The Directors have the pleasure in presenting the 28th Annual Report
 and the Audited Accounts of the Company for the year ended 31st March,
 2012.
 
 FINANCIAL HIGHLIGHTS
 
                                                           (Rs. in lacs) 
 
                                                2012             2011
 
 Total Turnover                            98,014.81        83,829.28
 
 Other Income                                  86.51           516.19
 
 Profit Before Interest, 
 Depreciation and Taxation                 18,468.83        14,738.31
 
 Less : 1. Interest                         5,904.12         3,386.90
 
 2.  Depreciation                           2,333.49         1,927.72
 
 Profit Before Taxation                    10,317.73         9,939.88
 
 
 
 (Rs.in lacs)                                   2012             2011
 
 Less : Provision for Taxation
 
 Current Tax                                2,087.39         2,331.14
 
 Deferred Tax                                 873.75           807.31
 
 Less: Income Tax paid 
 for earlier year                              46.48           126.02
 
 Profit after Taxation                      7,310.11         6,675.41
 
 Add : Balance of Profit 
 from earlier years                        18,496.65        13,193.74
 
 Amount available for 
 Appropriations                            25,806.76        19,869.16
 
 Less : Dividend (Proposed)                   662.48           662.48
 
 Tax on distributed Profits                   107.47           110.03
 
 Transfer to General Reserve                  800.00           600.00
 
 Balance carried forward                   24,236.81        18,496.65 
 
 COMPANY PERFORMANCE AND BUSINESS OVERVIEW
 
 Financial year 2011-12 witnessed another year of high inflation and
 interest rate regime, decelerating growth along with slowdown in
 international market and investment climate affecting businesses
 environment resulting in moderated growth.
 
 Your Company achieved a total turnover of Rs. 98,014.81 lacs for the year
 ended 31st March, 2012 as against Rs. 83,829.28 lacs in the previous
 year, with EBIDTA at Rs. 18,468.83 lacs against an EBIDTA of Rs. 14,738.31
 in the previous year and has earned a net profit of Rs. 7,310.11 lacs
 versus Rs. 6,675.41 lacs in the previous year. This represents a growth
 of 16.92% in turnover, 25.31% in EBIDTA and 9.51% in terms of net
 profit.
 
 Highlights of performance and business overview are discussed in detail
 in Management Discussion and Analysis forms part of this Annual Report.
 
 dividend
 
 Your Company had declared and paid an interim Dividend of 10% for the
 financial year ended 31st March, 2012 in February, 2012 absorbing an
 amount of Rs. 331.24 lacs (excluding Dividend Distribution tax of Rs. 53.74
 lacs). The Company is pleased to report that the Board has recommended
 a final dividend of 10 % for the financial year ended 31st March, 2012.
 The final dividend will absorb an amount of Rs. 331.24 lacs (excluding
 Dividend Distribution tax of Rs. 53.74 lacs). The total dividend outflow
 for the year 31st March, 2012 aggregating Rs. 662.48 lacs (excluding
 Dividend Distribution tax of Rs. 107.48 lacs) represents 20 % of the
 Company''s paid-up share capital.
 
 CORPORATE GOVERNANCE
 
 The Board reaffirms its commitment to the good corporate governance
 practices, which they see as fundamental to discharging their
 stewardship responsibilities. The Board strives to provide the right
 leadership, strategic oversight and focuses on its resources, strength
 and strategies to achieve and maintain sustainable growth and to create
 long-term value to all of the Company''s Stakeholders.
 
 A corporate Governance Report is annexed to Directors'' Report and
 Auditors Certificate regarding compliance of the Corporate Governance
 is made part of Annual Report.
 
 PUBLIC DEPOSIT
 
 The Company has not accepted any deposit within the meaning of Section
 58A of the Companies Act, 1956 and rules made thereunder.
 
 DIRECTORS
 
 Mr. Ernest Robin Cornelius, Director of the Company retires from the
 Board by rotation in accordance with the provisions of Companies Act,
 1956 and the Articles of Association of the Company and being eligible,
 offers himself for re-appointment.
 
 The particulars of the Director proposed to be re-appointed are given
 in the Corporate Governance Report as annexed to the Directors'' Report
 and forms part of Annual Report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed that;
 
 i) In the preparation of the accounts for the financial year ended 31st
 March, 2012, the applicable Accounting Standards have been followed
 along with proper explanation relating to material departures;
 
 ii) The Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that were
 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) The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provision of the Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities;
 
 iv) The Directors have prepared the accounts for the financial year
 ended 31st March, 2012 on a ''going concern'' basis.
 
 particulars OF EMPLOYEES
 
 A statement showing the particulars pursuant to Section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 as amended vide Companies (Particulars of Employees)
 (Amendment) Rules, 2011 is annexed to this report and forms integral
 part of this report.
 
 particulars OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
 EXCHANGE AND OUTGO
 
 Particulars with respect to conservation of energy, technology
 absorption and foreign exchange earnings and outgo, as per section
 217(1) (e) of the Companies Act, 1956, read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988 and forming part of the Directors'' Report for the year ended 31st
 March, 2012, are annexed to this report.
 
 CORPORATE SOCIAL OBJECTIVES
 
 Corporate social Responsibility continues to be an important factor in
 the activities of the Company, as Corporate Citizen. The Company is
 committed to a sustainable development and constantly making efforts to
 carry out initiative that benefits the communities interacting with us
 during the course of business.
 
 AUDITORS
 
 M/s. Vishal H. Shah & Associates, Chartered Accountants, the Statutory
 Auditors of the Company retire at the conclusion of the ensuing Annual
 General Meeting and are eligible for re-appointment. They have
 furnished a certificate pursuant to Section 224(1) of the Companies
 Act, 1956 regarding their eligibility for re-appointment and your
 Directors recommend the re-appointment.
 
 ACKNOWLEDGEMENT
 
 The Directors take this opportunity to thank the Shareholders,
 Financial Institutions, Banks, Customers, Suppliers, Regulators,
 Government Authorities - Central and State Government & Local.
 
 The Directors also wish to place on record their appreciation of the
 employees at all levels for their hard work, dedication and commitment.
 
                                For and behalf of the Board of Director
 
                                                 PURUSHOTTAM C.MANDHANA
 
                                       (Chairman and Managing Director)
 
 PLACE : MUMBAI 
 
 DATED : 6th August, 2012