The Directors have great pleasures in presenting you the Twenty-second
 Annual Report of the Company together with the Audited Accounts for the
 year ended on March 31,2012.
 
 FINANCIAL RESULTS :
 
 The Operating results of your Company for the period under review are
 as follows :                                     (Rs. in Lacs)
 
 Particulars                     Current Year     Previous Year
                             ended 31.03.2012  ended 31.03.2011
 
 Sales/Turnover                      6225.32          5335.37
 
 Profit before Interest, 
 Depreciation & Tax                   340.90           412.76
 
 Less: Interest                        78.46           149.09
 
 Profit before Depreciation 
 and Tax                              262.44           263.67
 
 Less: Depreciation 
 for the year                         151.60           143.79
 
 Profit before tax                    110.84           119.88
 
 Taxation including 
 deferred tax                          35.22            44.16
 
 Exceptional items                      0.75             3.49
 
 Net profit for the 
 year after tax                        74.86            72.23
 
 Balance brought forward 
 from previous year                    68.80            38.71
 
 PROFIT available for 
 appropriation                        143.66           110.94
 
 Transfer to General Reserve            1.89             0.00
 
 Dividend Tax                           7.68             5.00
 
 Dividend on equity                    47.35            36.14
 
 Balance carried forward 
 to Balance-Sheet                      86.74            68.80
 
 DIVIDEND:
 
 Your Directors recommend dividend of Rs 0.25 per share (2.5%) of face
 value of Rs 10 each out of the current year''s profit.
 
 OPERATIONS :
 
 During the year, the company has achieved sales of Rs. 6225.32 lacs as
 compared to the last year figure of Rs. 5335.37 lacs i.e.increase of
 16%. The cash profit (i.e. profit before depreciation), due to margin
 pressure, remained at Rs 262.44 lacs and the net profit was Rs 74.86
 lacs as compared to Rs 72.23 lacs in previous year.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT :
 
 As mentioned in our previous year report the use of aluminium is
 increasing day by day. Along with manufacturing alyminium utensils
 there is great scope in manufacturing aluminium sheets of different
 gauges. The consumption of aluminium foils & coils is on rise as
 packaging materials in Pharmacy & Food processing industries. Being a
 light metal its sheets is also used in making of aircrafts, steamers,
 buses and vehicles.
 
 Your directors are pleased to state that the company has been able
 complete its backward integration expansion by installing Caster Plant
 of manufacturing Aluminium Ingots from Aluminium scraps. With this your
 company is the only company in the country to manufacture from
 Aluminium scraps to finished Aluminium household utensils of export
 quality. The company has pending order for four months. This year the
 company will achieve higher export turnover. The Backward integration
 facility will help the company to increase its margin.
 
 ISSUE OF SHARES :
 
 The Company has further issued 44,85,000 equity shares during the year
 2011-12, on preferential basis, to finance its expansion project.
 
 DIRECTORS:
 
 Mr Satish K Shah, Director, retires by rotation at the ensuing Annual
 General Meeting and, being eligible, offer himself for reappointment.
 Mrs Chetna S Shah and Mr Jagdish K Gandhi, Directors also retire by
 rotation but not willing re- appointment and the Board do not intent to
 make any appointment in their place.
 
 CORPORATE GOVERNANCE :
 
 The detailed report on Corporate Governance for the financial year from
 1.4.2011 to 31.3.2012 on the line of requirements of Listing Agreement
 and SEBI appears in the annexure I to the Directors Report and forms a
 part of this Annual Report.
 
 AUDITORS AND AUDIT REPORT :
 
 M/s R. R. Mandali & Co. Chartered Accountants, the Auditors of the
 Company retire at the conclusion of the ensuing Annual General Meeting
 & being eligible offer themselves for re-appointment. Your Directors
 recommend their appointment. ''
 
 The observations made by the Auditors'' in their report are
 self-explanatory and therefore, do not call for any comments.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO :
 
 A statement giving details of conservation of energy, technology
 absorption, foreign exchange earnings and outgo, as prescribed under
 section 217 (1) (e) of the Companies Act, 1956 read with Companies
 (Disclosure of particulars in the Report of Board of Directors) Rules,
 1988 is annexed hereto as Annexure A and forms part of this
 Report.
 
 DEPOSITS :
 
 The Company has not accepted any deposits coming under the provisions
 of Section 58A of the Companies Act, 1956 read with Companies
 (Acceptance of deposits) Rules 1975.
 
 INSURANCE:
 
 All the properties of the Company have been adequately insured.
 
 PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
 
 None of the employees is in receipt of the remuneration specified in
 Section 217(2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules 1988, as amended.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 As required under Section 217 (2AA) of the Companies Act, 1956 your
 directors'' confirm that:
 
 i.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 ii.  The Directors had 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 at the end of the financial year as on March 31, 2012
 and of the profit of the Company for that period.
 
 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 other Irregularities.
 
 iii. The Directors have prepared the annual accounts on a going concern
 basis.
 
 ACKNOWLEDGEMENT:
 
 Your Directors take this opportunity to express their deep sense of
 gratitude for the valuable assistance and co-operation extended by the
 Government Authorities, Bankers, vendors, customers, advisors, the
 general public and for the valued contribution, efforts and dedication
 shown by the Company employees, officers, and the executives at all
 levels. Your Directors also sincerely acknowledge the confidence and
 faith reposed by the shareholders of the Company.
 
                                           For and on behalf of the Board
 
 Date : 04.09.2012                                     SATISH K SHAH
 
 Place : Mahiyal                                   MANAGING DIRECTOR