Your Directors have pleasure in presenting the Vth Annual Report
 together with the Audited Statement of Accounts for the year ended
 31st March 1996.
 
 1. PERFORMANCE
 
 During the year under review the total sales registered to Rs.134.10
 Lakhs compared to Rs.98.74 Lakhs in the previous Year. However the
 other income earned by the Company has been to a very low extent i.e.
 Rs.1.11 lakhs compared to Rs.116.67 lakhs in the previous year i.e.
 94-95.
 
 The Net Profit after taxation has been reported to Rs.0.99 Lakhs
 compared to Rs.55.56 lakhs in 94-95. 
 
 Your Company has taken measures to improve the profitability and
 workings of the Company and your directors hope that with their level
 best efforts they would achieve improved workings of the Company
 within the very short future.
 
 2. DIVIDEND
 
 In view of the above workings of the Company your Company has skipped
 dividend for the financial year 1995-96.
 
 3. DEPOSITS
 
 Your company has not accepted any Deposits within the meaning of
 section 58 A of the Companies Act 1956 and the Rules made thereunder.
 
 4. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The prescribed particulars as required under Section 217 (1) (e) of
 the Companies Act, 1956 read with Companies Disclosure of particulars
 in report of Board of Directors) Rules, 1988 are set out in the
 Annexure.
 
 5. INDUSTRIAL RELATIONS
 
 The relations between the employees and the management have remained
 cordial throughout the year.
 
 ANNEXURE TO THE DIRECTOR'S REPORT
 
 Annexure 1 to the Director's Report under 217(1) (e) of the Companies
 Act, 1956.
 
 A. CONSERVATION OF ENERGY
 
 (a) Energy conservation measures taken.
 
 The company has been taking continues steps to conserve the energy
 and minimise the energy cost at all levels.
 
 (b) Additional Investments and proposals if any being implemented for
 reduction of consumption of energy.
 
 The Company takes wherever necessary steps for investment in energy
 saving devices.
 
 (c) Impact of measures (a) & (b) for reduction of energy consumption
 and consequent impact on cost of production of goods.
 
 With the above measures taken the company derives quality of power
 which results in better and optimum performance.
 
 (d) Total energy consumption per unit of production.
 
 In the prescribed form A as given here below
 
 B. TECHNOLOGY ABSORPTION
 
 The Company keeps itself abreast of technical development and
 Innovation carrying efforts are made to eliminate wastage in
 operation.
 
 B. FOREIGN EXCHANGE & EARNINGS & OUTGO
 
 The foreign Exchange utilized was Rs. NIL and earned was Rs. NIL