The Members.
 
 The Directors hereby present their Twenty Third Annual Report on the
 business and operations of the Company and the consolidated and
 standalone financial accounts forthe financial year ended on SlstMarch,
 2011.
 
 FINANCIAL RESULTS:
 
                                                 (Rs. In Lacs)
 
                                          2010-11        2009-10 
 
 Profit before Depreciation,
 Interest and Tax                         2156.77        2216.46
 
 Interest and Financial Charges            603.63         502.74
 
 Profit before Depreciation               1553.14        1713.72
 
 Less: Depreciation                        334.12         312.85
 
 Profit before Taxation                   1219.02        1400.87
 
 Less: Provision for Taxation
 
 -Current Tax                              384.13         493.43
 
 -Deferred Tax                              29.30           3.10
 
 Prior Period Expenditure/(Income)            -            (4.84)
 
 Profit After Tax                           805.59        909.18
 
 Add: Surplus of Previous Year              436.29        103.47
 
 Amount available for appropriation        1241.88       1012.66 
 
 APPROPRIATION
 
 Proposed Dividend                            65.28        65.28
 
 Dividend Tax                                 11.09        11.09
 
 Transfer to General Reserve                 100.00       500.00
 
 Balance carried to Balance Sheet            1065.51      436.29
 
 PERFORMANCE HIGHLIGHTS:
 
 Your Company has registered an increase of 9% in net sales to Rs. 161
 Crores as against Rs. 148 Crores in previous year. The Company''s
 operations remained profitable though at a lower level than the
 previous year due to increase in prices of wire rod (which could not be
 fully passed on to customers) coupled with higher finance cost resulted
 in decrease in PBTtoRs. 12.19 Crores as compared toRs. 14.01 Crores in
 previous year.  PROSPECTS AND OUTLOOK:
 
 The Indian economy has sustained higher growth trend so far. All demand
 drivers for tyre industry viz. automobile industry, road infrastructure
 development, growing economy and increasing exports are showing the
 strong growth trends. Therefore your Company anticipates better demand
 and targets a growth of 25% in FY 2011-12.  However, risingraw material
 cost, fuel prices and hardening interest cost continue to remain a
 cause of concern. To mitigate this, the Company has planned several
 corrective measures viz. superior product mix.  increasing volumes,
 improve productivity, product quality and ensuring overall operational
 efficiencies.  SUBSIDIARY COMPANIES:
 
 a) Rajratan Thai Wire Co. Limited, Thailand (RTWL) recorded growth of
 37% in sales volume i.e. 12752 MT as compared to 9267 MT previous year.
 Net Sales stood at Rs. 54 Crores as compared to Rs. 36 Crores in previous
 year. However, due to weak demand, global competition and delays in
 getting approvals from prime customers has adversely affected the
 margins. Net loss stood at Rs. 1.55 Crores as compared to Rs. 2.62 Crores
 previous year. To meet increased capital requirement, the company
 further subscribed a sum of Rs. 5,71,41,677/- to equity share capital of
 wholly owned subsidiary during the year.
 
 RTWL is working hard to get approvals of the major tyre companies that
 will significantly improve the performance and company is
 targetingagrowthof50%inF.Y.2011-12.
 
 b) During the year, the Company has acquired additional 31,500 fully
 paid equity shares of Swaraj Technocrafts Pvt.  Ltd.  (STPL)
 
 representing 18% of the equity share capital of STPL, consequently.
 its shareholding in STPL stands at 68% and it has become a Subsidiary
 Company.
 
 SUBSIDIARY COMPANY''S ACCOUNTS:
 
 In accordance with the general circular issued by the Ministry of
 Corporate Affairs, Government of India, the Balance Sheet, Profit and
 Loss Account and other documents of the subsidiary companies are not
 being attached with the Balance Sheet of the Company and required
 information in respect of subsidiaries have been disclosed in the
 consolidated balance sheet. The Company will make available the annual
 accounts of the subsidiary companies and the related detailed
 information to any member of the Company who may be interested in
 obtaining the same. The annual accounts of the subsidiary companies
 will also be kept open for inspection at the registered office of the
 Company. The Consolidated Financial Statements presented by the Company
 include financial results of its subsidiary companies.
 
