The Directors have pleasure in presenting their 27th Annual Report and
 Audited Accounts of your Company for the year ended March 31, 2010.
 
 FINANCIAL RESULTS
 
 The financial performance of the Company for the financial year ended
 March 31, 2010 is summarized below:
 
                                             Year ended    Year ended
 Particulars                              March 31, 2010 March 31, 2009
                                          (Rs. in lakhs) (Rs. in lakhs)
 Sales and other Income                      17129.95         13238.63 
 Gross Profit before Interest, 
 Depreciation and Miscellaneous
 Expenditure written off                      2055.18          1448.84
 Less: Interest                                680.59           593.01
 Depreciation                                  776.98           648.83
 Profit for the year                           597.61           207.00
 Prior period lncome/(Expenditure) adjustment    4.80             2.00
 Profit before tax                             592.81           205.00
 Provision for current tax (MAT)               101.58            23.23
 Deferred tax (Assets)/Liability               128.53           127.73
 Fringe Benefit Tax                              -               15.48
 Mat Credit Entitlement                       (101.58)          (23.23)
 Profit after tax                              464.28            61.79
 Surplus brought forward                       736.61           756.65
 Profit available for appropriation           1200.89           818.44
 General Reserve                                44.46            -
 Proposed Dividend                             139.89            69.94
 Corporate Dividend Tax                         23.77            11.89
 Balance carried to the Balance Sheet          992.76           736.61
 
 OPERATIONS
 
 The Company has recorded a strong growth in sales in the financial year
 2009-10. Overall sales increased by 31% over the previous year,
 although sales of the flooring division declined by 10%.
 
 The pre-tax profit increased by 189%*to Rs.592.81 lakhs, while the
 profit after tax increased by 651% to Rs.  464.28 lakhs. This
 performance should be viewed in the light of the extremely challenging
 business environment which the Company faced in 2008-09 on account of
 the decline in demand for cars resulting from the overall economic
 slowdown witnessed during that year. •
 
 The Company continues to invest in new technology and assets to make
 available adequate manufacturing capacities for the growth that it
 expects in the forthcoming years.
 
 In its relentless pursuit of customer delight through manufacture of
 world class products at competitive prices, the Company has adopted
 Total Productivity Management (TPM) techniques in production. Lean
 manufacturing has been pursued diligently for improving efficiencies,
 productivity & yield. New product development has been a thrust area
 and several greener, recyclable and lighter products that have been
 launched in the past now contribute steadily to the Companys turnover
 and profits. We continue to lay emphasis on safety and health, quality
 systems and cost reductions through VAA/E. Institution of energy audits
 and implementation of the recommendations to optimise energy
 consumption, as well as strict control over overhead costs is also
 given due importance.
 
 FUTURE PROSPECTS
 
 Automotive growth is expected to be robust during 2010-11, and the long
 term outlook continues to be positive because of the low per capita
 ownership of 7 cars per 1000 persons in India. With global car giants
 looking for low cost production countries to contain costs, India is
 becoming a hub for small cars, as well as for outsourcing of auto
 components. Our Company is poised to participate in this growth story
 through its existing wide range of products which it supplies to most
 car manufacturers in India. The Companys order book shows a healthy
 growth with sales having commenced for the recently laupched models of
 Maruti, Honda, Hyundai and Tata Motors. The Company anticipates cost
 pressures, but plans to maintain its margins through improved
 productivity, cost reductions, VA/VE measures and focus on high value
 added products.
 
 JOINT VENTURE WITH JUKEN TECHNOLOGY LIMITED, SINGAPORE
 
 Your Company had incorporated a joint venture company namely Juken
 Uniproducts Private Limited under the shareholders agreement entered
 into with Juken Technology Limited, a Singapore based company in the
 year 2005-2006. This Company commenced commercial production on July
 31, 2006. During the financial year ended March 31, 2010, it has
 achieved gross sales of Rs. 533.18 lakhs and profit before tax of Rs.
 97.98 lakhs on the basis of unaudited results. The Companys product
 have been well received by the customers in the Indian and overseas
 markets, and your Directors are confident that this joint venture will
 make good profits in the coming financial year.
 
