The Members,
 
 The Directors have pleasure in presenting their Twenty Third Report on
 the affairs of the Company, together with the Financial Statements for
 the year ended 31st March, 2011.
 
 1.  FINANCIAL RESULTS :
 
                                                  (Rs. In lacs)
 
                                     Year ended      Period ended
                                     31st March,     31st March,
                                       2011               2010
                                     (12 months)     (6 Months)
 
 Gross Revenue (Incl. Excise duty)    15685.54        6990.38
 
 Profit before interest, Depreciation  1706.81         867.68
 and Tax
 
 Less : Interest                        193.28          66.68
 
 Less : Depreciation                    398.63         211.66
 
 Profit before Taxation                1114.90         589.34
 
 Less : Provision for Weaith Tax          0.33           --
 
 Profit after taxation                 1114.57         589.34
 
 Add: Profit Brought forward from      2546.43        2008.74
 previous year
 
 Less: Adjustment Consequent to          --             51.65
 adoption of Accounting Standard-15
 
 Less : Short provision for FBT for       0.11           --
 earlier years
 
 Profit/(Losses) carried to the        3660.89        2546.43
 Balance sheet
 
 2.  DIVIDEND :
 
 The business of the Company is expanding and therefore to retain the
 resources for the working capital requirements of the Company and
 normal capital expenditure, the Board of Directors express their
 inability to recommend dividend for the year ended 31st March, 2011.
 The Company has made capital expenditure of Rs.7.70 crores during the
 year under report from its internal accruals and proposes to incur
 further capital expenditure of Rs. 8 to 10 crores during the current
 year from its internal accruals. This will save interest cost to the
 Company.
 
 4.  FINANCE :-
 
 The Company has obtained Working Capital Limits during the year under
 review from Axis Bank Ltd.
 
 5.  DEPOSITS:-
 
 The Company has accepted Fixed Deposits during the year under Report
 without inviting Fixed Deposits from public as permitted under the
 provisions of Companies (Acceptance) of Deposits) Rules, 1975 and
 Section 58 of the Companies Act, 1956. No Fixed Deposit is outstanding
 for payment as on the date of this Report.
 
 6.  CORPORATE GOVERNANCE :-
 
 As required by Clause 49 of the Listing Agreement, a Corporate
 Governance Report is attached as Annexure A to this Report. Certificate
 of Auditors regarding compliance of the conditions of Corporate
 Governance as stipulated in Clause 49 of the Listing Agreement of the
 Stock Exchanges is also attached in Annexure A and forms part of this
 Report.
 
 7.  DIRECTOR''S RESPONSIBILITY STATEMENT :-
 
 A Director''s Responsibility Statement as required under section
 217(2AA) of the Companies Act, 1956 is given below :-
 
 i) Directors have followed the applicable accounting standards in the
 preparation of the Annual Accounts and proper explanations relating to
 material departures have been given in Schedule S of Notes on Accounts
 forming part of the accompanying Accounts.
 
 ii) Directors have selected the Accounting Policies as given in
 Schedule S of Notes on Accounts 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 as at 31 st
 March, 2011 and of the Profits of the Company for the period ended on
 that date.
 
 iii) Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting of fraud and other
 irregularities.
 
 iv) Directors have prepared the Annual Accounts for the year ended 31st
 March, 2011 on a going concern basis.
 
 8.  AUDITORS AND AUDITORS'' REPORT :¦
 
 The Auditors M/s. B L Sarda & Associates, who hold office until the
 conclusion of the ensuing Annual General Meeting have furnished
 certificate under Section 224(1) of the Companies Act, 1956 for their
 eligibility for reappointment. The proposal for their re-appointment
 will be set out in the ensuing Notice of the Annual General Meeting.
 
 The Auditors without qualifying their opinion, have drawn attention to
 Note no. B.9 of Schedule S of Notes of Accounts regarding non provision
 for taxation under Section 115JB of the Income Tax Act, 1961, based on
 expert opinion.
 
 As the said note is self explanatory the Directors do not have any
 further comment to offer.
 
 9.  PARTICULARS OF EMPLOYEES :-
 
 Information in accordance with the provisions of section 217(2A) of the
 Companies Act, 1956 read with Companies (particulars of employees)
 Rules, 1975 are not applicable to the Company as Company has not
 employed any person drawing a salary of Rs.60,00,000/- in a year or
 Rs.5,00,000/- per month if employed for part of the year.
 
 10.  CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO :-
 
 A) Conservation of Energy :-
 
 The Company is not covered under the list of industries specified in
 the Schedule to furnish the information in Form A under Rule 2 of the
 Companies (Disclosures of Particulars in the Report of Board of
 Directors) Rules 1988. The manufacturing operations of the Company are
 not power intensive. However, Company makes every possible effort to
 conserve the energy.
 
 B) Technology absorption:-
 
 The Company does not have any technical collaboration. The Company uses
 the latest technology and process available in the printing and
 packaging industry.  Accordingly, the Company has the latest equipments
 and its personnel are trained from time to time on the uses, operation
 and maintenance of such sophisticated equipments.
 
 11.  ACKNOWLEDGEMENT :-
 
 The Directors wish to place on record their appreciation of the
 continuous support received by the Company from Banks, Central/State
 Government Departments, it customers, suppliers and shareholders. The
 Directors express their appreciation for the dedication and commitment
 shown by the employees at all levels.
 
 By Order of the Board of Directors
 
 (R V Maheshwari)
 
 Chairman & Managing Director
 
 Mumbai, 11th August, 2011
 
 Registered Office :
 
 L-31 MIDC Tarapur Industrial Area
 Boisar 401 506, Dist. Thane.