The directors have pleasure in presenting the 36th Annual Report of
 the Company together with the Audited Statement of Accounts for the
 year ended 31st March, 2012
 
 1.  SUMMARISED FINANCIAL RESULTS:
 
                                              (In Lakhs) 
 
 Particulars                 2011 - 2012    2010 - 2011
 
 Total Income                       8.50           8.60
 
 Less: Total Expenditure           11.00           9.09
 
 Profit/(Loss) before Tax          (2.50)         (0.49)
 
 Profit/(Loss) after Tax           (2.72)         (0.61)
 
 Profit & Loss Account 
 Balance c/f                       (2.72)         (0.61)
 
 2.  OPERATIONS:
 
 The company has incurred loss for an amount of Rs. 2.50 lakhs during
 the year as compared to last year''s loss of Rs. 0.49 lakhs. There has
 not been any major rise in the income during the year.
 
 3.  DIVIDEND
 
 In order to augment the resources of the Company; your directors do not
 recommend any dividend for the Financial Year ended on 31st March, 2012
 
 4.  DIRECTORS
 
 Mr. Rohit Doshi, director of the company is liable to retire by
 rotation at the ensuing Annual General Meeting and being eligible has
 offered himself for re - appointment.
 
 During the year under review, Mr. Manish Jakhalia was appointed as an
 Additional Director and holds office upto the date of this Annual
 General Meeting. Pursuant to notice received under section 257 of the
 Companies Act, 1956 his appointment as a Director is being considered
 at the ensuing Annual General Meeting.
 
 Mr. Hemant Vora has resigned from directorship of the company during
 the year. The Board places on record its appreciation for the valuable
 guidance and contribution to the Board made by him during his tenure as
 a director of the Company.
 
 5.  FIXED DEPOSITS
 
 During the Year under review, the Company has neither invited nor
 accepted any fixed deposits from the public.
 
 6.  AUDITORS
 
 M/s. Sara & Associates, Chartered Accountants, Statutory Auditors of
 the Company, will retire at the conclusion of the ensuing Annual
 General meeting. They have offered themselves for reappointment and
 have confirmed that their appointment if made would be within the
 limits prescribed under section 224(1)(B) of the Companies Act 1956.
 
 7.  AUDITORS REPORT
 
 The Auditors have not made any qualification to the financial
 statement. Their reports on relevant notes on accounts are self
 explanatory and do not call for any comments under section 217 (3) of
 the companies Act, 1956.
 
 8.  CORPORATE GOVERNANCE
 
 Company makes its best efforts to voluntarily ensure proper Corporate
 Governance in the affairs of the company and its daily functioning.
 
 9.  PARTICULARS OF EMPLOYEES
 
 Particulars of the employees of the Company pursuant to Section 217
 (2A) of the Companies Act, 1956 is not given, as none of the employees
 come under the purview of these provisions.
 
 10. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
 DIRECTORS) RULES, 1988
 
 The details relating to Conservation of energy, Technology Absorption,
 and Foreign Exchange Earning and Outflow required to be attached in
 terms of section 217(1)(e) of the Companies Act, 1956 read with
 Companies (Disclosure of Particulars in the report of board of
 directors) Rules, 1988 are not given in view of the nature of
 activities of the company. There is no Foreign Exchange earning or
 outgo during the year under review.
 
 11. 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, the applicable accounting standards have been
 followed along with proper explanation relating to material departures;
 
 (ii) That 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 and loss of the Company for the year under review;
 
 (iii) That 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;
 
 (iv) That the Directors have prepared the accounts for the financial
 year ended 31st March 2012 on a ''going concern'' basis.
 
 12. ACKNOWLEDGEMENTS
 
 Your Directors would like to express their sincere appreciation and
 gratitude for the co-operation and assistance from its shareholders,
 bankers, regulatory bodies and other business constituents during the
 year under review.
 
 Your Directors also wish to place on record their deep sense of
 appreciation for the contribution and commitment displayed by the
 employees.
 
                                       FOR AND ON BEHALF OF THE BOARD
 
                                                                 Sd/- 
                                                          Rohit Doshi
 
                                                                 Sd/- 
                                                      Manish Jakhalia
 
 Place : Mumbai
 Dated : 14th August, 2012