The Directors have pleasure in presenting the Forty-First Annual
 Report of the Company together with the audited accounts for the Year
 ended on March 31, 2012
 
 FINANCIAL RESULTS :                       2011-2012      2010-2011
                                           Rs.            Rs.
 
 Total Profit                              57076469       80513606
 
 Less :Loss/Profit on sale of 
 assets                                      201739         278341
 
 Profit on sale of land                           0       52155872
 
 Operating Profit                          56874730       28079393
 
 Less: Depreciation                         3581442        2885939
 
 Operating Profit for the Year 
 after depreciation but before tax         53293288       25193454
 
 Total Profit before Taxation(2 3 6)       53495027       77627667
 
 Less: Provision For Taxation              17500000       19000000
 
 Less: Provision for Deferred
 
 Tax Assets/Liabilities                       86136        (385854)
 
 Less: Short Provision of Tax                     0          43674
 
 Profit After Tax                          35908891       58969847
 
 Balance Of Profit Brought Forward 
 From Previous Year                        68452242       35718318
 
 Profit Available for Appropriation        35908891       94688165
 
 Less: Proposed Dividend                   17500000       17500000
 
 Tax On Proposed dividend                   2838938        2838938
 
 Transferred to General Reserve             3590890        5896985
 
 Net Profit Carried Forward to 
 Balance Sheet                             80431306       68452242
 
 OPERATIONS:
 
 Total Turn over during the year is Rs. 2240.24 Lac (Previous Year Rs.
 1763.13 Lac) showing increase of 27.06 % over the previous year. We
 have made a Profit after depreciation and interest of Rs. 532.93 Laces
 (Previous Year Profit of Rs 251.93 Laces). Exports during the year was
 Rs. 2137.70 Laces as against Rs. 1657.21 Laces during Previous year
 showing a growth of 28.99 %.
 
 During the current year the exchange rate of Rupee was weak against US
 Dollar & Euros resulting in favourable realization on export sales
 which constituted 96 % of our total sales.
 
 During the coming year focus on export will be primary with regular
 visits to customers for providing better service and also visiting
 various fairs and exhibitions for taping of new customer.
 
 Europe being our single largest market, we expect a little slow down
 from our customers and hopefully would be able to cover any decline in
 European market by enhancing and finding new customers in other market
 specially more focused on North America and Far East Market.
 
 Director''s Responsibility Statement: Your Board States that
 
 I) In the preparation of the annual account for the year ended on 31st
 March, 2012 the applicable, accounting standards had been followed and
 there had been no material departures from the said standard.
 
 II) The directors had selected such accounting policies and applied it
 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 31st March, 2012 and of the profits of the company
 for the year ended on that day.
 
 III) The directors had taken proper and sufficient care for the
 maintenance and adequate accounting statement 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) The directors had prepared annual accounts for the year ended 31st
 March 2012 on a going concern basis.
 
 DIVIDEND:
 
 The Board recommends 500 % dividend (i e Rs 50.00 Per Share) for the
 year ended 31st March, 2012.
 
 DIRECTORS:
 
 Mr.D.C.Daftari and Mrs.Tejas Kothari, Directors shall retire pursuant
 to Article 132 of the Articles of Association of the Company and are
 eligible for re-appointment.
 
 PARTICULARS OF EMPLOYEES:
 
 Information in accordance with the provisions of Section 217 (2A) of
 the Companies Act, 1956 read with the Companies (Particulars of
 Employees) Rules, 1975 as amended regarding employees is NIL
 
 PUBLIC DEPOSITS:
 
 The company has not accepted deposits U/S 58 A of the Companies Act,
 1956 during the year.  AUDITORS'' REPORT:
 
 The observation of the Auditors if any is explained by way of
 appropriate notes to the accounts.
 
 AUDITORS:
 
 M/s Kanu Doshi Associates, the Auditors of your Company retire at the
 ensuing Annual General Meeting and are eligible for re-appointment.
 
 SECRETARIAL COMPLIANCE CERTIFICATE:
 
 Secretarial Compliance Certificate of M/s Dinesh Mehta & Co. Company
 Secretaries as required under the Provision of section 383A(1) of the
 companies Act,1956 is annexed herewith.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 A statement containing the necessary information in accordance with
 Section 217 (i)(e) of the Companies Act, 1956 read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988 is annexed hereto and marked annexure A to this report.
 
 ACKNOWLEDGEMENT:
 
 Your Directors convey their deep sense of gratitude to the employees
 for their co-operation.
 
                                      for and on behalf of the Board
 
                                                      Naresh Kothari
 
                                        Chairman & Managing Director
 Place : Kalali, VADODARA.
 
 Date  : 14-05-2012