Dear Shareholders,
 
 The Directors take pleasure in presenting their 31st Annual Report and
 the Audited Accounts of your Company for the year ended March 31, 2012.
 
 FINANCIAL RESULTS
 
                                                     (Amount in Rs.)
 
      Particulars                       F.Y. 2011-12    F.Y. 2010-11
 
 1.   Gross Turn Over                    143.673,886     105,116,795
 
 2.   Net Turnover                       134,233,458     100,444,975
 
 3.   Other Income                         2,970,867         835,410
 
 4.   Total Revenue                      137,204,325     101,280,385
 
 5.   Earning before Interest, 
      Depreciation and                    23,426,450      14,594,092
      Amortization (EBIDTA)
 
 6.   Interest                             8,072,781       3,793,757
 
 7.   Depreciation                         3,195,236       1,822,686
 
 8.   Profit before Taxation (PBT)        12,158,433       8,977,649
 
 9.   Tax including Deferred Tax           3,939,534       2,511,381
 
 10.  Profit after Tax                     8,218,899       6,466,268
 
 11.  Profit brought forward 
      from previous year                  18,421,210      11,954,942
 
 12.  Amount available for
      appropriation                       26,640,109      18,421,210
 
 13.  Transfer to General Reserve                  -               -
 
 14.  Proposed Dividend & Tax                435,834               -
 
 15.  Surplus carried to
      Balance Sheet                       26,204,275      18,421,210
 
 OPERATIONAL & FINANCIAL GROWTH
 
 Total Revenue
 
 Total income of the Company for the financial year 2011-12 comprises of
 Net Sales, work contract receipt and other income amounts to Rs. 1342
 Lacs which was an increase of 34% over last year''s figure.
 
 Profit before Tax
 
 Profit before tax for the year under review was Rs. 89.78 Lacs, an
 increase of 36% over the last year''s figure.
 
 Profit after Tax
 
 Profit after tax for the year under review was Rs. 82.18 Lacs
 registered an a\increase of 27% over the last year''s figure.
 
 Earnings per Share
 
 Earnings per share for the year under review was Rs. 10.96 as compared
 to Rs. 8.62 for the last year.
 
 Net worth
 
 Net worth of the Company for the financial year 2010-11 is Rs. 388.44
 Lac as against Rs. 310.61 Lac of the last year.
 
 DIVIDEND
 
 The Board of Directors has been pleased to recommend the payment of
 Dividend of Rs. 0.50 per equity shares of Rs. 10/- each (5%) for the
 year ended 31st March, 2012 subject to the approval of members of the
 company. The total payout towards dividend will be Rs. 435,834/-
 (approx with the dividend tax)
 
 CORPORATE GOVERNANCE
 
 Your Company has fully complied with the requirements of Clause-49 of
 the Listing Agreement regarding Corporate Governance.
 
 A Report on Corporate Governance Practices and the Auditors Certificate
 on compliance of mandatory requirements thereof is given as annexure to
 this report.
 
 MANAGEMENT DISCUSSIONS AND ANALYSIS
 
 Industry Structure & Development
 
 During the Financial Year your Company has invested huge amount to
 procure CNC Vertical Milling Machine, 600 KVA Diesel Generator and lot
 of Jigs, Fixtures & Dies for development of extra large fabricated
 items such as Bogie Frame Assembly of different Diesel & Electric
 Locomotives.
 
 Your Company is planning to further invest a substantial amount of
 money for procurement of CNC Plano miller Machine, Co-ordinate
 Measuring Machine, Spectrometer and Retro fitment of some of its
 existing Milling Machines with CNC Control Panel.
 
 Your Company has already developed Fabricated Bogie Frame Assembly and
 Oil Pan Machined Assembly of EMD Locomotives and bulk production of
 both the items are likely to be started from the month of October 2012
 onwards.
 
 Your Company is making every effort to develop all the pending items
 for which order has been received from Chittaranjan Locomotive Works
 (CLW), Chittaranjan and Diesel Locomotive Works (DLW), Varanasi.
 
 Your Company is quite confident to develop all the items by the end of
 this financial year.
 
 Opportunities & Threats:
 
 There is great demand for machining of castings and fabrication items.
 However, threat from small firm is still continuous, Their prices are
 very low and developed and established firms are not able to match
 their prices. In line with the aspirations of ongoing growth in the
 fiscal year 2012-13, company integrating its resources and investing in
 new technologies to achieve greater performance and long term growth.
 India needs a policy to bring another round of multifaceted reforms for
 the industrial sector to have a sustained double-digit output growth in
 the medium to long term.
 
