To the Members of HINDUSTAN ORGANIC CHEMICALS LIMITED
 
 Dear Shareholders
 
 The Directors are pleased to present the 51st Annual Report and the
 Audited Annual Accounts of the Company for the financial year ended
 31st March, 2012.
 
 The financial performance of the Company for the year ended March 31,
 2012 is summarized below:
  
                                                         (Rs.in Lacs)
 
                                             Year ended   Year ended 
                                             31/03/2012   31/03/2011 
 
 Sales                                         60636.71     73803.91
 
 Operating Profit/(Loss)                      (2,801.42)     7285.91
 
 Less: Interest                                 2373.78      2138.86
 
 Depreciation                                   2304.51      2517.74
 
 Profit/(Loss) before tax                     (7,479.71)     2629.31
 
 Less: Provision for taxation                         -            -
 
 Less: Prior Period adjustments &
 Exceptional Items                              (327.14)       57.72
 
 Profit/(Loss) after tax & Prior period 
 adjustments, Provisions and 
 Exceptional Items.                           (7,806.86)     2571.59
 
 Results of Operations
 
 During the year under review the Company was under Net loss of Rs.
 78.07 crores, while the Net profit during the previous year was Rs.
 25.72 crores .
 
 As regards the unit wise performance, the Net Profit of Kochi Unit was
 Rs.26.02 crores which was much lesser as compared to the previous
 year''s profit of Rs.130.08 crores. The Rasayani Unit recorded a Net
 Loss of Rs. 104.10 crores as compared with the previous year''s loss
 of Rs. 104.37 crores.
 
 Reporting to BIFR under SIC(SP)Act, 1985 .
 
 In view of the fact that as on 31-03-2012 as the Company''s
 Accumulated Losses have resulted into erosion of more than 50% of the
 Peak net worth (of the immediately preceding 4 years), Company is
 taking necessary steps under Section 23(c) of SIC (SP)Act,1985.
 
 OPERATIONS :
 
 During the year under report your company''s Kochi unit achieved a
 sales turnover of 64298 MTs valuing 43200 Lacs as against 84082 MTs
 valuing 58120 Lacs of the previous year.
 
 With the production of 178792 MTs during the year 2011-12 as against
 the production of 251007 MTs in 2010-11, your company could achieve an
 overall capacity utilization of 42% during the year. Your company has
 recorded the sale of 115566 MTs during the year (previous year 145173
 MTs) valuing Rs.54827 lacs ( previous year Rs. 66736 lacs).
 
 The high labour cost and high incidence of cost on closed plants at
 Rasayani Unit are the major concerns . Company decided to operate those
 plants which are giving contribution. Your company has continued its
 cost cutting measures to counter these problems and in order to be
 competitive and improve performance and profitability.
 
 PRODUCTION :
 
 Kochi Unit:
 
 During the year your company''s Kochi unit could achieve 126076 MTs of
 production as against the previous year''s production of 167886 MTs.
 The capacity utilization for the year was 82 %.  Rasayani Unit:
 
 During the year your company''s Rasayani unit could achieve 52716 MTs
 of production as against the previous year''s production of 66798 MTs.
 The capacity utilization for the year was 27 %.
 
 MARKETING :
 
 In the highly volatile chemical market, sluggish demand & stiff
 competition from import of HOC''s main products, during the Year
 2011-12, Company has achieved the sales turnover of Rs. 548.27 Crores
 (net of excise duty) as against Rs. 667.36 crores (net of excise duty)
 of the previous year(2010-11) . The sale value achieved because of
 continued support from its valuable customers and due to excellent
 quality products produced at Kochi and Rasayani Units. The sales volume
 during year 2011-12 was 1,15,566 MTs against 1,45,173.65 MTs for the
 year 2010-11.  STATUS OF OPERATIONS AND FUTURE PLANS Refurbishment of
 CNA/N2O4 Plant - Ph. II is in progress with implementation of new DCS
 and will be completed during F.Y.2012-13.
 
 Hydrogen Peroxide Plant capacity will be enhanced to the targeted
 capacity of 14,000MT/p.a. from installed capacity of 10450MT/p.a. by
 carrying out in house de-bottlenecking.
 
