The Directors are pleased to present herewith 21th Annual Report of
 the Company together with the audited statement of accounts for the
 Financial Year ended 31 st March, 2012.
 
 1.  Financial Results
 
                                                            (In Rs.)
 
 Particulars                                 Year Ended     Year Ended
                                             31.03.2012     31.03.2011
 
 REVENUE
 
 Income from Operations                      67,895,428    307,155,433
 
 Sale of Goods                                        -    352,616,624
 
 Other income                                 4,083,941      2,550,115
 
 Increase/ Decrease in Inventory/
 Stores & Spares                             (7,639,943)      (714,920)
 
 Total Income                                64,339,426    661,607,253
 
 EXPENDITURE
 
 (a)  Purchase of Goods                          13,790    366,265,000
 
 (b)  Operating Expenses                     25,099,498    260,662,347
 
 (c)  Employment Cost                         6,801,321     22,142,100
 
 (d)  Administrative, Selling & Other
      Expenses                            2,561,241,049    336,660,475
 
 Total  Expenditure                       2,593,155,658    985,729,923
 
 Profit before interest and
 Depreciation and Tax                    (2,528,816,232)  (324,122,670)
 
 Interest & Finance Changes                  13,235,424    125,739,463
 
 Depreciation & amortization of Assets      109,170,000    178,750,215
 
 Profit before Tax                       (2,651,221,656)  (628,612,348)
 
 Current Tax -
 
 Deferred Tax                               164,119,016     15,839,604
 
 Fringe Benefit Tax                                   -              -
 
 Net Profit After Tax                    (2,487,102,640)  (612,772,744)
 
 Add: Balance brought forward
 from previous year                         161,368,155    774,157,081
 
 Profit Available for Appropriation      (2,325,734,484)   161,368,155
 
 Dividend-Short Provision (FY.: 2008-09)              -              -
 
 Tax on Dividend-Short Provision 
 (FY.: 2008-09)                                       -              -
 
 Balance carried to Balance Sheet        (2,325,734,484)   161,384,336
 
 Earning Par Share (Rs.) Basic                   (57.31)        (14.12)
 
 learning per share (Rs.) Diluted                (57.31)        (14.12)
 
 Paid Up Equity Share Capital (Rs.
 10/-per share)                             433,988,040    433,988,040
 
 
 b) Financial Restructuring:
 
 As per the current financial Period results the Management of the
 Company has decided to file an application in BIFR for management
 Restructuring.
 
 Erosion of Networth - Reference to Board for Industrial and financial
 Reconstruction (BIFR) - On Account of Losses incurred during the Period
 under review and also with carried forward losses of past years, the
 entire net worth of the Company has got eroded at the end of the period
 on March 31, 2012. Therefore, Company is required under the provisions
 of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) to
 make a reference to the Board for Industrial & Financial
 Re-construction (BIFR) for determination whether the Company is a Sick
 Industrial Company or not which and Company will shortly file the same.
 
 If an order declaring the Company as Sick Industrial Company is passed,
 BIFR will appoint an Operating Agency to examine and recommend the
 measures for revival of the Sick Company. The management will take all
 possible steps for revival of the Unit.
 
 3.  DIVIDEND
 
 For the financial year 2011-12 your directors have decided not to
 declare any dividend.
 
 4.  OPERATIONS
 
 Construction and infrastructure is in a momentum growth phase and
 with an excellent business model coupled with strong execution
 capabilities and thriving order book position, the company is expected
 to have robust growth in income and profitability.
 
 Considering the immense potential in the field, your company has
 entered into trading in steel and coal. Going forward we anticipate
 consistent revenues from this sphere as well.
 
 5.  DIRECTORS''RESPONSIBILITY STATEMENT
 
 As required under section 217(2AA) of the Companies Act, 1956, your
 Directors would like to confirm that:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 (ii) that we have selected such accounting policies and applied them
 consistently and made judgments 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 2010-2011 and the profit/
 Loss of the Company for that year.
 
