The Directors have pleasure in presenting their Twenty Ninth Annual
 Report together with the Audited Accounts for the year ended 31st March
 2012.  ,
 
 1.  FINANCIAL RESULTS:                                  (Rs.In Lacs)
 
 Particulars                                    2011-12      2010-11 
 Net Sales/Income from
 
 operations                                    48006.95     36559.87 
 Profit before Depreciation,
 
 Interest & Taxation                            3080.75      2112.23
 
 Interest & Financial Charges                   2815.21       176.51
 
 Depreciation                                    222.60       207.12
 
 Profit before Taxation                           42.94      1728.60 
 Provision for taxes including
 
 Deferred tax                                     28.09       119.36
 
 Profit for the year after taxation               14.85      1609.24
 
 Prior Period Adjustments (Net)                    8.98        27.88
 
 Profit/ (Loss) for the year                       5.87      1581.36 
 Balance brought forward from
 
 previous year                                  4966.31      3415.56
 
 Amount available for                               -
 
 appropriation                                  4972.18      4996.92
 
 Appropriations:
 
 - Proposed Dividend                               4.40        22.00
 
 - Tax on Dividends                                0.72         3.65
 
 - Residual Dividend                               0.01         0.02
 
 - General Reserve                                 5.00         4.94 
 
 Total                                            10.13        30.61  
 Balance carried
 to Balance
 
 Sheet                                          4962.05      4966.31
 
 2.  BUSINESS RESULTS:
 
 Net Sales/Income from operations for the year ended 31st March, 2012
 amounted to Rs. 48,006.95 lacs as compared to Rs. 36,559.87 lacs for last
 year, registering a growth of 31.31%. The profit for the year stood at
 Rs. 5.87 lacs against the profit df Rs. 1,581.36 lacs in the previous year.
 
 3.  DIVIDEND:
 
 The Board of Directors, at its meeting held on 30th May, 2012,
 recommended dividend of Rs. 0.01 per share (0.2%) on the Equity Shares of
 Rs. 51- each for the year ended 31st March, 2012.  The dividend will be
 paid subject to approval of Shareholders at the ensuing Annual General
 Meeting.
 
 4.  DIRECTORS:
 
 Directors Mr. Vinay G. Rao and Mr. Pradip C. Shah, Directors, retire by
 rotation at the forthcoming Annual - General Meeting and being
 eligible, offer themselves for re-appointment. A brief resume, nature
 of expertise, details of directorships held in other companies and
 shareholding in the company as stipulated under clause 49 of the
 listing agreement with the stock exchanges is appended as an annexure
 to the notice of the ensuing Annual General Meeting.
 
 5.  FIXED DEPOSITS:
 
 Your Company has not accepted any Fixed Deposits from the Public and
 therefore is not required to furnish information in respect of
 outstanding deposits under Non-Banking Non- Financial Companies
 (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits)
 Rules, 1975.
 
 6.  AUDITORS:
 
 The Statutory Auditors of the Company Messrs. N.D.  Daga & Co.,
 Chartered Accountants retire at the ensuing Annual General Meeting of
 the Company and have given their consent for re-appointment. The
 company has also received Certificate from them under section 224(1 B)
 of the Companies Act, 1956.
 
 As per the requirement of Central Government, pursuant to Section 233B
 of the Companies Act, 1956 and subject to the approval of the Central
 Government, the Company has appointed Mr. Dilip Murlidhar Bathija, Cost
 Accountant, as Cost Auditors to audit the cost accounts of the Company
 for the financial year ending 31st March, 2012.
 
 7.  PARTICULARS OF EMPLOYEES:
 
 The company has not paid any remuneration attracting the provisions of
 Section 217(2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975. Hence no information is
 required to be appended.
 
 8.  CORPORATE GOVERNANCE: - 
 
 Your Company has complied with the requirements of Clause 49 of the
 listing agreement regarding Corporate Governance. A report on the
 Corporate Governance practices followed by the Company, the Auditors''
 Certificate on compliance of mandatory requirements thereof and
 Management Discussion and Analysis are given as annexure to this
 report. 
 
 9.  CODE OF CONDUCT:
 
 Your Company is committed to conducting its business in accordance with
 the applicable laws, rules and regulations and highest standards of
 business ethics. In recognition thereof, the Board of Directors has
 implemented a Code of Conduct for adherence by the Directors and Senior
 Management Personnel of the Company. This helps in dealing with ethical
 issues and also in fostering a culture of accountability and integrity.
 
 10.  DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
 Directors confirm that:
 
 (i) in the preparation of annual accounts, the applicable Accounting
 Standards have been followed and that no material departures have been
 made from the same;
 
 (ii) they 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 31st March, 2012 and of the profit of the company for
 the year ended on that date;
 
 (iii) they have taken proper and sufficient care for the maintenance of
 adequate accounting records in accordance with the provisions of
 Companies Act, 1956, for safeguarding the assets of the company and for
 preventing and detecting fraud and other irregularities;
 
 (iv) they have prepared the annual accounts on a going concern basis.
 
 11.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS I OUTGO:
 
 i.  CONSERVATION OF ENERGY:
 
 The Company''s operations involve low energy consumption. Adequate
 measures have, however, been taken to conserve energy.
 
 ii.  TECHNOLOGY ABSORPTION:
 
 The Company is carrying on Research and Development in manufacturing
 process and the R & D is busy in developing new products to absorb full
 Technology available with Company.
 
 iii. FOREIGN EXCHANGE EARNINGS I OUTGO:
 
 (a) Earnings in Foreign Exchange:
 
 Export of Sales (FOB)                    : Rs. 20,99,90,779/-
 
 (b) Expenditure in Foreign Exchange:
 
 Import of Raw Material                   : Rs. 2,86,08,45,496/- 
 
 Foreign Travelling                       : Rs. 33,23,919/- 
 
 Royalty                                  : Rs. 67,620/- , 
 
 Commission on Sales                      :   18,03,243/-
 
 Others                                   : Rs. 8,98,825/-
 
 12.  INDUSTRIAL RELATIONS:
 
 Industrial Relations continued to remain cordial and peaceful.
 
 13. ACKNOWLEDGEMENT:
 
 Your Directors wish to place on record their appreciation of the
 employees at all levels for their dedicated service and contribution to
 the growth and prosperity of the Company.  Your directors also wish to
 place oh record their appreciation for the assistance and co-operation
 received from Central & State Governments, banks, shareholders and
 business associates.
 
                                                 On behalf of the Board 
 
 Place : Mumbai                                             RAJENDRASAH
 
 Date : 10th August, 2012                                      Chairman