The Directors have pleasure in presenting Twenty First Annual Report
 on the business and operations with Audited Statement of Accounts for
 the year ended 31st March, 2012.
 
 
 FINANCIAL RESULTS                                        (Rs. in Lacs)
 
 Particulars                               01/04/2011     01/04/2010
                                        to 31/03/2012  to 31/03/2011
 
 Turnover and Other Income                    2746.20        3348.87
 
 Profit/(Loss) before Interest and 
 Depreciation                                   55.40          41.98
 
 Interest                                       13.78           0.93
 
 Profit/(Loss) after Interest but 
 before Depreciation                            41.62          41.04
 
 Depreciation                                   28.66          29.83
 
 Net Profit/(Loss) from Operation               12.96          11.21
 
 
 
 
 
 OPERATIONS
 
 During the year under review the company has achieved turnover of Rs.
 2746.20 lacs as compared to Rs. 3348.87 lacs in the previous year. The
 profit after tax stood at Rs. 12.96 lacs as compared to Rs. 11.21 lacs in
 the previous year.
 
 DIVIDEND
 
 In view of the carry forward losses of the company, the Directors
 regret their inability to recommend any dividend.
 
 DIRECTORS
 
 In accordance with provisions of Companies Act, 1956 and Company''s
 Articles of Association Shri Anit Jain retire by rotation and is
 eligible for reappointment.
 
 Your Directors are please to report that during the year under review,
 Shri Dharmprakash Shrivastav was co-opted as an Additional Director.
 Shri Dharmprakash Shrivastav, hold office U/s 260 of the Companies Act''
 1956, only upto conclusion of this Annual General Meeting and as such,
 his candidature for directorship is being proposed at this Annual
 General Meeting.
 
 Shri Ajay Kumar Dubey resigned from the Board with effect from 30th
 June, 2012. The Board placed on record its deep sense of appreciation
 for the valuable contribution made by Shri Ajay Kumar Dubey.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance forming part of the
 Director''s Report and the certificate from the Company''s Auditors
 confirming the compliance of conditions on Corporate Governance as
 stipulated in Clause 49 of the listing agreement is included in the
 Annual Report.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
 Directors state as under: 
 
 (i) That in the preparation of Annual Accounts, the applicable
 accounting standards have been followed and there has been no material
 departure;
 
 (ii) That the Directors have selected such accounting policies and
 applied them consistently and made judgment 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 to the financial year and of the
 loss of the Company for that period; 
 
 (iii) That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for prevention and detecting fraud and other irregularities to the best
 of their knowledge and ability; 
 
 (iv) That the Directors have prepared the Annual Accounts on a going
 concern basis.
 
 AUDITORS
 
 M/s Kamal Nayan Singhal & Co., Statutory auditors of the company hold
 office until the conclusion of the ensuing Annual General Meeting and
 are recommended for re- appointment. The Company has received
 certificate from Auditor to the effect that there appointment, if made,
 would be within the prescribed limit under Section 224(1-B) of the
 Companies Act, 1956.
 
 AUDITORS OBSERVATIONS
 
 The observations of the Auditors as referred to in the Auditors'' Report
 are suitably explained in the Notes to the Accounts.
 
 PARTICULARS OF EMPLOYEES
 
 Particulars of employees as required under Section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules 1975 is not applicable as there is no employee coming under the
 preview of Section 217(2A) of the Act.
 
 INDUSTRIAL RELATIONS
 
 The directors are happy to report that the company had harmonious
 industrial relations at all levels of organisation. It will be the
 endeavor of the company to continue to maintain good industrial
 climate.
 
 APPRECIATION
 
 Your Directors would take this opportunity to place on record their
 appreciation for the pains taking efforts made by the Officers, staff
 and workers of the company. The directors also wish to express their
 sincere appreciation to valued clients, bankers, Government Departments
 and Shareholders for their continued support.
 
 
 
 
                                       for and on behalf of the Board
 
 Place: Indore                              (PRADEEP GANEDIWAL)
 
 Dated: 01/09/2012                            Managing Director