The Directors have pleasure in presenting the Twenty-Fifith Annual
 Report together with the audited statements of Accounts for the
 financial year ended March 31, 2011.
 
 1.  financial Performance
 
                                                           (Rs in lacs)
 
 financial results                  financial Year        financial Year
                                      2010-2011              2009-2010
 
 Sales and Other Income               44,363.08              40,299.64
 
 Profit before Interest, 
 Depreciation & Tax                    7,602.23               4,983.62
 
 Interest                                  2.77                 137.56
 
 Profit before Depreciation & Tax       7,599.46               4,846.06
 
 Depreciation                            490.93                 530.68
 
 Profit before Tax                      7,108.53               4,315.38
 
 Provision for Tax - Current           1,873.00               1,720.00
 
                   - Deferred            618.65               (171.92)
 
                   - Wealth Tax            0.23                  -
 
 Tax relating to earlier year (net)    (101.21)                 38.66
 
 Profit afiter Tax                       4,717.86              2,728.64
 
 Balance brought forward from 
 previous year                         2,481.83              1,328.98
 
 Profit available for Appropriation     7,199.69              4,057.62
 
 appropriation:-
 
 Proposed Dividend
 -Ordinary Dividend                       493.78               493.78
 
 - Special Silver Jubilee Dividend        493.78                 -
 
 Income Tax on Dividends                  160.21                82.01
 
 Transferred to General Reserve         2,626.50             1,000.00
 
 Balance carried forward                3,425.42             2,481.83
 
                                        7,199.69             4,057.62
 
 2.  dividend
 
 Your Directors are pleased to recommend a dividend of Rs10 per equity
 share for the financial year ended March 31, 2011 and also a Special
 Silver Jubilee Dividend of Rs 10 per equity share, as the Company
 completes its twenty fve years of existence, aggregating Rs20 per
 equity share of the face value of Rs10 each, payable to those
 Shareholders whose names appear in the Register of Members as on the
 Book Closure Date.
 
 The total dividend outgo for the Year under review, inclusive of tax on
 distributed profits would absorb a sum of Rs1,147.77 Lacs (as against
 Rs575.79 Lacs comprising the dividend of Rs10 per equity share of
 Rs10 each paid for the previous year).
 
 3.  oPerations
 
 During the year under review, your Company achieved total Income of
 Rs44,363.08 Lacs as compared to the total Income of Rs.  `Rs.40,299.64
 Lacs in the previous year registering a growth of 10.08%. The total
 sales include export sales of Rs12,380.25 Lacs as compared to the
 previous year of Rs 10,397.66 Lacs, registering a growth of 19.07%. The
 profit afiter tax for the year is Rs4,717.86 Lacs as compared to Rs
 2,728.64 Lacs for the previous year registering a growth of 72.90%.
 
 4.  fiXed dePosit
 
 Your Company has not accepted any deposits from the public during the
 year under review.
 
 5.  direCtors
 
 Mr. Jean-Marc Kohlgruber and Mr. D. J. Balaji Rao retire by rotation at
 the ensuing Annual General Meeting and, being eligible, offer
 themselves for re-appointment.
 
 Mr. N. Sundararajan was appointed as an Additional Director on the
 Board of Directors of the Company on October 28, 2010 and holds offce
 up to the date of the forthcoming Annual General Meeting of the
 Company.
 
 The Company has received a notice from a member under section 257 of
 the Companies Act, 1956, signifying his intention to propose Mr. N.
 Sundararajan as candidate for the offce of Director of the Company at
 the forthcoming Annual General Meeting.
 
 Mr. Raman Madhok has resigned as Managing Director and Director of the
 Company, the resignation to be effective from the close of working
 hours on August 23, 2011.
 
 Mr. Jean Gourp, Deputy Managing Director of the Company has been
 re-designated as Managing Director of the Company effective from August
 24, 2011.
 
 6.  direCtors resPonsiBilitY stateMent
 
 Pursuant to sub-section (2AA) of section 217 of the Companies Act,
 1956, the Board of Directors of the Company hereby state and confrm
 that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 (ii) the Company has in the selection of the accounting policies,
 consulted the Statutory Auditors and these have been applied
 consistently, and reasonable and prudent judgements and estimates have
 been made so as to give a true and fair view of the state of affairs of
 the Company as at March 31, 2011 and of the profit of the Company for
 the year ended on that date;
 
 (iii) the Company has taken proper and suffcient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) the annual accounts have been prepared on a going concern basis.
 
 7.  CorPorate GoVernanCe
 
 A Report on Corporate Governance along with a Certifcate from the
 Statutory Auditors of the Company regarding the compliance of
 conditions of Corporate Governance as stipulated under Clause 49 of the
 Listing Agreement forms part of the Annual Report.
 
 Directors explanation to Auditors Certifcate on Corporate Governance:
 
 As regard the Auditors observations in para (i), (ii) and (iii) of
 their Certifcate on Corporate Governance, the detailed responses/
 explanations are given in items I, III and VII of the Corporate
 Governance Report.
 
 8.  ManaGeMent disCUssion and analYsis
 
 A detailed analysis of the Companys performance is discussed in the
 Management Discussion and Analysis Report, which forms part of the
 Annual Report.
 
 9.  enerGY ConserVation, teChnoloGY aBsorPtion and foreiGn eXChanGe
 earninGs and oUtGo
 
 The particulars relating to the energy conservation, technology
 absorption and foreign exchange earnings and outgo, as required under
 section 217(1)(e) of the Companies Act, 1956 read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988 are given in the Annexure to this Report.
 
 10.  PartiCUlars of eMPloYees
 
 As required under the provisions of sub-section (2A) of section 217 of
 the Companies Act, 1956 read with the Companies (Particulars of
 Employees) Rules, 1975 as amended, particulars of the employees are set
 out in an Annexure to the Directors Report. However, as per the
 provisions of section 219(1)(b)(iv) of the Companies Act, 1956, the
 Directors Report and Accounts are being sent to all the Shareholders
 of the Company excluding the Statement of particulars of employees. Any
 Shareholder interested in obtaining a copy of the Statement may write
 to the Company Secretary of the Company.
 
 11.  aUditors
 
 M/s. Deloitte Haskins & Sells, Chartered Accountants, retire at the
 conclusion of the forthcoming Annual General Meeting.
 
 The Company has received a certifcate from the above Auditors, proposed
 to be re-appointed, to the effect that their re- appointment, if made,
 would be in conformity with the limits specifed under the provisions of
 Section 224(1B) of the Companies Act, 1956.
 
 12.  health and safetY
 
 The Company continues to demonstrate a strong commitment towards safety
 and occupational health of employees at all locations. Your Company has
 a well established Safety Health & Environment (SHE) Policy. The
 employees are encouraged to adopt a healthy, safe and environmentally
 conscious lifestyle.
 
 13.  Personnel
 
 The industrial relations continued to be cordial at all levels
 throughout the year. Your Directors wish to place on record their
 appreciation of the dedicated services rendered by all Executives,
 Staff and Workmen of the Company.
 
 14.  aCKnoWledGeMent
 
 Your Directors would like to express their appreciation for the
 co-operation and assistance received from the Government authorities,
 the financial institutions, banks, vendors, customers and shareholders
 during the year under review.
 
                                         for and on behalf of the Board
 
                                                   Jean-Marc Kohlgruber
                                                        Chairman
 
 Mumbai
 May 24, 2011