To the Members:
 
 The Directors present their Forty Eighth Report of the Company
 together with the Audited Statement of Accounts for the financial year
 ended 31st March 2011.
 
 01. FINANCIAL HIGHLIGHTS
 
                                                        Rs. In Lakhs.
 
 Year                                       31.03.2011    31.03.2010
 
 Turnover                                       422.35        338.38
 
 Other Income                                     5.37         25.19
 
 Profit/Loss before Depreciation                (2.67)        (0.84)
 
 Depreciation                                     3.96          3.52
 
 Profit/Loss before Tax                         (6.63)        (4.36)
 
 Provision for Tax (Current, Deferred 
 & prior year Tax (net)                           2.89          3.00
 
 Profit / Loss After Tax                        (9.53)        (1.36)
 
 02. Performance:
 
 The The Company has incurred a loss of Rs.9.53 Lakhs before tax during
 the year compared to previous year loss of Rs.4.36 Lakhs before tax.
 
 The loss for the year is due to non availability of sufficient loads
 for Company''s normal trucks and container trucks. The position may
 improve if orders are received for movement of fertilizers from eastern
 part of the Country. The performance of the Company for the last 3
 months is at a lower level compared to previous year due to uncertainty
 in agricultural operations. The Board of Directors have apprehension of
 downtrend results during the current year due to gloomy Agricultural
 and Industrial Scene.
 
 03.  DIVIDEND:
 
 Due to continued loss your Directors do not recommend any dividend for
 the year ended 31/03/2011.
 
 04.  FIXED DEPOSITS:
 
 During the period under review the Company has not accepted any fixed
 deposits from the public.  There are no deposits due for repayment
 after maturity.
 
 05.  DIRECTORS:
 
 Sri. VILAS GANESH RANGNEKAR, Director retire by rotation at the
 ensuring Annual General Meeting and being eligible, offers himself for
 reappointment.  The Board of Directors recommend his reappointment.
 
 Mr. Narendra Goel has been appointed as Director - Chief Executive
 Officer of the Company with effect from 01.04.2011 for a period of five
 years. His appointment and remuneration is subject to approval by the
 shareholders.
 
 06.  SECRETARIAL COMPLIANCE CERTIFICATE:
 
 As required by provision to sub section (1) of section 383A of the
 Companies Act of 1956 a Secretarial Compliance Certificate from a
 Practicing Company Secretary is attached to this Report.
 
 07.  AUDITORS:
 
 M/s. G.V. Sunder and Company, Chartered Accountants, the Statutory
 Auditors of the Company retire at this Annual General Meeting and are
 eligible for reappointment.
 
 08.  DEMATERIALISATION OF SHARES:
 
 64.50 % of the total shares of the Company have been dematerialized as
 on 31/03/2011. Members holding shares in physical form are advised to
 dematerialize their shares to trade and hold the equity shares in
 electronic form.
 
 09.  LISTING OF SHARES:
 
 The equity shares of your Company are listed on Stock Exchange - Mumbai
 and Bangalore Stock Exchange.
 
 The Demat ISIN No: - INE-358F01013 and
 
 BSE code: 507984 may be referred.
 
 The Annual listing fee has been paid up to date to the Stock Exchanges.
 
 10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 The statement pursuant to Section 217(1)(e) of the Companies Act, 1956
 read with Companies ( Disclosure of Particulars in the Report of Board
 of Directors) Rules, 1988 are not applicable to the Company.
 
 11.  PARTICULARS OF EMPLOYEES:
 
 The Company has no employees of the category mentioned in Section 217
 (2A) of the Companies Act, 1956 for the year or part of the year.
 
 12.  DIRECTORS RESPONSIBILITY STATEMENT:
 
 As required under Sec. 217(2AA) of the Companies Act, 1956 your
 Directors confirm that:
 
 i) In the preparation of Annual Accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departure.
 
 ii) Selected such accounting policies and applied them consistently and
 made judgments and estimates that are reasonable and prudent so as to
 give true and fair view of the state of affairs of the Company at the
 end of the financial year and the financial results of the Company for
 that period.
 
 iii) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act of 1956 for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 iv) Annual Accounts for the financial year has been prepared on a going
 concern basis.
 
 13.  ACKNOWLEDGEMENT:
 
 Your Directors wish to place on record their appreciation for the
 continued support and co-operation extended by all customers, dealers,
 suppliers, bankers, Government authorities, stakeholders and Business
 Associates.
 
                                                By order of the Board
 
                                                NARENDRA GOEL
                                                Chairman of the meeting
 
 Place: Bangalore 
 Date : 24.05.2011