The Directors present the 21st Annual Report to the members together with the Audited Accounts for the financial year ended 31st March, 2014.

FINANCIAL RESULTS

                                          Year ended        Year ended
                                    31st March, 2014  31st March, 2013
                                         Rs. in lacs       Rs. in lacs

Total Revenue                                      6               6.5

Less: Depreciation and Amortization 
Expenses                                        5.24              5.62

Profit/(Loss) before Tax for the 
year from continuing operations               (7.85)           (11.47)

Less: Current Tax Expenses                       -                 -

Profit/(Loss) for the year after 
tax from continuing operations                (7.85)           (11.47)

Your Company did not consider it prudent to recommend any dividend for the year under review.

REVIEW OF OPERATIONS

Your Company has decided to change its business model from manufacturing to trading which is yet to be finalized.

DIRECTORS

In terms of Article 142/143 of the Articles of Association of the Company, Mr. Shouvik Kundu (DIN No. 00277862) shall retire by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for re-appointment.

The Company has received declaration from both independent Directors of the Company confirming that they meet with the criteria of Independence as prescribe both under sub-section (6) of Section 149 of the Companies Act, 2013 and under the Clause 49 of Listing Agreement with Stock Exchanges.

Pursuant to Section 149 of the Companies Act, 2013, Company has received requisite notice in writing from members proposing Mr. Ramesh Kumar Jhawar and Mr. Santanu Chattopadhyay for appointment as Independent Directors.

Brief particulars and expertise of these Directors have been given in the Notice of the Meeting.

DIRECTORS' RESPONSIBILITY STATEMENT

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

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed with no material departures;

(ii) the Directors have selected such accounting policies and applied them consistently and made judgments 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 and of the profit or loss of the Company for that period;

(iii) 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;

(iv) the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement, a Report on Corporate Governance together with the Auditors' Compliance Certificate and Management Discussions and Analysis Report is annexed to this Annual Report.

AUDITORS

M/s Rohit Shukla & Associates, Chartered Accountants (Registration No. 315178E) have expressed their willingness to be appointed as Statutory Auditors of the Company and the Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 139 of the Companies Act, 2013. Accordingly, their appointment is recommended by the Board of Directors on the recommendation of Audit Committee.

AUDITORS' OBSERVATIONS

As regards Auditor's observation that the Company accumulated loss has exceeded 50% of the net worth and whether the Company will be able to continues as a going concern . Your Directors would like to state that our Company is looking for a new trading module of business. The Directors are hopeful of carrying business in near future.

PARTICULARS OF EMPLOYEES

None of the employees of the Company received remuneration requiring any disclosure to be made under Section 217(2A) of the Companies Act, 1956 read with The Companies (Particulars of Employees) Rules, 1975 as amended, hence particulars are not annexed.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS & OUTGO

The Company has not undertaken any manufacturing activity during the year.

Foreign Exchange Earnings & Outgo - NIL CHANGES IN COMPANY LAW

The Companies Act, 2013 ( 'the Act') has been passed replacing the age old Companies Act, 1956 and a large portion of the Act has already become effective.Several Rules under various Sections of the Act have also been notified. Your Company is taking necessary steps to comply with the requirements of the new Act. The Company has already formed, reconstituted and renamed various Committees in terms of the requirements of the Act Steps are in hand to implement various other provisions of the Act to ensure compliance at the appropriate time.

ACKNOWLEDGEMENT

Your Directors acknowledge the co-operation and support received from its Shareholders, the Company's Bankers during the year.

                                         For and on behalf of the Board

                                                 Shouvik Kundu
                                                   DIRECTOR

                                              Ramesh Kumar Jhawar
                                                   DIRECTOR

                                             Hemant Premji Thacker
                                              EXECUTIVE DIRECTOR

Place: Kolkata                               Santanu Chattopadhyay
Date: 28th May, 2014                                DIRECTOR