2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 2002-2003 2001-2002 Board of Directors

The Company achieved a turnover of Rs.334.73 Crores inclusive of Rs.226.36 Crores of Exports as against previous year turnover of Rs. 422.09 Crores inclusive of Rs.209.14 Cores of Exports. The turnover has been less than that of the previous year due to global recessionary conditions and logistic issues for 2-3 Months. The profitability has marginally improved over the previous year by varying the product mix and lower cost of raw materials. During the year The Company achieved Gross Profit of Rs.97.37 Crores as against Rs.91.11 Crores of previous year.

The Board of Directors of the Company has recommended 20% Equity Dividend for the financial year ended 31st March, 2010.

The Company achieved Gross Profit during the financial year of Rs.91.11 Crores as against Rs.44.67 Crores of the previous year. The company has shown growth of 103.93% in Gross Profit during the financial year ended 31.03.2009 against the total income of Rs.422.09 Crores (Rs.341.33 Crores of Previous year). During the financial year the company sold 13618.55 Metric Tons of Casing Pipes, 2290.27 Metric Tons of Production Tubing and 7695.48 Metric Tons of Drill Pipes aggregating a Turnover of Rs.420.37 Crores besides other income of Rs. 1.72 Crores. The Export Sales during the year was Rs.209.14 Crores.

During the financial year the Company cleared all the Term Loans to the Institutions and Banks and the Company is now debt free. The Board of Directors of the Company have recommended 15% Dividend for the financial year ended 31st March, 2009.

The Company's sales during the Financial Year are Rs.339.53 Crores as against Rs.261.51 Crores of the Previous Year. The Company has shown a growth of 29.83% in Sales during the year ended 31.03.2007. Similarly, the Exports during the current year is Rs.254.14 Crores as against Rs.103.90 Crores of Previous year i.e., over 144.60% growth in exports. During the Financial Year the Company sold 4042.66 metric tons of Casing Pipes, 1262.29 metric tons of Production Tubing and 10787.04 metric tons of Drill Pipes aggregating a turnover of Rs.339.53 Crores besides other income of Rs.1.80 Crores and the Company Profitability has increased from Previous year Rs.11.44 Crores to Rs.44.67 Crores in the Current Financial Year registering a growth of over 290%.

During the Financial Year the Company has Fully paid Principal amounts of both Term Loan and Funded Interest on Term Loan of Rs.1523.35 lakhs to IFCI and Rs.1727.11 lakhs to ICICI. The account with IFCI and ICICI has been closed. In addition,an amount of Rs.1295.40 Lakhs paid to IDBI towards Full and Final settlement of FITL outstanding.

The Company's order book position as on 31.03.2007 is Rs.244.11 Crores including Export orders to the tune of Rs. 189.41 Crores. The Company's sales during the year 2006-07 is Rs. 261.51 Crores as against Rs. 161.87 Crores of the Previous Year. The Company has shown a growth of 62% in Sales during the year ended 31.03.2007. During the year 2006-07 the Company sold 10109.58 metric tons of Casing Pipes, 2151.56 metric tons of Production Tubing and 8221.33 metric tons of Drill Pipes aggregating a turnover of Rs. 26151.43 Lakhs besides other income of Rs. 325.03 Lakhs. During the Financial Year 2006-07 the Company has made repayment of Rs. 11.89 Crores towards principal outstanding to Financial Institutions and Banks.

The Company's order book position as on 31.03.2006 is Rs.195.41 Crores including Export orders to the tune of Rs. 61.09 Crores. The Company's sales during the year 2005-06 is Rs. 158.37 Crores as against Rs. 118.57 Crores of the Previous Year. The Company has shown a growth of 33% in Sales during the year ended 31.03.2006. During the year 2005-06 the Company sold 14200.77 metric tons of Casing Pipes, 958.53 metric tons of Production Tubing and 4767.09 metric tons of Drill Pipes aggregating a turnover of Rs. 15837.49 Lakhs besides other income of Rs. 136.20 Lakhs. During the Financial Year 2005-06 the Company has made repayment of Rs. 10.31 Crores towards principal outstanding to Financial Institutions and Banks.

The Company has received orders to the tune of Rs.240 Crores during the year 2004-05 and the orders on hand as on 01.04.05 is Rs. 175 Crores. With the recovery in the Oil and Gas industry and subsequent increase in the activities of Oil Exploration the Company has shown a growth of 20% in the Sales during the year ended 31.03.05. The Company's Sales during 2004-05 is Rs.119.72 Crores as against Rs. 99.31 Crores of the previous year. The Exports during the current year 2004-05 have also increased to 27.85 Crores as against Rs.12.25 Crores of the previous year. During the year 2004-05 the Company sold 7796.66 Metric Tons of Casing Pipes, 1416.44 Metric Tons of Production Tubing and 4293.13 Metric Tons of Drill Pipes aggregating a turnover of Rs. 11971.91 Lakhs besides other income of Rs.110.03 Lakhs.

The Directors are happy to inform that the market for your Company's products has picked up during the year and your company received orders valued over Rs.130 Crores during the year including export orders valued at Rs. 12.25 Crores. During the Financial Year 2003-04 the Company sold 7953.27 Metric Tons of Casing Pipes, 572.18 Metric Tons of Production Tubing and 4577.37 Metric Tons of Drill Pipes aggregating a turnover of Rs.9930.93 Lakhs besides other income of Rs. 61.72 Lakhs

The demand of the company's products in the international market had shown signs of improvement during First Quarter of the current year(2002-2003) and the company was successful in securing Export Orders Valued at over USD 4.00 Million(Rs.20 Crores)from Syrian Petroleum Company(SPC), Syria.Subsequent developments in the Gulf Rgion slumped the improving International Market.The Domestic Market also got affected. Even the process of procurement of the company's products viz.Drill Pipes was delayed and the orders which are normally finalized in the First/Second Quarter were not finalized till the end of financial year(2002-03).These factors had adversely effected the Company's operations and resulted in achieving a lower turnover during the year 2002-03.The Company sold 1394.14 Metric Tons of Casing Pipes,521.86 Metric Tons of Production Tubing and 2380.54 Metric Tons of Drill Pipes aggregating a turnover of Rs.4520.94 Lakhs besides other income of Rs. 920.27 Lakhs.

The Global market was severelly affected in the aftermath of September 11,2001 and consequent international Developments.The Company's plans for exports were adversely affected on this count.Despite such situations, the Company could export to the tune of Rs. 554.18 Lakhs.The Company sold 2902.01 Metric Tons of Casing Pipes and 2298.06 Metric Tons of Drill Pipes aggregating a turnover of Rs.4967.69 Lakhs besides other income of Rs. 1833.66 Lakhs.