Financial Results :

PARTICULARS                            (Rs.)               (Rs.)
                                   CURRENT YEAR        PREVIOUS YEAR
                                 ENDED, 31.03.2000   ENDED, 31.03.1999

Income from Operation                 38,55,035           25,64,330  

Other Income                           5,43,373           13,54,518   

Total Expenditure                     42,45,399           33,73,235    

Interest & Other Financial                2,312               4,725
Expenses

Profit after interest but              1,50,697            5,40,889
before Depreciation & Tax

Depreciation                             24,325              37,754

Provision for taxation                   48,653            1,85,091

Net Profit                               77,719            3,18,044

Paid up Capital                     4,24,29,500         4,24,29,500

Reserves                               4,74,352            3,96,633

Earning per share                          .012                .053

Dividend :

The directors do not recommend any dividend for the year in order to conserve the reserves of the company and to meet any future contingencies.

Directors :

Shri M.L. Mittal, the director of the Company, is liable to retire by rotation at the end of forthcoming Annual General Meeting and being eligible, offers himself for reappointment.

Auditors :

M/s Kuldeep Sharma & Company, Chartered Accountant, Auditor of the company will retire at the end of ensuing Annual General Meeting and being eligible offers themselves for re-appointment. The Company has also received a certificate from them under section 224(1 B) of the Companies Act, 1956.

Auditors' Report :

The notes to be referred to in the Auditors Report are self explanatory and therefore do not call for any further comments.

Operations :

The Company has entered into the field of Steel trading and its products and the operations for the first year of operations are satisfactory and your directors are confident of achieving better results in the coming years.

Particulars of Employees :

There are no employees drawing remuneration in excess of the applicable limits prescribed under section 217(2A) of the Company Act, 1956 read with Companies (Particulars of the Employees) Rules, 1975.

Conservation of Energy :

The Company has not consumed energy of any significant level and accordingly no measures were taken for energy conservation and no investment was made for reduction of energy consumption.

Technological Absorption :

No comment is made on the technology absorption considering the nature of activities undertaken by your Company during the year under review.

Foreign Exchange Earnings and Outflow :

There has been no foreign exchange earnings and outflow during the year.

Y2K Compliance :

The Company has successfully undergone Year 2000 roll over. All system and equipments are functioning properly.

Corporate Governance :

The SEBI has accepted the report of SEBI Committee headed by Shri Kumar Mangalam Birla relating to compliance of Corporate Governance code by the Listed Companies. The said corporate governance code will become applicable to your company by March, 2003. Your company is gearing up to ensure that all the mandatory provisions are fully complied with before the deadlines prescribed in this regard.

Personnel :

The Board wishes to place on record its appreciation for the devoted services of the Executives, Staff and Workers of the Company during the year.