 Financial Performance:
 
 Total income of the Company for the financial year 2011-12 comprises of
 Net Sales, work contract receipt and other income amounts to Rs. 1342
 Lac which was an increase of 34% over last year''s figure. Profit before
 tax for the year under review was Rs. 89.78 Lac, an increase of 36%
 over the last year''s figure Profit after tax for the year under review
 was Rs. 82.18 Lac registered an a\increase of 27% over the last year''s
 figure Earnings per share for the year under review was Rs. 10.96 as
 compared to Rs. 8.62 for the last year.
 
 Internal Control System and their Adequacy
 
 The company has adequate Internal Control System commensurate with the
 size and nature of the business. The system has been designed to ensure
 that, all assets are acquired economically, used efficiently and
 protected against loss, destruction or unauthorized use. All resources
 are used efficiently and effectively. Accounting, Financial and other
 operational information are accurate, reliable and provided timely and
 all applicable laws and internal policies are complied with true
 spirit.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Your Directors hereby confirm that:
 
 a) in the preparation of annual accounts, containing financial
 statements for the year ended March 31, 2012, the applicable accounting
 standards have been followed along with proper explanations, wherever
 required.
 
 b) the Board had selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company for the period.
 
 c) the Board has taken proper and sufficient care for the maintenance
 of adequate accounting records in accordance with provisions of the
 Companies Act, 1956 for safe guarding the assets of the company and for
 preventing and detecting any fraud and other irregularities.
 
 d) the annual accounts have been prepared on a going concern basis.
 
 FINANCIAL STATEMENTS
 
 Pursuant to Clause 41 of the Listing Agreement entered into with the
 stock exchanges, the Board of Directors has pleasure in attaching the
 Financial Statement prepared in accordance with the Accounting
 Standards prescribed by the Institute of Chartered Accountants of
 India.
 
 Since your Company does not have any subsidiary, preparation of the
 Consolidated Financial Statement is not required.
 
 DIRECTORS
 
 Mr. Nandan Kumar Agarwalla and Mr. Manohar Agrawal, Directors of the
 Company retire by rotation at the ensuing Annual General Meeting and
 are eligible for re-appointment.
 
 None of the Directors of the Company are disqualified as per section
 274(1)(g) of the Companies Act, 1956. The Directors have made necessary
 disclosures as required under various provisions of the Act and Clause
 49 of the Listing Agreement.
 
 STATUTORY AUDITORS
 
 The Statutory Auditors M/s. Ashok Kedia & Company, Chartered
 Accountants, retire at the conclusion of the forthcoming Annual General
 Meeting and being eligible, offer themselves for re-appointment.
 Certificate from the Auditors has been obtained to the effect that
 their re-appointment, if made, would be within the limits prescribed
 under section 224(1B) of the Companies Act, 1956.
 
 The Notes to Accounts forming part of the financial statements are self
 explanatory and needs no further explanation.  There are no
 qualifications or adverse remarks in the Auditors'' Report which require
 any clarification/explanation.
 
 COST AUDITORS
 
 Pursuant to the notification of the Companies (Cost Accounting Records)
 Rules, 2011 published vide GSR 429(E) dated June 3, 2011, and in
 reference to the order FNo. 52/26/CAB-2010 dated June 30, 2011 issued
 by Ministry of Corporate Affairs, Cost Audit Branch, Government of
 India, your Directors have proposed M/s. DGM & Associates, Cost
 Accountants, to be appointed as the Cost Auditors of the Company for
 the year 2011-12, subject to such approvals as may be applicable.
 
 Necessary certificate and consent letter from the said Auditor has been
 obtained to the effect that their appointment, if made, would be within
 the limits prescribed under section 224(1B) of the Companies Act, 1956.
 
 SECRETARIAL AUDIT/COMPLIANCE REPORT
 
 The Secretarial Compliance Certificate confirms that the Company had
 complied with all the applicable provisions of the Companies Act, 1956,
 Listing Agreements with the Stock Exchanges, Securities Contract
 (Regulation) Act, 1956, and all the other Regulations of SEBI as
 applicable to the Company, including the SEBI (Substantial Acquisition
 of Shares and Takeovers) Regulations, 2011 (as amended) and the SEBI
 (prohibition of Insider Trading) Regulations, 1992.
 
 APPRECIATION
 
 Your Directors take this opportunity to thank the Bankers, Government
 Authorities, Customers, Vendors, Shareholders and Employees for their
 continued assistance, cooperation and support to the Company.
 
                          For and on behalf of the Board of Directors
 
                                                      D. K. Agarwalla
                                                    Managing Director
 
 Place : Kolkata
 Dated : 5th September, 2012