The Directors present herewith the 26th Annual Report of your Company together with the Audited Accounts for the year ended 31st March 2014.

Management Discussion and Analysis:

The financial highlights for the year under review are as follows:

                                                      (Rupees in lacs)
                                            Year Ended      Year Ended 
         Particulars                        31st March      31st March
                                               2014            2013

Profit / Loss before Int.,
Depreciation and Tax                          (43.60)        (42.93)

Less: : Depreciation                            0.23           0.30

Profit / Loss before Tax                      (43.37)        (42.63)

Add : Provision for
Non Performing assets                           NIL            Nil

Less : Fringe Benefit Tax                       NIL            Nil

Profit / Loss after Int.,
Depreciation and Tax                          (43.37)        (42.63)

Balance in Profit & Loss
Account b/f (Loss)                            (29755.65)     (29713.02)

Balance in Profit & Loss
Account c/f (Loss)                            (29799.02)     (29755.65)

On account of accumulated loss, your Directors are not in a position to recommend any Dividend.

DIRECTORS

Mr. JS Narayana , who retires by rotation and being eligible offers himself for re-election. A brief resume of the director retiring by rotation at the ensuing AGM, nature of his expertise in specific functional areas and the name of companies in which he holds directorship and/or membership /chairmanship of committees of the board as stipulated under clause 49 of the listing agreement ,is given in the section on Corporate governance elsewhere in the Annual report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm that :

1. In the preparation of the annual accounts, the applicable accounting standards have been followed;

2. Appropriate accounting policies have been selected and applied consistently and have made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2014 and of the Profit/Loss of the Company for the year ended 31st March 2014.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. The annual accounts have been prepared for the year ended 31st March 2014 on a going concern basis.

CORPORATE GOVERNANCE

A separate Report on Corporate Governance is produced as a part of this Annual Report along with the Auditors Statement on its compliance.

DEPOSITORIES

As the Members are aware, your Company's shares tradable compulsorily in electronic form and your Company has established connectivity with both the Depositories i.e. National Securities Depository Limited and Central Depository Services(India) Limited.

In view of the numerous advantages offered by the Depository system, Members are requested to avail of the facility of dematerialisation of the Company's shares on either of the Depositories aforesaid.

At present over 64.90% of the paid-up equity capital of the Company is held in dematerialised form.

FIXED DEPOSITS

Your Company has no outstanding Deposits as all Unclaimed Deposits in the Company have been transferred to Government A/c as per Companies Act 1956.The Company ,during the year under review, has not accepted any deposits from public.

AUDITORS

The Company's Auditors M/s Brahmayya & Co, Chartered Accountants, Chennai will retire at the ensuing Annual General meeting and being eligible have offered themselves for re-appointment and the requisite certificate u/s 224 (1) (b) of the Companies Act, 1956 has been obtained from them for this purpose.

AUDITORS' REPORT

As regards observations of the Auditors under the head "Opinion" in the Independent Auditors' Report, attention of the members is invited to Note no. 19. to the Annual accounts, which is self explanatory.

PARTICULARS OF PERSONNEL

The particulars of employees as required u/s 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975 is not applicable to the Company as there were no employees drawing remuneration in excess of the limits specified under the said rules.

Conservation of Energy, Technology, Absorption and Foreign Exchange

Your Company has no activity relating to these areas during the period under review.

ACKNOWLEDGEMENTS

The Directors wish to express their gratitude to the Shareholders , Bankers and employees for their support.

                   For and on behalf the Board

Jayanty Ramakrishna Sarma                             K Elangovan
Director                                               Director

                            JS Narayana
                             Director