The Directors have pleasure in presenting the 27th Annual Report on
 business and operations of your Company along with the audited
 financial statements for the year ended 31 March 2012.
 
 RESULTS OF OPERATIONS:
 
                                                     (Rs. in Million)
 
                                Consolidated             Standalone
 
                            2011-12       2010-11   2011-12       2010-11
 
 Income from Operations    16,378.57    10,912.29   8,783.88    5,155.92
 
 Other Income                 496.86        42.81     451.95       29.64
 
 Variation in Inventory      (641.96)     (444.44)    349.75     (107.84)
 
 Expenses                  13,235.66     8,680.91   6,532.97    3,773.09
 
 Profit Before tax          4,281.73     2,718.62   2,353.12    1,520.31
 
 Less: Provision 
 for tax (current)          1,027.39       447.35     449.01      262.13
 
 Excess/(Short) 
 Provision for
 Earlier years               (124.74)         -      (124.74)         -
 
 Provision for 
 tax (deferred)               148.17        21.17     148.17       21.17
 
 Profit after Tax           3,230.92     2,250.11   1,880.68    1,237.01
 
 Add: Balance B/F 
 from Previous Year         5,879.16     3,832.94   3,157.16    2,124.04
 
 Profit Available 
 for appropriations         9,110.08     6,083.05   5,037.84    3,361.05
 
 Debenture 
 Redemption Reserve            57.73         0.35      57.73        0.35
 
 Transfer to 
 General Reserve              188.00       125.00     188.00      125.00
 
 Proposed Dividend             67.49        65.49      67.49       65.49
 
 Provision for 
 Taxes on Dividends            10.95        13.05      10.95       13.05
 
 Balance C/F to 
 Balance Sheet              8,785.90     5,879.16   4,713.67    3,157.16
 
 FINANCIAL OVERVIEW:
 
 The financial year 2011 – 12 was a remarkable year with significant
 developments in India business operations. On a consolidated basis,
 your Company achieved total operating income of Rs.16,378.57 Million
 registering a growth of 50% as compared to Rs.10,912.29 Million during
 the previous financial year. Similarly, Profit Before Tax was Rs.4,281.73
 Million with a growth of 57% as compared to Rs.2,718.62 Million during
 the previous financial year. Profit After Tax was Rs.3,230.92 Million
 with a growth of 44% as compared to Rs.2,250.11 Million during the
 previous financial year.
 
 DIVIDENDS & APPROPRIATIONS:
 
 Your Company follows a policy of paying stable dividend linked to
 consistent performance, while at the same time keeping in view the need
 to finance growth plans through internal accruals. Your Directors are
 pleased to recommend a dividend of 30% of the paid up capital i.e.
 Rs.0.60 (60 paise) per equity share, subject to the approval of the
 members to be paid:
 
 (i) to those beneficial owners, holding shares in electronic form,
 whose names appear in the statement of beneficial owners furnished by
 the Depositories to the Company as at the close of business hours on 19
 September 2012.
 
 (ii) to those Equity Shareholders, holding shares in physical form,
 whose names appear on the Register of Members of the Company at the
 close of business hours on 20 September 2012 after giving effect to all
 valid transfers in physical form, if any, lodged with the Company or
 its Registrar and Share Transfer Agent till 19 September 2012.
 
 The dividend above, if approved by the members would involve a cash
 outflow of Rs.67.49 million as dividend and Rs.10.95 million as dividend
 tax.
 
 The Register of Members shall be closed from 20 September 2012 to 27
 September 2012 (both days inclusive), for the purposes of payment of
 dividend and for the Annual General Meeting proposed to be held on 27
 September 2012.
 
 TRANSFER TO RESERVES:
 
 The Company proposes to transfer a sum of Rs.188.00 Million (Previous
 year Rs.125.00 Million) to the General Reserves Account and an amount of
 Rs.8,785.90 million (Previous year Rs.5,879.16 million) has been retained
 in the Profit and Loss Account on the consolidated basis.
 
 OPERATIONAL HIGHLIGHTS
 
 A brief overview of our business operation is provided in this section
 which is discussed in detail in the Management Discussion & Analysis
 section, forming part of this report.
 