 ENERGY CONSERVATION/TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
 AND OUTGO
 
 Information in accordance with the provisions required to be disclosed
 under Section 217(2)(e) of the Companies Act, 1956 read with the
 Companies (Disclosures of particulars in the Report of Board of
 Directors) Rules, 1988, regarding conservation of energy, Technology
 Absorption and Foreign Exchange Earning and outgo, are given at
 Annexure II to this Report.  RESEARCH & DEVELOPMENT
 
 R&D efforts this year too have continued in the IPR (Intellectual
 Property Rights) portfolio as regards filing of new patents is
 concerned. Three numbers of Indian Patents were granted this year.
 After successful laboratory scale development of vapour phase
 continuous process for ISRo specific grade kerosene fuel, pilot plant
 scale study is being started. Various process parameter are being
 correlated by a model.
 
 HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS:
 
 Our strength is our Human Resource. The Company continues to recognize
 that human asset is very much valuable for the continual improvements
 in the performance of the company, particularly in the context of
 competition all around. The company greatly values their contribution
 and dedication and is committed to the development and growth of this
 vital resource. In order to attain the twin objective of reducing
 manpower and restructuring of human resources for optimum utilization
 of available man power.  Company continues to implement Government
 Policy of Reservation for SC/ST and other categories. The position
 relating to SC/ST/Women personnel in the Company is given in Annexure -
 III to the Directors'' Report.
 
 II.  Training
 
 A developed human resource is an asset for the enterprise.  Company
 gives utmost importance to enhance the skills of our employees through
 Training & Development Programmes.  Training is imparted based on
 identification of Training Needs in areas such as Safety, Advanced
 Technology, Modern Management Techniques, Soft Skills, Energy and
 Environment Management Systems, First Aid, Participative Management and
 Workers Education, Information Technology etc. During the Financial
 Year 2011 - 2012 at Kochi Unit, Company has organised various Training
 Programmes both Inhouse and External covering 537 mandays with the help
 of External/Internal Experts based on requirement and identification of
 Training Needs. At Rasayani Unit, In house as well as outside training
 programs have been arranged for the benefit of the employees.  During
 the year 2011-2012, in all 74 training programs were conducted,1239
 mandays were trained through inhouse training programs, 356 mandays
 were trained by sponsorship i.e. outside training and 248 mandays were
 trained through on job training.  Thus, total 1843 mandays were trained
 during the year.
 
 As part of the implementation of ERP in HOCL at Kochi Unit much
 emphasis was given in imparting training to the employees.  ERP
 training imparted in various levels, that is Core Committee Training,
 Steering Committee Training and Functional Heads Training and Core User
 Training. Training was imparted in general as well as for the Core
 functionalities, Usage of Employees Self Service etc. End user training
 on different modules are also imparted so as to keep the system more
 user friendly.
 
 Regular Refresher courses were arranged in Safety & ISO
 implementations. First Aid Recertification course was also arranged
 during this year.
 
 Considering the importance of Energy conservation, training on Energy
 conservation by experienced faculty members from Petroleum Conservation
 Research Association Mumbai was conducted.
 
 In Chemical Industry, First Aid training to the employees is of prime
 importance in safety point of view. Accordingly, 75 employees at
 Rasayani Unit were trained by Life Line Institute of First Aid
 &Emergency Medicine, Thane, Mumbai.
 
 III.Industrial Relations
 
 By and large the climate of harmonious and cordial industrial relation
 was maintained in the Company throughout the year.
 
 IV.  Suggestion Scheme
 
 The Suggestion Scheme is in existence in the Company. All employees in
 the Company are eligible to participate in this scheme. The Suggestions
 received from the employees are evaluated by a Suggestion Committee and
 the selected suggestions are awarded with Cash Prizes ranging from
 Rs.100/ - to Rs. 5000/- CORPORATE SOCIAL RESPONSIBILITY The company is
 very much conscious about its social responsibility, right from its
 inception. To fulfill this, company has provided basic civic amenities
 to the neighboring villages, rendering assistance to the neighborhood
 in different forms viz.  Financial assistance, drinking water supply,
 medicine, etc.
 
