Your Directors present their Twenty Fifth Annual Report of the Company together with
the Audited Statement of Accounts for the year ended March 31, 2014.

1. FINANCIAL RESULTS


  

    

    
April 01, 2013 to March 31, 2014
    
April 01, 2012 to March 31, 2013
  
  

    
(A) Gross income
    
2,288,500
    
2,289,500
  
  

    
Profit / (Loss) before depredation, provision for non performing assets written back
    
(24,239,449)
    
(24,257,782)
  
  

    
Less: Depreciation
    
771,089
    
628,508
  
  

    
Add: Provision written back for Non- Performing assets (net)
    

    

  
  

    
Profit/(Loss) before Tax
    
(25,010,538)
    
(24,886,290)
  
  

    
Provision for tax
    

    

  
  

    
Profit/(Loss) after tax
    
(25,010,538)
    
(24,886,290)
  
  

    
Add: Balance brought forward
    
(579,229,157)
    
(554,342,867)
  
  

    
(B) Leaving a balance to be earned forward
    
(604,239,695)
    
(579,229,157)
  
  

    
Basic and diluted earnings per equity share (Rs.)
    
(2.08)
    
(2.07)
  


In view of the carried forward losses, your directors are unable to recommend any
dividend.


2. OPERATING RESULTS

The Company still continues to concentrate its efforts to recover its dues from Non
Performing Assets (NPA) accounts arising out of it's leasing/hire purchase activities. The
Company is exerting all its efforts in making more and more recoveries.


3. FIXED DEPOSITS

The Company does not accept any fixed deposits.


4. OUTLOOK

Due to high NPAs and slow recovery, the company cannot contemplate on starting any new
business.


5. DIRECTORS

In accordance with the Articles of Association of the Company, Mr. Mahesh Jain Director
retire at the ensuing Annual General Meeting.

The Company has appointed Mr. Mahesh Jain, Mr. B.S. Rajpurohit and Mrs. Ragini Gupta as
Independent Directors from time to time.

The Companies Act, 2013 provides for appointment of Independent Directors. Sub section
(10) of Section 149 of the Companies Act, 2013 (effective April 1, 2014) provides that
independent directors shall hold office for a term of up to five consecutive years on the
Board of a company; and shall be eligible for re-appointment on passing a special
resolution by the shareholders of the company.

Sub section (11) states that no independent director shall be eligible for more than
two consecutive terms of five years. Sub section (13) states that the provisions of
retirement by rotation as defined in sub sections (6) and (7) of Section 152 of the Act
shall not apply to such independent directors.

The Company has received Notices in writing from a Member alongwith the deposit ofthe
requisite amount under Section 160 of the Act proposing the candidatures of Mr. Mahesh
Jain, Mr. B.S. Rajpurohit and Mrs. Ragini Gupta for the office of Independent Directors of
the Company.

The Company has received declarations from all 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.

Brief Resume of the Directors, nature of expertise in specific functional areas, names
of companies in which the Directorship is held and the membership of the Committees of the
Board and their shareholdings in the Company are given in the Notice for the ensuing
Annual General Meeting.


6. AUDITOR'S REPORT

The observations made by the auditors in para x of the Annexure to the Auditors' Report
have been appropriately dealt with in the notes forming part of the accounts.

With reference to their statement set out in para xvii of the Annexure to the Auditor's
Report, management is of the opinion that since the Company does not have adequate long
term funds, partly short term funds have been used to finance the losses.


7. AUDIT COMMITTEE

The Audit Committee comprises of Mr. B.S. Rajpurohit (Chairman), Mr. Mahesh Jain and
Mrs. Ragini Gupta, all being Non-Executive Independent Directors. The Audit Committee met
4 times during the year under review.


8. AUDITORS


Mis. Prashant Wakhariya & Co., Chartered Accountants (Firm Registration No.
048877), retire at the conclusion of the ensuing Annual General Meeting. They have been
Auditors of the Company from Financial Year 2008-09 i.e. for a continuous period of 6
years including Financial Year 2013-2014. In terms of the Companies Act, 2013 ("the
new Act") and the Rules framed thereunder, it is proposed to appoint them as
Statutory Auditors of the Company to hold office from the conclusion of the ensuing Annual
General Meeting, until the conclusion of the Fourth consecutive AGM of the Company to be
held in the year 2018 (subject to ratification of their appointment by the Members at
every Annual General Meeting held after the ensuing Annual General Meeting).

As required under the provisions of section 139(1) of the new Act, the Company has
received a written consent from M/s. Prashant Wakhariya & Co., Chartered Accountants
to their being appointed and a Certificate, to the effect that their re-appointment, if
made, would be in accordance with the new Act and the Rules framed thereunder and that
they satisfy the criteria provided in section 141 of the new Act.

The Members are requested to elect Auditors as aforesaid.


9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as required under
Clause 49 (IV)(F) of the Listing Agreement with the Stock Exchanges, is given as a
separate statement in the Annual Report.


10. CORPORATE GOVERNANCE

A separate section on Corporate Governance forms part of the Annual Report. A
certificate regarding compliance of conditions of Corporate Governance as stipulated under
Clause 49 of the Listing Agreement forms part of the Annual Report.


11. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000, your Directors
confirm that;

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

(b) appropriate accounting policies have been selected and applied consistently and
that the Directors have made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the affairs of the Company for the year ended March 31,
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; and

(d) the accounts have been prepared on a going concern basis.


12. PARTICULARS OF EMPLOYEES UNDER SECTION 217{2A)

There are no employees whose particulars are required to be disclosed in terms of the
provisions of Section 217 (2A) of the Companies (Particulars of Employees) Rules 1975, as
amended.


13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGOINGS

Your Company is not engaged in any manufacturing activities, and therefore, there are
no particulars to be disclosed under the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, relating to conservation of energy or
technology absorption. During the year under review, the Company did not earn any foreign
exchange and there was no expenditure in foreign exchange.


14. ACKNOWLEDGEMENTS

Your Directors wish to thank the shareholders for their continued confidence in the
Company.


  

    

    
For and on behalf of the Board of Directors
  
  

    

    
B.S. Rajpurohit
  
  

    
Place: Mumbai
    
Chairman
  
  

    
Date: August 14, 2014
    
(DIN: 00171666)