The Directors have pleasure in submitting the Annual Report along with
 the Audited Accounts for the year ended March 31, 2012.
 
 Review of Operations
 
 Your Company''s performance during the year as compared with that during
 the previous year is summarized below.
 
                                 (Rs. Crore)           (Rs. Crore)
                         Year Ended March 31     Year Ended March 31
                                  2012                  2011
 
 Sales of products and services   1,438.04             1,112.33
 
 Other Income                       125.09               142.21
 
 Total Income                     1,563.13             1,254.54
 
 Total Expenditure other than 
 Interest and Depreciation        1,264.36             1,026.56
 
 Profit before Interest, 
 Depreciation and Tax               298.77               227.98
 
 Depreciation and Amortisation 
 Expenses                            27.19                28.85
 
 Profit before Interest and Tax     271.58               199.13
 
 Finance Cost (net)                  70.53                63.12
 
 Profit before Tax                  201.05               136.01
 
 Provision for Current Tax          (0.34)               (1.36)
 
 Provision for Deferred Tax          (0.17)                3.94
 
 Net Profit                         201.56               133.43
 
 Adjustments in respect of prior years
 
 Surplus brought forward            366.95               311.46
 
 Profit after Tax available for 
 appropriation                      568.51               444.89
 
 Appropriation
 
 Your Directors recommend 
 appropriation as under:
 
 Dividend on Equity Shares           55.64                55.58
 
 Tax on distributed profits           9.03                 9.02
 
 Transfer to General Reserve         20.16                13.34
 
 Surplus Carried Forward            483.68               366.95
 
 Total Appropriation                568.51               444.89
 
 The Total income increased by ? 308.59 crore from ? 1,254.54 crore to ?
 1,563.13 crore, a growth of 25%.  The Net Profit for the year was ?
 201.56 crore as compared to ? 133.43 crore in the previous year, a
 growth of 51%.
 
 Dividend
 
 The Board of Directors of your Company recommends a final dividend of ?
 1.75 per equity share of ? 1/- each, aggregating ? 55.64 crore
 (previous year ? 1.75 per equity share).
 
 Management Discussion and Analysis
 
 There is a separate section on Management Discussion and Analysis
 appended as Annexure A to this Report, which includes the following:
 
 - Industry Structure and Developments
 
 - Discussion on financial performance with respect to operational
 performance
 
 - Segment wise performance
 
 - Human Resources and Industrial Relations
 
 - Opportunities and Threats
 
 - Internal Control Systems and their adequacy
 
 - Risks and Concerns
 
 - Outlook
 
 Subsidiary, Associate and Joint Venture Companies
 
 Your Company has interests in several industries including animal
 feeds, poultry and agro-products, oil palm plantation, property
 development, personal and home care, beverages and confectionery, etc.
 through its subsidiary / associate / joint venture companies.
 
 Godrej Agrovet Limited (GAVL)
 
 GAVL has continued on an aggressive growth path and outperformed
 targets on all major parameters during the year under review. GAVL''s
 revenue grew by 38% over last year and Profits before Taxation has grown
 by 250%.
 
 Based on the Order of the Hon''ble High Court of Judicature at Bombay,
 approving The scheme of arrangement between GAVL and Godrej Gokarna Oil
 Palm Ltd, Godrej Oil Palm Ltd and Cauvery Palm Oil Ltd (Oil Palm
 Companies), Oil palm Companies merged with Godrej Agrovet Limited with
 effect from April 1st, 2011.
 
 The Animal Feed business posted an 18% growth in volumes and revenue
 grew by 35%, largely due to focus on R&D and Quality. The Profits also
 grew by a strong 93% as a result of margin expansion.
 
 The Agricultural Inputs business grew aggressively with sales
 increasing by 32% over last year and Profits by 56%, backed by a superb
 performance by its products Hitweed and HBR.
 
 The Oil Palm business surpassed all expectations, with processing of
 Fresh Fruit Bunches (FFBs) crossing 1.97 lac MT during the year under
 review.  Sales during the year showed growth of 94% over last year,
 buoyed by high Crude Palm Oil (CPO) prices, and Profits increased by
 114%.
 
 GAVL has incorporated Godrej Seeds & Genetics Limited (GSGL) during the
 second quarter of the year under review.
 
