The Directors have pleasure in presenting the Fifteenth Annual Report
 together with the Audited Statement of Accounts on the performance of
 the company for the financial year ended 31st March 2011.
 
 FINANCIAL RESULTS
 
                                                   Rs in lacs
 Particulars                                Year Ended     Year Ended
                                          March 31,2011   March 31, 2010
 
 Total Income                                22469.36       16574.41
 
 Profit before Depreciation 
 and Interest                                 1563.88        1726.94
 
 Finance Cost                                  966.85         771.09
 
 Depreciation                                  231.07         235.67
 
 Provision for Tax *Including FBT               37.00          51.41
 
 Profit from Operations                        365.95         720.19
 
 Deferred Tax                                   65.49         (62.32)
 
 Profit after Tax                              263.46         731.10
 
 Prior Year Adjustment                           4.45           4.45
 
 Add: Surplus of last Year                    3783.40        3056.76
 
 Surplus available for appropriation          3884.58        3783.40 
 Appropriations
 
 General Reserve                                 0.00           0.00
 
 Proposed Dividend on Equity Shares              0.00           0.00
 
 Surplus Carried to Balance Sheet             3884.58        3783.40
 
 Surplus available for appropriation          3884.58        3783.40
 
 PERFORMANCE OF YOUR COMPANY
 
 Your Company is engaged in fashion accessories, apparels and fabric
 products. These product basket is such that all or one segment are
 always winning businesses across India & our traditional markets. The
 Company is growing on a consistent basis and year 2010-11 was not an
 exception to the same. The Gross income from operation was Rs. 20679.51
 lacs in comparison to Rs. 16033.40 lacs during the previous year.
 Profit after Tax during the year decreased from Rs. 731.10 Lacs to Rs.
 263.46 Lacs during the previous year.
 
 The Operating profit was lower due to increase in input costs as
 available across various raw material categories, higher lease rentals
 on expanded retail space and prolonged pressure on realized prices as
 well discounting to help recessionary markets in Europe & USA. This
 year has been year of high cost of money, i.e. extended credits to buyer
 has also added to reduced profits.
 
 
 DIVIDEND
 
 Your Directors are of the view that in the current phase of expansion
 and the large opportunities of further growth available to the company,
 there will be a need to conserve the funds. Hence, your directors do
 not recommend dividend for the year financial year ended March 31,
 2011.
 
 CAPITAL STRUCTURE:
 
 The authorised capital of the Company is Rs. 20,00,00,000/- comprising
 of 20,00,00,000 Equity shares having face value of Rs. 1 out of which
 the issued, subscribed and paid up capital is Rs. 10,70,00,000/-
 comprising of 10,70,00,000 Equity shares having face value of Rs. 1/-
 per share.
 
 DIRECTORS
 
 In accordance with the Provisions of the Companies Act, 1956, and the
 Articles of Association of the Company Dr. Ajeet Kumar Doshi and Mr.
 Mahabir Prasad Additional Directors of the company are being offered
 for regularization.
 
 A brief note in terms of the requirement of the Corporate Governance on
 the aforesaid Director has been included at Part – I of Annexure – II.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, with respect
 to Directors'' Responsibility Statement, the Members of the Board
 confirm that:
 
 1.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation;
 
 2.  Prudent accounting policies have been selected and judgments and
 estimates have been made 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 2011 and of the Profit of the Company for financial year ended
 31st March 2011;
 
 3.  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;
 
 4.  Annual accounts have been prepared on a going concern basis.
 
 
 REGISTRAR AND SHARE TRANSFER AGENT
 
 Beetal Financial & Computer Services Private Limited is continued to
 act as Registrars and Share Transfer
 
 Agents as common agency both for physical and dematerialized shares as
 required under Securities Contract (Regulation) Act, 1956.
 
 The detail of RTA forms part of the Corporate Governance Report.
 
 CORPORATE GOVERNANCE
 
 As required under Clause 49 of the Listing Agreement, a Report on
 Corporate Governance along with Certificate on Corporate Governance
 confirming compliances with the conditions of Corporate Governance
 obtained from the Statutory Auditors of the Company is annexed to this
 Report. (Part - 2 of Annexure - II)
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 The detailed review of operations, performance and future outlook of
 the Company is given separately under the head Management Discussion
 and Analysis. (Part – 1 of Annexure - II)
 
 LISTING AT STOCK EXCHANGE
 
 The Equity Shares of the Company continue to be listed on Bombay Stock
 Exchange and National Stock Exchange. The Annual Listing Fees for the
 year 2011-12 have been paid to the Stock Exchanges.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information in accordance with the provisions of Section 217(1)(e) of
 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 statement annexed (Annexure – I) hereto and forms part
 of this report.
 
 PUBLIC DEPOSITS
 
 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 Deposits) Rules, 1975.
 
 PERSONNEL
 
 Employee relations continued to be cordial during the year March 31,
 2011. Your Company continued its thrust on Human Resource Department.
 Your Company has initiated various customized training programs viz.
 personality development, development of inter personal skills,
 communication skills, public speaking etc.  for its employees that
 enhance both personal, as well as career growth of the employees. These
 programs are conducted round the year by professional trainers as well
 as by the human resource department of the Company. Your Company has
 also encouraged its employees to attend seminars and discussions
 conducted by professional institutions and trade bodies. The Board
 wishes to place on record its appreciation to all the employees in the 
 Company for their sustained efforts and immense contribution to the high 
 level of performance and growth of the business during the year.
 
 PARTICULARS OF EMPLOYEES
 
 As required by the provisions of section 217(2A) of the Companies Act,
 1956, read with Companies (Particulars of Employees) Rules, 1975 as
 amended, the name and other particular of the employee is set out in
 the Annexure I (Annexure to the Director''s Report)
 
 AUDITORS & AUDITORS'' OBSERVATIONS
 
 M/s. A.S. Patwa & Co., Chartered Accountants, the Statutory Auditors of
 the Company, retire at the forthcoming Annual General Meeting of the
 Company and have expressed their reluctance to continue, if appointed.
 M/s. Doggar & Company, Chartered Accountants, New Delhi have been
 shortlisted by the Board of Directors of the Company to take over as
 the Statutory Auditors of the Company for the financial Year 2011-12
 .Your Directors recommend their re-appointment.
 
 Observations in the Auditors'' Report are dealt with in Notes to
 Accounts at appropriate places and being self-explanatory need no
 further explanation.
 
 APPRECIATION
 
 Your Director place on record their sincere gratitude to the continuing
 patronage of our valued customers, bankers and financial institutions,
 business associates, shareholders, suppliers and other statutory
 authorities who have extended their valuable sustained support and
 encouragement to your Company. Your Directors look forward to all of
 your continued support and undertaking in the years to come.
 
 Your Managing Director, K. M. Gupta place special thanks to all of you
 associated with your company specially his colleagues, associates,
 bankers, statutory & regulatory authorities who have helped him in
 founding, promoting, steering your company to it''s present position in
 this special categories of specially Fashion accessories.
 
 Your directors wish to place on record, their sincere appreciation to
 the dedication and commitment of its employees for the growth of the
 Company. Which has understandably, been significant for the Company''s
 success in meeting Targets during testing times as this year.
 
                                 For and on behalf of the Board 
 
                                        Sd/-           sd/-
 
 Date: August 19, 2011            (K.M. Gupta)   (Kamlesh Kumari)
 
 Place: FARIDABAD              Managing Director  Director 
                                                 (Commercial
                                                  &Administration)