The Directors have pleasure in presenting their 11th Annual Report on
 the business and operations of the Company together with the Audited
 Statement of Accounts for the year ended 30th September, 2011.
 
 1.  FINANCIAL HIGHLIGHTS :
 
                                                     (Rs. in Million)
 
                                         Year ended      Year ended
 
                                          30th Sept.,      30th Sept.,
 
                                               2011             2010
 
 
 Sales                                       223.70           161.74
 
 
 Other Income                                  0.51             1.97
 
 
 Profit before Interest and
 Depreciation                                132.36            44.54
 
 
 Less :     Interest                          28.83            14.96
 
 
 Depreciation                                 60.84            60.98
 
 
 Profit/(Loss) before tax                     42.69           (31.40)
 
 Provision for Taxation
 
 a)    Current Tax                            24.00             0.50
 
 b)    Deferred Tax                            9.72             9.35
 
 Net Profit/(Loss)                             8.97           (41.25)
 
 Balance of Profit/(Loss)
 
 from previous year                          373.02            407.47
 
 Add/(Less)- Adjustments
 
 relating to earlier year                    (31.69)             6.80
 
 Surplus retained in
 
 Profit & Loss Account                       350.30            373.02
 
 
 For the year ended 30th September, 2011, your Company achieved a total
 sales of Rs.223.70 Million (previous year Rs.161.74 Million) and earned
 a profit of Rs.42.69 Million (previous year loss of Rs.31.40 Million).
 
 2.  DIVIDEND :
 
 Your Directors do not recommend any dividend on the equity shares for
 the year ended 30th September, 2011.
 
 3.  CONSOLIDATED FINANCIAL STATEMENTS :
 
 Pursuant to Clause 32 of the Listing Agreement with the Stock
 Exchanges, read with the applicable Accounting Standards, issued by the
 Institute of Chartered Accountants of India, financial statements
 relating to Subsidiaries, as defined under the said Standards, are
 merged with the Accounts of the Company and the Consolidated Financial
 Statements are attached to these Account. The details are given under
 Note ''L'' to the said Consolidated Financial Statements.
 
 4.  SUBSIDIARIES :
 
 The Statement pursuant to Section 212 of the Companies Act, 1956 is
 attached to these Accounts.  The Company undertakes that Annual
 Accounts of
 
 the subsidiary companies and the related detailed information shall be
 made available to shareholders of the Company and subsidiary companies
 seeking such information at any point of time. The Annual Accounts of
 the subsidiary Companies shall also be kept for inspection by any
 shareholders in the Head Office of the Company and of the subsidiary
 companies concerned. The Company shall furnish a hard copy of details
 of accounts of subsidiaries to any shareholder on demand. The details
 about subsidiary companies is included elsewhere in this Annual Report.
 In view of this and also as per General Circular No.2/ 2011 dated 8th
 February, 2011 issued by Ministry of Corporate Affairs, the accounts of
 subsidiary companies are not enclosed to this Annual Report.
 
 5.  PARTICULARS OF EMPLOYEES :
 
 As required under the provisions of Section 217(2A) of the Companies
 Act, 1956, read with the Companies (Particulars of Employees) Rules,
 1975 as amended, the names and other particulars of the employees are
 set out in the Annexure of the Directors'' Report.  However, in terms of
 the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, the
 Report and the Accounts are being sent to all the Shareholders of the
 Company excluding the aforesaid Annexure. Any Shareholder interested in
 obtaining a copy of said Annexure may write to the Company Secretary at
 the Registered Office of the Company.
 
 6.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO :
 
 The additional information required under the provisions of Section
 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of
 Particulars in the Report of the Board of Directors) Rules, 1988, and
 forming part of the Report is reproduced hereunder :
 
 I.  CONSERVATION OF ENERGY : Since the Company is in the business of
 Generation of Power through non-conventional sources, this part is not
 applicable.
 
 II.  TECHNOLOGY ABSORPTION :
 
 1.  Research and development (R&D) :
 
 The company continuously conducts R&D activities in-house using the
 existing manpower and other resources on continuous basis. The capital
 and recurring expenses on R&D activities is not separately identified.
 
 2.  Technology Absorption, Adaptation and Innovation :
 
 The Company has not imported any technology.
 
 7.  DIRECTORS :
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company, Mr. A. B. Kalyani and Mr. S. S.
 Vaidya, Directors of the Company, retire by rotation at the ensuing
 Annual General Meeting and, being eligible, they offer themselves for
 re-appointment.
 
 8.  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 30th September, 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
 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 annual accounts for the
 financial year ended 30th September, 2011 on a ''going concern'' basis.
 
 9. AUDITORS :
 
 You are requested to re-appoint Auditors for the current year to hold
 the office from the conclusion of the ensuing Annual General Meeting
 until the conclusion of the next Annual General Meeting.
 
 Your directors wish to place on record their appreciation for the
 positive co-operation received from the Central Government, Government
 of Maharashtra, Financial Institutions and the Bankers.  The directors
 also wish to place on record their appreciation of the unstinted
 efforts and contributions made by the Management Team and the employees
 of the Company at all levels.
 
 The Directors express their special thanks to Mr. B. N. Kalyani,
 Chairman for his untiring efforts for the progress of the Company.
 
 
 
                                             For and on behalf of the
 
                                                   Board of Directors
 
 PUNE                                                   B. N. KALYANI
 
 Dated : 23rd November, 2011.                                Chairman