The Shareholders
 
 The directors have pleasure in presenting the 18th Annual Report on
 the business and operations of your Company together with the Audited
 Statement of Financial Statements for the year ended March 31, 2012:
 
 FINANCIAL RESULTS
 
 PARTICULARS                                 Year ended     Year ended
                                          March 31 2012  March 31 2011
                                          Rs. in Crores  Rs. in Crores
 
 Gross Turnover Including other income         187.78         159.19
 
 Profit before Interest, Depreciation 
 and Tax                                        22.52          18.41
 
 Less: Interest and financial charges           15.13          10.74
 
 Depreciation                                    4.30           3.02
 
 Profit Before Tax                               3.09           4.65
 
 Less: Exceptional Items                            -              -
 
 Less:
 
 Provision for Current & Old Tax                 0.29           1.23
 
 Provision for Deferred Tax                      0.60           1.38
 
 Net Profit available for appropriation          2.21           2.04
 
 Add: Profit Transfer From Last Year             9.49          10.68
 
 Appropriations:
 
 Dividend on equity shares                          -              -
 
 Dividend Distribution Tax                          -              -
 
 Balance Carried Forward to Balance Sheet       11.70          12.72
 
 PERFORMANCE AND BUSINESS OPERATIONS
 
 The company has achieved modest growth in terms of sales and production
 in the year gone by. Indian Economy was able to show growth of about 7%
 during the year under challenging global and domestic environment. The
 government''s policy and focus on the agriculture and irrigation with
 greater allocation of Plan funds augurs well for your Company. Your
 Company''s products are sold across the length and breadth of India
 through the Company''s wide dealer network.
 
 For the fiscal year 2011 -12, the sales of your Company grew by 17.96%
 to Rs. 187.78 Crores as compared with that of previous year at Rs.
 159.19 Crores.
 
 We are happy to inform you that due to continuous increase in the
 demand for the Company''s products across the length and breadth of
 the country, the Company has increased its capacity from 30,093 MT. to
 33,981 M.T.  showing an increase of 13 %. Further we are happy to
 inform you that during the year under review your Company was able to
 utilize its capacity to the tune of 18,785 MT which is approx. 55% of
 the capacity as at the end of the last year. The lesser capacity
 utilization is due to size change, mould change, sales order of higher
 dimensions and frequent power cuts.
 
 The EBIDT (Earning before Interest, Depreciation and Tax) of the
 company has increased from Rs 18.41 Crores to Rs 22.52 Crores, which
 shows a increase of 22.32%.
 
 However, this year saw significant material cost inflation in the
 second half, driven primarily by spiraling crude oil prices. Prices of
 Resin and Granules, which constitute 75% of our Material Cost Base,
 were adversely impacted.  However, your Company continues to strive for
 operating cost optimization through a series of initiatives in product
 mix rationalization, vendor development and factory technological
 upgradation.
 
 Resultantly, Profit before tax during 2011 -12 was Rs.3.09 Crores as
 compared to Rs.4.65 Crores during 2010-11, which shows a decrease of
 33.55%. The decrease was mainly due to higher interest rates,
 inflation, additional discounts to dealers for price competition and
 firm commodity prices and increase in the stock, particularly micro
 irrigation system and drip irrigation which is to be sold in the first
 quarter of 2012-13 and accordingly benefit will accrue at that time.
 Moreover, the cost of transportation has also increased due to increase
 in the fuel prices.
 
 SUBSIDIARY COMPANY
 
 With a view to expand its business in Gulf Countries, the Company has
 promoted a wholly owned subsidiary, Tulsi International (FZE) which is
 incorporated in Hamriyah Free Zone at Dubai, UAE. However, during the
 fiscal year 2011-12 no business operations have been carried out.
 
 However, having regard to the provisions of Section 219( 1 )(b)(iv) of
 the Companies Act, 1956, the Annual Report excluding the information on
 Consolidated books of account is being sent to all the Members of the
 Company and others entitled thereto. Any member interested in obtaining
 such particulars may write to the Compliance Officer at the Registered
 Office of the Company
 
 BUSINESS EXPANSION
 
 Seeing towards the wide market in Pipe Industry, company is planning to
 expand its business by relocating its factories, accompanying with
 machines of latest technology and exploring itself with new varities of
 goods like chairs, Furniture and brass fitting.
 
 Present Status of Project
 
 - Till date the company has already purchased land measuring
 approximately 67.71 Acers at Pahur, Nasirabad and Jalgaon
 
 - The company is planning is to acquire plant & machinery of latest
 technology from various giants of Technology and it has already placed
 order for it.
 
 - Construction and related Civil has been commenced.
 
 - The company is targeting to start commercial production by January
 2013.
 
 DIVIDEND
 
 The Board does not recommend any dividend for the year ended March
 31,2012.
 
 FIXED DEPOSITS
 
 The Company during the year under review has not accepted any deposits
 from Public under the Companies (Acceptance of Deposits) Rules 1975.
 The Company had no unclaimed (overdue) deposits as on March 31,2012.
 
 INSURANCE
 
 The Fixed Assets and Stocks of the Company are adequately insured.
 
 MANAGEMENT''S DISCUSSION & ANALYSIS REPORT
 
 A detailed review of the progress of the Project and the future outlook
 of the Company and its business, as stipulated under Clause 49 of the
 Listing Agreement with the Stock Exchanges, is presented in a separate
 section forming part of the Annual Report.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS/OUTGO
 
 Information on conservation of energy, technology absorption, foreign
 exchange earnings and outgo required to be given pursuant to Section
 217(1 )(e) of the Companies Act, 1956 read with the Companies
 (Disclosure of Particulars in the Report of the Board of Directors)
 Rules, 1988 is as per Annexure - A hereto and forms part of this
 report.
 
