Dear Shareholders,
 
 The Directors hereby present the Eighteenth Annual Report together
 with the Audited Accounts of the Company for the year ended March
 31,2012.
 
 FINANCIAL HIGHLIGHTS:
 
                                                         (Rs.in Lakhs)
 
                                              31/03/2012   31/03/2011
 
 Profit/Loss before interests depreciation 
 & before extra ordinary items                     0.56       (1.84)
 
 Less: Depreciation                                   -           -
 
 Net Profit before Tax                             0.56       (1.84)
 
 aLess: Provision for Tax                          0.17           -
 
 Less: Provision for FBT                              -           -
 
 Less: Minimum Alternative Tax Credit Entitlement.    -           -
 
 Extra ordinary item                                  -           -
 
 Profit/(Loss) Available for Appropriation         0.38       (1.84)
 
 DIVIDENDS:
 
 The Company has not earned any divisible profits for the year under
 review. Hence, your Board do not recommend any dividend for the year
 ended 31st March 2012.
 
 AUDITOR''S REMARKS UNDER SECTION 217(3):
 
 The comments and remarks from the Auditors are self-explanatory and do
 not call for any furtherexplanation.
 
 DIRECTORS:
 
 Directors by Rotation
 
 In accordance with the requirement of the Companies Act, 1956, Mr.
 Ilidio Manuel Pereira is liable to retire but is eligible for
 re-appointment. Your Directors recommend his re-appointment as Director
 of your Company.
 
 FIXED DEPOSITS:
 
 The Company has not accepted deposits from public within the meaning of
 Section 58A of the Companies Act, 1956, read with the Companies
 (Acceptance of Deposits) Rules, 1975.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 Since the company is not carrying out any manufacturing activities, the
 particulars relating to the conservation of energy, technology
 absorption and foreign exchange earnings and outgo forms as required
 under Rule 2 of the Companies (Disclosure of Particulars in the Report
 of the Board of Directors) Rules, 1988, is not applicable.
 
 AUDITORS:
 
 M/s. Ramesh Chaturvedi & Co., Chartered Accountants, the present
 Statutory Auditors of the Company hold office until the conclusion of
 the ensuing Annual General Meeting. It is proposed to re-appoint them
 as the Statutory Auditors of the Company until the conclusion of the
 next Annual General Meeting. M/s. Ramesh Chaturvedi & Co., have under
 Section 224 (1) of the Companies Act, 1956, furnished the certificate
 of their eligibility for re- appointment.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to clause 49 of the listing agreement with the Bombay Stock
 Exchange Limited the following have been made a part of the Annual
 Report:
 
 - Management discussion and Analysis
 
 - Report on Corporate Governance
 
 - Auditors Certificate regarding compliance of conditions of the
 Corporate Governance
 
 - Declaration on compliance with code of Conduct.
 
 PARTICULARS OF EMPLOYEES:
 
 The Company has no employees of the specified categories under Section
 217 (2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules, 1975 as amended up to date.
 
 SECRETARIAL COMPLIANCE REPORT:
 
 Secretarial Compliance Report for the financial year 31st March, 2012,
 pursuant to Section 383A of the Companies Act, 1956 is issued by a
 Company Secretary in Whole time in Practice is enclosed herewith.
 
 DIRECTORS''RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 (i) that in the preparation of 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 estimated 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 or loss of the company forthat period.
 
 (iii) that the directors had 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;
 
 (iv) that the directors had prepared the annual accounts forthe year
 ended 31st March, 2012, on a going concern basis.
 
 APPRECIATION:
 
 Your Directors express their warm appreciation to the Company''s
 Bankers, Bombay Stock Exchange & Others for their continued support and
 co- operation.
 
                               For and on behalf of the
 
                               Board of Directors
 
 Place: Mumbal                 B. S. Sharma      Placid Naronha
 
 Date: 30th May, 2012          Director          Director