 Godrej Properties Limited (GPL)
 
 Godrej Properties Limited (GPL) is the real estate development arm of
 the Godrej Group.  GPL brings the Group''s philosophy of innovation and
 excellence to the real estate industry while aspiring to continue to be
 the most trusted name in the industry.
 
 GPL ended the year on a positive note by reporting healthy financial
 performance in what has been a challenging year for Indian real estate.
 The consolidated total income increased by 47% to Rs. 8,198 million from
 Rs. 5,589 million in FY 11. Several factors including high interest rate
 regime, rising costs and slow regulatory approvals impacted sales
 volumes, profitability and new launches. Given the external
 environment, the performance is testimony of the Company''s robust
 business model.
 
 GPL successfully concluded its fund raising exercise by raising Rs. 4,707
 million through the Institutional Placement Program (IPP). By doing so,
 GPL became the first Indian Company to take this route after it was
 introduced by SEBI earlier this year.
 
 An important development for the year has been the appointment of
 Pirojsha Godrej as Managing Director and Chief Executive Officer with
 effect from April 1st, 2012. Ever since Pirojsha joined the Company in
 2004, he has been closely involved in all the strategic initiatives and
 operations at GPL. He also anchored very successful the IPO and IPP of
 Godrej Properties. V Srinivasan has been appointed as Executive
 Director. His last role was the Chief Financial Officer and Company
 Secretary at Godrej Industries.
 
 GPL continued to witness healthy demand momentum for all its projects.
 The total booking value this year was ? 15,625 million and the booking
 area was 2.4 million square feet.
 
 GPL witnessed the highest number of strategic partnerships in a year in
 the history of the Company with the signing of 10 new projects of which
 seven are in high growth markets of Mumbai, NCR and Bengaluru. GPL also
 entered into a landmark alliance with Godrej & Boyce during the year
 for all future development of Godrej & Boyce owned land in Vikhroli,
 Mumbai.  The year 2011-12 marks GPL''s foray into Mumbai''s redevelopment
 space. There is tremendous opportunity for redevelopment in Mumbai
 where housing demand is high and there are severe constraints on the
 land availability within the city limits. In line with the asset light
 model of the company, GPL also executed two private equity deals at
 favorable valuations.
 
 GPL continues to retain its emphasis towards achieving excellence in
 responsible and sustainable development by designing and building
 properties with high impetus on human and environmental health. Two of
 the new projects at Vikhroli, Mumbai, Godrej Platinum, a residential
 project and ''Godrej One'', the first commercial building of our flagship
 project The Trees'' received Platinum Pre-certification, which is the
 highest available rating for green building.
 
 Godrej International Limited (GINL)
 
 GINL is our Subsidiary Company, which trades in vegetable oils. In
 fiscal year 2012, GINL turnover increased by 27% to US$ 205.287 million
 but profits fell to US$ 1.513 million.  Contrary to expectation, palm
 oil prices remained strong throughout the year inspite of a big
 increase in production. The company continues to expand volumes each
 year.
 
 Godrej International Trading & Investments Pte. Limited (GITI)
 
 GITI was established in Singapore as our wholly owned subsidiary.
 Singapore being strategically located, the intention is to consolidate
 all our vegetable oil trading activities and oil palm investments in
 South East Asia in this company which is strategically located in
 Singapore.  During the year GITI commenced trading successfully with
 turnover of US$ 3.904 million and after-tax profits of US$ 176,488.
 
 Natures Basket Limited (NBL)
 
 Our foray into gourmet food retailing, Natures Basket, has been ramping
 up very well with a strong expansion in Mumbai and beyond. NBL
 currently has 20 stores and plans for 8 new stores in the coming year.
 The business is well positioned as ''the'' ultimate retail destination
 for gourmet and fine food and provides an excellent rub off on the
 Godrej brand.
 
 The gross turnover of this business for the fiscal year 2012 was ? 82
 crore with a growth of 50% over the previous year 2010 - 11. We intend
 to focus on growing this business and its profitability over the next
 few years.
 
 Through its expansion across India, NBL now has operations in major
 cities of Mumbai, Pune, Delhi/NCR, Hyderabad and Bengaluru. Its product
 portfolio contains globally recognized brands.
 
 NBL continues to register robust year on year growth and boasts of
 world best levels in terms of sales per sq. ft. amongst food retailers.
 Its strong model, high quality product assortment and in store service
 levels has helped it carve a distinctive niche in the food industry and
 paved the way for further expansion into newer cities.
 
