The Directors are pleased to present their 25th Annual Report and the
 Audited Statement of Accounts along with the Report of the Auditors for
 the financial year ended 31st March, 2012.
 
 FINANCIAL HIGHLIGHTS 
                                               (Rs. in Lacs)
 
 Particulars                          Year ended        Year ended
                                       31.3.2012         31.3.2011
 
 Sales/Income including Job work
 operations                             60137.14          29960.11
 
 EBIDTA                                  2079.10            513.66
 
 Finance Costs                          (1476.88)          (771.59)
 
 Provision for Depreciation             (1383.26)         (1371.28)
 
 Profit /(Loss) before tax & 
 exceptional items                       (781.04)         (1629.21)
   
 Current tax                               (1.89)           (19.41)
 
 Brought forward profit/ (loss) 
 from last year                        (16685.04)        (15327.10)
 
 Exceptional Items                        (69.67)           290.99
 
 Balance carried forward to 
 Balance Sheet                         (17398.30)        (16685.04)
 
 
 OPERATIONS
 
 During the year under review, company''s proposal to consolidate all the
 manufacturing facilities at Khopoii Including shifting of the Bright
 Bar Division from Turbhe to Khopoii are under considerable progress.
 
 The rationalisation measures taken by the Company are long term, where
 in operation should gradually be strengthened further in the current
 year. Visible progress is evident from the sales turnover achieved.
 Your company has this year too maintained the sales growth rate of more
 than 100% and achieved Sales Turnover of Rs. 60137.14 lakhs as against
 the Sales Turnover of Rs. 29960.11 lakhs for the year 2010-11. The
 profitability of the company has improved and the net loss has been
 reduced from Rs. 1629.21 Lacs as of 31.03.2011 to Rs.781.04 Lacs as of
 31.03.2012.
 
 DIVIDEND
 
 Taking into account the accumulated losses, the Directors regret their
 inability to declare any dividend on Preference Shares as well as on
 Equity Shares of the Company.
 
 EXPORTS
 
 During the year, me Company has initiated customer meets world over and
 has participated in leading International Trade fair for marketing
 Stainless steel wires and bars. Exports of the Company during the year
 under review accounted only to Rs. 1.19Lacs (previous year Rs. 288.82
 Lacs).
 
 FINANCIALS
 
 As of 31.03.2011 the company has secured debts of Rs. 6298.20 lacs
 under the Corporate Debt Restructuring Scheme approved by CDR and
 accepted by the various tenders. During the period under review the has
 paid substentialy and reduced the CDR Secured Debts to RS. 884.89 lacs.
 The Company has paid full and final dues of Oriental Bank of Commerce
 Ltd, Punjab and Sindh Bank Ltd and International Asset Reconstruction
 Company Ltd. New India Assurance Company Limited and General Insurance
 Company Limited have assigned their debt to Kotak Mahindra Bank
 Limited. The Company has also issued and allotted 0.01% Cumulative
 Redeemable Preference shares of Rs.10/- each to New India Assurance
 Company Limited as per the CDR scheme. The company has paid the
 principle outstanding of the Asset Reconstruction Company of India Ltd.
 
 Durng the year under review, the Hon'' High Court Bombay had passed an
 ex-parte order in the Company petition filed by one of the creditors of
 the Company for Rs. 3.47 lacs, due to non appearance of the Lawyer
 appointed by the Company. The Company had filed an application and
 contested for disposal of the Company Petition as withdrawn and
 set-aside of the said order. The Company application was allowed,
 heared from time to time & finally disposed off as withdrawn on 10th
 April,2012. Simultaneously, the Company petition pending before The
 Hon'' High Court since long has been disposed off as withdrawn upon
 payment of Rs. 350 Lacs to Commerzbank. 
 
 INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956
 Information relating to conservation of energy and technology
 adsorption as required under section 217 (1) (e) of the Companies Act,
 1956, read with the Companies (Disclosure of Particulars in the Report
 of the Board of Directors) Rues, 1988, is given in Annexure and forms
 part of this report.
 
