The Directors are pleased to present before you the Twentieth Annual
 Report together with the Audited Statement of Accounts of the Company
 for the Year ended on31stMarch,2012.
 
 FINANCIAL RESULTS
 
                                                    (Rs. in lacs)
 Particulars                                   Year 
                                              Ended          Year
                                                            Ended
                                      March 31,2012 March 31,2011
 
 Sales & Operational Income                 5491.11      4773.82
 
 Profit before Interest,                     179.97       160.16
 
 Depreciation and Tax
 
 Less : Interest                    84.31           33.92
 
 Depreciation/Amortization          58.56           37.91
 
 Tax                                10.00           20.03
 
                                      -     152.87         91.86 
 
 Add : Deferred Tax                          27.10         68.30
 
                                      --     (0.65)  --     7.96
 
 Net Profit/(Loss)                           26.45         76.26
 for the year
 
 DIVIDEND
 
 The Directors do not recommend dividend for the financial year ended
 31st March, 2012.
 
 INSURANCE
 
 All the Company''s assets are adequately insured.
 
 LISTING
 
 The Equity Shares of the Company are listed on The Bombay Stock
 Exchange Limited. The Company has paid the Annual Listing Fees for the
 year 2012-2013.
 
 DIRECTORS
 
 Shri Sanjeev Chirania and Shri Jaidev Gupta retire by rotation and
 being eligible offer themselves for reappointment.
 
 Brief resume of the above directors, their expertise in specific
 functional areas and name of companies in which they hold directorship
 and membership / chairmanship of committees, as stipulated under clause
 49 of the listing agreement are given in the section on corporate
 governance in the Annual Report.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance and a certificate from the
 Auditors of the Company regarding compliance of conditions of Corporate
 Governance as Stipulated under clause 49 of the listing agreement with
 the Stock Exchange are attached to this Report and forms part of this
 Report.
 
 DIRECTORS''RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act,
 
 1956, the Directors confirm the following
 
 (i) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 (ii) That the Directors have 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 and of the
 profit the Company for the period under review;
 
 (iii) That the Directors 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;
 
 (iv) That the Directors have prepared the annual accounts for the
 financial year ended 31st March, 2012 on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 1.  Steps are taken to conserve energy at all levels.  Lights and power
 were switched off whenever not required.
 
 2.  There was no technology import during the year under review.
 
 3.  Earnings in foreign currency Rs. Nil
 
 4.  Expenditure in foreign currency
 
 (Import of Materials) Rs. Nil
 
 PARTICULARS OF EMPLOYEES
 
 The Company does not have any employee whose particulars are required
 to be given pursuant to the provisions of Section 217 (2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975.
 
 AUDITORS
 
 M/s. D. K. Roongta & Co., Chartered Accountants, the Auditors of the
 Company would retire at the forthcoming Annual General Meeting. They
 have under Section 224(1 B) of the Companies Act, 1956 furnished
 certificate of their eligibility for reappointment.  Shareholders are
 requested to appoint Auditors and fix their remuneration.
 
 INDUSTRIAL RELATIONS
 
 The industrial relations at Company''s plant at Murbad remained peaceful
 during the year.
 
 ACKNOWLEDGEMENT
 
 The Directors place on record their sincere appreciation for the
 co-operation and support extended by shareholders, customers, bankers,
 vendors and employees at all levels.
 
                                      For and on behalf of the Board
 
 Place: Mumbai                                  Bharat Bhushan Gupta
 
 Date: 30th May,2012                                 Chairman