The Directors have pleasure in presenting the 22nd Annual Report together with Audited Statement of Accounts for the year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS :              31st March, 2014   31st March, 2013
                                       (Rs. in Lacs)      (Rs. in Lacs)

Sales                                     3434.29            3412.32

Profit/(Loss) before Interest             (92.08)            (246.92)
and Depreciation

Less: Finance Cost                        1019.53             978.12

Less: Depreciation                          39.35             213.25

Profit / (Loss) for the year             (1150.96)           (1438.29)

Less : Fringe Benefit Tax                     -                  -

Net Profit /(Loss)                       (1150.96)           (1438.29)

Balance carried to Balance Sheet         (22570.51)          (21419.55)

The Year under review continued to remain glum due to continued economic recession and crisis in European & North American markets. As a result, Turnover increased marginally to Rs. 34.34 crores as against Rs. 34.12 crores in the previous year. However, the Company's efforts over the past years to enhance its presence in the domestic sector bore fruit and by penetrating the Institutional segment, there was a significant rise of over 60% in Domestic Sales. Due to overall decrease in Turnover and increase in input costs the Company suffered cash loss of Rs. 0.92 crores as against Rs. 2.47 crores in the previous year.

The Company is also making fresh and vigorous efforts to improve its performance in the world market, particularly Europe, Japan and the Middle East countries.

During the year under Review the Company continued to be under BIFR as a Sick Industrial Undertaking.

BUSINESS OUTLOOK :

The American and European economic crisis is continuing to affect the order situation adversely. The Company is tapping new markets in Japan and in Middle-East countries. The on-going competition with China is also making it difficult to generate fresh business in countries where China was making its presence felt in a big way. To be more competitive in the domestic market, the management is pursuing with the government authorities for de-bonding of its processing unit.

DEPOSITS :

Your Company has not accepted any deposit within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereunder.

DIRECTORS' RESPONSIBILITY STATEMENT :

In compliance of Section 217 (2AA) of the Companies Act, 1956, your Directors state as follows:

a) That in the preparation of accounts, applicable accounting standards have been followed.

b) That appropriate accounting policies have been selected and applied consistently with reasonable and prudent judgements and estimates so as to give true and fair view of the state of affairs of the Company.

c) That proper and sufficient care have been taken for the maintenance of adequate accounting records for safeguarding assets and for preventing fraud and other irregularities.

d) That the Annual Accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE:

As a Listed Company, necessary measures are taken to comply with the Clause 49 of the Listing Agreements with the Stock Exchanges. A report on Corporate Governance along with a certificate from the Auditors is annexed hereto and forms a part of this Report.

AUDITORS' REPORT :

The observations of the Auditors' Report have been dealt with in the Notes to the Financial Statement, and being self-explanatory, do not call for any further clarifications.

DIRECTORS :

Mr. N. B. Kharpkar (DIN : 06373389) retires by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.

Mr. N. K. Garg (DIN : 01648057) retires by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.

During the Year 2013-2014, Mr. P. P. Chowdhury (DIN : 01460839) has been ceased as Director of the Company w.e.f. 06.03.2014.

Mr. S. K. Rathi (DIN : 01386151), and Mr. Kamal Sharma (DIN : 02946513) have been appointed as an Additional Directors of the Company w.e.f. 31.12.2013. Appropriate Resolutions seeking your approval for their appointment are appearing in the Notice convening the Annual General Meeting.

AUDITORS :

M/s S. S. Kothari & Co., Chartered Accountants, retire at the ensuing Annual General Meeting and are eligible for re-appointment.

COST AUDITOR

Your Company had appointed M/s Manisha & Associates, Cost Accountants, as Cost Auditors, with the approval of the Central Government, for audit of cost records maintained by the Company for the financial year 2014-2015.

SECRETARIAL AUDITOR

In terms of Section 204 of the Companies Act 2013, the Board of Directors at their meeting held on 29th May, 2014, have appointed M/s K. K. Sanganeria & Associates, Practicing Company Secretaries, as Secretarial Auditor, for conducting Secretarial Audit of the Company for the Financial Year 2014-15.

PARTICLUARS OF EMPLOYEES :

The Company has no employee whose remuneration is more than the limit specified in Section 217 (2A) of the Companies Act, 1956

ADDITIONAL INFORMATION :

The statement showing required particulars pursuant to Section 217(1) (e) of the Companies Act, 1956 and the rules framed thereunder is annexed hereto and forms part of this report.

INDUSTRIAL RELATIONS :

Industrial Relations continued to remain cordial throughout the year. Your Directors wish to place on record their appreciation for dedicated and sincere services rendered by the executives, staff and workmen at all levels.

ACKNOWLEDGEMENT:

Your Directors acknowledge with gratitude the co-operation and assistance received from the Central and State Government, Financial Institutions, Banks, Shareholders and others during the year under review. On Behalf of the Board

Place: Kolkata               N. K. Garg                  S. K. Rathi
Date : 29th May, 2014      Executive Director              Director