Dear Members,
 
 The Directors are pleased to present this Twenty Eighth Annual Report
 and the Audited Statement of Accounts for the year ended 31st March,
 2011.
 
 FINANCIAL RESULTS                                 (Rs. in Lakhs)
 
 Particulars                      Standalone          Consolidated
 
                                2010-11   2009–10   2010-11   2009-10
 
 Gross Sales                    151,327   132,526   153,530   133,710
 
 Less:- Excise Duty               7,645     4,837     7,645     4,837
 
 a) Net Sales                   143,682   127,689   145,885   128,873
 
 b) Add:- Other Operating 
 Income                           2,508     1,249     2,508     1,249
 
 Total                          146,190   128,938   148,393   130,122
 
 Expenditure
 
 a) (Increase) / Decrease in 
 Stock in Trade and work in 
 progress                        (1,633)   (3,285)   (1,528)   (2,905)
 
 b) Consumption of raw 
 materials                       70,150    65,297    70,150    65,297
 
 c) Purchase of Traded Goods     18,213    11,397    19,468    11,468
 
 d) Employee Cost                 3,887     3,403     3,929     3,454
 
 e) Depreciation                  4,792     4,475     4,981     4,707
 
 f) Other Expenditure            36,224    31,914    36,585    32,411
 
 Total                          131,633   113,201   133,585   114,432
 
 Profit from Operations 
 before Other Income,
 Interest & Exceptional Items    14,557    15,737    14,808    15,690
 
 Other Income                       400       181       417       185
 
 Profit before Interest & 
 Exceptional Items               14,957    15,918    15,225    15,875
 
 Interest                         5,596     5,171     5,621     5,199
 
 Profit after Interest but 
 before Exceptional Items         9,361    10,747     9,604    10,676
 
 Exceptional Items                    -         -         -         -
 
 Profit from Ordinary 
 Activities before Tax            9,361    10,747     9,604    10,676
 
 Tax Expenses:- 
 
 a) Provision for taxation
 
 -Current                         2,500     3,146     2,585     3,178 
 
 b) Provision for Deferred Tax      183       590       328       650
 
 Total                            2,683     3,736     2,913     3,828
 
 Net Profit From Ordinary 
 Activities After Tax             6,678     7,011     6,691     6,848
 
 Extra-ordinary Items                 -         -         -         -
 
 Net Profit                       6,678     7,011     6,691     6,848
 
 Minority Interest                    -         -       (86)      (11)
 
 Share of Profit from Associate Net   -         -     1,544     1,398
 
 Net Profit after consolidation       -         -     8,149     8,235
 
 DIVIDEND
 
 Your Company had declared and paid Interim Dividend of Rs. 1.25 ps. (@
 25%) per share (of Rs. 5/- each). Your Directors are pleased to
 recommend Final Dividend of Rs. 1.25 ps. (@ 25%) per share (of Rs. 5/-
 each) for the year 2010-11. The total amount of Dividend pay-out for
 the year would be Rs. 19.18 Crores same as previous year.
 
 FINANCIALS
 
 During the year under review, the Company had achieved the turnover of
 Rs. 1538.35 crs as against Rs. 1337.75 crs in the previous year.
 Operating profit before Interest, Depreciation, Tax & Non-operating
 expenses was at Rs. 198.30 crs as compared to Rs. 205.69 crs for the
 last year. Profit before tax had been Rs. 93.61 crs for FY 10-11 as
 compared to Rs. 107.47 crs in FY 09-10.
 
 Company posted Profit After Tax and Deferred Tax of Rs. 66.78 crs
 vis-à-vis Rs. 70.11 crs for the last year. Company''s performance was
 affected in mid of the year on account of the major expansion
 programmes carried out by the Company and hence the profitability is
 marginally impacted in FY 10-11 as compared to the previous year.
 
 Company''s consolidated Gross Income was Rs. 1560.38 crs as compared to
 Rs. 1349.59 crs for the year 2009-10. Further, the share of profit from
 associates increased from Rs. 13.98 crs to Rs. 15.44 crs in FY 2010-11.
 The Net Profit after consolidation of the Company was Rs. 81.49 crs
 vis-à-vis Rs. 82.35 crs for the last year. Consolidated EPS for FY
 2010-11 was at Rs. 10.62 as against Rs. 10.73 for FY 2009-10.
 
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required u/s. 217(2AA) of the Companies Act, 1956 (the Act):
 
 (i) That in the preparation of the Annual Accounts for the Year ended
 31st March, 2011, the applicable Accounting Standards had been followed
 along with proper explanation for material departures, if any;
 
 (ii) That the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year of the
 profit of the Company for that year;
 
 (iii) That the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the Assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) That Directors'' have prepared the annual accounts on a going
 concern basis.
 