 India Business:
 
 During the period under review, India business became more prominent
 with additional orders for implementation of Information &
 Communication Technology (ICT), Computer Aided Learning (CAL) and
 Learning Management Systems (LMS) in addition to the existing contracts
 under the flagship program of Sarva Shiksha Abhiyaan. This programme
 involving various State Governments covers 2,622 schools in the State
 of Haryana, 947 schools in Maharashtra, 1,920 schools in Punjab, 3,707
 schools across Gujarat and further schools across Meghalaya, Assam,
 West Bengal and others. We currently cater to over 10,000 schools and
 have covered over 13.3 million children under our various projects in
 India and have helped the industry in providing employment to over
 7,000 people.
 
 In a capacity building exercise your company in association with the
 Central Board of Secondary Education (CBSE), New Delhi, trained about
 1,028 teachers. In addition to this, the Company proposes to deploy its
 turnkey examination management tool ''EdMastery'' with required
 customization for CBSE. CORE''s solution will help CBSE to automate the
 process of generation and distribution of question papers across the
 12,800 CBSE affiliated schools, automate the web based online test-
 Performance Analysis Test (PAT) across different countries and automate
 the centre-wise test by implementing client server based system.
 
 New Partners
 
 Our association with the University of Oxford for teacher capacity
 building took a new leap by way of a pilot project along with Kerala
 State Governments'' State Council Educational Research and Training
 (SCERT) for teacher training.
 
 We partnered with Texas Instruments, known for innovation in
 technology, to bring STEMpower'' an innovation in teaching, learning and
 assessment of math and science in the classrooms. Through STEMpower,
 CORE has taken its first steps in building relationships with private
 schools in India and has successfully bagged orders from renowned
 school like Sanskriti in New Delhi.
 
 Our partnership with the East Valley Institute of Technology (EVIT), is
 developing a set of blended curriculum courses that engage students
 both online and in real-world apprenticeships that teach students the
 relationship between academic preparation and career skills sought by
 employers.
 
 We have also partnered with ITE Singapore for vocation training
 activities.
 
 Vocational Training
 
 Vocational Training is another important focus area for your Company,
 where we train the youth to enhance employablility. There are
 significant developments under the Vocational Training business with
 several contracts bagged and one of them being, the contract from
 Karnataka State Electronic Development Corporation for imparting
 training under SJSRY Step up Scheme to impart employment-linked
 trainings approximately 12,500 beneficiaries, sponsored by Directorate
 of Municipal Administration across Karnataka. Anather contract is from
 the Department of Panchayati Raj, Uttar Pradesh, for the training of
 11,200 Elected Representatives and functionaries of Panchayati Raj
 Institutions in the State on Public Private Partnership basis. And
 further training of over 7,200 students under Employment Generation and
 Marketing Mission (EGMM), Andhra Pradesh, 1,500 students under Gujarat
 Knowledge Society - Grant for Girl Empowerment Training Program on
 Adolescence Education and 4,800 students under Mission for Elimination
 of Poverty in Muncipal Areas (MEPMA), Andhra Pradesh, a scheme set-up
 for enabling employment to the urban poor candidates.
 
 Further, your Company has taken several initiatives on multi sector
 vocation model covering various sectors with emplyoment potential in
 sectors like Hopitality, Retail, Auto, Construction and Information
 Technology.
 
 Teacher Training
 
 Your Company had collaborated with the University of Oxford some time
 back based on which it has been able to create teacher training content
 which is ready for commercial use in India as well as across the globe.
 The Company will be ready for a launch on this soon and expects to reap
 the benefits of this collaboration.
 
 OVERSEAS OPERATIONS:
 
 US Business
 
 Currently approximately 86% of the Consolidated revenues are generated
 from the US business, and during the year under review, CORE Education
 & Consulting Solutions INC., USA, one of our main wholly owned
 subsidiaries in the US registered a 21.42% increase in Profit after
 Tax, to USD 20.58 million (Rs.1,016.43 million). Overall we saw an
 increase of 50.7% in the revenues of our US subsidiaries (comprising
 CECS Inc, CETI Inc and CITS Inc) from Rs.6,128.8 million in FY11 to
 Rs.9,233.8 million in the current year FY12. This was supported by a
 healthy EBITDA of 27.8% during the year which grew from Rs.1,519.7
 million in FY11 to Rs.2,566.8 million in FY12 an increase of 68.9% during
 the year. Profit after tax for our US subsidiaries also grew from
 Rs.804.6 million in FY11 to Rs.1,246.9 million in FY12 by an impressive
 55%. In the US, we have presence in over 46 States and provide
 Education Solutions across four key elements of education delivery,
 namely Assessment & Intervention, Governance, Advanced Technologies and
 Consulting Solutions.
 
