The Directors present the Annual Report on the business and operations
 of your Company and Audited Statement of Accounts for the year ended
 31st March, 2010.
 
 FINANCIAL HIGHLIGHTS                               (Rs. In lacs)
 
                                         Current Year    Previous Year
 
                                            2009-2010        2008-2009
 
 Safes:                                       3524521         30743.18
 
 Other Income                                   12035           375.80
 
 Total Income:                               35365.56         31118.98
 
 Profit/(Loss) before Interest, 
 
 depreciation & Tax                             12453            10.34
 
 Less: Interest 0.06
 
 Profit/(Loss) before depreciations Tax        124.47            10.34
 
 Less: Depreciation                               051             0.91
 
 Provision lor Fringe Benefit lax                   -             0.62
 
 Provision for Income tax                        0.28             0.65
 
 Net Profif/(Loss)after Tax                    123.28             8.16
 
 Profit / (Loss) b/f from previous-year     (1321.07)        (1329.23)
 
 Balance carried over to Balance sheet      (1197.79)        (1321.07)
 
 
 
 DIVIDEND
 
 In view of the inadequacy of profit the Directors have not recommended
 any Dividend for the year ended 31s March, 2010.
 
 OPERATIONS & OVERALL PERFORMANCE
 
 The Company has earned Net profit of Rs. 123.28 Lacs for the year under
 review as against profit of Rs. 8.16 Lacs in the last year. The total
 Income of the Company was Rs. 35365.56 lacs as against Rs. 31118.98
 Lacs during the last year.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 The core business of the Company is Trading. The Management discussions
 and analysis is given hereunder:-
 
 a) Industry structure and development: Company is engaged in trading
 activity primarily having vast potential & now being getting attention
 of the organised sector.
 
 b) Opportunities and threats: High economic growth in the country would
 offer opportunities and the Company would continuously try to take
 advantage of opportunities coming its way.
 
 c) Segment-wise performance: The Company is operating on only one broad
 segment and hence separate segmental reporting is not applicable. The
 Company has no activity outside India.
 
 d) Outlook: The outlook for 2010-2011 has to be viewed in the context
 overall economic scenario etc.
 
 e) Risk and concerns: The Company is exposed to general market risk and
 is initiating adequate step.
 
 f) Internal control system: The Company maintains adequate internal
 control systems, which provide adequate safeguards and proper
 monitoring of the transactions.
 
 g) Discussion on financial performance with respect to operating
 performance: The operating performance of the Company has been
 discussed in Directors Report under the head Financial Highlights and
 Operations and Overall Performance in the current year.
 
 h) Human resources and industrial relations: During the year under
 review the Employee/Industrial relations remained cordial. Number of
 employees as on 31 March, 2010 was 11.
 
 i) Cautionary Statement: The Management Discussions and Analysis
 describe Companys projections, expectations or predictions and are
 forward looking statements within the meaning of applicable laws and
 regulations. Actual results could differ materially from those
 expressed or implied. Important factors that could make a difference to
 the Companys operations include economic conditions affecting demand
 and supply and price conditions in domestic and international market,
 changes in Government regulations, tax regimes, economic developments
 and other related and incidental factors.
 
 INCREASE IN AUTHORISED CAPITAL, ISSUE AND ALLOTMENT OF SHARES:
 
 The company has increased its authorized share capital to Rs. 7.5
 billion to issue Preference Shares to the proposed shareholders, in
 order to raise resources for general corporate purposes. Accordingly,
 the Company raised Rs. 3.2 billion by issue of issue of 32 million Non-
 Cumulative Redeemable Preference Shares (NCRPS) of Rs.100/- each at par
 on preferential basis.
 
 DIRECTORS
 
 Shri Vasudevan Yelleshwaram retires by rotation and being eligible,
 offers himself for reappointment.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it is
 hereby confirmed that:
 
 1.  In the preparation of annual accounts for the financial year ended
 31s March, 2010, the applicable accounting standards have been
 followed along with proper explanation relating to material departures.
 
 2.  The Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that were 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 or
 loss of the Company for the year under review.
 
 3.  The Directors 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;
 
 4.  Final accounts have been prepared on going concern basis.
 
 CORPORATE GOVERNANCE
 
 Pursuant to the revised clause 49 of the Listing Agreement your company
 has taken adequate steps to ensure that all mandatory provisions of
 Corporate Governance as prescribed under the Listing Agreement of the
 Stock Exchanges with which the Company is listed are complied with.
 
 A separate report on Corporate Governance is produced as part of the
 Annual Report along with the Auditors Certificate on its compliance.
 
 AUDITORS & AUDITORS REPORT
 
 The members are requested to appoint Auditors for the Current year and
 fix their remuneration.
 
 PARTICULARS OF EMPLOYEES
 
 As required by the provisions of Section 217 (2A) of the Companies Act,
 1956, read with Companies (Particulars of Employees) Rules, 1975, as
 amended, none of the employee drawing the remuneration of Rs. 200000/-
 per month.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 Information in accordance with Section 217(1) (e) of the Companies Act,
 1956 read with Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988 is not required since the Company is
 not a manufacturing Company.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their grateful appreciation for
 the assistance and continued co-operation extended by the Banks,
 Government Authorities during the year under review. The Directors wish
 to place on record their deep sense of appreciation for the devotion
 and sense of commitment shown by the employees at all levels and
 acknowledges their contribution.
 
 
 
                             For and on behalf of the Board of Directors
 
 Place: Mumbai                        Vasudevan Yelleshwaram
 
 Dated: 29ll, May, 2010                       Chairman