Your Directors present the Twentyninth Annual Report together with the
 Audited Statement of Accounts of the Company for the year ended 31st
 March, 2003.
 
 1. FINANCIAL RESULTS
                                                           (Rs. in lacs)
                                    Current year           Previous year
                                        ended on                ended on
                                       31.3.2003               31.3.2002
 
 Gross Profit/(Loss)                      (0.62)                  (0.87)
 
 Less: Interest                             0.01                     074
 
 Depreciation                              15.09                   15.10
 
                                         - 15.10                 - 15.84
 
 Profit/(Loss) for the year              (15.72)                 (16.71)
 
 Add: Profit/(Loss) brought
 forward from previous year             (333.06)                (316.35)
 
 Balance carried forward
 to Balance Sheet                       (348.78)                (333.06)
 
 
 In view of the losses incurred and accumulated losses of previous
 years, your Directors regret their inability to recommend any dividend.
 
 REVIEW OF OPERATIONS
 
 The plant continues to remain shutdown since May, 1993. The Domestic
 demand of Paracetamol remained stagnant throughout the year under
 review. The availability of Chinese material at cheaper rates compared
 to product manufactured locally did not allow the Company to recommence
 production. The Company continued to show tosses since it had to incur
 fixed expenses like interest, depreciation and other expenses. The loss
 incurred during the year under review after meeting all the expenses
 including interest and depreciation was Rs.15.72 lacs as compared to Rs
 16.71 lacs in the previous year.
 
 FUTURE PROSPECTS
 
 As there is no manufacturing activities carried on by the Company, only
 fixed expenses are being incurred. Since there is excess supply
 situation in the market, it is not profitable to restart the production
 of paracetamol unless demand ir domestic as well as export market is
 revived. At present the Company Is being severel liquidity crunch.
 Your management is exploring all the possibilities to put the Company
 on the right track.
 
 DIRECTORS
 
 Shri S.M.Charaniya, a Director of the Company, retires by rotation at
 the conclusion of the forthcoming Annual General Meeting, and being
 eligible offers hrnself for re-appointment.
 
 AUDITORS
 
 Mis N.G. Majthia & Company, Chartered Accountants, the Statutory
 Auditors of the Company hold office till the conclusion of this Annual
 General Meeting.
 
 The Board recommends, the re-appointment of M/s N.G.Majithia & Company,
 Chartered Accountants, as the Statutory Audtars of the Company.
 
 PARTICULARS OF EMPLOYEES
 
 The Company does not have any employee on its pay roll. Hence,
 particulars under section 217 (2A) of the Companies Act 1956 read with
 the Companies (Particulars of employees) Rules, 1975 as amended is not
 applicable to the Company for the year under iwiew.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUT50.
 
 Information in accordance with the provisions of Section 217 (1) (e) of
 the Companies Act 1956, read with Companies (Disclosure of the
 particulars in the report of Board of Directors) Rules 1988 for the
 year ended 31st March, 2003 is annexed to this Report
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to section 217(2AA) of the-Companies Act1956, your drectors
 confirm that;
 
 a) In the preparation of the annual accounts, the applicable accounting
 standards have been followed alongwith proper [ explanation relating to
 material departures.
 
 b) Appropriate accounting policies have been selected and applied
 consistently and judgements and estimates made are i reasonably and
 prudent so as to give a true and fair view of the state of affairs of
 the Company as at 31* March, 20031 and of the Loss of the Company for
 the year ended 31* March, 2003.
 
 c) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance wh the provisions of the
 Companies Act, 1956 for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 
 d) the annual accounts have been prepared on a going concern basis
 
 EMPLOYEES
 
 Due to suspension of production activities, the Company has retrenched
 all the employees of the plant. Necessary retrenchment compensation was
 paid to all the employees concerned
 
 ACKNOWLEDGEMENTS
 
 Your Directors express their sincere gratitude to the Companys
 Financial Institution. Bankers and shareholders for (heir support and
 co-operation.
 
                                         For and on behalf of the Board,
 
 Place: Mumbai                                            A.H..DAWOODANI
 Date: 30th August, 2003.                                        Channan
 Registered Office:
 Prem Industrial Estate,
 Sant SavataX RoadNo.1,
 Mustafa Bazar,
 Byculla,  Mumbai -400 010
 
 ANNEXURE FORMING PART OF THE DIRECTORS REPORT PURSUANT TO SECTION 217
 (l)(e) OF THE C70HPAN1ESACJ, 1956 READ WITH THE COMPANIES (DISCLOSURE
 OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988.
 
 FORM-A
 
 Form far disclosure of paranjas with respect to Conservation of Energy.
 
 A. POWER & FUEL CONSUMPTION             CurrentYear        PreviousYear
                                         2002-2003             2001-2002
 1) ELECTRICITY
 
 a) Purchased unit in (000 kwh)               NIL                    NIL
 
 Total amount (In Rsi                         NIL                    NIL
 
 Rate/unit (in R&)                            NIL                    NIL
 
 b) Own Generation
 
 i) Through Diesel Generator
 
 Unit (inOOO kwh)                            NIL                    NIL
 
 Unit per Hire of Diesei Oil                  NIL                    NIL
 
 Cost per Unit                                NIL                    NIL
 
 Through steam tutune generator                 -                     -
 
 Unit (in000 kwh)                            NIL                    NIL
 
 Unit per litre                               NIL                    NIL
 
 Cost per Unit                                NIL                    NIL
 
 2) COAL
 
 Quantity (MT)                                NIL                    NIL
 
 Total Cost                                   NIL                    NIL
 
 Average Rate                                 NIL                    NIL
 
 3)FURNANCEOIUL.DO
 
 Quantity (in K. Litres)                      NIL                    NIL
 
 Total Amount (Rs.)                           NIL                    NIL
 
 Average Rate (Rs. per K L!                   NIL                    NIL
 
 4) OTHER INTERNAL GENERATION
 
 Quantity                                     NIL                    NIL
 
 Total Cost                                   NIL                    NIL
 
 Rale/Unit                                    NIL                    NIL
 
 FORM OF DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION OF
 TECHNOLOGY, RESEARCH AND DEVELOPMENT RESEARCH AND DEVELOPMENT
 
 The Company at present does not have a separate in-house R & D
 department However, efforts are being made to review the existing
 processes of manufacturing and to have a separate R & D department No
 expenditure on R & D have been incurred during the year.
 
 TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION
 
 1) The Company has not entered into collaboration with any overseas
 parties No technology absorption has been undertaken during the year
 under review. With respect to innovation, efforts are being made for
 simplifying methodology of operations.
 
 2) In case of imported technology (Imported during the last five years
 reckoned from the beginning of the financial year) following
 information may be furnished.
 
 a)  Technology imported                        -                    NIL
 
 b)  Year of import                             -                    NIL
 
 c)  Has technology been fuly absorbed          -                    NIL
 
 d) If not fully absorbed, areas where this has not taken place, reasons
 therefore and future plan of action. NIL
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO.
 
 1) Total foreign exchange earned (Rupees in lacs)                  NIL
 
 2) Total foreign exchange used (Rupees in lacs)                     NIL
 
                                         For and on behalf of the Board,
 Place: Mumbai
 Date: 30th August, 2003                                   A.H.DAWOODANI
                                                                Chairman