The Directors submit the 18lh Annual Report along with the Audited
 Statement of Accounts of the Company for the year ende March 31, 2012.
 
                                                       (Rs. In Lacs)
 
 FINANCIAL RESULTS                               2011-2012  2010-2011
 
 Gross Income                                    6,110.02    6,053.62
 
 Profit before Depreciation, Finance Cost and Tax  520.38      558.43
 
 Less : Depreciation                               150.91      158.53
 
 Less : Finance Cost                                93.70       69.25
 
 Profit/(Loss) before Taxation                     275.77      330.65
 
 Less : Current Tax                                 56.84       67.89
 
 Profit /(Loss) after Tax                          218.93      262.76
 
 Add : Balance b/f from previous year            1,796.15    1,711.66
 
 Balance available for appropriation             2,015.08    1,974.42
 
 Appropriation :
 
 Balance c/f                                     2,015.08    1,974.42
 
 Less : Proposed Dividend                          110.00      110.00
 
 Less: Dividend Tax                                 17.85       18.27
 
 Less : General Reserve                             50.00       50.00
 
 Balance c/f to Balance Sheet                    1,837.23    1,796.15
 
 DIVIDEND
 
 Based on the Company''s performance, the Directors are pleased to
 recommend a dividend of Rs.1/- per Equity Share (last year Rs.  1/- per
 Equity Shares) for the financial year ended March 31, 2012 amounting to
 Rs. 127.85 lacs (inclusive of tax of Rs. 17.85 lacs).  The dividend pay
 out ratio for the current year, inclusive of corporate tax on dividend
 distribution, is at 58.40%. This Management had maintained the
 consistency in dividend payout in-spite of plans to invest in new
 manufacturing units / Joint Ventures.  TRANSFER TO RESERVES
 
 The Company proposes to transfer Rs. 50 lacs to the General Reserve out
 of the amount available for appropriations and an amount of Rs. 1837.23
 lacs is proposed to be retained in the Profit and Loss Account.
 
 OPERATIONAL PERFORMANCE
 
 The year under review was a challenging year for manufacturing
 Industries in India due to multiple adverse conditions like high
 inflations, high oil prices, lower economic growth, euro zone debt
 crises etc. Despite these constraints and the challenging environment,
 your Company performed reasonably well and delivered positive growth in
 sales, however there is marginal decline in operating profits.  Your
 Company achieved higher net sales in moulded furniture segment of Rs.
 5,572.35 lacs as against Rs. 5,247.48 lacs in the last year. The growth
 in sales in percentage terms achieved is 6%. The Exports were higher at
 Rs. 1070.05 lacs as compared to Rs. 870.46 lacs in last year. The
 growth in export in percentage term achieved is 23%. The moulded
 furniture division has earned higher profit before interest of Rs.
 397.83 lacs as against Rs. 224.65 lacs in last year from its operation.
 
 The Government of India has taken corrective steps by removing ''Anti
 Dumping Duty'' on Polymers resulting into lower volatility in raw
 material prices as compared to previous years and resulted in improved
 margins of moulded furniture division.
 
 However the performance of the Company has adversely impacted due to
 lower Sales of ACP Division at Rs. 464.71 lacs as compared to Rs.646.48
 lacs in last year and resulted into a loss of Rs. 101.32 lacs before
 interest as compared to profits of Rs. 14.66 lacs in last year.
 
 The main raw material for ACP division is Coated Aluminum Coil and
 prices of the Aluminum are driven by global market and at present the
 prices are within the reasonable range. The Company mainly sources, its
 raw materials from China & other leading countries.
 
 Overall the Company''s performance is satisfactory and registered a
 profit before tax of Rs. 275.77 lacs.
 
 RECOGNITIONS
 
 The Company has been awarded the ''Second Best Export Award'' from PLEX
 Council of India for the exports for Financial Year 2009-10 & 2010-11.
 
 SUBSIDIARY COMPANY
 
 Prima Global (FZE), a wholly owned subsidiary of the Company at
 RAK SEZ Ras Al khaimah, UAE is taking steps to start trading in UAE
 Countries and also looking to set up a manufacturing unit to cater the
 UAE & other Countries.
 
 PERFORMANCE OF JOINT VENTURE
 
 Prima Dee-lite Plastics Pvt. Ltd., Cameroon, a Joint Venture Company
 manufacturing Moulded Articles had diversified in to the business of
 HDPE Woven Sack Bags and set up a manufacturing unit in adjacent
 location with total investment of INR 1600.00 lacs. The Commercial
 production was started from January 2012.
 
 The total turnover of JV Company for Moulded Furniture division for the
 calendar year 2011 was INR 1992.48 lacs as compared to previous
 calendar year of INR 1432.32 lacs. The profit for the year after
 depreciation and tax was INR 452.87 lacs as compared to INR 341.27 lacs
 in the previous year.
 
 The encouraging performance of Joint Venture Company has boosted the
 confidence of both the Joint Venture Partners and initiatives have been
 taken to explore neighboring countries to set up distribution network
 for Moulded Furniture Articles.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 The Consolidated Financial Accounts form part of this Annual Report.
 
 Pursuant to the provision of Section 212(8) of the Act, the Ministry of
 Corporate Affairs vide its circular dated February 8, 2011 has granted
 general exemption from attaching the Balance Sheet, Profit and Loss
 Account and other documents of the Subsidiary Companies with Balance
 Sheet of the Company. The annual accounts of these subsidiaries / Joint
 Venture Companies and the related detailed information are available
 for inspection by any member at the registered office of the Company.
 The Company shall furnish a copy of details of annual accounts of
 subsidiary /Joint Venture Company to any member on demand.
 
