The Directors present the 23rd Annual Report along with Audited
 Statement of Accounts for the year ended March 31, 2012.
 
 Financial results at a glance:
 
                                                           Rs. in lacs
 
                                     31st March, 2012  31st March, 2011
 
 Sales & Other Income                     14295.22          11818.31
 
 Profit Before Tax                          269.94            568.98
 
 Profit After Tax                           222.96            401.76
 
 Balance Brought Forward                    871.16            559.87
 
                                          15659.28          13348.92
 
 Appropriations:
 
 Dividend.                                   26.97             64.73
 
 Dividend Tax                                 4.37             10.75
 
 General Reserve                             15.00             15.00
 
 Balance Carried Forward                   1047.77            871.16
 
                                           1094.11            961.64
 
 Earning Per Share                            4.13              7.45
 
 Operations
 
 The financial year under review began a positive note. However, the
 economy started witnessing a rise in inflationary trend during the
 second half of the year which together with tightening of the monetary
 policy resulted in slowdown in the overall scenario.
 
 The Company achieved total turnover of Rs. 14295.22 lacs against Rs.
 11818.31 lacs in the previous year registering a growth of 20.95 %. The
 net profit after tax was Rs.222.96 lacs against Rs. 401.76 lacs in the
 previous year registering a decline of 44.51 %. The tightening of
 monetary policy rise in finance cost and increase in the input cost had
 affected the performance of the company.
 
 Dividend
 
 Your Directors recommended a dividend of 5 % (i.e. Re. 0.50 per share)
 on 53,94,005 equity shares of Rs.10 each for 2011- 12. The previous
 year dividend paid was 12 % ( i.e. Re. 1.20 per share).
 
 Management discussion and analysis
 
 As required under Clause 49 of the Listing Agreement with stock
 exchange, a management discussion and analysis report, inter- alia,
 deals adequately with operations and the current and future outlook of
 the Company is annexed and forms a part of the Directors'' Report.
 
 Auditors
 
 The Auditor of the company M/s A.K.Bagadia & Co., Chartered
 Accountants, retire at this Annual General Meeting and are eligible for
 reappointment. The Audit Committee and your Board recommend their
 reappointment.
 
 Directors
 
 Shri P. M. Nijampurkar and Shri Atul Desai retire by rotation and offer
 themselves for re- appointment, which your Directors consider to be in
 the best interests of the Company and recommend their appointment.
 
 Directors'' responsibility statement
 
 Pursuant to the requirements of Section 217(2AA) of the Companies Act,
 1956 it is hereby confirmed
 
 1 That in the preparation of annual accounts, the applicable accounting
 standard were followed along with proper explanation relating to
 material departures;
 
 2 That we 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 that period;
 
 3 That we took proper and sufficient care to maintain adequate
 accounting records in accordance with the provisions of the Companies
 Act, 1956 for safeguarding the assets of the Company and preventing and
 detecting fraud and other irregularities;
 
 4 That we prepared the annual accounts on a ''going concern'' basis.
 
 Corporate Governance
 
 Your Company reaffirms and remains committed to high standards of
 Corporate Governance. The Company believes that appropriate disclosures
 procedures, transparent accounting policies, strong and independent
 Board practices and highest levels of ethical standards are critical to
 enhance and retain investor trust and generate sustainable corporate
 growth. Your Company established systems and procedures to comply with
 the amended provisions of the Code of Corporate Governance and complied
 with all the requirements of the Code of Corporate Governance as per
 Clause 49 of the Listing Agreement with the stock exchange. A Report
 separately titled Corporate Governance along with Auditors''
 Certificate, regarding compliance of the same are annexed as a part of
 this Annual Report.
 
 Particulars of Employees
 
 The Particular of Employees as required under Section 217(2A) of the
 Companies Act, 1956 is not given, since no employee of the Company
 draws remuneration in excess of the limit as prescribed in the above
 section.
 
 Energy conservation, technology absorption, and foreign exchange
 earnings and outgo
 
 The information relating to energy conservation, technology absorption
 and foreign exchange earnings and outgo as required to be disclosed
 under the Companies (Disclosure of Particulars in the Report of Board
 of Directors) Rules, 1988 is given in Annexure forming part of this
 Report.
 
 Acknowledgements
 
 Your Directors wish to place on record the appreciation of the
 assistance and cooperation received from bankers, customers (domestic
 as well as overseas), suppliers, shareholders, staff from each level
 and other business associates for their valuable contribution in the
 growth of the organization whose continuous support and cooperation has
 been a source of strength to the company enabling it to achieve it
 goals.
 
                                   On behalf of the Board of Directors
 
 Place: Mumbai                                              R.L. Gupta
 
 Date: 30th August, 2012                                      Chairman