The Directors are pleased to present the 21st Annual Report together
 with Audited statement of Accounts for the year ended 31st March, 2012.
 
 FINANCIAL RESULTS
 
 The Financial performance of the Company for the year ended 31st March
 2012 is summarized below:
 
                                                           (Rs. in Lacs)
 
                                                 FY 2011-12   FY 2010-11
 
 Profit before depreciation and amortisation       1,056.30       757.88
 expenses, Finance Costs and tax expenses
 
 Less :
 
 Finance Costs                                       355.37        66.78
 
 Depreciation                                        282.22       159.78
 
 Profit Before tax                                   418.70       531.32
 
 Less :
 
 Current Tax                                         115.22       110.24
 
 Deferred Tax                                         21.89        45.47
 
 Profit for the year                                 281.58       375.61
 
 Less :
 
 Final Dividend for FY 2009-10                                     54.87
 
 Corporate Dividend on Final Dividend for
 FY 2009-10                                                         9.11
 
 Transferred to General Reserve                      281.58       311.62
 
 OPERATIONS
 
 During the year under review, your company has achieved a turnover of
 Rs.10417.32 Lacs as compared to the previous year''s turnover of Rs.
 8315.14 Lacs. Profit before tax was 418.70 Lacs. The Company is making
 continuous efforts to retain its market share through certain strategic
 market interventions.
 
 EXPORTS
 
 During the FY 2011-12, the company has exported goods worth Rs. 7519.31
 lacs net of excise duty, which is higher by 28.05% than previous FY
 2010-11 export worht Rs. 5872.23 lacs. The company has earned export
 incentives worth Rs. 280.44 lacs on export sales during the FY 2011-12
 as compared to previous FY 2010-11 of Rs. 354.00 lacs. Export
 incentives are lower during FY 2011-12 due to sunset of DEPB scheme
 w.e.f.  30.09.2011.
 
 DIVIDEND
 
 In view of the expansion and investment strategies of the Company, your
 directors do not recommend any dividend for the year under review.
 
 CAPITAL STRUCTURE
 
 There was no change in the capital structure during the period.
 
 DIRECTORS
 
 In accordance with the articles of association of the company, Sh.
 Mahavir Singh retire by rotation at the company''s forthcoming annual
 general meeting and, being eligible offer themselves for
 re-appointment.
 
 ACKNOWLEDGEMENT
 
 Your Directors thank all the employees for their sincere efforts,
 active involvement and devoted services rendered.
 
 Your Directors thank the shareholders of the Company for the confidence
 reposed in the Management of the Company.
 
 You Directors place on record their gratitude to the Customers,
 Suppliers, company''s Bankers and Financial Institutions for their
 support and cooperation during the year under review.
 
                                    By Order of the Board,
 
                                    For Stylam Industries Limited
 
                                           Sd/-
 
 Place: Chandigarh                  Jagdish Gupta
 
 Date: 4th July, 2012               Chairman-cum-Managing Director