Dear Shareholders,
 
 It gives me pleasure to present the 38th Annual Report of your Company
 for the year ended December 31, 2011.
 
 The Indian economy registered a growth of 6.9  ACU- for the fiscal year
 2011-12, which is much lower compared to the last few years. While the
 slowdown of Indian economy is largely attributed to global factors,
 domestic factors also played an important role. The economic forecast
 expectation is that with inflation moderating, monetary policy easing
 off and reforms picking up, the Indian economy would grow about 7.6
  ACU- in the financial year 2012-13.
 
 During the year under review, revenues have been flat and the Company
 registered a turnover of Rs. 598.34 million. The profits for the year
 have been negatively impacted largely on account of high volatility in
 the prices of Nickel- a key raw material for the company.
 
 In general, the Company''s business physicals and market penetration
 during the year remained strong and robust, basis which going forward
 we expect improvements in the profitability.
 
 I thank all our stakeholders for partnering in our growth trajectory.
 We look forward to your continued support and patronage.
 
 With warm regards,
 
 K.M. Thanawalla
 
 Chairman
 
 Date : March 30, 2012
 
 Place : Mumbai