The Directors have pleasure in presenting the FORTY SECOND ANNUAL
 REPORT of the Company with the Audited Statement of Accounts for the
 year ended March 31, 2012.
 
                                            Rs.In Lacs   
 
                                     2011-2012       2010-2011 
 
 FINANCIAL RESULTS
 
 Gross Profit                         2350.26        2292.96
 
 Deduction there from:
 
 Interest                              560.00         871.35
 
 Depreciation                          159.24         142.14
 
 Profit before prior period 
 adjustment                           1631.02        1279.46
 
 Prior Period adjustment                (0.02)         (2.38)
 
 Profit before taxation and 
 exceptional items                    1631.03        1281.85
 
 Less
 
 Provision for Taxation
 
 Current Tax                           415.00         393.00
 
 Provision for Deferred Tax             22.96          (3.32)
 
 Profit after taxation before
 exceptional items                    1193.07         892.17
 
 Income tax/FBT for earlier years        8.37          (0.16)
 
 Profit after taxation                1184.70         892.33
 
 Surplus b/f from last year           1302.96        1383.18
 
 Dividend distribution tax for 
 earlier year written back              48.17          24.54
 
 Net Profit available for 
 appropriations                       2535.83        2300.05
 
 Proposed Dividend for
 Equity Shares                         451.20         369.17
 
 Tax on Proposed Dividend               73.19          59.89
 
 Proposed Dividend for 
 Preference Shares                     109.00          58.53
 
 Tax on above proposed Dividend         17.68           9.50
 
 Transfer to General Reserve           500.00         500.00
 
 Balance carried to Balance Sheet     1384.75        1302.96
 
                                      2523.82        2300.05
 
 DIVIDEND
 
 Your Directors have recommend a Dividend of Rs.0.44/- per equity share
 for the year ended March 31, 2012 which if approved at the ensuing
 Annual General Meeting will be paid to i) all the members whose names
 appear in the Register of Members as on 25th August, 2012 and ii) all
 those members whose names appears as beneficial owners in the details
 furnished by National Securities Depository Ltd.  and Central
 Depository Services Ltd. as on close of business hours on 13th August,
 2012.
 
 The directors have recommended Dividend on Preference Shares @ Rs. 1/-
 per share. The total outgo for dividend is Rs. 6.51 crores
 
 FINANCIAL PERFORMANCE: Standalone
 
 The sales and other income for the year under review were Rs 74.34
 crores as against Rs 71.69 crores in the previous financial year. The
 net profit for the year under review is Rs. 11.84 crores as against Rs.
 8.92 crores in the previous financial year.
 
 Consolidated
 
 The consolidated revenue for the year under review was Rs. 1007.19
 Crores as against Rs. 867.71 Crores in the previous financial year.
 The net Profit for the year under review is Rs. 38.58 Crores.
 
 SUBSIDIARY COMPANIES
 
 Shinrai Auto Services Ltd (100%), Oricon Properties Pvt Ltd (100%) and
 United Shippers Limited (50.19%) are the existing subsidiary companies.
 
 The Ministry of Corporate Affairs Government of India vide General
 circular No. 21 2011 dated 8th February, 2011 has directed that
 Provision of Section 212 of the Companies Act, 1956 has shall not apply
 in relation to the Subsidiary of those Companies which fulfill the
 criteria stipulated in the aforesaid circular.
 
 Therefore Board of Directors in their meeting held on Wednesday 30th
 May, 2012 given consent for not attaching Annual Report and other
 particulars of the subsidiary companies with this Annual Report.
 Further in line with the Listing Agreement and in accordance with
 Accounting Standard 21 (AS- 21), consolidated Financial Statement
 prepared by the Company includes financial information of its
 subsidiaries.
 
