The Members,
 
 The Directors are, pleased to present the Nineteenth Annual Report
 together with the Audited Accounts of the Company for the year ended
 31st March 2011.
 
 FINANCIAL RESULTS
                                                        (Rs. in Lakhs)
 
                                        March 2011          March 2010
 
 Sales and Other income                   6,768.67            6,533.16
 profit/(Loss) Before Depreciation,
 Interest, Tax, Extra Ordinary Item
 and Appropriation                      (1,091.27)          (1,224.03)
 
 Less: Depreciation                         827.54              772.34
 
 Interest / Finance Charges               1,235.21            1,848.89
 
 Profit/(Loss) Before Tax and
 Extra ordinary item                    (3,154.02)          (3,845.26)
 
 Less : Provision for Taxation    
 Earlier years   -                          197.24
 
                 -Deferred                   88.25            (391.47)
 
 Profit/Loss) After Tax                 (3,439.51)          (3,453.79)
 
 Balance brought forward from
 previous year                          (1,019.35)            2,094.44
 
 Amount available for appropriation     (4,458.87)          (1,359.35) 
 
 Adjusted against the balance in
 General Reserve, to the extent
 available                                    -                 340.00
 
 Balance carried to Balance Sheet       (4,458.87)          (1,019.35)
 
 DIVIDEND
 
 In view of losses, your directors do not recommend any dividend for the
 year.
 
 PERFORMANCE
 
 During the year under review your Company achieved net sales of
 Rs.67.00 Crores (previous year Rs. 63.11 Crores) and incurred net loss
 of Rs.34.39 Crores (previous year 34.54 crores). One of the major
 reason for the loss of the company is due to the Continuous process of
 valuing inventory due to the introduction of new models, which results
 in some models moving slowly and may have to be sold at a lower price.
 As a matter of good corporate practice these are reviewed and discussed
 with the auditors and suitable provisioning is made while valuing the
 inventory. Likewise, debtors are being reviewed progressively and
 provisioning has been made after a detailed assessment. Otherwise given
 the fact that in this year your company had embarked on a phase of
 consolidation, after revamping in the last two years, the performance
 has been satisfactory since the company has retained its market and
 consolidated if s presence.  
 
 The encouraging part of the performance has been nearly 1.9 times
 increase in exports compared to the previous year and we are currently
 exporting to 16 countries. The exponential growth in exports is
 expected to continue in the current financial year.
 
 OUTLOOK
 
 The outlook for the industry in India is promising. The dereservation
 of the industry coupled with the excellence developed by the country in
 manufacturing tips and inks of international standards at competitive
 price has given the industry an edge, while the players in Europe, US
 and Japan have been faced with a struggling economy, cheap imports and
 limited scope for cost savings or price mark ups. Thus, they have been
 looking for quality imports and India is the preferred destination. The
 fact that Chinese products have attracted anti dumping duty coupled
 with the reluctance of international buyers to depend on one country
 for supplies has compelled them to look at India more closely. This has
 resulted in increasing exports from India.  With a vibrant domestic
 market the players found themselves suddenly short of capacity and have
 embarked on expansion.  The need to create a brand while catering to
 international market and the increasing recognition that the current
 generation is placing a lot of emphasis on brand the domestic players*
 have hired Indian icons from the film and sporting world as their brand
 ambassadors.
 
 The growth in matured markets is likely to depend on how well companies
 Innovate and focus on manufacturing wide range of products. Meanwhile,
 in developing countries, growth could be attributed to rapid increase
 in population, literacy levels, and increasing demand for good quality
 writing gear, and effective pricing.
 
 The market for writing instruments is vivid and active, even in the
 electronic age. A few warnings were signaled to the industry
 players by certain associations, highlighting increased application of
 hi-tech communication, and data transfer technologies.  But, the threat
 was far from the reality. Writing instruments are still a vital part of
 daily routine of a school going child to an executive working in a
 hi-tech office. Innovations are key for market growth.  However,
 environmental regulations are leaving their impact on the industry.
 Earlier, the industry had several negative aspects such as inks with
 toxic materials. However, nowadays producers are making it a point to
 contribute to environment protection. The market for Writing and
 Marking Instruments was affected by the economic recession during
 2008-2009 and witnessed moderate growth till 2010. The export lead
 recovery in 2011 and the international appreciation of Indian writing
 instruments industry has opened a Pandora''s Box.
 
 In conclusion one could say that the purple patch for the Writing
 instrument industry has begun and is likely to continue for a few years
 which could see exponential growth.
 
