Your Directors have pleasure in presenting their Eighth Annual Report
 together with the Audited Statements of Accounts, for the year ended
 30th June, 2002.
 
 FINANCIAL RESULTS :
 
                                                        (Rs. In Lace)
 PARTICULARS                                      Year           Year
                                                 Ended          Ended
                                             30.6.2002      30.6.2001
 
 Gross Total Income                            5652.93        2655.95
 
 Profit Before Interest,
 Depreciation & Tax                             290.04         169.07
 
 Less : Interns & Finance Charges              1507.39        1685.57
 
 Profit after Interest but
 
 before Depreciation & Tax                   (1217.35)      (1516.50)
 
 Less : Depreciation                            281.57         281.35
 
 Profit / (Loss) before Tax                  (1498.92)      (1797.85)
 
 Profit/(Loss) after Tax                     (1498.92)      (1797.85)
 
 Surplus/(deficit) carried
 forward from the Previous year.             (3406.21)      (1601.51)
 
 Leas : Prior Period expenditure                (3.20)         (6.85)
 
 Balance Carried to Balance Sheet            (4901.93)      (3406.21)
 
 OPERATIONS AND FUTURE OUTLOOK
 
 During the year under review, your Company was able to achieve a
 turnover of Rs. 5523.42 Lacs as compared to Rs.2477.74 Lacs achieved
 during the previous year. The Income during the year has Increase to
 Rs. 5652.93 Lacs as compared to Rs.2655.95 Lacs during the previous
 year. There has been a steep decline in the prices of Jelly Filled
 Cables not limited to your Company alone but also covered the Industry
 itself. With a view to offset the effect of the falling prices, your
 Company has embarked upon a Major Cost cutting Exercise in the entire
 operations of the Company.
 
 As a result of Increase in turnover and subsequent capacity utilization
 the loss for the year has reduced substandtialy as compared to previous
 year.
 
 Further, your Company is also exploring the possibility of diversifying
 in other areas. With the opening up of the Telecom Sector, the number
 of players has increased to a great extent. This throws open various
 opportunities as well as challenges to the Company.
 
 DIRECTORS :
 
 Shri Narendra R. Patel, Director of the Company retires by rotation at
 the ensuing Annual General Meeting and being eligible, offer himself
 for reappointment.
 
 AUDITORS :
 
 M/s Manubhai & Co. Chartered Accountants, hold Office till the
 conclusion of the ensuing Annual General Meeting and are eligible for
 reappointment.  The Auditors Report, the observation of the Auditors
 read in conjunction with the Notes on accounts are self explanatory.
 
 DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
 OF THE COMPANIES ACT, 1956.
 
 The Directors confirm that -
 
 (i) In the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departure;
 
 (II) Appropriate accounting policies have been selected and applied
 consistently and made judgements 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 period;
 
 (iii) The Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) The directors had prepared the annual accounts on a going concern
 basis.
 
 CORPORATE GOVERNANCE :
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, Management Discussion and Analysis, Corporate Governance
 Report and Auditors Certificate regarding compliance of Corporate
 Governance are made a part of the Annual Report
 
 PARTICULARS OF EMPLOYEES
 
 There are no Employees who are covered as per the Provisions of Section
 217 (2A) of the Companies (Particulars of Employees) Rules, 1975.
 
 COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF
 DIRECTORS) RULES, 1988.
 
 In terms of the above rules, the Board Is pleased to give the
 particulars as prescribed therein in the annexure which forms part of
 this report.
 
 ACKNOWLEDGEMENT
 
 Your Directors are grateful for the assistance and co-operation
 received from the Financial Institutions, Banks, and Employees of the
 Company.
 
 ANNEXURE TO THE DIRECTORS REPORT
 
 COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF
 DIRECTORS) RULES, 1988.
 
 (A) CONSERVATION OF ENERGY
 
 As in the past, the company continued its efforts to improve methods of
 energy conservation and utilization.
 
 (B) TECHNOLOGY ABSORPTION RESEARCH AND DEVELOPMENT (R & D)
 
 RESEARCH AND DEVELOPMENT (R & D)
 
 1. Specific Areas in which R&D          : Process Improvement,
                                           Product Improvement
 carried out by the Company.               & Cost effectiveness.
 
 2. Benefits derived as a result of      :
 
 Reduction in cost of Production & above R&D Improvement in quality &
 Productivity.
 
 3. Future Plan of Action  :
 
 Efforts will continue to be made in the areas of cost reduction and
 product and process improvement.
 
 4. Expenditure on R & D   :
 
 R & D Expenditure has not been accounted separately.
 
 TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
 
 1) Efforts In Brief toward technology absorption adaptation and
 innovation :
 
 The Company has successfully absorbed the technology to manufacture all
 types and and sizes of PIJF Telephone Cables and Optical fiber Cables
 and efforts are continuously on to upgrade the same with innovation in
 design, process controls and logistics.
 
 2) Benefits derived as a result     : Cost has been reduced where
 of the above efforts.                  ever possible,
 
 (C) FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Total Foreign Exchange earned  : Nil
 
 Total Foreign Exchange Outgo   : Rs. 178.86 Lacs
 
                                         For and on behalf of the Board
 
 Place : AHMEDABAD                                         R. H. PATEL
 Date : 28.09.2002                                            CHAIRMAN