Gokul Refoils and Solvent

The Directors are pleased to present the 15th ANNUAL REPORT on the
 affairs of the Company together with the audited Balance Sheet as on
 31st March 2008 and Profit & Loss Account for the year ended 31st
 March 2008.
 
 FINANCIAL RESULTS                                    (Rs. In Lakhs) 
 
 Sr.  Particulars                                31.3.2008   31.3.2007
 No.
 
 1.  Gross Turnover And Operating Income          205152.81   156356.65
 
 2.  Net Turnover                                 205074.60   156249.12
 
 3.  Other Income                                    593.74      457.00
 
 4.  Total Revenue                                205668.34   156706.12
 
 5.  Profit before interest, Depreciation, 
 Miscellaneous Expenditure written off and 
 Taxation (EBIDTA)                                 13515.40     6482.51
 
 6.  Interest and Financial Cost                    4172.56     1948.75
 
 7.  Depreciation and Miscellaneous 
     Expenditure WRITTEN OFF                        1222.18      830.14
 
 8.  Profit before Taxation (PBT)                   8196.87     3703.62
 
 9.  Tax including Deferred Tax and 
     Fringe Benefit Tax                             2700.92     1032.10
 
 10. Profit after Taxation (PAT)                    5495.94     2671.52
 
 11. Profit brought forward from the 
     Previous Year                                  8387.34     5715.82
 
 12. Balance carried to Balance Sheet              13880.11     8387.34
 
 Operations Overview
 
 During the year under review, the Company has posted an impressive
 performance.
 
 On standalone basis ,the Company has achieved turnover of Rs. 205074.60
 lacs in comparison of previous year Rs. 156249.12 lacs which shows a
 growth of about 31%. The net profit after tax has increased to Rs.
 5495.94 lacs as compared to Rs. 2671.52 lacs in the previous year
 registering a growth of 105.70%.
 
 On a Consolidated basis, the Turnover, EBIDTA and PAT of the Company
 are Rs- 205074.60 lacs Rs. 13515.40 lacs and Rs. 5495.94 lacs
 respectively.
 
 DIVIDEND
 
 In order to conserve the resources as committed for meeting with the
 expenses envisaged for the new projects and ongoing expansion and for
 future growth, your Directors do not recommend any dividend for the
 year under review.
 
 STATUS OF THE NEW PROJECTS & EXPANSION OF EXISTING PROJECTS
 
 a) Completion of 1500 TPD Soyabean processing plant near Gandhidham,
 Gujarat
 
 Your Company has set up a Soyabean processing plant having an installed
 capacity of 1500 tons per day (TPD) and the plant became operational
 during the year under review.
 
 b) Expansion of edible oil refinery from 100 TPD to 400TPD
 
 The Surat unit is also proposed to be expanded from 100 TPD refining
 capacity of the plant to 400 TPD.
 
 c) Setting up of a 1000TPD refinery at Haldia
 
 In keeping with its vision of becoming a truly national player and
 leader in edible oil sector the Company has decided to set up a
 state-of-the art edible oil refinery at Haldia in West Bengal. The
 Company has already acquired leasehold land from the Haldia
 Development Authority. The Company has placed orders for major plant
 and machineries. The total capital cost for this project is estimated
 at Rs.140 crores.  And the same would be met partly through term loans
 from banks and partly from internal cash accruals..
 
 PREFERENTIAL ALLOTMENT
 
 Your Company has made preferential allotments for 8,08,108 Equity
 shares of Rs. 10 each at a premium of Rs. 175 each amounting to Rs.
 149499980 during this year. All the shares are subject to lock-in for a
 period of one year from the date of allotment..
 
 INITIAL PUBLIC OFFER (IPO)
 
 The company had come up with an IPO recently. It had received an
 excellent, splendid and an overwhelming response from the Public.
 
 The Issue opened on 8th of May 2008 and closed on 13th of May,2008. The
 Company had offered 7158392 equity shares through IPO with a price-band
 of Rs.175 to Rs.195.The Issue was over subscribed by 4.27 times
 overall. It had been oversubscribed 2.72 times in QIB segment, 6.58
 times in HNI segment, 1.06 times in EMPLOYEE category, and 5.59 times
 in RETAIL segment. Allotment of the shares was made on 27th of May,
 2008. The equity shares of the Company have been listed on BSE and NSE
 on 4th of June, 2008.
 
 FIXED DEPOSITS
 
 The Company has not accepted any Fixed Deposits from the public and it
 is therefore not required to comply with the requirement under
 Non-Banking Non-Financial companies (Reserve Bank) Directions, 1966 and
 Companies (Acceptance of Deposits) Rules, 1975.
 
 DISCLOSURE
 
 Pursuant to section 217(1) & 217(2) of the Company Act, 1956 read with
 the Companies (Disclosures of Particulars in the report of Board of
 Directors) Rules, 1988. The relevant information with respect to
 conservation of energy, technology absorption and foreign exchange
 earning/out go have been provided elsewhere in the report.
 
