The Directors have the pleasure of presenting the Thirty Second Annual Report of your Company for the financial year ended 31st March 2014.

Financial Results

The total income during the year under review was Rs. 54.61 lacs. The pre-tax profits were Rs. 26.49 lacs after providing for depreciation of Rs. 0.11 lacs. A provision of Rs. 5.25 lacs has been made for taxation in the current year.

After adjusting for deferred tax, the net profit was Rs. 21.44 lacs. No amount has been transferred to General Reserves.

Dividend

The Directors recommend for consideration of the shareholders at the ensuing Annual General Meeting, payment of Dividend @ 5% on equity share for the year ended 31st March 2014.

Outlook

The global economy began its modest recovery in the year 2013-14 with improved demand from OECD economies in the second half of 2013. Although this trend is expected to be maintained in the current year also, however, unemployment, banking fragility and sluggish growth still persist in several European economies. The Global economy grew by 3% in the year 2013 from 3.2% in the year 2012.

Emerging markets like India faced multiple challenges in the year 2013-14. A combination of persistent inflation, fiscal imbalances, external sector vulnerabilities and low investments resulted in sluggish domestic demand growth. Fiscal and monetary initiatives taken by the Indian government and RBI have helped stabilize the financial market conditions, but the domestic macro-economic environment still remains challenging with increasing pressure on margins. The GDP of the country is estimated to grow at 5.5% in the year 2014-15 as compared to 5.0% in 2013-14.

The Company is looking for additional business opportunities as they emerge.

Public Deposits

The Company has no public deposits.

Directors

Mr. Inderdeep Singh (DIN: 00173538), Director will retire by rotation and being eligible, offers himself for re-appointment. The Board of Directors recommends his re-appointment.

Mr. Swaraj Singh (DIN: 06932584) was appointed as Additional Director of the Company in the Board meeting held on 28th July 2014. Mr. Swaraj Singh and Dr. Navin Kumar Kapur (DIN: 03273475) are eligible for appointment as Independent Directors of the Company pursuant to Section 149 of the Companies Act, 2013 and provisions of the Listing Agreement. Their appointment as Independent Directors under the new Act is proposed for approval of the shareholders at the ensuing Annual General Meeting.

Directors' Responsibility Statement

The Directors confirm that in preparation of the annual accounts for the year ended 31st March 2014:-

i. The applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. Appropriate accounting policies have been selected and the same have been applied consistently and reasonable and prudent judgments and estimates were made 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 account for year ended March 31st 2014.

iii. 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 frauds and other irregularities.

iv. The accounts have been prepared on a going concern basis.

Information relating to Section 217(1)(e) of the Companies Act, 1956 and rules made thereunder.

i. Conservation of Energy;

The Company did not carry out any manufacturing activity during the year under review. The consumption of electricity continues to be minimal and adequate measures are taken to conserve power.

ii. Technology Absorption;

The Company has not purchased or acquired any technology during the year under review.

iii. Research & Development;

The Company is not involved in any Research & Development activities.

iv. Foreign Exchange Earning & Outgo;

During the year under review, there was no foreign exchange expenditures or earnings

Auditors' Observations

The observations made in Auditors report are self explanatory. As such no further comments under Section 217(3) of the Companies Act, 1956 are required.

Auditors

M/s. Raghu Nath Rai & Co., Chartered Accountants (Firm Regn. No. 000451N), retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. They have furnished a certificate to the effect that the proposed re-appointment, if made, will be in accordance with the applicable provisions of the Companies Act, 2013.

Audit Committee

Audit Committee of the Company which was formed pursuant to the provisions of Section 177 of the Companies Act, 2013 consists of Mr. Kumar Srinivasan, Dr. Navin Kumar Kapur and Mr. Sawraj Singh.

Particulars of Employees

The Company has not paid any remuneration attracting the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975. Hence, no information is appended to this report.

Acknowledgement

The Directors place on record their sincere appreciation to the Shareholders, Associates, Bankers, Customers, Vendors, Officers and Staff of the Company and seek their continued cooperation and support for the coming years also.

                           For and on behalf of the Board of Directors

New Delhi                                               Gurpreet Singh
28-07-2014                                                    Chairman