The Directors have great pleasure in presenting 23rd Annual Report together with the Audited statement of Accounts for the year ended 31st March, 2014.

1. FINANCIAL HIGHLIGHTS:

SOURCES	                             31/3/2014	          31/3/2013
                                        RS.                  Rs

1) Gross Income                        7.53                 572.51

2) Gross Operating Profit              5.43                   1.64

3) Depreciation & Amortization       (0.88)                 (1.31)

4) Profit/(Loss) Before Tax            0.52                   0.33

5) Provision for Taxation            (0.30)                 (0.30)

6) Profit/(Loss) After Tax             0.03                   0.03

7) Less: Pr. Yr. Income tax W/off         0                      0

8) Add/(Less): Transfd. 
To/from Deferred Tax
Liability                              0.17                  0.20)

9) Net Profit Carried To Balance 
Sheet                                  0.36                   0.23

10) Add: Balance Brought Down         27.21                  26.97

11) Add: Prev. Yr. Adjustment          0.00                   0.00

TOTAL                                 27.57                  27.21

In the absence of adequate profits, your Directors did not recommend any dividend for the current year.

3. DIRECTORS:

During the year, Mr. Kamlesh B. Mehta, Director is retiring by rotation and being eligible offers himself for re-appointment.

Impending notification of Section 149 and other applicable provisions of the Companies Act, 2013, your Directors are seeking appointment of Mr. Visswas B. Panse (DIN - 03040544), Mr. Ashok T. Bhanushali (DIN - 03130730) as Independent Directors for five consecutive years for a term up to 31 March 2019.

4. DEPOSITS:

During the year Your Company has not accepted any deposits from the public.

5. EMPLOYEES:

Particulars of employees as required by Section 217 (2A) of the Companies (Particulars of Employees) Rules, 1975 are not given as no employees are drawing salary in excess of the limit of the Section 217(2A).

6. AUDITORS:

M/S DAGDULAL K. JAIN & CO, Chartered Accountants, Mumbai, who are Statutory Auditors of your Company, are due for retirement in accordance with the provisions of the Companies Act, 1956 at the ensuing Annual General Meeting. They have signified their willingness to be re-appointed as Statutory Auditor of the Company.

M/S DAGDULAL K. JAIN & CO, Chartered Accountants, Mumbai are being Appointed as the Statutory Auditors of your Company at the ensuing Annual General Meeting. Your Directors recommend their appointment for the ensuing year.

The Company has received letters from M/S DAGDULAL K. JAIN & CO, Chartered Accountants, Mumbai, to the effect that their appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified from being appointed as Statutory Auditors ofthe Company.

7. AUDITORS REMARK:

The Notes to the Accounts referred to in the Auditors Report are self explanatory and, therefore, do not call for any further comments. 9

8. MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis of Financial Condition and Results of Operation ofthe Company for the year under review, as stipulated in Clause 49 ofthe Listing Agreement with the Stock Exchanges, is given as a separate statement in this Annual Report (Annexure 1).

9. CORPORATE GOVERNANCE:

Report on Corporate Governance along with a certificate from the Auditors of the Company regarding compliance of the requirements of Corporate Governance, as also a Management Discussion & Analysis Report pursuant to Clause 49 ofthe Listing Agreement with Stock Exchange are annexed hereto.

10. CEO/CFO CERTIFICATION:

Certificate of CEO / CFO of the Company on Financial Statements, Cash Flow for the financial year 2013-14 and Certificate of CEO i.e. Whole Time Director of the Company for compliance with code of conduct by Board members and Senior Management personnel on annual basis are enclosed herewith.

11. COMMITTEES OF BOARD:

Pursuant to Section 178 of the Companies Act, 2013, The Company has changed the name of Remuneration committee and shareholders committee to "Nomination and Remuneration Committees" and "stakeholders' committee" respectively, in their meeting held on 30th May, 2014 the details ofthe same are mentioned in the Corporate Governance Report annexed hereto.

12. SECRETARIAL AUDITOR:

The Board has appointed HS associates, Company Secretaries as the Secretarial Auditor ofthe Company for the financial year 2014-2015.

13. SUBSIDIARIES:

As the Company has no subsidiaries, the provisions of Section 212 ofthe Companies Act, 1956 does not apply.

14. PARTICULARS OF CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION:

Being a Service Provider and Trading Company, no activities relating to conservation of energy & technology absorption are carried out as such and this provisions are not applicable hence not applicable.

15. AUDIT COMMITTEE:

As per the provisions of Section 292(4) of the Companies Act, 1956 the company has formed an audit committee comprising of Directors of the Company. The committee reviews the requirements ofthe aforesaid section and report to the Board of Directors.

16. DIRECTORS RESPONSIBILITY STATEMENT:

Your Directors would like to inform the members that the audited accounts containing the financial statements for the year 2013 are in full conformity with the requirement of the Act and they believe that the financial statements reflect fairly the form and substance of the transactions carried out during the year and reasonably present the company's financial condition and result of operations. These financial statements are audited by the Statutory Auditors M/s Dagdulal k. Jain & Co. Your Directors further confirm that:

1. In the preparation ofthe annual accounts, applicable Accounting Standards have been followed;

2. The Accounting Policies are consistently applied and reasonable, prudent judgement and estimates are made so as to give a true and fair view ofthe state of affairs ofthe company as at 31st March, 2013 and ofthe Profit ofthe Company for the year ended on that date.

3. 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;

4. That the Directors had prepared the annual accounts on a going concern basis.

Your Directors wish to take this opportunity to thank the
Shareholders, Bankers, and Customers etc. for their co-operation and
support extended to company.
  
                         For and on behalf of the Board of Directors
                                    
Place:Mumbai                      Sd/-                       Sd/-
Date:12th August,2014      Kamlesh B.Mehta          Visswas B. Paanse
                            Director                   Director