 (iii) that we have taken proper and sufficient care for the maintenance
 of 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 we have prepared the annual accounts on a going concern
 basis,
 
 6.  TERM DEPOSITS
 
 The Company has not accepted any public deposits and, as such, no
 amount on account of principal or interest on public deposits as per
 section 58A of the Companies Act 1956, was outstanding on the date of
 the Balance Sheet.
 
 7.  SUBSIDIARIES
 
 The Report of Directors and Statement of Accounts of subsidiary
 Petrogrema Overseas PTE Ltd.  together with the Auditors'' Report
 thereon, are attached. The requisite statement pursuant to Section 212
 of the Companies Act, 1956, related to these subsidiary companies is
 also attached herewith.
 
 8.  PERFORMANCE
 
 During the year under review, Turnover and Net Loss for the year was
 Rs. 678.95 Lacs and Rs.  24871.03 Lacs as compared to the previous year
 Rs. 6,597.72 Lacs and Rs.6,127.89 Lacs The Decrease in the Turnover is
 due to poor capacity utilization, financial crises and Amortisation of
 machineries in the business.
 
 The Company has taken over Saw Pipe Division of Sancia Infraglobal
 Private Limited on a going concern basis with full assets and
 liabilities of the Saw Pipe Division.
 
 9.  INTERNAL CONTROLS & ADEQUACY
 
 Your Company has adequate system of internal controls to ensure that
 all assets are safeguarded, transactions are authorized, optimum
 utilization of resources, costs are controlled, reporting of financial
 transactions and compliance with applicable law and regulations.
 
 10.  DIRECTORS
 
 During the year:
 
 Mr. Pradeep Sutodia, Director of the Company, retirdsby rotation and
 being eligible, offers himself for re-appointment at the ensuing Annual
 General Meeting.
 
 Mr. Arun Kumar Ray who was appointed as an Additional Director, has
 been Managing Director of the Company for the period of 3 years w.e.f.
 February 14, 2012 subject to the approval of the shareholders of the
 Company in the ensuring Annual General Meeting of the Company.
 
 Mr. Kishore Kumar Damani and Mr. Ravi Kumar Mandol were appointed as
 a,Director of the Company w.e.f. August 17,2011 and January 30,2012.
 
 Mr. Hariharan Nurani who was appointed as a Director of the Company
 w.e.f. May 13, 2011 have resigned w.e.f. February 01,2012
 
 11.  AUDITORS
 
 M/s. Rahul Bansal & Associates, Chartered Accountants, who are
 statutory auditors of the Company, retire from the company as he
 expressed
 
 12.  AUDITOR''S REPORT
 
 Your directors are of the view that Notes to the Accounts adequately
 provide the necessary information and answer the observations of the
 Auditors in their Report.
 
 13.  MANAGEMENT DISCUSSION AND ANALYSIS
 
 In accordance with the listing agreement, the management discussions
 and analysis report is annexed hereto and forms part of this report.
 
 14.  CORPORATE GOVERNANCE
 
 A report on Corporate Governance, along with a certificate from the
 Statutory Auditors and a certificate from the Managing Director has
 been included in the Annual Report, detailing the compliances of
 corporate governance norms as enumerated in Clause 49 of the Listing
 Agreement with the stock exchange.
 
 15.  CONSEVARVATION OF ENEREGY, RESEARCH & DEVELOPMENT, TECHNOLOGY,
 ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO
 
 The information pertaining to conservation of energy, technology
 absorption, foreign exchange earnings and outgo, as required under
 section 217(1)(e) of the Companies Act, 1956 read with Companies
 (Disclosure of particulars in the report of the Board of Directors)
 Rules, 1988 is given as per Annexure ''A'' and forms part of Director''s
 Report.
 
 16.  ACKNOWLEDGEMENTS
 
 The Directors thank the Company''s customers, vendors, investors,
 business associates, bankers for their support to the company. The
 Directors appreciate and value the contributions made by every member
 of the Sancia Global family across the country.
 
                                       For and on behalf of the Board
 
                                                                 Sd/-
 
 Place: Mumbai                                       Johnny Fernandes
 
 Date : May 23,2012                               Whole Time Director