The Directors have pleasure in presenting the 21st Annual Report of
 the Company along with the Audited Statements of Accounts for the year
 ended 31st March, 2012.
 
 1. Financial Results :
 
 The financial results for the year are as under:-     in Lacs
 
 PARTICULARS                                 2011-12      2010-11
 
 Turnover                                    8557.71     13616.40
 
 Profit Before Depreciation, 
 Finance Cost & Tax                          2893.32      2496.72
 
 Less : Finance Cost                         1507.50       931.24
 
 Profit before Depreciation & Tax            1385.81      1565.48
 
 Less : Depreciation                          932.26       642.49
 
 Profit after depreciation but 
 before exceptional items                     453.55       922.99
 
 a)   Exceptional Items - Expenses              --         458.57
 
 b)   Deferred Tax Asset - Income              33.12        53.98
 Profit after exceptional items but 
 before Tax                                   486.67       518.41
 Less : Provision for tax :
 
 a)   Current                                  77.00        90.00
 
 b)   Deferred (Net of adjustment)              --           --
 Profit after Tax (PAT)                       409.67       428.41
 Balance brought forward from 
 Previous Year                               2385.73      2191.71
 
 Profit available for distribution           2795.40      2620.11
 
 Earnings per share (Rupees) - Basic            2.04         2.13
 
 Dividend - %                                   --              5%
 
 The performance of the Company has been comprehensively covered in the
 Management Discussion and Analysis Report.
 
 2.  Dividend
 
 With a view to plough back the Profits, Board of Directors do not
 recommend the payment of dividend for the financial year 2011-12.
 
 3.  Expansion & Modernization Forward integration
 
 Ambai Hydro Power Project of 3.50 MW at Kalammawadi (Dist-Kolhapur)
 
 Your company has started setting up of Hydro Power Project of 3.50 MW
 capacity at Kalammawadi, Tal. Radhangari, Dist Kolhapur (Maharashtra).
 
 4.  Report on Corporate Governance and Management Discussion & Analysis
 
 The Company has complied with clause 49 of the Listing Agreement
 pursuant to SEBI guidelines, Accordingly, report on Corporate
 Governance and Management Discussion & Analysis are enclosed and forms
 part of this Report.
 
 5.  Insurance
 
 Adequate insurance cover has been taken for the properties of the
 Company including building, plant & machineries and stock.
 
 6.  Directors
 
 In accordance with the provisions of the Companies Act 1956, and
 Articles of Association of the Company Mr.  Sanjay Dnyandeo Patil and
 Mr. Dhiraj Shivajirao Patil retires by rotation and are eligible for
 re-appointment.
 
 During the year Mr. Vijay Madanlal Navandhar and Mr. Rajendra Prabhakar
 Kinkar , Directors of the Company opted to resign from the Board of
 Directors. Board of Directors in its meeting held on 26th Nov. 2011,
 approved their resignation.
 
 During the year Mr. Neehal Mahamulal Pathan and Mr. Ranjeet Dinkarrao
 Patil are appointed as additional Directors of the Company on 22nd
 June, 2012. Notice have been received from shareholders proposing the
 candidature of Mr. Mr.Neehal Mahamulal Pathan and Mr.Ranjeet Dinkarrao
 Patil.
 
 7.  Auditors
 
 Moreshwar G.Deshpande, the Statutory Auditors of the company, will
 retire at the ensuing Annual General Meeting of the company and being
 eligible, offer themselves for re-appointment.
 
 8.  Cost Auditors
 
 The Central Government had directed an audit of the cost accounts
 maintained by the Company. For conducting the cost audit for the
 financial year ended on March 31,2013, the Central Government has
 approved the appointment of Shri. S.V.Vhatte, Cost Accountant, Solapur.
 
 9.  Directors Responsibility Statement:
 
 On the basis of compliance certificate received from the concerned
 officials of the Company and subject to disclosure in the Annual
 Accounts & on the basis of the discussion with the Statutory Auditors
 of the Company from time to time, we state :
 
 i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed and proper explanations
 provided relating to material departures, if any ;
 
 ii) that the Directors have selected appropriate 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) that the Directors have taken proper and sufficient care to ensure
 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 other
 irregularities, if any.
 
 iv) that the Directors have prepared the annual accounts on a going
 concern basis.
 
 10.  Conservation of Energy, Technology Absorption, Foreign Earnings
 and Outgo
 
 A statement giving details of conservation of energy, technology
 absorption, foreign exchange earnings and outgo, in accordance with the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules 1988 is annexed and marked Annexure ''A'' and forms part
 of this Report.
 
 11.  Cash Flow Analysis
 
 In conformity with the provisions of clause 32 of the Listing Agreement
 the Cash Flow Statement for the year ended 31st March, 2012 is annexed
 hereto.
 
 12.  Listing of Equity Shares
 
 The Equity Shares of the Company are presently listed on Bombay Stock
 Exchange Limited, (BSE). The Company has duly paid the listing fees to
 Bombay Stock Exchange Limited for the financial year 2012-2013.
 
 13.  Depository System
 
 As the members are aware, your Company''s shares are tradable
 compulsorily in electronic form and your Company has established
 connectivity with both the depositors, i.e. National Securities
 Depositories Limited (NSDL) and Central Depository Services (India)
 Limited (CDSL). In view of the numerous advantages offered by the
 Depository system, members are requested to avail of the facility of
 dematerialization of the Company shares on either of the Depositories
 as aforesaid.
 
 14.  Particulars of Employees:
 
 The statement of particulars of employees required under Section
 217(2A) of the Companies Act, 1956 reads with the Companies
 (Particulars of Employees) Rules 1975. As no any employees is receiving
 salary more than limits prescribed under this section, separate
 statement is not attached.
 
 15.  Appreciation
 
 Your directors wish to place on record their appreciation to employees
 at all levels for their hard work, dedication and commitment. The
 enthusiasm and unstinting efforts of the employees have enabled the
 Company to remain at the forefront of the Industry despite increased
 competition from several existing and new players.
 
 16.  Acknowledgments
 
 The Board desires to place on record its appreciation for the support
 and co-operation that the Company received from all the customers,
 investors, marketing agents, clearing and forwarding agents, financial
 institutions, banker''s, insurance companies, consultants, advisors and
 shareholders for their continued support. The company has always looked
 upon them as partners in its progress and has happily shared with them
 rewards of growth.
 
 Your Directors are grateful to Government of India, Ministry of
 Commerce, Ministry of Textiles, Port Authorities and various
 authorities from Central and State Government for their co-operation
 and support.  Your Directors look forward for their continued support.
 
                                                On behalf of the Board
 
 Vadgaon : 416 112
                                                        SHIVAJI MOHITE
 
 Date : 14th August, 2012                  CHAIRMAN & MANAGING DIRECTOR