Dear Members,
 
 The Directors of your Company have pleasure in presenting their
 Twenty-Second Annual Report together with the Audited Accounts of the
 Company for the year ended 31st March, 2012.
 
 1.  FINANCIAL RESULTS :
 
 The financial results for the year are as under:-
  
                                                  (Rs. in Lacs)
 
 Particulars                                     2011-12     2010-11
 
 Sales (Gross)                                 42,122.05   43,041.20 
 
 Profit before Depreciation, Interest 
 & Tax (PBDIT)                                  4,696.63    6,796.39
 
 Interest & Financial Charges                      43.71       40.62 
 
 Profit before depreciation & Tax (PBDT)        4,652.92    6,755.77
 
 Depreciation                                   1,124.18    1,116.89
 
 Profit before Tax                              3,528.74    5,638.88 
 
 Provision for Tax
 
 - Current Tax                                  1,325.00   2,163,.00
 
 - Deferred Tax (Net of Adjustments)             (252.70)    (297.84)
 
 - IT adjustment for earlier year                   2.94           - 
 
 Profit after Tax                               2,453.50    3,773.72 
 
 Prior period adjustments (Net)                     4.56        9.56 
 
 Net Profit                                     2,448.94    3,764.16 
 
 Balance Brought from last year                10,772.94    7,008.78 
 
 Balance carried to Balance Sheet              13,221.88   10,772.94 
 
 Earnings per share (in Rs.)                        2.26        3.47
 
 
 3.  DIRECTORS:
 
 Mr. M.C. Gupta and Mr. D.L. Sharma, Directors of your Company, retire
 by rotation at the forthcoming Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 4.  DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 i.  In the preparation of the annual accounts, the applicable
 Accounting Standards have been followed;
 
 ii.  Appropriate accounting policies have been selected and applied
 consistently, and have 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. 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 safe guarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 
 iv.  The annual accounts have been prepared on a going concern basis.
 
 5.  CORPORATE GOVERNANCE:
 
 The Company has in place a system of Corporate Governance. A separate
 report on Corporate Governance forming part of the Annual Report of the
 Company is annexed hereto. A certificate from the Auditors of the
 Company regarding compliance of conditions of Corporate Governance as
 stipulated under Corporate Governance Clause of the Listing Agreement
 is annexed to the report on Corporate Governance.
 
 6.  STATUTORY AUDITORS:
 
 M/s. S.S. Kothari Mehta & Company, Chartered Accountants, New Delhi,
 retire at the conclusion of the forthcoming Annual General Meeting and
 being eligible, offer themselves for re-appointment.
 
 7.  STATUTORY AUDITORS REPORT:
 
 The Statutory Auditors Report on the Accounts is self- explanatory and
 requires no comments.
 
 8.  COMPLIANCE CERTIFICATE FROM COST AUDITOR:
 
 Pursuant to section 233B of Companies Act, 1956 read with Cost Audit
 Rules 2011, the Company will receive the Cost Audit Compliance Report
 for the Financial Year 2011-12 from Mr. R.A. Mehta, Practising Cost
 Accountant, Ankleshwar.
 
 9.  COST AUDITOR:
 
 The Board of Directors of your Company has recommended Mr. R.A. Mehta,
 Practicing Cost Accountant, Ankleshwar, to be appointed as a Cost
 Auditor for the Financial Year 2012-13, subject to approval of the
 Central Government under section 233B of the Companies Act, 1956.
 
 10.  PERSONNEL:
 
 None of the employees has received salary of Rs. 60.00 lacs per annum
 or Rs. 5.00 lacs per month or more during the financial year 2011-2012.
 Accordingly, no particulars of employees are to be given pursuant to
 the provisions of section 217(2A) of the Companies Act, 1956.
 
 11.  ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS & OUTGO:
 
 The optimal utilisation of energy remained a major focus area and a
 number of steps were taken in this direction.  The information required
 under Section 217(1)(e) of the Companies Act, 1956 read with Companies
 (Disclosure of particulars in the Report of the Board of Directors),
 Rules 1988, with respect to these matters is appended hereto and forms
 part of this report.
 
 12.  ACKNOWLEDGEMENT:
 
 Your Directors are pleased to place on record their sincere gratitude
 to the Government Authorities, Financial Institutions & Bankers for
 their continued and valuable co- operation and support to the Company.
 
 Your Directors express their deep appreciation for the devoted and
 sincere efforts put in by the members of the team at all levels of
 operations in the Company during the year. The Company feels confident
 of continued cooperation and efforts from them in future also.
 
                                    For and on behalf of the Board 
 
 Place : Gurgaon                                       (S.P. Oswal) 
 
 Dated: May 09, 2012                                      Chairman