The Directors hereby present the 28th Annual Report together with the
 audited accounts of the Company for the year ended March 31,2011.
 
 Summarised Financial Results :                         (Rs. in lakhs)
 
 Year ended March 31                               2010-11       2009-10
 
 Sale                                               611.71        538.33
 
 Other Income                                       000.76          3.32
 
 Total income                                       612.47        541.65
 
 Profit/(Loss)before Depreciation, 
 interest and taxes                                  54.58         49.66
 
 Interest                                           000.86         00.68
 
 Depreciation & Amortisation                         21.60         19.83
 
 Profit/(Loss) before tax                            32.71         29.15
 Prior year adjustment
 
 Provision for Gratuity                               1.90             -
 
 Provision for tax                                       -             -
 
 Provision no longer required                         4.89         14.60
 
 Profit/(Loss) after tax                             37.45         43.75
 
 
 Financial Performance
 
 Your Directors are happy to state that the working of your Company has
 been satisfactory during the year as compared to the previous year.
 Revenue during 2010-11 at Rs 612.47 Lakhs the previous year revenue of
 Rs.541.65 Lakhs. EBITDA during the year is Rs 54.57 Lakhs as compared
 to Rs.49.66 Lakhs during the previous year. The net profit after tax
 for the year is Rs 32.71 Lakhs as compared to net profit of Rs. 29.15
 Lakhs during the previous year.
 
 Your Company''s product, i.e. HDPE Corrugated pipes for use in
 bridges/flyover constructions, foundation drainage etc, are well
 accepted in the market and orders are being received from various MNC.
 Company''s double walled corrugated pipes have been well accepted. Your
 Directors are hopeful to receive good orders of the new products in
 years to come. The company during the year has taken work contracts of
 SSD Projects in Karnataka State.
 
 Dividend
 
 In view of the accumulated losses, your Directors have not recommended
 any dividend for the year under review.
 
 Legal Proceedings
 
 During the year, there has been no reprieve in legal and similar
 proceedings continuing before Courts, Debt Recovery Tribunal, Sales Tax
 department etc.
 
 Corporate Governance & Management Discussion and Analysis
 
 Report on Corporate Governance as stipulated in Clause 49 of the
 listing Agreement with the Auditor''s certificate and Management
 Discussion and Analysis are attached as a part of the annual report.
 
 Directors
 
 Mrs. Swati S. Sahu, Director of the company, retire by rotation at the
 ensuing Annual General Meeting and being eligible, offer herself for
 re-appointment. The board of Directors have recommended her
 reappointment for consideration of the shareholders.
 
 Directors responsibility statement
 
 In terms of section 217 (2AA) of me Companies Act, 1956 your Directors
 state that:
 
 a.  In the preparation of the annual accounts under review, the
 applicable accounting standards have been followed along with proper
 explanations relating to material departures, if any;
 
 b.  Appropriate accounting policies were selected and applied
 consistently and reasonable and prudent judgment and estimate were
 made so as to give a true and fair view of the state of affairs of the
 Company at the end of the financial year under review and the loss of
 the Company for the year ended on that date.
 
 c.  Proper and sufficient care was 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
 from preventing and detecting fraud and other irregularities;
 
 d.  The annual accounts have been prepared on a going concern basis.
 
 Auditors
 
 The existing statutory auditors, M/s SNMG & Co. Chartered Accountants,
 New Delhi, hold office till the conclusion of the ensuing Annual
 General Meeting and are eligible for reappointment. The requisite
 certificate under section 224 (IB) of the Companies Act 1956 has been
 received from them expressing their willingness for reappointment.
 
 Auditor''s Report
 
 The observations made in Auditor''s Report are self-explanatory and
 covered by the Notes on the Accounts and therefore, do not call for any
 further comments.
 
 Conservation of energy, technology, observation and foreign exchange
 earnings and outgo
 
 Particular required under section 217(1) (e) of the Companies Act, 1956
 read with the Companies (Disclosure of Particulars in the Report of the
 Board of Directors) Rules, 1988, are set out in the Annexure 1 to this
 Report.
 
 Particular of employees
 
 None of the employees are covered under Section 217 (2A) of me
 Companies Act 1956, read with Companies (Particular of Employees)
 Rules, 1975
 
 Acknowledgments
 
 Your Director place on record their appreciation for the continued
 assistance co-operation to your Company by various Government
 Departments, the large family of the Company''s shareholders, employees,
 vendors, customers, suppliers and other stake holders.
 
                             For and on behalf of the Board of Directors
 
 Place   : New-Delhi           AnilP.Sahu                 SanilP.Sahu
 
 Dated  : 6th August, 2011   Managing Director       Whole Time Director