To The Members of the Company
 
 The directors present the Annual Report on the business and operations
 of your company for the year 2011-2012.
 
 FINANCIAL HIGHLIGHTS:                               Rs. in Lakhs 
 
                                                  2011-12      2010-11
 
 Income from Operations                              6.64         8.42
 
 Profit (Loss) before Extra-Ordinary Items         -09.51       -08.55
 
 Profit/(Loss) before depreciation                  00.11        09.56
 
 Extra-Ordinary Items                                0.00        08.50
 
 Depreciation                                        9.62        09.62
 
 Profit/Loss before Tax                             -9.51       -00.06
 
 Provision for Income Tax & FBT                      0.00         0.00
 
 Profit/Loss after Tax                              -9.51       -53.47
 
 Balance Brought Forward                           (61.79)      (61.73)
 
 Balance Carried to B/sheet                        (71.30)      (61.79)
 
 DIVIDEND:
 
 In view of brought forwarded losses the directors regret their
 inability to declare the dividend to conserve the resources.
 
 REVIEW OF PERFORMANCE DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company, Shri Ashok Chhajed, Director
 retires by rotation and being eligible, offers himself for re-
 appointment.
 
 DEPOSITS
 
 Your Company has not accepted deposits falling within the provisions of
 Section 58A of the Companies Act, 1956 read with the Companies
 (Acceptance of Deposits) Rules, 1975 during the year under review.
 
 REASON FOR DELAY IN PRESENTING ANNUAL REPORT & IN HOLDING OF ANNUAL
 GENERAL MEETING
 
 As a result of unfortunate incident that our accounting software got
 corrupted and as a result substantial time was devoted to restore all
 accounting data after installation of new Server and due to which
 company is not able to prepare and print the required Balance Sheet and
 Profit & Loss Accounts for relevant Year.
 
 Due to the above mentioned reasons the AGM could not hold on time and
 there was delay in presenting the Annual report.
 
 PARTICULARS OF EMPLOYEES:
 
 There is no employee having remuneration in accordance with the
 provisions of section 217(2A) of the companies Act 1956 read with the
 companies (Particulars of employee) Rules 1975 as amended.
 
 MANAGEMENT DISCUSSION & ANALYSIS REPORT:
 
 In terms of clause 49 of the listing agreement with the stock exchange,
 Management discussion & analysis report is enclosed and forms part of
 the report.
 
 CORPORATE GOVERNANCE:
 
 Report on corporate governance in compliance with clause 49 of listing
 agreement with the stock exchange is given in Annexure II. A
 certificate from the statutory Auditors confirming compliance is given
 in Annexure III.
 
 RESPONSIBILITY STATEMENT:
 
 As required u/s 217(2AA) of the companies Act 1956 your director
 confirms that in the preparation of the annual accounts:
 
 1) The applicable accounting standards have been followed along with
 proper explanation relating to material departures.
 
 2) Such accounting policies have been selected and applied consistently
 and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that
 period.
 
 3) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with provisions of this act
 for safeguarding the assets of the company and for preventing and
 detecting fraud and other irregularities.
 
 4) The annual accounts have been prepared on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
 
 As required under rule 3 of the companies (Disclosure of Particulars in
 the report of board of directors) Rules 1998, the particulars relating
 to the conservation of energy, Technology absorption, and the foreign
 exchange earnings and outgo are also Nil.
 
 LISTING AGREEMENT:
 
 The securities of the company are listed with the Stock Exchange,
 Mumbai. The company has paid the annual listing fees.
 
 APPOINTMENT OF AUDITORS:
 
 M/s Deepak S.L.Agarwal & Co. Chartered Accountants the retiring
 auditors of the company have expressed their willingness to the effect
 that their re-appointment, if made would be within the prescribed
 limits specified under section 224 (1B) of the companies act, 1956.
 Therefore members are requested to appoint them as auditors of the
 company.
 
 CASH FLOW STATEMENT
 
 In conformity with the provision of Clause 32 of the Listing
 Agreement(s) the cash flow statement for the year ended 31st March 2012
 is annexed hereto.
 
 ACKNOWLEDGEMENT:
 
 The management is grateful to the government authorities, Bankers,
 Vendors, for their continued assistance and co-operation. The directors
 also wish to place on record the confidence of members in the company.
 
                             For & on behalf of the Board of Directors
 
                                                            Sd/-
 
 Place: Mumbai                                        Ashok.M.Chhajed
 
 Date: 29th September, 2012                                  Director