The Directors have pleasure in presenting the 27th Annual Report
 together with the Audited Accounts for the financial year ended 31st
 March, 2012.
 
 1. Financial results and Appropriations: (In Lakhs)
 
 PARTICULARS                             2011-12       2010-11
 
 Gross Income                             725.17        797.13
 
 Profit before Tax                        -13.42         26.51
 
 Provision for Tax
 
 Current                                    0.00         10.00 
 
 Deferred                                  -4.40          4.34
 
 Fringe Benefit Tax                         0.00          0.00
 
 Excess provision of Income                 0.00          0.00
 
 Tax relating to previous year              0.00          0.00
 
 Written back                               0.21          0.21
 
 Profit after Tax                          21.08         21.08
 
 Surplus brought forward                   39.17         39.17
 
 Profit available for Appropriation        60.24         60.24
 
 Transfer to General Reserve                0.00          5.00
 
 Dividend                                   0.00          0.00
 
 Dividend Tax                               0.00          0.00
 
 Surplus carried forward                    0.00         55.25
 
 Due to steep escalation in input costs of metals especially copper and
 other overheads there has been a loss of Rs. 13.42 lakhs before tax.
 
 2.  Dividend:
 
 As there is no profit available for distribution, your directors do not
 recommend payment of dividend for the year 2011-2012.
 
 3.  Fixed Deposits:
 
 The Company has neither invited nor accepted any fixed Deposits from
 the public during the financial year under review.
 
 4.  Directors:
 
 Smt. Farha Kamal and Sri Akmal Hassan Razvi Directors of the Company
 retire by rotation and being eligible offer themselves for
 reappointment.
 
 5.  Directors Responsibility Statement:
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956, your Directors hereby report:
 
 a) That in the preparation of Annual accounts the applicable accounting
 standards has been followed along with proper explanation relating to
 material departures;
 
 b) That the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 responsible and prudent so as to give a true and fair view of the state
 of affairs of the Company as at 31st March 2012 and of Profit and Loss
 Account for the year ended as on that date.
 
 c) That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for the safe guarding the assets
 of the Company and for preventing and detecting fraud and other
 irregularities;
 
 d) That the directors have prepared annual accounts on a going concern
 basis.
 
 6.  Conservation of Energy, technology Absorption and foreign Exchange
 earnings and outgo:
 
 The requisite information with regard to Conservation of Energy,
 Technology absorption and Foreign Exchange outgo and earnings in terms
 of Companies (Disclosure of Particulars in the report of Board of
 Directors) Rules, 1988 are set out in separate statements attached
 hereto (Annexure A & B respectively) and form part hereof.
 
 7.  Personnel:
 
 Information in accordance with sub section (2A) of section 217 of the
 Companies Act, 1956, read with the Companies (Particulars of employees
 ) Rules 1975 and forming part of Directors report for the year ended
 31st March, 2012 is not applicable as there was no employee drawing
 remuneration in excess of prescribed limits.
 
 8.  Auditors:
 
 M/s. K. S. Aiyar & Co., Chartered Accountants retires at the forth
 coming Annual General Meeting and are eligible for re appointment. As
 required under Section 224 of the Companies Act, 1956, the company has
 obtained from them a confirmation to the effect that their
 re-appointment, if made, would be in conformity with the limits
 prescribed in the said section.
 
 9. Corporate Governance and Compliance Certificate:
 
 Separate notes on Corporate Governance and Management Discussion and
 Analysis report are set out as Annexure C and D respectively. A
 certificate from the Auditors of the Company regarding compliance of
 conditions of Corporate Governance as stipulated under Clause 49 of the
 Listing Agreement is attached to this report
 
 10. Listing Agreement Requirements:
 
 (i) The securities of your Company are listed at BSE Limited. The
 Company has paid the Annual Listing fees to the stock Exchange up to
 date.
 
 (ii) Trading in company''s Securities has not been suspended for any
 reason during the year under review.
 
 11.  Buy Back of Shares:
 
 There was no buy back of shares during the year under review.
 
 12.  Acknowledgements:
 
 Your Directors thank ICICI Bank and State Bank of India for their
 continued support Your Directors also thank Employees,- Share holders,
 Customers, distributors and others associated with the Company for
 their continued support.
 
                                               On behalf of the Board
 
                                                  Mustafa Kamal Basha
                                         Chairman & Managing Director
 
 Place: Bangalore
 Date: 28th May, 2012