The Members of,
 
 Kabra Extrusiontechnik Limited,
 
 Mumbai.
 
 The Directors are pleased to present the TWENTY-EIGHTH ANNUAL REPORT
 and the AUDITED STATEMENT OF ACCOUNTS for the year ended 31 st March,
 2011.
 
 1. FINANCIAL RESULTS:                                (Rs. in Lacs)
 
 PARTICULARS                                 2010-2011     2009-2010
                                         (Current Year)  (Previous Year)
 
 Sales Turnover and Other Income             22610.20       19730.48
 
 Gross Profit before Interest & Depreciation  3951.32        3493.15
 
 Less: Interest                                 45.46          71.41
 
 Depreciation                                  388.22         338.95
 
 Profit Before Tax (PBT)                      3517.64        3082.79
 
 Less: Provision for Taxation                  851.26         900.00
 
 Provision for Deferred Tax Liabilities         84.81          36.42
 
 Profit After Tax (PAT)                       2581.57        2146.37
 
 Balance b/f from previous year               3543.94        3450.74
 
 Amount available for appropriation           6125.51        5597.11 
 
 APPROPRIATIONS:
 
 Transferred to General Reserves              1400.00        1400.00
 
 Provision for Proposed Dividend               558.29         558.29
 
 Provision for Tax on Proposed Dividend         90.57          94.88
 
 Surplus balance carried to Balance Sheet     4076.65        3543.94
 
                                              6125.51        5597.11
 
 2.  DIVIDEND:
 
 Your Directors are pleased to recommend a dividend of Rs. 1.75 per
 share of Rs. 5/- each for the year ended 31st March, 2011 on the
 enhanced capital (i.e. Post Bonus) [Rs. 3.50 per share of Rs. 5/- each
 for the previous year] subject to the members'' approval.
 
 3.  OPERATION AND OUTLOOK :
 
 The Company has achieved the Operational and Other Income for the year
 under review at Rs. 22610.20 lacs as against the previous years''
 Operational and Other income of Rs. 19730.48 lacs an increase of
 14.60%. The profit before tax amounts to Rs. 3517.64 lacs against the
 previous years'' profit of Rs. 3082.79 lacs an increase of 14.10%. Net
 Profit of the Company after tax, deferred tax amounts to Rs.  2581.57
 lacs as against Rs. 2146.37 lacs of the previous year an increase of
 20.28%.
 
 New unit at Dunetha (Nani Daman) is operational and will facilitate
 manufacturing of high-output blown film plants and existing product
 lines.
 
 4.  EXPORTS :
 
 Exports during the year is Rs. 67.98 crores, as against previous years''
 export of Rs. 78.44 crores and is about 31% of total sales turnover.
 
 5.  DIRECTORS:
 
 In accordance with the Articles of Association of the Company and in
 view of provisions of Section 255 of the Companies Act, 1956, Shri
 Nihalchand Chunilal Chauhan and Shri Haridas Sagatmal Sanwal, Directors
 of the Company are retiring by rotation at the ensuing Annual General
 Meeting and being eligible, seek their re-appointment.
 
 It is proposed to vary terms of remuneration of Shri S. N. Kabra, Vice
 Chairman & Managing Director and Shri Anant S.  Kabra, Technical
 Director for remaining tenure of their appointment w.e.f. July, 2011 to
 June, 2013 and August, 2011 to July, 2013 respectively.
 
 6.  DIRECTORS RESPONSIBILITY STATEMENT :
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 hereby confirm that:
 
 (i) in the preparation of annual accounts for the year ended 31st
 March, 2011, the applicable accounting standards have been followed
 along with proper explanation relating to material departures, if any;
 
 (ii) they have selected such appropriate accounting policies and
 applied them consistently, and made judgements and estimates that were
 reasonable and prudent so as to give the true and fair view of the
 state of affairs of the Company as at 31st March, 2011, and of the
 profits of the Company for the said financial year;
 
 (iii) 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;
 
 (iv) they have prepared the said accounts on a going concern basis.
 
