The Directors have pleasure in presenting herewith their Report on
 operations of the Company for the year ended 31.03.1999 along with
 Audited Statement of Accounts for the said year and report of the
 Auditors' thereon.
 
 FINANCIAL RESULTS
 
                                  Year Ended          Year Ended
                                  31.03.1999          31.03.1998
 
 Sales                        63,10,03,819.25    43,75,20,364.38
 
 Other Income                     5,41,003.30        7,75,184.00
 
 Profit before depreciation
 and Taxation                    57,37,826.63       54,83,922.27
 
 Depreciation Charged            16,02,246.26       14,54,175.98
 
 Profit before taxation          41,35,580.37       34,29,746.29
 
 Profit after taxation           33,51,457.37       34,29,746.29
 
 Add : Prior period of
 adjustments                           000.00          92,148.00
 
 Total                           33,51,457.37       35,20,894.29
 
 Add : Opening balance of      1,43,73,227.04     1,08,52,332.75
 
 Profit Available for
 appropriation.                1,77,24,684.41     1,43,73,227.04
 
 Less : Transfer to General
 Reserve
 
 Profit Carried to
 Balance Sheet.               1,77,24,684.41      1,43,73,227.04
 
 REVIEW OF OPERATIONS :
 
 During the year under review, the company has shown better performance
 with the turnover of Rs. 6310 lacs, profit before depreciation of Rs.
 57.37 lacs and the profit after tax of Rs. 33.51 lacs.
 
 DIRECTORS
 
 Ajay N. Sheth retires by rotation at the ensuing General Meeting and
 being eligible offers himself or reappointment.
 
 AUDITORS
 
 The Auditors, Ashok Jethanand Gidwani, Chartered Accountants retire at
 the ensuing Annual General Meeting and are eligible for re-appointment.
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee during the year under review whose particulars
 are required to be submitted under Section 217 (2A) of the Companies
 Act, 1956, read with Companies (Particulars of Employees) Rules, 1956.
 
 Y2K COMPLIANCE : Company has Complied Y2K.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to place on record their deep sense of appreciation
 for the whole hearted co-operation extended by the Employees, Members,
 Financial Institutions and Bankers of the Company.