The Members,
 
 The Directors have pleasure in presenting their Twenty Eighth Annual
 Report together with the Audited Accounts for the year ended 31st March
 2011.
 
 1.  FINANCIAL RESULTS:
 
                                                        (Rs. In Lacs)
 
 Particulars                                      2010-11      2009-10
 
 Gross Turnover                                  41390.12     31737.93
 
 Profit before Depreciation, Interest
 
 & Taxation                                       2428.79       248.74
 
 Interest & Financial Charges                      449.20       659.07
 
 Depreciation                                      207.12       172.42
 
 Profit before Taxation                           1772.46      (582,75)
 
 Provision for taxes including
 
 Deferred tax                                      119.36        29.39
 
 Profit for the year after, taxation              1653.10      (612.14)
 
 Prior Period Adjustments (Net)                     71.74            -
 
 Balance brought forward from
 
 previous year                                    3415.56      4032.84
 
 Amount available for appropriation               4996.92      3420.70
 
 Appropriations:
 
 -Proposed Dividend                                 22.00         4.40
 
 -Tax on Dividends                                   3.65         0.74
 
 -Residual Dividend                                  0.02            -
 
 -General Reserve                                    4.94            -
 
 Total                                              30.61         5.14
 
 Balance carried to Balance Sheet                 4966.31      3415.56
 
 2.  BUSINESS RESULTS:
 
 Gross turnover for the year ended 31st March, 2011 amounted to
 141,390.12 lacs as compared to Rs. 31,737.93 lacs for last year,
 registering a growth of 30.41%. The profit for the year stood at Rs.
 1,653.10 lacs against the loss of Rs.  612.14 lacs in the previous
 year.
 
 3.  DIVIDEND:
 
 The Board of Directors, at its meeting held on 12th August, 2011,
 recommended dividend of Rs. 0.05 per share (1 %)'' on the Equity Shares
 of Rs. 5/- each for the year ended 31st March, 2011. The dividend wiH
 be paid subject to approval of Shareholders at the ensuing Annual
 General Meeting.
 
 4.  DIRECTORS:
 
 Directors Mr. Alok D. Sukhani and Mr. Noshir B. Dubash, 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 ah 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 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.
 
 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 ryiaterial 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 31 st March, 2011 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 /OUTGO:
 
 i.  CONSERVATION OF ENERGY:
 
 The Company''s operations involve low energy - consumption. Adequate
 measures have, however, been taken to conserve energy.
 
 |i.  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.
 
 12.  INDUSTRIAL RELATIONS:
 
 Industrial Relations continued to remain cordial and peaceful.
 
 13.  ACKNOWLEDGEMENT:
 
 Your Directors wish to place on record their appreciation jDf 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 on record their appreciation for the assistance and co-operation
 received from Central & State Governments, banks, shareholders and
 business associates.
 
                                               On behalf of the Board
 
                                                         RAJENDRA SAH
 
                                                             Chairman
 
 Place: Mumbai
 
 Date: 12th August, 2011