 To promote school education, company is giving scholarship to X and XII
 Std. Students. Company extends need based assistance to deserving SC/ST
 students in the nearby villages of their graduate education. Company
 also extends vocational training facilities to the wards of employees
 studying in nearby engineering colleges/ and Management institutes for
 enhancing their practical knowledge. Company also engages diploma
 (sandwich course) apprentices as a part of their curriculum for
 imparting practical training.
 
 Company has also constructed and maintained a hall in the name of
 Bharatratna Dr. Babasaheb Ambedkar with a view to provide a platform
 for discussion / seminars/ symposiums on principles / teachings of Dr.
 Babasaheb Ambedkar.
 
 HOCL, Kochi Unit has sponsored Medical Equipments to Govt.  Taluk
 Headquarters Hospital, Tripunithura at a total cost of Rs.8,70,000/-.
 Kochi Unit has donated Rain Coats to Ambalamedu Police Station for the
 use of Police Personnel and Uniforms to the poor students of Mar
 Athanesius High School, Kakkanad .  
 
 PARTICULARS OF EMPLOYEES - INFORMATION REQUIRED UNDER SECTION 217(2A)
 OF THE COMPANIES ACT, 1956
 
 No employee of the Company has drawn the remuneration during the year
 2011-12 or any part thereof, in excess of the limits specified under
 the Company''s (Particulars of Employees) Rules 1975.
 
 Accordingly particulars of employees'' remuneration prescribed u/sec
 217 (2A) of the Companies Act, 1956 are not furnished.  
 
 VIGILANCE
 
 The Vigilance Department, headed by Chief Vigilance Officer, appointed
 by Government of India on deputation, has three main functional
 Offices, one at Rasayani (Raigad) in Maharashtra, and at Ambalamugal
 (Kochi) in Kerala and another at Corporate office, Mumbai. Keeping in
 view of the Principles of Corporate Governance, the main focus of the
 Vigilance department has been to help the sincere, dedicated and honest
 personnel working in the Organization to discharge their duties
 effectively and efficiently so that the target of optimum turnover and
 profitability are achieved in a transparent manner. More emphasis is
 given in improving the functioning of all sections and maintaining
 transparency.
 
 The Vigilance department takes appropriate and timely action in respect
 of complaints received. There is a comprehensive complaint handling
 policy and prescribed punitive action is duly suggested, after
 conducting fair and impartial investigation/ enquiry, where ever
 required. The Annual Property Returns of the Officers are periodically
 scrutinized and inspection of departmental activities are undertaken to
 detect deviations, if any, and suggest corrective measures. Various
 Vigilance Awareness Programmes, as per guidelines issued by the CVC,
 are observed and awareness sessions are conducted for the personnel
 regarding vigilance related matters as well as in respect of CDA Rules,
 RTI Act, PIDPI (Whistle Blowers Act) etc.  from time to time. The
 vigilance department has been instrumental in updating the existing
 manuals and policies i.e.  the Purchase Policy, the Works Policy, the
 Marketing Manual, the Vigilance Manual etc., so that the laid down
 procedures, policies, rules, regulations etc., of the Company and that
 of the Central Vigilance Commission are duly followed.
 
 HEALTH, ENVIRONMENT, FIRE & SAFETY Health :
 
 - Based on the toxicity of chemicals periodic medical examination of
 all the employees is carried out by doctors specially trained in
 occupational health and hygiene at Company''s Health Centers at both
 the units.
 
 - Various health awareness training programs were carried out by
 specialist doctors (both external and internal) for the benefit of
 employees. Large number of employees attended the same.
 
 Environment, Fire & Safety:
 
 The Company pays special attention to ensure safety of the factory and
 workers employed therein.
 
 The Company accords the same priority attention to safety aspects as it
 does to production and productivity, be it in a personal safety,
 process safety, environmental safety or product stewardship and
 allocated adequate resources of men, machine, money, time and energy to
 maintain the standards. Thus performance during the year is very good.
 During the year under review, Company has Nil reportable accidents.
 
 The company continued to maintain good safety record without any major
 accident of Fire. Consistent safety training, safety audit, safety
 inspection and Hazop studies were performed to keep the safety standard
 high. The company is taking active participation in Off-site Emergency
 drills, Local and District Crisis group activities. In order to augment
 our fire fighting capacity, mutual aid scheme for emergency help
 between HOCL, BPCL - KR & FACT (CD) is in existence.
 
