TO THE MEMBERS
 
 The Directors have pleasure in presenting the 44th Annual Report of
 the Company together with the Audited Profit & Loss Account for the
 year ended on 31.03.2012 and the Balance Sheet as on that date. (as per
 Revised Schedule VI)
 
 FINANCIAL RESULTS
 
                                                        (Rs. in lacs)
                                       Year ending       Year ending
                                        31.03.2012        31.03.2011
 
 Turnover                                    14577             13778 
 
 Gross Profit before Finance Cost 
 and Depreciation                             1073               993
 
 Finance Cost                                  389               372
 
 Profit after Finance Cost                     684               621
 
 Depreciator                                   321               316
 
 Net Profit before Tax                         363               305
 
 Tax                                            73                 0
 
 Net Profit for the year                       290               305
 
 OPERATIONAL REVIEW
 
 During the year the Company has been improved in terms of sales. gross
 profit and net worth. Turnover for the year was Rs. 14577 lacs against
 Rs. 13778 lacs in the previous year hence an increase in turnover by
 5.80% and Profit after tax for the year is Rs. 290 lacs as against Rs.
 305 lacs for the previous year due to higher finance cost and provision
 for taxation Curing the year. However, the Profit before tax and Gross
 Profit of the company shows an impressive growth and has increased by
 Rs. 58 lacs and Rs. 80 lacs as against the previous year
 
 FINANCIAL CONDITION AND RESULTS OF OPERATION
 
 Management discussion and analysis of Financial Condition and Results
 of operation of the company for the year under review, as stipulated in
 clause 49 of the listing agreement with the Stock Exchange, is given as
 a separate statement in the Annual Report
 
 DIVIDENDS
 
 To consolidate the long-term resources for enhanced working capital for
 new TMT Bar Project and to maintain the growth in productivity,
 profitability and turnover, the Directors of your Company are
 constrained not to recommend any dividend for the year under review.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGC
 
 Information pursuant to Section 217(1)(e)of the Companies Act, 1956.
 with Companies (Disclosure of particulars in respect of Board of
 Directors) Rules, 1988 is given in Annexure-A to this repert and forms
 part of this report.
 
 PARTICULARS OF EMPLOYEES
 
 As none of the employee of the Company falls within the purview of
 information required under section 217 (2A) of the Companies Act. 1956
 read with the companies (Particulars of Employees) Rules 1975 as
 amended, the same is not furnished.
 
 FINANCE
 
 To meet the funding requirement of the TMT Bar Project in the Village
 of Anantpura. Chimanpura, Chomu, your Company has got sanction of Rs.
 34.30 Crores (Term Loan Rs. 15 50 Crors and Working Capital Loan Rs.
 18.80 Crores) from Indian Overseas Bank and Term Loan of Rs. 17.15
 Crores from Rajasthan State Industrial Development & Investment
 Corporation Ltd. (RIICO) for financing the project.
 
 FIXED DEPOSITS
 
 The Company has not accepted any Fixed Deposits from the public.
 
 CONVERSION OF CONVERTIBLE WARRANTS ISSUED ON PKEFERENTAIL BASIS
 
 The Board of Directors of the company has allotted 42,56,202 equity
 shares and 68.21.700 equity shares upon conversion of fully paid up
 convertible warrants issued upon preferential basis to the individuals
 and body corporate (other than promoters) in the meeting of Board of
 directors of the company held on 05.09.2011 and 26.09.2011 in this
 connection the company has filed Form 2 for Return of Allotment to the
 ROC and the Listing Application is pending to the Exchange.
 
 LISTING COMPLIANCES
 
 Your Directors are pleased to inform you that during the year under
 review all compliances related to listing with the recognized stock
 exchange within India have been duly compiled.
 
 DIRECTORS
 
 Shri P.L. Bawa and Shri Shiv S. Sharma retire by rotation from the
 Board pursuant to Section 255 of the Companies Act. 1956 read with
 Article 03 of Articles of Association of the Company and being
 eligible offers himself for re-appointment. The company has received
 notice from the Members for his re-appointment as director of the
 Company.
 
 AUDITORS
 
 M/s. S-3. Surana & Company. Chartered Accountants, Jaipur, Auditors of
 the Company is getting retired at the conclusion of the ensuing Annual
 General Meeting. M/s. S.S. Surara & Co. being eligible have offered
 themselves for re-appointment.
 
 M/s M. Goya & Company. Cost Accountants, Jaipur have furnished a
 certificate of their eligibility for re- appointment Under Section 224
 (1-B) of the Companies Act, 1956, Certificate for Independence and arm
 length relationship with the Company and are not disqualified for such
 appointment. The said cost accountants have been re-appointed by the
 Board of Directors of the Company on the recommendations of the Audit
 Committee, as the Cost Auditors of the Company for the financial year
 2012-13. subject to the approval of the Central Government.
 
 AUDITORS REPORT
 
 The observations made in the Auditors Report are self explanatory from
 the notes on accounts and therefore do not call for any special
 comments.
 
 THE CORPORATE GOVERNANCE REPORT
 
 A separate section on Corporate Governance and a certificate from the
 Auditors of the Company has been obtained regarding compliance of
 conditions of Corporate Governance as stipulated under clause 49 of the
 Listing Agreement with the Stock Exchange, form part of the Annual
 Report.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 In accordance) with the provisions of section 217(2AA) of the Companies
 Act. 1956. your Directors State:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards and Revised Schedule VI has been followed: 
 
 (ii) that your Directors have selected such accounting policies and
 applied them consistently and made judgment and estimates 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
 profit or Loss of the Company for that year; 
 
 (iii) that your Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of your Company and
 for preventing and defecting fraud and other irregularities;
 
 (iv) that your Directors have prepared the annual accounts an a ongoing
 concern basis.
 
 ACKNOWLEDGEMENT
 
 Your Directors place on record their appreciation and express their
 sincere thanks to the concerned Government Authorities. Financial
 Institutions, Banks and Shareholders for their help, co-operation and
 support to the company.
 
 Your directors sincerely appreciate the commitment and dedication of
 employees at all levels and look forward for their continued support in
 the future as well.
                           
                          For and on behalf of the Board of Directors 
 
                                                                 Sd/-
                                                     (Sudhir Khaitan)
                                          Chaiman & Managing Director