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Directors Report of Jaysynth Dyestuff (India) Ltd.

Mar 31, 2015

Dear Members,

The Directors are pleased to present the 30th Annual Report of the Company together with its audited financial statements for the year ended March 31, 2015.

A. Financial Results

(Rs. in lacs)

Particulars Year ended Year ended March 31, 2015 March 31, 2014

Revenue from Operations 12003.56 12922.17

Other Income 135.00 244.35

Total income 12138.56 13166.52

Profit before extraordinary items & depreciation 929.97 1379.38

Depreciation 150.29 93.54

Profit before Tax 779.68 1285.84

Provision for Tax & Wealth Tax 254.84 379.63

Deferred Tax 10.00 -

Tax Expenses 0.04 0.03

Profit after Tax 514.80 906.18

Balance Brought forward 2567.89 1920.61

Deferred Tax Liability - 38.57

Profit available for appropriation 3082.68 2788.22

Appropriations :

Proposed Dividend 17.38 17.38

Tax on Dividend 3.48 2.95

Transfer to General Reserve 100.00 200.00

Balance carried to Balance sheet 2961.83 2567.89

B. REViEW OF PERFORMANCE

Your Directors wish to inform that during the financial year ended March 31, 2015 the net sales of the Company with revenues from operations aggregated to Rs.12003.56 lacs as against Rs. 12922.17 lacs during the previous year. During the year under the review Profit before tax was Rs.779.68 lacs lower by 39.36 % over the previous year. Consequently, the Profit after Tax for the year was Rs. 514.80 lacs as compared to Rs. 906.18 lacs in the previous year. The main reasons for decline in financial performance can be attributed to market conditions, increase in input costs and overheads and higher depreciation provisions.

C. TRANSFER TO RESERVES

The Company has transferred Rs.100 lacs to Reserves for the Financial Year 2014-15.

D. DIVIDEND

Your Directors are pleased to recommend a Dividend of Rs. 0.20 (20%) per Equity Share having face value of Rs. 1/- each for the Financial Year 2014-15, subject to the approval of Members at the ensuing Annual General Meeting.

Dividend together with Tax thereon for the year entails cash outflow of Rs.20,85,426/- (Rs.17,37,940/- will be paid as Dividend and Rs.3,47,486/- will be paid as Dividend Distribution Tax). Dividend will be paid to Members, whose names appear in the Register of Members as on September 7, 2015. In respect of shares held in dematerialised form, it will be paid to members whose names are furnished by National Securities Depository Limited and Central Depository Services (India) Limited.

E . STATE OF COMPANY AFFAIRS

Growth of the Company is highly dependent on the textile industry situation, with large customer base for the Company's products. During the financial year 2014-15, the Company could not achieve the target growth in the sales revenues on account of competitive market situation and overall stagnation faced by textile industry. High volatility in prices of intermediate products were also responsible for decline in the sales volume of dyes and pigments. During the year, though there was increase in sales volume of Ink Products for digital printing, the prices of Ink products reduced significantly due to entry of new players in the industry.

The Company expects a significant shift towards digital printing in the textile industry leading to sizeable growth in the consumption of Ink Products. The Company has well positioned itself for digital printing, the prices of Ink products for catering such projected jump in demand.

During the year under review, the Company has incurred the capital expenditure of Rs 153.51 lacs towards improvements in production capacity and testing facilities.

There was no change in business activity of the Company during the Financial Year 2014-15.

F. CHANGES IN THE SHARE CAPITAL

There was no change in share capital of the Company during the Financial Year 2014-15.

G . HUMAN RESOURCE MANGEMENT

A detailed section on Human Resource/Industrial Relations is provided in the Management Discussion and Analysis Report, which is a part of this Annual Report (Annexure - 6).

H . PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013, read with the Rules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this Report (Annexure - 1).

The Company did not have any employee who was employed throughout the Financial Year 2014-15 and was in receipt of remuneration not less than Sixty Lacs.

The Company also did not have any employee who was employed for the part of the Financial Year 2014-15 and was is in receipt of remuneration for any part of that year which in aggregate was not less than Five Lacs per month.

No employee of the Company who was employed throughout the Financial Year 2014-15 or a part thereof was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in aggregate, is more than the remuneration of the Managing Director and holds by himself or along with his/her spouse and dependent children not less than two percent of equity shares in the Company.

I. CORPORATE SOCIAL RESPONSIBILITY

Your Company strongly believes and emphasis on returning back to the society the benefits earned by it through business operated. Your Company contributes to society by way of contribution for promotion of education through Sharadchandra Shoorji Trikamdas Charitable Trust; who in turn contribute to the Deccan Education Society, which is in the process of setting up an educational institution at Mumbai.

In compliance with the provisions of Section 135 of the Companies Act, 2013, the Company has constituted a Corporate Social Responsibility Committee comprising of following three directors:

Shri Prakash M. Kale (Chairman)

Shri Rajendra M. Desai (Member)

Shri Sharadchandra S. Kothari (Member)

Details about the CSR Policy and initiatives taken by the Company on CSR during the year are available on our website having weblink www.jaysynthdyestuff.com/pdf/csr policy.pdf. The Report on our CSR activities and its implementation is annexed to this report (Annexure - 2).

J. CORPORATE GOVERNANCE

The Company aims and constantly strives in maintaining the highest standards of Corporate Governance practices. The report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the annual report. A certificate from the Practicing Chartered Accountant regarding compliance of conditions of Corporate Governance is also annexed to the report on Corporate Governance (Annexure - 3).

Board Meetings

The Board of Directors met Four (4) times during the Financial Year 2014-15. The details of which are given in the Corporate Governance Report which forms part of Directors' Report.

