Dear Members,
 
 The Directors have pleasure in presenting the 19th Annual Report on the
 Business and Operations of your Company together with the audited
 accounts for the year ended 31st March, 2011.
 
 The Financial Highlights
 
 The financial performance of your company for the year ended 31st
 March, 2011 is summarized as below:
                  
                                             (Rs. In Lakhs)
 
 Particulars                             2010-2011         2009-2010
 
 Sales                                    4163.05           3894.84
 
 Other Revenues                             18.56             46.91
 
 Total Revenues                          4181.611           3941.75
 
 Profit before Depreciation and Tax         70.71             65.82
 
 Less: Provision for Depreciation           23.60             21.78
 
 Less: Provision for Current Tax            16.30             13.73
 
 Deferred Tax                                 -                 -
 
 Deferred Tax Adjustments                   (0-89)             0.52
 
 Fringe Benefit Tax
 
 Income Tax For Earlier Years                0.05              0.23
 
 Profit [Loss) after Tax                   31.66             29.56
 
 Add: Balance B/F from Previous Year       224.54            194.98
 
 Balance carried to Balance Sheet          256.19            224.54
 
 Results of Operations
 
 During the year under review, your company recorded total revenues of
 Rs.4181.61 Lacs comprising of other revenues of Rs. 18.56 Lacs as
 compared to Rs. 3941,75 Lacs in the previous financial year. The
 profits after tax for the year under review increased to Rs.31.66 Lacs
 as against Rs.29.56 Lacs in the previous year.
 
 Performance Review
 
 The detailed analysis of the operating performance of the Company for
 the year, the state of affairs and the key changes in the operating
 environment has been included in the Management Discussion and
 Analysis Section which forms a part of the Annual Report.
 
 Dividend
 
 Keeping in view overall performance and future expansion in order to
 meet competition, your directors have decided not to recommend any
 dividend for the year under review.
 
 Directorate
 
 In accordance with the provisions of Article 41 (in] of the Articles of
 Association of the company, Shri. Vinod Aggarwal and Shri.Krishan Chand
 Gupta, Directors shall retire by rotation at the ensuing Annual General
 Meeting of your company and, being eligible, offer themselves for
 re-election.
 
 Secretarial Compliance Certificate
 
 In accordance with the provisions of section 383A(1), of the Companies
 Act, 1956 a compliance certificate from a practicing Company Secretary
 is given in the annexure and form part of this report.
 
 Director''s Responsibility Statement
 
 As required under Section 217(2AA) of the Companies Act, 1956 your
 Directors confirm that:
 
 a) In the preparation of the annual accounts, the applicable accounting
 standards had been followed along with proper explanation relating to
 material departures;
 
 b) The Directors had 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 the end of the financial year 2010-11 and of the profit
 of the company for that period;
 
 c) The Directors had 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; and
 
 d) The Directors had prepared the Annual Accounts on a going concern
 basis.
 
 No Default
 
 The Company has not defaulted in payment of interest and/or repayment
 of loans to any of the financial institutions and/or banks during the
 year under review.
 
 Auditors
 
 The Statutory Auditors M/S Gupta Vinod Kumar & Associates, Chartered
 Accountants, retire at the conclusion of the forthcoming Annual General
 Meeting and eligible for re- appointment. They have furnished a
 certificate, to the effect that their re-appointment, if made, will be
 in accordance with the provisions of Section 224 (IB) of the Companies
 Act, 1956.
 
 Auditor''s Report
 
 The Auditor''s Report on the Accounts of the Company for the financial
 year ended 31st March, 2011 is enclosed as annexure thereto.
 
 Listing
 
 The securities of the company are listed at Ludhiana, Delhi, Bombay and
 Vadodara Stock Exchange. The company has complied with all the relevant
 listing requirements.
 
 Employees Particulars
 
 During the year under review, no person employed by the Company
 received a remuneration of more than Rs.500000/- per month or
 Rs.6000000/- per annum, pursuant to the provisions of section 217(2A)
 of the Companies Act, 1956 read with the Companies (Particulars of
 Employees Rules, 1975.
 
 Conservation of Energy, Technology Absorption, Foreign Exchange
 Earnings and Outgo
 
 A statement giving details of conservation of energy, technology
 absorption,, foreign exchange earnings and outgo, in accordance with
 Section 217(l)(e) of the Companies Act, 1956, read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988, is given as Annexure hereto and forms part of this report.
 
 Corporate Governance
 
 Certificate received from the Auditors of the Company regarding
 compliance of Corporate Governance guidelines of SEBI as required under
 Listing Agreement is enclosed as Annexure hereto forming part of this
 report.
 
 Industrial Relations
 
 Industrial relations continued to remain cordial throughout the year
 and the Directors express their appreciation towards the workmen for
 their co-operation and hope for continued cordial relations in the
 years to come.
 
 Acknowledgement
 
 The Directors are grateful and pleased to place on record their
 appreciation for the excellent support and cooperation extended by the
 valuable Shareholders, Bankers, Statutory Auditors, Financial
 Institutions, Customers, Dealers, Vendors and Society at large.  We
 wish to place on record our appreciation for the untiring efforts and
 contributions made by the Employees at all the levels to ensure that
 the company continues to grow and excel and looks forward for their
 continued support in future too.
 
 PLACE: LUDHIANA              For And On Behalf of the Board
 
 DATE: 03.09.2011                          Sd/-
 
                                   Krishan Chand Gupta
                                       (Chairman)