Dear Shareholders,
 
 The Directors are pleased to present the 22 (Twenty Second) Annual
 Report together with the Audited Accounts of your Company for the
 financial year ended 31st March'' 2011
 
 Operating Results                        (Rupees in Lacs)
                                 Current year      Previous year
 
 Total Income                      288.44            1935.50
 
 Total Expenses                    675.16             969.99
 
 Less: Prior Period Expenses         0.00               3.05
 
 Less: Misc. Exp written Off         0.00               0.00
 
 Less: Provision for FBT             0.00               0.00
 
 Profit / (Loss) carried to 
 Balance Sheet                    (386.72)            962.46
 
 Performance and Operational Review
 
 The Board informs to you that the performance of your Company was not
 satisfactory during the financial year even though settlement of
 production level, working out of logistics with respect to movement of
 finished products from factory, arrangement of raw materials etc. was
 satisfactory in comparison to previous financial year. The staff and
 workers put their sincere effort in the operation of the plant and
 achieving efficiency in the production level.
 
 During the year, the company has Achieved a sales turnover of Rs.
 286.46 Lacs as compared to Rs. 551.16 Lacs in the previous year ended
 31st March, 2010. The Company has earned income of Rs. 288.44 Lacs in
 comparison to income of Rs 1935.50 Lacs during the previous financial
 year.
 
 Trading in the equity shares of the Company at BSE
 
 We are very pleased to inform you that from the date of re-listing of
 equity shares of the Company with the Bombay Stock Exchanges (w.e.f
 June, 2009), the equity shares of the Company are regaining its trading
 volume day by day on the bourses with the strenuous and fruitful
 efforts of the Board of Directors and management of the Company. This
 has provided an extra platform to the proposed investors to invest in
 the Company and the existing investor more liquidity for entry and exit
 route in the Company.
 
 Future Plans
 
 The Company is hopeful of creating a niche for similar projects and
 from the projects manufactured by it with a higher price fixation for
 its good quality products and hopes that it would bear the fruits of
 its efforts over the past two decades in near future.  Your company''s
 unit at New Delhi is pollution free and is a unit likely to save carbon
 emissions to the atmosphere vis-à-vis traditional brick kilns.
 
 Dividend
 
 The Board of Director does not recommend any dividend for the financial
 Year 2010-2011.
 
 Deposit
 
 During the year the Company has not accepted or invited any deposit
 from the public within the meaning of Section 58A of the Companies Act,
 1956 and rules made there under.
 
 Information about Energy Conservation, Technology Absorption and
 Research & Development and Foreign Exchange earning and outgo
 
 (A) Energy Conservation :
 
 a) Energy conservation measure taken by the Company-:
 
 I.  To optimize steam transfer of autoclaves for pre-heating purpose.
 
 II.  To control spillage of green mix and reuse it before getting it
 dried, so that it can be used without adding extra inputs.
 
 III.  By using certain anti-scaling and anti anti-deoxidizing chemicals
 for boiler feed water to enhance boiler thermal efficiency.
 
 IV.  Resetting of factory shed sheeting in lime area to utilize natural
 flow of wind efficiency to reduce number of exhaust fans.
 
 b) Additional investment/proposal being implemented for reduction of
 consumption.
 
 i.  Second line of steam transfer within the autoclave has been
 started.
 
 ii.  To ensure proper insulation on all the autoclaves and boilers as
 well.
 
 iii.  Using of CFLs in place of Halogen lights in plant areas.
 
 iv.  To utilize broken bricks (waste) powder as a raw material for in
 house use or for other fly ash based industries.
 
 c) Impact of measures as mentioned above in consumption of energy and
 on the cost of production of goods.
 
 Saving in energy consumption and waste material utilization will reduce
 the production cost of the Company and would also help a bit against
 global warming.
 
 (B) Technology absorption and Research & Development.
 
 With its established in-house research & Development, Sand Plast has
 built its reputation with customers, government authorities, national &
 international market and in the society by utilizing up to 90% of fly
 ash in the manufacturing of high quality bricks of strength 100 kg per
 sq. cm and above.
 
 a) Specific area in which research and development carried out by the
 Company
 
 I.  To make utilization of broken bricks (waste) power as a raw
 material for in house use or for other fly ash based industries.
 
 II.  Stabilizations of different raw material composition to get better
 and economical product.
 
 b) Benefit derived as result of above efforts :
 
 The Research and Development works for the above are at the preliminary
 stage only but the Company is very hopeful to get the favorable results
 
 (c) Future course of action
 
 Work on above assumptions at different level and to get success and to
 prove globally that Sand Plast India Limited is the pioneer in the
 field of ash utilization.
 
 (C) Foreign Exchange earning and outgo
 
 The company has not spent any foreign exchange outgo during the
 financial year. There were no foreign exchange incoming during the
 financial year.
 
 Particulars of Employees
 
 There were no employees drawing remuneration in excess of limits
 prescribed under Section 217 (2a).
 
