The Directors have pleasure in submitting the Twenty-Eighth Annual
 Report of the Company together with audited Accounts for the year ended
 31st March, 2011.
 
 - FINANCIAL RESULTS                              Rupees In Lakh
 
 					       2010-11    2009-2010
 
   Sales & Other Income                       12,721.96     9,740.38
 
   Gross Profit Before Finance Expenses 
   & Depreciation / Amortisation               2,944.68     2,272.24
 
   Less: Finance Expenses                        105.92       102.55
 
   Depreciation / Amortisation                   461.37        396.8
 
   Profit Before Taxation                      2,377.39     1,772.80
 
   Less: Provision for Taxation:
 	Current Tax
   (Including Rs. 0.16 Lakh 
    for Wealth Tax -Previous year 
    Rs.0.15 Lakh)                                786.16       541.15
 
    Deferred Tax                                   7.89        51.25
 
    Profit After Taxation                     1,583.34      1,180.40
 
    Add: Taxation adjustment of 
    previous year                                 0.32          0.40 
 
    Add: Balance Brought Forward from 
    the previous year                         4,960.87      4,183.87
 
    Profit available for appropriation        6,544.53      5,364.67
 
    Proposed Dividend                           324.50        243.38
 
    Corporate Dividend Tax                       52.64         40.42
 
    Transfer to General Reserve                 158.40        120.00
 
    Balance Carried Over to Balance Sheet     6,008.99      4,960.87
 
 - DIVIDEND:
 
 The Board of Directors has recommended a Dividend of Re. 1/- (100 per
 cent) per Equity Share of Re. 1/- each for the Financial Year ended
 31st March 2011.
 
 - OPERATIONS:
 
 During the year under review, the Company has achieved the turnover of
 Rs. 12,721.96 Lakh as compared to Rs. 9,740.38 Lakh during previous
 year. Turnover grew by 30.61% i.e. by Rs.  2,981.58 Lakh, Profit before
 tax grew by 34.10% i.e. by Rs. 604.59 Lakh & Net Profit after taxation
 grew by 34.12% i.e. by Rs. 402.86 Lakh.
 
 Earnings per share for the year 2010-11 increased to Rs. 4.88 from Rs.
 3.64 in the previous year.  Book value now stands at Rs. 22.51 per
 Equity Share of Re. 1/-each.
 
 - EXPORTS:
 
 The Exports during the year amounts to Rs. 1,902.25 Lakh as against Rs.
 1,173.33 Lakh achieved in the previous year. The Company is focusing to
 improve its exports performance.
 
 - RESEARCH AND DEVELOPMENT :
 
 A state-of-the-art recognized R&D Division set up by the Company in
 Financial Year 2002-03 got renewal in June 2010 from Department of
 Science & Technology Industrial Research, New Delhi.  The R&D Division
 is working for development of new product as well as improvement in
 existing products.
 
 - DIRECTORS:
 
 Mr. R.A. Goenka, Mr. Anil Lohia and Mr. Shravan Sharma retire by
 rotation at the forthcoming Annual General Meeting and being eligible
 offer themselves for re-appointment to the Board.
 
 - DIRECTORS RESPONSIBILITY STATEMENT:
 
 As per the provisions of Section 217 (2AA) of the Companies Act 1956,
 the Board confirms that
 
 1.  The financial statements are in full conformity with the
 requirements of the Companies Act, 1956 and applicable accounting
 standards had been followed.
 
 2.  The Directors have selected such accounting policies and applied
 them consistently and made judgements 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 ended on that date.
 
 3.  The Directors have taken proper and sufficient care 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.
 
 4.  The Directors have prepared the Annual Accounts on a going concern
 basis.
 
 - COMPLIANCE CERTIFICATE:
 
 A copy of Compliance Certificate as required by section 383A(1) of the
 Companies Act, 1956 forming part of this report is attached here with.
 The Compliance Certificate is self explanatory.
 
 - CORPORATE GOVERNANCE:
 
 Certificate of the Auditors of your Company regarding Compliance of the
 conditions of Corporate Governance as stipulated in Clause 49 of the
 Listing Agreement with Stock Exchange is enclosed.  Your Company has
 been practising the principles of good Corporate Governance over the
 years.
 
 The Board of Directors supports the broad principles of corporate
 governance. In addition to the
 
 basic governance issues, the Board lays strong emphasis on
 transparency, accountability and
 
 integrity.
 
 Your Company has complied with the requirement of the revised clause 49
 of the Listing
 
 Agreement.
 
 - ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
 
 Information in accordance with the provisions of 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, regarding
 conservation of energy, technology absorption and foreign exchange
 earning and outgo is given in the Annexure I.
 
 - PARTICULARS OF EMPLOYEES:
 
 The Board of Directors wishes to express its appreciation to all the
 employees of the Company for their outstanding contribution to the
 operations of the Company during the year.  Information in accordance
 with the provisions of Section 217 (2 A) of the Companies Act, 1956,
 read with the Companies (Particulars of Employees) Rules, 1975 as
 amended regarding employees is given in the Annexure II.
 
 - AUDITORS:
 
 M/s. M. L. Bhuwania & Co., Chartered Accountants, the Statutory
 Auditors of the Company retire at the ensuing Annual General Meeting
 and are eligible for reappointment as per the Certificate given by the
 Auditors under the provisions of Section 224 (IB) of the Companies Act,
 1956.
 
 - FIXED DEPOSITS :
 
 The Company has not accepted deposit from the Public during the year.
 
 - APPRECIATION:
 
 Your Directors wish to place on record their appreciation for the
 continued support received from Employees, Shareholders, Banks,
 Customers and Suppliers of the Company.
 
                                       For And On Behalf Of The Board
 
                                                  G. L. MODI 
                                              Managing Director
 
 Mumbai, 30th May, 2011