The Directors have pleasure in presenting the Fifty-sixth Annual Report
 and the Audited Accounts for the financial year ended 31 December2011.
 
 Financial Highlights                                     (Rs.''000)
 
                                        Year ended        Year ended
                                         31.12.2011       31 12.2010
 
 Income from operations         
                                         2,749,778       2,576,592
 
 Profit before Interest, 
 Depreciation & Tax                        410,072         521,277
 
 Depreciation                               49,980          47,621
 
 Interest                                      682             327
 
 Profit Before Tax                         359,410         473,329
 
 Provision for tax                         112,029         149,391
 
 Net Profit                                247,381         323,938
 
 Profit & Loss Account brought forward   1,079,251         829,169
 
 Profit available for appropriation      1,326,632       1,153,107
 
 Appropriations:
 
 Proposed dividend                          35,675          35,675
 
 Tax on Dividend distributed                 5,650           5,787
 
 Transfer to General Reserve                24,738          32,394
 
 Carried to Profit & Loss Account1,        260,569       1,079,251
 
                                         1,326,632       1,153,107
   
 Performance
 
 The sales at Rs.2668 million for the year ended 31 December 2011
 registered a 6 % growth over the sales of Rs. 2514 million for the
 previous year ended 31 December 2010. However In terms of sales
 quantity, the tonnage sold during the year ended 31 December 2011 has
 decreased by 3 % over the previous year.
 
 Input costs, showed an unprecedented rise during the year under review,
 thereby putting the Company''s contribution margins under severe
 pressure.
 
 The combined impact of, the virtually flat sales during the year,
 significantly higher raw material procurement costs and, a weak
 economic climate during the year under review, resulted in a marked
 decrease in Profit Before Tax.
 
 Dividend
 
 The Directors are pleased to recommend a dividend of Rs. 4.50 per equity
 share, for the year ended 31 December 2011.
 
 Directors
 
 Dr. Matthias Wolfgruber and Mr. Ravindra Kulkarni retire by rotation at
 the ensuing Annual General Meeting and being eligible, offer themselves
 for re-appointment.
 
 As per the requirement under the Listing Agreement, particulars of
 Directors seeking re-appointment at the ensuing Annual General Meeting
 form part of the Notice of the meeting.
 
 None of the Directors is disqualified from being appointed as or
 holding office as Directors, as stipulated under Section 274 of the
 Companies Act, 1956.
 
 Corporate Governance
 
 The Company is diligently pursuing for the effective implementation of
 the Corporate Governance practices and periodical review of these
 practices is undertaken to ensure that they confirm with the
 requirements as per the Listing Agreement entered into by the Company.
 
 Pursuant to Clause 49 of the Listing Agreement, the Management
 Discussion and Analysis Report, Report on Corporate Governance and the
 Auditors'' Certificate regarding compliance of the same form an integral
 part of this Annual Report.
 
 Listing on Bombay Stock Exchange
 
 The Company''s shares are listed on the Bombay Stock Exchange Limited
 (BSE).
 
 02 I ELANTAS Beck India Ltd. I Directors'' Report I
 
 Directors'' Responsibility Statement
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, after due
 inquiry and on the basis of the information received from the operating
 management and relying upon the report of the Auditors regarding
 compliance with the Accounting Standards, the Directors confirm that:
 
 1.  in the preparation of the annual accounts, the applicable
 accounting standards have been followed, along with appropriate
 explanations relating to material departures.
 
 2.  the accounting policies have been consistently applied, and
 reasonable and prudent judgment and estimates have been made so as to
 give a true and fair view of the state of affairs of the Company as at
 31 December 2011, and the profit for the year ended on that date.
 
 3.  proper and sufficient care has been taken 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
 preventing and detecting fraud and other irregularities.
 
 4.  the annual accounts have been prepared on a going concern basis.
 Cost Audit Dhananjay V Joshi & Associates, Cost Accountants, have been
 re-appointed for the year 2012 to conduct an audit of the cost
 accounting records maintained by the Company.
 
 Auditors
 
 The Auditors, BSR&Co., Chartered Accountants, Pune, retire at the
 forthcoming Annual General Meeting and are eligible for re-appointment.
 The Audit Committee recommends the re-appointment of BSR & Co., as
 Auditors of the Company for the year 2012. The Company has received a
 letter from retiring Auditors to the effect that their appointment, if
 carried out, would be within the prescribed limits under Section 224(1
 B) of the Companies Act, 1956.
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo Information as required by the Companies (Disclosure
 of Particulars in the Report of Board of Directors) Rules, 1988,
 relating to Conservation of Energy, Technology Absorption, Foreign
 Exchange Earnings and Outgo, is given in Annexure A to this report.
 
 Particulars of Employees
 
 Information to be provided under Section 217(2A) of the Companies Act,
 1956, read with Companies (Particulars of Employees) Rules, 1975, is
 given in Annexure B forming part of this report.
 
 Corporate Social Responsibility
 
 1.  The Company sponsored the ''Annual Sale'' of handicrafts & creations
 made by intellectually challenged persons, which was organized by
 Dilkhush Sheltered Workshop, a Mumbai based NGO, in December 2011. The
 Dilkhush Sheltered Workshop has been very active for the past two
 decades in the field of providing rehabilitation and occupational
 opportunities to such special individuals. The Company''s
 representatives were present on this occasion.
 
 2.  A donation was given to a registered charitable organization
 ''Samavedana'' which has been founded with the objective of providing
 financial aid to underprivileged people in the form of highly
 subsidized surgical and medical services.
 
 Industrial Relations
 
 The Company had reached amicable settlements with its workmen at Pimpri
 and Ankleshwar in 2010. These wage settlements, which are for a three
 year period from 1 January 2010 to 31 December 2012, were negotiated
 separately for the two sites on the basis of Region cum Industry
 principle.
 
 During the year under review, industrial relations continued to remain
 cordial.
 
 The Board wishes to place on record its appreciation to all employees
 for their continued contribution to the performance of the Company.
 
                                  For and on behalf of the Board
 
 Pune                             Suresh Talwar         Rajeev Bhide
 
 21 February 2012                 Director              Managing Director