The Directors have pleasure in presenting their Twentieth Annual
 Report together with the Audited Statement of Accounts of the Company
 for the year ended March 31, 2011.
 
 FINANCIAL HIGHLIGHTS:
 
                                            [Rs. In Lacs]
 PARTICULARS                   As on March 31,2011  As on March 31, 2010
                                         (Rs)                (Rs)
 
 Income from Sales                    3151.30              2874.03
 
 [Net of Excise]
 
 Other Income                           31.12                42.89
 
 Increase/(Decrease)                    (1.21)              (49.19)
 in Stock
 
 Total Expenditure                    3381.82              3010.59
 
 Profit/(Loss) before                  (87.99)              (55.46)
 Depreciation
 
 Less: Depreciation                    112.62                87.40
 
 Interest                              115.73                91.78
 
 Add:   Prior                           (0.71)               (1.63)
 
 Period/Extra Ordinary
 
 Adjustments
 
 Net Profit/(Loss)                    (201.33)             (144.48)
 before Taxation
 
 Provision for Taxation                 (6.65)               (7.67)
 [Current Fringe
 [Benefit Deferred]
 
 Profit After Taxation                (194.68)              (136.82)
 
 Less: (Short)/Excess                   (4.90)                Nil
 
 Prov. Of Tax
 
 Less: Interim                            Nil                  -
 
 Dividend/ Proposed                        -                  Nil
 Dividend
 
 Less: Dividend                           Nil                  -
 
 Distribution Tax                          -                  Nil
 
 Less: Transfer to                        Nil                 Nil
 General Reserves
 
 DIVIDEND:
 
 In view of the losses incurred by the Company during the financial year
 ended 31st March, 2011, your Directors are unable to recommend any
 dividend during the financial year under review.
 
 DIRECTORS:
 
 Pursuant to the Articles of Associations of the Company, Mr. Chetan
 Ramesh Jain & Mr. Narendra Kumar Dalmia, Directors of the Company
 retire by rotation at the forthcoming Annual General Meeting and being
 eligible, offer themselves for re- appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT, pursuant to Sec. 217(2AA) of the
 Companies Act, 1956:
 
 (i) that in the preparation of annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 (ii) that the directors had selected such accounting policies and
 applied them consistently and made judgments and estimated that are
 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 of the company for that period.
 
 (iii) that the directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) that the directors had prepared the annual accounts on a going
 concern basis.
 
 OPERATIONAL PERFORMANCE:
 
 The net revenue for the Current Year was Rs. 3151.30 Lakhs as compared
 to Rs. 2874.03 Lakhs in the previous year. The Net Loss for the Year
 was Rs.  194.68 Lakhs as compared to the Net Loss of Rs.136.82 Lakhs in
 the previous Year, thus recording an increase in Net Revenue by 9.65%
 and Increase in Net Loss by 42.29 %.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to Clause 49 of the Listing Agreement, a separate report on
 Corporate Governance and a Certificate from the Auditors of the Company
 regarding compliance of the conditions of Corporate Governance are
 annexed to the Directors'' Report.
 
 DISCLOSURE UNDER THE STOCK EXCHANGE LISTING AGREEMENT:
 
 In accordance with the amended Listing Agreement with respective Stock
 Exchanges, it is hereby confirmed that the Company''s Shares are listed
 at the Stock Exchanges at Mumbai, Ahmedabad and Madras.
 
 FIXED DEPOSITS:
 
 The Company has not accepted any deposits from the public within the
 meaning of Section 58A of the Companies Act, 1956, read with the
 Companies (Acceptance of Deposits) Rules, 1975.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 The information required under Rule 2 of the Companies (Disclosure of
 Particulars in the Report of the Board of Directors) Rules, 1988,
 relating to the conservation of Energy, Technology Absorption and
 Foreign Exchange Earnings and Outgo forms part of this report and is
 given by way of Annexure.
 
 AUDITORS:
 
 M/s V.B. Goel Łt Co, Chartered Accountants, Mumbai, retire at the
 ensuing Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 PARTICULARS OF EMPLOYEES:
 
 The Company has no employees of the specified categories under Section
 217 (2A) of the Companies Act, 1956, read with the Companies
 (Particulars of Employees) Rules, 1975, as amended up to date.
 
 EXPLANATION U/S. 217(3) OF THE COMPANIES ACT, 1956:
 
 1. Note No 4 (b) (i) & (ii) to the Auditors'' Report:
 
 During the continuance of the Workmen Strike for almost a period of 3
 months the movement of material got obstructed and records were
 distorted during the said period of strike. The Company is still in the
 process of salvaging and updating its invoices & stock records.
 
 
 2.  Note No 4 (d) to the Auditors'' Report:
 
 The Company is accounting Benefits viz, earned leave on payment basis.
 Hence, necessary disclosures in this regard have not been quantified
 and its effect on profit and liability can not be ascertained.
 
 3.  Note No 4 (f) (i) to the Auditors'' Report:
 
 The Company has entered into contract for purchase and sale of goods
 with related party in circumstances of urgent necessities without
 obtaining consent of the Board and the said consent was obtained at a
 meeting within three months of the date on which the contract was
 entered into.
 
 4.  Note No 4 (f) (ii) to the Auditors'' Report:
 
 Considering the qualifications possessed by Mr. Rishi Jalan, a relative
 of the Director, his appointment was made to Office or Place of Profit
 on a yearly remuneration of Rs. 6,00,000 per annum and effective steps
 are being taken to obtain necessary approvals under Section 314 (1B) of
 the Companies Act, 1956 in this regard.
 
 5.  Note No 4 (f) (iii) to the Auditors'' Report:
 
 The Company is in the process of updating its records for the
 utilization of service tax credit
 
 6.  Note No 4 (f) (iv) to the Auditors'' Report:
 
 The Company is in the process of compiling the data in connection with
 Micro, Small and Medium Enterprises so as to make disclosures in the
 Annual Report pursuant Micro, Small and Medium Enterprises Development
 Act, 2006.
 
 7.  Note No 1 (a) & (b) to the Annexure to Auditors'' Report:
 
 During the continuance of the Workmen Strike for almost a period of 3
 months The entry and exit of personnel of the Company and movement of
 material got obstructed & records were distorted during the said period
 of strike The Company is still in the process of salvaging and updating
 its records of Fixed Assets.
 
 8.  Note No. 2 (c) to the Annexure to Auditors'' Report:
 
 During the continuance of the Workmen Strike for almost a period of 3
 months the movement of material got obstructed and records were
 distorted during the said period of strike. The Company is still in the
 process of salvaging and updating its inventory records
 
 y. Note No. / to the Annexure to Auditor s Report: Website
 ahaiaxmitubes.cor
 
 The Company is in the process of setting internal Audit system
 commensurate with its nature and size of the business.
 
 10.  Note No 8 to the Annexure to Auditors'' Report:
 
 The Company has already taken effective steps to maintain cost records
 as prescribed under The Companies Act, 1956 for the financial year
 under review.
 
 ACKNOWLEDGEMENTS:
 
 The Board of Directors wishes to place on record its sincere
 appreciation for due co-operation received from the Company''s Bankers
 namely Oriental Bank of Commerce. The Directors are also thankful to
 Statutory Organizations, Esteemed Customers and Employees at all levels
 for their continuous support.
 
                            For and On behalf of the Board of Directors
 
 Place: Mumbai                            AAADHAV PRASAD JALAN
 
 Date : 01st December, 2011.                   CHAIRMAN