The Directors are pleased to present the Eighteenth Annual Report
 together with the Audited Accounts of your Company for the year ended
 31st March 2012.
 
 1.  FINANCIAL RESULTS        Amount (Rs. in Lacs)  Amount (Rs. in Lacs)
 
 Particulars                  Current Year          Previous Year 
                              31.03.2012            31.03.2011
 
 Total Income                        274.94               161.03
 
 Profit before Interest, 
 Depreciation &                      (33.45)               11.76 
 Taxes
 
 Less: Interest & Depreciation        62.69                35.45
 
 Profit/(Loss) before Tax            (96.14)              (23.69)
 
 Less: Provision for Tax              (3.23)               (2.08)
 
                                      (3.36)                0.09
 
 Profit/(Loss) after Tax             (96.01)              (25.87)
 
 Add: Profit/(Loss) Brought forward 
 from                                     -                    - 
 Previous Year
 
 Profit available for appropriation       -                    - 
 
 APPROPRIATIONS
 
 I) Proposed Dividend on Equity Shares  N.A                  N.A
 
 II) Transfer to General Reserve          -                    -
 
 2.  DIVIDEND
 
 The Directors regret their inability to recommend dividend on equity
 shares for the year ended 31st March 2012, in view of the current
 financial position of your company.
 
 3.  CORPORATE GOVERNANCE
 
 Report of the Directors on Corporate Governance is given separately and
 forms a part of this Annual Report.
 
 A certificate from the Auditors of the Company regarding compliance of
 conditions of Corporate Governance, as stipulated under Clause 49 of
 the Listing Agreement, is attached to this Report.
 
 4.  DIRECTORS
 
 In accordance with the requirements of the Companies Act, 1956 and the
 Articles of Association of the Company, Mr.  Puneet Jain retires by
 rotation at the ensuing Annual General Meeting and is eligible for
 reappointment.
 
 5.  LISTING OF SHARES
 
 The shares of the company are listed at Bombay Stock Exchange Limited
 and the Annual listing fee for the year 2012-13 have been paid to the
 concerned Stock Exchange.
 
 6.  FIXED DEPOSITS
 
 Your Company has not invited or accepted any deposits from the public
 with in the meaning of section-58A of the Companies Act 1956, during
 the year under report.
 
 7.  AUDITORS AND AUDIT REPORT
 
 M/s Khanna Gulati & Associates, Chartered Accountant, New Delhi,
 Auditors of the Company, retire at the conclusion of this Annual
 General Meeting and, being eligible offer, themselves for
 reappointment.
 
 The notes to the Account referred to in the Auditor''s Report are self
 explanatory and therefore do not call for any further comments.
 
 8.  PARTICULARS AS PER SECTION-217 OF THE COMPANIES ACT 1956
 
 Employees
 
 Remuneration to none of the employees attracts the provisions of
 Section-217(2A) of the Companies Act, 1956 and as such the statement as
 required there under, read with the Companies (Particulars of
 Employees) Rules 1975 is not attached with this report.
 
 Information relating to the Conservation of Energy, Research &
 Development and Foreign Exchange Earnings and Outgo.
 
 Your Company''s operations involve low energy consumption and as such
 no special energy conservation measures were taken and accounted for
 except periodically monitoring energy consumption and creating
 awareness among all.
 
 All the Company''s operations are as per market requirements and have
 in house Research & Development Center, The R&D expenses are however
 not accounted under separate head.
 
 9.  DIRECTOR''S RESPONSIBILITY STATEMENT
 
 In accordance with the newly inserted section 217(2AA) of Companies
 Act, 1956, regarding inclusion of Director''s Responsibility
 Statement in the Board''s Report, the directors hereby confirm:
 
 (i) That in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures.
 
 (ii) That the Directors had 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 state of
 affairs of the Company at the end of the financial year and of the
 Profit & Loss o the Company for that period.
 
 (iii) That the Directors had taken proper and sufficient care for the
 maintenance of adequate Accounting records in accordance with
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting frauds and other
 Irregularities.
 
 (iv) That the Directors had prepared the annual accounts on a going
 concern basis.
 
 10.  AKNOWLEDGEMENT
 
 We take this opportunity to express our deep sense of gratitude to the
 Institutions, Bankers, Central and State Government Departments, Local
 Authorities, our Associates and Customers for their continued guidance
 and support.
 
 Your Directors would like to record their sincere appreciation of the
 dedicated efforts put in by across all levels in the Organization. And
 to you, shareholders, we are deeply grateful for the confidence and
 faith that you have reposed in us.
 
 Regd Office:                                 For and on behalf of the
 
 Board
 
 Flat No. 620, Hemkunt Chambers                    SILVER SMITH INDIA
 
 LIMITED 89 Nehru Place New Delhi-110 019
 
                                                                 Sd/-
 
                                                          (B.K Narula)
 
                                         CHAIRMAN & MANAGING DIRECTOR
 
 Date: 28th May, 2012
 
 Place: New Delhi