The Directors have pleasure in presenting the Fifteenth Annual Report
 and the Audited Statements of Accounts of the Company for the year
 ended March 31, 2012.
 
 1.  FINANCIAL RESULTS
 
                                                             (Rs. In Lacs)
 
 Particulars                               Current Year    Previous Year 
                                         March 31, 2012   March 31, 2011
 
 Turnover (Net)                              52175.58         45009.75
 
 Other Income                                    8.52            14.71
 
 Total Income                                52184.10         45024.46
 
 Earnings before Interest,
 Depreciation & Taxation                      5644.78          4521.10
 (EBIDTA)
 
 Less: Finance Costs                          1114.43            98.80
 
 Depreciation                                  235.66           152.96
 
 Profit before Taxation (PBT)                 4294.69          4126.11
 
 Less: Provision for Income Tax                908.28           867.69
 
 Deferred Tax                                   84.89            36.81
 
 Profit after Tax (PAT)                       3301.52          3221.61
 
 Amount available for appropriation          13127.70         10516.85
 
 Proposed Final Dividend                       317.07           317.07
 
 Income Tax on the Proposed Final Dividend      51.44            51.44
 
 Transfer to General Reserve                   330.15           322.16
 
 Balance carried forward to Balance Sheet    12429.04          9826.18 
 
 2.  REVIEW OF PERFORMANCE
 
 During the year under review, the net turnover of the Company rose to
 Rs.52175.58 Lacs as against Rs.45009.75 Lacs reported last year,
 registering a growth of 16%. The Company has earned net profit Rs.3301.52
 Lacs, as against the net profit of Rs.3221.61 Lacs reported last year,
 registering a growth of 2%. The improvement in performance of your
 Company could mainly be attributed to better capacity utilization,
 ongoing emphasis on productivity and efficiency, improvement in all
 areas of operation.
 
 3.  DIVIDEND
 
 The Board of Directors has recommended a final dividend of Rs.2.50 per
 Equity Share for the year 2011-12 (Previous year Rs.2.50 per Equity
 Share). The final dividend, if approved at the ensuing Annual General
 Meeting will be paid to all those Equity Shareholders whose name appear
 in the Register of Members as on September 19, 2012. The amount of
 dividend and the tax thereon aggregates to Rs.317.07 Lacs and Rs.51.44
 Lacs.
 
 4.  FIXED DEPOSITS
 
 During the year under review, the Company has neither accepted nor
 renewed any deposits within the meaning of Section 58-A and 58AA of the
 Companies Act, 1956 and rules made there under.
 
 5.  POLLUTION CONTROL
 
 The Company has taken various initiatives to keep the environment free
 from pollution. It has already installed various devices in the
 factories to control the pollution.
 
 6.  SUBSIDIARY COMPANY
 
 During the year, there is no any subsidiary company (ies) of the
 Company.
 
 7.  DIRECTORS
 
 Presently your Board constitutes of Eight (8) Directors comprising of
 Mr. Hari Chand Aggarwal as Chairman, Mr. Rajesh Aggarwal as Managing
 Director, Mr. Sanjeev Bansal as Whole-time Director, Mr. Rajender
 Pershad Gupta, Mr. Navneet Goel, Mr. Gopal Chandra Agarwal, Mr. Navin
 Shah and Mr. Anil Kumar Singh being the Independent & Non-executive
 Directors.
 
 Pursuant to the provisions of Section 256 of the Companies Act, 1956
 and in accordance with Article 89 of the Articles of Association of the
 Company, Mr. Rajender Pershad Gupta and Mr. Navneet Goel, Directors of
 the Company who retires by rotation in the ensuing Annual General
 Meeting and being eligible, offer themselves for re-appointment.
 Details of the Directors seeking re-appointment as required under
 Clause 49(VI) of the Listing Agreements entered into with the Stock
 Exchanges are provided in the Notice forming part of this Annual
 Report.
 
 None of the Directors of the Company is disqualified for being
 appointed as Director as specified in Section 274(1)(g) of the
 Companies Act, 1956.
 
 8.  DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it is
 hereby confirmed that:
 
 i) In the preparation of the annual accounts for the year ended March
 31, 2012, the applicable accounting standards read with requirements
 set out under Schedule VI of the Companies Act, 1956, have been
 followed and there are no material departures from the same;
 
 ii) The Directors have selected such accounting polices 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 of
 the Company for the year ended on that date;
 
 iii) The Directors 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
 
 iv) The Directors have prepared the annual accounts on a going concern
 basis.
 
 9.  CORPORATE GOVERNANCE
 
 Your Company has complied with the requirements of Clause 49 of the
 Listing Agreement regarding Corporate Governance.
 
 A report on the Corporate Governance practices followed by the Company,
 the Auditors'' Certificate on compliance of mandatory requirements
 thereof and Management Discussion and Analysis are attached to this
 report.
 
