The Directors have pleasure in presenting their tenth Report together
 with Audited Accounts of the company for year ended 31st March 1999.
 
 FINANCIAL RESULTS
 
                                                          (Rs. in Lacs)
 
 Particulars                                  31-03-1999     31-03-1998
 
 Turnover and other income                           366            537
 
 Gross Profit/Loss before 
 interest and Depreciation                         (189)          (301)
 
 Interest                                            390            340
 
 Depreciation                                        128            149
 
 Profit/(Loss)                                     (707)          (790)
 
 Cash Profit/(Loss)                                (579)          (641)
 
 
 OPERATIONS :
 
 Performance of the company for the period under report is not
 satisfactory.  Company suffered losses of Rs. 707 lacs against previous
 years net loss of Rs.  790 lacs and company suffered cash loss of Rs.
 579 lacs against previous year's loss of Rs. 641 lacs.  Turnover has
 declined to Rs. 366 lacs against Rs. 537 lacs recorded in previous
 year.  Due to continued demand recession in the Acrylic Industry and
 severe liquidity crunch in the country, the demand of company's
 products fell drastically resulting lower prices of the products and
 depletion in the value of stocks.  The higher costs for inputs,
 increase in financial cost, higher rate of excise duty and lower
 capacity utilization are some other reasons for losses.
 
 DIVIDEND
 
 Due to non availability of profit, as explained above the directors
 are unable to recommend divided.
 
 DIRECTORS :
 
 Pursuant to the provisions of the Companies Act., 1956 and Article of
 association of the company Sh. Kishan Arora and Smt. Goldy Arora, the
 directors of the company are liable to retire by rotation and being
 eligible offers themselves for reappointment at forthcoming Annual
 General Meeting.
 
 AUDITORS 
 
 M/s Nanda and Bhatia, Chartered Accountants, Ludhiana the Auditors of
 the company retire at the conclusion of ensuing Annual General Meeting
 and being eligible offers themselves for reappointment.
 
 Auditor's observations on accounts are self explanatory and do not
 require any explanation as the same have been dealt with suitably in
 notes on accounts.
 
 PERSONNEL
 
 Particulars of the employees pursuant of section 217(2A) of the
 Companies Act, 1956 read with Companies (Particulars of Employees) rules
 are NIL.
 
 CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
 
 As regard disclosure under section 217(1)(e) of the Companies Act, 1956
 read with Companies (Disclosures of Particulars in the Report of Board
 of Director) rules 1988 a statement showing particulars of
 conservations of energy, technology absorption and foreign exchange
 earning and outgo is annexed hereto and forms part of this report.
 
 FIXED DEPOSITS
 
 The company has neither accepted any fixed deposits pursuant to the
 provision of section 58A of the Companies Act, 1956 during the year
 under review nor any deposit overdue is outstanding.
 
 Particulars as required under companies (Disclosure of particulars in
 the Report of Board of Directors) Rule, 1988 and forming part of the
 Directors Report of the year 31st March 1999.
 
 FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION OF
 RESEARCH AND DEVELOPMENT (R&D)
 
 A) Research & Development                         Nil      Nil
 
 B) Technology absorption,
 Adaptation and innovation                         Nil      Nil
 
 C) (i) Foreign Exchange Earnings                  Nil      Nil
 
 (ii) Foreign Exchange outgo (Rs.)
      Raw Material                                 Nil      Nil
 
 Capital Goods                                     Nil      Nil
 
 Spare Parts                                       Nil      Nil
 
 Foreign Travelling Expenses                       Nil      Nil