.
 
 The provision of Section 217(1)(e) of the Companies Act, 1956 read with
 the Companies (Disclosure in the Report of Board of Directors) Rules
 1988 are not applicable to your Company, since your company is not a
 scheduled industries as per said rules.
 
 Your Company neither earned nor spent any foreign exchange during the
 year.
 
 ACKNOWLEDGEMENT
 
 The Board wishes to express its deep appreciation to the entire staff
 members, bankers, shareholders and clients for their valuable support
 to the Company.
 
                                 By order of the Board
 
                            DINESH GUPTA       SATISH KUSUMBIWAL
  
                            Managing Director   Jt. Managing Director
 
 Place : Mumbai
 Date : August 29, 2012.