Dear Members,
 
 The Directors have pleasure in presenting to you the Thirty Eighth
 Annual Report and the Audited Accounts for the Financial Year ended
 31st March, 2011.
 
 FINANCIAL RESULTS :
 
                                                         (Rs.in lacs)
                                            Year ended     Year ended
                                            31.03.2011     31.03.2010
 
 Operational Income (Gross)                      16951          14186
 
 Profit before Depreciation and Financial         2487           3341
 cfharges
 Less : Financial Charges                          748            349
 
        Depreciation                               926            686
 
 Net Profit Before Tax                             813           2306 
 Less : Provision for Taxation
      - Deferred Tax                                97            220
 
      : Provision for W ealth Tax                    7              7
 
 Profit After Tax                                  709           2079
 
 Less: Prior Year Expenses                           1              8
 
 Add : Prior Year Income                             -              5
 
 Add : Prior Years Tax Adjustments                   1              4
  
 Add : Balance Brought Forward                    3656           1576
 
 Profit Available for Appropriations              4365           3656
 
 APPROPRIATIONS
 Balance carried to Balance Sheet                 4365           3656
 
 Basic and Diluted Earnings Per Share (Rs.)       6.82             20       
 
 OPERATIONS
 
 During the year under report, your Company has registered turnover of
 Rs. 16951 lacs as compared to Rs. 14186 lacs in the previous financial
 year. The Company earned a net profit before tax of Rs.813 lacs as
 compared to a net profit before tax of Rs.2306 lacs in the previous
 financial year. During the year the company has enhanced its existing
 capacity in the electrical & other segments and during the year the
 total capital outlay was Rs.8712 lacs. The Funds requirements are being
 met by way of term loans and internal accruals. Due to the substantial
 capital out lay financial expenses have increased from Rs.349 lacs in
 the previous year to Rs.748 lacs in the current year and depreciation
 has also increased from Rs. 686 lacs to Rs. 926 lacs. The company is
 hopeful of receiving rich dividends from the present capital outlay in
 the forthcoming years.
 
 DIVIDEND
 
 To sustain internal accruals for the future growth of the Company, your
 directors are not recommending any dividend for the Accounting Year.
 
 MATERIAL CHANGES AND COMMITMENTS
 
 The company has commenced the civil work at Greater Noida (U.P.) and it
 is proposed to shift its electrical segment operations to Greater Noida
 from its existing location at Ludhiana(Punjab). There were no other
 material changes and commitments, affecting the financial position of
 the Company that have occurred between the end of the financial year of
 the Company and the date of signing of this report.
 
 DIRECTORS
 
 Sh. Harjeet Singh Arora and Maj. Shavinder Singh Khosla, the Directors
 of the Company retire by rotation at the ensuing Annual General Meeting
 and being eligible have offered themselves for re-appointment. Sh.
 Vijay Munjal, the Director of the Company has resigned from
 directorship w.e.f. 14th May, 2011. The Board places on record its deep
 appreciation for his valuable contribution during his tenure.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Your Directors make the following statement in terms of Section
 217(2AA) of the Companies Act, 1956 :
 
 i) That in the preparation of the annual accounts for the year ended
 March 31, 2011, the applicable accounting standards have been followed;
 
 ii) That appropriate accounting policies have been selected and applied
 consistently and judgments and estimates that are reasonable and
 prudent have been made so as to give a true and fair view of the state
 of affairs as at March 31, 2011 and of the net profit earned by the
 Company for financial year ended March 31, 2011 ;
 
 iii) That proper and sufficient care has been taken for the maintenance
 of adequate accounting records 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) That the annual accounts for the year ended March 31, 2011 have
 been prepared on a going concern basis.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 A report in the form of Management Discussion and Analysis pursuant to
 Clause 49 of the Listing Agreement, as a part of this report is annexed
 hereto as Annexure I.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement with The Stock Exchange,
 adequate steps have been taken to ensure that all the provisions
 relating to Corporate Governance are duly complied with. A report on
 Corporate Governance along with the Auditors'' Certificate on its
 compliance as a part of this report is annexed hereto as Annexure II.
 
 HOLDING COMPANY
 
 Consequent to the inter-se transfer of shareholding amongst the
 Promoters, Anadi Investments Private Limited has become the holding
 company of your company with effect from 31st March, 2011. The
 shareholding of Anadi Investments Private Limited in the Company is
 77,57,688 equity shares of Rs. 10/- each equivalent to 74.61% of the
 paid up capital of the company as on 31st March 2011.
 