 DIVIDEND:
 
 Directors are pleased to recommend a dividend of Rs. 1.5 per equity share
 (15%) of Rs. 10/- each (previous year Rs. 1.50 per share of Rs. 10/- each)
 for the year ended 31st March, 2011. The dividend will be declared in
 the ensuing Annual General Meeting based on approval by the
 Shareholders.
 
 DIRECTORS:
 
 In accordance with the provisions of the Companies Act, 1956, and the
 Company''s Articles of Association, Mr. S.S. Mehta and Mr. Abhishek
 Dalmiaretires by rotation and are eligible for re-appointment.
 
 AUDITORS:
 
 M/s. Fadnis & Gupte, Chartered Accountants, Indore, the Statutory
 Auditors, are retiring at the conclusion of twenty third Annual General
 Meeting. The Auditors has furnished a Certificate as required under
 Section 224(1B) of the Companies Act, 1956 and has consented to
 continue to act as auditors of the company for the current year, if re-
 appointed.
 
 AUDITORS REPORT:
 
 Report of the Auditors and their observations and notes to the accounts
 of the Company for the year under review are attached herewith which
 are self-explanatory and does not require further explanation.
 
 FIXED DEPOSITS:
 
 The Company has not accepted any deposit during the year from the
 public and has no public deposits outstanding as on 31 st March 2011.
 
 LISTING:
 
 The shares of the Company are listed on the Bombay Stock Exchange
 Limited, and the Company is regular in payment of the listing fees.
 There was no suspension of trading during the year under review.
 
 INDUSTRIAL RELATIONS:
 
 Your Directors are pleased to report that the relations with the
 employees and workers are continued to be cordial during the year under
 review.
 
 PARTICULARS OF THE EMPLOYEES:
 
 None of the employee of the company draws salary more than the limits
 prescribed in section 217(2 A) of the Companies Act, 1956 read with the
 Companies (Particulars of the Employees) Rules 1975.
 
 CORPORATE GOVERNANCE:
 
 Your Company is committed to maintain the highest standards of
 Corporate Governance. Your Directors adhere to the stipulations set out
 in the Listing Agreement with Stock Exchange.
 
 A report on Corporate Governance as stipulated under clause 49 of the
 Listing Agreement with the stock exchange form part of the Annual
 Report.
 
 Certificate from the Auditors of the Company, M/s Fadnis & Gupte
 confirming compliance of conditions of Corporate Governance as
 stipulated underthe aforesaid Clause49, is annexed to this Report.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956, with respect to Directors Responsibility Statement, it is
 hereby conformed that: 
 
 
 i.  in the preparation of the annual accounts, the applicable
 accountingstandards have been followed, along with proper explanation
 relating to material departure from the same.
 
 
 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 3 IstMarch, 2011.
 
 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 safeguarding the assets of
 the Company and for preventing and detecting fraud and
 otherirregularities;and
 
 iv.  the directors have prepared the annual accounts on a ''going
 concern''basis.
 
 PERSONNEL:
 
 Your Company has been able to operate efficiently because of a culture
 of professionalism, integrity and continuous improvement in
 all functions and areas to ensure efficient utilization of the
 Company''s resources for sustainable and profitable growth.
 
 During the year measures for training, development, safety of the
 employees and environmental awareness received top priority of
 Management. The Directors wish to place on record their appreciation of
 the efficient and loyal services rendered by all staff and work force
 of the Company, without whose wholehearted effort, the satisfactory
 performance would not have been possible.
 
 ACKNOWLEDGEMENT:
 
 Your Directors place on record their gratitude to the Company''s
 esteemed shareholders, customers, suppliers, associates, financial
 institutions, bankers, and the state and central government for their
 assistance, co-operation and encouragement they extended to the
 Company. The Directors also placed on record their sincere appreciation
 to the employees for their continuing support and unstinting efforts in
 ensuring the heights of success. We look forward to their continued
 support in the future.
 
                                   For and on behalf of the Board 
 
 Place: Indore                              SUNIL CHORDIA
 
 Dated: llth May2011                      MANAGING DIRECTOR