The Members,
 
 The Directors present the 26th Annual Report together with the Audited
 Statement of Accounts of the Company for the period ended on March 31,
 2011.
 
 1. FINANCIAL RESULT:
 
                                                     ( Rs. In Lacs)
 
 Particulars                             Year Ended       Year Ended
 
                                    31st March 2011  31st March 2010
 
 Profit before Interest, Depreciation 
 and Taxation                               1364.96          1408.69
 
 Less: Interest                               75.97           116.96
 
 Less: Depreciation                          346.97           317.33
 
 Profit for the year before taxation         942.02           974.41 
 
 Less: Provision for Taxation
 
 - Current Tax                               384.48           395.43
  
 - Deferred Tax                               62.65          (103.09)
 
 - Fringe Benefits Tax                            -                - 
 
 Profit After Tax                            494.89           682.07 
 
 Profit brought forward from the 
 Previous Year                              1419.32           737.25 
 
 Profit carried to Balance Sheet            1914.21          1419.32
 
 2. DIVIDEND:
 
 With a view to conserve the resources, your Directors regret their
 inability to recommend dividend on Equity shares of the Company.
 
 3. OPERATIONS
 
 During the financial year, the turnover was Rs. 69.03 Crores as
 compared to Rs. 54.88 Crores.
 
 During the current year the Company has completed and capitalized in
 its books the expansion/modernisation of its plant to Rs.  284.18 Lacs.
 The Company has also started diversifying activities such as trading
 and manufacturing of Foundry Consumables and refractory materials for
 which company has started first phase of testing and development
 foundry lubricant i.e. Die lube. We are expecting to accelerate this
 are in the coming years.
 
 4. PUBLIC DEPOSIT:
 
 The Company has not invited deposit from the public during the year
 under report.
 
 5. CAPITAL :
 
 Company''s paid up capital stood at Rs. 2.8 Crores as on 31st March
 2011. There is no change took place during the year under review.
 
 6. STATUTORY DISCLOSURES
 
 None of the Directors of your Company is disqualified as per the
 provision of Section 274(1) (g) of The Companies Act 1956. Your
 Directors have made necessary disclosures, as required under various
 provisions of the Act.
 
 The information given under Section 217(1)(e) of the Companies Act 1956
 to be read with The Companies (Disclosures of Particulars in the report
 of the Board of Directors) Rules 1988 as amended is enclosed as
 Annexure ''A''
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975 as
 amended, None of the employees are getting salary above the specified
 limits hence not discloses here.  However, Any member interested in
 obtaining such particulars may write to the Company Secretary at the
 registered office of the Company.
 
 7. AUDITORS:
 
 The Company''s Auditors M/s BSR & Co. to retire at the ensuing Annual
 General Meeting and being eligible have offered themselves for
 reappointment as statutory auditor. The notes of the Auditors and other
 notes on accounts are also self-explanatory.
 
 8. DIRECTORS:
 
 Two of your Directors namely Mr. Sadanand V Shabde and Mr. Stuart Cox
 retire by rotation in terms of the Articles of Association of the
 Company. They, being eligible, have offered themselves for
 reappointment.
 
 9.  FUTURE OUTLOOK
 
 With the optimistic growth of the Indian economy the demand for the
 Company''s product is expected to pick up. Further with the agreement
 for providing services the company would get technical knowhow from the
 parent company and is therefore expected to improve the quality of the
 product significantly. The Directors are reasonably confident that with
 these changes the performance of the Company would improve barring
 unforeseen circumstances. Considering the same fact your company has
 entered into an agreement with The Morgan Crucible Company Plc UK for
 providing management services in the area of planning, sales, accounts,
 HR policies and various other commercial aspects. The benefit is seen
 in the year under review. Your Directors have also executed an
 agreement with The Morgan Crucible Company Plc UK for use of trade mark
 logo and GBU charges.
 
 10. DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
 1956, with respect to Directors'' Responsibility Statement, it is hereby
 confirmed:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to 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 31st March, 2011 being end of the
 financial year 2010-11 and of the profit of the Company for the year;
 
 (iii) that the Directors have taken proper and sufficient care for
 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 Directors have prepared the annual accounts on a going
 concern basis.
 
 11. Risk Management:
 
 The Company''s properties continued to be adequately insured against
 risks such as fires, riots etc.
 
 12. Corporate Governance
 
 A report on Corporate Governance has been provided as separate part of
 this report. Management Discussion and Analysis Report is attached and
 forming part of Annual Report.
 
 13. Subsidiary Company Accounts
 
 Ministry of Corporate Affairs vide their General Circular no. 2/2011
 dated 08.02.2011 given general exemption to companies under section 212
 from attaching subsidiaries accounts with holding company''s balance
 sheet however consolidated accounts are provided with this report and
 annual accounts of the subsidiary companies and the related detailed
 information shall be made available to shareholders of the holding and
 subsidiary companies seeking such information at any point of time and
 also it will available at the head office of the company and will be
 open for inspection on demand during office hours.
 
 14. ACKNOWLEDGEMENT:
 
 Your directors take this opportunity to offer their sincere thanks to
 various Departments of the Central and State Governments, our Bankers,
 Share holders, Customers, employees & consultants for their unstinted
 support and assistance.
 
                                      For and on behalf of the Board,
 
 Place: Aurangabad           Hitesh Saiwal         Sadanand V. Shabde
 
 Date: 12th Aug 2011           Director                  Director