The Directors have pleasure in presenting the 25th Annual Report and
 the Audited Financial Statements of the Company for the financial year
 ended 31st March, 2012.
 
 FINANCIAL RESULTS
 
 The financial results of the Company for the financial year ended 31st
 March, 2012 are as follows:
 
                                                       (Rs. in Lacs) 
 
 Sl. 
 No. Particulars                            2011-2012     2010-2011
 
 1.  Net Sales /Income from Operations       20737.51      16733.43
 
 2.  Other Income                              232.35        199.61
 
 3.  Total Expenditure                       19109.03      15542.96
 
 4.  Interest                                  556.03        397.70
 
 5.  Gross Profit after Interest but .
     before Depreciation & Tax Items          1304.80        992.38
 
 6.  Depreciation                              162.95        143.32
 
 7.  Profit before Tax                        1141.85        849.06
 
 8.  Tax Expense                               404.94        294.83
 
 9.  Net Profit after Tax                      736.91        554.23
 
 10. Paid up Equity Share Capital             1046.38        946.38
 
 11. Reserves (Excluding Revaluation 
     Reserves)                               11829.77      10823.45
 
 12.  Earning Per Share (Basic) Rs.              7.33          6.39
 
 13.  Earning Per Share (Diluted) Rs.            7.33          6.21
 
 14.  Dividend                                    10%           10%
 
 PERFORMANCE REVIEW
 
 During the year under review, the Company achieved a turnover of Rs.
 20737.51 Lacs as against Rs. 16733.43 Lacs in the previous year
 registering an increase of 23.92%. Gross profit after interest but
 before depreciation and tax has increase to Rs. 1304.80 Lacs as
 compared to Rs. 992.38 Lacs in the previous year. Net profit after Tax
 has increase to Rs. 736.91 Lacs from Rs. 554.23 in the previous year,
 showing an increase of 32.96 %.
 
 DIVIDEND
 
 Your Directors have recommended a Final Dividend of Rs.1.00/- i.e. @
 10% per paid-up equity share of Rs. 10/- each for the financial year
 ended 31st March, 2012.
 
 SHARE CAPITAL Authorized Share Capital
 
 During the year the authorized share capital of the Company was
 increased from Rs. 170,000,000/- (Rupees Seventeen Crores) to Rs.
 250,000,000/- (Rupees Twenty Five Crores) divided into 20,000,000
 Equity Shares of Rs.10/- each and 500,000 Preference Shares of Rs.
 100/- each.
 
 Issued and paid-up Share Capital
 
 During the year under review the Company allotted 1,000,000 Equity
 Shares to warrant holders on exercising the right attached to the
 warrants as a result paid-up Equity Share Capital of the Company has
 increased to Rs.104,638,480/-
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 to the best of their knowledge and belief confirm that:
 
 a.  In the preparation of the Annual Accounts, the applicable
 Accounting Standards have been followed.
 
 b.  Appropriate accounting policies have been selected and applied
 consistently, and have 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 at 31st March, 2012 and of the profit of the Company
 for the financial year ended 31st March, 2012.
 
 c.  Proper and sufficient care has been taken 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.  The Annual Accounts have been prepared on a going concern basis.
 
 DIRECTORS
 
 Mr. A. Sahasranaman, Mr. Shashank and Mr. Ramesh Bhatia retire by
 rotation at the ensuing Annual General Meeting and are eligible for
 re-appointment.
 
 Details of the Directors seeking re-appointment as required under
 Clause 49 of the Listing Agreements entered into with the Stock
 Exchanges are provided in the Corporate Governance Report forming part
 of this Report.
 
 CORPORATE GOVERNANCE
 
 As required by Clause-49 of the Listing Agreement a Report on Corporate
 Governance along with a Certificate of Corporate Governance from the
 Auditors is annexed to this Report.
 
 MANAGEMENT DISCUSSION & ANALYSIS
 
 The Management Discussion and Analysis Report forms part of this Annual
 Report.
 
 SUBSIDIARY COMPANIES
 
 As required under the provisions of Section 212 of the Companies Act,
 1956, the Audited Accounts together with Directors'' Report and
 Auditors'' Report of the Subsidiary Companies are appended and form part
 of the Annual Report. The statement pursuant to Section 212 of the
 Companies Act, 1956 is annexed to this Report.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 In accordance with the requirements of the Clause-32 of the Listing
 agreement with the Stock Exchanges and AS-21 presented by ICAI, the
 Consolidated Financial Statements of the Company and its subsidiaries
 are annexed and forms part of this Annual Report.
 
 LISTING AGREEMENT
 
 The Company''s securities are listed at the following Stock Exchanges in
 India: -
 
 1.  The Bombay Stock Exchange Limited
 
 2.  The National Stock Exchange of India Limited
 
 The Annual Listing fee for the Financial Year 2012 - 2013 has already
 been paid to both the above mentioned Stock Exchanges.  PUBLIC DEPOSIT
 
 The Company has neither invited/ nor accepted any deposits during the
 year within the meaning of Section 58A of the Companies Act, 1956, read
 with Companies (Acceptance of Deposit) Rules, 1975.
 
 CASH FLOW STATEMENT
 
 As required by Clause-32 of the Listing Agreement a Cash Flow Statement
 is annexed and forms part of this Annual Report.  AUDITORS AND
 AUDITORS'' REPORT
 
 The Auditors of the Company, M/s Sushil Poddar & Co., Chartered
 Accountants hold office until the conclusion of this Annual General
 Meeting, and being eligible offer themselves for reappointment. They
 have furnished a certificate that their reappointment if made shall be
 within the statutory limits specified in Section 224(1B) of the
 Companies Act, 1956.
 
 The Auditors observations in the Audit Report have been explained by
 the Company in detail in Notes to the Financial Statements which forms
 part of the Annual Report.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information in accordance with the provision of Section 217(1)(e) of
 the Companies Act, 1956, read with Companies (Disclosure of Particulars
 in the Report of Board of Directors) Rules, 1988 regarding Conservation
 of Energy, Technology Absorption and Foreign Exchange Earnings and
 outgo is given in the annexure (A) forming part of this report.
 
 PARTICULARS OF EMPLOYEES:
 
 During the year no employee whether employed for the whole year or part
 of the year, was drawing remuneration exceeding the limits as laid down
 under Section 217(2A) of the Companies Act, 1956, read with the
 Companies (Particulars of Employees) Rules, 1975, as amended.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors place on record their gratitude to the valued customers,
 suppliers, bankers and shareholders for the assistance, co-operations
 and encouragement they extended to the Company.
 
 Your Directors also wish to place on record their deep sense of
 appreciation for the commitment displayed by all the employees of the
 Company resulting in the successful performance of the Company during
 the year.
 
                              For and on behalf of the Board 
 
                              Snehdeep Aggarwal    Ramesh Bhatia
 New Delhi, 30th May, 2012    Managing Director    Director