The Directors have pleasure in presenting the 19th Annual Report of the
 Company, together with the Audited Accounts, for the year ended 31st
 March, 2012.
 
 1.  Financial Results                             (Rs. in Lacs)
 
                                         2011-2012     2010-2011
 
 Sales & Other Income (net)              9516.85       19105.72
 
 Profit/(Loss) before Interest & 
 Depreciation                             947.03        1344.18
 
 Less : Interest & Other Financial 
 Charges                                  956.18         879.23
 
 Less : Depreciation                      314.72         341.84
 
 Profit/(Loss) before tax and exceptional 
 items                                   (323.87)        123.11
 
 Add /(Less): Exceptional items             -              -
 
 Profit/(Loss) before tax and after 
 exceptional items                       (323.87)        123.11
 
 Less: Provision for Taxation               -             25.16
 
 Less/(Add): Deferred Tax                (106.96)         51.05
 
 Net Profit /(Loss) after Tax            (216.91)         46.90
 
 Balance as per last year                 641.71         594.81
 
 Balance Carried Forward                  424.80         641.71
 
 2.  Operations
 
 During the year under review the total revenue has decreased by 50%,
 compared to previous year ended on 31.03.2011.
 
 Due to slowdown in the steel market, production was temporarily
 suspended during certain period in the financial year 2011- 2012.
 
 3.  Future Prospects
 
 The State of Bihar is experiencing a continuous and resounding growth
 phase. Huge emphasis is being laid upon growth of infrastructure in the
 state and therefore being the leading TMT manufacturer, both in terms
 of volume and quantity, we expect record-breaking demand for our
 product. It is pertinent to mention that our product CISCO Thermex
 Fe500 QST Bars is the most demanded TMT brand in the fastest growing
 state in country.
 
 Furthermore, the enhancement cum restructuring of loan of the Company
 has been principally agreed to by our Banker and is currently under
 process for final sanction. Added capital will lead to better
 realization on finished goods as well as purchase of quality raw
 material at reasonable rates, thus increasing the bottom-line of the
 Company. Techno- Economic Viability (TEV) study to this effect was
 conducted by D&B Consultant on instruction of the Banker, wherein it
 was concluded that manufacturing unit of the Company represented a
 substantial potential for growth and profitability. An enhancement in
 the Banking arrangement is therefore expected to be received shortly
 
 5.  Dividend
 
 As the Company incurred loss during the year hence no dividend payment
 was considered.
 
 6.  Finance
 
 During the year, the Company continued to avail credit facilities by
 way of overdrafts, cash credits, issuance of guarantees.  including
 deferred payment guarantees and indemnities, negotiation and
 discounting of demand and/or usance bills and cheques and such other
 facilities from State Bank of India, Commercial Branch, Patliputra,
 Patna and other private bodies for the existing and Bihta unit.
 
 7.  Directors
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company, Mr. Aditya Dalmiya and Mr.
 Ashok Agarwal are retiring by rotation and being eligible offers
 themselves for re-appointment.
 
 8.  Directors'' Responsibility Statement
 
 In compliance with section 217(2AA) of the Companies Act 1956, the
 Directors confirm that
 
 a) in preparation of the Annual Accounts, for the year ended 31 st
 March 2012, all the applicable accounting standards prescribed by the
 ICAI have been followed.
 
 b) the Directors have adopted such accounting policies and have applied
 them consistently and have made judgments and estimates in a reasonable
 and prudent manner so as to give a true and fair view of the state of
 affairs of the Company as at the end of the financial year and of the
 profit/loss of the Company for the year.
 
 c) the Directors have taken proper and sufficient care 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.
 
 d) the Directors have prepared the annual accounts on a going concern
 basis.
 
 9.  Auditors
 
 M/s. ARSK & Associates, Chartered Accountants, Auditors of the Company
 are retiring at the conclusion of the ensuing Annual General Meeting
 and being eligible offer themselves for re-appointment. The Company has
 received a certificate to the effect that their re-appointment if made
 will be within the prescribed limit u/s.224 (1-B) of the Companies Act,
 1956.
 
 10.  Depository System
 
 As the members are aware, your Company''s shares are tradable
 compulsorily in electronic form and your Company has connectivity with
 both the depositories, i.e. National Securities Depository Limited
 (NSDL) & Central Depository Services (India) Limited (CDSL). Members
 are requested to avail the facility of dematerialisation of the
 Company''s shares on either of the Depositories as aforesaid, if not
 already done.
 
 11.  Public Deposit
 
 The company has not invited /accepted any deposits from the public and
 as such there are no outstanding deposits, in terms of the Companies
 (Acceptance of Deposits) Rules, 1975.
 
 12.  Personnel
 
 There is no employee in respect of whom particulars pursuant to Section
 217(2A) of the Companies Act, 1956 are required to be given.
 
 13.  Conservation of Energy
 
 The information relating to conservation of energy as required U/s.
 217(1)(e) of the Companies Act, 1956 read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988 is given in the Annexure-A to this Report. The Company has no
 figure to disclose in respect of technology absorption and /or foreign
 exchange earnings and outgo.
 
 14.  Social Welfare Activities
 
 The Company organises mason''s meet from time to time at various
 centres.
 
 15.  Corporate Governance
 
 Separate Report on Corporate Governance is annexed and marked Annexure
 - B. The Auditors'' Certificate on compliance with the conditions of
 Corporate Governance is annexed and marked Annexure - C.
 
 16.  Acknowledgement
 
 Your Directors wish to place their sincere appreciation to the
 co-operation extended by the Bank, State Government.  Electricity
 Board, Customers, Suppliers and Shareholders and solicit their
 continued support. The Directors also wish to place on record the
 dedicated service rendered by the Management, Staffs and Workers.
 
                                   For and on behalf of the Board
 
 Place : Patna        Sanjiv Kumar Choudhary       Aditya Dalmiya
 
 Date  :3rd September, 
        2012          Chairman-cum-Managing 
                                   Director              Director