To The Members,
 
 The Directors present the 35 th Annual Report and the Audited Accounts
 for the year ended 31st March,
 
                                                              Rs. Lacs
 
                                               Year ended   Year ended
                                               31.03.2012   31.03.2011
 
 Financial Results
 
 Profit before Depreciation                       359. 64       382.15
 
 Depreciation                                       17.41        17.53
 
 Profit before Tax                                 342.23       364.62
 
 Provision for Tax                                  72.99        38.17
 
 Profit after Tax                                  269.24       326.45
 
 Balance brought forward                           330.89       574.44
 
 Balance available tor appropriation               620.13       900.89 
 
 Appropriations
 
 Transfer to General Reserve                       350.00       550.00
 
 Balance carried to Balance Sheet                  270.13       350.89
 
                                                   620.13       900.89
 
 Operations The sales income tor the year was Rs. 11496.85 lacs compared
 to Rs. 7381.71 lacs in the previous year, but the operating margins
 were under pressure due to adverse market conditions and steep increase
 in the input cost of raw material and fuel, The profit before
 depreciation for the year was Rs. 359.64 lacs compared to ? 382.15 lacs
 in the previous year. The net profit for the year after tax expenses of
 Rs. 72.99 lacs was Rs. 269.24 lacs as compared to Rs. 326.45 lacs after
 tax expense of Rs. 38.17 lacs in the previous year. The Directors do
 not recommend any dividend tor the year.
 
 Director''s Responsibility Statement
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
 confirm that:
 
 i) in preparation of annual accounts the applicable accounting
 standards have been followed,
 
 ii) the accounting policies have been selected and applied consistently
 and the judgement and estimates
 
 made are 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 of
 the Company for that period, iii) proper and sufficient care has been
 taken for maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting fraud and other irregularities, 
 and
 
 iv) the annual accounts have been prepared on a going concern basis.
 Conservation of Energy,Technology Absorption, Forex Earnings and Outgo
 Information Pursuant to Section 271 (1) (e) of the Companies Act, 1956
 read with Companies (Disclosure Df particulars in the Report of Board
 of Directors ) Rules, 1988 is annexed to the report.
 
 Cost Audit
 
 The Ministry of Corporate Affairs has issued industry specific Cost
 Audit Order No. 52/26 / CAB/2010 dated 30th June, 2011. Accordingly in
 terms of the above order and pursuant to provisions of Section 233 B of
 the Companies Act, 1956, your Directors have appointed Mr. Vinod
 Himmattal Shah, Cost Accountant, as the Cost Auditor of the Company.
 
 Directors
 
 Mr. Amal Dhru retires by rotation and being eligible offer himself for
 re-appointment.
 
 Fixed Deposits
 
 The Company has not accepted deposits from the public.
 
 Particulars of Employees
 
 The information required under Section 217(2A) of the Companies Act,
 1955, read with the Rules framed there under is annexed to the report.
 
 Auditors
 
 The Auditors M/s G K Chokshi & Co. Chartered Accountants retire at the
 conclusion of ensuing Annual General Meeting and being eligible have
 offered themselves for re-appointment. The Board recommends for their
 re-appointment as Auditors of the Company for the year 2012-2013 to
 hold office until the conclusion of the next Annual General Meeting.
 
                                       For and on behalf of the Board
                                                        Ravi Malhotra
                                         Chairman & Managing Director
 
 Ahmedabad 
 May 30, 2012