To the Members,
 
 The Directors submit the Annual Report of the Company along with the
 audited statement of accounts for the financial year ended March 31, 
 2011.
 
 Financial Results
 
 The summary of operating results for the year and appropriation of
 divisible profits is given below:
 
                                    (Rs. In Lacs)
 
                                  2010-2011      2009-2010
 
 Sales and other Income            24260.73       17687.12
 
 Interest                           1239.69         869.37
 
 Profit Before Depreciation         2011.44        1915.41
 
 Depreciation                        998.15         893.40
 
 Profit Before Tax                  1013.28        1022.01
 
 Taxation  - Current Tax             347.59         173.52
 
           - FBT Tax                      -              -
 
           - Income Tax of 
             earlier years             2.49          17.43
 
           - Deferred Tax
             (Assets)/Liability       20.51         315.23
 
 Profit after Tax                    683.73         515.82
 
 Prior Period Adjustment              (8.94)         (1.60)
 
 Net Profit after prior period
 adjustment                          674.79         514.21
 
 Balance b/f from Previous Year     2615.33        2581.98
 
 Amount available for proposed
 Appropriations:                    3290.12        3096.20
 
 Appropriations
 
 Proposed Dividend                   288.96         255.14
 
 Provision for Tax on Dividend        47.99          43.36
 
 Transfer to Statutory Reserves       33.74          25.71
 
 Balance c/f to Balance Sheet       2919.43        2771.99
 
 
 OPERATIONS OF THE COMPANY: 
 
 Business Performance Review
 
 The gross sales for the period ended March 31, 2011 was Rs. 25225.60 lacs
 as compared to Rs. 18432.98 lacs in the previous year registering an
 increase of 36.85%. The Profit before Tax (PBT) for the period was Rs.
 1013.28 as against Rs. 1022.01 lacs decrease by 0.86%. However the Profit
 after Tax (PAT) i.e., distributable profit clocked an increase of
 31.23% and resulted at Rs. 674.79 as against Rs. 514.21 lacs.  Dividend
 
 Your Directors recommend a dividend of 15 % i. e. Rs. 1.50 for each
 Equity Shares of Rs. 10/- for the year ended March 31, 2011 subject to
 the approval of shareholders at the ensuing Annual General Meeting.
 
 Equity Share Capital
 
 During the year, the Company allotted 22,55,000 equity shares of Rs.
 10/- each to the shareholders of Suraj Limited pursuant to the Scheme
 of Amalgamation as approved by the Hon''ble High Court of Gujarat on
 August 5, 2010.
 
 Change of Name
 
 The Company has change the name of Suraj Stainless Limited to Suraj
 Limited after completing necessary procedure as required under the
 Companies Act, 1956. The name of Company is change to Suraj Limited w.
 e.  f. June, 24, 2011 as per fresh Certificate of Incorporation issued
 by Registrar of Companies, Gujarat. The name of the Company has also
 been change with the Bombay Stock Exchange Ltd. (BSE) w. e. f. July 27,
 2011.
 
 Listing
 
 The equity shares of the Company are listed on the Bombay Stock
 Exchange Limited and the Company has paid listing fee for F.Y. 2011-12.
 
 Deposits
 
 Your Company has not accepted any deposits from the public during the
 year under review and hence there are no outstanding deposits as on
 March 31, 2011.
 
 Directors
 
 In accordance with the provisions of the Companies Act, 1956, and the
 Articles of Association of the Company two of your Directors, viz., Mr.
 Ketan R. Shah and Mr. Dipak H. Shah retire by rotation at the ensuing
 Annual General Meeting and being eligible offer themselves for
 re-appointment.
 
 Corporate Governance
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, Corporate Governance report and auditors'' certificate
 regarding compliance of conditions of Corporate Governance forms part
 of the annual report.
 
 Auditors
 
 M/s. Pankaj K. Shah Associates, Chartered Accountant (firm registration
 no. 107352W), who are statutory auditors of the Company, hold office in
 accordance with the provisions of the Act upto the conclusion of the
 forthcoming Annual General Meeting and are eligible for re-appointment.
 
