Till 31.3.1999, the company was following fully absorbed costing method for valuation of finished goods and for the year ended 31.3.2000, the company redefined the method of valuation in line with mandatory standards (AS II). This resulted in profits being lower by Rs.6.35 crores. After taking into account this 'one-time' impact, the profit after tax amounted to Rs.3.64 crores as against Rs.9.33 crores in the previous year. The Board of Directors recommended that the interim dividend of Rs.2.50 per share already paid, be confirmed as final dividend.

The business for the year ended 31^st March, 2000 was affected by Industrial unrest at one of the manufacturing units as well as unexpected developments in the U.S. markets requiring changes in product configuration and competition from other countries.

Taking a clue from the recent experiences in the market place both domestic and international as well as increasing external liberalization, the company is in the process of bringing about greater flexibility in product offerings, manufacturing and sourcing so as to be in tune with market requirements.

In line with the flexible manufacturing strategy, the company implemented a Voluntary Retirement Scheme during the first quarter of the current financial year which has been successful.The company continues to carry on market corrections in order to reduce the working capital cycle.

The first two quarters of the FY2000-2001 will take into account the outlay on VRS as well as provisioning if any required in the process of reducing working capital cycle.

While the company continues to lay emphasis on  high end models both in pressure cooker and Non-stick cookware category, in order to broad base the market, the company introduced lower capacity 2 Lt. model which has been overwhelmingly received.