 NBL was recognized as the retailer of the year at the Asia Retail
 Congress in 2012 and also as the Most outstanding Foreign Food retailer
 of the year at the Food and Grocery Forum for the second successive
 year.
 
 Godrej Hershey Limited (GHL)
 
 Godrej Hershey, our food and beverages business is a Joint Venture
 between The Hershey Company (USA) and the Godrej Group, with your
 Company holding a 43.4% stake.  This JV operates in multiple categories
 such as confectionery, beverages, and grocery items.
 
 The Beverages portfolio consists of Jumpin (fruit drinks), Xs (juices
 and nectars) and Sofit (soya milk). Sofit is the market leader in the
 niche but fast growing soya milk market.
 
 During fscal year 2012, beverages grew 7% over the previous year and
 chocolate syrup grew by 23%. Both beverage brands, Jumpin and Soft were
 made stronger with a consumer relevant re- stage exercise.
 
 Nutrine Confectionery Company
 
 Limited (NCCL)
 
 Nutrine Confectionery Company Limited, a wholly owned subsidiary of GHL
 is a major player in the sugar confectionery business in India. Its
 product portfolio includes strong brands like Maha Lacto, Maha Coffee
 Eclair, Gold Eclair, Nutrine Eclair, Nutrine Lollipop, Aamras and
 Honeyfab, and newly launched Choco Roco at price point of ? 2 & ? 5.
 NCCL has maintained its position as a leading player in confectionery
 market in core states and the new product launches this year have
 reinvigorated its portfolio. Éclair category continues to do well
 across all variants and will be a big driver for the confectionery
 growth. The big thrust has been investment in brand building and the
 core brands and innovations have been aggressively supported in mass
 media.
 
 The steep increase in inputs costs, primarily sugar, has put severe
 pressure on margins and NCCL has undertaken some major cost savings
 projects during the year, which have yielded benefits. NCCL continues
 to focus and innovate products at higher price points with improved
 profitability.
 
 Godrej Consumer Products
 
 Limited (GCPL)
 
 FY 2012 had been an eventful and action packed year for GCPL. This year
 GCPL enjoyed healthy sales growth and market share gain in most of its
 categories.
 
 GCPL continues to focus on growing ahead of the market, driving
 consumption & penetration and strengthening its portfolio. GCPL
 continues to be the Largest Indian Household and Personal Care Company.
 During the year Household Insecticide category delivered robust
 performance far ahead of the category growth. GCPL continues to enjoy
 market leadership position in the home insecticides and liquid
 detergents categories and we are very optimistic of the future growth
 opportunities in this category.
 
 GCPL''s domestic businesses performed impressively, led in particular by
 strong growth in soaps and household insecticides. Overseas too it has
 performed creditably with Indonesia and Africa doing particularly well.
 Consolidated Net Sales stood at Rs. 4,866 crore, as against last year''s
 Sales of Rs. 3,693 Crore and Consolidated Profit After Tax increased by
 41% from Rs. 515 Crore last year to Rs. 727 Crore (after minority interest)
 in the current year.
 
 The just concluded fscal has been a year of both consolidation and
 growth. Internationally, GCPL has further expanded its footprint by
 entering new geographies in Africa and Latin America. During the year
 under review, GCPL acquired rights for 51% stake in a pan-African
 leading hair care company, Darling Group Holdings. This acquisition
 enables GCPL to become a leading player in hair care across sub-Saharan
 Africa region with presence in 14 countries across the region. 38% of
 revenues in fscal year 2012 came from international operations.
 
 GCPL also expanded its presence in Latin America with the acquisition
 of a 60% stake in Cosmetica Nacional, a leading hair colorant and
 cosmetics company in Chile. This transaction apart from giving GCPL a
 foothold in the continent''s fastest growing economy has also enabled
 GCPL to own some highly regarded heritage brands like Pamela Grant
 and Illicit.
 