 7.  CHANGE IN AUTHORISED & PAID-UP CAPITAL :
 
 (i) Equity Shares of Rs. 10/- each was sub-divided into 2 (two) shares
 of Rs. 5/- each w.e.f. 19th May, 2010. New ISIN : INE900B01029 was
 allotted by the Depositories for fully paid equity shares of Rs. 5/-
 each;
 
 (ii) Authorised Capital of the Company was increased from Rs.
 10,00,00,000/- (Rupees Ten Crores) divided into 20000000 (Two Crores)
 Equity Shares of Rs. 5/- each to Rs. 20,00,00,000/- (Rupees Twenty
 Crores) divided into 40000000 (Four Crores) Equity Shares of Rs. 5/-
 each to facilitate issue of Bonus Shares;
 
 (iii) The Company issued and allotted Bonus Shares on 9th September,
 2010 in the ratio of 1:1 i.e. 1 (one) fully paid-up equity share of Rs.
 5/- each for every fully paid-up share held by the Members as on record
 date fixed for the said purpose. Paid-up capital of the Company stands
 increased to Rs. 15,95,11,600/- (Rupees Fifteen Crores Ninety Five
 Lakhs Eleven Thousand Six Hundred Only) divided into 3,19,02,320 Equity
 Shares of Rs. 5/-each upon split and bonus as above.
 
 8.  INVESTMENT IN FOREIGN COMPANY :
 
 The Company has acquired 15% stake in equity and debt of M/s.
 Gloucester Engineering Company Inc. (GEC), a US based company and
 accordingly invested about Rs. 9.27 cr. towards equity and Rs. 7.22 cr.
 towards debt.
 
 With this minority investment, the Company would be able to reach out
 to the customers in the South & North America as well European Markets
 and shall benefit by its updated manufacturing technology for
 high-output high-end blown film lines.
 
 9.  AUDITORS :
 
 Messers. Kirtane & Pandit, Chartered Accountants, Auditors of the
 Company will retire from the office of the Auditors at the conclusion
 of the ensuing Annual General Meeting and being eligible offer
 themselves for re-appointment. They have furnished a certificate of
 their eligibility for re-appointment u/s.224 (1-B) of the Companies
 Act, 1956 and they are not disqualified under amended section 226(3)(e)
 of the said Act.
 
 10.  LISTING FEES:
 
 The Company confirms that the Annual Listing Fees due to Bombay Stock
 Exchange Ltd., Mumbai and National Stock Exchange of India Ltd., Mumbai
 for the financial year 2011-12 have been paid.
 
 11.  CORPORATE GOVERNANCE:
 
 A separate section on Corporate Governance is included in this Annual
 Report as required under Listing Agreement.
 
 12.  EMPLOYEES RELATIONS :
 
 Employees relations continued to be cordial throughout the year. The
 Directors appreciate the efforts put in by the employees at all the
 levels. As required by the provisions of Section 217(2A) of the
 Companies Act, 1956, read with the Companies (Particulars of Employees)
 Rules, 1975 as amended, none of the employee draws salary in excess of
 Rs. 5,00,000/- per month, hence no disclosure required to be made.
 
 13. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :
 
 A Statement giving details of conservation of energy, technology
 absorption and foreign exchange earnings and outgo in accordance with
 the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 forms part of this report as ANNEXURE A.
 
 14.  ACKNOWLEDGEMENT:
 
 Your Directors would like to express their appreciation for the
 assistance and co-operation received from the Shareholders, Bankers,
 Government Authorities, Stock Exchanges, Customers, Suppliers and
 Business Associates at all levels during the year under review. Your
 Directors also wish to place on record their appreciation for the
 committed services of the executives, staff and workers of the Company.
 
                                      For and on behalf of the Board
 
 Place : Mumbai                                          S. V. Kabra
 
 Date : 30th May, 2011                  Chairman & Managing Director