Dear Shareholders,
 
 I heartily welcome you all this noon to the 22nd Annual General Meeting of the Company. The Director's
Report, the Audited Balance Sheet and Profit and Loss Account for the year ended 30th June, 1995 have been in
your hands for quite sometime and with your permission, I take them as read.
 
 Results 
 
 You will notice that your Company has performed quite well in the year concluded. The turnover has increased
while net profit has gone up. The EPS has increased from Rs.10.95 to Rs.15.06 when compared to last year.
 
 Current Year Performance
 
 In the current year for the first five months the sales income is Rs.50 crores. Historically the second half
of the financial year contributes significantly for the total year. The current year also is expected to
perform in the same manner. The advantage of reduced raw material prices should help in improving margins,
whereas the general market condition and the demand. However buoyant, is likely to suffer due to tight money
market conditions. Balancing these factors your Company is hopeful of preforming better.
 
 The Company also is making sizable investment in Research and Application Development Centre for better
technical services for the customers and stimulation of growth in to the new areas.
 
 The terminal storage facilities at Kandla are likely to be commissioned in this month which will help the
Company in storing the imported raw materials.
 
 We have successfully installed 24 wind mills generating 4.8 MW Additional 9 wind mills with capacity of 2 MW
 are also being installed in the current year. With this installation the Company will be self-reliant in
power to the extent of about 80%
 
 The promoters have excersised 10 lacs warrants against which 10 lacs equity shares have been issued. The
remaining 10 lacs warrants have been allowed to lapse. Consequently the equity share capital has increased to
Rs.12 crores.
 
 I am also very happy to share with you that your Company is in process of setting up a Global-scale, 65,000
tpa ABS/SAN plant at Dahej for which land has already allocated to the Company. This is part of the Company's
plan to meet the ever increasing demand of ABS resins, accelerated by the entry of MNC's in India.,
particularly in industries like Appliances, Automobiles and Telecommunications.  The schedule of the project
is being synchronized with availability of infrastructure at Dahej.
 
 Wishing you all the very best for the coming New Year 1996.