Dear Shareholders,
 
 The Directors are pleased to present the Twenty Fifth Annual Report
 and the audited ac- counts for the year ended 31s1 March, 2011.
 
 FINANCIAL RESULTS                For the year          For the year
                                  Ended 2010-11         Ended 2009-10
                                 (Rs. In Lacs)         (Rs. In Lacs)
 
 Sales and Other Income               13400.87             13160.89
 
 Profit before Taxation                 156.84               155.94
 
 Provision for Taxation
 
 Current                                 51.50                33.76
 
 Deferred                                 1.93                (0.69)
 
 Profit after Taxation                   96.67               122.87
 
 Expenses/(Income) pertaining to:
 
 Previous year (net)                      0.53                 0.11
 
 Net Profit                              96.14               122.76
 
 Balance brought forward from           489.85               367.09
 
 Previous Year
 
 Balance to be carried to next year     585.99               489.85
 
 
 REVIEW OF OPERATIONS
 
 During the year under review the company has recorded a turnover of Rs.
 13055.17 Lacs as compared to Rs. 12823.55 Lacs in the Previous Year.
 The Company has recorded a net profit to the tune of Rs.96.14 lacs as
 compared to Rs. 122.76 lacs in the previous year.
 
 CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
 
 During the period under review the company has not earned out any
 manufacturing activities, hence the disclosures required under the
 provisions of Section 217(1) (e) of the Companies Act, 1956 read with
 the Companies (Disclosure of Particulars in the Report of the Board of
 Directors) Rules, 1988 with regard to energy and technology absorption
 are not applicable to your company.
 
 PARTICULARS OF EMPLOYEE
 
 Section 217 (2A) of the Companies Act, 1956 is not applicable as no
 employee is in receipt of or entitled to receive remuneration in excess
 of the limits specified therein.
 
 CORPORATE GOVERNANCE
 
 In terms of Clause 49 of the Listing Agreement, a report on Corporate
 Governance together with the Auditors Certificate regarding the
 compliance of conditions of corporate governance are annexed.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required under section 217(2AA) of the Companies Act, 1956, your
 Directors confirm that:
 
 1.  In preparation of the Annual Accounts, for the year ended 31st
 March 2011, the applicable Accounting Standards have been followed and
 that there are no material departures.
 
 2.  The Directors have, in the selection of Accounting Policies,
 consulted the statutory Auditors and have 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 as on
 31sl March 2011 and of the Profit and Loss for the financial year
 ended31stMarch, 2011.
 
 3.  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 detecting fraud and irregularities.
 
 4.  The Directors have prepared the Annual Accounts on Going Concern
 basis.
 
 DIRECTORS
 
 Pursuant to provisions of the Companies Act, 1956 and the Articles of
 Association of the Company, Shri Lakshman Srinivasan, Director of the
 Company retires by rotation and being eligible offers himself for
 re-appointment at the ensuing Annual General Meeting.
 
 Mr.Sanjay Chowdhury who was appointed as Casual Director of the Company
 by the Board of Directors with effect from 3rd November,2010 under
 section 262 of the Companies Act, 1956 and who holds office upto the
 date of the forthcoming Annual General Meeting but who is eligible for
 appointment and in respect of whom the company has received a notice in
 writing from a member proposing his candidature for the office of
 Director under the provisions of section 257 of the Companies Act.
 
 AUDITORS AND AUDITORS'' REPORT
 
 M/S Agarwal Kejriwal & Co, Chartered Accountants, the retiring auditors
 of the Company, hold office until the conclusion of the ensuing Annual
 General Meeting and being eligible offer themselves for re-appointment.
 
 The notes on accounts referred to in the Auditors Report are
 self-explanatory and therefore do not require any further comment.
 
 STOCK EXCHANGE
 
 The Company''s securities are listed at Calcutta Stock Exchange
 Association Limited, and Bombay Stock Exchange Ltd.
 
 APPRECIATION
 
 Your Directors place on record their deep appreciation for the
 continued assistance, support and co-operation extended to the Company
 by the Banks, Government departments, other agencies and employees at
 all levels.
 
 Your Directors thank you, our esteemed shareholders, for your continued
 support.
 
                                      For and on behalf of the Board
 
 Place: Kolkata                                 H.R.GARG
 
 Date : 30th July''11                           (CHAIRMAN)