 SUBSIDIARY COMPANY
 
 The Company had one Wholly Owned Subsidiary namely Majestic IT Services
 Limited (MITSL), which is engaged in the business of providing a broad
 range of information and technology related services. MITSL has
 commenced its operations in the area of NCR Delhi.MITSL has yet to pick
 up its operations.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 Pursuant to the provision of Section 212(8) of the Companies Act, 1956
 the Ministry of Corporate Affairs vide its circular dated February 8,
 2011 has granted general exemption from attaching the Balance Sheet,
 Profit and Loss Account and other documents of the subsidiary companies
 with the Balance Sheet of the Company. A statement pursuant to Section
 212 of the Companies Act, 1956 containing brief financial details of
 the Company''s subsidiary for the financial year ended March 31, 2011 is
 included in the Annual Report. The annual accounts of the subsidiary
 and the related detailed information will be made available to any
 member of the Company/its subsidiary seeking such information at any
 point of time and are also available for inspection by any member of
 the Company/its subsidiary at the registered office of the Company and
 at the registered office of the subsidiary company. The Company shall
 furnish a copy of details of annual accounts of subsidiary to any 
 member on demand. The Consolidated Financial Statements consolidating
 the financials of the Company and MITSL duly audited by the Statutory
 Auditors of the Company are published in this Annual Report.
 
 LISTING
 
 The shares of your Company are presently listed on the Bombay Stock
 Exchange Limited, Mumbai (BSE) and the Annual Listing fees for the year
 2011-2012 has been paid to it.
 
 FIXED DEPOSITS
 
 During the year under review, the Company has not accepted or invited
 any deposit under Section 58A of the Companies Act, 1956 read with
 Companies (Acceptance of Deposits) Rules, 1975.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees has received a salary of Rs.60.00 lac per annum
 or Rs. 5.00 lac per month or more during the financial year 2010-2011.
 Accordingly, no particulars of employees are to be given pursuant to
 the provisions of Section 217(2A) of the Companies Act, 1956 read with
 Companies (Particulars of Employees) Amendment Rules, 2011.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The detailed information as required under Section 217 (1) (e) of the
 Companies Act, 1956 read with Companies (Disclosure of Particulars in
 the Report of the Board of Directors) Rules, 1988 is annexed hereto as
 Annexure -III and forms an integral part of this report.
 
 ENVIRONMENTAL & QUALITY MANAGEMENT
 
 With implementation of the Environment Management System (EMS)
 ISO-14001:2004, the Company continues to pursue its endeavor to operate
 in harmony with the nature, conservation of natural resources and
 reduction in Global warming. The Company continues to maintain the
 ISO/TS:16949(2009) Quality Management Systems to ensure effectiveness
 of all functions.
 
 
 AUDITORS
 
 M/s B.D. Bansal & Co., Chartered Accountants, Auditors of the Company
 will retire at the conclusion of the forthcoming Annual General Meeting
 and being eligible, offer themselves for re-appointment. The Company
 has received a certificate from the Auditors to the effect that their
 appointment, if made, would be in accordance with Section 224(1-B) of
 the Companies Act, 1956. The Board recommends their re-appointment.
 
 AUDITORS'' REPORT
 
 As regards the Auditors'' Report, the respective notes to the accounts
 are self explanatory and therefore, do not call for any comments.
 During the year the company has migrated to a new ERP system i.e.
 Oracle EBS 12.1 wherein stocks have been valued on Moment Moving
 weighted average Basis as against the Monthly Moving Weighted
 average for more appropriate and relevant presentation of the
 financial statements. The impact resulting from such change is not
 ascertainable due to huge volume of transactions.
 
 PERSONNEL
 
 As on March 31, 2011, the total number of employees on the records of
 the Company was 741. The Company conducts several training programmes
 to upgrade the skills of its workforce. These programmes have a strong
 practical approach, and the objective is to derive tangible
 improvements. Industrial relations were cordial throughout the year.
 Your Directors place on record their appreciation for the dedicated and
 sincere efforts put in by all employees in the performance of the
 Company.
 
 ACKNOWLEDGEMENT
 
 The Directors acknowledge with gratitude, the co-operation and
 assistance given by the Central Government, State Governments, Banks,
 Dealers, Customers, Vendors and Investors during the year under review.
 
                          For and on behalf of the Board of Directors
 
                                              (Mahesh Chandar Munjal) 
                                         Chairman & Managing Director
 Place : Ludhiana 
 Date : 13.08.2011