The Directors are pleased to place before you the Thirtieth Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2014.

1. OPERATIONS & FINANCIAL RESULTS

                                             Year ended     Year ended
                                             31-03-2014     31-03-2013
                                                 Rupees         Rupees

Depreciation                                 (1,34,520)     (1,68,197)

Less: Depreciation provided   
      for the year                                    -              -

Profit/(Loss) before Tax                     (1,34,520)     (1,68,197)

Less: Provision for Tax                               -              -

Profit/(Loss) after Tax                      (1,34,520)     (1,68,197)

Amount carried to balance sheet (2,49,57,053) (2,48,22,533)

2. DIVIDEND

In view of the accumulated losses, your Directors regret their inability to recommend any dividend for the year.

3. OPERATION & PROSPECTS

In view of the accumulated losses, the company is not in a position to carry out any Business activity.

4. FIXED DEPOSITS

The Company does not hold any Fixed Deposits from the public as on 31st March, 2014.

5. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Company's Articles of Association Mr. H. D. Shah, Director retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment.

6. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors confirm:

1) that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

2) 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 ended 31st March, 2014 and of the loss of the Company for that year;

3) 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;

4) that the Directors have prepared the annual accounts on a going concern basis.

7. AUDITORS

M/s. A.B. Modi & Associates, Chartered Accountants, Auditors of your Company, retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

8. PARTICULARS OF EMPLOYEES

There were no employees drawing salary as prescribed under Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended.

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

Information in accordance with Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is not given, as it is not applicable to the Company.

10. ACKNOWLEDGMENT

Your Directors take this opportunity to express their warm appreciation of the dedicated services rendered by the personnel of the Company. The Directors also place on record their sincere thanks for the co-operation and support extended to your Company by the Bankers and Shareholders.

                                     By Order of the Board of Directors

                                                              H D. SHAH
                                                               Director