Dear members

The Directors take pleasure in presenting the Annual Report along with the AuditedStatement of Accounts for the year ended 31st March 2014 as under:

FINANCIAL RESULTS:

The summary of financial results for the year is given below:

(Rs. In Lacs)

DIVIDEND

With a view to conserve resources your directors have not recommended any dividend forthe year under review.

REVIEW OF BUSINESS OPERATION

During the year under review your company has registered the turnover of Rs. 3346.50Lacs against the turnover of Rs. 8417.26 Lacs of previous year. The interest expense hasalso impacted the profitability. The Loss before Tax for the current year is Rs. 1861.96Lacs as against the Profit of Rs. 182.61 Lacs of previous year.

CORPORATE GOVERNANCE REPORT

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange Report onCorporate Governance and a certificate from the Statutory Auditors of the Companyconfirming compliance of the same has been included in the Annual Report as a separatesection.

DIRECTORS

During the year the following directors have resigned from the post of Directors.

Mr Tejdeepsingh Harvindersingh Anand liable to retire by rotation at the ensuing AnnualGeneral Meeting and being eligible have been proposed for re- appointment. Brief resumesof the directors being reappointed together with other relevant details form part of theNotice of the ensuing Annual General Meeting. The Board recommends their reappointments.

AUDITORS

M/s. Motwani & Agarwal Chartered Accountants has proposed them to be appointed asStatutory Auditors of the Company. Further a consent letter and certificate from M/s.Motwani & Agarwal Chartered Accountants stating that their appointment if made willbe in accordance with the provisions of Section 139 of the Companies Act 2013. The AuditCommittee in its meeting held on August 8 2014 has also recommended the appointment ofM/s. Motwani & Agarwal as Statutory Auditors of the Company. Your directors alsorecommend their appointment There are certain reservations Qualifications or adverseremarks in the Auditor’s Report for the period ended on 31st March 2014. The Board ofDirectors of the Company would like to Clarify / Explain the same as under :

1. The recovery cases and arbritation matters against the company have been contestedby the company and hence in our opinion the said legal cases and abritation matters wouldnot affect the going concern concept of accounting to the company.

2. In the current financial year the company had applied for Internal Restructuring ofits Loans & Advance with the Union Bank of India. The Debt has been internallyrestructured and the revised terms & conditions have been issued to the company byUBI. The company is also in the process of applying for internal debt restructuring withother banks & financial institutions. The internal restructuring package mightenvisage reduction in interest rates and further also envisage funding of interest forprior period overdue interest hence the defaulted amount shall be crystallized once themajor portion of debt is restructured. Hence in opinion of management of the company thematter shall be resolved and will not affect the going concern concept of accounting tothe company.

3. The Company is in the process of appointing capable qualified whole time companysecretary for handling the corporate law matters of the company. Till that time all thecorporate law matters have been & will be handled by part time company secretary.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of Section 217 of the Companies Act 1956 the Board ofDirectors of the Company hereby state and confirm that: In the preparation of the AnnualAccounts the applicable accounting standards were followed: The Directors had selectedsuch accounting policies and applied them consistently made judgments and estimates thatare reasonable and prudent so as to give a true and fair view of the state of affairs ofthe Company at the end of the financial year and of the profit of the Company for thatperiod; 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 fraud and otherirregularities. The Directors had prepared the annual accounts on a going concern basis.

PARTICULARS OF THE EMPLOYEES

The Company had not paid any remuneration attracting the provisions of section 217(2A)of the Companies Act 1956 read along with the Companies (Particulars of Employees) Rules1975. Hence no information is required to be appended to this report in this regard.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

The Company is doing the utmost for conservation of Energy. As regards TechnologyAbsorption the same is nil. During the year there were no foreign exchange earnings andoutgo.

ACKNOWLEDGMENTS:

Your Directors express their sincere appreciation for the valuable assistance andco-operation extended to the company by its Customers Bankers Financial InstitutionsState and Central Government Authorities Service Providers Contractors and the StakeHolders.

Your Directors also wish to place on record their appreciation of the dedicatedservices and valuable contribution by the employees of the company at all levels.