 With our association with schools, districts and statewide agencies
 across the US, CORE integrates and optimizes formative assessment
 solutions, technology infrastructure, management applications,
 compliance reporting, strategic staffing solutions and technical career
 education programs. CORE currently touches the lives of over 20 million
 students spread over 54,000 schools across the United States, advancing
 education through an integrated mosaic of innovative solutions. To
 create richer learning experiences, CORE is integrating its education
 offerings for assessment and governance solutions with the latest
 technology based solutions from its partners (Dell and Promethean) to
 transform today''s classrooms with 3D technologies, active desks and
 interactive whiteboards.
 
 Our business partnership agreement with Promethean is aimed at
 introducing transformational interactive learning technology in
 schools.  Similarly our partnership with the East Valley Institute of
 Technology (EVIT), is developing a set of blended curriculum courses
 that engage students both online and in real-world apprenticeships that
 teach students the relationship between academic preparation and career
 skills sought by employers.
 
 UK Business
 
 During the year under review, we further consolidated our position
 through the acquisition of ITN Mark Education Ltd. in May 2011. ITN
 Mark is an education services provider operating through a network of
 16 offices across UK. This acquisition has helped CORE expand its
 education business by giving it the capability to provide teachers and
 teaching assistants to schools and nurseries in England and Wales, and
 to offer specialist education consultancy services, principally aimed
 at meeting the requirements of the United Kingdom Department of
 Education and inspections by the Office for Standards in Education, to
 education authorities, school clusters, academies and private sector
 education providers.
 
 We are focused on growing our U.K. teacher supply solutions to also
 include special education need specialists, nursery and support staff
 as compared to targeting only teachers and teaching assistants. We are
 also targeting to provide these temporary education professionals to
 academies or schools in the UK that are directly funded by the central
 government.
 
 Middle East and North Africa Business
 
 This year, we could achieve yet another remarkable milestone under our
 Higher Education initiative by establishing CORE International
 Institute of Higher Education FZE, in Ras-al-Khaimah, one of the
 Emirates in the UAE, which now currently offers courses in association
 with Birla Institute of Technology, Ranchi. The institute offers
 programs in Engineering, Management and Architecture for around 300
 students on campus. We are also in the process of formalining with a
 leading international university for offering Global Executive MBA
 programmes in the UAE.
 
 We have entered into a Joint Venture with Mackeen Holding, a
 quasi-government business group with diversified interests in Qatar,
 for creating a blueprint for developing a world-class education
 environment in Qatar. Further, we have a Joint Venture with Muscat
 Overseas Co. LLC, Oman''s leading business group to develop a world-
 class education system in the Sultanate of Oman.
 
 Teacher Supply - As part of its thriving cross selling opportunities
 across the globe, your Company has expanded its Teacher Supply
 Business, which was part of the acquisition of ITN Mark, in the Middle
 East this year. We can see huge traction for placement of permanent
 teachers in countries like Kuwait, Qatar and Saudi Arabia, as these
 countries are facing huge shortage of quality English speaking teachers
 in K-12 schools.
 
 Our presence in the Africa region spans across to several countries
 like Mozambique, Zambia and Kenya where we offer our Examination
 Management Solutions like FAIM.
 
 Restructuring of Subsidiaries:
 
 In the process of creating and enhancing the value for our
 stakeholders, it was decided to restructure the Company''s business
 carried on through its subsidiaries, whereby our subsidiaries in the US
 and UK viz., CORE Education & Consulting Solutions, Inc., USA and CORE
 Education & Consulting Solutions (UK) Ltd., in the UK shall become
 immediate subsidiaries of CORE Education & Consulting Solutions Pte.
 Ltd., our wholly owned subsidiary incorporated in Singapore.
 
 This restructuring will serve multiple purposes viz., i) creating and
 consolidating values for our global K-12 business under one company
 which is currently spread over various jurisdictions; ii) bringing
 synergies into the operations through such integration; iii) setting up
 our global R & D centre in Singapore to further enhance our education
 offerings and iv) unlocking value of our K-12 business in medium term /
 long term. Moreover, the Singapore subsidiary will not only be a
 holding company for the US and UK business but will also develop its
 own business considering the business potential of the emerging markets
 of Singapore, Malaysia, China, Hong Kong and other countries in the
 Asia Pacific region.
 
