The are pleased to present the 25th Annual Report and the audited
 accounts of the Company for the financial year ended 31st March, 2012.
 
 Operational Results
 
 The summary of the financial performance of the Company for the
 financial year ended 31st March, 2012 compared to the previous year
 ended 31st March 2011 is summarized below:
 
                                                            (In Rupees)
 
 Particulars                                   2011-2012      2010-2011
 
 Net Sales and Other Income                1,230,389,738  1,104,112,194
 
 Profit/ (Loss) Before Tax                    12,532,903     11,747,107
 
 Add / (Less): Deferred Tax Adjustments            2,838       (292,403)
 
 Less: Current Income Tax                     (4,007,278)    (2,300,000)
 
 Less: Fringe Benefit Tax                              -              -
 
 Less: Wealth Tax                                      -              -
 
 Profit/(Loss) after Tax                       8,522,787      9,154,704
 
 Add/(Less): Prior Year short provision for Tax     6180        (40,865)
 
 Balance Brought Forward                       3,838,665     (5,275,174)
 
 Amount Available for Appropriation           12,367,632      3,838,665
 
 Appropriations
 
 Interim Dividend on Equity Shares             3,552,305              -
 
 Tax on Dividend                                 576,273              -
 
 Surplus / Deficit Carried Forward             8,239,054      3,838,665
 
 Review of Performance and Management discussion and Analysis
 
 Your directors are pleased to report total income of Rs. 123.04 crores
 for the year ended 2011-12 as against Rs. 110.41 crores for the year
 ended 2010-11, an increase of 10.26%. The profit before tax is Rs. 1.25
 crores for the year ended 2011- 12 compare to Rs. 1.17 crores for the
 year ended 2010-11. The Net profit after tax is Rs. 85.22 lacs for the
 financial year ending 2011-2012. The Management Discussion and Analysis
 is the part of this Annual Report.
 
 Internal Control System
 
 The Company''s present Internal Control Systems are commensurate with
 its size. However, looking at the growth in the size of the Company and
 its operations it is strengthening these systems further. The Company
 places great emphasis on the maintenance of effective internal
 controls, both from the point of view of compliance with statutory
 requirements as well as supporting the smooth and efficient running of
 the business.
 
 The Management is taking further initiatives in terms of adding more
 capacities, which would have significant benefit in the coming years.
 
 Dividend
 
 During the year under review, your Company has declared and paid an
 interim dividend of Rs. 0.05 per equity share in the month of February,
 2012 aggregating to Rs. 3552305/- on 71046100 equity shares of nominal
 value of Rs. 10/- each. The dividend distribution will result in a cash
 outgo of Rs. 4128578/- (including tax on dividend of Rs. 576273/-).
 
 Transfer to Reserve
 
 No amount is proposed to transfer to the General Reserve Account.
 
 Subsidiary Company
 
 As on 31st March 2012, your Company has three wholly owned
 subsidiaries, namely,
 
 1.  Chromatic International FZE
 
 2.  Chromatic Ferro Alloys Limited
 
 3.  Chromatic Sponge Iron Limited
 
 The Company has formed two 100% wholly - owned subsidiary, Chromatic
 Ferro Alloys Limited and Chromatic Sponge Iron Limited on 13th
 September, 2011 and 12th September, 2011 respectively. The Company has
 not subscribed the Shares of the Subsidiaries till 31st March, 2012.
 
 In terms of Section 212 of the Companies Act, 1956, the Directors''
 Report, Balance Sheet, Profit and Loss Account of its Subsidiary
 companies are attached to this Annual Report along with necessary
 statement under the said section. In accordance with the general
 circular No. 2/2011 dated 8th February, 2011, an exemption has been
 provided to companies from complying with Section 212, provided such
 companies publish the audited consolidated financial statement in the
 Annual Report.  Accordingly, 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. These documents will also be kept open for
 inspection during the business hours at the Registered Office of the
 Company. The Consolidated Financial Statements presented by the Company
 include the financial results of its subsidiary companies.
 
 The statement pursuant to Section 212 of the Companies Act, 1956
 containing the prescribed details of subsidiaries is attached to this
 report.
 
 Listing of Equity Shares
 
 The equity shares of your company are listed on Bombay Stock Exchange
 Limited (BSE) and the Luxembourg Stock Exchange, Luxembourg. The annual
 listing fees for the year 2012-13 have been paid to all these Stock
 Exchanges.
 
 Your Company has got listed on National Stock Exchange of India Limited
 vide NSE letter dated 25th May, 2012. The Equity Shares of the Company
 has been listed and admitted to dealings on the Exchange with effect
 from May 29, 2012. The Symbol of our securities on National Stock
 Exchange is CHROMATIC.
 
 Human Resource Development
 
 Company encourages a culture that develops and empowers people,
 promotes team building and nurtures new ideas. The Company''s
 recruitment practice ensures that suitable candidates with merit are
 recruited and provided with the right opportunities to grow within the
 organization.
 
 Depository System
 
 Your Company''s equity shares are available for dematerialization
 through National Securities Depository Limited and Central Depository
 Services (India) Limited. As of March, 31st March 2012, 99.61% of the
 Equity shares were held in demat form. In view of the numerous
 advantages offered by the Depository system, members holding shares in
 physical mode are advised to avail of the facility of dematerialization
 form either of the Depositories. Relevant ISIN No. is INE662C01015.
 
 Buy-Back of Shares
 
 During the financial year under review, Company has not announced any
 Buy-back of its Shares.
 
 Corporate Governance Report
 
 In terms of Clause 49 of the Listing Agreement with the Stock
 Exchanges, a compliance report on Corporate Governance has been annexed
 as part of the Annual Report along with a certificate from the
 practicing Company Secretary confirming the compliance of conditions of
 corporate governance under clause 49 of the Listing Agreement is also
 attached to this Report.
 