 FINANCIAL RESTRUCTURING
 
 With the persistent efforts of the management and the support of the
 Lenders the Company''s case for restructuring under Corporate Debt
 Restructuring (CDR) mechanism was admitted in the CPR cell in March
 12,2010. The final package was approved by the CDR Empowered group in
 September,24 2010 paving way for the reemergence of the Company in the
 Writing Instrument and stationery space. Subsequently the Letter of
 approval was issued by the CDR Cell to the Company. The company is on
 path of revival and is consolidating all business streams after two
 years of Internal restructuring.
 
 The Board expresses its gratitude to the Lenders for supporting the
 company at this crucial juncture..
 
 The CDR package is expected to be implemented by 30th Sept 2011. This
 will facilitate the smooth working of the Company and alignment of the
 loan repayment to the cash flow realities of the Business.
 
 Some lenders and creditors have initiated winding up proceedings and
 recovery proceeding in DRT against the company to recover their dues.
 The Winding up proceeding instituted by HDFC (IARC) has been admitted
 by the high Court. Your Company is confident of defending these
 Proceedings.
 
 REFERENCE TO BIFR
 
 It is observed that as per Audited Accounts of the Company as on March,
 31 2011, the accumulated losses have exceeded the net worth Of the
 Company and the Company has become a sick industrial company within the
 meaning of clause (o), sub-section(l) of Section 3 of the Sick
 Industrial Companies (Special Provisions) Act, 1985 (SICA). Your
 directors have decided to meet again ft examine in detail the necessity
 to make a reference to the BIFR in view of the approval of CDR package
 before forming an opinion on the matter.
 
 STATUS REPORT ON THE SUBSIDIARIES:
 
 Today''s Stationery Mart Ltd.
 
 At Present only Skelton operations are being conducted.
 
 Today''s Infrastructure and Construction Ltd.
 
 The effort is directed towards realizing all the investments made by
 your company so that same the can be ploughed back to the parent
 company for furthering its business.
 
 Today''s Fluid Technologies Ltd
 
 This subsidiary has not commenced any business. As it was decided not
 to pursue the business for which the company was set up for the time
 being all decisions pertaining to the company has been deferred in view
 of the consolidation process undertaken by the group.  
 
 The Ministry of Corporate Affairs, has vide General Circular No. 2/2011
 dated 8th February 2011, grated general exemption for not attaching
 the annual accounts of the subsidiary companies with account of Holding
 Company.
 
 Pursuant to said circular, the Board of Directors of your Company in
 their meeting held on 15th June, 2011 has given their consent for not
 attaching the Annual Accounts of the Subsidiary Companies with that of
 the Holding Company. Accordingly, we are not attaching Balance sheet,
 Profit ft Loss Account, Directors'' Report and Auditors'' Report and
 other documents of the Subsidiary Companies. However these documents
 shall be made available upon request to member of the Company
 interested in obtaining the same and shall be available for inspection
 at the Head/Registered Office of your Company and that of the *
 concerned Subsidiary. As required, the financial data of the Subsidiary
 Companies has been furnished along with the statement pursuant to
 section 212 of the Companies Act, 1956 and form a part of this Annual
 Report.
 
 
 AUDITORS -
 
 M/s Ajay Shobha & Co., Chartered Accountants Statutory Auditors oC the
 Compaq retire at the ensuing Anrwat General Meeting and being eligible
 for reappointment, they have filed a Certificate with the Company to
 the effect that their appointment, if made, wilt be within the limits
 specified in the subsection (1B) of Section 224 of the Companies act,
 t956.
 
 1.  The Auditors has made comment vide para) of point 9 of the
 annexure to the audit report that statutory dues of Provident Fund Rs
 48.65 Lakhs, income lax of Rs. 745.29 Lakhs, Dividend Tax of Rs. 59. 1
 Lakhs, Fringe Benefit Tax of Rs.  27.35, TDS of Rs. 40.4 Lakhs Income  
 tax of Rs. 51.59 Lakhs were outstanding for a period of more than
 six months from the date they became payable.
 
 Due to recurring cash losses and the consequent liquidity constraints,
 there is a delay. However, the company has been progressively reducing
 these liabilities and will continue to do the same.
 
 2.  The Auditors has made comment vide point 11 of the annexure to the
 audit report that the Company has defaulted in repayment of dues to
 banks.
 
 Due to the difficulty in meeting bank and other liabilities on time,the
 Company had approached CDR cell to realign the repayment with the cash
 flow realities of the business. The proposal was sanctioned on
 24.09.2010. This is under implementation which will regularize the
 defaults.
 
 3.  The Auditors has made comment that the Company has not complied
 with the Accounting standard 15 (AS-15) relating to provision for
 retirement benefits of employees.
 