 Changes in Capital Structure
 
 Allotment of share on exercise of options under CORE Employee Stock
 Option Scheme:
 
 During the year, 169,628 equity shares under CORE ESOS 2007 and 591,328
 equity shares under CORE ESOS 2009, were allotted to the eligible
 employees and the Directors of the Company on exercise of stock options
 issued and implemented in accordance with the Securities and Exchange
 Board of India (Employee Stock Option Scheme and Employee Stock
 Purchase Scheme) Guidelines, 1999. Detailed disclosure as required
 under the relevant guidelines is provided in
 
 Annexure II herewith and forms a part of this report.
 
 Allotment of shares against conversion of Foreign Currency Convertible
 Bonds (''FCCBs''):
 
 During the year under review, bonds worth USD 15,696,000 were converted
 against which the Company had allotted 2,565,749 equity shares of Rs.2
 each at a premium of Rs.269.80 per equity share. As on 31st March 2012,
 USD 59,087,000 bonds were outstanding for conversion.
 
 Considering all the allotments above, during the year 2011 – 2012, the
 paid-up share capital of your Company stands increased from
 Rs.218,291,272/- comprising 109,145,636 equity shares of Rs.2/- each to
 Rs.224,944,682/- comprising 112,472,341 equity shares of Rs.2/- each.
 
 During the period from 1st April 2012 till the date of this report, the
 Company had further allotted 183,889 equity shares of Rs.2/- each against
 the exercise of stock options and 1,593,788 equity shares against
 conversion of FCCBs. As on the date of this report, a sum of USD 49.33
 million remains outstanding for conversion.
 
 SUBSIDIARY COMPANIES AND PARTICULARS REQUIRED UNDER SECTION 212 OF THE
 COMPANIES ACT, 1956
 
 Being a Global Corporate entity, your Directors believe that the
 Consolidated Results represent the performance of the Company in a more
 comprehensive manner as compared to the Standalone business operations.
 In view of that and also as required under the Listing Agreements with
 the Stock Exchanges, the Consolidated Financial Statements of the
 Company and all its Subsidiaries are attached and forms part of this
 report. The Consolidated Financial Statement has been prepared in
 accordance with applicable Accounting Standards issued by The Institute
 of Chartered Accountants of India and the revised Schedule VI in
 Companies Act, 1956 as directed by the Ministry of Corporate Affairs
 vide its Notification No. S.O.447E dated 28 February, 2011. Details of
 the subsidiary companies are discussed in more detail in the Management
 Discussion & Analysis section, forming part of this report. Your
 Directors believe that the audited consolidated accounts represent a
 true and fair view of the state of affairs and financial conditions of
 the Company and its subsidiaries.
 
 As per the provisions of Section 212 of the Companies Act, 1956
 (hereinafter referred to as ''the Act''), your Company is required to
 attach the Directors'' Report, Balance Sheet, Profit and Loss Account
 and other information of the subsidiaries to its Balance Sheet.
 However, Government of India (Ministry of Corporate Affairs), vide
 General Circular No. 2/2011 dated 8 February 2011 has granted general
 exemption to all the companies from attaching to its Balance Sheet, the
 Annual Financials of all its subsidiary companies, subject to approval
 of the Board of Directors of the Company and subject to such
 disclosures on the financial information other conditions as mentioned
 in the aforesaid circular being complied with. A statement pursuant to
 Section 212 of the Companies Act, 1956, relating to the Company''s
 interest in its subsidiaries is attached to the financial statement of
 the Company and forms part of this report. The annual financials of
 these subsidiary companies and the related information shall be made
 available to any Member of the Company seeking such information and are
 also available for inspection by any Member of the Company at the
 Registered Office of the Company.
 
 BOARD OF DIRECTORS
 
 Board of Directors of the Company comprises of Mr. Sanjeev Mansotra,
 Non-Executive Chairman on the Board, however, being in-charge and
 responsible for the global operations of the Company, he is designated
 as the Global CEO; Mr. Naresh Sharma, Mr. Nikhil Morsawala, Ms.  Maya
 Sinha and Prof. Dr. Arun Nigavekar, holding the position of Executive
 Directors; Mr. Harihar Iyer as the Non-Executive Director; Mr. Sunder
 Shyam Dua, Mr. Awinash Arondekar, Mr. M Narayanan Nambiar and Mr. K C
 Ganjwal being the Independent Directors. Mr.  K C Ganjwal, due to
 personal reason, has resigned from the Board of Directors w.e.f 11
 August 2012.
 