 Directors'' Responsibility Statement
 
 Pursuant to section 217(2AA) of the Companies Act, 1956, the directors
 confirm that, to the best of their knowledge and belief:
 
 (i) in the preparation of the profit and loss account for the financial
 year ended March 31, 2011 and the balance sheet as at that date
 (financial statements), applicable accounting standards have been
 followed;
 
 (ii) appropriate accounting policies have been selected and applied
 consistently and such judgments and estimates that are reasonable and
 prudent have been made so as to give a true and fair view of the state
 of affairs of the Company as at the end of the financial year and of
 the profit of the Company for that period;
 
 (iii) proper and sufficient care has been take for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities. To ensure
 this, the Company has established internal control system, consistent
 with its size and nature of operations. In weighing the assurance
 provided by any such system of internal controls its inherent
 limitations should be recognized. These systems are reviewed and
 updated on an ongoing basis. Periodic internal audits are conducted to
 provide reasonable assurance of compliance with these systems. The
 audit committee meets at regular intervals to review the internal audit
 function;
 
 (iv) The financial statements have been prepared on a going concern
 basis.
 
 Quality Management
 
 Quality is the most important mantra of the Company and effort is
 spared to ensure best quality and after sales service to the customer.
 Company has a clear strategic vision which is always in touch with the
 latest advancements in technology, thereby constantly upgrading
 production facilities and man-power skills. The Company also continues
 to maintain the ISO 9001(2000) quality standard.
 
 Internal Control System
 
 Your Company has clearly laid down policies, guidelines and procedures
 that form part of the internal control system which provide for
 automatic checks and balances. All operating parameters are monitored
 and controlled.  Regular internal audit and checks ensure the
 effectiveness and efficiency of these systems to ensure that all assets
 are protected against loss and that the financial and operational
 information is complete and accurate.
 
 CEO and CFO Certification
 
 Mr. Ashok T. Shah, Chairman & C. E. O. and Mr. Kunal T. Shah, Managing
 Director, have given certificate to the board as contemplated in
 sub-clause (V) of clause 49 of the Listing Agreement.
 
 Health, safety and environmental protection
 
 Your Company has complied with all the applicable environmental laws
 and labour laws. The Company has been complying with the relevant laws
 and has been taking all necessary measures to protect the environment
 and maximize worker protection and safety.
 
 Particulars of employees
 
 The particular of employees required to be furnished under section
 217(2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975, forms part of this report.
 However, as per the provisions of Section 219(1)(b)(iv) of the
 Companies Act, 1956, the reports and accounts are being sent to all
 Shareholders of the Company excluding the statement of particulars of
 the employees. Any Shareholder interested in obtaining a copy may write
 to the Company Secretary at the Registered Office of the Company.
 
 Conservation of energy, technology and foreign exchange
 
 The particular of conservation of energy, technology absorption,
 foreign exchange earnings and outgo required to be disclosed under the
 Companies (Disclosure of Particulars in the Report of the Board of
 Directors) Rules, 1988 are annexed hereto and forms part of this
 report.
 
 Cash Flow Statement
 
 As required under clause 32 of Listing Agreement with the Stock
 Exchanges, in India, a Cash Flow Statement, as prepared in accordance
 with the Accounting Standard on Cash Flow Statement (AS-3) issued by
 the Institute of Chartered Accountants of India, is given along with
 Balance Sheet and Profit and Loss Account.
 
 Appreciation and Acknowledgements
 
 Your Directors would like to express their appreciation for the
 co-operation and assistance received from the Government authorities,
 the financial institutions, banks, Regulatory authorities, Stock
 Exchange and the stakeholders for their continued co-operation and
 support to the Company. Your directors also wish to place on record
 their deep sense of appreciation for the committed services by all the
 employees of the company.
 
                          For and on behalf of the Board of Directors
 
                          Ashok T. Shah
 
                          Chairman & C.E.O.
 
 Ahmedabad 
 Date : 09-08-2011
 
 Registered Office : ''SURAJ HOUSE'',
 Opp. Usmanpura Garden, Ashram Road, Ahmedabad - 380 014