Dear Members,
 
 The Directors have pleasure in presenting the 26th Annual Report of
 your Company together with the Audited Balance Sheet as at 31st March
 2011 and Profit and Loss A/c for the year ended 31st March, 2011.
 
 FINANCIAL RESULTS:
 
 The performance of the Company during the year has been as under : 
 
                                                          (Rs. in lakhs)
 
                              Consolidated Results    Standalone Results
 
 Particulars                      2011      2010       2011        2010
 
 Sales and other Income       19,234.68  18,461.24  19,234.67  18,461.23
 
 Profit before Depreciation 
 and Interest                  2,124.64   2,154.98   2,127.38   2,160.92
 DEDUCT :
 
 Depreciation                    573.09     510.02     573.09     510.02
 
 Interest                        200.17     192.61     200.17     192.60
 
 Profit for the year           1,351.38   1,452.35   1,354.12   1,458.30
 
 Prior period Adjustments          5.58       0.43       5.58       0.42
 
 Profit before Taxation        1,356.96   1,452.78   1,359.70   1,458.72
 
 Provision for Taxation : 
 
 Current Tax                     265.00     250.00     265.00     250.00
 
 Deferred Tax                     75.72    (127.68)     75.71    (127.69)
 
 Income Tax in respect of 
 earlier years                     0.00       0.49       0.00       1.90
 
 Profit after Tax              1,016.24   1,329.97   1,018.99   1,334.51
 
 Less: Minority Interest          (0.16)      0.19        -          - 
 
 Less: Change in Reserves on
 divestment in subsidiary / 
 Associate                       (50.60)       -          -          -
 
 Less: Share in net assets 
 of associate cos.                  -        11.88        -          -
 
 Surplus brought forward from 
 previous year                 8,582.67   8,083.81   8,630.23   8,114.76
 
 Balance available for 
 appropriation                 9,649.67   9,401.71   9,649.22   9,449.27
 
 APPROPRIATION:
 
 Dividend                        273.60     273.60     273.60     273.60
 
 Tax on Dividend                  45.44      45.44      45.44      45.44
 
 Transfer to General Reserves    500.00     500.00     500.00     500.00
 
 Balance c/f to Balance Sheet  8,830.63   8,582.67   8,830.18   8,630.23
 
 TOTAL                         9,649.67   9,401.71   9,649.22   9,449.27
 
 OPERATIONS:
 
 In the year 2010-11, the Company focused on its core business Copper,
 its allied products and Wind Power Generation. The turnover in both the
 segments grew by 11.41% and 16.78% respectively compared to previous
 year. In real estate business, the Company made exit from A.P. Housing
 Project at Visakhapatnam.
 
 The income from operations is Rs. 18602.70 lakhs as against Rs.17453.01
 lakhs for the corresponding previous year The profit before tax stood
 at Rs.1359.71 lakhs as against Rs. 1458.73 lakhs for the previous year.
 The profit after tax stood at Rs.1018.99 lakhs as against Rs.1334.51
 lakhs for the corresponding period. The Basic Earnings Per Share for
 the year ended 31.03.2011 is 1.49 as against Rs. 1.82 for the
 corresponding previous year ended 31.03.2010.
 
 SUBSIDIARIES
 
 During the year 2010-11, the Company divested its stake in wholly owned
 subsidiary M/s Bhagyanagar Telecom Limited, whose name is changed to
 Bhagyanagar Green Energy Limited in December 2010, thereby ceasing it
 to be the Company''s subsidiary. Therefore there are currently four
 subsidiaries as mentioned below:
 
 M/s Bhagyanagar Metals Limited
 
 M/s Bhagyanagar Properties Private Limited
 
 M/s Scientia Infocom India Private Limited
 
 M/s Metropolitan Ventures India Limited
 
 CONSOLIDATED FINANCIAL STATEMENTS:
 
 The Consolidated Financial Statements incorporating the operations of
 the Company and its subsidiaries are attached herewith in this Annual
 Report. The Ministry of Corporate Affairs while exercising it power
 under section 212 (8) of the Companies Act, 1956 has exempted the
 Company from publishing the Annual Report of all its subsidiaries vide
 Letter No.  47/40/2011-CL-III dated 04.02.2011. Further the Ministry of
 Corporate Affairs, New Delhi, vide Circular No. 5/12/2007 CL-III dated
 08.02.2011 granted general exemption under section 212(8) of the
 Companies Act, 1956 in relation to providing information on the
 Subsidiary Companies.  Accordingly, the accounts of the Subsidiary
 Companies and the detailed related information will be made available
 to the investors of the Company and its subsidiaries on request and are
 also available for inspection at Registered Office of the Company.
 
