The Directors have pleasure in presenting their Fourteenth Annual
 Report together with the Audited Statement of Accounts of the Company
 for the year ended 31st March 2005
 
 FINANCIAL HIGHLIGHTS
 
 Particulars                                As on 31st   As On 31st 
                                            March 2006   March 2005
                                                 RS.          RS.
 Net Profit/(Loss) before Tax                  60,453      70,36,054
 Less: Provision for Tax                     5,83.537      21,57,864
 Less: Deferred Tax                        (18,72,374)     (8,86,930)
 Profit after tax                           13,49,290      57,65,120
 Transfer to General Reserve                    -          35,00,000
 Add: Previous year Bal.                  4,39,44,760    4,16,79,640
 Balance carried to                       4,52,94,050    4,39,44,760
 Balance sheet
 
 DIVIDEND:
 
 The Board of Directors have decided to plough back the profits earned
 for the year ended March, 31, 2006 for development of the business of
 the Company and hence they do not recommend any dividend for the year
 under review.
 
 DIRECTORS:
 
 Pursuant to Article 39 of the Articles of Associations of the Company,
 Mr. Mustafa Pardawala & Mr Afzal Patel, Directors of the Company retire
 by rotation at the forthcoming Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 DIRECTORS RESPONSIBILITY STATEMENT,
 
 pursuant to Sec. 217(2AA) of the Companies Act. 1956.
 
 (i) that in the preparation of annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures.
 
 (ii) that the directors had selected such accounting policies and
 applied them consistently and made judgements and estimated 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 or loss of the company for that period.
 
 (iii) that the directors had 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 preventing and detecting fraud and other irregularities;
 
 (iv) that the directors had prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to Clause 49 of the Listing Agreement, a separate report on
 Corporate Governance and a Certificate from the Auditors of the Company
 regarding compliance of the conditions of Corporate Governance are
 annexed to the Directors Report.
 
 DISCLOSURE UNDER THE STOCK EXCHANGE LISTING AGREEMENT;
 
 In accordance with the amendec Listing Agreement with respective Stock
 Exchanges, it is hereby confirmed that the Companys Shares are listed
 at the Stock Exchanges at Mumbai and Bangalore.
 
 FIXED DEPOSITS :
 
 The Company has not accepted any deposits from the public within the
 meaning of Section 58A of the Companies Act.  1956, read with The
 
 Companies (Acceptance of Deposits) Rules, 1975.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 The information required under Rule 2 of the Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988 relating
 to conservation of Energy and Technology Absorption forms part of this
 report and is given by way of Annexure.
 
 The details of Foreign Exchange earnings and outgo is given in Point
 Nos. 11, 12 & 13 in Note 10 forming part of Accounts (Schedule 14) as
 at March 31, 2006.
 
 AUDITORS:
 
 Mis. Anil Bansal & Associates, Chartered Accountants, Mumbai and M/s.
 N. B. Shetty & Co., Chartered Accountants, Mumbai, Joint Statutory
 Auditors of the Company, retire at the ensuing Annual General Meeting
 and being eligible, offer themselves for re-appointment.
 
 PARTICULARS OF EMPLOYEES :
 
 The Company has no employees of the specified categories under Section
 217 (2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975. as amended upto date.
 
 INDUSTRIAL RELATIONS.:
 
 Industrial Relations remained cordial in the Companys Plant without
 any disruption in manufacturing activities.
 
 ACKNOWLEDGMENTS :
 
 The Board of Directors wishes to place on record its sincere
 appreciation for due co-operation received from the Companys Bankers.
 The Directors are also thankful to the employees at ail levels for
 their continued support.
 
                         For and On behalf of the Board of Directors
  
                                         AFZAL PATEL
                                           CHAIRMAN
 
 Place: Mumbai
 Date: 28/08/2006