S P INVESTRADE (INDIA) LIMITED
(Formerly SIYARAM INVESTMENTS LIMITED)

ANNUAL REPORT 2004-2005

DIRECTOR'S REPORT

To 
The Members,
S.P. Investrade (India) Limited

Your  Directors have pleasure in presenting their Twentieth  Annual  Report 
and  Audited Balance Sheet and profit and Loss Account Report for the  year 
ended 31st March, 2005.

FINANCIAL HIGHLIGHTS:                    

                                        Current Year       Previous Year
                                        Rs. In Lacs        Rs. In Lacs

Gross Receipts                               99.38           123.50
Profit before tax                            93.58           116.53 
Provision for Tax                             3.88            (0.13)
Profit after Tax                             89.70           116.66
Provision for Previous year                   0.05              Nil 
Transferred to Reserve                       50.26            11.65
Total retained Profit                        39.39           105.01

DIVIDEND:

Your directors do not propose any Dividend on Equity Shares of the  company 
for the year under review.

DIRECTORS:

Shri  Arvind  Kumar  Poddar retires by rotation and  being  eligible  offer  
herself for  reappointment.  The Board recommends her appointment  at   the  
ensuing Annual General Meeting.

PUBLIC DEPOSIT:

The company has not accepted any Deposits from public during the year under 
report.

PARTICULARS OF EMPLOYEES:

The Information of Employees pursuant to section 217(2A) of the   Companies 
Act, 1956 is Nil.

CONSERVATION OF ENERGY:

The  company  did not have any power consumption during the year.  As  such 
information regarding conservation of energy is not applicable.

TECHNOLOGY ABSORPTION:   

Nil

FOREIGN EXCHANGE EARNINGS AND OUTGO:

Nil

DIRECTORS' RESPONSIBILITY STATEMENT:

The board of Directors hereby declares:

i.  That  in  the  preparation  of  the  annual  accounts,  the  applicable 
accounting  standards  has  been followed  along  with  proper  explanation  
relation to materials departures;

ii.  That the directors has selected such accounting policies  and  applied 
them consistently and made judgements and estimates that are reasonable and 
pursuant   so  as to give a true and fair view of the state of  affairs  of  
the company  at  the  of the financial year and of the profit of  loss   of  
the company that period;

iii.  That  the  Directors has taken proper and  sufficient  care  for  the 
maintenance   of  adequate  accounting  records  in  accordance  with   the 
provisions  of this Act for safeguarding the assets of the company and  for 
preventing and detection fraud and other irregularities; and

iv.  That the directors has prepared the annual accounts on  going  concern 
basis.

COMPLIANCE CERTIFICATE:

A  report  from  M/s.  J.H.  Fatechandka  &  Company,  company  secretaries 
regarding compliance u/s. 383A(1) of the companies Act, 1956 is appended.

AUDITORS:

The   Auditors   of   the   company  M/s.   B.L.   Sarda   &    Associates,  
Chartered  Accountants,  Mumbai retires at the conclusion  of  the  current 
Annual General Meeting and are being eligible for re-appointment.

ACKNOWLEDGEMENT:

The  Directors  record  their appreciation of  the  co-operation  from  the 
Employees and Bankers during the year.

                                             FOR AND ON BEHALF OF THE BOARD

                                        FOR S.P. INVESTRADE (INDIA) LIMITED

                                                            SD/-
PLACE: MUMBAI.
DATED: 28th JUNE, 2005.                                  DIRECTOR