Dear Members,
 
 The Directors have pleasure in presenting their Annual Report together
 with the Audited Statement of Accounts for the Financial Year ended on
 31st March, 2012.
 
 (1) FINANCIAL AND WORKING RESULTS:
 
 PARTICULARS                                2011-2012         2010-2011 
                                           (Rs.)                  (Rs.)
 
 Income from Operation                      410556737         410772571
 
 Other Income                                  793951            614127
 
 Total Income                               411350688         411386698
 
 Operating & Administrative Expenses        379006001         360642157
 
 Operating Profit before Interest, 
 Depreciation & Tax                          32344687          50744541
 
 Interest and Financial Charges               4658369           4464848
 
 Depreciation and Amortisation               17813755          15271986
 
 Profit Before Extraordinary items Tax        9872563          31007707
 
 Extraordinary items                         (4491671)        (29762999)
 
 Profit Before tax                            5380892           1244708
 
 Tax                                          1096725            314000
 
 Deferred Tax                                 (374681)          (373119)
 
 Profit After Tax                             4658848           1303827
 
 Surplus Brought Forward from Previous Year  (1400562)         (2704389)
 
 Balance Carried to Balance Sheet             3258286          (1400562)
 
 DIVIDEND
 
 The company''s is expanding its business because of that the company
 capex requirement is presently higher than the cash. Therefore, your
 directors do not recommend any dividend for the year ended March
 31,2012.
 
 (2) INVESTORS''RELATIONS AND GRIEVANCES
 
 The details regarding the investor complaints received and resolved
 during the year are mentioned in the Report on Corporate Governance
 annexed to this report.
 
 PARTICULARS RELATING TO CONSERVATION OF ENERGY
 
 A.  CONSERVATION OF ENERGY
 
 1.  Energy Conservation Measure taken:
 
 i) Maintained high power factor through the year.
 
 2.  Additional investment and proposal, if any, being implemented for
 reduction and consumption of energy: ''
 
 3.  Impact of measure at (1) and (2) above for reduction of Energy
 Consumption and consequent impact on production of goods,
 
 i) Reduction in power consumption
 
 B.  FOREIGN EXCHANGE EARNING & OUTGO:
 
 During the year, the Company has neither earned nor spent any foreign
 exchange.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
 
 A detailed analysis of the Company''s performance is mentioned in the
 Management Discussion and Analysis Report, which form part of this
 Annual Report.
 
 REPORT ON CORPORATE GOVERNANCE
 
 Your company is committed to follow corporate governance practice in
 accordance with Clause 49 of the Listing Agreement and follows the same
 while conducting affairs of the Company. A Report on Corporate
 Governance along with a certificate from the Practicing Company
 Secretary of the Company regarding the compliance of conditions of
 Corporate Governance as stipulated in Clause 49 of the Listing
 Agreement forms part of the Annual Report.
 
 FIXED DEPOSITS
 
 Your Directors report that the company has not accepted any deposits
 during the current financial year.
 
 INSURANCE
 
 Your directors confirm that all the properties and insurable interests
 of the Company, including buildings, plant & machinery and stocks have
 been adequately insured.
 
 DIRECTORS
 
 In accordance with the provision of the Companies Act, 1956 and the
 Article of Association of the Company, Shri Pravin Shah, Director
 retire by rotation at the forthcoming Annual General Meeting of the
 Company and being eligible offer themselves for reappointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, your
 Directors confirm that:
 
 (i) in the preparation of the accounts for the financial year ended
 March 31, 2012; the applicable accounting standards have been followed
 along with proper explanation relating to material departures, if any;
 
 (ii) the accounting policies selected have been applied consistently
 and 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 the
 end of the financial year and of the profit or loss of the Company for
 the year under review;
 
 (iii) proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Compahies Act, 1956 for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities and;
 
 (iv) the annual accounts have been prepared on a going concern basis.
 
 AUDITORS AND THEIR REPORT:
 
 Comments of the auditors in their report and the notes forming part of
 the accounts are self explanatory and need no comments.
 
 M/s V.K Shastri & Co., Chartered Accountants, Vadodara, the Company''s
 auditors will retire at the conclusion of the ensuing Annual General
 Meeting and being eligible, offer themselves for reappointment.
 
 The company has received a certificate from the auditors to the effect
 that their re-appointment if made, would be in accordance with the
 provisions of section 224(1 B) of the Companies Act, 1956.
 
 The directors recommend the re-appointment of M/s V.K Shastri & Co.,
 Chartered Accountants and shall seek the approval of the members at the
 Annual General Meeting to authorize the Board to Directors to fix their
 remuneration.
 
 HUMAN RESOURCES
 
 The strength of your Company lies in its team of its competent and
 motivated personnel.  This has made possible for your Company to make
 significant improvements and progress in all areas of its working. The
 Company has continued its endeavor to impart appropriate and relevant
 training to its employees at various levels with a view to equip them
 to take up the challenges ahead and to enhance their performance in the
 overall interest of the Company.The industrial relations remained
 cordial during the year.
 
 PARTICULARS OF EMPLOYEES UNDER SECTION 217
 
 There were no employees coming within the purview of the provisions of
 section 217(2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975.
 
 ACKNOWLEDGEMENT
 
 Your Directors express their grateful appreciation for the assistance
 and cooperation received from the Banks, employees, shareholders and
 all concerned towards performance of the Company during the year under
 review.
 
                                         FOR AND ON BEHALF OF THE BOARD 
 
                                                                   Sd/-
 
 Place : Vadodara                                           Kiran Shah
 
 Date : 31st July, 2012                                       Chairman