Annual Report

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=90 BGCOLOR="#FF6633" TEXT="#080000"> <div> <FONT SIZE="5" COLOR="#000000" FACE="Arial" ><B>MORGAN VENTURES LIMITED</B></FONT><B>    </B><B> |    </B><A HREF="index.htm" TARGET="_top" TITLE="MORGAN VENTURES LIMITED"><B> HOME</B></A></div> <div> <A HREF="id17.htm" TARGET="_top" TITLE="Board of Directors">Board of Directors</A>   |   <A HREF="id39.htm" TARGET="_top" TITLE="Shareholding Pattern">Shareholding Pattern</A>   |   <A HREF="id19.htm" TARGET="_top" TITLE="Financial Results">Financial Results</A>   |   <B>Annual Report</B>   |   <A HREF="id20.htm" TARGET="_top" TITLE="Contact Us">Contact Us</A>   |   <A HREF="id71.htm" TARGET="_top" TITLE="Aurangabad Jalna Forging Factory Existin">Aurangabad Jalna Forging Factory Existing Product Range</A>   |   <A HREF="id72.htm" TARGET="_top" TITLE="Building and Plant and Machinery">Building and Plant and Machinery</A>   |   <A HREF="id79.htm" TARGET="_top" TITLE=" "> </A>   |   <A HREF="id78.htm" TARGET="_top" TITLE="Aurangabad /Jalna Photograph Of Processe">Aurangabad /Jalna Photograph Of Processes</A>   |   <A HREF="id73.htm" TARGET="_top" TITLE="Jalna Details Of Land , Building Plant A">Jalna Details Of Land , Building Plant And Machinery</A></div> <div> </div> </td> </tr><tr> <td valign="top" width=210 BGCOLOR="#FFCC66" TEXT="#080000" background="044d2123.jpg"> <bR> </td> <td valign="top" height=390 width="100%" BGCOLOR="#FFFFCC" TEXT="#080000"> <div> <I>Annual Report</I></div> <div> <I><B>2003-2004                <a href="HTMLobj-89/an-rpt2004.pdf"><u>an-rpt2004.pdf</u> </a>  </B></I></div> <bR> <div> <I><B>2002-2003             </B></I><A HREF="file://E:\Website Morgan\morgan site 2.02.07\ANNUAL REPORT - MVL-2006.pdf" TARGET="_top" TITLE="file://E:\Website Morgan\morgan site 2.0"><I><B>file://E:\Website Morgan\morgan site 2.02.07\ANNUAL REPORT - MVL-2006.pdf</B></I></A><I><B>  </B></I></div> <bR> <div> <I><B>2001-2002</B></I></div> <bR> <div> <I><B>2000-2001</B></I></div> <bR> </td> </tr></table></body>