The Directors have pleasure in placing before you the Twenty Third
 Annual Report and Audited Accounts for the year ended on 31st March,
 2012.
 
 Financial Results                                        (Rs. in lacs)
 
 Particulars                               Year ended       Year ended
                                           31-03-2012       31-03-2011
 
 Total Income                                 4181.28          4712.91
 
 Profit before depreciation and tax            245.35           164.55
 
 Depreciation                                   64.30            52.53
 
 Provision for Taxation
 
 Current year                                   37.00            41.50
 
 Deferred tax                                    8.88            (0.31)
 
 Profit After tax                              135.18            70.82
 
 Balance b/f. from previous year               528.27           457.44
 
 Balance carried to Balance Sheet              663.43           528.26
 
 Dividend
 
 In view of conserving resources, your directors do not recommend any
 dividend on equity shares for the year ended 31st March, 2012.
 
 Performance
 
 In spite of recession and stiff competition, performance of your
 Company for the year under review has remained satisfactory. Total
 income was Rs. 4181.28 lacs (previous year Rs. 4712.91 lacs). The net
 profit after tax was Rs. 135.18 lacs (previous year Rs. 70.82 lacs).
 
 Future outlook
 
 The volatility witnessed in the year under review is expected to
 continue into the next financial year. The company expects the market
 to continue to contract and stabilize thereafter.
 
 The Company enjoys strong exposure to the Global market. The quality
 products of the Company have received warm response in the overseas
 market. The thrust on the competitive strength, newer product
 development and consolidation of customer relationship has resulted
 into a bright future for the Company. The economy has witnessed sharp
 fluctuations in value of Indian Rupee and crude price and profitability
 of the Company will be substantially affected during the current
 financial year on account of it.
 
 Directorate
 
 Shri Deepak N. Chokshi, Director of the Company who retires by
 rotation, and being eligible, offers himself for reappointment. Shri
 Deepak N. Chokshi having a rich experience of more than 31 years in the
 field of dyes and chemicals and has also visited a number of European
 and Asian countries as well as USA to acquaint himself of the latest
 technology. He looks after commercial, financial, accounting, banking
 and administrative aspects of the business.  Shri Jatin B. Surti was
 appointed as additional Director of the Company. He holds office upto
 the ensuing Annual General Meeting. He has rich experience of 37 years
 in the field of banking, finance, accounting and administrative areas.
 Your Directors recommend his appointment
 
 Shri Pravinchandra D. Master was appointed as additional Director of
 the Company. He is post graduate in commerce and law graduate. He holds
 office upto the ensuing Annual General Meeting. He has a rich
 experience in accounts, banking, finance and administration related
 work. He has worked as a compliance officer for more than 1 year in a
 reputed company. He has also worked for many years in various
 capacities in State Bank of India as Middle Management Executive
 Scale - III and retired in May 2007. Your Directors recommend his
 appointment Shri Raghavdas H. Lakhmani was appointed as additional
 Director of the Company. He holds office upto the ensuing Annual
 General Meeting. He has rich experience in managing, expanding,
 administrating and organizing manufacturing units by planning,
 equipment installation, handling, Government formalities, recruiting
 support staff, marketing, production, QC, R&D and all other aspects
 which affect the production and returns. Your Directors recommend his
 appointment.
 
 Durgesh V. Buch and Shri BhargavD. Karia resigned from the directorship
 of the Company w.e.f. 14-12-2011. Your Directors express their
 appreciation for the valuable services rendered by them during the
 tenure of their office
 
 Disclosure on Stock Exchanges
 
 The equity shares of the Company are listed on the Bombay Stock
 Exchange Ltd. The Company has paid necessary Listing fees for the year
 2012-2013 to the Bombay Stock Exchange Ltd.
 
 Fixed Deposits
 
 The Company has not accepted any deposits from the public.
 
 Insurance
 
 All the properties and assets of the Company are adequately insured.
 
 Energy, Technology and Foreign Exchange
 
 In accordance with the provisions of section 217 (1) (e) of the
 Companies Act, 1956 read with the Companies (Disclosure of
 Particulars in the Report of the Board of Directors) Rules, 1988, the
 relevant information pertaining to conservation of energy, technology
 absorption, foreign exchange earning and outgo is given in Annexure -1
 to the Directors'' Report.
 
 Corporate Governance
 
 A separate Report on Corporate Governance together with the Certificate
 from Auditors is provided in a separate Annexure-II.
 
 Compliance Certificate
 
 A copy of Compliance Certificate obtained from a Company Secretary in
 wholetime practice pursuant to section 383A (1) of the Companies Act,
 1956 read with the Companies (Compliance Certificate) Rules, 2001 is
 annexed herewith.
 
 Particulars of Employees
 
 The information pursuant to the provisions of section 217(2A) of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975 is nil.
 
 Personnel
 
 Relations between the Employees and the Management continued to be
 cordial during the year under review. Your Directors hereby place on
 record their appreciation for the efficient and loyal services rendered
 by the employees of the Company at all levels.
 
 Directors'' Responsibility Statement
 
 In accordance with the provisions of Section 217 (2AA) of the Companies
 Act, 1956 as amended by Companies {Amendment}Act, 2000, your Directors
 state :
 
 1.  That in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 2.  That the Directors have selected such accounting policies and
 applied them consistently and made judgements and estimates that are
 reasonable and prudent so as to give a true and a fair view of the
 state of affairs of the Company at the end of the financial year ended
 on 31.03.2012 and of the Profit of the Company for the year ended on
 31.03.2012;
 
 3.  That the Directors 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;
 
 4.  That the Directors have prepared annual accounts on a going concern
 basis.  Auditors
 
 M/s. G. K. Choksi & Co., Chartered Accountants, Ahmedabad hold office
 until the conclusion of the ensuing Annual General Meeting. The Company
 has received a certificate under section 224(1 )(B) of the Companies
 Act, 1956 from them. You are requested to appoint the Auditors and fix
 their remuneration.  Acknowledgement
 
 Your Directors take this opportunity to express their gratitude for the
 co-operation and support from its customers, vendors, bankers and
 business associates and look forward to their continued support.
 
 The Directors are also grateful to the shareholders for the confidence
 reposed in the Company. Your Directors also wish to place on record
 their sincere appreciation of the valuable contribution and efforts
 made by all the employees to achieve success in these trying times.
 
                                         For and on behalf of the Board
 
 Place : Ahmedabad                            HARIN D. MAMLATDARNA
 
 Date: 30th May, 2012                              Chairman