 DIRECTORS
 
 In accordance with the requirements of the Companies Act, 1956 and the
 Company''s Articles of Association, Mr.  Jaiprakash B Kabra and Mr.
 Omprakash B Jhavar retires by rotation at the Annual General Meeting
 and being eligible offer themselves for reappointment.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) the Directors to the
 best of their knowledge and belief confirm that:
 
 i.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 ii.  Appropriate accounting policies have been selected and applied
 consistently and have made judgment and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as at March 31,2012 and of the Profit and Loss Account
 for the year ended March 31,2012;
 
 iii. Proper and sufficient care has been taken 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.  The annual accounts have been prepared on a going concern basis.
 
 PERSONNEL
 
 Information as required under the Companies (Particulars of Employees)
 Rules, 1975 read along with section 217(2A) of the Companies Act, 1956,
 as amended, are not applicable to the company and hence not provided.
 
 INTERNAL AUDIT
 
 Your Company has adequate internal audit system commensurate with the
 size of our industry and is carried out by M/s Badale Mahale Lanke &
 Co., M/s Raj kumar Kothari &Co. and M/s U. K. Rathi & Co. Chartered
 Accountants.
 
 AUDITORS
 
 M/s K.K. Kabra & Co., Chartered Accountants, Statutory Auditors of the
 Company retires at the conclusion of the ensuing Annual General
 Meeting. The Company has received a certificate from them to the effect
 that their appointment, if made, would be within the limits prescribed
 under Section 224(1 -B) of the Companies Act, 1956.  Accordingly, they
 are proposed to be re-appointed as Statutory Auditors of the Company
 for the year 2012-13.
 
 CORPORATE GOVERNANCE
 
 Your Company is committed to maintain the highest standards of
 Corporate Governance. Your Directors adhere to the stipulations set out
 in the Listing Agreement with the Stock Exchanges.
 
 A report on Corporate Governance as stipulated under Clause 49 of the
 Listing Agreement with the Stock Exchanges forms part of the Annual
 Report.
 
 Certificate from Mr. Milan Mehta, Practicing Company Secretary
 confirming compliance of conditions of Corporate Governance as
 stipulated under the aforesaid Clause 49, is annexed to Corporate
 Governance Report.
 
 Attached herewith please find a copy of the Corporate Governance Report
 for the period ended March 31,2012.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 As a responsible corporate citizen, your Company is constantly
 extending its support in areas of education, health, environment,
 sports and community welfare directly as well as through various
 independent agencies, engaged in charitable activities with special
 attention on the villages around company''s manufacturing plant at
 Jalgaon. The company has always lived by its philosophy of Samridh
 kisan desh ki shaan and Let''s nurture the green era… and
 believes in living every moment of life in harmony with nature to
 create value for ourselves, our stakeholders and the society.
 
 Unlike rushing for new and leaving old, company has maintained kiosk
 for supply of drinking water (Panpoi), in the city and in MIDC area of
 Jalgaon. To promote the concept of water conservation, the Company had
 participated in a project for roof water harvesting in collaboration
 with the Rotary Club of Jalgaon. A water harvesting system was also
 installed at Jalgaon at the S.P. Office as a part of the water
 conservation initiatives taken by the Company.
 
 In addition of organizing blood donation camp in the factory premises
 ,your Company has also organized Medical health check up and Safety
 program for its employees striving the idea of Health is wealth.
 
 In continuation with previous year, company made farmers aware about
 the novel and improved farming techniques which help them in better
 yield giving farming, through magazine published by the company,
 Tulsi Patra and also circulate the method which has benefitted a
 farmer among the others. It also gives details about the monsoon crops
 and solved farmer''s queries on varied topics. Company''s CEO, Mr.
 Sanjay Kumar Taparia preached moral values and rich culture of our
 country through his blog in the aforesaid magazine Tulsi Patra
 
 In the wake of conservation of drinkable and potable water, the company
 has assisted various water supply schemes in rural areas in association
 with local Zila Parishads and has taken initiative to encourage locals
 about the importance of water and various tools like roof water
 harvesting to preserve water resources.
 
 Your Company, in association with Sudharma, a welfare society
 trust, has arranged for school bags, note books, clothes etc. for
 around 125 children whose families are unable to bear the cost of same.
 Also, it has arranged for foot wears and clothes for people located in
 the vicinity of the Company''s manufacturing plant at Jalgaon.
 
 The management has also continued with training programmes to the
 farmers and plumbers. Also, your Company continues to participate in
 tree plantation programme and is actively taking participation by
 associating itself with various local NGO''s and Government bodies.
 
 Your Company continued to assist community in its social, spiritual,
 cultural and religious pursuits by rendering necessary help in monetary
 and other terms irrespective of caste, creed or religion for holding
 festivals, exhibitions, repairing religious shrines etc.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors place their sincere thanks to the Government,
 local authorities, Bankers, customers, suppliers, esteemed shareholders
 and business associates of the Company for their encouragement,
 co-operation, support and confidence.
 
 The Directors further express their deep appreciation to all employees
 for commendable teamwork, high degree of professionalism and
 enthusiastic effort displayed by them during year.
 
                                      By Order of the Board
 
 Registered Office:           Pradip J. Mundhra    Sanjay R. Taparia
 
 N-99, MIDC Area,             Managing Director    Executive Director
 
 Jalgaon-425 003
 
 Dated: September 03, 2012