The Shareholders,
 
 The Directors have pleasure in presenting the 31 st Annual Report of
 the company together with the Audited Accounts for the year
 ended on31st March 2011.
 
 FINANCIAL RESULTS
 
 The financial performance of the company for the financial year ended
 31st March 2011 along with figures of previous financial
 year is summarized below:
 
                                                           Rs.In lacs
 
                                                  2010-11     2009-10
 
 Sales and other Income                           8509.78     8187.28
 
 Operating Profit:                                1225.26     1226.43
 
 Profit before tax, Depreciation 
 and interest (Excluding 
 extraordinary income and Foreign 
 exchange Gain/Loss)
 
 Interest                                          327.98      311.28 
 
 Foreign exchange (Gain)/Loss                      (7.88)     (61.51) 
 
 Extraordinary (lncome)/Loss                          -          -
 
 Profit before Depreciation                        905.16      976.66
 
 Depreciation                                      233.44      208.60
 
 Profit before tax                                 671.72      768.06
 
 Provision of tax -Current                         223.00      250.00
 
              - Deferred Tax                      (13.49)      (7.40)
 
        - Fringe Benefit Tax                          -          -
 
 Prior period adjustments                           4.48      (13.49) 
 including provision for tax
 
 Profit for the year                               457.73      538.95
 
 Balance brought forward                           793.50      411.12
 
 Amount available for appropriation               1251.23      950.07
 
  APPROPRIATIONS 
 
 Proposed Dividend                                  72.76       86.82
 
 Dividend Distribution tax                          11.80       14.75
 
 Transfer to General Reserve                        45.75       55.00
 
 Balance carried forward                          1120.92      793.50
 
                                                  1251.23      950.07
 
 DIVIDEND
 
 Your directors have recommended Re. 1.00 per share as dividend for the
 financial year ending 31st March 2011 agreegating to Rs. 84.56 Lacs
 including dividend distribution tax.
 
 
 CORPORATE GOVERNANCE
 
 A report on Corporate Governance as stipulated under clause 49 of the
 Listing Agreement forms part of the Annual Report.
 
 The certificate from the Auditors of the company M/s Haribhakti & Co
 confirming compliance with the conditions of Corporate Governance is
 attached to this Report.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Your Directors confirm that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper
 explanation relating to material departures; 
 
 (ii) the Directors had selected such accounting policies and 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 the Company at the end of the financial year ended 31st March 2011
 and of the profit of the Company for that year; 
 
 (iii) the Directors had taken proper and sufficient care 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 Directors have prepared the accounts on a going concern basis.
 
 FIXED DEPOSITS
 
 At the close of the year, there were no fixed deposits due for payment
 that remained either unclaimed or unpaid. There were no claims as
 against the deposits outstanding as at the close of the year and the
 Company had complied with all the requirements of the Companies
 (Acceptance of Deposits) Rules, 1975.
 
 CONSERVATION OF ENERGY
 
 The particulars are as per Annexure ''B''
 
 TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT AND FOREIGN EXCHANGE
 EARNING & OUTGO
 
 The particulars are as per Annexure C
 
 DIRECTORS
 
 Ms Lataben P Desai, Mr Sanjay N Mehta andMrKamleshPat.el, Directors of the
 company retire by rotation at the ensuing Annual General Meeting and
 being eligible, offer themselves for re-appointment.
 
 CAUTIONARY STATEMENT
 
 Statements in this Report, particularly those which relate to
 Management Discussion and Analysis and the Corporate Governance Report,
 describing the Company s objectives, projections, estimates and
 expectations may constitute forward looking statement within the
 meaning of applicable laws and regulations. Actual results may differ
 materially from those either expressed or implied in the statement
 depending on the circumstances.
 
 AUDITORS AND AUDITORS''REPORT
 
 M/S Haribhakti & Co, Chartered Accountants , the auditors of the
 company are eligible for their reappointment. The directors recommend
 their reappointment for the current year.
 
 The Notes on accounts, referred to in the Auditor''s Report, are self
 explanatory and therefore do not call for any further comments.
 
 ACKNOWLEDGEMENT
 
 Your Directors are happy to place on record their appreciation of the
 whole-hearted co-operation and hard work of all members of SPAN family.
 
 The Directors would like to place on record a deep sense of gratitude
 to the Kotak Mahindra Bank Limited and Government Authorities for their
 co-operation and assistance rendered to the Company.
 
 
                                       For and on behalf of the Board
 
                                  Ms.Lata P.Desai   V. P. Desai
                                      Chairperson   Managing Director
 
 Place : Surat
 Dated :20th May 2011