The Directors present the Twentieth Annual Report of the Company for
 the year ended 31st March, 2000.
 
 FINANCIAL RESULTS
 
 The Directors regret to report that there is no operations since the suspension of work
 at Company's factory and office reported in earlier Direcotrs Reports.  The Company
 does not have any employee working at present due to continued suspension of work
 excepting the essential security staff at the factory.
 
 Net loss for the year ended 31st March, 2000 amounted to Rs.6,45,75,103 due to interest
 and finance charges and other standing expenses.  The cumulative loss as at 31st
 March, 2000 amounted to Rs.53,16,01,798.
 
 Pursuant to the dismissal of company's appeal against BIFR ofrder by the Appellate
 Authority for Industrial & Financial Reconstruction (AAIFR) vide its order dated
 5.9.97, hearing of winding up proceeding of the company is in progress at Guwahati
 High Court.
 
 Meanwhile, State Bank of India has submitted its claim for recovery of their dues for
 Rs.4022 lacs at the Debt Recovery Tribunal, West Bengal.  The Claim amount is
 subject to reconciliation with the records of the company.
 
 DIRECTORS
 
 In accordance with the Articles of Association of the Company, Mr. Rajat
 Jalan retires by rotation and being eligible, offers himself for
 reappointment.
 
 AUDITORS
 
 Messrs D. Basu & Co., Statutory Auditors of the Company retire at the
 conclusion of this Annual General Meeting and being eligible, offer
 themselves for re-appointment.
 
 AUDITORS' REPORT
 
 The auditors have referred to Notes in Item 1(i) (b), 4 to 9, 10, 12,
 13, 16 to 18 of Schedule 16.  The explanations contained in the
 relevant Notes on Schedule 16 may be treated as
 information/explanations submitted by the Board of Directors, these
 being self explanatory.
 
 PERSONNEL
 
 The Directors thank the security staff and other employees for their
 services as and when called upon during the year under review.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Pursuant to the provisions of 217(1)(e) of the Companies Act, 1956 read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, particulars as applicable are given in Annexure
 `A' to the Directors' Report.
 
 PARTICULARS OF EMPLOYEES
 
 The Company does not have any employee in the Category specified in
 Section 217(2A) of the Companies Act, 1956 read with the prescribed
 Rules.
 
 LISTING OF SHARES
 
 Listing fees payable to stock exchanges are in arrears.
 
 ANNEXURE `A' TO THE DIRECTORS' REPORT
 
 Information pursuant to the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988 and forming part of
 Directors' Report.
 
 A. CONSERVATION OF ENERGY
 
 (a) Energy conservation measures taken
 
 (b) Additional investments and proposals, if any, being implemented for
 reduction of consumption of energy
 
 (c) Impact of the measures at (a) and (b) for reduction
 of energy consumption and consequent impact on the cost of production
 of goods
 
 (d) Total energy consumption and energy consumption per unit of
 production
 
 Company's factory and office are under suspension of work.
 
 B. TECHNOLOGY ABSORPTION
      
 I. Research and Development (R & D)
 
 a. Specific areas in which R & D carried out by the Company
 
 b. Benefits derived as a result of the above R & D
 
 c. Future plan of action
 
 d. Expenditure on R & D
 
     
 II. Technology Absorption, Adaptation and Innovation
 
 a. Efforts, in brief, made towards technology : absorption, adaptation
 and innovation
 
 The Company has fully absorbed and adapted the technology on existing
 product line.
 
 b. Benefits derived as a result of the above efforts : -
 
 c. Imported technology :
 
 The Company has not imported any technology in the last five years.
 
 C. FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Activities relating to exports, initiative taken to increase export,
 development of new export markets for products and services and export
 plans :
 
 The Company, being an Export Oriented Unit, is capable of increasing
 exports and augment Country's foreign exchange earnings if its
 operations are re-started with appropriate financial relief package
 from the Central and State Governments, Banks, Financial Institutions
 and other Pressing Creditors.