The Members,
 
 DUTRON POLYMERS LIMITED
 
 The directors are delighted to present the report on your company''s
 business and operations for the year ended March 31,2012.
 
 OPERATING RESULTS AND BUSINESS
 
 The performance of the Company during the year 2011-12 is summarised
 below:
 
                                             2011-12         2010-11
                                         (Rs.in Lacs)    (Rs.in Lacs)
 
 Profit before Depreciation &Taxation       285.51          302.20
 
 Depreciation                               131.55          119.41
 
 Provision for Taxation                      53.40           44.20
 
 Net Profit after Tax                       100.56          138.59
 
 Profit Available for Appropriation         147.23          185.63
 
 Proposed Dividend                           72.00           72.00
 
 Transfer to General Reserve                 15.00            55.00
 
 Your company''s sales turnover has reduced by 10.3%. Consistent
 increase in prices of raw material through out the year, and major
 foreign exchange rate fluctuations brought profitability further down
 to Rs. 100.56 Lacs. CPVC pipes business however, has shown sales growth
 compared to previous year.
 
 During the year, several changes were made to enhance product quality-
 embossing of brand name in the socket of PVC Pipes, and better
 processing techniques for higher impact strength of Submersible Column
 Pipes. Few automation measures in manufacturing plants were also taken
 to reduce human interference. All these improvements were made in order
 to have trouble free production process, and better product quality.
 
 DIVIDEND
 
 Your directors recommend a dividend @ 12% on 60,00,000 equity shares of
 Rs. 10/- each for the year ended March 31, 2012 which will be free of tax
 in the hands of share holders.
 
 FIXED DEPOSITS
 
 During the year, the Company has not accepted any deposits from the
 public except deposits from directors & shareholder as at 31.03.2012
 amounting to Rs. 7,16,15,967/-. The Company has filed a statement in lieu
 of advertisement with the Registrar of Companies, Gujarat.
 
 PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH
 THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975
 
 The Company has not paid any remuneration attracting the provisions of
 section 217(2A) of the Companies Act, 1956 read with Companies
 (Particulars of Employees) Rules, 197*5, as amended to date. Hence no
 information is required to be appended to this report in this regard.
 
 INSURANCE
 
 All the assets of the Company including inventories, building, plant &
 machineries are adequately insured.
 
 DIRECTORATE
 
 Persuant to Article 84 of the Articles of Association of the Company
 read with section 256 of the Companies Act, 1956, Shri Alpeshbhai B.
 Patel and Shri Prafulbhai G. Shah, Directors of the company, are due to
 retire at the ensuing Annual General Meeting, and are eligible for
 reappointment.
 
 AUDITORS
 
 M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad
 retire at the conclusion of the forthcoming Annual General Meeting and
 are eligible for reappointment. The Company has received letter from
 them to the effect that their appointment, if made, would be within the
 prescribed limits under Section 224(1 B) of the Companies Act.1956
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 As required under Section 217(2AA) which was introduced by the
 Companies (Amendment) Act, 2000 your directors confirm that:
 
 i In the preparation of the annual accounts, the applicable accounting
 standards have been followed.
 
 ii The Directors have selected such accounting policies and applied
 them consistently and made judgement 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 or
 loss of the Company for that period.
 
 iii The Directors to the best of their knowledge and information, 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.
 
 iv The Directors have prepared the annual accounts on a going concern
 basis.
 
 v Corporate Governance
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
 a separate section titled Corporate Governance is attached to
 this Annual report.
 
 INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956
 
 Information as per clause (e) of sub-section (1) of section 217 of the
 Companies Act, 1956, read with the Companies (Disclosure of Particulars
 in the Report of Board of Directors) Rules, 1988 is given in the
 Annexure forming part of this report.
 
 OUTLOOK FOR THE CURRENT YEAR
 
 As pipes market cater to India''s infrastructure sectors like
 Agriculture, Government''s water supply schemes, and Building &
 Construction; the growth of the company will largely depend on
 country''s growth on these sectors. Better monsoon, higher government
 spending, and good economical situation during the current year will
 give growth of plastic pipes market in the country. With encouraging
 signs from expansion of company''s distributor network, and few good
 macro economic situations, your directors are confident to provide
 company''s growth in the current year.
 
 ACKNOWLEDGEMENTS
 
 Your Directors would like to take this opportunity to express sincere
 thanks to Company''s valued clients and customers for their continued
 patronage. The Directors express their deep sense of appreciation of
 all the employees for their commitment and initiative for Company''s
 growth. Finally, the Directors wish to express their gratitude to the
 Members for their trust and support.
 
                                      By Order of the Board of Directors
 
 Place : Ahmedabad                                  S. B. PATEL
 Date :31st May 2012                                  Chairman