The Directors present herewtih their Thirteenth Annual Report of the
 Company together with the Audited accounts for the year ended 31st
 March 2002.
  
 DIVIDEND: 
  
 In view of the brought forward loss, your Directors do not wish to
 recommend any dividend for the year 2001-2002.
  
 OPERATIONS: 
  
 During the year under report, operations of the company suffered badly
 due to poor demand from U.S.A. & West European countries. However your
 Company is improving its production and marketing network to achieve
 improved sales. Due to poor sales & heavy fixed cost, profit margin of
 your company has suffered and continued to remain under pressure.
 Further due to sharp increase in input cost and overheads, tough market
 competitive pricing and high break even point the Company has incurred
 losses. However the company is trying, to increase its sales network
 and is confident of getting better price realization and higher sales
 during die current year. Your Company is also exploring the possibility
 of the Launching its products in domestic markets.
  
 FUTURE PROSPECTS: 
  
 During the current year your Company is expanding its production,
 quality wise & is also exporting newer products to foreign markets in
 addition to consolidating and existing ones. Your company also intends
 to launch its Products in the domestic markets.
  
 LISTING OF THE SHARES: 
  
 The Share of your Company are listed at Bombay stock Exchange (Regional
 Stock Exchange), Ahmedabad Stock Exchange, Jaipur Stock Exchange &
 Delhi Stock Exchange. While the company has paid the listing fees up to
 year 1999-2000 to Bombay Stock Exchange. The company has applied for
 voluntary delisting of shares from Ahmedabad, Jaipur, & Delhi Stock
 Exchange in view to conserve Financial resources.
  
 DIRECTORS: 
  
 Shri Kamal Bhangar, a Director of the Company has resigned from
 Directorship of the Company.
  
 Shri Amit Bhangar, has been appointed as an additional director of the
 Company, being eligible and is seeking the re-appointment as Director
 of the Company.
  
 Shri Mohanlal Bhangar, a Director of the Company, is retiring by
 rotation at the ensuing Annual General Meeting and is seeking
 re-appointment
  
 DIRECTOR'S RESPONSIBILITY STATEMENT: 
  
 Pursuant to the requirement under section 217 (2aa) of the Companies
 Act, 1956 with respect to Director's Responsibility Statement, it is
 hereby confirmed:
  
 (i) that in the preparation of the annual accounts for the financial
 year ended 31st March 2002, the applicable accounting standards had
 been followed along with proper explanation relating to material
 departures;
  
 (ii) that the directors had selected accounting policies and applied
 them consistently and made judgements and estimates that were
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit or loss for the year under review:
  
 (iii) that the directors had 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) that the directors had prepared the accounts for the financial
 year ended 31st March, 2002 on a going concern basis.
 
 FIXED DEPOSITS: 
  
 The Company did not accept any deposits during the year.
  
 AUDITORS: 
  
 M/s. P. Bohra & Company, Chartered Accountants, hold office until the
 conclusion of the ensuing Annual General Meeting and being eligible
 offer themselves for re-appointment.
  
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, EOREIGN EXCHANGES
 EARNINGS AND OUTGO:
  
 a) In view of the nature of the company's operations, your Directors
 have nothing to report on conservation of energy, technology absorption
 etc.
  
 b) Foreign Exchange Earning   4,92,359 
    (FOB Value of Export)
 
    Foreign & change Outgo     2,29,593 
    (Travelling Expenses) 
  
 PARTICULARS OF EMPLOYEES: 
  
 The Company does not have any employees pursuant to Section 217 (2A) of
 the Companies Act 1956 read with the Companies (Particulars of
 Employees) Rules 1975 as amended.
  
 ACKNOWLEDGEMENT: 
  
 The Directors wish to express their sincere appreciations to their
 customers, bankers, Share holders and employees at all levels for their
 continued valuable support.
  
                                         FOR AND ON BEHALF OF THE BOARD 
  
 PLACE: MUMBAI                                           SATISH BHANGAR
 DATE : 02.09.2002                                    MANAGING DIRECTOR