Financial Results

                     Year ended 31st March    Year ended 31st March 
                             2007                   2006 
                         (Rs. In Lac)           (Rs. In Lac)

Gross Income                 4.01                  5.55
Profit before Taxes         -0.36                 -3.51
Provision for Taxes          0                     0
Profit after Tax            -0.36                 -3.5I

Your company believes that employees, play a strong role in growth. By providing challenging projects and client experiences coupled with a rewarding work environment, your company helps attract and retain the best talent.

FOREIGN EXCHANGE EARNINGS AND OUTGO - NIL

PARTICULARS OF EMPLOYEES:

There is no employee whose particulars are required to be covered under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

CORPORATE GOVERNANCE:

A report on the Corporate Governance Code as per Kumar Manglam Birla Committee Report along with a Certificate from Statutory Auditors of the Company regarding compliance of the conditions of Corporate Governance as stipulated under clause 49 of the Listing Agreement is given in Annexure forming part of this report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956 the Directors Responsibility Statement is as under:-

1. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

2. That the directors had selected such accounting policies and applied them consistently and made judgment 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 financial year and of the profit and loss of the company for that period.

3. That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4. That the directors had prepared the annual accounts on a going concern basis.

PARTICULARS REGARDING ENERGY CONSERVATION

The particulars as described under Section 217(l)(e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988, are not applicable to the company.

FIXED DEPOSITS

The company has not accepted any fixed deposits during the year therefore the provisions of Section 58A of the Companies Act, 1956 are not applicable to the Company.

AUDITORS

M/s Gupta & Agarwal Chartered Accountants, Kolkata who retire by rotation at the forthcoming Annual General Meeting have offered themselves for reappointment as the Auditors of the Company.

STOCK EXCHANGES

The shares of your company are listed on Delhi Stock Exchange, Mumbai. Stock Exchange and Calcutta Stock Exchange.

ACKNOWLEDGEMENT

The directors thank the clients, Companys bankers for their continued support to the company. Your directors wish to place on record their appreciation for the dedicated and sincere services rendered by the staff and officers of the company without the steady growth of the company would have not been possible.

The Directors thank you for your support and cooperation to the company.

                                 By order of the Board of Directors

                                               Sd/-

                                            Director