 DIVIDEND
 
 Your Directors are pleased to recommend a dividend of 16% for the year
 ended March 31,- 2010.
 
 CLOSURE OF NASIK UNIT
 
 The Company had set up a small manufacturing unit at Nasik on rented
 premises to cater to the west based OEMs viz. Mahindra & Mahindra and
 Tata Motors. However, despite best efforts and marketing initiatives,
 business from these customers has not grown over the years.
 
 Keeping in view the expenses incurred to maintain this facility and
 the. possibility of economies of scale and resultant savings that can
 accrue by consolidating these operations at its Rewari Plant, the
 Company decided to close down its operations at Nasik and shift all
 equipment to the Plant at Rewari.
 
 DELISTING OF SHARES
 
 On the basis of the Securities Appellate Tribunal order dated August
 20; 2008 allowing the Company to delist its equity shares from the
 Bombay Stock Exchange at the Rights Issue Offer Price of Rs. 40/- per
 equity share in pursuance of Clause 17(1) & 17(2) of the Securities and
 Exchange Board of India (Delisting of Securities) Guidelines, 2003, the
 Company has completed the delisting process and has been delisted from
 the Bombay Stock Exchange with effect from July 1, 2009.
 
 ALTERATION OF MAIN OBJECTS CLAUSE OF MEMORANDUM OF ASSOCIATION
 
 In order to diversify the activities of the Company and make it more
 resilient, your directors had proposed to expand the existing range of
 automobile and traded products, venture into products relating to wood,
 wood pulp or fluff, paper and packaging industry and explore businesses
 propositions in the ores and mining industry. The shareholders in the
 extraordinary general meeting held on March 30, 2010, passed a special
 resolution altering the main objects clause of the Memorandum of
 Association for incorporating the proposed business activities
 mentioned above.
 
 CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
 
 The information with respect to conservation of energy and technology
 absorption, pursuant to sub-section 1(e) of section 217 of the
 Companies Act, 1956, is appended hereto and forms part of this report.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As per section 217 (2AA) of the Companies Act 1956, the Directors of
 the Company hereby declare:
 
 (i) that in the preparation of annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 (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 viewof the state
 of affairs of the Company at the end of the financial year, and of the
 profit 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 the 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.
 
 PARTICULARS OF EMPLOYEES UNDER SUB-SECTION 2AOF SECTION 217 OF THE
 COMPANIES ACT, 1956
 
 A statement showing particulars of employees as required under
 sub-section 2A of section 217 of the Companies Act, 1956, which forms
 an integral part of this report, is annexed hereto.
 
 AUDITORS
 
 M/s. S.N. Dhawan & Co., Chartered Accountants, retires and, being
 eligible, has expressed their willingness to be re-appointed.
 
 FIXED DEPOSITS
 
 The Company did not hold any fixed deposits as at the close of the
 year, nor were there any deposits overdue for repayment as on March 31,
 2010.
 
 EMPLOYEE RELATIONS
 
 Relations between the employees and the management remained cordial
 during the. year. The Directors wish to place on record their sincere
 appreciation for the efficient and committed services rendered by the
 employees at all levels. Their dedication and commitment has been and
 continues to be instrumental to the success of the Company.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the listing agreement with the stock exchange,
 Management Discussion and Analysis, Corporate Governance Report and
 Certificate from the Companys Auditors confirming compliance of
 Corporate Governance are made part of the Annual Report.
 
 ACKNOWLEDGEMENTS
 
 Your Directors are pleased to record their gratitude for the
 understanding and support received from the Shareholders, Financial
 Institutions, Bankers, Customers and Suppliers of the Company.
 
                                        For and on behalf of the Board
 Place : New Delhi                                    RAVIMEHRA
 Date : April 24, 2010                                 Chairman