 HOC is a signatory to Responsible Care movement. We are committed
 to the concept of self-realization and improvement in all aspects of
 safety.
 
 Emergency Response Centre (ERC), a voluntary commitment undertaken by
 Rasayani unit to tackle emergencies arising out of road transportation
 of hazardous chemicals is functioning quite well and this effort is
 acknowledged by general public as well as government authorities.
 
 Our employees have bagged maximum awards in zonal level safety
 competitions. HOC is a major contributor to Mutual aid Response Group -
 Khopoli, Rasayani, Patalganga zone (MARG-KRAPA).  HOCL Kochi unit could
 maintain the quality of treated effluent, stack emission and ambient
 air quality well with in the limits stipulated by statutory authorities
 through out the year.
 
 HOC Kochi unit received safety awards from Dept. of Factories &
 Boilers, Govt. of Kerala for outstanding performance in industrial
 safety for the year 2011.
 
 The Company has made it mandatory to have fire and safety training for
 all employees.
 
 ISO CERTIFICATION :
 
 HOCL, Rasayani Unit, has been awarded ISO-9001:2008 certificate on
 11.01.2011. This certificate has been awarded by M/s Bureau Veritas
 Certification (India) Pvt. Ltd. and is valid till 9/02/2014.
 
 First Surveillance Audit was carried out under ISO-9001:2008 standard
 on 10th & 11th January, 2012 by M/s. BVCI.
 
 HOC Kochi unit is an ISO 9001: 2008 (Quality Management System) and ISO
 14001: 2004 (Environmental Management System) certified unit.
 
 BVCI conducted recertification audit of ISO 9001: 2008 and
 recertification is valid up to 18th June 2014.
 
 BVCI recertified HOC Kochi unit for ISO 14001:2004, Environmental
 Management System and certificate is valid up to 19th November 2014.
 
 IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY
 
 In compliance of section 3(3) of the Official Language Act, 1963 and
 Official Language Rules 1976 framed thereunder, Company has implemented
 various measures effectively given in the annual programme for 2011-12.
 All documents coming under Section 3(3) like Part I Orders, Part II
 Orders, Circulars, Administrative and other Records, Press-Release etc.
 were issued bilingually.  All Hindi Letters were answered in Hindi
 only. Our Company participated in all the programmes organized by
 Mumbai Town Official Language Implementation Committee.
 
 To comply with the provision of Official Language Act 1963 and Rules
 there under we have implemented various items at both Units as per the
 Annual Program for the year 2011-12
 
 1.  The Hindi letters received are being replied in Hindi to comply
 with the rule 5 of Official Language Rules 1976. All name plates, Sign
 Boards, Visiting Cards, daily Official Letters and letter heads are
 prepared in Bilingual form. All documents that are issued under rule
 3(3) of Official Language Act 1963 are prepared in bilingual form.
 
 2.  Cash Incentive scheme for doing original work in Hindi is existing
 in our Units and during September 2010 to August 2011-12 employees have
 received the incentive. To improve the Hindi word power of the
 employees, one bilingual word is being exhibited in the presto board
 kept in the reception and the list of the same is being circulated in
 the end of the month.
 
 3.  To comply with the Official Language Policy of the Government,
 Workshops on Official language are regularly conducted for the
 employees who possess working knowledge in Hindi so as to encourage
 them to use Hindi in their day to day office work. 5 workshops and One
 Unicode training were conducted during the period under report.
 
 4.  Kochi Unit received Third Prize for Best Implementation of OL from
 Kochi Town Official Language Implementation Committee.
 
 5.  Hindi Fortnight was organized at both Rasayani and Kochi Units and
 in the Corporate Office in Mumbai from 14th September, 2011 to 28th
 September, 2011. During this period various competitions were
 organized. Employees were actively participated in these competitions.
 
 6.  Efforts are being made to fulfil the target set in the Annual
 Programme issued by Department of Official Language, Ministry of Home
 Affairs. CMD has himself participated in the Hindi Salahakar Committee
 Meeting of the Chemicals & Fertilizers Ministry in the year 2011.
 
