The Directors have pleasure in submitting the Fortieth Annual Report
 together with the Audited Statement of Accounts for the year ended on
 31st March 2012.
 
 FINANCIAL RESULTS:
 
 During the financial year under review, the Company has earned a Net
 Profit After Taxation of Rs.3,55,56,727/- (Previous Year : Net Profit
 After Taxation : Rs. 3,22,52,710/-).
 
 DIVIDEND:
 
 In order to conserve resources, the directors have not recommended any
 dividend for the year ended 31st March, 2012.  DIRECTORS:
 
 As per Articles of Association of the company, Mr. D. B. Raheja & Mr.
 B. J. Sheth & Mrs. Nita J. Desai, Directors of the Company will retire
 by rotation and being eligible; offer themselves for re-appointment at
 the ensuing Annual General Meeting. The Board recommends their
 re-appointment.
 
 NON-ACCEPTANCE OF DEPOSITS:
 
 The Company not accepted any public deposits during the financial year.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 As required under section 217(2AA) of the Companies Act, 1956, Your
 Directors hereby confirm that:
 
 - In preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanations relating to
 material departures;
 
 - Such accounting policies have been selected and they have been
 consistently applied them 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 as at 31st March, 2012 and of its Profit for
 the year ended on that date;
 
 - Proper and sufficient care for the maintenance of adequate
 accounting records have been taken in accordance with the provisions of
 the Act for safeguarding the assets of the company and for preventing
 and detecting fraud and other irregularities,
 
 - The annual accounts are prepared on going concern basis.
 
 PARTICULARS OF EMPLOYEES: -
 
 None of the employees of your company is drawing remuneration of
 Rs.5,00,000/- per month or Rs.60.00 Lakhs per annum as limits laid down
 under the provisions of Section 217(2A) of the Companies Act, 1956 read
 with the Companies (Particulars of Employees) Rules, 1975.
 
 PARTICULARS UDNER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
 
 The relevant information pursuant to Section 217(1)(e) of the Companies
 Act, 1956 read with the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules 1988 are not applicable to the
 Company as the Company is carrying on Investment & share trading
 business. There was no foreign exchange earnings and outgo during the
 year under report.
 
 SECRETARIAL COMPLIANCE CERTIFICATE:
 
 In compliance of the provisions of section 383A(1) of the Companies
 Act, 1956, the company has obtained a compliance certificate from a
 Practicing Company Secretary for the year ended 31st March, 2012 and
 the same is annexed hereto.
 
 AUDITORS:
 
 You are requested to re-appoint the Auditors M/s. R. A. Rajani & Co.
 (Firm Regt. No. 114606W) from the conclusion of this General Meeting
 till the conclusion of the next Annual General Meeting of the Company
 and to fix their remuneration. M/s. R. A. Rajani & Co. have furnished
 certificate under Section 224(1-B) of the Companies Act, 1956 of their
 eligibility for the re-appointment.
 
 REPORT ON CORPORATE GOVERNANCE:
 
 A report on Corporate Governance approved by the Board of Directors of
 the Company and a certificate from Mr.  Kishor V. Ved, Practicing
 Company Secretary, is set out in the Annexure to the Directors
 report. The Company has fully complied with the Corporate Governance
 practices specified under the Companies Act, 1956 and the Listing
 Agreement with Bombay Stock Exchange.
 
                          For and on behalf of the Board of Directors
 
 MUMBAI                   S. B. Raheja                    B. J. Sheth
 
 Dated: 28-05-2012       (Director)                      (Director)