The Directors have pleasure in presenting the Thirty Third - Annual
 Report together with the Audited Statements of Account of the Company
 for the year ended 31st March, 2012 and the Auditor''s Report thereon.
 
 FINANCIAL RESULTS:
                                                      (Rupees in Lakhs)   
 
                                              31-03-2012     31-03-2011
 
 Sales and Other Income                          2446.69        2379.93
 
 Profit before Depreciation, Interest and Tax     250.56         248.96
 
 Less : Depreciation                               80.12          94.01 
 
        Interest                                   56.92          58.82
 
 Profit before tax                                113.52          96.13
 
 Less: Income Tax                                  37.61          30.44
 
 Profit after tax                                  75.91          65.69
 
 Profit brought forward from earlier Year          43.48        (22.21)
 
 Balance Profit carried forward                   119.39          43.48
 
 PERFORMANCE REVIEW:
 
 The Total turnover of the company during the year under review was Rs
 2446.69 Lacs as compared to Rs 2379.93 Lacs in the year 2011.The
 increase in profit after tax from Rs.65 69 Lakhs to Rs.75.91 Lakhs is
 on account of increase in production, and improved margin.
 
 DIVIDEND:
 
 This being the year, where in all carry forward losses have been wiped
 out and in order to conserve the financial resources of the company,
 your Board of Directors regret their inability to declare dividend for
 the year ended 31st March 2012.
 
 DIRECTORS: Retirement by Rotation
 
 In accordance with the provisions of the Companies Act 1956, Mr.
 Vimalchand Jain and Mr. Bhavesh Shah Directors of the Company are due
 for retirement by rotation and being eligible offer themselves for
 reappointment.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirements under Section 217(2AA) of the Companies
 Act, 1956 the Board of Directors with respect to Director''s
 Responsibility Statement hereby confirms that:
 
 (a) in preparation of the annual accounts, for the year ended on 31st
 March, 2012, the applicable accounting standards have been followed in
 the preparation of the final accounts and that there are no other
 material departures.
 
 (b) the Accounting policies have been selected and applied consistently
 and such Judgments and estimates made 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.  
 
 (c) proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions
 of Companies Act, 1956 for safeguarding the asset of company and for
 preventing and detecting fraud and other irregularities; and
 
 (d) the annual accounts have been prepared on a going concern basis.
 
 (e) As regards to the observations in the auditors report, your
 directors wish to state that the representative note to the accounts
 are self explanatory and therefore, do not call for any comments.
 
 PARTICULARS UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956:
 
 There are no employees who are in receipt of remuneration exceeding the
 ceiling limit prescribed under the Companies (Particulars of Employees)
 Rules 1975 calling for furnishing their particulars.
 
 CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO:
 
 (1) Conservation of Energy, Technology, Absorption:-
 
 Information in accordance with the provisions of Section 217(1) (e) of
 the Companies Act, 1956 read with Companies (Disclosure of Particulars
 in the Report of Board of Directors) Rules 1988, regarding conservation
 of energy and technology absorption is as follows:
 
 1.  Consumption of coal
 
                                    Production  
 
 NAME OF PROCESS     UNIT      CURRENT        PREVIOUS
                               YEAR           YEAR
 
 ROLLING             M.T.       13229          15223
 
 FULL FORGING        M.T.        1708           1542
 
 PARTIAL FORGING     M.T.        1902           2190
 
                     TOTAL      16839          18955
 
 
                     Consumption of Coal (in Rs.) Average/M.T (in Rs.)
 NAME OF PROCESS     CURRENT   PREVIOUS  CURRENT   PREVIOUS
                     YEAR      YEAR      YEAR      YEAR
 
 ROLLING             11906100  10068403      900        661
 
 FULL FORGING         1588440   1085194      930        704
 
 PARTIAL FORGING      1605031   1313380      844        600
 
 TOTAL               15099571  12466977 
 
 2.  Consumption of power
                                    Production  
 
 NAME OF PROCESS     UNIT      CURRENT        PREVIOUS
                               YEAR           YEAR
 
 ROLLING             M.T         13229           15223
 
 FULL FORGING        M.T.         1708            1542
 
 PARTIAL FORGING     M.T.         1902            2190
 
                   TOTAL         16839           18955
 
 
                     Consumption of Power (in Rs.) Average/M.T (in Rs.)
 
 NAME OF PROCESS     CURRENT   PREVIOUS  CURRENT   PREVIOUS
                     YEAR      YEAR      YEAR      YEAR
 
 ROLLING             7381782    7355053      558        483
 
 FULL FORGING         871080     609090      510        395
 
 PARTIAL FORGING      452222     372300      238        170
 
 TOTAL               8705084    3336443
 
 Note :
 
 The electrical Consumption of Rolling, forging and other activities
 have been bifurcated on practical estimate as separate measurement of
 consumptions are not feasible.
 
 3.  High Speed Diesel (For Generator)
 
 POWER GENERATION         NIL
 
 Foreign Exchange earnings and outgo:
 
 The required information is respect of Foreign Exchange earning and
 outgo for the year ended 31st March, 2012
 
 Foreign Exchange earnings : Rs. 5,36,985/- (Previous Year Rs. NIL)
 
 Foreign Exchange outgo    : Rs. 2,24,23,449/- (Previous Year Rs. 18
 36,498/-)
 
 Auditors:
 
 M/s. Sanghvi Sanghvi & Sanghvi, Chartered Accountants will retire at
 the forthcoming Annual General Meeting and are eligible for
 reappointment. The company has received certificate from them stating
 their reappointment, if made would be within the prescribed limit under
 section 224(1-B) of the Companies Act,1956.The members are requested to
 appoint the auditors and fix their remuneration.
 
 Corporate Governance:
 
 Report on Corporate Governance as stipulated under clause 49 of the
 Listing Agreement with the Stock Exchange forms part of the Annual
 Report.
 
 A certificate from the Auditors of the Company regarding compliance of
 the conditions of Corporate Governance as stipulated under clause 49 of
 the Listing Agreement is annexed to this Report.
 
 
 Audit Committee/ Remuneration Committee/Shareholders Committee:
 
 The Board of Directors has constituted three committees i.e. Audit
 Committee/ Remuneration Committee/Shareholders Committee as per the
 requirements of Corporate Governance under Listing Agreement. The
 majority of members of these Committees are independent & non
 executives.
 
 Fixed Deposit:
 
 The Company has not accepted deposits from public and hence directives
 issued by the Reserve Bank of India and the provisions of Section 58A
 ,58AA or any other relevant provisions of the Companies Act, 1956 and
 the Companies (Acceptance of Deposits) Rules,1975 are not applicable
 for the year under audit.
 
 ACKNOWLEDGEMENT .
 
 Your Directors record their gratitude to the Banks, Financial
 Institutions, Government Departments, Vendors and all the clients of
 the company for the unstinted support received from them during the
 year.
 
 The Directors would also like to place on record their appreciation for
 the dedicated efforts and services put in by employees of the Company
 
                            For and on behalf of the Board of Directors
 
 Place: Mumbai               Hemant V. Ranawat      Vinit Ranawat
 
 Dated: 30th May, 2012       Executive Director     Director