Dear Shareholders,
 
 I am delighted to connect with you through this annual report of the
 Company.
 
 First, I take this opportunity to thank our Customers, Partners,
 Bankers and Shareholders for reposing their confidence in the Company
 and providing their unstinted support. My thanks to the management team
 and all employees of the company for having their enthusiasm and
 dedication towards the company.
 
 As you are aware that the trading of shares of the company was under
 suspension. With its continuous sincere efforts the Company was able to
 get the revocation of suspension of its shares. I am very happy to
 inform you that the trading of shares resumed w.e.f 07th July, 2011.
 The trading of equity will provide a continuous liquidity to the
 shareholders of the company which in turn helps broaden the shareholder
 base. The company is fast emerging and steadily overcoming the
 bottlenecks of the past.
 
 The company is a market leader in the field of rubber & bituminous
 products, the company has captured substantial share in the market by
 maintaining high quality, reliability and customer satisfaction.
 
 I urge you to read the details of the developments and performance of
 the various business in the chapter on Management Discussion and
 Analysis. We are confident of contributing the growth story backed by
 good performance across businesses.
 
 I am pleased to inform you that after pioneering and crossing 200,000
 ton marks last year in field of rubber modifier, CRMB & PMB production,
 we have now entered into manufacturing of quality bitumen Emulsions at
 our Panipat central plant where we have installed a state of the art
 plant. This fully computerized sophisticated plant is capable of
 producing 12 TPH Bitumen Emulsion of very high quality was imported
 from Europe from the world leaders in this technology.
 
 Poor maintenance of roads costs the country about Rs. 35,000 Crore
 annually and erodes some 40,000 km of rural roads, and 10,000 km of
 secondary roads as per report prepared by the national transport
 development policy committee of RBI. Poor roads reduce life of
 vehicles, increase traveller freight time, push up consumption of fuel
 and raise maintenance costs of automobiles.
 
 Most central banks in emerging economics, like the Reserve Bank of
 India (RBI) reached to high inflation by adopting a hard line in terms
 of monetary policy. Consequently, interest rates have increased by
 several basis points in these emerging economies, including India. High
 interest rates may hinder investment future growth. These are worrisome
 and may affect growth in the near terms even in India, but I do believe
 that the macro-economic fundamentals and the demographic
 characteristics are well in place to foster growth momentum in the long
 run.
 
 I would like to express our delight at presenting you the financial
 result of your company. Over the years, we have built a sizeable
 business in India and with renewed focus on bitumen industries as an
 independent entity, we aim to accelerate our growth into global
 markets.
 
 We stay committed to deliver value to our shareholders and renew our
 promise to constantly focus on exceeding customer''s expectations by
 providing world class product and services.
 
 Thank you for your participation in the evolution of the company so
 far.
 
 Best Wishes & Regards,
 
 Chairman