 7.  A five days Hindi Translation Training programme was organized with
 the help of HTS Mumbai. For the progressive use of Information
 Technology through medium of Hindi all the computers are being loaded
 with Unicode.
 
 INSURANCE
 
 All properties and insurable interest of the Company including
 building, plant and machinery and goods are adequately insured.  As
 required under Public liability Insurance Act, 1991 the company has
 taken necessary insurance cover.
 
 FIXED DEPOSITS
 
 With regard to Fixed Deposits, nothing is outstanding towards Fixed
 Deposits for the Financial Year 2011-12.
 
 DEPOSITORY SYSTEM
 
 As the members are aware your company''s shares are tradable
 compulsorily in electronic form and your Company has established
 connectivity with both the depositories i.e. National Securities
 Depository Limited (NSDL) and Central Depository Services (India)
 Limited (CDSL). In view of the enormous advantages offered by the
 Depository system, Members are requested to avail the facility of
 dematerialisation of the Company''s shares on either of the
 depositories as aforesaid.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 In accordance with the listing agreement, the Management Discussion and
 Analysis Report is annexed hereto in Annexure V and forms part of the
 Directors'' Report.
 
 CORPORATE GOVERNANCE
 
 The Company has complied with the various requirements of Corporate
 Governance. The details in this regard form part of this report in
 Annexure VI.
 
 RESPONSIBILITY STATEMENT 
 
 The Directors confirm:
 
 a) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed and that no material departures
 have been made from the same;
 
 b) that 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 at the end of the financial year and of the profit or loss
 of the company for that period;
 
 c) 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;
 
 d) that they have prepared the annual accounts on a going concern
 basis.
 
 HINDUSTAN FLUOROCARBONS LIMITED : 
 
 (Subsidiary).  
 
 OPERATION AND OVERALL PRODUCTION AND MARKETING PERFORMANCE:
 
 During the year, the sales turnover was Rs.4557.30 lacs as against
 Rs.3039.38 lacs in the previous year. During the year under report
 production of PTFE was 139.19 MTs as against 124.58 MTs in the previous
 year. During the year, 291.77 MTs of CFM-22 was sold in the market and
 balance quantity was used as feed stock to manufacture various products
 including Fluoro Specialty Chemicals. Accordingly, during the year
 265.17 MTs of Tetra Fluoro Etylene (TFE) was used to manufacture
 TFE-ETHER.  Quality of company''s all products continued to be well
 accepted by the customers. Company has achieved 100% capacity
 utilization consecutively for this year also and produced 1265 MTs.
 This will enhance revenue earning from CDM for the next year.  
 
 CLEAN DEVELOPMENT MECHANISM (CDM):
 
 Company has successfully implemented the CDM Project and earned
 Rs.17.47 Crore against first issuance. It is expected that during the
 financial year 2012-13 also, company will get CDM Income.
 
 The Statement Pursuant to Sec. 212 of the Companies Act, 1956 is given
 in Annexure I.
 
 AUDITORS
 
 In terms of provisions of Section 619(2) of the Companies Act,1956, the
 Comptroller & Auditor General of India, under its letter No. CA
 V/COY/CENTRAL G0VT,H0CL(2)/102 dated 18/ 8/2011 has appointed M/s FORD
 RHODES PARKS & CO, Chartered Accountants, Mumbai as Auditors of the
 Company to audit the accounts of the Rasayani unit and to audit the
 consolidated accounts of the company. Further, C&AG under its letter
 No. CA V/COY/CENTRAL GOVT.HOCL (2)/102 dated 18/ 8/2011 has appointed
 M/s SASI VIJAYAN & RAJAN, Cochin as Branch Auditors to audit the
 accounts of Cochin unit for the year ended 31st March, 2012.
 
 The remarks of the Board of Directors on the Auditors'' Report to the
 members are furnished in Annexure IV.
 
 The report of the Comptroller & Auditor General of India under section
 619(4) of the Companies Act, 1956, on the Accounts of the Company for
 2011-12 is annexed to the Statutory Auditors'' Report in the Annual
 Report.
 