 Director''s Responsibility Statement as per Section 217 (2AA) of the
 Companies Act, 1956
 
 Pursuant to the requirement under section 217 (2AA) of the Companies
 Act''1956 with respect to director''s responsibility statement, it is
 hereby confirmed:
 
 (i) That in the preparation of the accounts for the financial year
 ended 31st March'' 2011, the applicable accounting standards have been
 followed.
 
 (ii) that the directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 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 and of the
 profit or loss, to be read with notes on accounts, of the company for
 the year under review.
 
 (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 safeguard of the assets of
 the company and for preventing and detecting fraud and other
 irregularities.
 
 (iv) That the directors have prepared the accounts for the financial
 year ended 31st March'' 2011 on a going concern basis.
 
 Board of Directors
 
 At the AGM held on 30th September, 2010 as a result of retirement by
 rotation, Mr. Shivcharan Manikrao Parvatkar who retired by rotation and
 offered himself for re-appointment, as the independent-director of the
 Company in the said AGM.  Further, in accordance with the Articles of
 Association of the Company, Mr. Suresh Pukhraj Jain, being longest in
 the office retires from office by rotation in the ensuing AGM and being
 eligible, offer himself for re-appointment.
 
 Directors observation on Audit Report
 
 With reference to Point no. (vi) (a) of Auditor''s Report regarding
 rescheduled amount of secured creditors in the light of submitted
 Modified Draft Rehabilitation Scheme (MDRS) with the BIFR. The Board of
 Directors clarify that the management is positive on the approval of
 MDRS and more specially on one time settlement proposal with both
 secured creditors namely HUDCO & PNB on the basis of equality and
 taking same guideline/norms followed by the same secured creditors in
 the case of another sick company namely M/s Punjab Wool combers
 Limited, registered with BIFR under reference no. 341/2001, in which
 case the same secured creditors has settled their dues much below of
 their principal outstanding.
 
 Auditors
 
 M/s D Khanna & Associates, Statutory Auditors of the company shall hold
 office till the conclusion of the ensuing Annual General Meeting and
 are eligible for re-appointment. The Company has received intimation to
 this effect that their re-appointment, if made, would be within the
 prescribed limits of Section 224 (1) of the Companies Act, 1956.
 
 Management Discussions and Analysis
 
 The Company has, over the years, relentlessly strived to achieve
 leadership position in its field of business. It has been successful in
 developing its own technical know-how including designing and
 development of plant & machinery. It has further been able to achieve
 use of fly ash including bottom ash and pond ash up to 90% in
 manufacturing of high quality bricks of the strength of 100 kg per sq.
 cm and above. The Hon''ble Supreme Court, through its judgment a few
 years back, has directed that the traditional brick manufactures using
 brick kilns to use 25% of the fly ash, as the raw material for the
 purpose of making bricks within the National Capital Territory of Delhi
 and had suggested adoption of technology fly ash sand lime bricks,
 the one pioneered by your Company. The Govt. of India''s Notification
 has further made it obligatory for users to specify fly ash products
 and has made it mandatory for thermal power plants to utilize 100% of
 ash generated by them over the years.
 
 Your company''s effort has accordingly been proved useful in the light
 of apex court''s directive and also from the point of view of directions
 of Govt. of India. Further the real estate business in NCR and other
 part of the country is now growing up therefore directors are hopeful
 that it will bring the opportunity to the Company since the Company
 produces the flyash bricks which is one of the main component for the
 construction industry and real estate business. Further the Company
 fully organized although the sector of the product is totally
 un-organized like other traditional brick manufacturer. The product of
 the Company is also environment friendly and reduces the pollution
 therefore the Company has also applied to CDM Executive Board for
 availing carbon credit and same is pending with authorities. Further
 the Company is also in discussion with the NTPC Badarpur for
 establishing a plant for manufacturing of flyash bricks. However there
 are also certain other constraints attached with the Company like the
 plant is situated in NCT of Delhi where there are some difficulties are
 associated for transportation of finished goods and raw materials.
 
 However the management of the Company is hopeful that the performance
 of the Company will improve in near future.
 
 Corporate Governance - Clause 49 of the Listing Agreement
 
 The report on Corporate Governance along with the Auditor''s Report on
 its compliance as per clause 49 of the Listing Agreement is attached
 herewith as Annexure-I.
 
 Industrial Relation
 
 Your company has taken significant step in developing human resource
 and strengthening human resource systems. During the year under review,
 industrial relation in the company continues to be cordial and
 peaceful.
 
 Acknowledgement
 
 Your Directors wish to convey their appreciation to all suppliers,
 promoters, lenders and governments for their invaluable supports and
 look forward to continued supports in future. The Board of Directors
 thanks to the appreciation of employees at all the levels for their
 hard work, dedication and commitment which enable the company make
 progress ahead.
 
                                  For and on behalf of the 
 
                                  Board of Directors
 
                                  Sd/-              Sd/-
 
                                  S.M. Parvatkar     Rajesh Gupta
 
                                  Director           Managing 
 
                                                     Director
 
 Place: Mumbai 
 
 Dated: 30th May, 2011