To, The Members,
 
 The Directors have pleasure in presenting the Twenty-First Annual
 Report together with the audited statements of accounts for the year
 ended 30th June 2012.
 
 FINANCIAL RESULTS
 
 The financial results for the year ended 30 June 2012 are briefly
 stated below:
 
                                                       (Rs. In lacs)
 
                                               2011-12      2010-11
 
 Sales and Other Income                        3071.82      3110.19
 
 Operating Profit (Before Interest, 
 Depreciation and                              -168.09      -188.61
 Tax)
 
 Add: Exceptional Item (Waiver of Interest)       0.00      1143.83 
 
 Less: Interest and other financial charges     273.63       134.30 
 
 Depreciation                                    11.17        20.67
 
 Profit before Tax                             -452.89       800.25
 
 Less: Provision for Diminution in Value of     -17.32       -17.32 
 Investments
 
 Provision for Impairment Loss on Assets         00.00      -146.75
 
 Provision for Deferred Tax Asset                30.55         0.00
 
 Profit after Tax/(Loss)                       -439.66       636.18
 
 *Figures of the previous periods / year have been regrouped and
 reclassified, wherever necessary to conform to the classi fication of
 the cur rent period.
 
 OPERATIONS
 
 The year 2011-12 has been a stable year for the Company as during the
 year, your Company achieved a turnover of Rs. 3071.82 lacs including
 other income. Your Company incurred a loss ofRs.439.66 lacs comprising
 mainly interest & financial charges, diminution in value of investment
 and depreciation. FY 2012 has been a year of lower growth for the
 domestic economy resulting primarily from high commodity and oil
 prices. After consolidation of the electronics business, and seeing the
 scope and potential, your Company had diversified into manufacture of
 LED, Halogen & Induction Lighting Products with the advanced technology
 and in house R&D. The management feels confident and committed to
 achieve higher turnover during the current year.
 
 DIVIDEND
 
 The Directors do not recommend any dividend for the year under review.
 
 CORPORATE GOVERNANCE
 
 The Company is committed to maintain the standards of Corporate
 Governance and adhere to the Corporate Governance requirements set out
 by SEBI. The report on Corporate Governance and Management Discussion &
 Analysis Report as stipulated under Clause 49 of the Listing Agreement
 forms part of the Annual Report.
 
 The requisite Certificate from the Auditors of the Company confirming
 compliance with the conditions of Corporate Governance as stipulated
 under the aforesaid Clause 49, is attached to this Report.
 
 FIXED DEPOSITS
 
 Your Company has not accepted any fixed deposit from the public during
 the year under review.
 
 DIRECTORS
 
 Dr. Smt. Rochana Bharati, Director of the Company, is retiring by
 rotation and, being eligible, has offered herself for reappointment.
 Members are requested to appoint the Director.
 
 Mr. Kannan Ranganathan, Director of the Company is retiring by rotation
 and, being eligible, has offered himself for reappointment.  Members
 are requested to appoint the Director.
 
 None of the Directors are disqualified from being appointed as
 Directors as specified in terms of Section 274(1) (g) of the Companies
 Act, 1956.
 
 STATUTORY DISCLOSURES
 
 Information as per Section 217(1) read with Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988 is given
 in the annexure to this report.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it is
 hereby confirmed that:
 
 - In preparation of annual accounts, the applicable Accounting
 Standards have been followed and there was no material departure from
 the said standards.
 
 - The accounting policies selected and applied are consistent and the
 judgements and estimates made are reasonable and prudent so as to give
 true and fair view of the state of affairs and of the profit/loss of
 the Company at the end of the year.
 
 - Adequate accounting records as per the provisions of the Companies
 Act, 1956 have been maintained and proper and sufficient care has been
 taken for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities.
 
 - The annual accounts are prepared on Going Concern Basis.
 
 BIFR
 
 As per the directions of Hon''ble BIFR, your Company has prepared a
 revised Draft Rehabilitation Scheme (DRS) and has submitted the same to
 the IDBI Limited, the operating agency for their consideration.
 
 COMMENTS ON THE OBSERVATIONS OF THE AUDITORS
 
 1.  The Board of Directors have taken the necessary steps and appointed
 an internal auditor commensurate to the size & business of the Company.
 
 2.  The company has submitted a Draft Rehabilitation Scheme (DRS) with
 the Hon''ble BIFR. Once the same is approved, the company will take the
 necessary steps to pay the pending statutory dues.
 
 AUDITORS
 
 The Auditors of the Company, M/s. HMA 8t Associates, Chartered
 Accountants, Pune retire at the ensuing Annual General Meeting. They
 are eligible and willing for reappointment.
 
 ACKNOWLEDGEMENTS
 
 Your Directors place on record their appreciation for the continued
 support of Company''s Bankers, Financial Institution, its suppliers and
 customers and all the members of staff and workers for their continued
 support and cooperation at all levels.
 
                           For and on behalf of the Board of Directors.
 
 Place: Nasik.                                    Sd/
 
 Date: 30 August, 2012                   (ARVIND BHARATI)
 
                                        Managing Director
 
 Registered Office:
 
 64-B-l, M.I.D.C. Area, Satpur,
 
 Nasik-422 007.