The Directors of your company have pleasure in presenting the 39th
 Annual Report on the affair of the company together with the Audited
 Accounts for the year ending 31 st March, 2012.
 
 1.  FINANCIAL RESULTS                             (Rupees in Lacs)
 
                                      2011-12           2010-11
 
 Operating Income                     20809.00          18692.00
 
 Profit before depreciation, 
 Interest & tax                         785.26            418.24
 
 Interest & Financial Expenses          456.76            147.89
 
 Profit before depreciation & tax       328.50            270.35
 
 Depreciation                           105.93             80.83
 
 Profit before tax                      222.57            189.51
 
 Provision for tax-Current Tax            0.00             61.20
 
 Deferred Tax Liability                  56.94              4.97
 
 Profit after Tax                       165.63            123.34
 
 Prior year Tax adjustments              (2.77)             0.00
 
 Balance brought forward                150.31            156.97
 
                                        313.17            280.31
 
 APPROPRIATIONS
 
 Transfer to General Reserve            150.00            130.00
 
 Balance carried over to Balance 
 Sheet                                  163.17            150.31
 
                                        313.17            280.31
 
 
 
 DIVIDEND
 
 The Board of Directors do not recommend payment of dividend for the
 year under review.
 
 LISTING
 
 The company''s equity shares are listed at Ludhiana Stock Exchange
 Association Limited, Feroze Gandhi Market, Ludhiana, The Delhi Stock
 Exchange Association Limited, DSE House, 3/1, Asaf Ali Road, New Delhi
 & The Stock Exchange Mumbai, Dalai Street, Mumbai. The listing fee dues
 of the Stock Exchanges have been paid up to the financial year under
 review.
 
 DEMATERIALISATION
 
 All activities relating to Company''s listed securities (Physical & in
 Demat form) are being undertaken by M/s Skyline Financial Services
 Private Limited w.e.f 01.04.2003. The Address & Contact Nos. are:
 
 M/s Skyline Financial Services Pvt Ltd,
 
 246,1 st Floor,Sant Nagar,
 
 East of Kailash, NEWDELHI-110064.
 
 TEL:26292682,26292683 FAX: 26292681 Email-admin@skylinerta.com
 
 The members are advised to send their shares to R.T.A.
 
 DIRECTORS
 
 Sh. Sanjiv Garg has resigned w.e.f 03.10.2011 from the board of
 directors of the company, the office of Sh. J.C Garg Chairman and
 Managing Director of the Company has Vacated due to sad demise of Sh.
 J.C Garg on 18/01/2012. The board places on record their sincere
 appreciation for the valuable services rendered by outgoing directors.
 Sh. Sushil Singla, Sh.  Pawan Garg, Sh. Steven Soni retire by rotation
 and being eligible have offered themselves for re-appointment.
 
 In term of clause 49 of the listing Agreement with the stock Exchange,
 the details of directors to be appointed/re-appointed are mentioned in
 the accompanying Notice of the forthcoming Annual General Meeting.
 
 DIRECTOR''S RESPONSIBILITYSTATEMENT .
 
 Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 1956,
 the Directors confimr-
 
 i).  That in the preparation of annual accounts, the applicable
 accounting standard have been followed and wherever required proper
 explanations relating to material departures have been given.
 
 ii). That appropriate accounting policies have been selected and
 applied consistently and the judgments and estimates made are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the company at theendofthe financial year
 asat31.03.2012andoftheprofitsofthecompanyforthe year ended31.03.2012.
 
 iii).  That 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.
 
 iv). That annual accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 The company has put in place a system of Corporate Governance. A
 Separate report on Corporate Governance forming part of the Annual
 Report is annexed hereto. A Certificate from the Auditors of the
 company regarding compliance of conditions of Corporate Governance as
 stipulated under The Corporate Governance clause of the Listing
 Agreement is annexed to the report on Corporate Governance.
 
 AUDITORS
 
 M/s Dass Khanna & Co. Chartered Accountants, Ludhiana retires at the
 conclusion of ensuing Annual General Meeting.  They have indicated
 their willingness to accept reappointment and have further confirmed
 their eligibility u/s 224(1 B) of the
 
 Companies Act, 1956.
 
 The Auditor''s Report is self explanatory and therefore do not call for
 any further comments.
 
 COST AUDITORS
 
 The Board of Directors has appointed M/s Meenu & Associates, Cost
 Accountants, Ludhiana as the Cost Auditors of the Company for the year
 2012-13.The approval of the Central Government in this regard has also
 been received. The Cost Auditors Report will be sent to the Central
 Government as required under law.
 
 FIXED DEPOSITS
 
 During the year under review the company has neither accepted nor
 intend to accept any public deposit within the provisions of section
 58-A of the Companies Act, 1956 and rules made thereunder. There are no
 outstanding / unclaimed deposit from the public.
 
 INDUSTRIAL RELATIONS
 
 The Industrial relations remained cordial through out the year and have
 resulted in sustained growth of the company.  PARTICULARS OF EMPLOYESS
 
 Information pertaining to employees pursuant to section 217 (2A) of the
 Companies Act, 1956 is nil.
 
 CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 The information relating to Conservation of Energy, Technology
 Absorption and Foreign Exchange Earning and Outgo as required under
 Section 217 (1)(e) of The Companies Act, 1956 read with Companies
 (Disclosure of Particulars in the report of Directors) Rules 1988 is
 annexed and forms part of this report.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to extend their sincere thanks to the Punjab & Sind
 Bank, Punjab State Power Corporation Limited, Container Corporation of
 India, other State & Central Government Agencies, Suppliers and
 Customers for their continued support and co-operation.
 
 The Directors also wish to place on record their deep appreciation for
 the services rendered by the workers & staff at all levels.
 
                                        For and on behalf of the Board
 
                                                                 SD /-
 
 Place: LUDHIANA
 
 Dato: 3/ 08/2012                                        Devinder Garg
 
                                          Chairman & Managing Director