 SUBSIDIARY COMPANIES
 
 In accordance with the general circular issued by the Ministry of
 Corporate Affairs, Government of India, the Balance Sheet, Profit and
 Loss Account and other documents of the Subsidiary Companies are not
 being attached with the Balance Sheet of the Company. The Company will
 make available the Annual Accounts of the subsidiary companies and the
 related detailed information to any member of the Company who may be
 interested in obtaining the same. The annual accounts of the respective
 subsidiary companies will also be kept open for inspection at the
 Registered Office of the Company as well as at the head office of the
 respective Subsidiary Companies. The Consolidated Financial Statements
 presented by the Company include the financial results of its
 Subsidiary Companies.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 Consolidated Financial Statements are enclosed which form part of the
 Annual Report and Accounts.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956, and the
 Articles of Association of the Company, Shri Rashesh C. Gogri, Shri
 Parimal H. Desai, Shri K. V. S. Shyam Sunder, Shri P. A. Sethi and Shri
 Bhavesh R. Vora retire by rotation and, being eligible, offer
 themselves for re-appointment. A brief profile of the Directors
 proposed to be appointed/re-appointed is given in the notice of the
 ensuing Annual General Meeting.
 
 CORPORATE GOVERNANCE
 
 Your Company has complied with the mandatory Corporate Governance
 requirements stipulated under Clause 49 of the Listing Agreement.
 Report on Corporate Governance is annexed hereto forming part of this
 report.
 
 DISCLOSURE OF PARTICULARS
 
 Information as per the requirements of Section 217(1)(e) of the
 Companies Act, 1956, read with Rule 2 of Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988, relating
 to Conservation of Energy, Research & Development, Technology
 Absorption, Foreign Exchange Earnings and Outgo are annexed hereto
 forming part of this Report.
 
 ENVIRONMENTAL, SAFETY AND HEALTH
 
 Your Company is committed to ensure sound Safety, Health and
 Environmental (SHE) performance related to its activities, products and
 services. The Company is taking continuous steps and also developing
 environment friendly processes for effective resource management with
 specific focus to energy, water and basic raw materials. Monitoring and
 periodic review of the designed SHE Management System is done on a
 continuous basis. The Company is committed to strengthen pollution
 prevention and waste abatement practices and strives to provide a safe
 and healthy environment.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 As contribution towards community development to fulfill the company''s
 obligations towards the society, Company organizes many activities on
 regular basis including Blood Donation Camps, Health checkup camps,
 etc. The Company has been donating to several Hospitals, educational
 institutions, trusts, and contribution for area beautifications. The
 Company also contributes for relief measures in times of natural
 calamities. With the objective of providing basic primary and secondary
 education in the surrounding areas, your Company actively contributes
 for the up gradation & infrastructure development of the schools. The
 Company envisages the upliftment of society by way of enlightening and
 educating the masses. The Company plans to promote cheap as well as
 subsidized housing facilities for its employees and also deserving
 members of the society. The Company thus promotes the Shelter, Health
 and Education led modal for the general upliftment of the society.
 
 PERSONNEL
 
 As required by the Provision of Section 217(2A) of the Companies Act,
 1956, read with Companies (Particulars of Employees) Rules, 1975 as
 amended up-to-date, the names and the other particulars of the
 Employees are set out in the Annexure to the Directors'' Report.
 However, as per the Provisions of Section 219(1)(b)(iv) of the
 Companies Act, 1956, the Reports and Accounts are being sent to all the
 Shareholders of the Company excluding the aforesaid information. Any
 Shareholder interested in obtaining such particulars may write to the
 Company Secretary at the Registered Office of the Company.
 
 AUDITORS
 
 M/s. Parikh Joshi & Kothare, Auditors of the Company, retire at the
 ensuing Annual General Meeting and are eligible for reappointment.
 Members are requested to appoint Auditors and to fix their
 remuneration.
 
 COST AUDITORS
 
 The Cost Audit Report relating to Chemicals manufactured by the Company
 for the financial year 2009-10 was submitted to the Central Government
 on 20th September, 2010 within prescribed time. Ms. Ketki Visariya,
 Cost Accountant, was re-appointed as the cost auditor for the financial
 year 2011-12 and the report for the year 2010-11 will be submitted to
 the Central Government in due course.
 
 INDUSTRIAL RELATIONS & HUMAN RESOURCES
 
 The Company enjoys co-ordial relation with its employees at all levels.
 Your Company has continued to ensure safety and health of its
 employees. Your Directors record their appreciation of the support and
 co-operation of all employees and counts on them to be able to maintain
 Company''s growth momentum.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors places on record its sincere appreciation for
 the dedicated services rendered by the employees of the Company at all
 levels and the constructive co-operation extended by the staff. Your
 Directors would like to express their grateful appreciation for the
 assistance and support by all Government Authorities, Auditors,
 financial institutions, banks, suppliers, other business associates and
 last but not the least the Shareholders.
 
                                       For and on behalf of the Board
 
                                                                 Sd/-
 
 Place: Mumbai                                   CHANDRAKANT V. GOGRI
 
 Dated: 30th May, 2011                                       Chairman