Dear Members,
 
 The Directors are pleased to present the 31st Annual Report and
 Statement of Accounts of your Company, for the year ended on 31st March
 2011.
 
 FINANCIAL RESULTS:                                  (Amt. Rs. Lacs)
                                   Year Ended            Year Ended
                                   31-03-2011            31-03-2010
 
 Operating Income                   20,347.33             16,440.99
 
 Other Income                           94.04                156.28
 
 Total Receipts                     20,441.37             16.597.28
 
 EBIDTA                              3.367.30               2767.67
 
 Less: Interest &                      971.19                725.26
 Financial Charges 
 
 Depreciation              517.02                  466.64
     
 Less: Transfer from        55.33                   56.24
                            
 Revaluation Reserve                   461.69                410.40
                                                
 Profit before Tax                    1934.42              1,632.02
 
 Less : Provision for 
 Current Taxation                      570.00                500.00 
 
 Provision for                              -                     -
 Fringe Benefit Tax
 
 Provision for 
 Deferred Tax                           67.83                 67.63
 
 Provision for 
 Wealth Tax                              0.62                  0.84
 
 Profit after Tax                    1,295.96              1.063.54
 
 Add: Balance in 
 Profit & Loss Account               1,438.78              1,043.91
 
 Less : Previous Year                   54.71                 14.49
 Adjustments (Net)
 
 Amount Available for                2.680.03              2.092.96 
 Appropriations:
 
 Appropriation
 General Reserve                       500.00                496.65
 
 Dividend                                   -                134.64
 
 Tax on Distributed Profits                 -                 22.88
 
 Balance Carried forward 
 to Balance Sheet                     2180.04               1,438.79
 
 DIVIDEND:
 
 The Board of Directors of the Company in their meeting held on 25th
 July'' 2011 has recommended a dividend @ 25%, i.e.  Rs.2.50/- per equity
 shares of the Company for the financial year ended on 31st March, 2011
 and fixed 16th September, 2011 as record date for the purpose of
 payment of dividend.
 
 PERFORMANCE REVIEW:
 
 The sales and other Income for the financial year 2010 - 2011 were Rs.
 20441.38 lacs as against Rs. 16,597.29 lacs for the year 2009 - 2010,
 registering an increase of 23.16% over the last year''s figure.
 
 The Profit before tax was Rs. 1934.42 lacs and Profit after tax was Rs.
 1295.96 lacs for the financial year under review as against Rs.
 1,632.01 lacs and Rs. 1,063.53 lacs of the last year, an improvement by
 18.52 % and 21.85 % over the last year''s respective figures.
 
 FUTURE PROSPECTS:
 
 The Indian economy is strongly on track and expected to grow
 continuously. The Company is expected to maintain a steady growth and
 use the opportunity available in the Railway, Power and Oil and gas
 industry. The combination of effective manufacturing costs with good
 quality systems would give an edge to the Company in terms of pricing &
 quality and the demands for greater environmental protection caused
 serious challenges to the casting industry.
 
 The casting industry supplies castings not only for the automotive
 industry but also for a number of other industries including railways,
 farming, public works machines, machining tools and public services. It
 is indeed the backbone of many industries.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPOTION & FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 Information as required under section 217(1)(e) of the Companies Act,
 1956 read with the Companies(Disclosure of particulars in the Report of
 Board of Directors) Rules, 1988 is given in the Annexure and forms part
 of this report.
 
 PUBLIC DEPOSITS:
 
 The Company has not accepted any deposit within the meaning of section
 58A of the Companies Act, 1956 and the Rules made there under.
 
 MANAGEMENT DISCUSSION AND ANALYSIS:
 
 A report on Management Discussion and Analysis(MDA), which is forming
 part of this Report, inter-alia, adequately deal with the operations as
 also current and future outlook of the Company.
 
 INDUSTRIAL RELATIONS:
 
 The employee relations have remained cordial throughout the year and
 industrial harmony was maintained. Measures for the safety, training
 and development of the employees continued to receive top priority. The
 Directors place on record their appreciation of the valuable
 contribution made by the employees of the Company at all levels towards
 the performance and growth of the Company.
 
 PARTICULARS OF EMPLOYEES:
 
 Information as per Section 217(2A) of the Companies act, 1956 read with
 the Companies (Particulars of employees) Rules 1975 as amended are not
 applicable, as none of the employees drew remuneration beyond the
 limits specified.
 
 BOARD OF DIRECTORS:
 
 Shri. Arvind Shah, Shri Shailesh A Shah and Shri Kisan R Choksey,
 Directors of the Company retire by rotation at the ensuing Annual
 General Meeting and being eligible offer themselves for re-appointment.
 Your Directors recommend their appointment.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 a) In the preparation of the annual accounts for the year 2010-11, the
 applicable accounting standards have been followed and that there are
 no material departures.
 
 b) They have selected such accounting policies and have 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
 Company at the end of the financial year, and of the profit of the
 Company for the period ended 31st March, 2011.
 
 c) They have taken proper and sufficient care for the maintenance of
 adequate accounting records in accordance with the provisions of this
 Act for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities.
 
 d) They have prepared the annual accounts on a going concern basis.
 
 CORPORATE GOVERNANCE:
 
 The Company has been pro-active in following the principles and
 practices of good Corporate Governance. The Company has taken adequate
 steps to ensure that the conditions of Corporate Governance as
 stipulated in Clause 49 of the Listing agreements with the Stock
 Exchanges are complied in its letter and spirit. A separate section on
 Corporate Governance forming part of the Directors'' Report and the
 certificate from the Company''s auditors confirming the compliance of
 conditions on Corporate Governance as stipulated in Clause 49 of the
 listing agreement is annexed hereto.
 
 AUDITORS AND AUDITOR''S REPORT:
 
 M/s Taunk & Srikanth, Chartered Accountants, who are the Statutory
 Auditors of the Company, hold office until the conclusion of ensuing
 Annual General Meeting and are eligible for reappointment. The Company
 has received letter from them to the effect that their reappointment,
 if made, would be within the prescribed limits under Section 224 (1B)
 of the Companies Act, 1956 and that they are not disqualified for
 reappointment within the meaning of Section 226 of the said Act.
 
 The Notes on Accounts referred to in the Auditor''s Report are
 self-explanatory give complete information.
 
 APPRECIATION:
 
 Your Directors wish to thank and place on record their appreciation for
 all the employees, workers, staff and the officers for their hard work,
 solidarity, co-operation and support during the year. The Directors
 also place on record their appreciation for the continued support from
 Financial Institutions, Bankers, Shareholders and all other business
 associates.
 
                                  For and on behalf of the Board
                                                    (Arvind Shah)
                                                        Chairman
 
 Place : Mumbai 
 Date  : 25th July, 2011