The Shareholders,
 
 The Directors have pleasure in presenting their 39th Annual Report
 together with Audited Accounts for the vear ended on 31st March 2011.
 
 1.  FINANCIAL RESULTS :
 
                                                 2010-2011     2009-2010
                                               (Rs. in Lacs)(Rs. in Lacs)
 
 Profit / (Loss) before depreciation 
 and taxation                                      2475.62       (25.34)
 Less:
 
 Provision for Depreciation                          16.26        13.47
 
 Provision for taxation                             470.00          -
 
 Wealth Tax Paid                                      1.09         1.19
 
 Deterred tax Liability                               5.78         1.86
 
 Investment Return Off                                5.79          -
 
 Excess Provision Premium On Duty Entitlement         1.19          -
 
 Short Provision of Income Tax of earlieryears      118.24          -
 
 TDSW/oit                                             1.27          -
 
 Add: Excess Provision for FBT                         -           0.03
 
 Profit/(Loss) after tax                           1856.00       (41.83)
 
 Profit/(Loss) brought forward from last year      (271.01)     (229.18)
 
 Total:                                            1584.99      (271.01)
 
 APPROPRIATIONS:
 
 Proposed Dividend                                   40.92          --
 
 Tax on Dividend                                      6.64          --
 
 Transfer to General Reserve                         73.05          --
 Balance carried to Balance Sheet                  1464.38      (271.01)
 
 
 2.  OPERATIONS:
 
 The turnover of the company during the year was Rs 395.24 Lacs in
 comparison of Rs 347.45 Lacs in the previous year.
 
 The Company continues the trading of Mild Steel Window section and
 Angles. Major trading activities are relating to export in overseas
 market. The management is hopeful to enhance the trading activities in
 coming years.
 
 The Company has entered into partnership with Aavkar group who are
 engaged in land development. The partnership has already acquired land
 and has commenced development of the said property. It is hopeful to
 complete the said project by the end of 2012.
 
 The Company has promoted Light Works LLC in Mongolia for carrying on
 mining activities and has invested Rs.4.56 Crore in the said company
 upto the end of this year.
 
 The Company has also entered into Partnership with Endor Properties LLP
 & Tesla Properties LLP in the current year.  The said firms are engaged
 in Real Estate activities.
 
 The management foresee enhancement in the turnover and profit on full
 operation of the activities.
 
 The Company has also invested additional Rs 2 Crore in the capital of
 Partnership firm Aavkar Group upto the end of this financial year.
 
 3.  DIVIDEND:
 
 The Board recommend 10% dividend on equity shares i.e. Re 1/- per share
 for the financial year ended 31 -03-2011.
 
 4.  DEPOSITORY SYSTEMS:
 
 Your Company has entered into an agreement with the National Securities
 Depository Limited (NSDL) and the Central Depository Services (India)
 Limited (CDSL). This enables you to hold your shares in a
 dematerialized form with either of these depositories.
 
 Since this mode facilitates quick transfers and prevents forgery, those
 shareholders who have not opted for these facilities are advised to
 dematerialize their shares in their own interest.
 
 Your Company has also made arrangements for simultaneous
 dematerialization of the physical shares lodged for transfer The
 Company has appointed Link In Time India Private Limited as R & T agent
 in the FY 2010-11.
 
 Henceforth all the communication relating to Demat of shares/Transfer
 of shares/ Change of address etc be send to. Number of Shares demated
 25,51,397 being 62.35% of paid of Capital.
 
 Link In-Time India Private Limited
 
 211, Sudarshan Complex, Near Mithakhali Under Bridge,
 
 Mithakhali,Navrangpura,Ahmedabad-380009
 
 5.  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. This is
 subject to Accounting Standard 13 in which case the current investments
 have been valued at cost.
 
 (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 31 st March, 2011 on a
 
 6.  INSURANCE:
 
 All the assets of the Company have been adequately insured.
 
 7.  DIRECTORS:
 
 As per the provisions of Articles of Association Sarva Shri Anand V
 Shah, Shri Darshan A. Jhaveri and Shri Kanishka H. Kaji retire from the
 Board by rotation and being eligible offer themselves for
 reappointment.
 
 Shri Rajiv D. Gandhi, due to his preoccupation, has resigned from the
 Board w.e.f. 14th April 2011 The Board appreciates the services and
 guidance given by him during his tenure as Director.
 
 8.  AUDITOR''S REPORT:
 
 The remarks made by the Auditors in their Report have been suitably
 dealt with in the schedules and notes and therefore do not call for any
 further clarification.
 
 9.  APPOINTMENT OF AUDITORS:
 
 M/S.DHIREN SHAH AND CO. Chartered Accountants retire as Auditors of the
 Company at the conclusion of the ensuing Annual General Meeting and
 being eligible offer themselves for re- appointment.
 
 10.  PARTICULARS OF EMPLOYEES :
 
 There were no employees drawing remuneration of Rs.24,00,000/- or more
 per annum employed throughout the year or Rs.2,00,000/- or more, per
 month employed for a part of the year
 
 11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 The information pursuant to Section 217(1) (e)of the Companies Act,
 1956 read with Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988 is given in the Annexure-1 forming part
 of this report.
 
 12.  LISTING AGREEMENT:
 
 Your Company is committed to good corporate governance practices. Under
 Clause 49 of the listing agreement. Your directors are pleased to
 inform that your Company has implemented all the major stipulations
 prescribed under clause 49 of the listing agreement with the Stock
 Exchange A certificate from the Statutory Auditors of the Company in
 line with clause 49 is annexed to and forms part of the Director''s
 Report.
 
 13.  COMPLIANCE CERTIFICATE:
 
 Pursuant to proviso to section 383 A of the Companies Act, 1956,
 Compliace Certificate for the Financial Year 2010-11 from M/s.
 D.N.Motwani & Co., Company Secretary is attached to this report.
 
 14.  APPRECIATIONS:
 
 Your directors place on record their sincere appreciation for the
 valuable and dedicated services rendered by the employees of the
 Company. They also place on record the fullest co-operation extended by
 the bankers of the Company.
 
                                        For and On Behalf of the Board 
 Place : Ahmedabad                   ANAND V . SHAH & DARSHAN A. JHAVERI
 Date  : 23-07-2011                        MANAGING DIRECTORS