 DIVIDEND:
 
 Your Directors recommended a Dividend @ 20% amounting to Rs. 273.60
 lakhs for the year ended 31st March 2011. This will entail an outflow
 of Rs.319.04 lakhs (inclusive of tax thereon). Your Directors also
 inform that if any FCCB''s are converted into equity shares upto the
 date of closure of the Register of Members of the Company, the
 resulting shares arising out of the said conversion of FCCBs would also
 be eligible for dividend, as recommended by the Board and approved by
 the members at the ensuing Annual General Meeting of the Company.
 
 RESERVES:
 
 During the year the Company has transferred an amount of Rs.500 lakhs
 to General Reserves.
 
 FIXED DEPOSITS:
 
 The Company had not accepted or invited any Deposits and consequently
 no deposit has matured /become due for re-payment as on 31st March
 2011.
 
 CLOSURE /DISPOSAL OF JFTC UNIT
 
 During the year 2009-10, the approval of members by way of Postal
 Ballot was obtained on 29.09.2009 for the purpose of lease
 /sale/disposal of Company''s undertaking situated at Plot No. 61,
 Pilerne Industrial Estate, Panajim, Goa - 403 001 pursuant to the
 provisions of Section 293(1)a and 192A of The Companies Act, 1956 read
 with Companies (Passing of Resolution by Postal Ballot) Rules, 2001.
 Accordingly, during the year 2010-11, the Company closed its JFTC
 operations, disposed off the Plant & Machinery and leased out the land
 property.
 
 FUTURE PROJECT INITIATIVES:
 
 The strategy of the Company for financial year 2011- 12 is to have
 continued focus on copper business.
 
 Copper Business: The Company aims to achieve growth of 10% in this
 segment with emphasis on value added products. The Company added
 following 2 new products during the year to its copper business
 
 1) Commutator for Auto Sector: The Company obtained requisite approvals
 and commenced commercial production w.e.f 01.08.2010
 
 2) Copper Coated Aluminum Wires: This product is used in Electrical
 Industry. In view of increased difference in the prices of copper and
 aluminum, the industry started exploring the possibilities of
 replacement of copper with aluminum wherever possible. Keeping in view
 the industry trend, the Company also started trial production of Copper
 coated aluminum wires which are used in electrical industry.
 
 REAL ESTATE/INFRASTRUCTURE
 
 The Real Estate market continues to be depressed.  Therefore, the
 Company during the year 2010-11, made exit from A.P. Housing Project at
 Visakhapatnam and during the year 2011-12, exited from Kurnool Land
 held under SPV, Punjagutta land and TADA SEZ. The status of other
 projects remains same as mentioned in last annual report
 
 Wind Power: The Company currently has an overall installed capacity of
 12.15 MW comprising 9 wind turbines. During the current year, the
 Company generated 254.32 Lacs Units of Power as against 231.06 Lacs
 Units in the previous year. The Company gained Voluntary Emission
 Reductions (VER''s) through Voluntary Carbon Standards and expects to
 generate additional revenue by sale of VER''s to appropriate buyers.
 
 BUYBACK OF EQUITY SHARES:
 
 The Board of Directors at their meeting held on 27.01.2011 has approved
 the Buy-Back of Equity Shares of the Company of Rs.2/- each from open
 market through stock exchange mechanism, for an aggregate amount not
 exceeding Rs.14,00,00,000/ - (Rupees Fourteen Crores only), up to a
 minimum of 40,00,000 shares and a maximum of 80,00,000 shares, at the
 prevailing market price up to a maximum price of Rs. 35/- per equity
 share, subject to the approval of the Members and receipt of exemption
 from SEBI under Takeover Code.
 
