To, The Members
 
 The Directors have pleasure in presenting the Twenty Fifth Annual
 Report together with the Audited Statement of Accounts of the Company
 for the year ended 31st March, 2012.
 
 FINANCIAL RESULTS :
 
                                      (Rs. in lacs)        (Rs. in lacs)
 
                                    31st March, 2012     31st March, 2011
 
 Net Sales/Income from 
 Operations excluding
                                          823.62               1313.79
 Excise & Sales Tax
 
                                                                  
 
 Gross Proft/(Loss) before 
 Depreciation & Interest                    5.48                 53.12
 
 Less : Depreciation             1.54                  3.02
 
 : Interest                     24.01                  5.01
 
                                                               
 
                                           25.55                  8.03
                                                                  
 
                                          (20.07)                45.09
 
 Less : Prior years 
 adjustments                                0.15                  0.00
 
                                                               
 
 Net Proft/(Loss) before Tax              (20.22)                45.09
 
 Less : Taxation
 
 Proft/ (Loss) after Tax                  (20.22)                45.09
 
 Add/(Less) Proft /Loss 
 Brought Forward                         (265.94)              (311.03)
 
                                                                        
 
 Balance Carried to 
 Balance Sheet                           (286.16)              (265.94)
 
                                                   
 
 OPERATIONS :
 
 During the year under review the Company has recorded a total Income of
 Rs. 823.62 Lacs as compared to Rs. 1313.79 Lacs for the previous year
 and Net Loss of Rs. 20.22 Lacs for the year as compared to a Proft of
 Rs. 45.09 Lacs in the previous year.
 
 Your Company with the help of in house research has succeeded in the
 development of high pressure evaporators producing low pressure steam.
 Such evaporators have already been installed in the plant and as a
 result of this the Company will be able to achieve the targeted
 production and also lower the cost of production . It will now be
 possible to manufacture upto 90% of the Capacity.
 
 As a result of all these factors the turnover and proftability will be
 improved and barring unforeseen circumstances your Directors are
 optimistic about the current year. With this the Company is totally
 compliant with the water pollution norms as ''zero'' discharge as per the
 Gujarat Pollution Control Board
 
 DIVIDEND :
 
 In view of the accumulated losses, your Directors do not recommend any
 dividend.
 
 DIRECTORATE :
 
 Mr. Manoj Kumar Chauhan retires by rotation and being eligible offers
 himself for re appointment.
 
 FIXED DEPOSIT :
 
 The Company has not accepted any Deposit, which attracts the provisions
 of Section 58A of the Companies Act, 1956.
 
 AUDITORS :
 
 The present statutory auditors M/s K. M. Kapadia & Associates,
 Chartered Accountants retire at the close of this Annual General
 Meeting and are eligible for re appointment. The Company has received
 the consent and eligibility certifcate from them. The Directors
 therefore recommend the re appointment of M/s K. M. Kapadia &
 Associates, Chartered Accountants as Auditors of the Company.
 
 PARTICULARS OF EMPLOYEES :
 
 None of the employees of the Company draws remuneration more than the
 limits prescribed under Section 217 (2A) of the Companies Act, 1956.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
 the Directors confrm that:
 
 i) In the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanations relating to
 material departures.
 
 ii) The Directors have selected such accounting polices 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 fnancial year and of the Proft & Loss
 of the Company for that period.
 
 iii) The Directors have taken proper and suffcient care 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 detecting fraud and other irregularities to the best of
 their knowledge and ability.
 
 iv) The Directors have prepared the annual accounts on a going concern
 basis.
 
 COMPLIANCE CERTIFICATE :
 
 The Compliance Certifcate dated 8th June, 2012 in terms of Section 383
 A of the Companies Act, 1956 issued by Mrs. Grishma Khandwala, Company
 Secretary in Whole time practice is attached.
 
 CORPORATE GOVERNANCE :
 
 Pursuant to Clause 49 to the Listing Agreement with the Stock Exchange
 a Management Discussion and Analysis, Corporate Governance Report and
 Auditors'' Certifcate regarding compliance of conditions of Corporate
 Governance form part of this Report.
 
 INDUSTRIAL RELATIONS :
 
 The relations with the employees have remained cordial.
 
 ACKNOWLEDGEMENTS :
 
 Your Board of Directors would like to place on record its sincere
 appreciation for the whole hearted support and contributions made by
 Auditors, Banks, Financial Institutions, Suppliers and other Business
 Associates towards the conduct of the operations of the Company.
 
                           For and on behalf of the Board of Directors
 
                           SUMISH S. MODY                 ASHA S.MODY
 
                           MANAGING DIRECTOR              DIRECTOR
 
 Place : Mumbai
 Dated : 31st July, 2012