Your Directors have pleasure in presenting the Nineteenth Annual Report
 together with the audited Balance Sheet and Profit & Loss Account of
 the Company for the period ended 31st March, 2003.
 
                                                          (Rs. in Lakhs)
                                                      2002-03    2001-02
 
 Sales & Other Income                                   22.13      51.69
 
 Less : Expenditure                                     70.67      70.47
 
 Profit/(Loss) tor the year before depreciation       (48.54)    (18.78)
 
 Less: Depreciation                                     20.04      20.06
 
 Total Profit/(Loss) for the year                     (68.58)    (38.84)
 
 Provision for Income Tax                                 NIL        NIL
 
 Net Profit/(Loss) after provision for Income Tax     (68.58)    (38.84)
 
 In view of the carried over losses, your Directors regret their
 inability to recommend any dividend.
 
 Operations :
 
 For the year under review, there was a loss of Rs. 68.58 lacs, against
 last years loss of Rs.38.84 lacs, on account of recessionary trends in
 the business, particularly power and steel sectors, with which the
 Company is associated. The working capital shortage added to the
 problem.
 
 Most of the year was spent in restructuring the finance and getting
 back to improved liquidity to take advantage of expected future market.
 
 Yours Directors thank the Financial Institutions and Banks for their
 patience and constant co-operation offered to the Company in its period
 of adversity.
 
 Market
 
 Due to shortage of working capital, the Company went in tor job orders
 on conversion basis. As a result of the effort put in, the Company
 signed a Conversion Agreement with TISCO to manufacture crash barriers
 tor National Highways. As in the past, the Companys customers continue
 to support the Company in its pick - up phase.
 
 Directors
 
 Shri A. K. Nanda retires from the Board by rotation and being eligible
 offers himself for re-election.
 
 Auditors
 
 M/s. B. Pal & Co., Chartered Accountants, retire as Auditors of the
 Company at the conclusion of the Annual General Meeting and being
 eligible offer themselves for re-appointment.
 
 Particulars of Employees
 
 Section 217 (2A) of the Companies Act, 1956 and the rules made
 thereunder are not applicable to the employees of the Company.
 
 Particulars regarding conservation of energy, technology absorption and
 foreign exchange earnings and outgo.
 
 A. Conservation of Energy
 
 i. Energy consumption is not significant in this industry.
 
 ii. As the industry is not covered under the list of industries, Form
 `A is not necessary.
 
 B. Technology Absorption
 
 R & D activities are not significant.
 
 C. Foreign Exchange Earnings
 
 Foreign Exchange used : Nil
 
 Foreign Exchange earned : Nil
 
 However, efforts are being made for exports.
 
 Industrial Relations
 
 All the staff and workmen contributed to a congenial working
 atmosphere. The Company is pleased to acknowledge, with gratitude,
 their dedication and services to the organisation.
 
                                                        P.P. Verma (CMD)
                                                   A. K. Nanda Directors
 Registered Office :                                         S. P. Verma
 Mahilong, Ranchi - 835 103
 Dated : 4.07.2003