Dear Shareholders,
 
 I am happy that your company continued to maintain its growth stride by
 achieving a growth of27.59% in F. Y. 2011-12. This has been another
 excellent year for the Company with strong performance across all
 dimensions. During F.Y. 2011-12, the Company registered a Net Turnover
 of Rs. 530.23 Crores in comparison to Rs. 415.57 Crores in F.Y. 2010-11
 and PAT of Rs.  21.14 Crores in Comparison to Rs. 11.43 Crores during
 F.Y. 2010-11.
 
 On macro economic front, the environment has remained volatile because
 of global and internal economic reasons. However, the Automobile
 Industry in India has been able to achieve a decent growth rate of
 13.83% in production. On domestic sales front, the two-wheeler segment
 has registered a healthy growth of 14.16% in comparison to 4.66% in
 passenger vehicle segment, by which your company has also reaped rich
 benefits as two wheeler segment constitutes a major part in the overall
 business of your Company.
 
 With in-depth knowledge and long experience in the industry and having
 state of the art manufacturing facilities, we are well placed to give
 best solutions to our customers. Innovations through strong Research &
 Development continue to be a focus area for the Company. With this 
 objective in mind, we continue to invest in Research & Development,
 Designing capabilities and new technologies. I am pleased to inform
 that Govt, of India, Ministry of Science and Technology, Department of
 Science and Industrial Research has accorded Recognition to our
 ''In-house R&D Unit'' situated at Plot No. 1915, Rai Industrial Estate,
 Phase-V, Distt. Sonepat (Haryana).
 
 I believe that global macro economic outlook may take some time to
 recover and the Indian Govt, also needs to push reforms faster to give
 boost to overall economic environment. However, your management is
 confident to create ample growth opportunities in Auto Component
 Industry. Further, the Company has also ventured into Energy Saving
 Green Technology and developing LED Home Lighting, LED Solar Street
 Lighting, Multi-Functional Torches cum Flasher Lights, LED Solar
 Lanterns, LED Display panels for buses and trucks and LED display
 signal systems for Railways etc. to drive the growth of the Company in
 the next phase.
 
 Like the earlier years and in continuation of our practice to
 consistently reward the shareholders, the board of directors has
 recommended a dividend of 30% i.e. Rs. 3.00/- per share for F.Y. 2011
 -12.
 
 I want to commend the hard work and determination of all employees of
 the Company for a creditable performance. I also gratefully acknowledge
 the confidence and faith reposed by you in the management of the
 Company and I look forward to your continued support in future as well.
 
 Thanking you,                                     Dr.J.K.Jain
 
                                           Chairman & Managing Director