The Directors have pleasure in presenting the 41th Annual Report of the Company together with the audited statement of accounts of the Company for the year ended 31st March 2014.

FINANCIAL RESULTS:

                                          31/03/2014        31/03/2013

Other income                               43,46,980         38,84,469

Total revenue                              43,46,980         38,84,469

Add - Finance Cost                              2,411         1,17,571

Profit (Loss) before extraordinary (1,42,32,621) (21,80,945) items and tax

Extraordinary items                       7,29,75,319      3,11,69,140

(Loss )before tax                        (8,72,07,940)    (3,33,50,085)

Tax Expenses :- Deferred Tax                   10,644             --- 

(Loss) for the year                     (8,71,218,584)    (3,33,50,085)

In view of the loss for the year, the Directors regret their inability to recommend any dividend to the shareholders for the year. Fixed Deposits:

The Company has not invited or accepted any fixed deposit from the public pursuant to section 58A and 58 AA of the Companies Act, 1956 during the year under review.

Directors:

In accordance with the provisions of Sections 255/256 of the Companies Act, 1956 Mr. Kishore Rasiklal Dalal (DIN: 00020913) and Ms. Mamta Aditya Mangaldas (DIN: 00021078), Directors retire at the ensuing annual general meeting, they are eligible for re-appointment. The shareholders may consider their re-appointment.

Compliance Certificate:

A Compliance Certificate as required under the proviso to sub-section (1) of section 383A of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules, 2001 is attached to this report.

Other Information:

Information in accordance with provisions of Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988:

a) Conservation of Energy and Technology absorption: The operations of your Company are not energy-intensive. Adequate measures, however, been taken to reduce energy consumption by using energy efficient computer terminals and by the purchase of energy efficient equipment with latest technology. The Company constantly evaluates new technologies and makes use of the same to make the infrastructure more energy-efficient. The research and development of new services, designs, processes, and methodologies are of prime concern to the Company, but the cost incurred is not material.

b) Foreign Exchange: There was no earning in foreign exchange and the foreign exchange out go was of Rs. 2,41,947/- during the financial year.

c) Particulars of Employees:

There was no employee who was in receipt of remuneration over & above the limits prescribed under section 217(2AA) of the Companies Act, 1956 as such no statement is furnished under the said section.

Directors' Responsibility Statement as per Section 217 (2AA) of the Companies Act, 1956

a) The Directors state that the financial statements for the year ended are in full conformity with the requirements of the Generally Accepted Accounting Principles (GAAP) and the accounting standards issued by the Institute of Chartered Accountants of India till date.

b) The Directors accept the responsibility for the integrity and objectivity of these financial statements as reflected through the consistent applicability of the accounting policies as well as for the estimates made and the judgment exercised relating to matters not concluded to by the year-end. The Director believe that the financial statements reflect fairly the form and substance of the transactions concluded and reasonably present the Company's financial condition and true and fair view of the results of the operations for the year and the state of affairs of the business as at the end of the financial year.

c) The Company has installed a computerized accounting system for maintenance of adequate accounting records. The periodic internal checks and controls are observed to provide reasonable assurance that the established policies and the procedures of the Company have been followed for safeguarding the assets of the Company and for preventing any form of fraud and other irregularities thereto and subject to the inherent limitations in any system, procedure and coverage thereof the same should be recognized as proper and sufficient in weighing the assurance provided by any system of internal controls.

d) The accounts have been prepared on going concern basis.

Auditors:

M/s Vasani & Thakkar, Chartered Accountants, Mumbai statutory auditors retire at the ensuing annual and they being eligible for re-appointment, have accorded their consent to act as auditors, if re-appointed by the shareholders.

Appreciation:

The Directors take the opportunity to express their gratitude for the support and cooperation your company has received from the various departments of Central and State Government, Bankers, Customers, Suppliers and Contractors of the company during the year under review. In concluding this report, the Board acknowledges their deep sense of gratitude to the shareholders for the confidence they have reposed in the Directors.

                                   On behalf of the Board of Directors

                                        Sd/                   Sd/-

                                    SUNIL DALAL          V H SHANBHAG 
                                      Director             Director