The Directors have pleasure in presenting the Twenty Eighth Annual
 Report of the Company, together with the Audited Accounts for the
 financial year ended 31st March, 2012.
 
 FINANCIAL SUMMARY:
 
                                                            Rs. in Lacs
 
 Particulars                                     2011-12         2010-11
 
 Total Revenues                                  8393.28         7162.77
 
 Profit Before Interest, Depreciation and 
 Tax (PBIDT)                                      748.20          608.28
 
 Interest                                         263.07          190.58
 
 Depreciation                                     188.12          180.66
 
 Profit Before Tax (PBT)                          296.01          237.04
 
 Provision for Tax                                125.50           60.41
 
 Excess Provisions Written Back                    29.18            1.69
 
 Provision for Deferred Taxation                  (10.38)          28.54
 
 Profit After Tax (PAT)                           152.71          146.40
 
 Surplus Brought Forward                          922.95          821.65
 
 Balance Available for Appropriation             1075.66          968.05
 
 Appropriations:
 
 Dividend                                          38.68           38.68
 
 Tax on Dividend                                    6.27            6.42
 
 Transfer to General Res.                              -               -
 
 Surplus Carried Forward                         1030.71          922.95
 
 FINANCIAL HIGHLIGHTS:
 
 During the year under review the sales increased to Rs. 8393.28 Lacs in
 comparison to previous year''s Rs. 7162.77 Lacs an increased of 17.18%.
 PBIDT increased by 23% and PBT increased by 25.30%. PAT increased by
 4.30%.
 
 DIVIDEND:
 
 The Directors are pleased to recommend a Dividend of 5 % per equity
 share of Rs..1 each for the financial year ended 31st March 2012.
 
 LISTING:
 
 Your Company is listed with the Bombay Stock Exchange Limited at P J.
 Towers, Dalal Street, Mumbai 400 001, bearing Scrip Code No. 509079 and
 with the National Stock Exchange of India Limited at Exchange Plaza,
 Bandra Kurla Complex, Bandra (E), Mumbai 400 051 bearing Scrip Code
 GUFICBIO. The listing fees for the year 2012- 2013 has already been
 paid by the Company.
 
 FIXED DEPOSITS:
 
 During the year under review, your Company has not accepted any
 deposits from the public.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 In terms of provisions of Section 217(2AA) of the Companies Act, your
 Directors'' confirm that:
 
 - In the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 - Appropriate accounting policies have been selected and applied
 consistently and judgments and estimates 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 ended 31st March, 2012 and
 of the profits of the Company for that period;
 
 - 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 for
 preventing and detecting fraud and other irregularities;
 
 - The annual accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
 REPORT
 
 A Report on Corporate Governance along with a Certificate from the
 Auditors of the Company regarding compliances with the conditions of
 Corporate Governance pursuant to Clause 49 of the Listing Agreement is
 annexed hereto.
 
 Management Discussion and Analysis Report, as required under the
 Listing Agreements with the Stock Exchanges is given as a separate
 statement, which forms part of this Annual Report.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGOES:
 
 The information 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 is annexed hereto and forms part
 of this Report.
 
 PARTICULARS OF EMPLOYEES:
 
 There are no employees whose information is required to be given under
 Section 2I7 (2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules, 1975 as amended.
 
 DIRECTORS:
 
 As per the provisions of Companies Act, 1956 and Articles of
 Association, Mr. Sharat S. Gandhi and Mr. Pranav J. Choksi retires by
 rotation at the ensuing Annual General Meeting and being eligible
 offers themselves for reappointment.
 
 AUDITORS:
 
 Comments given by the Auditors in their Audit Report when read together
 with the notes to Accounts are self explanatory and needs no further
 comments.
 
 APPRECIATION:
 
 Your Directors wish to place on record their sincere appreciation for
 the continuous support received from your Company''s customers, its
 dealers and suppliers and from its bankers. Your directors also
 acknowledge with gratitude the encouragement and support extended by
 its valued shareholders.
 
                           For and on behalf of the Board of Directors,
 
 Place: Mumbai                                           Jayesh Choksi
 
 Date: 10th July, 2012                    Chairman & Managing Director