The Directors have pleasure in presenting the Nineteenth Annual Report
 together with the Audited Balance Sheet and Profit and Loss Statement
 for the year ended 31.03.2012.
 
 FINANCIAL RESULTS :
 
 The operating results for the year 2011-2012 are given below : -
 
                                                       (Rs in Lakhs)
 
 Profit before Interest and Depreciation
 and Other adjustments                                      337.27
 
 Less : Interest                              64.68
 
 Depreciation                                 42.98         107.66
 
 Net Profit before Tax                                      229.61
 
 Provision for Tax :
 
 Current Tax                                  46.04
 
 Deferred Tax (Assets) / Liability            (3.84)
 
                                                             42.20 
 
                                                            187.41
 
 Add:
 
 MAT Credit Entitlement                                      44.71
 
 Surplus carried over to Balance Sheet                      232.12
 
 PERFORMANCE:
 
 Steps taken to manufacture and market new product lines complimentary
 to existing product has improved the sales and margins substantially,
 Manufacturing capacity was better utilised for newer product lines with
 Diesel generated power.
 
 Power cut of nearly 70% of the normal requirement still exists in Tamil
 Nadu. Cost addition due to Diesel Generator power has been minimal in
 new product lines and the increased production and sale has reduced the
 overhead costs.
 
 Company has been evaluating different methods to produce castings with
 minimum power requirement and will be implementing these methods during
 the current year.
 
 During the year, the company made a net profit of '' 229 lacs and by
 virtue of this, the net worth of the company has become positive this
 year. With the business of the company continuing to improve, the
 company hopes to generate adequate surplus and wipe out the accumulated
 losses, in the next two years.
 
 DIRECTORS:
 
 Mr. Loganathan, Director, who retires by rotation, and being eligible,
 offers himself for reappointment.  Mr. Philip K Baby, Director resigned
 from Director - Marketing w.e.f 01.12.2011.
 
 COMPANY SECRETARY:
 
 Mr. S. Aravinthan, ACS, was the Company Secretary and Compliance
 officer of the Company.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 Your Directors further report that
 
 (i) in the preparation of annual accounts, the applicable accounting
 standards have been followed and there were no material departures;
 
 (ii) the accounting policies selected by them have been applied
 consistently. Prudent Judgments and estimates have been made to give a
 true and fair view of the state of affairs of the company as at 31st
 March 2012 and of the Profit of the company and the cash flow statement
 for the year ended 31.03.2012.
 
 (iii) they have taken proper and sufficient care 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 for
 preventing and detecting fraud and other irregularities;
 
 (iv) The annual accounts have been prepared on a going concern basis.
 
 DELISTING :
 
 The shares are listed in Bombay Stock Exchange and will be continued to
 be listed in Bombay Stock Exchange which has extensive networking and
 the investors have access to on-line dealings with the company''s
 securities across the country. The company''s shares have not been
 traded in Coimbatore and Madras Stock Exchange for the past few years.
 
 Members'' approval has already been obtained for De-listing the
 Company''s equity shares from Coimbatore and Madras stock Exchanges.
 Company will continue to meet the listing norms in these exchanges till
 such time the delisting approval is obtained.
 
 
 INVESTOR EDUCATION AND PROTECTION FUND
 
 No amount is required to be transferred to Investor Education and
 Protection Fund.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT TRENDS AND DEVELOPMENT :
 
 The economic slow down of Middle East where most of the products are
 sold has not reduced the demand for the products. Improvement in the
 building sector in areas other than Dubai in Middle East and the
 appreciation of dollar will continue to improve sales and margins
 during the year 2011-12.  Company has started active domestic marketing
 arrangements and has started supplies to several major projects like
 Bombay Airport, Indian Oil Corporation Paradeep port refinery through
 Essar, building sector in Pune etc.
 
 AUDITORS:
 
 M/s. Krishaan & Co., Chartered Accountants, Chennai, Statutory Auditors
 of the Company, will retire at the ensuing Annual General Meeting and
 are eligible for re-appointment.
 
 DEPOSITS :
 
 The Company has not accepted any deposits from the public.
 
 CONSERVATION OF ENERGY :
 
 a) No effective step was taken to reduce power consumption per ton due
 to 40% power cut, non- availability of power for 8 hours per day and
 limitation of power during 18 hours to 22 hours every day. Frequent
 stopping and restarting of melting equipments and other continuous
 process operations like wax preparation, shell coating under controlled
 air conditioned temperature resulted in higher usage of power than
 normal. Power situation may continue for next 12-18 months.
 
 b) Power and fuel consumption;
 
 i) The Company has consumed 10,81,662 Units of power during the year
 31.03.2012.
 
 ii) Consumption per Unit of Production :
 
 6825 Units consumed per MT of Rough Castings as against 5962 units in
 the last year required for Stainless Steel Pipe Fittings and Ball
 Valves.
 
 227 Units consumed per MT of Finished Goods as against 223 units in the
 last year required for Stainless Steel Pipe Fittings and SG Iron Pipe
 Fittings.
 
 TECHNOLOGY ABSORPTION :
 
 The Company has not entered into any Technical Collaboration agreement
 and hence furnishing of particulars regarding technology absorption
 does not arise.
 
 FOREIGN EXCHANGE INFLOW AND OUTGO:
 
 Foreign exchange inflow : '' 20,98,83,223/- Foreign exchange used : ''
 1,72,40,399/- 
 
 PARTICULARS OF EMPLOYEES :
 
 During the period under review, there was no employee drawing
 remuneration in excess of the limits prescribed under section 217 (2A)
 of the Companies Act, 1956.
 
 INDUSTRIAL RELATIONS :
 
 Relationship with the employees / labour was cordial during the year
 under review.
 
 ACKNOWLEDGEMENT :
 
 Your Directors take this opportunity to thank M/s. Bank of India for
 the support extended during the period.  Your Directors also wish to
 thank all the suppliers, employees, Government Departments/Agencies and
 others for their valuable contribution and assistance during the year.
 
                                        FOR AND ON BEHALF OF THE BOARD
 
 Place : Coimbatore   SD/- A.V. PALANISWAMY    SD/- M. LOGANATHAN
 
 Date : 26.05.2012    Managing Director        Director