 The Company sought the approval of the Members through Postal Ballot in
 accordance with the provisions of Section 192A of the Companies Act,
 1956. Subsequently, the promoters of the Company filed an application
 seeking exemption under Regulation 4 of Takeover Code with Securities
 Exchange Board of India (SEBI) on 14.03.2011.  SEBI vide its order
 dated 27.06.2011 granted exemption to the Promoter Group. The Company
 is in the process of proceeding with the Buyback offer.
 
 DIRECTORS:
 
 In order to comply with Section 256 of the Companies Act 1956 and
 Articles of Association of the Company Shri G. Mangilal Surana, Shri O.
 Swaminatha Reddy, Shri R.  Surender Reddy, Directors of the Company
 will retire by rotation at the ensuing Annual General Meeting and being
 eligible, offers themselves for re-appointment.
 
 The brief particulars of the Directors seeking appointment /
 re-appointment at this Annual General Meeting is being annexed to the
 Annual Report.
 
 AUDITORS:
 
 M/s. Sekhar & Company, Chartered Accountants, Auditors of the Company
 retire at the conclusion of this Annual General Meeting are eligible
 for re- appointment. The Company is in receipt of confirmation from M/s
 Sekhar & Company that in the event of their re-appointment as Statutory
 Auditors of the Company at the ensuing Annual General Meeting, such
 re-appointment will be in accordance with the limits specified in
 Sub-section (1B) of Section 224 of the Companies Act, 1956.
 
 INSURANCE
 
 All the movable and immovable assets of your Company are adequately
 insured.
 
 ISO 9001-2000 CERTIFICATION:
 
 Your Company continues to hold ISO 9001-2000 Certification by meeting
 all the requirements of Certification from time to time.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT AS PER SECTION 217(2AA) OF THE
 COMPANIES ACT, 1956:
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' responsibility statement, it is
 hereby confirmed:
 
 a) 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;
 
 b) 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 account of the Company for the year under review;
 
 c) 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;
 
 d) That the Directors have prepared the accounts for the Financial Year
 ended 31st March 2011 on a ''going concern'' basis.
 
 Auditors Observations:
 
 The Auditors observation reported in point No.  4(vi) of the Auditors
 Report is not a qualification and it is self explanatory in nature and
 hence not commented upon.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
 
 Management Discussion and Analysis Report, pursuant to Clause 49 of the
 Listing Agreement, forms part of this Report and is annexed hereto.
 
 CORPORATE GOVERNANCE:
 
 The Company has implemented the procedures and adopted practices in
 conformity with the Code of Corporate Governance enunciated in Clause
 49 of the Listing Agreement with the Stock Exchanges. A separate report
 on Corporate Governance is annexed herewith, as a part of the Annual
 Report along with the Auditor''s Certificate on its compliance.
 
 CONSERVATION OF ENERGY, FOREIGN EXCHANGE ETC:
 
 Information on Conservation of Energy, Technology Absorption, Foreign
 Exchange Earnings and outgo required to be disclosed under Section
 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure
 of Particulars in the Report of the Board of Directors) Rules, 1998,
 are provided in the Annexure forming part of this Report.
 
 PARTICULARS OF EMPLOYEES:
 
 During the period under review, none of the employees who were under
 employment for whole of the year or part of the year, were in receipt
 of remuneration exceeding Rs.60,00,000 per annum or Rs.5,00,000 per
 month as set out in Section 217 (2A) of the Companies Act, 1956.
 
 APPRECIATION:
 
 Your Directors wish to place on record their appreciation to employees
 at all levels for their hard work, dedication and commitment. The
 enthusiasm and unstinting efforts of the employees have enabled the
 Company to remain at the forefront of the industry, despite increased
 competition from several existing and new players.
 
 ACKNOWLEDGEMENTS:
 
 The Board desires to place on record its sincere appreciation for the
 support and co-operation that the Company received from the suppliers,
 customers, strategic partners, Bankers, Auditors, Registrar and
 Transfer Agents and all others associated with the Company. The Company
 has always looked upon them as partners in its progress and has happily
 shared with them rewards of growth. It will be the Company''s endeavor
 to build and nurture strong links with trade based on mutuality,
 respect and co- operation with each other.
 
                            For and on behalf of the Board of Directors
 
 Place : Secunderabad                                G. Mangilal Surana
 
 Date : 05.08.2011                                             Chairman