Dear Members,

Your Directors are pleased to present their Report together with Audited Statement ofAccounts on working of the Company for the year ended 31^st March, 2012.

1. FINANCIAL RESULT

Your company has earned Profit of Rs. 1,40,234/- (Previous Year -Profit Rs. 1,27,750/-)for the year ended 31^st March, 2012.

2. DIVIDEND :

The board of director has recommended a dividend of Rs 0.50 per Equity Share for thefinancial year ended 31^st March 2012.

3. EMPLOYEES :

The requirements of reporting on the Disclosures of particulars as per the Companies(Disclosure of particulars in the report of the Board of Directors), Rules, 1988 are notapplicable to the company.

4. AUDITORS :

M/S. Ramesh M. Sheth Associates, Chartered Accountants retire at the forthcoming AnnualGeneral Meeting and LAHOTI NAVNEET & CO, Chartered Accountants, Mumbai as the Auditorsof the Company to hold the office till the conclusion of next AGM at the Annual GeneralMeeting. The necessary certificate regarding eligibility under section 224 (IB) of theCompanies Act, 1956 has also been received by the Company.

5. BOARD OF DIRECTORS:

The directors retire by rotation and being eligible, offers himself for re-appointment.

In Pursuance of Section 217(2AA) of the Companies Act, 1956, (the Directors state, asan averment of their responsibility that:

i) The Company has in the preparation of Annual Accounts, followed the applicableAccounting Standards along with proper explanations relating to material departures, ifany;

ii) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year ended 31^stMarch 2012.

iii) The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956, forsafeguarding the assets of the company and for preventing and detecting and otherirregularities; and

iv) The Directors had prepared the Annual Accounts on a 'going concern' basis.

7. ACKNOWLEDGEMENTS :-

Yours Directors express their grateful appreciation for the co-opereation received fromBank and shareholders of the company during the year under review.