 Financial Position
 
 The financial position of your company continues to be sound. The loan
 funds at the end of the year stand at Rs. 506.72 crore as compared to Rs.
 554.23 crore in the previous year. The debt equity ratio is 0.40 as
 compared to 0.49 last year. Your Company continues to hold the topmost
 rating of A1  from ICRA for its commercial paper program (Rs. 260 Crore)
 (enhanced from Rs. 160 Crore).  ICRA has reaffirmed an A1  rating for its
 short term debt instruments/other banking facilities (Rs. 750 Crore).
 This rating of ICRA represents highest-credit quality carrying
 lowest-credit risk.  ICRA also reaffirmed LAA rating for long-term
 debt, working capital and other banking facilities (Rs. 540 Crore). This
 rating represents high-credit quality carrying low-credit risk.
 
 ICRA Online has assigned a rating of the Fundamental Grade ''4 '' and the
 valuation Grade ''B'' to the Equity Research rating program of your
 company. The Fundamental Grade ''4'' assigned to your company implies
 that the company has ''strong fundamentals'' relative to other listed
 securities in India, while '' '' indicates relatively stronger position
 within the grading category. The Valuation grade ''B'' assigned by ICRA
 Online implies that the company is moderately undervalued on a
 relative basis.
 
 Manufacturing Facilities
 
 The chemicals division of your Company has manufacturing units at
 Vikhroli and Valia.
 
 Vikhroli: Vikhroli factory continues to be recertified Integrated
 Management System (ISO 9001:2008, Environment Management System ISO
 14001:2004, Occupational Health & Safety Assessment System OHSAS
 18001:2007) conducted by Bureaus Veritas.
 
 Valia: Valia factory, which has been already certified for
 ISO-9001:2008 and ISO 14001:2004 standards, has also been certified for
 OHSAS18001:2007 by Bureau Veritas and recertified for and ISO
 27001:2005 by BSI.
 
 New products C20-90%, C22-98% Fatty Alcohols were successfully Produced
 on commercial scale, new spray dryer plant was successfully
 commissioned for the production of SLS powder and needles. This Factory
 has achieved its full capacity. Strategy to convert sulphonation
 facility to produce only SLS and SLES was implemented successfully.
 Sulphonation plant has also achieved its rated capacity for SLS/SLES.
 
 The factory has implemented and is maintaining the Current Good
 Manufacturing Practice systems for the Surfuctant plant. This facility
 is also approved by multinationals for usage of SLS and SLES for oral
 and personal care applications.
 
 Vegoils Division (Wadala): This division continues as a contract
 processor of edible oils and vanaspati.  The division recorded a
 turnover of Rs. 2.44 crore as against Rs. 2.86 crore in the previous year.
 
 New manufacturing facilities at Ambernath: Work on new site at
 Additional Ambernath has commenced and phase one (Land leveling,
 compound wall and underground water tank and fire water tank has been
 completed.)Phase two comprising of plant foundations and structures has
 begun and is in progress.
 
 Research and Development
 
 Your Company is proud to announce that Godrej Industries Limited
 Research Centre has been accorded the designation of a Recognized
 In-House R&D Unit by the Department of Scientific and Industrial
 Research (DSIR) Wing of the Department of Science and Technology.
 
 Coinciding with the government recognition, our R&D activities have
 resulted in the launch of four new products, each of them being high
 value derivatives of fatty alcohols, having specialty applications in
 personal care products and textile auxiliaries. As this year comes to a
 close, we will be on the cusp of developing our first premium grade
 derivative of glycerine. Improvement of existing processes and the
 endeavor to develop new processes and technologies will be an ongoing
 activity. So too, will be our efforts to manufacture premium quality
 fatty acids from economy grade raw materials. We will also continue to
 focus our attention on high value fractionated fatty acids for the
 polymer, oilfield and lubricant industries. Parallel to all the above
 projects, R&D has taken up initiatives to develop and customize
 specialty surfactants, focussing on the oral care and personal care
 markets, thus delivering customer delight.
 
 Human Resource Development and Industrial Relations
 
 Your Company has always emphasized on quality and its employees are
 encouraged to get involved in the continuous process of improving
 quality through TQM and quality circles. Two quality circles from the
 Vikhroli Factory viz, Shilpakar Quality Circle and Navanirman Quality
 Circle were recognized as Par Excellent Quality Circle and Excellent
 Quality Circle respectively by the Quality Circle Forum of India in
 the 25th National Convention of Quality Circles held in Hyderabad.
 
 Industrial relations at all plant locations remained harmonious. Your
 company entered into a 3 year wage agreement for Valia Factory. Regular
 structured safety meetings were held with employees and safety
 programmes were conducted for them throughout the year.
 
