To The Members,
 
 The Directors are pleased to present the 25th Annual Report together
 with the audited accounts of the Company for the year ended on March
 31, 2011.
 
 FINANCIAL HIGHLIGHTS                            (Rs. in Million)
 
 PARTICULARS                                   2010-11        2009-10
 
 Gross Sales                                  7,171.34       4,525.44
 
 Other Income                                    13.97          11.21
 
 Gross Income                                 7,185.31       4,536.65
 
 Total Expenditures (excluding Interest, 
 depreciation and amortization)               6,300.06       3,914.16
 
 Earnings before Interest and Depreciation      885.25         622.49
 
 Interest & Financial Charges                   201.54         168.56
 
 Earnings before Depreciation and amortization  683.71         453.93
 
 Depreciation and other written off             328.05         255.27
 
 Earnings after Depreciation                    355.66         198.66
 
 Less: Prior Period Adjustment (Net)              0.08           2.69
 
 Profit Before Tax                              355.74         195.97
 
 Income Tax (net of MAT credit entitlement)       3.57          45.54
 
 Deferred Tax Liability                          54.15           5.17
 
 ProfitAvailable For Appropriation              298.02         145.25
 
 Proposed Dividend                               22.26          13.62
 
 Tax On Distributed Profits                       3.70           2.31
 
 Balance Carried Over To Balance Sheet          272.06         129.32
 
 FINANCIAL PERFORMANCE
 
 The gross Sales of your Company increased by 58.38% from Rs. 4,536.65
 million in 2009-10 to Rs. 7,185.31 million in 2010-11.  9.64 million
 wheel rims were sold in 2010-11 as compared to 7.17 million wheel rims
 in the previous financial year. This corresponds to an increase of
 34.41% in numbers of wheels. The comparatively higher increase in sales
 could be achieved thanks to the higher volumes of Exports, Truck and
 tractor wheels sold during the financial year under review.
 
 The Earnings before interest and depreciation (EBITDA) increased by
 42.21 % from Rs. 622.49 million in 2009-10 to Rs. 885.25 million in
 2010-11. The EBITDA margin has slightly decreased to 12.34% from 13.76%
 in 2009-10 due to increasing steel prices during the financial year
 under review.
 
 A significant increase could be achieved in Profits before and after
 tax in 2010-11. They grew by 81.53% to Rs. 355.74 and by 105.18% to Rs.
 298.02 million respectively.
 
 The depreciation and other amortization increased to Rs. 328.05 million
 from Rs. 255.27 million due to the enhanced utilization of the Dappar
 and Oragadam plants and the commencement of commercial operations at
 Jamshedpur.
 
 JAMSHEDPURUNIT
 
 Your directors are pleased to inform you that the Company''s new Truck
 Wheel Rims Facility at Jamshedpur has commenced its commercial
 production during the year 2010-11. Tube type heavy commercial vehicle
 wheel rims are successfully being supplied to Tata Motors and Tata DLT
 and soon also to Ashok Leyland.  Moreover, tubeless wheel rim samples
 have been developed for two prominent German trailer manufacturers:
 Krone and Schmitz Cargo bull.  Keeping in view the projected production
 plan of Tata Motors, the Jamshedpur plant is currently enhancing its
 capacity to a level 1.7 million wheel rims.
 
 DAPPARUNIT
 
 During 2010-11 your Company has furthermore added additional capacity
 at its Dappar plant. With this, the total installed capacity results
 enhanced from 7.50 million wheel Rims to 9.00 million wheel rims p.a.
 
 ORAGADAMUNIT
 
 The second phase expansion at Oragadam could be completed during the
 financial year under review and the same is under trial production. The
 total installed manufacturing capacity at Oragadam has thereby been
 increased from 2.5 million to 6.0 million wheel rims p.a.
 
 MANUFACTURING CAPACITIES
 
 During the financial year under review the total capacity of the
 Company has increased to 16 million wheel rims per annum which makes It
 one of the biggest steel wheel manufacturers in Asia.
 
 FUTURE OUTLOOK
 
 The focus of your Company is to develop world-class facilities for the
 manufacture of quality steel wheel rims for all segments of the
 automotive industry while increasing its customer base in India as well
 as internationally.
 
 The growth of the automobile component industry is likely to slow down
 considerably in 2011 -12 from the high growth rates of 26- 30% seen
 during 2010-11. This is due to higher price of vehicles and rising
 interest rates. The expected growth rates for 2011 -12 are expected to
 be around 8-10 percent in the domestic market and exports by around 70
 percent. Further details regarding the future outlook of your Company
 are discussed in the Management Discussion and Analysis enclosed with
 the Annual Report.
 