 FIXED DEPOSITS
 
 The Company has not accepted any Fixed Deposits from the public.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 hereby confirm :
 
 (i) that in the preparation of the annual accounts for ''the year ended
 31st March 2012, The applicable accounting standard hoc been followed
 along with proper explanation relating to material departures, if any;
 
 (ii) that appropriate accounting policies have been selected and have
 been applied consistently, they have 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 201 2 and of the loss
 of the Company for that period;
 
 (iii) that proper and sufficient care has been taken for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assess of the Company and
 for preventing and detecting fraud and other irregularities; and
 
 (iv) that the annual accounts have been prepared on a going concern
 basis.
 
 DIRECTORS
 
 During the year under review, Mr. Bimal Desai and Mr. Neeraj Agarwala
 will retire by rotation at the ensuing Annual General Meeting, and
 being eligible, offers themselves for re-appointment. Mr. Mahesh Kedia
 & Mr. Caurav Chhabria are appointed as alternate Director to Mr. Bimai
 Desai & Mr. S. P. Khosla effective 29th May,2012.
 
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 A detailed section on the Management Discussion and Analysis forms part
 of this Report.
 
 CORPORATE GOVERNANCE
 
 The Company has implemented the provisions of Clause 49 of the Listing
 Agreement relating to the Corporate Governance requirements.  A Report
 on Corporate Governance, the Report of Auditors Certificates thereof
 and Management Discussion and Analysis are given as annexure to this
 report.
 
 EMPLOYEES'' STOCK OPTION SCHEME
 
 Members'' approval was obtained at the Extra-ordinary General Meeting
 held on June 5, 2006 for introduction of Employees Stock Option Scheme,
 formulated in accordance with Securities and Exchange Board of India
 (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
 Guidelines, 1999 (''the SEBI Guidelines''). The Remuneration Committee
 was to administer and monitor the Scheme.  Initially, 30,00,000 equity
 shares were issued for this Scheme. As no options were granted, your
 Board of Directors, have cancelled the shares so issued under the
 Scheme during the year under review. Hence, no disclosures as
 stipulated under the SEBI Guidelines, as at March 31, 2012, are
 applicable.
 
 AUDITORS
 
 Messers Thanawala & Co., Chartered Accountants, retire at the ensuing
 Annual General Meeting and they being eligible, offer themselves for
 re-appointment as Auditors of the Company.
 
 M/s. Vishesh N. Patani, Cost Accountants, Mumbai have furnished a
 Certificate of their eligibility for re-appointment Under Section
 224(1-Bj of the Companies Act, 1956, Certificate for independence and
 arm length relationship with the Company and are not disqualified for
 such appointment. The said cost accountants have been re-appointed by
 the Board of Directors of the Company on the recommendations of the
 Audit Committee, as the Cost Auditors of the Company for the financial
 year 2012-2013, subject to the approval of the Central Government.
 
 AUDITORS'' QUALIFICATIONS
 
 Interest free Funds available with the Company from the related parties
 are in excess of the loans & advances given by the Company to the
 related parties.
 
 The Company is in the process of getting the Details of trade creditors
 to identify the micro, small and medium enterprises as per The Micro,
 Small and Medium Enterprises Development Act, 2006 so as to quantify
 the amount of overdue interest payable to them, if any.
 
 INDUSTRIAL RELATIONS
 
 The Industrial relations have been cordial and peaceful during the year
 under review. The Directors wish to place on record their appreciation
 of the devoted and dedicative services rendered by employees at all
 levels and look forward to their continued support and co-operation in
 the days to come.
 
 ACKNOWLEDGEMENTS
 
 The Directors express their appreciation for cooperation and
 encouragement received from all the Business Associates. Dealers, CDR
 Cell, Financial Institutions, Bankers, Insurers and Shareholders during
 the year under review.
 
                                   By order of the Board of Directors
 
                                                Ashwinkurnar H. Gupta 
                                                             CHAIRMAN
 
 Place: Mumbai 
 Date: May 29, 2012