 Sustainability Update
 
 There is a separate report on sustainability update as Annexure B to
 this Report.
 
 Information Systems
 
 Your Company has strategic alliance with Hewlett Packard (HP) for a
 comprehensive IT outsourcing and transformation project. As a result
 Application and Infrastructure maintenance services have improved. SAP
 system has been upgraded in order to make substantial improvement in
 technology as well as business processes. Adequate support is being
 provided for ensuring technology availability at the new Ambernath
 location.
 
 Employee Stock Option Plan (ESOP) and Employee Stock Grant Scheme
 2011(ESGS)
 
 During the financial year 2011-12, 6 option grantees were granted ESOPs
 based on their leadership responsibility and potential.
 
 Date and Grant of ESOP     No. of ESOPs    No. of Employees
 
 July 30, 2011                2,97,250               6
 
 On June 29, 2011 and July 30, 2011, the Compensation Committee approved
 a total of 2,25,516 stock grants equivalent to 2,25,516 equity shares
 of the Company to eligible employees in terms of the ESGS Scheme. The
 exercise price is Rs. 1 per equity share as provided in the Scheme.
 
 Disclosure in compliance with clause 12 of the Securities and Exchange
 Board of India (Employees Stock Purchase Scheme) Guidelines, 1999 is
 given in Annexure C attached and forms a part of this report.
 
 Fixed Deposits
 
 Your Company continues to accept public deposits for 13, 24 and 36
 months'' tenor. The Fixed Deposits scheme has received an overwhelming
 response and the management of the company is thankful to all the
 investors for participating in the scheme and for the trust reposed in
 the company. During the year ended March 31, 2012, deposits aggregating
 to Rs. 10.10 crore have been mobilised and deposits aggregating to Rs.
 15.08 crore have been repaid on maturity. The Company has no overdue
 deposits other than unclaimed deposits.
 
 Depository System
 
 Your Company''s equity shares are available for dematerialization
 through National Securities Depository Limited and Central Depository
 Services (India) Limited. As of March 31, 2012, 99.73% of the equity
 shares of your Company were held in demat form.
 
 Directors
 
 In accordance with Article 127 of the Articles of Association of the
 Company, Mr. M. Eipe, Mr. J.S. Bilimoria, Dr. N.D. Forbes and Mr. S.A.
 Ahmadullah retire by rotation at the ensuing Annual General Meeting and
 offer themselves for reappointment. Mr. F. P. Sarkari ceases to be
 Director with effect from June 1, 2012.  Mr. F. P. Sarkari has been a
 Director of the Company since January 30, 2002, and was also the
 Chairman of the Audit Committee of Directors. The Directors place on
 record their appreciation of the valuable contribution made by Mr. F.
 P. Sarkari during his tenure.
 
 Auditors
 
 You are requested to appoint Auditors for the current year and to
 authorise the Board to fix their remuneration. The retiring auditors,
 Kalyaniwalla and Mistry, Chartered Accountants, are eligible for
 reappointment. A certificate from the Auditors has been received to the
 effect that their reappointment, if made, would be within the limits
 prescribed under Section 224(1B) of the Companies Act, 1956.
 
 Audit Committee
 
 The Audit Committee, which was constituted pursuant to the provisions
 of Section 292A of the Companies Act, 1956 and the listing agreement,
 has reviewed the Accounts for the year ended March 31, 2012. The
 members of the Audit Committee are Mr. F.P. Sarkari, Mr. S.A.
 Ahmadullah, Mr. K.N. Petigara and Mr. K.K. Dastur, all Independent
 Directors.
 
 Directors'' Responsibility Statement
 
 Pursuant to the provisions contained in Section 217(2AA) of the
 Companies Act, 1956, the Directors of your Company confirm:
 
 a) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed and no material departures have
 been made from the same;
 
 b) that such accounting policies have been selected and applied
 consistently, and such judgments and estimates have been made 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;
 
 c) that proper and sufficient care has been taken for the maintenance
 of adequate accounting records in accordance with the provisions of
 this Act for safeguarding the assets of the Company, for preventing and
 detecting fraud and other irregularities;
 
 d) that the annual accounts have been prepared on a going concern
 basis.
 
 The Directors of your Company further confirm that proper systems are
 in place to ensure compliance of all laws applicable to the Company.
 
