The Members
 
 Accurate Transformers Limited
 
 The Director have pleasure in presenting their TWENTY THIRD ANNUAL
 REPORT on the statement of Accounts of your Company for the financial
 year ended on 31st March''2011.
 
                                               (2010-2011) (2009-2010)
 
 Sales & Other Income                           22,102.09   19,124.85
 
 Profit before interest, Depreciation & Tax      2,651.84    2,255.69
 
 Less: Financial Charges                         1,730.56    1,332.50
 
 Depreciation                                       93.75      111.58
 
 Profit before Tax                                 827.53      811.61
 
 Less Provision for Tax       (Current)            221.50      205.00
 
                             (Deferred)              8.97      (15.07)
 
                        (Previous Year)               -          0.52
 
                  (Fringe Benefits Tax)               -           -
 
 Profit after Tax                                  597.05      621.16
 
 Add Balance brought forward                     4,065.34    3,444.18
 
 Profit available for appropriation              4,623.89    4:065.34
 
 Appropriations
 
 1. General Reserve                                   -           -
 
 2. Surplus carried to Balance Sheet             4,623.89    4,065.34
 
                                                 4,623.89    4,065.34
 
 
 Operation
 
 During the year under consideration, your company achieved a turnover
 of Rs. 22,102.09 lakhs as against Rs. 19,124.85 lakhs for the previous
 year. The net Profit after tax at Rs.  597.05 lakhs which is slightly
 lower as compared to the Previous year of Rs. 621.16 lakhs. Your
 company accordingly has registered an increase of Rs. 2977.24 lakhs in
 turnover and a slight decrease of Rs. 24.11 lakhs in net profit during
 the Financial Year 2010-11.
 
 The major customer of Company''s product are State Electricity Boards /
 Govt. Sectors.  With the growth in industrial sector and power
 equipment sector and with a view to diversify its marketing strategy
 the company is making efforts to enlarge its customer base of private
 Sector enterprises.
 
 At present, the Company is manufacturing Power Transformers up to 40 MVA
 capacity.  There is tremendous scope of growth and better profitability
 in higher capacity Power Transformers. Keeping the same in mind, your
 company has planned for manufacture of Transformers of 160 MVA capacity
 in near future.
 
 Dividend
 
 With a view to conserve the resources of the Company, the Directors
 regret their inability to declare dividend for the year ended on
 31.03.2011. The accumulated profit is being carried forward in the
 Profit & Loss Account.
 
 Future Growth Prospects
 
 India''s power market is the fifth largest in the World. Total installed
 capacity for Power Generation in the Country as on 30-06-2011 is
 1,76,990 MW. The power sector is high on Govt. of India''s priority as it
 offers tremendous potential for Power Equipment suppliers Companies
 based on the sheer size of the market and the returns available on
 invested capital.
 
 In the past five years, there has been a much greater emphasis on Power
 Sector reforms including transmission and distribution reforms. The
 government aims to provide power to all by 2012.To achieve that
 promise, it will have to add as much as 78,577 MW of generation
 capacity, cut transmission and distribution losses substantially,
 rationalize tariffs and ensure that average revenue realization is
 greater than the cost of production, it will have to continue to push
 the process of reform and restructuring and ensure greater private
 participation, in every segment.
 
 The objective of Govt. Power to all by 2012  has added impetus to
 growth of power equipment manufactures. Govt. has planned an ambitious
 target of additional target of additional power generation capacity of
 78,577 MW in 11th five year plan leading to very bright future for all
 power equipment manufactures. As our Company is dominant supplier to
 almost all State Electricity boards of the country thus see a bright
 future ahead.
 
 Directors
 
 Dr. Om Prakash Sharma, Director has resigned from the directorship
 w.e.f. 3rd September, 2010. The Board of Directors places on records
 the appreciation of services rendered by Dr. Om Prakash Sharma during
 his tenure.
 
 Sh. Subhash Chander Sharma was appointed as an independent Director
 w.e.f. 3rd September 2010.
 
 Shri K.L. Chauhan, Director expired on 16-01-2011. The Board
 appreciates the untiring efforts done by Shri K.L.Chauhan for the
 growth of the company during his long eleven years of association with
 the Company.
 
 Directors Responsibility Statement
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 i. That in the preparation of the accounts for the financial year ended
 31st March, 2011, the applicable accounting standards have been
 followed along with proper explanation relating to material departures;
 
 ii. That the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 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 the year under review;
 
 iii. That 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. That the Directors have prepared the accounts for the financial
 year ended 31st March, 2011 on a going concern basis.
 
 Auditors and Their Report
 
 M/s S. Lai & Company, Chartered Accountants, the Statutory Auditors of
 the Company will retire at the end of the ensuing Annual General
 Meeting and being eligible offer themselves for re-appointment.
 
 The report of the Auditors on the accounts of your Company for the
 period under report is appended elsewhere with this report. The
 observations made by them in their report, however, are
 self-explanatory and do not call for any further comments under Section
 217 of the Companies Act, 1956.
 
 Fixed Deposits
 
 Your Company has not accepted any deposit during the year under review.
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo The requisite information in regard to conservation
 of energy, technology absorption, foreign exchange earnings and outgo
 in terms of Section 217(1) (e) of Companies Act, 1956 read with
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 is set out in Annexure Annexed hereto which
 forms part of this report.
 
 Particulars of Employees
 
 Information in accordance with the provisions of section 217 (2A) of
 the Companies Act, 1956 read with Companies (particulars of Employees)
 rules, 1975 as amended regarding employees given below:
 
 S. Name       Designation &        Remune-     Qualifi-
 no.           nature of duties     ration      cation
                                    Gross
                                    Rs.
 
 1  Sh.C.L.    Managing Director    30,00,000   M.Sc.
 Sharma        Overall Superin-
               tendence and
               control of affairs
               of the Company
 
 
 
 Name       Date of           Total         Age in   Last
            commence-         Experience    Years    Employ-
            ment of          (Years)                 ment
            employment
 
 
 Sh.C.L.    18.04.1988        32            57       Enter-
 Sharma                                              prenure
 
 
 Compliance of the Listing Agreements
 
 During the year under review the Company has made compliances with the
 Listing Agreement with the Stock Exchanges. The Cash flow statement is
 annexed with the report and detail of Stock Exchanges where the shares
 of the company are listed is given in Annexure B.
 
 Industrial Relations
 
 Industrial relations between employees and Management have remained
 very cordial during the period under report.
 
 Acknowledgement
 
 Your Directors wish to place on record their appreciation for dedicated
 efforts and contributions made by all the employees of the company
 during the year. Your Directors would also like to express their
 sincere gratitude for the valuable assistance, advice and support
 extended by the Government of India, state Governments, Financial
 Institutions and Stock Exchanges. The Directors would also like to
 thank the share holders, customers, suppliers and banks for the support
 they have given to the company and the confidence they have reposed in
 the Management.
 
                                   On behalf of the Board of Directors
 
 Place: Delhi                                             C. L. Sharma
 
 Dated :5th September, 2011               Chairman & Managing Director