The Directors have pleasure in placing before you the 17th Annual
 Report of the Company along with the Audited Accounts for the year
 ended 31st March, 2012:
 
                                           Rs                Rs
 FINANCIAL HIGHLIGHTS                  (In Lakhs)         (In Lakhs)
 
 ACCOUNTING YEAR                       2011-2012         2010-2011
 
 Sales                                    320.00            330.31
 
 Other Income                               8.03             17.25
 
 Profit before Finance cost,
  depredation and tax                      59.56             55.55
 expenses
 
 Finance Cost                              17.36             12.32
 
 Depreciation                              26.98             27.69
 
 Tax expenses                              (6.39)            (3.41)
 
 Profit after tax                          21.60             18,96
 
 Profit & Loss Account Balance B/f        (24.78)           (43.74)
 
 Balance carried to the Balance Sheet      (3,17)           (24.78) 
 
 DIVIDEND
 
 In view of the requirement of working capital for the companies
 activities, the directors have not recommended any distribution of
 dividend.
 
 OPERATIONS
 
 During the year under review the Company''s turnover has decreased from
 Rs. 330.31 Lacs to Rs. 320.00 Lacs. The Net Profit Before tax is Rs.
 15.22 Lacs against the last year profit of Rs. 15.54 lacs. ¦
 
 CURRENT OUTLOOK & BUSINESS ACTIVITIES
 
 Since the new plant is already commissioned, the Directors expect
 better capacity utilization and consequently good growth in export as
 well as local sales turnover. The demand for company''s products
 continues to be good.
 
 DIRECTORS
 
 Mr. Kanaiyalal S. Thakkar retires by rotation at the forthcoming Annual
 General Meeting and being eligible, offers himself for re-appointment.
 
 LISTING ON THE STOCK EXCHANGES
 
 The Company''s shares are listed with Bombay Stock Exchange Ltd. and the
 Company has paid the necessary listing fees for the Financial Year
 2012-13.
 
 MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
 
 Management''s Discussion and Analysis Report for the year under review,
 as stipulated under Clause 49 of the Listing Agreement with Stock
 Exchange, Mumbai, is included in this Annual Report.
 
 CORPORATE GOVERNANCE
 
 A separate report on Corporate Governance together with Certificate
 from Practicing Chartered Accountant on its compliance is included
 elsewhere in this Annual Report.
 
 FIXED DEPOSITS
 
 The Company has not accepted or renewed any Fixed Deposits within the
 meaning of Section 58-A of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES
 
 Particulars of employees as required u/s 217 (2A) of the Companies Act,
 1956 are not annexed since there are no employees drawing remuneration
 of more than Rs.60,00,000/- per annum during the year under review, if
 employed for full year or more than Rs. 5,00,000/- per month, if
 employed for part of the year.
 
 DIRECTOR''S 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 that:
 
 i) in the preparation of the annual accounts for the year ended March
 31, 2012, the applicable accounting standards read with requirements
 set out under Schedule VI to the Companies Act, 1956, have been followed
 and there are no material departures from the same;
 
 ii) the Directors have 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 as at March 31, 2012 and of the profit of the Company
 for the year ended on that date;
 
 iii) 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; and
 
 iv) That the directors have prepared the annual accounts on a ''going
 concern'' basis.
 
 CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. 
 
 1 A. Conservation of Energy:
 
 Your Company operation does not involve intensive energy consumption.
 Despite not a heavy energy user, the Company acknowledges its
 importance and hence adequate measures have been taken to reduce energy
 consumptions wherever possible.
 
 B. Research & Development Technology Absorption:
 
 a) Particulars of Research and Developments:
 
 As business and technologies are changing constantly, continuous
 investments in research and development are of paramount importance. As
 a result of research efforts, your company has been able to develop
 processes and methodologies that have resulted in constant improvement
 in quality and productivity.
 
 b) Particulars of Technology Absorption, Adoption and Innovation:
 
 (i) The Company gets information on latest technology on
 equipment/process, marketing etc. and this has been company''s
 operations, continuously absorbed and adopted to suit to Company''s
 operations.
 
 (ii) Benefits derived as a result of the above efforts e.g, product
 improvement, cost reduction, product development, import substitution
 etc.
 
 c) Details of Technology - Not Applicable.
 
 C. Foreign Exchange Earning and Outflow:
 
 During the year under review; your Company earned a foreign exchange of
 Rs. 103.22 Lacs and utilized foreign exchange worth Rs. 64.78 Lacs.
 
 SECRETARIAL COMPLIANCE REPORT
 
 According to the provisions of section 383A of the Companies Act, 1956,
 our Company has obtained the Secretarial Compliance Report from a
 Company Secretary in whole time practice
 
 RESUBMSSION OF DIRECTORS ON AUDITOR''S OULIFIC ATION:
 
 The observations made in the Auditors'' Report are self explanatory and
 the management is taking effective steps for the rectification.
 
 AUDITORS
 
 M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
 the Company retire at this Annual General Meeting and are eligible for
 the reappointment as Auditors of the Company to hold the office from
 the date of this Annual General Meeting until the conclusion of the
 next Annual General Meeting. The Directors recommend reappointing M/s.
 D. Kothary & Co., as auditors of the Company. A certificate has been
 received from the Auditors to the effect that their reappointment, if
 made, would be within the prescribed limits u/s. 224 (1B) of the
 Companies Act, 1956.
 
 ACKNOWLEDGEMENT
 
 Your directors would like to express their sincere appreciation for the
 assistance and cooperation received from bankers, employees, auditors
 and consultants during the period under review. The Directors sincerely
 appreciate the high degree of professionalism, commitment and
 dedication displayed by employees at all levels. The Directors also
 place on record their gratitude to the Members for their continued
 support and confidence.
 
                                           By Order of the Board
 
                                                    Sd/-
 
                                               Navin G.Thakkar
                                        Chairman & Managing Director
 
 Place : Mumbai.
 
 Date :28th August; 2012
 Registered Office:
 
 Gala No. 202, Krishna House, Shailesh UdhyogNagar,
 
 Opp. Nicholas Garage, Sativali Road,
 
 Waliv, Vasai (East), Dist. Thane-401208