The Directors have pleasure in presenting the Thirteenth Annual Report
 together with the Audited Accounts for the year ended 31st March 2002.
 
 FINANCIAL RESULTS
 
                                              Year Ended     Year Ended
                                               31.3.2002      31.3.2001
                                                          (Rs. in lacs)
 
 Profit/(Loss) before Interest and Depreciation  (12.97)           6.25
 
 Interest                                          58.92          58.93
 
 Depreciation                                      28.85          28.25
 
 Profit after tax                               (100.74)        (80.94)
 
 Loss Brought forward from previous year       (1069.88)       (988.94)
 
 Balance Loss carried  forward                 (1170.62)      (1069.88)
 
 PERFORMANCE OF THE COMPANY
 
 For this financial year ending March 2002 the company has incurred a
 loss of Rs. 12.97 lakhs on a turnover of Rs. 170.54 lakhs before
 interest and depreciation. This loss is due to lower production and
 drop in sales. For want of Working Capital, the company could not go
 for value added irrigation system sales. The company restricted its
 production to mere PVC Pipes, because, raw material for PVC Pipes was
 available on a fortnightly credit basis on selective occasions. During
 the other times the raw materials were to be purchased on advance
 payment. Instead of irrigation systems marketing, the company was
 marketing PVC Pipes only is a commodity item. Even the PVC Pipes sale
 was done in selective market where the payments are assured. There is
 a severe competition in PVC market. Hence, we could not keep any
 higher margins on selling prices.
 
 Our case is still pending in the Board for Industrial and Financial
 Reconstruction (BIFR) though the company was declared sick Under.
 Section 3 (1) (o) of the Act on 30-1-2001. Further proceedings are
 pending at BIFR for want of proposal or actions from the Central Bank
 of India as per the guide lines given in the BIFR Order dt. 15-2-2001.
 
 The company is looking out for the possibilities of revival through any
 positive proposals offered by the Bank or through any financial
 participation from outside.
 
 DEPOSITS
 
 The company has not accepted any deposits from the public in pursuant
 to Sec. 58 A of the Companies Act, 1956.
 
 DIRECTORS
 
 Mr. 6 Paul Lamech is retiring by rotation and being eligible offering
 himself for reappointment.
 
 AUDITORS
 
 M/s. R Subramanian & Co., Chartered Accountants, Chennai retire at the
 ensuing Annual General Meeting and are eligible for reappointment.
 
 INFORMATION PURSUANT TO SECTION 217 (2A) OF THE COMPANIES ACT, 1956
 READ WITH THE COMPANIES (PARTICULARS OF THE EMPLOYEE) RULES 1975.
 
 (a) There were no employees employed throughout the year who were in
 receipt of remuneration for the year which in the aggregate was not
 less than Rs. 12,00,000/-
 
 (b) There were no employees employed for a part of the year who were in
 receipt of remuneration which in the aggregate was not less than Rs.
 1,00,000/- per month.
 
 DIRECTORS RESPONSIBILITY
 
 Information pursuant to Section 217 (2AA) of the Companies Act, 1956
 read with the Companies (Directors Responsibility) Rules 2000.
 
 1. The annual accounts have been prepared based on the applicable
 accounting standards along with proper explanation relating to the
 material departures.
 
 2. Accounting policies have been selected and applied consistently
 and the judgments and estimates made 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 and loss of the company
 for that period.
 
 3. Proper and sufficient care had been taken 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.
 
 4. The annual accounts have been prepared on a going concern basis.
 
 RESEARCH AND DEVELOPMENT
 
 As the members of the company are aware that the companys products are
 approved by Bureau of Indian Standard and have established a quality
 control laboratory.
 
 FOREIGN EXCHANGE EARNINGS
 
 There are no Foreign Exchange earnings or outflow during the year under
 review.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to place on record their appreciation of the
 wholehearted support extended by the Shareholders, Bankers, Dis-
 tributors. Dealers, Suppliers, State/Central 6overnment Agencies and
 the sincere support as well as co-operation of the employees at all
 levels.
 
                                                 On Behalf of the Board
 
                               G PAUL LAMECH           ANAND P FREDRICK
                                    DIRECTOR          MANAGING DIRECTOR
 Place: Chennai - 600008,
 Date: 16th August, 2002