The Directors have pleasure in presenting their Twenty Ninth Annual Report and the Audited Annual Accounts for the financial year ended 31st March, 2014.

Financial Results:

The Company's financial performance, for the year ended 31st March, 2014 is summarized below:

                               Financial Year       Financial Year
                                 2013-2014            2012-2013
                               Amount in Rs.        Amount in Rs.
                                 (Inlakhs)            (In lakhs)

Gross Receipts                         26.31              210.70

Less: Depreciation                        -                 0.11

Profit before tax                      24.59              208.87

Provision for Current taxation          4.69               42.46

Net Profit for the Year                19.85              166.41

Your directors do not recommend any dividend for the year under report.

Director:

Shri Lalit Shroff (DIN: 00339894) retires by rotation and being eligible offers himself for re-appointment at the ensuing Annual General Meeting.

After the close of the year under review, Shri Mukesh Shah (DIN: 00014741) and Ms. Forum Shah (DIN: 06883730), who were appointed as Additional Directors, holds office upto the date of ensuing Annual General Meeting. The Company has received requisite notice in writing from members proposing Shri Mukesh Shah for appointment as an Independent Director and Ms. Forum Shah, as Independent Director.

Further, after the close of the year under review, Shri K Varadarajan and Shri Kaushik Ved, resigned from the Board of Directors of the Company. The Board of Directors place on record its appreciation for the valuable services rendered by them during the tenure of their office.

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.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of Directors of your Company confirm:

(i) that in the preparation of the accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) that your Directors have selected such accounting policies and applied them consistently and made judgements and estimates that were 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 of the Company for the year under review;

(iii) that your 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 you Directors have prepared the accounts for the financial year ended 31st March, 2014 on a 'going concern' basis.

Certificate under Companies (Compliance Certificate) Rules, 2001:

Pursuant to the requirement under Section 383A of the Companies Act, 1956, the Company has obtained a Compliance Certificate from a Company Secretary in whole-time practice. Copy of the said certificate is attached to this report.

Deposits:

The Company has not accepted any Public Deposits, during the year under review.

Auditors:

The Auditors of the Company, M/s A. T. Jain & Co., Chartered Accountants, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Board recommends their re-appointment as Auditors of the Company.

The Company has received a letter from them to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141 (3)(g) of the Companies Act, 2013 and that they are not disqualified for such re-appointment.

Particulars of Employees:

The Company has not paid any remuneration in terms of the provisions of section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence, no information is required to be appended to this report in this regard.

Particulars required to be disclosed by the Company under Section 217 (1) (e) of the Companies Act, 1956 read with the "Companies (Disclosures of particulars in the Report of Board of Directors) Rules 1988":

A] Conservation of Energy & Technology Absorption

The Particulars relating to conservation of energy and technology absorption are 'nil' in your Company.

B] Foreign Exchange Earnings and Outgo

There were no foreign exchange earnings or outgo during the year under review.

Acknowledgement:

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Government, banks, other business constituents and members during the year under review.

                          For and on behalf of the Board of Directors

                         
Place: Mumbai                  M H Shah                  F S Shah
Dated:02.09.2014             DIN: 00014741             DIN.06883730
                                Director                  Director