The Directors have pleasure in presenting the 27th Annual Report on
 the business and operations of the Com- pany and the Audited Financial
 Statement for the year ended 31st March, 2012.
 
 FINANCIAL HIGHLIGHTS
 
                                                   (Rs. in Lacs)
 
 Particulars                            2011-2012    2010-2011
 
 Sales & Other Income                   51236.08     43763.35
 
 Total Expenditure                      47940.73     41645.36
 
 Earning Before Finance Cost,
 
 Depreciation and Tax                    3295.35      2117.99
 
 Less: Financial Costs                   2038.41       953.37
 
 Depreciation and Amortization
 
 Expenses                                 451.90       246.47
 
 Profit Before Tax                        805.04       918.15
 
 Current Tax                              175.00       182.00
 
 Deferred Tax                             256.18       153.01
 
 Relating to earlier years Tax            (18.64)        -
 
 Profit (Loss) for the year               392.50       583.13
 
 Basic & Diluted Earning Per Equity
 Share of Face Value of Rs.10 each          1.34         2.00
 
 DIVIDEND
 
 The Directors recommend for a dividend of Rs.0.5 per Equity Share of
 Rs.10/- each (i.e. 5%) for the year ended 31st March 2012.
 
 BUSINESS REVIEW
 
 Your Company continued to maintain its upward trend by registering
 Sales of Rs. 51,192.53 lacs as against Rs.  43,544.30 lacs in the
 previous year. Profit before Finance Costs, Depreciation, and Tax has
 increased froMrs.  2,117.99 lacs to Rs. 3,295.36 lacs. After providing
 for finance costs and Depreciation amounting to Rs. 2,038.41 lacs and
 Rs. 451.91 lacs respectively, the Profit before Tax for the year under
 review has amounted to Rs.  805.03 lacs as compared to Rs 918.14 lacs
 in the previ- ous year. Net profit After Tax for the year has decreased
 to Rs. 392.50 lacs as compared to Rs 583.13 lacs in the previous year.
 
 FUTURE OUTLOOK
 
 Despite significant growth of industrial and service sector in India,
 agriculture continues to be the main occupation of vast population of
 our country and it significantly con- tributes to our national Gross
 Domestic Product (GDP).  The Central Government as well as various
 State Govern- ments are giving grants to drip irrigation system so that
 our farmers use the best quality products to ensure higher yield,
 better quality and water conservation.  Keeping in view of the vast
 potentiality of micro irrigation business in India , the Company
 intends to add drip irriga- tion lines, HDPE lines, PVC lines,
 injection molding ma- chines and moulds as per requirements every year,
 the capital cost of which shall be approximately 15 to 20 crores.
 
 NEW INITIATIVES
 
 1.  The Company outsourced various product and acces- sories used in
 micro irrigation and sprinkle irrigation systems which results in heavy
 cost. In order to save cost the Board take initiatives for acquiring
 additional varieties of moulds for in-house manufacture of all these
 product and accessories.
 
 2.  Considering the prospective demand of drip irrigation systems in
 various states and looking towards the current order position the Board
 decided to set up additional drip line at existing plant at Pithampur,
 Dist.  Dhar, Indore (M.P.).
 
 SIGNIFICANT DEVELOPMENTS
 
 1.  The Company has obtained allocation for supply of drip irrigation
 system to irrigate 5000 hectares of land as first installment for the
 year 2012-13 by Govern- ment Of Andhra Pradesh, Department Of
 Horticulture, Andhra Pradesh Microirrigation Project.
 
 2.  The Company has successfully installed additional capacity for
 production of 2400 M.Ts of sprinkler pipes.
 
 DIRECTORS
 
 In accordance with Section 256 of the Companies Act, 1956 and the
 Articles of Association of the Company, Shri Murlidhar Vashist will
 retire by rotation at the ensuing Annual General Meeting and is
 eligible for re-appointment.
 
 DEPOSITS
 
 Your Company has not accepted any public deposits within the meaning of
 the provisions of section 58 A of the Companies Act, 1956.
 
 INSURANCE
 
 The assets of the Company are adequately insured against the loss of
 fire, natural calamities and such other risk considered by management
 of the Company.
 
 AUDITORS
 
 The Statutory Auditors of the Company, M/s. Ashok Khasgiwala & Co.,
 Chartered Accountants, Indore , retires at the conclusion of the
 ensuing annual general meeting of the Company and have confirmed their
 willingness and eligibility for re-appointment and have also confirmed
 that their re-appointment, if made, will be within the limits stipu-
 lated under Section 224(1B) of the Companies Act, 1956.  The Board
 recommends their re-appointment for the next term.
 
 AUDITORS'' REPORT
 
 The Board has duly reviewed the Statutory Auditors'' Report on the
 Accounts. The observations appearing in the Auditors'' Report, does not
 call for any further expla- nation/clarification by the Board of
 Directors under Section 217(3) of the Companies Act, 1956.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Your Directors affirm that the audited accounts containing the
 financial statements for the Financial Year 2011-12 are in conformity
 with the requirements of the Companies Act, 1956. They believe that the
 financial statements reflect fairly the form and substance of
 transactions carried out during the year and reasonably present the
 Company''s financial condition and results of operations. Pursuant to
 Section 217(2AA) of the Companies Act, 1956, the Directors confirm
 that:
 
 a) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 b) the accounting policies have been applied consistently and 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 as at the end of the
 financial year and of the profit of the Company for that period;
 
 c) proper and sufficient care has been taken to the best of their
 knowledge and belief for the maintenance of adequate accounting records
 in accordance with the provisions of the Companies Act, 1956, for
 safeguard- ing the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 d) the annual accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 Your Company has complied with the requirements of corporate governance
 as per clause 49 of the Listing Agreements with the Stock Exchanges. A
 detailed report on Corporate Governance is annexed to this Annual
 Report. A certificate from the Statutory Auditors of the Company
 regarding compliance of conditions of corporate governance has been
 obtained and is enclosed with this Report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 A Management discussion and Analysis Report have been attached and
 forms part the Directors Report.
 
 PARTICULARS OF EMPLOYEES
 
 There were no employees during the current year draw- ing the
 remuneration more than the limit prescribed under section 217(2A) of
 the Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY & FOREIGN EXCHANGE
 ETC.
 
 Information in accordance with the provision of Section 217(1)(e) of
 the Companies Act, 1956 read with Compa- nies (Disclosure of
 particulars in the report of Board of Directors) Rules, 1988 regarding
 conservation of energy, technology absorption and foreign exchange
 earnings and outgo are given in annexure `A` forming part of this
 report.
 
 ACKNOWLEDGEMENT
 
 Your Directors acknowledge the vital role of conscientious and
 hardworking employee of the Company at all levels towards over all
 progress of the Company. Stockholders, Customers, Bankers have
 continued to lend their valuable support to the Company. Your Board
 takes this opportu- nity to record their appreciation in this regard.
 
                            For & On Behalf of the Board of Directors
 
 Place : Indore                                         Mukesh Sangla
 
 Date  : 30.08.2012                    Chairman cum Managing Director