The Directors have pleasure in presenting their 20th Annual Report
 together with the audited accounts of the Company for the year ended on
 31st March, 2003.
 
 FINANCIAL RESULTS :                                      (Rs. in Lacs)
 
                                                2002-2003     2001-2002
 
 Total Turnover and other Income                   876.14        842.88
 Operational Profit/(Loss)                        1083.48        336.01
 Less: Depreciation                                 71.64         71.64
 Profit/(Loss) Before Taxation                  (1011.84)      (407.64)
 Less: Provision for Taxation                        0.00          0.00
 Profit/(Loss) After Taxation                   (1011.84)      (407.63)
 Proposed Dividend                                      -             -
 Balance Carried to Balance Sheet               (1142.25)      (130.40)
 
 OPERATIONS IN RETROSPECT :
 
 The agricultural business remained affected too in the rabi season also
 due to the weak monsoon. The sales of the company was affected in the
 current year. There were almost draught like situation in the state of
 Gujarat M.P. Rajasthan and Maharastra has badly distributed sale of
 fertilizer and the company could not run the plant to its optimum
 level.
 
 In the current year the Board of the company has worked hard to recover
 the dues from the debtors as well as tried to sell personal property of
 the director in order to bring the liquidity in the business. Due to
 the weak monsoon since last 2-3 years it has distributed the payment
 cycle as this product is ultimately supplied to farmer and when they
 could not make payment to dealers due to dealers due failurity of the
 business season since 4-5 times. Despite this the company is planning
 to file civil suit against some of its parties and is quite confident
 of recovering the amount in any manner.
 
 In the current year the company has disposed of its majority of
 investments as there were no chance of rise in price of the shares of
 the company which were in heavy loss and also suspended at the Mumbai
 Stock Exchange.
 
 In the forthcoming year the company has targeted sales of 50000 MT of
 SSP, provided there is good monsoon. The company is taking necessary
 steps required in its plant to achieve this target without any
 technical/mechanical breakdown. The Board of Directors of its meeting
 has decided to issue and allot equity shares to creditors. Promoters,
 Directors. This will be in the form of preferential allotment of equity
 shares and shall have to be according to guidelines of SEBI and the
 Stock Exchange.
 
 The conversion of debts in to equity will reduced the burden of
 interest and debts and will also be broaden the Equity base.  This will
 increase the profitability alongwith networth of the company. This will
 help the company to repay its entire term loan to Sicom as well as
 working capital loan to Charotar Nagrik Sahakari Bank Ltd. within short
 time.
 
 We have decided to take the opinion of expert technician for the
 condition of our Building and Plant & Machinery as there are high
 acidic process in the plant. Due to Sulphuric add many assets at the
 plant has been covered by rust. So we shall take the opinion and
 accordingly decide for the maintenance/replacement of the same.
 
 DIVIDEND:
 
 In view of loss, your directors do not recommend payment of any
 dividend to the shareholders.
 
 DIRECTORATE:
 
 Shri R.C.Parwal who retires by rotation and being eligible offers
 himself for re-appointment.
 
 DIRECTORS' RESPONSIBILITY STATEMENT:
 
 In terms of Section 217(2AA) of the Companies Act, 1956 the Directors
 would like to state that :-
 
 i. In the preparation of the annual accounts, the applicable accounting
 standards have been followed.
 
 ii. The Directors have selected search accounting policies and applied
 them consistently and made judgments and estimates that were reasonable
 and prudent so as to give true and fair view of the state of affairs of
 the Company at the end of the financial year and of the Loss of the
 company for the year under review.
 
 iii. The Directors have 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. The Directors have prepared annual accounts on a going concern
 basis.
 
 AUDIT COMMITTEE:
 
 In compliance of Section 292A of the Companies Act, 1956 an Audit
 Committee has been constituted, comprising of Shri C.H. Chettarji,
 Shri D.M.Rao and Shri K.M.Trivedi, as Directors to perform inter alia
 various functions as required to be performed in terms of the said
 provisions.
 
 CORPORATE GOVERNANCE:
 
 The Guidelines issued by SEBI in respect of corporate governance are
 applicable to the Company w.e.f. financial year 2002-03, necessary
 steps being taken to comply with the governance.
 
 ENERGY, TECHNOLOGY & FOREIGN EXCHANGE:
 
 Information in accordance with the provisions of the Section 217(1)(a)
 of the Companies Act, 1956 read with Companies (Disclosures of
 Particulars in the Report of Board of Directors) Rules 1988 regarding
 conservation of energy, technology absorption and foreign exchange
 earning and outgo is given in the Annexure forming part of this report.
 
 PARTICULARS OF EMPLOYEES :
 
 As required under the provisions of Section 217(2A) of the Companies
 Act, 1956 read with the Companies (Particulars of Employees) Rules,
 1975 information is not furnished as no employee is covered under the
 said provision.
 
 PUBLIC DEPOSITS :
 
 There has been no unclaimed/unpaid deposits during me year under
 review.
 
 AUDITORS:
 
 M/S. Bharat Parikh & Associates, Chartered Accountants, vadodara
 Auditors of the Company retire at the conclusion of this Annual General
 Meeting and being eligible offer themselves for appointment.
 
 ACKNOWLEDGEMENT:
 
 The Directors also thank their assistance and co-operation, Your
 Directors also wish to place on record their appreciation for the
 support of Shareholders and devoted services rendered by the executives
 and employees at all levels.
 
 Regd. Office:                       By order of the Board of Directors
 202/A-B, Vyavasae, 2nd Floor,
 Near Veraimata Temple,
 Urmi-Dinesh Mill Road,                                   K. M. Trivedi
 Akota, Vadodara-390 007                                       Chairman
 
 Date : 9th August, 2003
 Place: Vadodara
 
 ANNEXURE TO DIRECTORS' REPORT
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo.
 
 Section 217(1)(e) of the Companies Act, 1956.
 
 THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
 DIRECTORS) RULES, 1988.
 
 CONSERVATION OF ENERGY
 
 TECHNOLOGY ABSORPTION
 
 Form B (See Rule 2)
 
 Disclosure of particulars with respect to Technology Absorption (To the
 extent applicable)
 
 A. RESEARCH AND DEVELOPMENT (R&D)
 
 1. Specific areas in which R&D carried out by the Company.        Nil
 2. Benefits derived as a result of the above R&D                  Nil
 3. Future plan of action                                          Nil
 4. Expenditure on R&D                                             Nil
 
 B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATIONS
 
 1. Efforts, in brief, made towards technology Absorption, 
    Adaptation and Innovation.                                     Nil
 
 2. Benefits derived as a result of the above:                     Nil
 
 3. Information regarding technology imported during last 5 years:
 
 (a) Technology imported                                            No
 (b) Year of Import                                               N.A.
 (c) Has Technology been fully absorbed.                          N.A.
 (d) If not fully absorbed areas where this has not 
     taken place, reasons threfore and future plans               N.A.
     of action.
 
 C. FOREIGN EXCHANGE EARNING AND OUTGO
 
 Foreign Exchange Earned                                          Nil
 Foreign Exchange Used                                            Nil