The Directors have pleasure in presenting their Thirtieth Annual Report together with the Audited Balance Sheet as at 31st March, 2014 and the Profit & Loss Account of the Company for the year ended on that date.

FINANCIAL RESULTS:

During the year under review, the Company has earned net profit of Rs. 24,917/- from which is deducted the provision for taxation for current year Rs. 5,000/-, short provision for tax for earlier years Rs. 10,266/- and added the credit balance brought over from earlier years amounting to Rs. 28,07,782/- resulting into a net credit balance of Rs. 28, 17,433/-, which your Directors proposed to carry over to next year.

DIVIDEND:

In view of the inadequacy of Profits and to strengthen the financial position of the Company, your Directors do not recommend payment of any dividend for the year.

DIRECTOR:

Mr. Sushil Kumar Luma retires by rotation at the forthcoming Annual General Meeting and being eligible offer himself for re-appointment.

Pursuant to the provisions of Section 161(1) of the Companies Act, 2013, and the Articles of Association of the Company, Mr. Navneet Dammani was appointed as an Additional Director designated as an Independent Director with effect from 25th August, 2014, and he shall hold office upto the date of the ensuing Annual General Meeting. The Company has received requisite notice in writing from a Member proposing Mr. Navneet Dammani for the appointment as an Independent Director.

Pursuant to the provisions of Section 161(1) of the Companies Act, 2013, and the Articles of Association of the Company, Mrs. Krishna Jaisingh Jain was appointed as an Additional Director designated as an Independent Director with effect from 25th August, 2014, and she shall hold office upto the date of the ensuing Annual General Meeting. The Company has received requisite notice in writing from a Member proposing Mrs. Krishna Jaisingh Jain for the appointment as an Independent Director.

The Company has received declarations from all the independent Directors of the Company confirming that they meet the criteria of Independence as prescribed both under Subsection (6) of Section 149 of the Companies Act, 2013, and under Clause 49 of the Listing Agreement with the Stock Exchanges.

AUDITORS'S REPORT:

The Report of the Auditors' of the Company is self explanatory and does not require any further clarification.

AUDITORS:

M/s. I.G. Naik & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. We recommend their re-appointment.

The Company has received a Letter from M/s. I.G. Naik & Co., to the effect that their reappointment, if made, would he within the prescribed limits u/s 141 (3) (g) of the Companies Act, 2013, and that they are not disqualified for reappointment.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Art, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed;

i) that in the preparation of the annual accounts for the Financial Year ended 31st March, 2014, 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 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 or loss of the Company for the year under review;

iii) that the Directors had taken proper and sufficient care for the maintenance of the 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 had prepared the accounts for the financial year ended 31st March, 2014 on a 'going concern' basis.

INVESTOR SERVICES CENTRE:

The securities of your Company are listed in Mumbai Stock Exchange. The Investor Services Centre of the Company is with M/s. Sharex Dynamic (India) Pvt. Ltd., Unit No. 1, Luthro Industrial Premises, Andheri Kurla Road, Safed Pool, Andheri (East), Mumbai 400 072, who continue to provide prompt Investor Services through Quick Resolution of investor grievances.

Your Company's shares are tradable in electronic form and your Company has established connectivity with both the depositories viz. National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL). Shareholders of the Company are requested to avail this facility of keeping their holdings in electronic form in their respective Demat Account in order to facilitate easy transfer of shares.

PARTICULARS PRESCRIBED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT:

Information pursuant to Section 217(1)(e) regarding conservation of energy, technology absorption, foreign exchange earnings and outgo are not applicable to the Company in absence of any manufacturing activity,

PARTICULARS OF EMPLOYEES:

The particulars of employees under section 217(2A) of the Companies Act, 1956 are not given as no employee was in receipt of remuneration exceeding the limit specified in Rule 1A of the Companies (Particulars of Employees Rules, 1975) as amended from time to time whether employed for the full year or lor part of the year.

Registered Office: Warden House 340, J.J. Road, Byculla Mumbai 400 008.

                                Suresh P. Upadhyay      Sunil V. Surve
Dated: 25th August, 2014                  Director            Director