The Directors take the pleasure in presenting the 21st Annual Report
 of the Company together with the Audited Statements of Accounts for the
 Financial Year Ended on 31st March, 2012.
 
 FINANCIAL RESULTS
 
 The Financial Performance of the Company for the Year Ended 31st March,
 2012 is summarized below:
 
                                                      (Rs. In Lacs)
 
 Particulars                             2011-12            2010-11
 
 Operational Income                     21,004.69         14,823.46
 
 Profit/ (Loss) before 
 Depreciation & Interest                 2,125.43          1,441.86
 
 Less: Interest & Financial Charges        883.10            556.90
 
 Less: Deprecation                         597.10            352.28
 
 Profit/ (Loss)                            645.23            532.67
 
 Add/ (Less): Provision for Taxation
 
 - Current                                 129.10            111.87
 
 - Mat credit entitlement                 (129.10)           (43.69)
 
 - Deferred Tax Liabilities/ (Assets)      215.19            110.41
 
 -For earlier years                           -                0.07
 
 Profit/ (Loss) after Tax for the year     430.04            354.01
 
 Prior Period Adjustment                    12.11              4.51
 
 Balance carried to Balance Sheet          442.15            358.52
 
 PERFORMANCE REVIEW
 
 Your Company''s textiles operations have shown encouraging growth, both
 in the domestic and in the exports markets.  Your Company believes that
 its scale of operations and integration across the textile chain will,
 in future, offer significant advantages in both cost and revenue.
 
 During the year the Company has achieved the turnover of Rs. 20825.03
 Lacs as compared to Rs. 14727.50 Lacs in the previous year. Profit
 after Tax was Rs. 442.14 Lacs in the current year as compared to Rs.
 358.53 Lacs in the previous year.
 
 EXPORTS
 
 Your Company''s performance on export front has improved tremendously
 since the year 2008-09. The company has shown consistent growth every
 year and in the year 2011-12 the total export turnover has grown to Rs.
 2248.37 Lacs Lacs from Rs. 1852.75 Lacs in 2010-11. Your Company has
 attracted new customers of international repute during the year. It is
 also making efforts to penetrate the new Customers and new
 International markets, including Argentina, Brazil, Egypt, Israel,
 Jordan, Kenya, Mexico, Morocco and Thailand etc.
 
 DIVIDEND
 
 The strength of the Company lies in identification, execution and
 successful implementation of business projects. To strengthen the long
 term prospectus and sustainable growth in assets and revenue, it is
 important for the company to evaluate various opportunities in the
 different business vertical in which Company operates.
 
 The Board of Directors considers this to be in the strategic interest
 of the company and believe that this will greatly enhance the long term
 shareholder value. The Company expected better results for the coming
 year. In order to fund this development and implementation projects,
 conservation of fund is of vital importance.  Therefore, your Directors
 have not recommended any dividend for the financial year 2011-2012.
 
 DIRECTOR
 
 As per the Provision of the Companies Act,1956 and in term of the
 Articles of Association of the Company, Mr. Ramniranjan Ruia, Director
 of the Company retire by rotation and being eligible, offer himself for
 reappointment.
 
 REGISTERED OFFICE
 
 During the year Company has shifted their registered office from 2nd
 Anandwadi,1st Floor, Vaidya Bhawan, Bhuleshwar, Mumbai-400 002 to
 Express Zone,”A” Wing, Unit No.1102 &1103, 11th Floor, Patel Vatika,
 Off Western Express Highway, Malad (E), Mumbai-400 097,
 Maharashtra,India.
 
 FIXED DEPOSITS
 
 During the year under consideration the Company has not accepted any
 fixed deposits from the public pursuant to the provisions of Section
 58A of the Companies Act, 1956 and also has not accepted any deposit in
 past.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 Management''s Discussion and Analysis for the year under review, as
 stipulated under clause 49, of the Listing Agreement with the stock
 exchanges in India, is presented in a separate section forming part of
 the Annual Report.
 
 STATUTORY AUDITOR
 
 The Auditors M/s. Singrodia Goyal & Co., Chartered Accountants, Mumbai
 hold office until the conclusion of the ensuing Annual General Meeting
 and being eligible offer themselves for re-appointment.
 
 The Company has received a certificate from the proposed auditor to the
 effect that their appointment, if made, would be within the prescribed
 limits under Section 224(1B) of the Companies Act, 1956. The Board
 recommends their re-appointment.
 
 AUDITOR REPORT
 
 In the opinion of the Directors the notes to the accounts are self
 explanatory and adequately explain the matter, which are dealt with in
 the auditor report and thereof, need not require any further comments
 under section 217 of the Companies Act, 1956
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
 EARNINGS/ OUTGO
 
 A Statement containing necessary information in accordance with the
 provisions of Section 217(1)(e) of the Companies Act, 1956, read with
 the Companies (Disclosure of Particulars in the Report of the Board of
 Directors) Rules, 1988, is given in the Annexure forming part of this
 report.
 
 PARTICULARS OF EMPLOYEES
 
 Pursuant to the provisions of Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 as amended from time to time, it is stated that there was no employees
 who were in receipt of remuneration exceeding Rs. 60 Lacs per annum or
 Rs. 5 Lacs per month during the period under review.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to section 217(2AA) of the Companies (Amendment) Act, 2000,
 the Directors confirm that:
 
 i.  in the preparation of the annual accounts, the applicable
 accounting standard had been followed.
 
 ii. appropriate accounting policies have been selected and applied
 consistently, and have 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 for the year
 ended March 31, 2012.
 
 iii. proper and sufficient care has been taken 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.
 
 iv the annual accounts have been prepared on a going concern basis.
 
 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 and the Auditors certificate is given as
 an annexure to this report.
 
 QUALITY INITIATIVES
 
 Your Company is committed to quality and reliability. The quality
 system of the Company provides an opportunity to compare performance
 with similar organizations world-over, to learn and share best
 practices and strengthen relationship with customers.
 
 APPRECIATION
 
 Your Directors take this opportunity to convey their deep sense of
 gratitude for valuable assistance and co-operation extended to the
 Company by all valued Customers and Bankers.
 
 Your Directors also wish to place on record their sincere appreciation
 for the valued contribution, unstinted efforts by the executives at all
 levels which contributed, in no small measure, to the progress and the
 high performance of the Company during the year under review.
 
                        For and on Behalf of the Board of Directors
 
                        Sd/-                   Sd/-
 
 Place: Mumbai          Mukesh Ruia            Ramniranjan Ruia
 
 Date: 28th May, 2012   Managing Director      Chairman