The Directors have pleasure in presenting the 33rd (Thirty Third)
 Annual Report of the Company together with the Audited Accounts for the
 year ended March 31, 2012.
 
 FINANCIAL RESULTS                                 2011-12       2010-11
                                              (Rs. In lakh) (Rs. In lakh)
 
 Sales / Income from operations                   39575.37      48793.83
 
 Profit before interest, Depreciation and Tax      2708.67       5865.93
 
 Financial Charges                                 2692.78       2340.76
 
 Depreciation                                      1113.40       1128.14
 
 Provision for Income Tax / Deferred Tax           (880.44)       817.58
 
 Profit / Loss after Tax                        (-) 217.07       1579.45
 
 Balance brought forward from previous year         374.18    (-) 254.59
 
 TOTAL                                              157.11       1324.86
 
 Appropriation:
 
 Dividend & Distribution Tax                      (-) 0.83        250.68
 
 Transferred to / from General Reserve                 NIL        700.00
 
 Balance Carried forward                            157.11        374.18
 
 TOTAL                                              157.94       1324.86
 
 DIVIDENDS
 
 Your Board could not recommend dividend due to loss during the year.
 
 REVIEW OF OPERATIONS
 
 The year 2011-12 was one of the most difficult year not only for the
 Company but worldwide textile industry and in many ways even worse than
 2008-09. Cotton and yarn prices after touching an all time high in
 March 2011, suddenly crashed worldwide by over 35% in a short period of
 two months leaving the whole industry dazed.
 
 This followed by uncertainty in the global market due to European
 crisis and the imposition of excise duty on garments lead to
 exceptionally difficult year for all segments of the textile business.
 
 The extreme volatility in the currency in the second half of the year
 further worsened matters. Last but not the least Policies changes
 regarding exports of raw cotton and yarn, and reduction of export
 incentives remained the biggest culprit for the extreme volatility in
 global textile market.
 
 The year saw the turnover of the Company plunge from Rs.485 Crores to
 Rs. 382 Crores i.e. a 21% fall due to poor demand and basic selling
 prices coming down. Due to the reasons mentioned above, the Company
 booked a loss of Rs.2.17 crores after taxes.
 
 Over the last 2 years, your company has been paying more emphasis on
 its branded knitwear business. The contribution of this segment
 increased to 20% of turnover compared to 17% last year. This was
 despite the fact that due to excise, we lost almost 3 months sales. The
 turnover of all other divisions reduced due to both lower volumes and
 prices..
 
 As a part of its strategy to slowly exit the cotton fibre business, the
 Company sold its ginning factory at Gondal, Gujarat for Rs.18.75
 crores. The Company also plans to sell its ginning factory at Rajula,
 Gujarat and exit the volatile cotton commodity business fully and focus
 on the stable value added business. This crop year, Rajula Ginning
 Factory was not operated, otherwise it would have further worsened the
 scenario.
 
 The Company has almost completed its Rs 20 crore garment expansion
 project in Avinashi. Further it has introduced many new products in its
 casual wear segment.
 
 This year has broadly been a year of caution and fire fighting. It was
 difficult to implement new initiatives and push for growth.
 
 Losses during the year has occurred mainly due to worldwide fall in
 cotton value chain since April, 2011, currency volatilities, increase
 in interest rates, Power rates and withdrawal of export subsidies and
 increase in taxes.
 
 FUTURE OUTLOOK
 
 The worst is almost over and the company is expected to cover up the
 set back in the first half of the current year itself. The depreciating
 rupee, falling cotton prices with low production of yarn across the
 country due to labour & power issues has created a favourable situation
 for cotton yarn. However with the global uncertainty so high, non
 clarity of Government policies - its difficult to predict precisely. We
 hope for the best.
 
 The Government TUF scheme for textiles has expired in March 2012, and
 all are waiting for the new policy announcement. However the Company
 has no major expansion plans for this year, though the Rs 100 crore
 spinning expansion project at Rajula (Gujarat) is going on and is
 expected to be completed by March 2013. TUF sanctions for this project
 had already been confirmed in time.
 
