To, The Members,
 
 The Directors have pleasure in presenting the Twenty Second Annual
 Report together with the Audited Statement of Accounts of the Company
 for the year ended 31SI March 2012.
 
 FINANCILAL RESULTS
 
 The financial results of the Company for the year ended 31SI March 2012
 are as follows:-
 
                                     31s1 March 2012    31st March 2011 
                                           (Rs)               (Rs)
 
 Turnover                                 8,333,419         21,925,055
 
 Profit /(Loss) After Tax                (1,490,861)        (1,118,800)
 
 Less/Add: Balance brought forward      (22,547,523)       (21,428,722)
 
 Balance carried to the Balance 
 Sheet                                  (24,038,384)       (22,547,522)
 
 DIVIDEND
 
 In view of earlier losses, no dividend is recommended for the year
 under review.
 
 OPERATIONS & FUTURE PROSPECTS
 
 As mentioned under Notes on Accounts, your company is facing
 substantial Income Tax Liabilities which are being contested at appeal
 level. Management thought it prudent to undertake fresh substantial
 business activities once the Income Tax matter is settled and required
 working capital organized.
 
 FIXED DEPOSTIS
 
 The Company is not having any deposit
 
 PARTICULARS OF EMPLOYEES
 
 There are no employees in respect of whom particulars as required under
 Section 217(2A) of the Companies Act, 1956 need to be disclosed in the
 Directors'' Report.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Particulars required to be disclosed in accordance with the Companies
 (Disclosure of particulars in the Report of the Board of Directors)
 Rules, 1988 are not applicable to the Company.
 
 DIRECTORES RESPONSIBILITY
 
 Yours Directors confirm the following Directors'' Responsibility
 statement pursuant to provisions of section 217(2AA)of the companies
 Act, 1956:
 
 a) in the preparation of Annual accounts for the year ended 31st March
 2012 the company has followed the applicable accounting standards with
 proper explanations relating to material departures, if any:
 
 b) Appropriate accounting policies have been selected and applied
 consistently and judgment and estimates are made prudently and
 reasonably so as to give a true and fair view of the state of affairs
 of the company as at 31st March 2012 and of the profit of the company
 for that year.
 
 c) Proper and sufficient care has been taken for maintenance of
 adequate accounting records in accordance with the applicable
 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.
 
 CORPORATE GOVERNANCE
 
 The Report on Managements Discussion and Analysis and Report on
 Corporate Governance are forming part of Directors Report and are
 annexed as AnnexureA
 
 As required by the Listing Agreement an Auditors Report on Corporate
 Governance is also attached to the said Report
 
 CASH FLOW STATEMENT
 
 As required under Clause 32 of the Listing Agreement with the stock
 Exchanges, a Cash Flow Statements is attached to the Balance Sheet,
 along with Auditors Certificate.
 
 DEMATERIALISATION OF EQUITY SHARES
 
 During the year the Company''s shares were admitted by NSDL to be
 transacted in dematerialized form since 11.01.2012.
 
 DIRECTORS
 
 In accordance with the Companies Act, 1956 and the Articles of
 Association, Shri M. K. Saboo retires by rotation and being eligible
 offers himself for reappointment.
 
 AUDITORS REPORT
 
 The Auditors in their Report have referred to notes forming parts of
 accounts. The said notes are self explanatory.
 
 AUDITORS
 
 M/s Vivek R. Agarwal & Co., Chartered Accountants, Mumbai, who retire
 at the ensuing Annual General Meeting, being eligible, have given their
 consent for reappointment. The Directors recommend for their
 reappointment.
 
                                             For and on behalf of Board
 
 Place: Mumbai                                        A K SANGH1
 
 Date: 21-07-2012                                     (Director)