The Directors have pleasure in presenting the 18th Annual Report together with the Audited Accounts of the company for the financial year ended on 31st March 2012.

PARTICULARS

                                        2011-2012      2010-2011

Income for the Year                       170.26          346.82

Profit/(Loss) before interest and
depreciation and Taxation                   3.30            6.08

Less : Interest & Financial Charges         0.18            0.19

Depreciation                                2.86            2.86

Profit/(Loss) before Tax                    0.32            3.02

Profit/(Loss) after Tax                     0.32            3.02

Add : Accumulated Profit/loss             108.21          105.19

Surplus carried to Balance Sheet.         108.53          108.21

In view of the previous loss incurred by the company and to conserve resources, the Directors unable to recommend any dividend during the year under review.

RIVIEW OF BUSINESS OPERATIONS

The turnover of the Company was Rs. 170.26 Lacs as compared to 346.82 lacs of previous financial year. During the financial year ended 31.03.2012 company has not made any exports. Your company has incurred the profit of Rs.0.32 Lacs as compared to net profit of Rs.3.02 Lacs that of previous financial year. Your directors are hopeful to start export of Garments and Diamond Ornaments business in gulf countries.

DIRECTORS

In accordance with provisions of section 255 and section 256 of the Companies Act, 1956 and the Articles of Association of the Company, Shri. Fulain A. Reshamwala, retire by rotation at the ensuring Annual General meeting and being eligible offer themselves for re-appointment.

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.

a) That in the preparation of the annual accounts for the financial year ended 31st March 2012, all applicable accounting standards have been followed along with proper explanation relating to material departures if any have been furnished. '

b) That the Directors have selected appropriate accounting policies and applied them consistently and made judgments and estimates that were responsible and prudent so as to give a true and fair view of the state of affairs of the company at the end of of the financial year and of the profit of the company for the year under review.

c) That the Directors have taken proper and sufficient care to the best of their knowledge and ability, 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 ;

d) That the Directors have prepared the annual accounts on a 'Going Concern' basis.

AUDITORS AND AUDITORS REPORT.

M/s. Jagasheth & Co., Chartered Accountants, Statutory Auditors of the Company, retire at ending Annual General meeting and have confirmed their eligibility and willingness to accept the office of the Statutory Auditors, if re-appointed. They have issued a certificate stating that their re-appointment, if made, would be within the prescribed limits under section 224(1 B) of the companies Act, 1956.

The observations made in the Auditors Report read together with the relevant notes thereon are self explanatory, and therefore, do not call for any further comments or explanations under Section 217 of the companies Act, 1956.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars are required to be shown in terms of provisions of section 217 (2A) of the companies Act, 1956 read with companies (Particulars of Employees) Rules, 1975 and amended.

CORPORATE GOVERNANCE :

As required under the clause 49 of Listing Agreement executed with Stock Exchages, Report on " Corporate Governance " as well as "Management discussion and Analysis" are attached herewith and forming part of the report of Annual Report of the company.

A certificate as issued by M/s. Jagasheth & Co., Chartered Accountants, Statutory Auditors of the Company for compliance of the conditions of the Corporate governance as stipulated under clause 49 of the Listing Agreement executed by the company with the Exchanges is annexed to the Annual Report on Corporate Governance.

CONSERVATION OF ENERGY, THECHNOLOGY, ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO :

The additional information required to be disclosed pursuant to Section 217 (1) of the Companies Act read with the companies (Disclosures of particulars in the Report of Board of Directors) Rules 1988 is given in the Annexure-I forming part of this Report.

ACKNOWLEDGEMENT

Your Directors express their gratitude to the continued support extended to the company by Bankers, its valued customers, various Government, Semi-Government, Local Authorities, Suppliers, Business Associates and devoted employees for their contribution to the growth and progress of the company.

The Directors also take an opportunity to thank the shareholders across the country for the confidence reposed in the Management.

                            For and on behalf of Board

Place : Surat              (Rameshchandra I. Gandhi)