The Directors have pleasure in presenting their 22nd. Annual Report of the company together with the Audited Financial Statements for the year ended 31.03.2014

FINANCIAL RESULTS                                (Rs. In Lacs.)

                                          Current Year   Previous Year

Turnover                                       6347.41         6679.32

Other Income                                     33.77           58.42

Profit/Loss before Dep. & Tax                   (7.74)           26.87

Less: Provision for depreciation                 22.54           23.65

Loss/Profit                                    (30.29)           32.33

Current Tax                                          -           14.49

Deferred Tax                                      2.28            1.83

Earlier year tax                                  0.13            0.82

Loss/Profit after Tax                          (28.15)         (18.85)

During the year under review, the company has achieved a sales turnover of Rs. 6347.41 Lacs as compared to Rs. 6679.32 Lacs for the previous year. The company has suffered loss of Rs.7.74 Lacs as compared to profit of Rs. 26.87 Lacs for the previous year. Your director expect better results in future.

DIVIDEND

Your directors have decided to conserve the resources for future requirements and hence do not recommend any dividend for the year under review.

ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE

Information in accordance with the provision of sec 217 (I) (e) of the Companies Act, 1956 read together with the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology and foreign exchange is given in the statement annexed hereto and forms part of this report.

PUBLIC DEPOSITS

During the period under review your, company has not accepted any deposits from public pursuant to the provisions of section 58-A of the companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956 the Directors confirm that:

(i) In the preparation of the annual Financial Statements, the applicable accounting standards have mainly been followed along with proper explanation relating to the material departures.

(ii) Such accounting policies, judgments and estimates are applied consistently 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 loss of 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 safeguarding 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.

CORPORATE GOVERNANCE

The company has taken adequate steps to ensure compliance with the provisions of corporate governance as prescribed under the listing agreement with the stock exchanges.A separate report on corporate governance is enclosed as part of the annual report.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion and Analysis of financial conditions and results of operation of the Company for the year under review is attached to this Report

AUDITORS

The statutory auditors of the company, M/s Gupta Vinod Kumar & Association, Chartered Accountants, Ludhiana(Firm registration No. 006904N),retire at the ensuing Annual General Meeting and has confirmed their eligibility and willingness to accept office, if re-appointment. The Audit committee and the Board of Directors recommends the re-appointment of M/s Gupta Vinod Kumar & Association, Chartered Accountants, as the auditors of the company hold office from the conclusion of this Annual General Meeting until the conclusion of the25th Annual General Meeting.

AUDITORS REPORT

The comments and observations of the auditors and the relevant notes on the accounts are self-explanatory and therefore do not call for any further comments.

COST AUDITORS

M/s R.C.AGARWAL & ASSOCIATES, Ludhiana, Cost Auditors (Firm Registration No. 101434) were appointed as cost auditors of the company for the financial year 2013-14. Further the board of directors has reappointed them as cost auditors for the financial year 2014-15.

SECRETARIAL AUDITORS

The Board of directors of your company has appointed M/s Reecha Goel & Associates, Practicing company secretaries, as Secretarial Auditor pursuant to the provisions of section 204 of the Companies Act ,2013 for the financial year 2014-15.

INDUSTRIAL RELATIONS

Industrial relations continued to remain cordial throughout the year and the Directors express their appreciation towards the workmen for their co-operation and hope for continued cordial relations in the years to come.

LISTING OF SHARES

The equity shares of the company are listed on 1. Ludhiana Stock Exchange Limited, Ludhiana 2. Delhi Stock Exchange Limited, New Delhi. 3. Bombay Stock Exchange Ltd; Mumbai 4. Vadodara Stock Exchange Limited, Vadodara.

DIRECTORATE

As per the provisions of the section 152 of Companies Act, 2013 and in accordance with the Articles of Association, Mr. Krishan Chand Gupta, Director of the company, is liable to retire by rotation and being eligible, offers himself for re-appointment.

Mr. Sandeep Gupta, The Executive director of the company holds office upto 30.09.2014, he is proposed to be re- appointed as Wholetime Director of the company for a further period of 5 years at a monthly remuneration of Rs. 1,50,000/- w.e.f 01.10.2014. The Nomination and remuneration committee of the Board of Directors has proposed him for the re-appointment as Wholetime Director of the company.

As per the provisions of the Section 149 (4) every listed public company shall have at least one third of the total number of Directors as Independent Directors. In terms of Section 149 (10) of the Companies Act, 2013, an Independent Director shall hold office for a term up to five consecutive years on the Board of a Company but shall be eligible for reappointment on passing of a special resolution by the company for a further period of upto five years. Further, in terms of Clause 49, it is provided that a person who has already served as an independent director for five years or more in a company as on October 1, 2014 shall be eligible for appointment, on completion of his present term, for one more term of up to five years only. In accordance with this requirement of the Act read with relevant rules and Clause 49, current Independent Directors Mr. Vinod Kumar Aggarwal, Mr. Ashok Kumar Gupta and Mr. Arun Goyal are proposed to be appointed as Independent Directors for a term of 5 years not being liable to retire by rotation. The Board recommends that the proposed resolution relating to appointment of Independent Directors be approved.

PARTICULARS OF EMPLOYEES

None of the employee is in receipt of emoluments in excess of the limits prescribed under the Companies ( Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS

The board expresses its appreciation for the valuable assistance, co-operation and support received from Company's Bankers, Central and State Government Authorities and Shareholders.

Place: Ludhiana                                   By Order of the Board
Date : August 30th, 2014
                                                    KRISHAN CHAND GUPTA
                                                               Director
                                                        DIN N0.00057030