 Directors
 
 Mr. Ajay Singh Sethi, Director of the Company is liable to retires by
 rotation at the ensuing Annual General Meeting and is eligible for
 re-appointment. The Board recommends his re-appointment at the ensuing
 Annual General Meeting.
 
 Mr. Balkishan Kalia, who was the Director of the Company have, ceased
 to be director, due to his death, with effect from 14th March, 2012.
 The Board expressed their deep condolences at untimely and sad demise
 of Mr. Balkishan Kalia and may his soul rest in peace. The Board placed
 on record a deep appreciation for the valuable services rendered by Mr.
 Balkishan Kalia during his tenure as a director of the Company.
 
 Directors Responsibility Statement
 
 Pursuant to Section 217(2AA) of the companies Act, 1956, with respect
 to Directors'' Responsibility Statement, your Directors hereby confirmed
 that-
 
 (I) In the preparation of Annual Accounts for the year ended March 31,
 2012 the applicable Accounting Standard have been followed along with
 proper explanation relating to material departure and there are no
 material departures from the same;
 
 (II) The Directors have 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 as at 31st March, 2012, and profit of the company for
 the year ended on that date;
 
 (III) The Directors have taken proper and sufficient care for the
 maintenance of adequate Accounting records in accordance with the
 provision of Companies Act, 1956 for safeguarding the assets of the
 company and for preventing and detecting fraud and other
 irregularities; and
 
 (IV) The Directors have prepared the Annual Accounts of the Company on
 a going concern basis.
 
 Auditors and Auditors'' Report
 
 M/s. S. K. Badjatya & Co., Chartered Accountants, Statutory Auditors of
 the Company, holds office until the conclusion of the ensuing Annual
 General Meeting and being eligible for re-appointment.
 
 The Company has received confirmation from M/s S. K. Badjatya & Co., to
 the effect that their re-appointment, if made, would be within the
 prescribed limits under Section 224(1B) of the Companies Act, 1956 and
 that they are not disqualified for such re-appointment within the
 meaning of Section 226 of the Companies Act, 1956. The Auditors has
 also submitted peer review certificate issued by the Peer Review Board
 of the Institute of Chartered Accountants of India, New Delhi as
 required under the listing agreement. The Board recommends their
 re-appointment.
 
 Members are requested to consider their re-appointment as Statutory
 Auditors of the Company from the conclusion of this AGM until the
 conclusion of next AGM of the Company, at a remuneration to be decided
 by the Board of Directors of the Company in consultation with the
 Auditors.
 
 All observation made by the Auditors in their reports are self
 explanatory by way of Notes on Accounts and does not require any
 further clarification.
 
 Cost Audit
 
 The Board of Directors in pursuance to the Orders issued by the Central
 Government under Section 233B of the Companies Act, 1956, have
 appointed M/s. Kishore A. Bhatia, Cost Accountants, Mumbai, for
 conducting the audit of the cost accounting records maintained by the
 Company.
 
 Fixed Deposits
 
 The Company had neither invited nor accepted any public deposits,
 during the year, under Section 58A of the Companies Act, 1956 and, as
 such, no amount on account of principal or interest on public deposits
 was outstanding during the period under review.
 
 Consolidated Financial Results
 
 Your Directors provides Audited Consolidated Financial Statements in
 the Annual Report.
 
 Foreign Exchange Earnings and Outgo
 
 During the year under review, Company has made following transactions
 in Foreign Currency.
 
                                                      (Rs. In Lakh)
 
 Particular                                  2011-12      2010-11
 
 Expenditure in Foreign Currency              117.36       147.27
 
 Earning in Foreign Currency                 1473.33      1800.88
 
 Conversation of Energy, Technology Absorption & Foreign Earnings and
 Outgo:
 
 Information in accordance with the provision of section 217(1)(e) of
 the Companies Act, 1956 read with Companies (Disclosure of Particulars
 in respect of the Board of Directors) Rules 1988, regarding
 conversation of energy and technology absorption are as per Annexure-A
 and forms part of this report
 
 Environment and Social Concern
 
 Your Company continues its efforts for the betterment of the
 environment and conservation of scarce natural resources.  Particulars
 of Employees
 
 There are no employees drawing remuneration beyond prescribed amount
 requiring disclosure under section 217(2A) of the Companies Act, 1956.
 
 Pledge of Shares
 
 During the year under review, the promoters of the Company M/s Cheetah
 Multitrade Private Limited have pledged 715000 equity shares with
 financial institution.
 
 Transfer to investor education and protection fund
 
 The following table given information relating to outstanding dividend
 accounts and the dates by which they need to be transferred:
 
 Financial Year     Date of Declaration of   
                    Dividend                  Date on which dividend
                                              will become part of IEPF
 
 2004-05 (Final)    September 30, 2005        November 06, 2012
 
 2005-06 (Final)    November 10, 2006         December 17, 2013
 
 2006-07 (Final)    September 29, 2007        November 5, 2014 
 
 2009-10 (Interim)  January 29, 2010          March 07, 2017
 
 2011-12 (Interim)  February 08, 2012         March 16, 2019
 
 Acknowledgement
 
 Yours Directors place on record their appreciation of co-operation and
 support extended by the Bankers, Government agencies and other
 institution and look forward to their continued support. Your Directors
 wish to place on record their deep sense of appreciation for the
 committed services of Executives, Staff and Workers of the Company.
 
                                 By order of the Board of Directors 
 
                                 For Chromatic India Limited
 
                                 Sd/-      Sd/-
 
                                 Director  Whole time Director
 
 Place :Mumbai
 
 Dated :13th August, 2012