The Members
 
 The Directors have pleasure in presenting the 22nd Annual Report
 together with the Audited Statement of Accounts of the Company for the
 financial year ended on March 31, 2011.
 
 1.  FINANCIAL HIGHLIGHTS          
                                                (Rs.  in Lacs)
 PARTICULARS                         Year ended    Year ended
                                     31.03.2011    31.03.2010
 
 Sales                                 10319.04       8758.30
 
 Other Income                              0.59          1.60
 
 Profit Before Depreciation 
 and Tax                                 670.65        559.88
 
 Less: Depreciation                       152.2        151.77
 
 Profit Before Tax                       518.45        408.11
 
 Sundry credit balance 
 written off/(back)                        0.87          1.14
 
 Provision for MAT                       103.15         69.18
 
 Provision for deferred Tax             (271.80)            0
 
 Profit after Tax                        686.23        337.79
 
 Proposed Dividend                        77.95         77.95
 
 Dividend Distribution Tax                12.95         13.25
 
 Balance carried forward 
 to Balance Sheet                        595.33        246.59
 
 The Balance in Profit & Loss Account for the year is Rs. 595. 33 Lacs
 (Previous year Rs. 246.59 Lacs), after adjusting of Rs. 60.89 Lacs
 (Previous Year Rs. 43.40 Lacs). Balance of Rs. 947.50 Lacs (Previous
 Year Rs. 291.27 Lacs) is carried to Balance Sheet.
 
 1.  PERFORMANCE REVIEW
 
 During the period under review, the operations and production of plant
 remained regular and consistent. The capacity utilization was about 90%
 of installed capacity. The total production during the year under
 review was 7205 MT, which is almost same as last year. The company
 produces various grades of PIB like HV 10, HV 10 for exports, HV 30, HV
 100 and HV 200.  The feedstock prices remained high during the year,
 however the company was able to manage and cater to the customers''
 requirements and expectations. In summary, we can say that the period
 under review was period of consolidation.
 
 2.  DIVIDEND
 
 To reward the shareholders for their continued support, confidence and
 faith in the Company, during the year under review, the Board is
 pleased to recommend dividend of Rs. 0.50 per equity share i.e 5% on the
 Paid Up Equity capital of the Company. The total outgo on this account
 shall be Rs. 90.90 Lacs including dividend distribution tax.
 
 3.  FIXED DEPOSIT
 
 The Company has not accepted any Fixed Deposits within the meaning of
 Section 58A of the Companies Act, 1956 and the rules made there under
 during the year under review.
 
 4.  FUTURE BUSINESS PLANS OF THE COMPANY
 
 During the period under review, the Company''s manufacturing activities
 were smooth and the Company has produced 7200 MTs of Polyisobutenes
 (PIB). And for the current year the company has a target to outperform
 previous year''s production level.
 
 With a view to further expand the operations and to raise the top line
 as well as the bottom line the company is foraying into trading of
 various chemicals and energy products like High- density polyethylene
 (HDPE), low density polyethylene (LDPE), base oil, furnace oil,
 polymers, LPG, coal etc.
 
 The Company has a ready market for these products as it enjoys
 excellent business repo with the potential customers. The management is
 determined to expand its core customer base. Thus the Company expects
 to achieve high turnover in the very first full year of operation. The
 Company is also tapping the huge export market. Trading will contribute
 substantially to the top line and satisfactorily to the bottom line.
 
 5.  DIRECTORS
 
 Mr. I.C. Srivastava and Mr. P. S. Sharma, Directors of the Company
 retire by rotation at the forthcoming Annual General Meeting. However,
 they have intimated the Company that they will not seek re-appointment.
 The Directors place on record their appreciation of the valuable
 contribution made by Mr. I. C. Srivastava and Mr. P. S. Sharma,
 Directors of the Company during their long association with the
 Company. The Directors are of the view that vacancy on the Board of
 Directors of the Company, so created, be not filled at present.
 
 The Board of Directors in their meeting held on May 14, 2011, has
 appointed Mr. Rangesh Nayarand Mr. Abhay N. Manudhane as Additional
 Directors of the Company in accordance with the provisions of Section
 260 of the Companies Act, 1956. Pursuant to Section 260 of the
 Companies Act, 1956, a director appointed under Section 260, holds
 office upto the date of next Annual General Meeting. The Company has
 received notice from a member of the Company under Section 257 of the
 Companies Act, 1956, proposing their candidature for the office of the
 Director.
 
 The information in particulars of directors seeking appointment as
 required under Clause 49 of the Listing Agreement executed with the
 Stock Exchange have been given under Corporate Governance Section of
 this report.
 
 6.  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:
 
 a.  in the preparation of the Annual Accounts, applicable accounting
 standards have been followed.
 
 b.  standard 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 as at 31st March 2011 and of the profit of the
 Company for the year ended on that date.
 
 c.  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 have been
 taken.
 
 d.  the Accounts have been prepared on a ''going concern'' basis.
 
 7.  PERSONNEL
 
 During the year under review, none of the employees received
 remuneration of or in excess of the limits prescribed as per the
 provisions of Section 217 (2A) of the Companies Act, 1956 read with the
 Companies (Particulars of Employees) Rules, 1975.
 
 8.  AUDITORS AND AUDITORS'' REPORT
 
 The present Statutory Auditors of the Company, M/s. Indani &
 Associates, Chartered Accountants, Mumbai, have expressed their
 unwillingness to be re-appointed as Statutory Auditors of the Company
 on their retirement at the forthcoming Annual General Meeting.  The
 Board has accepted the same and in process of finalising new Statutory
 Auditors.
 
 The observation made by the Statutory Auditors in their report are self
 explanatory and do not need any further clarification.
 
 9.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information with respect to conservation of energy, technology
 absorption, foreign exchange earnings and outgo pursuant to Section 217
 (1) (e) of the Act read with Rule 2 of the Companies (Disclosure of
 Particulars in the Report of the Board of Directors) Rules, 1988, form
 part of this Report.
 
 10.  CORPORATE GOVERNANCE
 
 Being observant and responsible, the Company is committed to high
 standards of the corporate ethics, professionalism and transparency. As
 per Clause 49 of the Listing Agreement with the stock exchanges, a
 separate section on Corporate Governance forms part of the Annual
 Report. A certificate from the Statutory Auditors of the Company
 confirming the compliance of conditions of corporate governance under
 Clause 49 of the Listing Agreement is also attached to this Report.
 
 11.  EMPLOYEE RELATIONSHIP
 
 The Company enjoyed very cordial relations with the employees during
 the year under review and the Management wishes to place on record its
 sincere appreciation of the efforts put in by workers, staff and
 executives for achieving excellent results under demanding
 circumstances.
 
 12.  LISTING WITH STOCK EXCHANGE
 
 The Company is listed with the Bombay Stock Exchange. The Company has
 made application with National Stock Exchange of India for listing
 thereon.
 
 13.  DEMATERIALISATION OF SHARES
 
 Company has dematerialized its shares with both depositories viz. CDSL
 and NSDL.
 
 14.  ACKNOWLEDGEMENTS
 
 The Directors would like to express their sincere appreciation and
 gratitude for the support and co-operation received from the Central
 and State Governments, Civic Corporation and authorities, Banks,
 Customers, Suppliers, Associates, Vendors and Members during the year
 under review. The Directors also wish to thank and place on record its
 appreciation for all the employees for their committed and sincere
 services and continued cooperation throughout the year.
 
                                     For and on behalf of the Board
 
                                                    Brijmohan Rathi 
                                     Chairman and Managing Director
 
 
 Place  : Navi Mumbai 
 Date   : May 14,2011