The Directors have pleasure in presenting before you the 25 th Annual Report of the Company together with the Audited Statement of Accounts for the financial year ended 31st March, 2014.

                                                         [Rs. In Lacs]

PARTICULARS                                  Year ended     Year ended
                                            31st March,    31st March,
                                                   2014           2013

Profit/ (Loss) before Interest,
Depreciation and Taxation                         93.28          86.87

Less: Finance Charges                              2.74           2.75

Less: Depriciation                                 2.66           2.69

Profit /(Loss) before Taxation                    87.87          81.42

    * Current Year Taxation                       26.32          25.60

    * Deferred Tax                                 0.00           0.00

Net Profit (Loss) after Taxation                  61.55          55.92

Balance brought forward                          162.27         106.35

Balance Carried to Balance Sheet(Loss)           223.82         162.27

During the year under review, the Company achieved turnover of Rs. 2,533.52 Lacs. The Company earned Net Profit after Tax amounting to Rs.61.55 Lacs as against Net Profit after Tax amounting to Rs. 55.92 Lacs for the corresponding previous financial year.

DIVIDEND

The Board of Directors of the Company do not recommend dividend for the financial year ended 31st March, 2014.

DIRECTORS

Mr. Amit Bhangar, Director of the Company retires by rotation at this Annual General Meeting and being eligible, offer himself for re-appointment.

In accordance with Section 149(4) and other applicable provisions, if any, read with Schedule IV of the Companies Act, 2013, the Company has to appoint 1/3rd of the total Directors as Independent Directors, for a maximum period of 5 years and who are not liable to retire by rotation.

Accordingly, the Board of Directors proposes to appoint the existing Independent Directors i.e. Mr. Rajesh Pandey, Mr. Rajendra Mokashi and Mr. Asim Kumar Saha as Independent Directors of the Company under Section 149 of the Companies Act, 2013 for term up to 1 (one) year, respectively, in ensuing Annual General Meeting.

The Company has received declarations from the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Companies Act, 2013 and under Clause 49 of the Listing Agreement with the Stock Exchange.

AUDITORS

M/s. P. Bohra & Co., Chartered Accountants, Mumbai, Auditors of the Company retires at the conclusion of this Annual General Meeting. They are eligible for reappointment and indicated their willingness to act as an Auditor, if appointed and the appointment shall be in the limits prescribed under the provision of Section 224(1B) the Companies Act, 1956.

Auditors' Report:

The observations of the auditors in their report are self-explanatory and therefore, in the opinion of the Directors, do not call for further comments.

PARTICULARS OF EMPLOYEES

The information required under sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 duly amended by the Companies (Particulars of Employees) Rules, 2011 for the year ended 31stMarch, 2014 is not applicable to the Company as none of the employees is drawing remuneration more than the limits presently specified under the said rules.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO

The operations of the company are not energy-intensive. However, adequate measures have been taken to reduce energy consumption by using energy efficient computers and equipments with the latest technologies. Your Company constantly evaluates new technologies and invests in them to make its infrastructure more energy-efficient.

During the year under review, the Company has entered into foreign currency transactions and details thereof given in the Note '7' of the notes to the account for financial results.

PUBLIC DEPOSITS

During the period under review, the Company did not accept deposits in terms of Section 58A of the Companies Act, 1956 and pursuant to the provision of the Non-Banking Financial Companies (Reserve Bank) Directions, 1997.

DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA)

Your Directors hereby report that:

(a) in the preparation of annual accounts, the applicable accounting standards have been followed;

(b) appropriate accounting policies have been selected and applied consistently and judgements and estimates made that are responsible and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March 2014;

(c) Proper and sufficient care has been taken 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) annual accounts have been prepared on a going concern basis.

RENAME THE EXISTING REMUNERATION COMMITTEE & SHAREHOLDERS GRIEVANCE COMMITTEE AS PER COMPANIES ACT, 2013:

The existing Remuneration Committee of the company be renamed as Nomination And Remuneration Committee and further the scope of the said committee be expanded as per the requirements of provisions of section 178 (2) and section 178 (3) of the Companies Act, 2013.

The existing Shareholders Grievance Committee of the company be renamed as Stakeholders Relationship Committee which will resolve the grievances of the security holders of the company as per the requirements of provisions of section 178 (6) of the Companies Act, 2013.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

Management's Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange in India, is presented in a separate section forming part of the Annual Report.

CORPORATE GOVERNANCE AND COMPLIANCE

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Company has also implemented several best Corporate Governance practices as generally prevalent.

The Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report.

The requisite Certificate from the Statutory Auditors confirming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Clause 49 is attached to this Report.

ACKNOWLEDGEMENT

The Board of Directors takes the opportunity to thank the Bankers and Government for the Co- operations and support by them from time to time in the operation of the company during the year. The Board also places on record its deep appreciation for the contribution made by the employees at all levels.

                                                  By Order of the Board

                                                  Mohanlal Bhangar
                                                  Chairman

Place: Mumbai                                     Satish Bhangar
Date:05/09/2014                                   Managing Director