The Directors present the 39th Annual Report on the working of the
 Company with the Audited Accounts for the year ended on 31st March,
 2012.
 
 1. Financial Results:
 
 Particulars                                 Year ended     Year ended
                                          on 31st March, on 31st March,
                                                   2012           2011
                                                    Rs.            Rs.
 
 Profit for the year before Interest, 
 Depreciation and Tax                       6,09,33,331    6,79,75,461
 Deducting there from:
 
 Interest                                     31,14,451      44,63,590
 
 Depreciation                               1,65,20,227    1,55,55,533
 
 Profit for the year before Taxes           4,12,98,653    4,83,17,148
 
 Less: Provision for Deferred Tax 
 Liabilities / (Asset)                        (4,39,259)     (3,08,534)
 
 Less: Provision for Income Tax               88,50,000    1,16,20,000
 
 Less: Excess Provision for earlier years    (15,86,727)             -
 
 Profit after Taxes                         3,44,74,639    3,70,05,682
 
 Add: Profit brought forward from last
 Year                                       9,25,54,037    7,29,78,436
 
 Balance available for appropriation       12,70,28,676   10,99,84,118
 
 Less: APPROPRIATIONS
 
 Dividend on Equity Shares                    64,14,228      64,14,228
 
 Dividend Distribution Tax on Equity
 Shares                                       10,40,548      10,40,548
 
 Reversal of provision of Corporate
 Dividend Tax                                         -        (24,695)
 
 Transfer to General Reserve                1,00,00,000    1,00,00,000
 
 Surplus carried to Balance Sheet          10,95,73,900    9,25,54,037
 
 Dividend:
 
 Your Directors recommended dividend of Rs 2/- per share, i.e., 20 per
 cent (Previous Year Rs 2/- per share) on the equity shares of Rs 10/-
 each for the year ended on 31st March, 2012.
 
 2.  Operations:
 
 The profit before interest, depreciation and tax was Rs 609.33 Lacs for
 the year under review as compared to Rs 679.75 Lacs for the previous
 year. The Company made a net profit ofRs 344.75 Lacs for the year under
 review as compared to net profit of Rs 370.05 Lacs for the previous
 year. The Company''s Gross Sales including export incentives were Rs
 3479.99 Lacs for the year under review as compared to Rs 3109.17 Lacs
 for the previous year.
 
 3.  Management Discussion and Analysis:
 
 Management Discussion and Analysis as required under the Listing
 Agreement with the Stock Exchange is enclosed as Annexure-I to this
 report.
 
 4.  Corporate Governance:
 
 Your Company complies with the provisions of Corporate Governance as
 envisaged in the Listing Agreement.  A separate report on Corporate
 Governance is attached as a part of the Annual Report, along with the
 Auditor''s Certificate on the compliance.
 
 5.  Research & Development:
 
 Research and Development is carried out for improvements in quality,
 cost and quantity of the products currently manufactured. The Company
 is also exploring opportunities to develop and introduce new products
 through Research and Development activities.
 
 6.  Safety, Health & Environment:
 
 The Company continues to maintain and improvise upon the high standards
 of safety at the manufacturing site. It is ensured that all safety
 rules and statutory requirements are complied during production,
 storage, handling and transportation of products to prevent any
 accident. Mock-drills of on-site emergency plans are carried out
 periodically.  The Company maintained emission within the specified
 limits of standard. The preservation of Environment and Pollution
 Control are among the top priorities of your Company.
 
 7.  Fixed Deposits:
 
 The Company has not accepted fixed deposits during the year. There are
 no fixed deposits outstanding as at 31st March, 2012.
 
 8.  Particulars of employees:
 
 During the period under review, there is no employee in respect of whom
 information as per Section 217(2A) of the Companies Act, 1956, read
 with Companies (Particulars of Employees) Rules 1975, is required to be
 given in this Directors'' Report.
 
 9.  Energy, Technology and Foreign Exchange:
 
 Information pursuant to 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 given in the Annexure-II hereto and
 forms part of this Report.
 
 10.  Directors:
 
 As per the provisions of the Companies Act, 1956, Mrs. M. C. Amin and
 Mr. U. C. Amin, Directors of the Company, retire by rotation and are
 eligible for re-appointment.
 
 The Board has appointed Mr. V. H. Gandhi as Additional Director w.e.f.
 18.10.2011. As per section 260 of the Companies Act, 1956, he holds
 office upto the date of this Annual General Meeting. The Company has
 received notice under section 257 of the Act proposing his appointment
 as director liable to retire by rotation. Your directors recommend the
 resolution for regularization of the appointment of Mr. V. H. Gandhi
 for your approval.
 
 11.  Auditors:
 
 M/s. J.R.S. Patel & Co., Chartered Accountants, Statutory Auditors
 (Firm Regn. No. 107709W) will retire at the conclusion of the ensuing
 Annual General Meeting and are eligible for re-appointment as Auditors.
 Members are requested to re-appoint them and fix their remuneration.
 
 12.  Cost Auditor:
 
 The Board of Directors have appointed Mr. H. R. Kapadia, Cost
 Accountant, Vadodara as Cost Auditor of the Company for conducting
 audit of the cost accounts maintained by the Company for the year
 2011-12.
 
 13.  Directors'' Responsibility Statement:
 
 In terms of the provisions of Companies Act, 1956, the Directors state
 that:
 
 i) In preparation of the Annual Accounts for the year, the applicable
 Accounting Standards have been followed.
 
 ii) Accounting policies as listed in Note AA to the financial
 statements have been selected and consistently applied and reasonable
 and prudent judgments have been made so as to give true and fair view
 of the state of affairs of the Company as on 31st March, 2012 and
 profit of the Company for the accounting year ended on that date.
 
 iii) Proper and sufficient care for maintenance of adequate accounting
 records has been taken in accordance with the provisions of the Act so
 as to safeguard the assets of the Company and to prevent and detect
 fraud and other irregularities.
 
 iv) The Annual Accounts have been prepared on going concern basis.
 
 14.  Acknowledgement:
 
 Your Directors wish to place on record their sincere appreciation for
 the support received from the Company''s employees, Bankers, Government
 Authorities, Valuable Customers, Vendors and the Shareholders.
 
 Registered office:                            By Order of the Board
 
 Alembic Road,
 
 Vadodara - 390 003.                                 Chirayu R. Amin
 
 Date: 8th May, 2012                                        Chairman