To

The Shareholders

The Directors hereby present the 63rd Annual Report and Audited Accounts of the Company
for the year ended 31 st March, 2013.


  

    
FINANCIAL RESULTS
    
Current Year (12 Months)
    
Previous Year (12 Months)
  
  

    

    
(Rs. in lacs)
    
(Rs. in lacs))
  
  

    
After meeting all operating and administrative expenses, the working of the year shows
    a deficit of
    
(8.58)
    
(3.64)
  
  

    
Add:
    

    

  
  

    
Depreciation
    
0.66
    
0.66
  
  

    
Profit / (Loss) for the year
    
(9.24)
    
(4.30)
  
  

    
Profit / (Loss) brought forward from the previous year
    
(190.72)
    
(186.42)
  
  

    
Balance Carried to Balance Sheet (Reserve Surplus)
    
(199.96)
    
(190.72)
  



PERFORMANCE

Your Company is an investment, leasing, finance and miscellaneous services Company.


REHABILITATION SCHEME

Your Company has fully implemented the Sanctioned Scheme.

The application made to the Bombay Stock Exchange for re-listing of the new Equity
Shares issued to the existing Shareholders, is still pending for approval.


AUDIT COMMITTEE

As per the requirement of Section 292A of the Companies Act, 1956, and also the Listing
Agreements with Bombay Stock Exchange Limited, Mumbai, an Audit Committee of the Board of
Directors is already in place. During the year, the Committee held four meetings.


CORPORATE GOVERNANCE

Pursuant to Clause 49 (VI) of the Listing Agreement, a report on Corporate Governance
and Certificate from the Company's Auditors confirming compliance is annexed hereto.


DIRECTORS

S/Shri LN. Chaturvedi and R.K. Kejriwal retire by rotation and, being eligible, offer
themselves for reappointment.


DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors of the Company state:

(i) that in the preparation of the annual accounts, the applicable accounting standards
have been followed alongwith proper explanation relating to material departures;

(ii) that the Directors have selected such accounting policies and applied them
consistently and made judgements and estimates that are 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 that period;

(iii) that the Directors have taken proper and sufficient care 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;

(iv) that the Directors have prepared the annual accounts as on 31 st March, 2013, on a
going concern basis.


DEPOSITS

The Company has not accepted any deposits from the public during the year.


PARTICULARS OF EMPLOYEES

The Company has no employee, therefore the details specified under Section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975,
are not applicable.


CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company has no manufacturing activity and therefore, the disclosure of particulars
as required under Section 217(1)(e) of the Companies Act, 1956, in so far as it relates to
the conservation of energy, technology absorption is not applicable. There is no foreign
exchange earnings and outgo during the year.


AUDITORS' REPORT

The observations made by the Auditors in their Report do not require any comments as
the same are either self explanatory or have been fully explained in the notes attached to
the Accounts.


APPOINTMENT OF AUDITORS

The retiring Auditor M/s. V.K. Beswal & Associates have furnished certificates to
the Company to the effect that their appointment, if made, would be within the limits
prescribed under the Companies Act, 1956. Shareholders are requested to appoint the
Auditors and to fix their remuneration.


APPRECIATION

The Directors wish to place on record their appreciation of the co-operation received
from the various departments of the Central and State Governments, Bankers and Financial
Institutions.


  

    

    
On behalf of the Board of Directors
  
  

    

    
S. K. Sharma
    
P. Sharma
  
  

    
Mumbai, the 30th May, 2013.
    
Director
    
Director