 The company will provide the copy Annual report and other document of
 its subsidiary companies on the request made by any member, investor of
 the Company/Subsidiary Companies. The annual accounts of the Subsidiary
 Companies have been kept for inspection by any Shareholder at the
 registered office of the Company.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 The consolidated financial statements pursuant to the listing agreement
 entered into with Bombay Stock Exchange Ltd. and prepared in accordance
 with the Accounting Standards prescribed by the Institute of Chartered
 Accountants of India, in this regard are attached hereto.
 
 FIXED DEPOSITS
 
 Your Company was accepting Fixed Deposits from public and shareholders
 and acceptance of such fixed deposits has been discontinued from the
 financial year 2009-2010.AII the deposits which matured during the year
 under the review were repaid, except 12 deposits amounting to Rs.
 3,18,000 which remained unclaimed as at March 31,2012 and remains
 unclaimed on date of this report.  Necessary letters to the depositors
 have been sent.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 The Board of Directors of the Company Confirms:
 
 (I) that in the preparation of the accounts for the year ended 31st
 March 2012 the applicable accounting standards have been followed.
 
 (II) that 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 or loss of the Company for the year under review.
 
 (III) that 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 safeguard of the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 (IV) that the directors have prepared the accounts for the year ended
 31st March 2012 on a ''going concern'' basis.
 
 CREDIT RATING
 
 Working capital facilities of the Company have been awarded BBB- /
 Stable rating by CRISIL which represent positive capacity for timely
 payment of short term debt obligations.
 
 CASH FLOW STATEMENT:
 
 In conformity with the provisions of Clause 32 of the Listing Agreement
 the Cash Flow Statement for the year ended 31st March 2012 is included
 in this annual report.
 
 LISTING
 
 Your Company is listed with the Bombay Stock Exchange Ltd. at
 P.J.Towers, Dalai Street, Mumbai - 400 001. The Listing Fee for the
 year 2012 - 2013 has been paid by the Company within the time
 prescribed by the Stock Exchange.
 
 INDUSTRIAL RELATIONS AND PERSONNEL
 
 Your Company continued to enjoy warm and healthy relations with its
 employees at all locations. Your Directors take this opportunity to
 record their appreciation for the outstanding contribution made by the
 employees at all levels.
 
 PARTICULARS OF EMPLOYEES
 
 As none of the employees was paid remuneration exceeding the limit
 prescribed under Section 217 (2A) of the Companies Act, 1956, hence
 particulars as required under Section 217 (2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rules, 1975
 need not to be given.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement entered into with Bombay
 Stock Exchange Ltd, a Report on Corporate Governance together with a
 certificate obtained from the Statutory Auditors confirming compliance
 is given in Annexure I.
 
 A report in the form of Management Discussion and Analysis Report is
 annexed hereto as Annexure II and forms part of this report.
 
 DISCLOSURE OF PARTICULARS
 
 Informations as per the Companies(Disclosure of particulars in the
 report of Board of Directors) Rules 1988, relating to Conservation of
 Energy .Technology Absorption, Foreign Exchange Earnings and Outgo are
 given in Annexure- III forming part of this Report.
 
 DIRECTORS
 
 Shri Susheel G Somani ,Shri B K Toshniwal and Shri Sanjay Dosi,
 Directors of the Company retire by rotation at the forthcoming Annual
 General Meeting and being eligible offer themselves for reappointment
 as Director liable to retire by rotation.
 
 AUDITORS
 
 The Auditors, M/s. Khandelwal Jain & Co., Chartered Accountants hold
 office until the conclusion of the forthcoming Annual General Meeting
 and are recommended for reappointment. Certificate from the Auditors
 has been received to the effect that their reappointment, if made,
 would be within the limits prescribed under section 224(1 B) of the
 Companies Act 1956.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors thanks the Financial Institutions, Bankers and
 all the Stakeholders, for their continued co-operation and support to
 the Company.
 
                           For & on behalf of the Board
 
                           S J Taparia                 Chairman
 
                           B K Toshniwal               Director
 
                           Sanjay Dosi                 Director
 
                           Rajendra Somani    Managing Director
 
 Mumbai
 
 May 30, 2012