The Directors have pleasure in presenting their Annual Report on the
 business operations of the Company together with the Audited Statement
 of Accounts for the year ended on 31st March, 2012.
 
 Financial and Operational Results:
 
 Financial and operational Results of Company for the year ended 31st
 March, 2012 are as mentioned hereunder:
 
                                               (Amt in Rupees)
 
 Particulars                        Year Ended        Year Ended
                               31stMarch, 2012   31s,March, 2011
 
 Total Income                        12,27,784            41,600
 
 Total Expenses                         819102             94637
 
 Profit/ (Loss) before Tax            4,08,682           (53,037)
 
 Less; Provision for Tax                     0                 0
 
 Less: Income Tax of earlier year            0                 0
 
 Net Profit/ (Net Loss) after Tax     4,08,682           (53,037)
 
 Add: Balance of Profit brought 
 forward from                      1,62,27,135       1,62,80,172
 
 previous year
 
 Reserves and Surplus              1,66,35,817       1,62,27,135
 
 Dividend:
 
 Your Directors have not recommended for dividend for the financial year
 2011-2.012 with a view to conserve the resources with Company.
 
 Directors:
 
 Mr.Babulal M Bhansali Director of the Company shall be liable to retire
 by rotation at the forthcoming Annual General Meeting and is eligible
 for re-appointment. The Board recommends for his re-appointment.
 
 Directors'' Responsibility Statement: -
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 based on the representations received from the management and after due
 inquiry, confirm that:
 
 -in the preparation of the Annual Accounts, the applicable standards
 have been followed and no deviations have been made.
 
 - the Directors 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 and of the profit of
 the Company for that year.
 
 - the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 - the Directors have prepared the attached Statement of Accounts for
 the year ended 31sl March, 2012 on a cuing concern basis.
 
 A uditors:
 
 • M/s B. L. Dasharda & Associates. Chartered Accountants, Auditors of
 the Company retiring at the ensuing Annual General Meeting is eligible
 for re-appointment. The Company has received a certificate from the
 Auditors to the effect that their appointment, if made, would be within
 the prescribed limits under Section 224(1B) of the Companies Act, 1956.
 The Board recommends for the re-appointment of Statutory Auditors.
 
 Auditors'' Report:
 
 The Audit Report being devoid of any qualification and self
 explanatory, do not call for any further comments under Section 217(3)
 of the Companies Act, 1956.
 
 Deposits:
 
 The Company has not accepted or renewed any deposit from public during
 the year under review.  Secretarial Compliance Certificate:
 
 Pursuant to the proviso of Section 383 A (1) of the Companies Act, 1956
 read with the Companies (Compliance Certificate) Rules 2001,the
 Secretarial Compliance Certificate obtained from M/s. Rathi &
 Associates, Company Secretaries in Whole-time Practice, is annexed to
 this report forming its integral part..
 
 Particulars of Employees:
 
 During the year under review, none of the employees of the Company was
 in receipt of remuneration equal to or exceeding the limits as
 prescribed viz. Rs.60,00,000 per annum or Rs.  5,00,000 per month under
 Section 217 (2 A) of the Companies Act. 1956 read with Companies
 (Particulars of Employees) Rules, 1975. Hence, no statement is required
 to be annexed in this respect.
 
 Conservation of Energy, Technology Absorption. Foreisn Exchange
 Earnings and Outgo:
 
 The requirements of disclosures in terms of Section 217 (1) (e) of the
 Companies Act, 1956, read , with the Companies (Disclosures of the
 Particulars in the Report of the Board of Directors) Rules, 1988
 pertaining to the conservation of energy and technology absorption are
 not applicable to the Company due to the very nature of the industry in
 which it operates.
 
 During the year under review, there was no foreign exchange earnings
 and outgo.
 
 Acknowledgements:
 
 The Directors wish to express their gratitude to the bankers, clients
 and all the business associates for their continuous support to the
 Company and to the Shareholders for the confidence reposed in the
 Company''s management. The Directors also convey their appreciation to
 the employees at all levels for their enormous personal efforts as well
 as collective contribution.
 
                    For and on behalf of the Board of Directors
 
 Place: Mumbai
 
 Dated: 10th August, 2012           Chairman