 The Company during the preceding year, due to slow demand and excise
 issues, had to go slow on its knitwear business. However this year once
 again the Company is looking for 50% growth in this segment. It is
 planning to go for a totally new ad campaign and put extra thrust on
 electronic and press media. The Company is also planning to focus on
 setting up exclusive shops in a big way, e-commerce and digital
 marketing through social media.
 
 The Company plans to leverage its strong brand equity and expand over
 markets and products with strong designing, advertisement and
 merchandising.
 
 The yarn and fabric segments are expected to grow at 20% per annum,
 however margins are expected to be much better than last year.
 
 We are confident that your Company will be back on the growth path
 after a watershed year. Our emphasis on high margin business and focus
 on stable business portfolio can be expected to show positive results
 for the Company and its stake holders.
 
 Your Company intends to install Solar Power Plants offline for
 localized captive consumption within each Spinning Mills. We hope by
 2016 all our mills and manufacturing units will be running 100% on
 clean Solar / Wind Power. This move is to promote eco-sustainability
 and will certainly be our bit of efforts to save earth and to save
 trees
 
 AWARDS AND RECOGNITION
 
 During the year Brand T.T. has been awarded with MASTER BRAND STATUS
 BY CMO ASIA (AFFILIATED OF CMO COUNCIL, USA).  
 
 DIRECTORS
 
 Shri Sanjay Kumar Jain and Dr. (Prof.) V. K. Kothari retire by rotation
 at the ensuing Annual General Meeting and being eligible offer
 themselves for reappointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
 Directors report as under:
 
 i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 ii) that the Directors have selected such accounting policies and
 applied them consistently and 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 at the end of the financial year and of the
 profit or loss of the company for that period.
 
 iii) that the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities.
 
 iv) that the Directors have prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE
 
 The Company is committed to maintain the highest standards of Corporate
 Governance and adhere to the Corporate Governance requirements set out
 by SEBI.
 
 A separate report on Corporate Governance along with Auditor''s
 Certificate on its compliance is annexed to this report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 Management discussion and Analysis Report for the year under review, as
 stipulated under clause 49 of the Listing Agreement with the stock
 exchanges is presented as a separate section forming part of this
 report.
 
 AUDITORS AND THEIR OBSERVATIONS
 
 M/s Doogar & Associates, Chartered Accountants, who have been the
 Statutory Auditors of the Company retire at the conclusion of this
 Annual General Meeting and being eligible offer themselves for
 reappointment.
 
 Auditors observation in Clause (f) of Audit Report is explained in note
 no-33 to Financial Statements.
 
 PUBLIC DEPOSITS
 
 Fixed Deposits received from Shareholders, Employees and Public in
 general as at the close of the Financial Year amounted to Rs.666.38
 Lacs. Deposits of Rs.2.40 Lacs which fell due for repayment before the
 close of the financial year, remain unclaimed by the depositors at the
 close of the Financial Year. There were no overdue deposits other than
 those unclaimed at the year end.
 
 PERSONNEL
 
 Information as per Section 217 (2A) of the Companies Act, 1956 read
 with Companies (Particulars of Employees) Rules, 1975 are given in the
 statement which form a part of this report. However as per the
 provisions of section 219(1) (b) (iv) of the Companies Act, 1956, the
 report and accounts are being sent to all shareholders of the Company
 excluding the aforesaid information. Any shareholder interested in
 obtaining a copy of the particulars may write to the Company''s
 Registered Office.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The information required to be furnished under section 217 (1) (e) of
 the Companies Act, 1956 read with the Companies (Disclosure of
 particulars in the Report of the Board of Directors) Rules, 1988
 relating to Conservation of Energy, Technology absorption and Foreign
 Exchange earnings and outgo is annexed herewith and forming part of
 this report.
 
 ACKNOWLEDGEMENT
 
 Your Directors place on record their sincere appreciation of the
 services rendered by the employees of the Company. They are grateful to
 shareholders, bankers, depositors, customers and vendors of the Company
 for their continued valued support. The Directors look forward to a
 bright future with confidence.
 
                                          For and on behalf of the Board
 
                                                                    Sd/-
 
 Place: New Delhi                                    (Dr. RIKHAB C. JAIN)
 
 Date: 31.05.2012                                               CHAIRMAN