The Members,
 
 The Directors have pleasure in presenting the 27th Annual Report and
 Audited accounts for the financial year ended 31st March 2011.
 
 FINANCIAL RESULTS
 
                                             2010-2011      2009-2010 
                                           Rs. In Lacs    Rs. In Lacs
 
 Profit before Interest & Depreciation          389.84         295.15
 
 Less : Depreciation                            101.20          78.80
 
 Interest                                        91.98          37.09
 
 Profit before Tax                              196.66         179.26
 
 Provision for
 
 - Current Tax                                   44.00          65.00
 
 - Deferred Tax                                  22.78           3.25
 
 - Provision                                     (5.67)          5.69
 
 Net Profit after Tax                           135.55         105.32
 
 Surplus available for appropriation            135.55         105.32
 
 Appropriation :
 
 Proposed Dividend                               35.53          35.53
 
 Tax on Proposed dividend                         5.77           5.90
 
 General Reserve                                 94.25          63.89
 
 Balance carried to Balance Sheet                 0.00           0.00
 
                                                135.55         105.32
 
 OPERATIONS
 
 During the year under review turnover of the company stand at
 Rs.4,231.56 Lacs (P.Y. Rs. 2,806.39 Lacs). The profit before Interest,
 Depreciation and Tax at Rs. 389.84 Lacs (P. Y. Rs.  295.15 Lacs). Net
 profit during the year is Rs.135.55 Lacs (P.Y. Rs. 105.32 Lacs).
 
 The management continues to pursue its efforts to further improve its
 capacity utilization, operating efficiencies and cost competitiveness
 to improve its performance in the coming year through increase in
 Turnover, improved domestic market and strong inroads on export front
 along with appropriate restructuring of products and procedures.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 The same is enclosed in Annexure A to this report.
 
 DIVIDEND
 
 Your Directors are pleased to recommend payment of Dividend @ 12 %
 Total cash outflow on account of this dividend payment including
 distribution tax will be Rs.41.30 Lacs.The Dividend after approval by
 the shareholders at the forthcoming AGM will be paid to the eligible
 shareholder before 2nd September, 2011.
 
 PERSONNEL
 
 The particulars required to be furnished under the provisions of
 section 217 (2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules, 1975 as amended, are not furnished as
 there were no employees covered under the said category.
 
 CORPORATE GOVERNANCE
 
 As required by Clause 49 of the listing agreement, Corporate Governance
 Report is attached as Annexure B to this report.  Certificate of the
 Auditors regarding compliance of the conditions of the Corporate
 Governance as stipulated in Clause 49 of the Listing Agreement of the
 Stock Exchange is also attached and forms part of Annexure B.
 
 DIRECTORS
 
 Mr. Lokesh P. Harjani & Mr. Devendra K. Shah retires by rotation and
 you are requested to reappoint them as Executive Director & Non
 Executive Independent Director respectively.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 To the best of their knowledge and belief and according to the
 information and explanations obtained by them, your directors make the
 following statement in terms of Section 217(2AA) of the Companies Act,
 1956, the Directors of the Company hereby state and confirm that:
 
 (i) In the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanations
 relating to material departures;
 
 (ii) 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 that period;
 
 (iii) The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) The Directors have prepared the annual accounts on a going concern
 basis.
 
 ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
 
 Information in accordance with the provisions of section 217 (1)(e) of
 the Companies Act, 1956, read with the Companies (Disclosure of
 particulars in the Report of Board of Directors) Rules, 1988 regarding
 conservation of Energy, Technology absorption and Foreign Exchange
 earnings and outgo are given below:
 
 Conservation of Energy
 
 The Company is not a major user of energy. Due to increase in capacity
 utilization and expansion of new factory unit at Vapi the energy
 consumption in absolute units and value have increased vis-a-vis
 earlier years. However, the measures taken up by the Company have
 resulted in improvement and saving of power. Regular preventive
 maintenance is carried out and this has enhanced productivity and
 efficiency of the equipments resulting in considerable power saving.
 Power to all major equipment and lighting in work-areas is put off when
 not required.
 
 The required data in Form ''A'' to conservation of energy as applicable
 to our industry is furnished: 
 
 Technology Absorption and Research and Development
 
 The Company has not obtained any technology from outside parties either
 in India or abroad, nor has entered into any technical collaboration
 agreement with any parties from abroad. There is no research and
 development unit of the Company of its own.
 
 AUDITORS AND AUDITORS'' REPORT
 
 M/s. S. P. Jain & Associates, Chartered Accountants, the statutory
 auditors, retire at the conclusion of ensuing Annual General Meeting
 and are eligible for reappointment. You are requested to appoint
 auditors.
 
 The notes to the accounts referred to in the auditors report are
 self-explanatory and therefore do not call for any further comments.
 
 INDUSTRIAL RELATIONS
 
 During the period, industrial relations have been extremely cordial.
 The management thanks all the employees for their continued
 contribution towards the growth of the organisation.
 
 ACKNOWLEDGEMENT
 
 Your Directors would like to express their grateful appreciation for
 the assistance and co-operation received from the Banks and
 shareholders for their continued support during the year under review.
 
 Your Directors wish to place on record their deep sense of appreciation
 for the devoted services of the Executives, Staff and Workers of the
 Company for its success.
 
 For & On Behalf of the Board of Directors
 
 LOKESH P. HARJANI.
 
 DIRECTOR.
 
 Place: Mumbai.
 Date: 24th May 2011.