The Directors have pleasure in presenting the Thirty -Fourth Annual
 Report and Audited Accounts of the Company for the year ended 31st
 March, 2011.  (Rs in Lacs)
 
 
                                  Year ended           Year ended
 
 
 - WORKING RESULTS:                2010-2011           2009-2010
 
 
 Profit subject to 
 Depreciation 
 & Taxation                     4,605,02           3,896.50
 
 Less: Depreciation, net of 
 transfer from Revaluation 
 Reserve                        1,483.98           1,292.42
 
 Profit Before Tax                        3.121.22            2.604.08
 
 Less: Provision for Taxation
 Current Tax                      620.91             523.33
 
 Deferred Tax                      54.18             138.73
 
 Wealth Tax                         2.86    677.95     4.00     666.06
 
 Profit After Tax                         2.443.27            1,938.02
 
 Add: Profit brought forward from 
 the previous year                        8.880.91            7,830.33
 
 Amount available for 
 Appropriation                           11.324.18            9.768.35
 
 APPROPRIATIONS 
 
 Proposed Dividend                592.71             592.71
 
 Tax on Proposed Dividend          96.17             100.73
 
 General Reserve                  245.00    933.88   194.00    887.44
 
 Balance in Profit & Loss Account        10.390.30           8.880.91
 
                                         11.324.18           9.768.35
 
 2010-2011- THE YEAR UNDER REVIEW: 
 
 Your company records a turnover of Rs.501.30 crores for the year ended
 31st march 2011 as against Rs.451.70 crores in the previous year
 domestic sales stood at Rs.314.64 crores. expert sales to Rs.186.66
 crores achieving year on year growth of 22.5% this rise in experts is
 attributable to the continuation of successful implementation of the
 company s marketing strategy aimed at demand creation with focus on
 value -added new products tapping new markets addition of new customers
 etc.  despite the trend if rising oil prices over the year resulting in
 increased raw material cost the company earned net profit after tax of
 Rs24.43 crores as compared to Rs.19.38 crores in the previous year with
 year on year growth of 26 %.
 
 
 DIVIDEND:
 
 Your Directors have recommended a dividend at 25% (Rs2.5 per share) for
 the year 2010-2011 for your consideration. The proposed dividend will
 absorb (including Dividend tax) an amount of Rs688.8 Lacs.
 
 DIRECTORS:
 
 Pursuant to Article 133 of the Articles of Association of the Company,
 Mr.S.M. Kuvelker and MS .Divya Garware Ibanez retire by rotation and
 being eligible, offer themselves for re- appointment.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 confirm:
 
 1. that in the preparation of the annual accounts, they have followed
 the applicable accounting standards;
 
 2. that they have selected such accounting policies and applied them
 consistently, and made judgments and estimate that are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company as at 31st March, 2011 and of the profit of the Company for
 the year ended 31st March, 2011;
 
 3. that they 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; and
 
 4. that they have prepared annual accounts on a going concern basis.
 
 FIXED DEPOSITS:
 
 The Company did not accept any fixed deposits during the year under
 review. There are no claimed unpaid deposits.
 
 INFORMATION PURSUANT TO SECTION 217(I)(e) OF THE COMPANIES ACT, 1956:
 
 Information in accordance with Section 217( I )(e) of the Companies
 Act, 1956, read with the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988 and forming part of the
 Directors Report is given at Annexure.
 
 PERSONNEL:
 
 The relations with employees at all levels continued to be cordial
 throughout the year.
 
 - PARTICULARS OF EMPLOYEES:
 
 Information in accordance with the provisions of Section 2I7(2A) of the
 Companies Act, 1956, read with the Companies (Particulars of Employees)
 Rules, 1975, as amended, is enclosed at Annexure II and forms part of
 the Directors Report.
 
 -JOINT VENTURE :
 
 the company plans to enter into environmental services business allied
 to the company s geo technical business towards this end the company
 and waste management pacific pvt. ltd Australia (WMP), (a wholly owned
 subsidiary of transpacific industries group ltd Australia ) have
 entered into joint venture agreement inter alia providing equality
 share capital holder in the ratio of 50:50 in the garware environment
 services private company (GESPL). the company and WMP have invested in
 the equity capital of the GESPL accordingly- GESPL is yet to start its
 commercial operations.
 
 
 - CORPORATE GOVERNANCE:
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, a separate section on Management Discussion and Analysis,
 Corporate Governance as well as the Auditors Certificate regarding
 compliance of conditions of Corporate Governance is set out in Annexure
 forming part of this report.
 
 - CORPORATE SOCIAL RESPONSIBILITY:
 
 As a part of Social Responsibility, your Company has been supportive
 and is actively participating in various activities of social benefit &
 cause. The sphere of activities includes organizing health camps, blood
 donations camps, summer vacation camps, tree plantation drive etc. The
 Company also supports the schools and colleges by providing them
 educational equipments and its own manufactured sport nets.
 
 - ACKNOWLEDGMENT:
 
 Your Directors gratefully acknowledge the support given by the
 Customers, Dealers, Distributors, Suppliers, Bankers, various
 departments of the Central and State Governments, Local Authorities and
 also the Shareholders of the Company.
 
 Your Directors would further like to record their appreciation for the
 unstinted efforts put-in by all employees of the Company during the
 year.
 
 
 
                                   On behalf of the Board of Directors,
 
 
 Pune,                                                    R.B. GARWARE
 
 
 28th May, 2011                           Chairman & Managing Director