The Directors have pleasure in presenting the 27th Annual Report of
 your Company together with the Audited Financial Results for the year
 ended on 31st March, 2012.
 
 Financial Results:
 
                              (Amount in Rs. lakhs)
 
 Particulars                                    Year ended    Year ended
                                                31.03.2012    31.03.2011
 
 Profit/(Loss) before Depreciation, Interest,        (7.22)        34.55
 
 Income-tax and adjustment for prior period items
 
 Less: Depreciation                                  25.19         28.96
 
 Profit/(Loss) before Income-tax and adjustment     (32.41)         5.59
 for prior period items
 
 Less: Provision for Taxation
 
 Current Tax                                             -          1.04
 
 MAT Credit                                              -         (1.01)
 
 Profit/(Loss) after tax but before adjustment for  (32.41)         5.56
 prior period items
 
 Less: Prior Period Adjustments (Net)                    -          0.64
 
 Transferred to Balance Sheet                       (32.41)         4.92
 
 Operations:
 
 During the year under review, your Company has recorded a turnover of
 Rs. 35.19 lakhs compared to Rs. 111.36 lakhs in the previous year.
 However, the income from other sources increased to Rs. 5.67 lakhs as
 compared to Rs. 2.04 lakh in the previous year.
 
 Dividend:
 
 In view of loss for the year, your Directors do not recommend any
 dividend.
 
 Delisting:
 
 Your Company had sought approval of the shareholders of the Company for
 voluntary delisting of Shares of the Company from the BSE Ltd. through
 Postal Ballot on 28th March, 2011.
 
 However, due to unforeseen circumstances your Company was unable to
 complete the process involved within the prescribed time limit.
 
 Upon fresh request received by the promoters, your Company has received
 consent of the members for delisting on 14th May, 2012. Your Company
 has initiated the process of de-listing its equity shares.
 
 Fixed Deposits:
 
 During the period under consideration, your Company has not accepted
 deposits within the meaning of Section 58A of the Companies Act, 1956.
 
 Directors:
 
 Mr. Virendra Jain retires by rotation and, being eligible, has offered
 himself for reappointment at the ensuing Annual General Meeting.
 
 The Director who is being re-appointed has intimated to your Company
 that he is eligible for being re appointed.
 
 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:
 
 i) that in the preparation of the accounts for the financial year ended
 31st March, 2012, applicable accounting standards have been followed
 along with proper explanation relating to material departure;
 
 ii) that appropriate accounting policies have been selected and applied
 consistently and have 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 as at 31st March, 2012 and of the loss of the Company
 for the year ended on that date;
 
 iii) that proper and sufficient care has been taken 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;
 
 iv) that accounts for the financial year ended 31st March, 2012 have
 been prepared on a ''going concern'' basis.
 
 Auditors and Auditors'' report:
 
 Messrs H. H. Bandukwala & Co., Chartered Accountants, holds office as
 the Auditors of your Company until the conclusion of the ensuing Annual
 General Meeting. Your Company had received a certificate from them to
 the effect that their appointment if made, would be within the limit
 prescribed under Section 224 (1B) of the Companies Act, 1956.
 
 The notes to the Accounts referred to in the Auditors'' Report are
 self explanatory and therefore do not call for any further explanation.
 
 Disclosure of particulars relating to conservation of energy,
 technology absorption and foreign exchange earnings and outgo:
 
 Not Applicable
 
 Particulars of Employees:
 
 Information in accordance with the provisions of Section 217(2A) of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975 is not given as during the year, as none of the employee
 was paid any remuneration exceeding the sum prescribed under the same
 section and rules.
 
 Compliance Certificate:
 
 Secretarial Compliance certificate as required under the provisions of
 Section 383A of the Companies Act, 1956 is annexed hereto and forms
 part of the Report.
 
 Industrial relations:
 
 The relations with the employees at all levels were cordial and
 satisfactory.  Acknowledgements
 
 Your Directors expresses their appreciation for the assistance and
 co-operation received from the banks, governments and other departments
 during the year under review and also place on record their deep sense
 of appreciation for the devoted services of the executives, staff and
 workers of your Company.
 
                             For & on behalf of the Board of Directors
 
                                               Director
 
 Dated: 18th May, 2012 
 
 Place: Mumbai