The Directors hereby present the 29th Annual Report together with the
 audited accounts of the Company for the year ended March 31, 2012.
 
 Financial Highlights                             (Rs. in lakhs)
 
 Year ended March 31                          2012         2011
 
 Sale                                       590.00       611.71
 
 Other Income                                 3.13       000.76
 
 Total Income                               594.00       612.47
 
 Profit/Loss) before Depreciation, 
 interest and taxes                          44.50        54.58
 
 Interest                                     3.26        00.86
 
 Depreciation & Amortization                 18.51        21.00
 
 Profit/(Loss) before tax                    22.73        32.72
 
 Prior year adjustment                           -       (00.13)
 
 Provision for Gratuity                          -            -
 
 Provision for tax                               -            -
 
 Provision no longer required                    -         4.86
 
 Profit/(Loss) after tax                     22.73        37.45
 
 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 2011-12 at Rs. 590.00 Lakhs the previous year revenue of
 Rs. 611.71 Lakhs. EBITDA during the year is Rs. 44.50 Lakhs as compared
 to Rs. 54.58 Lakhs during the previous year. The net profit after tax
 for the year is Rs. 22.73 Lakhs as compared to net profit of Rs. 32.72
 Lakhs during the previous year.
 
 The Company''s financial statements have been prepared in accordance
 with Indian Generally Accepted Accounting Principles (GAAP) and
 Companies Act, 1956.
 
 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 completed major part of
 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, BIFR/A AIFR (under SICA) etc.
 
 Directors
 
 Mr. Ashok Gupta, Director of the company, retire by rotation at the
 ensuing Annual General Meeting and being eligible, offer himself for
 re-appointment. The Board of Directors has recommended his
 reappointment for consideration of the shareholders.
 
 Mr. Anil P Sahu has ceased to be Managing Director and continues as a
 Director of the Company w.e.f. 26th August, 2011. Mr. Sanil P Sahu,
 Whole-time Director has been appointed by the Board, subject to
 approval of the ensuing Annual General Meeting, as Managing Director
 w.e.f. 1st June, 2012.
 
 Directors'' responsibility statement
 
 In terms of section 217 (2AA) of the 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 profit 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.
 
 Auditor
 
 The existing statutory auditor, M/s. SNMG & Co. Chartered Accountant,
 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.
 
 Corporate Governance & Management Discussion & Analysis
 
 A Report on Corporate Governance as stipulated in Clause 49 of the
 Listing Agreement along with the Auditor''s certificate is enclosed in
 terms of Clause 49 of the said Agreement and forms, part of the annual
 report.
 
 Management Discussion & Analysis: Company Overview
 
 The company is engaged in the manufacture of Rigid PVC Pipes and
 PVC/HDPE Corrugated pipes with manufacturing facilities at Malanpur
 (Madhya Pradesh) and Kota (Rajasthan). These pipes are fast
 substituting the conventional pipes and have better outlook.
 
 The company had, since beginning, adopted the policy of institutional
 sales, as the Govt, departments were the buyers for large diameter
 pipes for irrigation and water supply schemes. As such, a majority of
 the sale was made to Govt, and semi-Govt. departments after
 participating in the tenders floated by them. The recession during the
 late nineties led to the poor development work by the Govt, resulting
 in low procurement of material by them, which in turn adversely
 affected the revenues and profitability of the Company. The company has
 now create private market sales network, but could not develop it''s
 brand and market the products in open market, in view of paucity of
 working capital.
 
 Revival Plan
 
 The company has already taken steps to improve the capacity
 utilisation, achieve higher sales by targeting new clients with a focus
 on margins, nurturing existing relationships, geographic expansion and
 other initiatives. The company has appointed an external consulting
 group to formulate a comprehensive revival plan for the company, which
 principally focuses on:
 
 - Business Restructuring
 
 - Management Restructuring
 
 - Financial Restructuring
 
 The benefits of the revival plan will be clearly visible on its
 implementation in subsequent years.
 
 Internal Controls and Adequacy
 
 The company has in place adequate systems of internal controls,
 designed to provide reasonable assurance with regard to recording and
 providing reliable financial and operational information, complying
 with applicable statues, safeguarding assets and interest of the
 Company and ensuring that transactions are properly authorized,
 recorded and reported correctly. The internal control systems are
 supplemented by review by the Audit Committee.
 
 Conservation of energy, technology, observation and foreign exchange
 earnings and outgo
 
 Particulars 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.
 
 Particulars of employees
 
 None of the employees is covered under Section 217 (2A) of the
 Companies Act, 1956, read with Companies (Particulars of Employees)
 Rules, 197S
 
 Acknowledgments
 
 Your Directors place on record their appreciation for the continued
 assistance and co-operation to your Company by various Government
 Departments, Company''s shareholders, employees, vendors, customers,
 suppliers and other stake holders.
 
                          For and on behalf of the Board of Directors
 
                                        Anil P. Sahu    Sanil P. Sahu
                                    Director Managing        Director
 
 Place: New Delhi
 Dated: 16th Aug, 2012