The Directors have pleasure in presenting the THIRTEENTH Annual Report and Audited Accounts for the year
ended March 31, 1997.
 
 1. FINANCIAL RESULTS
 
                                             1996-97             1995-96
                                              Rupees              Rupees
 
 Gross Profit before interest            1,40,99,498         2,04,92,259
 and depreciation
 Less : Depreciation                       41,74,909           33,99,935
 Interest                                  97,78,628           55,98,441
 Profit for the year                        1,45,961         1,08,93,883
 Add : Balance in Profit & Loss A/c.     2,58,04,707         1,49,10,824
 Add : Prior year's Income                       NIL                 NIL
 Surplus available for appropriation     2,59,50,668         2,58,04,707
 General Reserve                                 NIL                 NIL
 Dividend recommended on equity shares           NIL                 NIL
 Balance carried to balance sheet        2,58,04,707         2,58,04,707
 
 2. DIRECTORS
 Shri Sumesh Agarwal retires at the forthcoming Annual General Meeting and being eligible offers himself for
reappointment.
 
 3. FIXED DEPOSITS
 The company has not accepted any deposits from the public.
 
 4. AUDITORS
 M/s. C.R. More & Associates, Chartered Accountants, Mumbai, Auditors of the Company hold office till the
conclusion of the ensuing Annual General Meeting and are eligible for reappointment.  The notes to the
accounts referred to in the Auditors' Report are self explanatory.
 
 5. PARTICULARS OF EMPLOYEES
 The information required under section 217(2A) of the Companies act, 1956 read with the (Particulars of
Employees) Rules 1975, as amended is
 not given as the same is not applicable to the company.
 
 6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 Information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars
 in the Report of Board of Directors) Rules, 1988 regarding conversation
 of energy, technology absorption and foreign exchange earnings and outgo is given in the Annexure forming
part of this report.
 
 7. INDUSTRIAL RELATIONS
 The company has maintained excellent industrial relations.  There has been no labour trouble and the company
continues to enjoy cordial relations with all its personnel.
 
 8. ACKNOWLEDGEMENT
 The Board wishes to acknowledge the sincere services rendered by all the staff members for enhancing
performance of the company, and to the valued clients, financial institutions and bankers for their
continued
 support.
 
 CONSERVATION OF ENERGY
 The company is engaged in the process of rolling of hot rolled steel and the standard procedure for the
process of rolling of hot rolled steel is adopted by the company.  No modifications can be made in the above
process as it may result in relaxation in quality of the finished product.  The company has tied up with
Maharashtra State.
 
 Electricity Board (MSEB) for its power requirements.
 
 TECHNOLOGY ABSORPTION
 The company does not have any technological tie-up with any company and hence the question of technology
absorption does not arise.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 There have been no foreign exchange earnings or outgo during the relevant financial year.