 In accordance with the provisions of the Act and the Articles of
 Association of your Company, Mr. Nikhil Morsawala and Mr. S. S. Dua,
 Directors of the Company, are liable to retire by rotation at the
 ensuing Annual General Meeting and being eligible, offer themselves for
 re-appointment, at the ensuing Annual General Meeting.
 
 At the recommendation of Remuneration/ Compensation Committee, the
 Board at its meeting held on 30th August, 2012 approved re-appointment
 of Mr. Naresh Sharma as Executive Director of the Company, w.e.f. 1st
 April, 2012. Resolution proposing re- appointment of Mr. Naresh Sharma,
 as an Executive Director and the terms of his appointment have been
 included in the Notice convening the 27th Annual General Meeting of the
 Company for your consideration.
 
 Brief resume of the Directors proposed to be reappointed, nature of
 their expertise in specific functional areas and names of companies in
 which they hold directorships and memberships/chairmanships of Board
 Committees, as stipulated in Clause 49 of the Listing agreement with
 the stock exchanges are provided in the report on Corporate Governance
 forming part of the annual report.
 
 Directors'' Responsibility Statement
 
 Pursuant to the requirement under section 217(2AA) of the Act, with
 respect to Director''s Responsibility Statement, it is hereby confirmed:
 
 (a) that in preparation of the Annual Accounts, the applicable
 accounting standards have been followed and that no material departures
 have been made from the same;
 
 (b) that we 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 at the end of the financial year and of the profit of the
 Company for the year;
 
 (c) that we have taken proper and sufficient 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;
 
 (d) that we have prepared the annual accounts on a going concern basis.
 
 HUMAN RESOURCE MANAGEMENT
 
 COREans are the key resources of your company. The company has been
 able to create a vibrant work environment that keeps engaging employees
 across levels.
 
 As the journey continues, CORE''s HR policies and processes continue to
 be aligned to effectively drive the businesses at global level and make
 inroads into emerging opportunities. Our human resources management
 process continuously keeps pace with our business and we keep
 attracting and retaining high caliber and experienced employees across
 various geographies. We have also created a high performance culture
 where feedback is an ongoing exercise. Career progression and
 succession planning also happens in a planned manner.
 
 To connect our employees in the CORE family across the globe, CORE
 Connect, an e-magazine was launched, which shares experience and other
 happenings across all our offices. This is an exciting platform that
 connects all the COREans on the latest happenings in CORE across the
 globe.
 
 HR is also actively involved in organizing significant and well
 received employee engagement initiatives viz. CORE Cricket Premier
 League (CCPL 2012) that attracted an organization wide participation.
 We also celebrate festivals on occasions such as Makar Sankranti (with
 Kite Flying organized across offices in different locations), a fun
 filled day during Christmas and Diwali celebrations with various
 contests held and also with gifts & sweets distributed to all
 employees, Navrathri celebrated with color theme days, Women''s day
 celebration, Monsoon and Winter picnics.
 
 Corporate Social Responsibilities
 
 On the Corporate Social Responsibility front, we continued
 participating in the Standard Chartered Mumbai Marathon – 2012, to
 promote Education for All through SMILE foundation. The fact that the
 hard work put in by the participants was benefiting the under
 privileged children made it worth the cause. Employees also whole
 heartedly participated in the blood donation drive organised by Umang
 Foundation.
 
 With the aim of creating a sense of ownership among the employees
 within the organization, the Company has been introducing Employee
 Stock Option Scheme from time to time to reward the employees.  The
 first scheme was introduced in 2007 and in 2009 another such scheme was
 introduced. The schemes are in accordance with the existing guidelines
 issued by the Securities and Exchange Board of India as amended from
 time to time and it continues to be a strong retention tool too.
 
 Credit Ratings
 
 Company has been assigned with ''CARE A1'' rating for short term
 borrowings indicating highest credit quality and ''CARE A'' for long term
 borrowings/debts by Credit Analysis & Research Ltd. (CARE).
 
 Your Company has a long term credit rating which was carried out during
 the year by International agencies. Standard & Poor''s has rated the
 Company at B  and Moodys has rated the Company at B1 as well.
 
 BEST PRACTICES
 
 Though the Company continues to be an ISO 9001:2008 organization, we
 are working towards achieving ISO 27001 certification; a standard for
 Information Security Management Systems.
 
