The results for the year are favourable as compared to the previous
 year. Sales have increased in all our Three Divisions.
 
 Income for the year is Rs.7,802 lakhs as compared to Rs.6,097 lakhs in
 the previous year, showing an increase of 28%. Profit before tax is
 Rs.551 lakhs as compared to Rs.373 lakhs in the previous year, an
 increase of 48%. The Board of Directors has recommended a dividend of
 Rs.20.00 per share (200%).
 
 All Divisions of the Company have generally done well. Segments which
 we serve like Auto, Power, R&D Establishments, Logistics and Pharma
 have helped us to do better.
 
 In the Engineered Products Division, we have done well in the
 Electrical product-line, thanks to the booming Power Sector and efforts
 put in by the Electrical Team.
 
 We are also entering the Solar Energy segment where there is a synergy
 with our existing business lines like inter-connectivity solutions and
 instrumentation.
 
 Last year, we started new product lines - NTAS - Nano Technology and
 Analytical Solutions. This is the new frontier of technology. We have
 made small beginnings. We are planning to consolidate the same in the
 coming year.
 
 Our Sound and Vibration business which has been affected by a general
 slow-down, is expected to pick up in the coming year.
 
 The Process Instrumentation business showed considerable improvement in
 product business.
 
 The Components business was relatively subdued as space buying
 continued to be slow.
 
 The Environmental Simulation line has been strengthened by the addition
 of new Principals and Products and good business is expected in the
 coming years.
 
 We have started focussing on technical services business where we offer
 service products like repairs and calibrations, measurements and
 analysis, training and consultancy. We plan to consolidate these
 activities in the coming years.
 
 In Industrial Finishing, heat and combustion lines have performed
 satisfactorily. With the Auto sector reviving, we hope to do better
 business in temperature profiling, furnace calibration and flow
 measurements in gas.
 
 The Material Handling Division has come up with an excellent
 performance with markets taking an upward turn. Warehousing, logistics,
 service providers, auto and pharma are showing significant growth which
 is helping material handling opportunities.
 
 Our Engineering Team has worked on several fronts - AC technology
 electric forklifts and stackers, high capacity tuggers and stackers for
 cold storage are some of the key achievements. Currently, Reach Trucks
 are under development which could find good applications as warehouses
 are becoming larger and taller.
 
 Service activities have been strengthened with more focus on
 availability of spares.
 
 We thank our Employees, Principals, Bankers, Suppliers, Shareholders
 and all the people associated with the Company, for their total
 cooperation and support.
 
                                                    B. H. Reporter
                                                          Chairman
 
 Mumbai, 6th May, 2011.