Dear Shareholders,
 
 The Board of Directors of your Company takes pleasure in presenting
 25th Annual Report and audited accounts of your Company for the
 financial year ended 31st March, 2011.
 
 Performance /result
 
 In the year 2010-11 also, the company was on the track of growth. The
 company
 
 has registered a growth of 18.77% in terms of sales & 5.15% in terms of
 profit before tax. The net worth of the company has increased by 21% in
 the year 2011. The Company''s net profit rose to the tune of Rs, 16.49
 cr. higher by 0.44 cr. in comparison to the last year''s performance.
 During the year the company''s net debt liability (secured as well as
 unsecured) has been reduced by 5.27 cr. whereas in the previous year
 the company was net borrower to the tune of Rs. 38.18cr. The financial
 highlight of your company is given as follows:
 
                                                      (Rs in Cr.)
 
 Particulars                               2010 - 11      2009 - 10
 
 Gross Turnover                             611.09         514.42
 
 Earning before interest, tax & depreciation 39.55          38.56
 
 Interest                                    11.40          12.14
 
 Depreciation                                 4.07           3.52
 
 Profit before tax                           24.08          22.90
 
 Profit after tax                            16.49          16.05
 
 Amount available for appropriation          61.82          50.72
 
 Appropriation:
 
 General Reserve                              3.00           3.00
 
 Dividend                                     0.56           0.56
 
 Dividend Tax                                 0.09           0.09
 
 Balance carried forward to next year        58.17          47.07
 
 Expansion Plan 2011-12
 
 It is always endeavor of the management of the company to maximize its
 returns. With this view, higher value added products have been
 continuously included in the product portfolio, which has significantly
 improved the bottom line of the company.
 
 Working on the same line the management has decided to add new capacity
 in the form of HROP line in CR section of company. Keeping this in
 consideration, the company is investing approx. 4.41 cr. in this
 expansion cum modernization program. This will add over Rs. 5 cr. per
 annum to the bottom line of the company. The company has also planned
 to invest approx. Rs. 8.20 cr. in its auto tube division. The demand of
 the auto tube is continuously increasing and to match the gap between
 demand and production, the company is increasing the capacity of auto
 tube division by adding a new auto tube mill and balancing equipments
 to the existing machinery. This new mill may add roughly Rs. 40 cr. to
 the top line and around Rs 6.00 cr in EBITA margin of the company.
 
 After the completion of ongoing expansion the company is planning to
 add new value added products of bright bar it its Engineering division.
 Considering the vast demand and huge export potential of bright bar
 products, the management has decided to set up a new Bright Bar plant
 with the annual capacity of 12,000 mt. This expansion will be done in
 existing factory premises. The company is already involved in the
 trading of rolled bars, which acts as a raw material for the proposed
 plant of Bright Bar. The basic stainless steel bright bar applications
 and uses are found in machined components, Pump Shafts, Valves,
 Fasterners, Machine Tools, Dairy Equipments, surgical & medical parts.
 The expansion program in engineering division will involve a capital
 outlay of approx. Rs. 14 cr. and is expected to add over Rs. 100 cr. to
 the revenue and over Rs. 7.00 cr. to the profit of the company
 annually.
 
 Management further intends to increase capacity of these highly value
 added products gradually and also intend to include more value added
 products to the product line in small-2 expansion plans from the
 internal accrual to improve the bottom line and EBITA margin of the
 company. This shows the vision and thrust of the management to improve
 the bottom line of the company with low investment and minimum risk.
 
 Transfer to general reserves
 
 Out of the total profit for the financial year 2010-11, an amount of
 Rs. 3.00 Crore is proposed to be transferred to the General Reserve.
 
 Dividend
 
 Your Directors are pleased to recommend a dividend of Rs.  0.30 (15%)
 per equity share of Rs. 2/- each for the financial year 2010-11. The
 dividend, if approved at the ensuing Annual General Meeting, will be
 paid to those shareholders whose names appear on the register of
 members of the Company as on the Book Closure date. The financial
 dividend on the Equity Shares, if declared as above would involve an
 outflow of Rs.  0.56 cr. towards dividend and Rs. 0.09 cr. towards
 dividend tax resulting in a total outflow of Rs. 0.65 cr.
 
 Depository system and listing of shares
 
 Details of the depository system and listing of shares are given in the
 section “General Shareholder Information”, which forms a part of the
 Corporate Governance Report and is attached with the Annual Accounts.
 
 Registrar and share transfer agent
 
 M/s. Mas Services Limited, Delhi, is the Registrar and Share Transfer
 Agent of the Company. Details of the depository system and listing of
 shares are given in the section “General Shareholder Information”,
 which forms a part of the Corporate Governance Report and is attached
 with the Annual Accounts.
 
 Directors
 
 Mr. Rahul Goel, and Mr. Anurag Agarwal, Directors of the company retire
 by rotation at the ensuing Annual General Meeting and being eligible
 offer themselves for re- appointment.
 
 Auditors
 
 The statutory auditors of the Company, M/s. Sanjeev Anand & Associates,
 Chartered Accountants, retire at the ensuing Annual General Meeting.
 M/s. Sanjeev Anand & Associates, Chartered Accountants has confirmed
 its eligibility and willingness to accept office of Auditor.
 
 The Audit Committee and the Board of Directors therefore recommend M/s.
 Sanjeev Anand & Associates, Chartered Accountants as statutory auditor
 of the Company for 2011-12 for the approval of shareholders.
 
 Corporate governance and additional information to shareholders
 
 The Company is committed to maintain high standards of corporate
 governance. A separate report on Corporate Governance, pursuant to
 Clause 49 of the Listing Agreement with the stock exchange(s),
 Auditors'' Certificate on its compliance, including the Management
 Discussion and Analysis, and shareholders'' information forms a part of
 this report.
 
 Fixed Deposit
 
 The Company has not accepted any public deposits and, as such, no
 amount on account of principal or interest on public deposits was
 outstanding as on the date of the Balance Sheet.
 
 Particulars of Employees
 
 Information as required under Section 217(2A) of the Act, read with the
 Companies (Particulars of Employees) Rules, 1975, as amended, are not
 applicable to the company as there was no person in the employment of
 the company who is in receipt of an aggregate remunerations of Rs.
 60,00,000/- or more per annum where employed through out the year or
 Rs.  5,00,000/- or more per month, where employed for part of the year.
 
 Conservation Of Energy, Technology Absorption, Foreign Exchange
 Earnings And Outgo
 
 Details of energy conservation and research and development activities
 undertaken by the Company along with the information in accordance with
 the provisions of Section 217(1)(e) of the Companies Act, 1956, read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, are given in Annexure ''A'' to the Directors''
 Report.
 
 Directors'' Responsibility Statement
 
 As required by Section 217 (2AA) of the Companies Act, 1956 the
 Directors'' Responsibility Statement is given hereunder :
 
 i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed long with proper explanation
 relating to material departures;
 
 ii) that 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 at the end of the financial year March 31,
 2011 and of the Profit of the Company for that period.
 
 iii) that 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;
 
 iv) that the Directors have prepared the annual accounts on a going
 concern basis.
 
 Appreciation
 
 Your Directors would like to express their appreciation for assistance
 and co-operation received from the financial institutions, banks,
 Government authorities, customers, vendors and members during the year
 under review. Your Directors also wish to place on record their deep
 sense of appreciation for the committed services by the executives,
 staff and workers of the Company.
 
                              On behalf of the Board of Directors
 
                                                      M. C. GARG
 
                                                        Chairman
 Ghaziabad, 30th May, 2011