 Further, we are pleased to inform that during the year, your Company
 was rated at Level 5 of CMMi process improvement model, which is
 considered a credible benchmark of quality. Level 5- Optimizing, is the
 highest level of maturity on CMMi (Capability Maturity Model
 Integration). The Class A standard CMMi Appraisal Method for Process
 Improvement (SCAMPI) is designated to provide benchmark quality ratings
 relative to Capability Maturity Model Integration (CMMi) models.  The
 SCAMPI appraisal represents stringent showcasing of consistency,
 quality and effectiveness. The appraisal methods helps an organization
 to gain insight into their process capability or organizational
 maturity by identifying process strengths and weaknesses as related to
 the best practices of one or more CMMi models.
 
 CMMi is a process improvement approach that can be applied to work
 groups, projects, or entire organizations and provides organizations
 with the essential elements to improve process performance. Being rated
 at Level 5 – Optimising of CMMi, can provide improvements in product
 and service quality, forecasting accuracy, productivity, return on
 investment, customer satisfaction and other measures of performance.
 
 CORPORATE GOVERNANCE
 
 The company endeavors to attain highest values of Corporate Standards.
 The Company has adhered to the requirements set out by the Securities
 and Exchange Board of India''s Corporate Governance practices and has
 implemented all the stipulations prescribed, in the Clause 49 of the
 Listing Agreement with Stock Exchanges. The Report on Corporate
 Governance as stipulated under Clause 49 of the Listing Agreement forms
 part of this Annual Report.
 
 The Chairman''s declaration regarding compliance with CETL Code of
 Conduct for Directors and Senior Management personnel forms part of
 report on Corporate Governance.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 Management Discussion and Analysis for the year under review, as
 stipulated under Clause 49 of the Listing Agreement with the Stock
 Exchanges is presented as a separate section forming part of this
 Annual Report.
 
 AUDITORS AND AUDITOR''S REPORT
 
 M/s Chaturvedi & Shah, Chartered Accountants and M/s, Asit Mehta &
 Associates, Chartered Accountants, the Joint Statutory Auditors of the
 Company, hold office until the conclusion of the ensuing Annual General
 Meeting and have confirmed their eligibility for re-appointment.
 
 Confirmations from the auditors to the effect that their re-appointment
 / appointment, wherever applicable, 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 reappointment within the
 meaning of Section 226 of the said Act.
 
 The notes to Accounts referred to in the Auditor''s Report are self-
 explanatory and therefore do not call for any further Comments.
 
 FIXED DEPOSITS
 
 The Company has not accepted any deposits from the public within the
 meaning of Section 58A of the Act and as such, no amount of principal
 or interest was outstanding on the date of the Balance Sheet.
 
 EMPLOYEE PARTICULARS
 
 In terms of the provisions of Section 217(2A) of the Act, read with
 (Particulars of Employees) Rules 1975 as amended, the names and other
 particulars of employees'' forms part of the Director''s Report.
 
 However, having regard to the provisions of Section 219(1) (b) (iv) of
 the said Act, the Annual report excluding the aforesaid information is
 being sent to all the members of the Company and others entitled
 thereto.  Any member interested in obtaining such particulars may write
 to the Company Secretary at the registered office of the Company.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUT GO
 
 The particulars relating to energy conservation, technology absorption,
 foreign exchange earnings and outgo as required under Section 217(1)
 (e) of the Companies Act, 1956 read with Companies (Disclosure of
 particulars in the report of Board of Directors) Rules, 1988 are
 provided in the Annexure I to this report.
 
 TRANSFER OF UNPAID / UNCLAIMED AMOUNTS TO INVESTOR EDUCATION AND
 PROTECTION FUND (IEPF)
 
 During the year, there were no amounts which remained unpaid /
 unclaimed for a period of 7 years and which were required to be
 transferred by the company to the Investor Education and Protection
 Fund established by the Central Government pursuant to Section 205C of
 the Companies Act, 1956.
 
 ACKNOWLEDGEMENTS
 
 We thank our customers, investors, bankers and other stakeholders for
 their continued support during the year. We place on record our sincere
 appreciation of the contribution made by employees at all levels. Our
 consistent growth was made possible by their hard work, solidarity,
 cooperation and support and look forward to their continued support.
 
                                    For and on behalf of the Board 
 
 Place: Mumbai                                    Sanjeev Mansotra
 
 Date: 30 August, 2012                                    Chairman