 The Board of Directors inform the members that during the financial
 year there has been no change
 
 1.  In the nature of the companys business.
 
 2.  In the classes of business in which the company has an interest.
 
 SUBSIDIARY COMPANIES
 
 Your Company has two wholly owned subsidiary companies namely Maurigo
 International Ltd, Mauritius and Maurigo Pte Ltd .Singapore.In line
 with section 212 of the Companies Act, 1956 the audited statements of
 accounts along with the Directors Report and the Auditors report of
 both these companies is annexed herewith.
 
 DIRECTORS
 
 Mrs. Bhikhiben B Rajput, Mrs. Manjulaben K Thakkar and Mrs. Jashodaben
 J Thakkar have resigned from the office of the Directors of the Company
 with effect from August 10, 2007. The Board records its appreciation
 for the valuable contribution made by them during their tenure as
 Directors of the Company.
 
 Mr. Piyushchandra R Vyas, Dr. Dipuba H Devada and Dr. Rashid AM Khan
 have been appointed as the Independent and Non-executive Directors of
 the company with effect from September 6, 2007 at the Extra Ordinary
 General Meeting.
 
 In terms of Article 155 of the Articles of Association, Dr. Dipuba H
 Devada, retire by rotation and being eligible, offer herself for
 reappointment at the ensuing Annual General Meeting.
 
 Notice has been received from member pursuant to Section 257 of
 Companies Act together with the necessary deposits of Rs. 500/-
 proposing the appointment of Mr. Karansinhji Mahida to the Board of
 Directors.
 
 INSURANCE
 
 All the movable and immovable assets of the Company are adequately
 insured and are covered for all the risks.
 
 AUDITORS
 
 M/s. M.R. PANDHI & ASSOCIATES, Chartered Accountants, Auditors of the
 Company, retire at the conclusion of the ensuing Annual General Meeting
 and are eligible for reappointment and have expressed their willingness
 to act as the Auditors of the Company, and have further confirmed that
 the said appointment would be in conformity with the provisions of
 Section 224 (1B) of the Act and that they are not disqualified for such
 reappointment within the meaning of Section 226 of the said Act.
 
 The company is consistently following the practice of accounting for
 custom duty on goods lying in custom bonded warehouse and it has no
 effect in its profit/loss for the year. There is no other qualification
 in the auditors report.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 As stipulated by Clause 41 of Listing Agreement with Stock Exchanges,
 Consolidated audited Financial Statements of the Company, its
 subsidiaries and associates, for the year ended 31st March, 2008 have
 been prepared by the Company in accordance with the requirements of
 Accounting Standard 21 Consolidated Financial Statements and
 Accounting Standards prescribed by the Institute of Chartered
 Accountants of India.  The Audited Consolidated Financial Statements
 Form the part of the annual report.  PARTICULARS OF THE EMPLOYEES
 
 In terms of the provisions of Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 the particulars of the employees receiving remuneration in aggregate
 not less than Rs. 24,00,000 per annum or Rs. 2,00,000 per month is
 hereby annexed as Annexure-B to the report.  DIRECTORS RESPONSIBILITY
 STATEMENT
 
 Pursuant to the requirements under Section 217(2AA) of the Companies
 Act, 1956, the Directors hereby state and confirm that:
 
 (i) In the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 (ii) They have selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company as at 31 st March 2008 and of the profit of the company for
 the year ended on that date.
 
 (iii) They have taken proper and sufficient care for the maintenance of
 adequate accounting records in accordance with the provisions of this
 Act for safeguarding the Company and for preventing and detecting fraud
 and other irregularities;
 
 (iv) They have prepared the annual accounts on a going concern basis.
 
 CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY
 
 CORPORATE GOVERNANCE
 
 The Company has complied with the requirements of Clause 49 of the
 Listing Agreement regarding Corporate Governance as were applicable
 during the year under review to the Company.
 
 A report on Corporate Governance practices followed by the Company, the
 Auditors Certificate on compliance of mandatory requirements thereof
 and Management Discussion and Analysis are given as Annexure to this
 report.  
 
 SOCIAL RESPONSIBILITY
 
 The Company has been proactively discharging its social
 responsibilities in the area of Health and Education through Bahuchar
 Janseva Trust, a charitable trust which runs 50 bed hospital and
 library in Sidhpur. It has started a hospital at Gandhidham also. Your
 Company has been supporting this trust since its incorporation.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION &
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Information in accordance with the provision of Section 217(1) (e) of
 the Companies Act, 1956 read with Companies (Disclosure of particulars
 in the Report of the Board of Directors) rules, 1988 regarding
 conservation of energy, technology absorption and foreign exchange
 earnings and outgo is given in the Annexure-A hereto forming a part of
 the report.
 
 APPRECIATION
 
 The Directors take this opportunity to express their appreciation for
 the co-operation and assistance received from the Bankers as well as
 Shareholders during the year under review.
 
 The Directors also wish to place on record their appreciation of the
 devoted and dedicated service rendered by all the employees of the
 Company.
 
 
                                For and on behalf of the board
 
 Place: Ahmedabad               BALVANTSINH C RAJPUT
 Dated: 23/06/2008              Chairman and Managing Director