 The Company has accounted the same to cash basis in the books of
 Accounts and there is no significant and material impact on the
 profitability / loss of the Company but the- Directors of the Company
 would examine the desirability of changing the method of accounting.
 
 Other Observations in the Auditors'' Report are dealt within Notes to
 Accounts at appropriate places and being self- explanatory, need no
 further explanations.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As stipulated in section 217(2AA) of the Companies Act, 1956, your
 directors subscribe to the Directors'' Responsibility Statement''* and
 confirm that:
 
 a) in the preparation of the annual accounts, the applicable accounting
 standards have been followed an material departure;
 
 b) the selected accounting policies were applied consistently and the
 directors made judgments and estimates that are reasonable and prudent
 so as to give a true and fair view of the state of affairs of the
 Company as at 31st March, 2011 and the loss of the Company for the
 year ended on that date;
 
 c) that proper and sufficient care has been taken 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;
 6f that the annual accounts have been prepared on a going concern
 basis.
 
 CONSOLIDATED FINANCIAL STATEMENT
 
 In accordance with Accounting Standard 21 issued by the institute of
 Chartered Accountants of India, Consolidated Financial Statements have
 been provided to the Annual Report. These consolidated Financial
 Reports provide financial information about your Company and its
 subsidiaries. The consolidated financial statements form part of this
 Annual Report.
 
 CORPORATE GOVERNANCE
 
 Pursuant to clause 49 of the Listing Agreement, a Report on Corporate
 Governance and a certificate from the Auditors'' of the Company is given
 separately, which forms part of this Report.
 
 MANAGEMENT DISCUSSION ft ANALYSIS
 
 A separate report is appended herewith.
 
 COMMUNITY DEVELOPMENT AND WELFARE ACTIVITIES
 
 Commitment to the development of a self-reliant community has long been
 a part of the Today''s. The Company has consciously laid emphasis on
 corporate social responsibility and also on ecology and environment
 protection. Our business is labour intensive and we have assembling of
 pens happening over a radius of 100 km around Dadra. In our own small
 way we initiate local program for development and welfare. However,
 during this year the level of such activity has been low due to the
 Company''s liquidity constraints.
 
 ENVIRONMENT AND INDUSTRIAL SAFETY
 
 The Company implements all necessary measures at its plant for
 protection of environment and industrial safety. The Company carries
 out improvements regularly to ensure compliance with statutory
 requirements 6t regulations.
 
 RESEARCH AND DEVELOPMENT.
 The R&D effort of the Company has been limited to improving quality and
 consistency of the product this year as a part of strategy to have
 specific program for overall improvement in quality to be a competitive
 player in the global market.
 
 DIRECTORS
 In accordance with the requirements of the Companies Act, 1956, Mr.
 Rahul Gupta, Director of die Company will retire by rotation at ensuing
 Annual General Meeting and, being eligible, have offered himself for
 re-appointment.
 Mr. Sunil Kedia and Mr. Mukesh Gupta have resigned from the Board, with
 effect from 30/08/2010, Mr. Pushpak Singh Chavan and Mr. Sunil Agarwal
 whole time Directors of the Company, have resigned from the Board with
 effect from 12/02/2011 and 14/06/2011 respectively. The Board placed on
 record their sincere appreciation for the services rendered by them
 during their tenure as Directors,
 
 DEPOSITS
 
 The Company has not accepted any deposits under Section 58A of the
 Companies Act, 1956.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 
 Statement giving the particulars relating to conservation of energy,
 technology absorption and foreign exchange earnings outgo as required
 under the Companies (Disclosure of particulars in the Report of the
 Board of Directors) Rules, 1988, is annexed hereto and forms part of
 the Report.
 
 PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT, 1956
 
 The Company has no employee drawing remuneration above the limit
 mentioned at 217 (2A) of the Companies Act, 1956 and according no
 statement is annexed.
 
 ACKNOWLEDGEMENT
 
 Your Directors place on record their deep acknowledge of the dedication
 and commitment of employees during the challenging year. They are
 instrumental in your company succeeding in meeting these challenges.
 Your Directors express their gratitude to Government and Hon Government
 Agencies including SEB1, Stock Exchange, Registrar of Companies,
 Bankers, Suppliers Agencies. Customers and shareholders for their
 continued co - operation and support.
 
 
                                        FOR AND ON BEHALF OF THE BOARD
 
                                                 (RAJESH KUMAR DROLIA)
                                                              CHAIRMAN
 Registered Office:
 Survey No.25111, Vatead Faiia,
 Near Jain Temple, Dadra, Dadra & Nagar
 Haveli,