 ISSUE AND ALLOTMENT OF EQUITYSHARES ON PREFERENTIAL BASIS
 
 Your Company issued and allotted 8,50,000 Equity Shares of Rs. 10/-
 each against cash, at a price of Rs. 520/- (Rupees Five hundred Twenty
 only) per equity shares i.e at a premium of Rs. 510/- per share to
 Sumitomo Metal Industries Ltd. on a preferential allotment basis on 9*
 December, 2010 (Non Promoter Category). Sumitomo Metal Industries Ltd.
 is a Japan based Company. The said 8,50,000 shares constitutes 5.73% of
 the total enhanced paid up capital of the Company as on 31st
 March,2011.
 
 Your Company also issued and allotted 3,77,000 equity shares of Rs.
 10/-each fully paid up, at a price of Rs. 595/-per shares ( i.e. at a
 premium of Rs. 585/- per share) to GS Global Corp., on 12* January,
 2011 on preferential allotment basis (Non Promoter Category). GS Global
 Corp is a South Korea based Company. The said 3,77,000 shares
 constitute 2.54% of the total enhanced paid up capital of the Company
 as on 31st March, 2011.
 
 DIRECTORS
 
 In accordance with the provisions of Companies Act, 1956, Sh. B. B.
 Tandon, Sh. S.S. Jha and Sh. S.S. Grewal will be retiring by rotation
 at the forthcoming Annual General Meeting and they are eligible for
 reappointment.
 
 Mrs. Ute Mayr was re-appointed as a Whole time Director of the Company
 for aperiod of three years we.f 10.08.2011 subject to the approval of
 the Central Government.
 
 DIVIDEND
 
 Yours Directors are pleased to recommend a dividend of 15% (Rs. 1.50/-
 per share) for the year ended 31st March, 2011. The total cash outflow
 on account of the proposed dividend (incl. dividend tax) will be of Rs.
 25.96 million (Previous year: 15.93 million), which represents 8.71% of
 the Profit after tax available for appropriation.
 
 INTERNALCONTROLSYSTEMS
 
 Your Company has adequate internal control procedures commensurate with
 its size and nature of business. These internal policies ensure
 efficient use and protection of the assets and resources, compliance
 with policies and statutes and ensure reliability as well as promptness
 of financial and operational reports.
 
 CORPORATE GOVERNANCE
 
 Your Company is firmly committed to the principles of Good Corporate
 Governance and believes that statutory compliance and transparency are
 necessary also to enhance the shareholder value.
 
 A separate section on Corporate Governance forming part of the
 Directors'' Report and a certificate from the Company''s auditors,
 confirming the compliance with the Listing Agreement, is included in
 the Annual Report.
 
 LISTING OF EQUITYSHARES
 
 We are pleased to inform that the equity shares of the Company are
 listed on the National Stock Exchange and Bombay Stock Exchange,
 offering a wide trading network to the shareholders.
 
 FIXED DEPOSITS
 
 The Company has neither invited nor accepted any deposits from the
 public during the year. There are no unclaimed deposit(s) lying with
 the Company.
 
 AUDITORS
 
 M/s S.C. Dewan & Co., Chartered Accountants were appointed as Statutory
 Auditors of the Company to hold office till the conclusion of the
 ensuing Annual General Meeting. The Auditors retire at the ensuing
 Annual General Meeting and, being eligible, have offered themselves for
 re-appointment. The Company has received a certificate from them
 pursuant to Section 224 (IB) of the Companies Act, 1956, confirming
 their eligibility for reappointment.
 
 INSURANCE
 
 All properties and insurable interests of your Company including
 buildings and plant & machinery are adequately insured.
 
 DIRECTORS RESPONSIBILITYSTATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 - In preparation of the Annual Accounts, the applicable accounting
 standards have been followed.
 
 - Appropriate accounting policies have been selected and applied
 consistently; judgments and estimates made are reasonable and prudent
 so as to give true and fair view of the state of affairs of the Company
 as at the end of the financial year and the profit for that period.
 
 - Proper and sufficient care has been taken for maintenance of
 accounting records in accordance with the provisions of The Act for
 safe guarding the assets of the Company and for preventing and
 detecting fraud and other irregularities.
 
 - The annual accounts have been prepared on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 A Statement giving details of conservation of energy/technology
 absorption and foreign exchange earnings and outgo in terms Of 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, forms part of this report and is annexed herewith.
 
 PARTICULARS OF EMPLOYEES
 
 The particulars of the employees as required under section 217(2A) of
 the Companies Act, 1956 read with the Companies (Particulars of
 employees) Rules, 1975, as amended, are appended and form part of the
 Report.
 
 ACKNOWLEDGMENTS
 
 Your Directors wish to place on record their appreciation for the
 continued co-operation the Company received from various departments of
 the Central and State Government, Bankers, Financial Institutions,
 Dealers and Suppliers. The Board also wishes to place on record its
 gratitude to the valued Customers, Members and Investing public for
 their continued support and confidence reposed in the Company and last
 but not the least it acknowledges and appreciates the commitment,
 dedication and contribution of the Employees of the Company.
 
                                For and on behalf of Board of Directors
 
 Place : CHANDIGARH                                           R.K. GARG
 
 Dated: 30th May, 2011                                         CHAIRMAN