 DIRECTORS
 
 Shri Krishnakant V. Chitalia retires by rotation and being eligible,
 offers himself for reappointment at the ensuing Annual General Meeting.
 Brief resume of Shri Krishnakant V. Chitalia and nature of his
 experience is given in the Section on Notice elsewhere in the Annual
 Report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As stipulated in Section 217(2AA) of the Companies Act, 1956, the Board
 of Directors of the Company hereby state and confirm that:
 
 I.  In the preparation of the annual accounts for the year ended March
 31, 2012, the applicable accounting standards read with requirements
 set out under Schedule VI to the Companies Act, 1956, have been
 followed and there has been no material departure;
 
 II.  The Directors have 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 as at March 31, 2012 and of the profit of the Company
 for the year ended on that date;
 
 III. The Directors have taken proper and sufficient care to the best of
 their knowledge and ability for the maintenance of adequate accounting
 records in accordance with the provisions of the Companies Act, 1956.
 They confirm that there are adequate system and control for
 safeguarding the assets of the Company and for preventing and detecting
 fraud and other irregularities.
 
 IV.  Directors have prepared the Annual Accounts on a going concern
 basis.
 
 AUDITORS & AUDITOR''S REPORT
 
 M/s. G.R Kapadia & Co., Chartered Accountants, Mumbai, Statutory
 Auditors of the Company, holds office until the conclusion of the
 ensuing Annual General Meeting and are eligible for reappointment.
 
 The Company has received letter from them to the effect that their
 reappointment, if made, would be within the limits prescribed under
 Section 224(1 B) of the Companies Act, 1956 and that they are not
 disqualified for such reappointment within the meaning of the Section
 226 of the said Act.
 
 The observations made in the Auditors'' Report, read together with the
 relevant notes thereon are self-explanatory and hence, do not call for
 any comments under section 217 of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES
 
 The Company does not have any employee drawing remuneration as
 stipulated under 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
 
 Additional information given as required under the Companies
 (Disclosures of Particulars in the report of Board of Directors) Rules,
 1988.
 
 ENERGY CONSERVATION
 
 A number of energy conservation techniques were initiated and energy
 was used more efficiently. Efficient maintenance and daily monitoring
 has resulted in lower consumption of power and there by lowered the
 cost of production. The Company continues to emphasize on energy
 conservation at the stage of selections of plant, equipment to optimize
 energy consumption and by installing necessary power saving equipments.
 
 RESEARCH & DEVELOPMENT
 
 The R & D activities carried out by the Company are dedicated to the
 development if new product, new design of chairs for better comfort and
 attractive colour and modern look. The designed department is directly
 working in the supervision and guidance of the Managing Director. The
 Company has been able to launch several new designs of chairs and other
 articles. The Company has developed first time in India a moulded
 computer table and launching in this financial year for sale. The
 Company further plans to develop and introduce new range of products in
 the current year.
 
 TECHNICAL ABSORPTION, ADAPTATION & INNOVATION
 
 The Company has not imported any technology or processes know how. The
 Machines and moulds used for manufacturing products are regularly
 upgraded to cater variety products in line with the market trend and
 demand. The new investments are made in new technology upgraded
 machines & moulds.
 
 As a result, the Company is able to give new & innovative designed
 product and has created strong demand of its products in export market.
 
 II.  FOREIGN EXCHANGE EARNING AND OUTGO
 
 1) Activities relating to exports, initiative taken to increase
 exports; development of new exports market for products and services;
 and export plans:-
 
 The Company''s key markets for international business are the Africa,
 Middle East, and Latin America. The Exports products are well
 established in the international market and the Exports were higher at
 Rs. 1070.05 lacs as compared to Rs.870.46 lacs in last year. The''
 growth in export in percentage term achieved is 22.93% due to repeated
 orders from its existing clients. The Company has won 14 top export
 awards from PLEXCONCIL'' of India in last 16 years.
 
 2) Total foreign exchange used and earned.
 
                                                              (Rs.)
  
                                             2011-2012     2010-2011
 
 Foreign Exchange earned (FOB) 
 - (Finished Goods)                         97,460,862    77,849,953
 
 Foreign Exchange earned (Capital Goods)     1,283,250           NIL
 
 Foreign Exchange used                      52,545,142    69,285,899
 
 FIXED DEPOSITS
 
 The Company has not accepted any Fixed Deposit covered under Section
 58A of the Companies Act, 1956 from the Members or the Public during
 the year.
 
 CORPORATE GOVERNANCE
 
 The Report on Corporate Governance as stipulated under Clause 49 of the
 Listing Agreement forms part of the Annual Report.
 
 The requisite Certificate from the Auditors of the Company confirming
 compliance with the conditions of Corporate Governance as stipulated
 under the aforesaid Clause 49 is attached to this Report.
 
 ACKNOWLEDGEMENT
 
 The Directors thank the Company''s customers, vendors, investors and
 banks for their support to the Company.
 
 The Directors also thanks the Governments of other countries,
 Government of India, State Governments in India and concerned
 Government Departments/Agencies for their co-operation.
 
 CAUTIONARY STATEMENT
 
 Certain statements in the reports of the Board of Directors and
 Management''s discussions and analysis may be forward looking
 statements within the meaning of applicable securities laws and
 regulations. Actual results could differ materially from those
 expressed or implied since Company''s operations are influence by many
 external and internal factors beyond the control of the Company. The
 Company assumes no responsibility to publicly amend, modify or revise
 any of these statements on the basis of any subsequent developments,
 information or events.
 
                                         For and on behalf of the Board
 
 Mumbai,                                               Bhaskar M Parekh
 
 May 28, 2012                                                  Chairman