The Directors have pleasure in presenting the Twenty Ninth Annual
 Report on the business and operations of the Company and the accounts
 for the financial year ended 31st March, 2012.
 
 FINANCIAL REVIEW
 
 Particulars                       Current Year        Previous Year
                                    (Rs. in Lac)       (Rs.in Lac)
 
 (i)  Sales and other income          3807.36              2781.32
 
 (ii) Profit before depreciation       332.78               293.54
 
 (iii) Depreciation                     65.89                65.32
 
 (iv) Profit for the year              266.89               228.22
 
 (v)  Provision for Current tax (Net)   68.00                52.00
 
 (vi) Provision for Deferred tax        19.83                26.99
 
 (vii) Profit after tax                179.06               149.23
 
 (viii) Balance in Profit & 
 Loss Account brought
 forward from the previous year        438.49               289.27
 
 (ix) Amount available for 
 appropriation &
 carried forward to Balance Sheet      617.55               438.49
 
 *Regrouped figure of the previous year OPERATIONAL REVIEW
 
 Your Company produced / purchased 7129.89 MT of Castings and other
 items and 1898.17 MT of Ingots as compared to 8S2 MT of Castings &
 other items and 7402 MT of Ingots of previous year. The above figures
 show a net increase in production / purchase of 6277.89 MT in Castings
 and other items and a net decrease of SS03.83 MT in Ingots. This is
 because your company has concentrated more into production/ purchase of
 high value addition items i.e. casting and other items as they are more
 revenue generating products. In terms of value, your Company''s total
 income under the year under review was 3807.36 Lakhs against the
 previous year of 2781.32, thus recording a net increase in income of
 Rs. 1026.04 Lakhs. This has resulted in increase in profit by 29.83
 Lakhs and the Earning Per Shares worked out to be Rs. 3.98 as compared
 to Rs. 3.32 of previous year.
 
 DIVIDEND
 
 Your Company is striving to accumulate some funds from internal sources
 to balance the financial position of the Company in view of growth in
 production and business. Thus, keeping in view the current conditions
 your Directors have considered it prudent not to recommend any dividend
 for the year.
 
 DEPOSITS
 
 Your Company has not accepted any deposits from the public during the
 year under review and as such there are no outstanding deposits in
 terms of the Companies (Acceptance of Deposits) Rules, 197S.
 
 DEBENTURES
 
 Your company has converted the unsecured loan from Krishna Re-Rollers
 Private Limited amounting to Rs.6,40,00,000/- (Rupees Six Crores Forty
 Lakhs only) into 0% Unsecured Non-Convertible Non-Transferable
 Debentures redeemable after a period of seven years.
 
 LISTING
 
 The Shares of your Company are listed in the Bombay Stock Exchange. The
 listing fee for the year 2011-12 has been paid to the Bombay Stock
 Exchange.
 
 PARTICULARS OF EMPLOYEES
 
 The Provision of section 217(2A) of the Companies Act,19S6 read with
 Companies (Particular of Employees) Rules 197S as amended are not
 applicable to the company as no employee has drawn emoluments exceeding
 the specified limits.
 
 DIRECTORS
 
 In accordance with the provisions of Section 2S6 of the Companies Act,
 19S6 and the Company''s Article of Association, Mrs. Shweta Kishan
 Agarwal, Director of the Company retires by rotation.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The prescribed details as required under section 217(1 )(e) of the
 Companies (Disclosure of Particulars on the report of Board of
 Directors) Rules 1988 are set out in Annexure ''A'' forming part of
 this report.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 19S6, with respect to Director''s Responsibility Statement, it is
 hereby Confirmed;
 
 (i) In the preparation of annual accounts for the financial year ended
 31st March, 2012, the applicable Accounting Standards as specified by
 the Institute of Chartered Accountants of India have been followed and
 that there are no 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 and of the
 profit of the company for the year under review.
 
 (iii) That the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provision of the Companies Act, 19S6 for safeguarding the assets of the
 company and for preventing and detecting frauds and other
 irregularities.
 
 (iv) That the directors have prepared the accounts for the financial
 year ended 31st March, 2012 on a ''going concern'' basis.
 
 MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
 
 In accordance with Clause 49IV(F)(i) of the Listing Agreement,
 Management Discussion and Analysis Report for the year under review is
 given as a separate statement, as Annexure ''B'', which forms a part
 of this Annual Report.
 
 CORPORATE GOVERNANCE
 
 In line to the company''s commitment to good corporate governance
 practices, your company has complied with all mandatory provisions of
 corporate governance as prescribed under clause 49 of the listing
 agreement with the Stock Exchanges. A separate report on corporate
 governance and practicing Company Secretary''s certificate thereon are
 included as Annexure ''C'', which forms part of the Annual report.
 
 CEO/CFO CERTIFICATION
 
 Pursuant to the provisions of clause 49 of the listing agreement, the
 CEO/CFO certificate is part of this Annual Report.
 
 AUDITORS AND AUDIT REPORT
 
 M/s K.D Lath & Company, Chartered Accountants, Rourkela, Statutory
 Auditors of the company retires at the conclusion of the ensuing Annual
 General Meeting of the company. They have confirmed that their re-
 appointment, if made, will be within the prescribed limits under
 section 224(1B) of the Companies Act, 19S6.
 
 There are no qualifications or adverse remarks in Auditor''s Report
 which require any clarification/explanation.  The notes to accounts
 forming part of the financial statements are self explanatory and needs
 no further explanation.
 
 ACKNOWLEDGEMENT
 
 The Directors place their sincere appreciation for the continued
 co-operation, guidance, support and assistance provided during the year
 by Bank, Financial Institutions, Government Authorities, Customers and
 Suppliers.
 
 Your directors wish to record their appreciation for the exemplary
 services rendered by the employees of the company.
 
 Above all, the directors thank the shareholders for their continued
 confidence in the management.
 
                              On behalf of the Board of Directors
 
                                                sd/-
 
 Place : Mandiakudar                         H.K AGRAWAL
 
 Date : 04th September, 2012              Managing Director