 Pursuant to directions from the Ministry of Company Affairs for
 appointment of Cost Auditors, Board of Directors of the company
 appointed M/s V.J.Talati & Co. as the Cost Auditors of Rasayani Unit
 for 2011-2012 for Sulphuric Acid, Aniline, Formaldehyde, Caustic Soda,
 Nitro Benzene Products and M/s Panikar & Company as cost Auditors of
 Kochi Unit for the year 2011-12 for Phenol, Acetone & Polypropylene
 products .
 
 DIRECTORS
 
 The Tenure of all the Independent Directors had expired in the previous
 year and as no fresh appointment by the Government of new Independent
 Directors has been received by the Company, as on 31st March, 2012,
 there are no Non Official Independent Directors [NOIDs] on the Board of
 HOCL. However, during May, 2012, Company has received an order from the
 Govt.  of India appointing Dr, N.J.Gaikwad from Nagpur, as Non official
 part time Director on the Board. We are awaiting the appointment of 4/5
 Independent Directors from GOI.
 
 The GOI has appointed vide GOI Order No. 51/05/2009-Ch-III dated 30th
 April, 2011, Shri J.N. Suryawanshi, CGM(Marketing) HOCL as Director
 Marketing, HOCL w.e.f. 30th April, 2011, the date of Assumption of
 Charge.
 
 GOI has appointed Director Shri Suresh Kumar R. , General Manager
 (Finance), HOCL as Director (Finance) on the Board of HOCL vide GOI
 Order No. 51/18/2011-Ch-III dated 11th May, 2012 w.e.f.11-05-2012.
 
 GOI has appointed Dr. N.J.Gaikwad, Professor &Head,Deptt.  Dept. of
 Pharmaceutical Science, Rashtrasant Tukadoji Maharaj Nagpur University,
 for second term as part time non official Director on the Board of HOCL
 (from the date of assumption of the the charge i.e. from 22nd May, 2012
 ) , vide GOI Order No.  P.51/011/1/2012-32-Ch-III dated 9th April,
 2012.
 
 GOI has appointed Shri S.B. Bhide, Chief General Manager, HOCL as
 Director (Technical) on the Board of HOCL vide GOI Order No.
 51/14/2011-Ch-III dated 14th June, 2012 w.e.f.14-06- 2012.
 
 During the Year, Shri M.K.Mittal has relinquished the charge as
 Director (Finance), in HOCL on 28th July, 2011,(AN) to enable him to
 repatriate to his parent Organisation viz. REC Ltd.
 
 With the above position of the Composition of the Board of Directors,
 the Company is partially complying with the provisions of Clause 49 of
 the Listing Agreement with Stock Exchanges, as on 31.03.2012.
 
 In terms of Article 76(4) of the Articles of the Association of the
 Company, Government Nominee Directors, viz. Dr. V.  Rajagopalan,
 Special Secretary &Financial Advisor and Dr.  A.J.VaraPrasad, Joint
 Secretary, will retire at this 51st AGM in 2012 and are eligible for
 reappointment. Company has received letter dtd.13/08/2012 from the
 Government reappointing Dr. V.  Rajagopalan SS&FA and Dr. A. J. Vara
 Prasad, JS from ensuing 51st A.G.M. of 2012 and till the holding of the
 next A.G.M. of the Company to be held in 2013 or till futher Orders.
 
 ACKNOWLEDGMENT
 
 Your Directors gratefully acknowledge the valuable guidance, support
 and directions given by the Government of India. Your Directors also
 gratefully acknowledge the support and co- operation extended by the
 State Governments, by the valued and esteemed customers, shareholders,
 suppliers, bankers, Statutory/Internal and Tax Auditors, Bondholders,
 and Investors.
 
 Your Directors place on record their appreciation for the whole hearted
 efforts and contribution from all the employees and also acknowledge
 the support and co-operation of the entire Workers'' Unions and
 Employees'' Unions and their members for the smooth functioning of the
 Company''s operations.
 
                        For and on behalf of the Board of Directors of 
 
                                  Hindustan Organic Chemicals Limited,
 
                                                                 Sd/-
 
 Place : Mumbai                                       R. N. Madangeri
 
 Date : 08/08/2012                       Chairman & Managing Director