The Directors have great pleasure in presenting the 19th Annual Report together with the Audited Accounts for the year ended on March 31, 2011.

FINANCIAL RESULT Year Ended 31.03.2011 Year Ended 31.03.2010

                                   Amt in Rs.               Amt in Rs.

Sales                          2,877,158,145            1,236,847,240

Other Income                      33,470,758                79,89,520

Less : Expenditure             2,879,936,330            1,235,129,755

Depreciation                         653,779                  179,650

Profit / (Loss) before tax 
and appropriations               30,038,794                 9,527,355

Less: Provision for Tax           6,600,000                 1,800,000

Less: Deferred Tax liability        722,883                     -

Profit / (Loss) after tax        22,715,911                 7,727,355

Add: Balance brought forward 
from previous year             (126,880,985)             (134,608,340)

DIVIDEND

Though the Company earned net profit of Rs. 22,715,911 during the year, but due to huge carry forward losses and deficit your directors did not recommend dividend for the year ended March 31, 2011 for both equity and preference shares.

OPERATIONS

The Company is presently trading in broad range of steel products, including C.R. Coils & Sheets, C.T.D. Bars, H.R. Sheets & Plates and Hot Rolled Steel Plates, Ingot irons M.S. Plates, Angles, Channels, Chequered Plates, Wires, T.M.T Bars, Rebars and To r Steel, Stainless Steel and other Alloy Steels and importing & trading in Aluminum Scrap. The Company would be starting manufacturing activity shortly.

The turnover of the Company rose from Rs. 1,236,847,240/- in the previous year to Rs. 2,877,158,145/- in the year under review. The Profit after tax marginally increased from Rs. 7,727,355/- in the previous year to Rs. 22,715,911/- for the year ended March 31, 2011.

CAPITAL

The Company's present equity paid up capital stands at Rs.49,924,900/- comprising 50,00,000 equity shares of Rs. 10/- which is listed on Bombay Stock Exchange. The Company's paid up Preference Shares Capital stands at Rs. 131,600,000 comprising of 13,16,000 9% Cumulative Redeemable Preference Shares of Rs.100 each.

BOARD OF DIRECTORS

M r. Ankit Pathak was appointed as Additional Directors by the board and his appointment as director liable to retire by rotation is being sought in the ensuing Annual General Meeting, on being demanded by members for which necessary notice have been received by the Company.

Mr. Abhishek Mehta and Mr. Krishnat Desai, Directors of the Company retires by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

CORPORATE GOVERNANCE

The Company has taken proactive steps to ensure that the conditions of Corporate Governance stipulated in Clause 49 of the Listing Agreement with the Stock Exchange are complied with. A separate report on Corporate Governance together with Auditors' Certificate on its compliance is included in the Annual Report.

CHANGE OF NAME

The Company has changed its name from Elpro Packaging Limited to Acclaim Industries Limited during the year in order to reflect its true business activities.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

1] In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures.

2] Appropriate accounting policies have been selected and applied consistently and judgments and estimates wherever made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the March 31, 2011.

3] 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.

4] The Annual Accounts have been prepared on a going concern basis.

AUDITORS

Messrs. AMD & Co., Chartered Accountant, the retiring Auditors have expressed their willingness to be re-appointed. It has been proposed to reappoint Messrs. AMD & Co., Chartered Accountants as Auditors of the Company. The Company has received a Certificate from them that they are qualified under Section 224 (1) of the Companies Act, 1956 for appointment as Auditors of the Company. Members are requested to consider their appointment at a remuneration to be decided by the Board of Directors for the financial year ending March 31, 2011 as set out in the Notice convening the Meeting.

AUDITORS' OBSERVATIONS

The observations of the Auditors contained in their Report are self explanatory and does not require any clarification.

AUDIT COMMITTEE

In accordance with the provisions of the Section 292A of the Companies Act, 1956 and the Corporate Governance requirements as per the Listing Agreement, the Company has re-constituted the Audit Committee comprising of the following Directors viz., Mr. Krishnat Desai, as Chairman, M r. Karsan Chitroda and Mr. Pandurang Nawghane as members. The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has taken effective steps to conserve and minimize power and fuel consumption. The Company has not exported any goods during the year but the company has imported goods during the year. Foreign Exchange Earning was Nil and Outgoing was Rs. 84,39,212/-.

PARTICULARS OF EMPLOYEES

None of the employees of the Company come within the purview of the information required u/s 217[2A] of the Companies Act, 1956 read with the Companies [particulars of Employees] Rules, 1975 as amended from time to time.

RESEARCH & DEVELOPMENT

The Company has been arduously working to improve the R & D so as to provide quality and value for money to the customers in keeping with market trends.

FIXED DEPOSITS

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

SAFETY, ENVIRONMENTAL CONTROL AND PROTECTION

The Company has taken all the necessary steps for safety and environmental control and protection.

ACKNOWLEDGMENT

The Directors wish to convey their appreciation to the Company's Shareholders, Customers, Suppliers, Bankers, and Distributors for their support they have given to the Company over the past years and the confidence, which they have reposed in its management and the employees for the commitment and dedication shown by them.

                                  For and behalf of the Board  
                                  of Directors

3rd Floor, Pavananagar, 
Chinchwadgaon                     Sd/-
Dist. Pune - 411033               Abhishek Mehta
30th July, 2011                   Managing Director