 10.  AUDITORS AND AUDITORS'' REPORT
 
 The Company recommends the appointment Messer Mohit Parekh & Co.,
 Chartered Accountants, Statutory Auditors of the Company, subject to
 the approval of Members at the ensuing Annual General Meeting. The
 Company has received a letter from Messer Mohit Parekh & Co., Chartered
 Accountants to the effect that their appointment, if made, would be
 within the prescribed limits under Section 224(1B) of the Companies
 Act, 1956 and that they are not disqualified for such appointment
 within the meaning of Section 226 of the said Act. The Auditors have
 also confirmed that they hold a valid certificate issued by the ''Peer
 Review Board'' of Institute of Chartered Accountants of India (ICAI).
 
 The notes on accounts referred to the Auditors'' Report are
 self-explanatory and therefore do not call for any further comments.
 
 11.  COST AUDITORS
 
 M/s A.G.S. & Associates, Cost Accountants were re-appointed as Cost
 Auditors of the Company for conducting audit of the cost accounts
 maintained by the Company in respect of Insecticides for the year
 2012-13.
 
 12.  EXCISE DUTY
 
 During the year under review, a sum of Rs.3232.64 Lacs was paid on
 account of Excise Duty on various products manufactured by your
 Company.
 
 13.  HUMAN RESOURCES
 
 Inspite of a challenging year with demands of the products decreasing,
 cordial industrial relations environment prevailed at all the
 manufacturing units of the Company during the year.
 
 14.  QUALITY POLICY/CERTIFICATION
 
 The Company is committed to provide consistent good quality products to
 its customers worldwide and for achievement of world class quality in
 the products manufactured, every employee is involved in ensuring
 quality of products at all times. Management on its part is fully
 committed to further improve quality and provides all resources to
 accomplish this task. The Company is also committed to continually
 improve safety and health of employees and working environment through
 institutionalizing proactive safety, health and environmental
 management strategies.
 
 15.  CREDIT RATING
 
 Your Company has sustained its long term credit rating of CRISIL
 A/Stable and its short term credit rating of CRISIL A1 by CRISIL
 Limited. This indicates a very strong degree of safety with regard to
 timely payment of interest and principal.
 
 16.  CORPORATE SOCIAL RESPONSIBILITY
 
 The Company is contributing to sustainable development by its economic
 activities combined with the fulfillment of its social responsibilities
 relating to the education, health, safety and environment aspects.
 
 17.  INSURANCE
 
 The Company has taken the required insurance coverage for its assets
 against the possible risks like fire, bulgury, flood, public liability,
 marine, etc.
 
 18.  EXPORT
 
 During the year, the export turnover is Rs.55.49 Lacs compared to Rs.35.90
 Lacs achieved during the previous year. The Company has participated in
 various exhibitions and conferences through the World and the Company
 is planning for registration in various countries.
 
 19.  FOREIGN COLLABORATION
 
 During the year, your company has tied-up with Nissan Chemical
 Industries, Ltd. (Japan) for marketing of their Patented Product
 (Pulsor) in India.
 
 20.  COMMENCEMENT OF PRODUCTION
 
 During the year, your company has commenced the production in the new
 established formulation plant situated at Dahej (Gujarat) and Udhampur
 (J&K).
 
 21.  R & D SIGNS AGREEMENT WITH CSIR
 
 During the year, your Company has entered into an agreement with
 National Research Development Corporation, an Enterprise of Department
 of Scientific & Industrial Research, Ministry of Science & Technology,
 Government of India regarding Technology support for research and
 development of 3-methyl-N-nitroimino perhydro-1,3,5-oxadiazine (MNIO).
 
 22.  THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975 AS AMENDED
 
 During the year under report, there was no employee drawing a salary
 exceeding the limits prescribed u/s 217 (2A) of the Companies Act, 1956
 read with rules made there under.
 
 23.  ENERGY, TECHNOLGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO
 
 A Statement containing necessary information, as required under the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, is annexed hereto.
 
 24.  CASH FLOW ANALYSIS
 
 The Cash Flow Statement for the year under reference in terms of Clause
 32 of the Listing Agreement with the Stock Exchanges is annexed hereto.
 
 25.  APPRECIATION
 
 The Directors wish to thank Creditors, Investors, Banks and Government
 Authorities for their continued support. The Directors also wish to
 place on record their deep sense of gratitude for the committed
 services of the Executives Staff and Workers of the Company.
 
 We would also like to express sincere thanks to our Shareholders for
 their confidence and understanding.
 
                                        For and on behalf of the Board 
 
                                          Insecticides (India) Limited
 
                                                  (Hari Chand Aggarwal)
 
 Place : Delhi                                                Chairman
 
 Dated : August 29, 2012                                  DIN-00577015