 Corporate Governance
 
 As required by the existing clause 49 of the Listing Agreements with
 the Stock Exchanges, a detailed report on Corporate Governance is
 included in the Annual Report. The Auditors have certified the
 Company''s compliance of the requirements of Corporate Governance in
 terms of clause 49 of the Listing Agreement and the same is annexed to
 the Report on Corporate Governance.
 
 Additional Information
 
 Annexure D to this Report gives information in respect of Conservation
 of Energy, Technology absorption and Foreign Exchange Earnings and
 Outgo, required under 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 and forms a part of the Directors''
 Report.
 
 In the context of a globalizing Indian economy, increased number of
 subsidiaries and the introduction of accounting standards on
 consolidated financial statements, the Ministry of Corporate Affairs
 vide its general circular no.2/2011 dated February 8, 2011 has granted
 a general exemption from publishing the accounts of subsidiaries
 provided certain conditions are fulfilled.
 
 In line with the above circular and as per the Accounting Standard 21
 (AS 21) issued by the Institute of Chartered Accountants of India, the
 consolidated financial statements of the Company forms a part of this
 Annual Report. Accordingly, this Annual Report of your Company does not
 contain the financial statements of its subsidiaries.
 
 The Audited Annual Accounts and related information of the Company''s
 subsidiaries will be made available upon request. These documents will
 also be available for inspection during business hours at the Company''s
 registered office in Mumbai, India. All these reports / documents are
 available on the Company''s website, www.godrejinds.com . The subsidiary
 companies'' documents will also be available for inspection at the
 respective registered offices of the subsidiary companies during
 business hours.
 
 Information as per Section 217(2A) of the Companies Act, 1956, read
 with the Companies (Disclosure of Particulars in the Report of the
 Board of Directors) Rules, 1988 forms a part of the Directors'' Report.
 As per the provisions of Section 219(1) (b) (iv) of the Companies Act,
 1956, the Report and Accounts are being sent to the Shareholders of the
 Company, excluding the statement of particulars of employees u/s
 217(2A) of the Companies Act, 1956. Any shareholder interested in
 obtaining a copy of the same may write to the Company Secretary at the
 registered office of the Company.
 
 Details of related party transactions are presented in Note No. 46 to
 Annual Accounts of the Annual Report. The Notes to the Accounts
 referred to in the Auditors'' Report is self-explanatory. In respect of
 the qualifications in the Audit Reports, we state as follows:
 
 Loans and Advances include Rs. 10.33 crore (Previous year Rs. 10.33 crore)
 advanced by the Company to certain individuals against pledge by way of
 deposit of equity shares of Gharda Chemicals Ltd. The Company has
 enforced its security and lodged the shares for transfer in its name,
 however, the transfer application has been rejected by Gharda Chemicals
 Ltd. and the Company filed an appeal before the Company Law Board
 against the rejection. The investee company had in the meanwhile, moved
 the Bombay High Court and the Court remanded the matter back to CLB.
 The CLB has advised that the parties may approach the Bench after final
 disposal of the suit filed by the investee company and the application
 made by minority shareholders under section 397/398 before the Hon''ble
 High Court.  The Company has filed an appeal with the Hon''ble High
 Court against the order of the Company Law Board under Section 10 F of
 the Companies Act 1956, which is pending for final disposal. The
 recoverability of the advance is contingent upon the transfer and/or
 disposal of the said shares. It is the opinion of the management that
 the underlying value of the said shares is substantially greater than
 the amount of the loan. In the meantime, the minority shareholders have
 been restrained from transferring shares to a third party.
 
 Non current investments include Rs. 0.12 crore for investment made in
 Gharda Chemicals Limites (GCL) which is not in the name of the Company.
 The Company had lodged the transfer deed for effecting transfer of
 shares in its name with GCL which was refused by them.
 
 Acknowledgement
 
 Your Directors thank the Union Government, the Governments of
 Maharashtra and Gujarat as also all the Government agencies, banks,
 financial institutions, shareholders, customers, employees, fixed
 deposit holders, vendors and other business associates, who, through
 their continued support and co-operation, have helped as partners in
 your Company''s progress.
 
                      For and on behalf of the Board of Directors
 
                                                    A. B. Godrej
 
                                                        Chairman       
 Mumbai, May 30, 2012