The Directors have great pleasure in presenting the Twenty Fifth Annual Report and the Audited Statements of Accounts of the Company for the year ended 31 st March, 2014.

FINANCIAL RESULTS:

PARTICULARS                              2013-2014       2012-2013

Income from operation                    25,83,256       2,440,805

Other Income                             29,08,560       31,41,035

Profit before Depreciation and 
Exceptional Items                        25,88,794       27,85,632

Less: Depreciation                       19,16,109       19,25,422

Add/(Less): Exceptional items                4,219            -

Profit/(Loss) before Tax                  6,68,466        8,60,210

Less: Provision for Taxation              1,27,376        1,64,000

Profit/ (Loss) after Tax                  5,41,090        6,96,210 

Less: Earlier Year                           -                -
Adjustment

Net Profit/(Loss)                         5,41,090        6,96,210

Add: Balance of Profit brought forward 
from previous year                      (78,70,921)     (85,67,131)

REVIEW OF OPERATIONS

During the year under review, the total income was Rs. 54,91,816 as against the income of Rs. 55,81,840 of the previous year. The Company earned net profit of Rs. 5,41,090 as against Rs. 6.96,210 in the previous year 2012-2013.

DIVIDEND

In view of accumulated brought forward losses, the Board of Directors does not recommend any Dividend.

DIRECTORS

In accordance with the provisions of the Companies act, 1956, and the Company's Articles of Association, Mr. Sharad Kumar Gupta retires by rotation and being eligible offer himself for re-appointment. Your Board of Directors recommends his re-appointment. Shri Rajesh Kumar Nagori, Shri Rohit G. Lohia, and Shri Vinod Kumar Jakhoria Independent Directors of the Company are proposed to be appointed as Independents Directors of the Company to hold office for 5 (five) consecutive years with effect from August 25th, 2014 upto August 24th, 2019.

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217(2AA) of the Companies Act, 1956 with respect to the Director's Responsibility Statement, it is hereby confirmed:

I) That in preparation of Annual Accounts for the Year ended 31st March, 2014, 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 view of state of affairs of the Company for a period under review.

iii) That to the best of their knowledge and information they have taken proper and sufficient 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 for preventing and detecting fraud and other irregularities; and

iv) That the Directors have prepared the Annual Accounts for the financial Year ending 31st March, 2014 on a going concern basis.

Audit Committee

The Audit Committee comprises of:

Sr.No.   Name                           Designation

1       Mr. Rajesh Kumar Nagori    Independent Director 
                                   (Chairman of the Committee)

3       Mr. Rohit Lohia            Non Executive-Independent Director

The Board has rechristened Shareholders'/Investors Grievance Committee as Stakeholders Relationship Committee in accordance with the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The terms of reference of the shareholders'/investors Grievance Committee was conferred on the Stakeholders Relationship Committee

Sr.
No.  Name                            Designation

1    Shri Rajesh Kumar Nagori        Chairman

2    Shri Vinod Kumar Jakhoria       Member

3    Shri Rohit Lohia                Member

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by SEBI. In Compliance with Clause 49 of the Listing Agreement with the Stock Exchange, a detailed Corporate Governance Report forms part of the Annual Report.

The requisite certificate from the Practicing Company Secretary, confirming compliance with the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of this report

Auditors And Auditors'Report

M/s Sarda Soni & Associates, Chartered Accountants, Statutory Auditors of the Company, hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

The Audit Committee recommends the re-appointment of M/s Sarda Soni & Associates Chartered Accountants, as Statutory Auditors of the Company.

The Company has received letter from them to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141 (3)(g) of the Companies Act, 2013 and that they are not disqualified for re- appointment.

The Notes on Financial Statements referred to in the Auditors' Report are self-explanatory and do not call for any further comments

Deposits

The Company did not invite / accept any Fixed Deposits from the public during the year under report.

PERSONNEL

None of the Employees of the Companies are in receipt of Remuneration in excess of the limits prescribed under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975.

CODE OF CONDUCT

The Board of Directors has approved "Code of Conduct for the Board of Directors" in compliance with amended Clause 49 of Listing Agreement.

EMPLOYEES RELATIONS

The relation between the Employees and Management continue to be good and cordial.

ACKNOWLEDGEMENTS

The Directors have pleasure to place on record their appreciation for the valuable co-operation and assistance by the Company's Bankers, Financial Institutions, Associates, Investors and Employees.

Your Directors are also pleased to record their appreciation for the dedication and contribution made by employees at all levels who, through their competence and hard work, have established Company to achieve better performance andlook forward to their support in future as well.

Energy conservation, technology absorption and foreign exchange earnings and outgo

The Particulars with respect to energy conservation, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Directors' Report for the year ended 31 st March, 2014 are annexed to this report.

(A) POWER AND FUEL CONSUMPTION

Electricity at factory              2013-14         2012-13

Purchase Unit (KWH)                  78,088         63,785 units

Total Amount                   Rs. 6,37,899/-       Rs. 5,50,943/-

Rate/Unit                          Rs.8.17          Rs.8.64

No Research and Development work has been carried out by the Company and therefore, there is no expenditure on this head, or any benefit accrued from it.

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange Earning during the year is Rs.NIL and Outgo Rs. NIL.

                           By Order of the Board of Directors

                                        Kamal Kumar Chaudhary
                                                     Chairman
Place: Mumbai
Date : 28/5/2014

C-23/2,M.I.D.C, Taloja-410208 Dist.Raigad, Maharashtra