Dear Members
 
 The Directors are pleased to present herewith the 18th Annual Report
 together with the Audited statement of accounts for the year ended 31st
 March, 2012.
 
 FINANCIAL RESULTS:
 
                                          (Rs.. In Lakhs)
 
 PRTICULARS            AS AT 31.03.2012   AS AT 31.03.2011
 
 Sales & Other Income          15230.78           14536.14
 
 PBID                           1329.48            1153.23
 
 Interest                        907.59             705.33
 
 Depreciation                     95.07              94.92
 
 PBT                             326.82             352.97
 
 PAT                             269.00             221.02
 
 DIVIDEND:
 
 Your Directors do not recommend any dividend to conserve the resources
 of the Company.
 
 FIXED DEPOSITS
 
 During year under review the company has not accepted any deposit
 within the meaning of section 58A of the Companies''Act, 1956 read with
 the Companies (Acceptance of Deposit) Rules, 1975 as amended.
 
 DIRECTORS
 
 Mr. Mahendra Kalwankar retires by rotation at ensuing Annual General
 Meeting and being eligible, has offered himself for re-appointment.
 
 STATEMENT OF DIRECTORS''RESPONSIBILITY:
 
 Pursuant to the requirement of section 217(2AA) of the Companies Act,
 1956, the Board of Directors hereby state that:
 
 (a) in preparation of annual accounts, the applicable accounting
 standard had been followed along with proper explanation relating to
 material departure;
 
 (b) the directors had selected such accounting policies and applied
 them consistently and made judgement 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) the directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting frauds and other irregularities;
 
 (d) the directors had prepared the annual accounts on a going concern
 basis.
 
 CORPORATE GOVERNANCE:
 
 Pursuant to clause 49 of Listing Agreement, a Report on Corporate
 Governance is given in Annexure A.
 
 AUDIT COMMITTEE:
 
 Pursuant to section 292A of the Companies Act, 1956, an Audit Committee
 was constituted comprising the following Directors
 
 NAME OF DIRECTORS Narmdeshwar R. Chaube Chairman
 
 Mahendra Kalwankar Member
 
 Dr. Vinod Goyel Member
 
 AUDITORS:
 
 The Auditors of the Company M/s. Milind Mehta & Co., Chartered
 Accountants, retire at the forthcoming Annual General Meeting and are
 eligible for re-appointment. The Audit Committee of the Board of
 Directors have recommended that M/s. Milind Mehta & Co., Chartered
 Accountants, be appointed as auditors to hold office until the
 conclusion of the next Annual General Meeting. Company has received
 confirmation that their appointment, if made will be within the limits
 prescribed under section 224 (1B) of the Companies Act, 1956.
 
 DISCLOSURES: 
 
 A PARTICULARS OF EMPLOYEES
 
 Since the company does not have any employees drawing remuneration in
 excess of Rs. 60,00,000 p.a. or Rs. 5,00,000 per month the information
 required pursuant to provisions of section 217(2A) of the Companies
 Act, 1956 read with the Companies (Particulars of Employees) Rules,
 1975, as amended, have not been given.
 
 B CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 Additional information as required in terms of the provisions of
 section 217(1) (e) of the Companies Act, 1956 read with the Companies
 (Disclosure of particulars in the report of the Board of Directors)
 Rule, 1988 in respect to above matters is given below:
 
 C RESEARCH & DEVELOPMENT:
 
 The Company has no specific Research and Development Department.
 However, the Company is outsourcing the R&D work for the development of
 new molecular and also has a in-house Quality Control Department to
 check the quality of different products manufactured.
 
 ACKNOWLEDGEMENT:
 
 Your board of Director is grateful to the Company''s Shareholders,
 Bankers, Government Authorities, Customers, Suppliers, Distributors,
 and Business Associates for their continued and valued support. The
 Directors also wish to place on record their appreciation to company''s
 personnel at all levels for the contribution made by them towards the
 working of your Company.
 
                            For and on behalf of the Board of Directors
 
 PLACE: MUMBAI 
 
 DATE: 20th JULY'' 2012                    ASHWIN KHEMKA 
 
                                 Chairman & Managing Director