Nomination and Remuneration Poiicy

The Board has, on the recommendation of the Nomination and Remuneration Committee adopted the following policies:

1 Nomination and Remuneration Policy for Directors, Key Managerial Personnel and other employees.

2 Policy For Determining Qualifications, Positive Attributes, Independence of an Independent Director and Criteria For Evaluation is annexed to Directors' Report (Annexure - 4 & 4.1)

Famiiiarisation Programme for !ndependent Directors'

Every Independent Director is issued a Letter of Appointment setting out in detail, terms of appointment, duties and responsibilities of Director. In compliance with the provisions of the Clause 49 of the Listing Agreement, the Company had issued formal letters of appointment to the Independent Directors'. The terms and conditions of appointment of Independent Director is available on the Company's website & can be accessed at httD://www.iavsvnthdvestuff.com/Ddf/ Appointment Letters JDiL.pdf

The induction for Independent Directors includes interactive sessions with Executive Director, Business and Functional Heads. The Independent Directors are also informed regarding all the updates in matters of Companies Act, 2013 and other applicable laws as and when required.

The details of familiarisation programme has been displayed on the company's website link: http://www.jaysynthdyestuff.com/pdf/FAMiUARiSATiON PROGRAMME.pdf.

Annuai Performance Evaiuation of Board, Committees of Board and individuai Directors

In accordance with the provisions of Section 178 of the Companies Act, 2013 read with Clause 49 of the Listing Agreement, the performance evaluation was carried out as under:

Board:

In accordance with the criteria recommended by the Nomination and Remuneration Committee, the Board evaluated its own performance, having regard to various criteria such as composition of the Board, Board process, decision making process at the Board meeting, information shared at the Board, frequency of the Board Meeting and updation of knowledge relating to the business and laws at the Board meeting. Independent Directors at their separate meeting, reviewed the performance of the Board, Chairman of the Board. The Board and the Independent Directors were of the view that performance of the Board of Directors as a whole was satisfactory.

Committees of the Board:

The performance of the Audit Committee, the Corporate Social Responsibility Committee, Risk Management Committee, the Nomination and Remuneration Committee and the Stakeholders Relationship Committee was evaluated by the Board having regard to various criteria such as composition of the Committee, Committee process, decision making process at the Committee meeting, information shared at the Committee meeting, frequency of the Committee Meeting and updation of knowledge relating to the business and laws at the Committee meeting etc. The Board was of the unanimous view that all the committee were performing their functions satisfactorily and according to the mandate prescribed by the Board under the regulatory requirements including the provisions of the Act, the Rules framed thereunder and the Listing Agreement.

Individuai Directors:

a) independent Directors: In accordance with criteria recommended by the Nomination and Remuneration Committee which was approved by the Board, the performance of each independent director was evaluated by entire Board of Directors (excluding the Director being evaluated) on various parameters like as educational and professional background, industry experience standing in the profession. The Board expressed its satisfaction on performance of the Independent Directors. The Board also acknowledged and appreciated the inputs and expertise provided by all the Independent Directors on matters relating to business of the Company.

b) Non independent Directors: In accordance with the criteria recommended by the Nomination and Remuneration Committee which was approved by the Board, the performance of each non independent director was evaluated by the Board of Directors (excluding the Director being evaluated) the various criteria considered for the purpose of evaluation included educational and professional background, industry experience standing in the profession. Further Independent Directors at its separate meeting also evaluated the performance of non independent directors. The Board and Independent Director expressed their satisfaction on performance of the Non Independent Director.

Detail regarding criteria for evaluation is annexed to the Directors' Report (Annexure - 4.1).

Declaration from independent Director

The Company has received the necessary declaration from each independent director in accordance with Section 149 (7) of the Companies Act, 2013 and Clause 49 of the Listing Agreement, stating that he meets the criteria of independence as laid out in sub-section (6) of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

Directors and Key Managerial Personnel

During the Financial year 2014-15, the Company had appointed Shri. Sharadchandra S. Kothari (DIN: 00184421) as a Managing Director for a period of 5 (Five) years commencing from November 13, 2013 to November 12, 2018 by passing a Special Resolution at the Annual General Meeting held on September 19, 2014.

Further the Company had appointed Shri. Rajendra M. Desai (DIN: 00403784), Shri. Prakash M. Kale (DIN: 00151379), Shri. Bhavesh V. Panjuani (DIN: 03188032) and Shri. Kulinkant N. Manek (DIN: 06374052) as Independent Directors for a period of 5 (Five) years commencing from September 19, 2014 to September 18, 2019 by passing an Ordinary Resolution at the Annual General Meeting held on September 19, 2014.

Company had appointed Shri. Mangesh N. Patil as Chief Financial Officer (CFO) with effect from May 28, 2014.

Company had appointed Smt. Jyoti N. Kothari (DIN:07143429), as an Additional Director under Woman and Non Executive category w.e.f. March 30, 2015, whose office is upto the date of the ensuing Annual General Meeting.

Shri. Sharadchandra S. Kothari (DIN: 00184421), Managing Director of the Company, will retire by rotation at the ensuing Annual General Meeting in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for reappointment. The Board of Directors of the Company recommends his re-appointment. Shri. Sharadchandra S Kothari after being reappointed as a director immediately on retirement by rotation, shall continue to hold his office of Managing Director, and his reappointment as such director shall not be deemed to constitute a break in his appointment as Managing Director.

Shri. Chandrakant C. Bhagwat, Company Secretary and Compliance officer of the Company resigned with effect from April 25, 2015 and Company had appointed Ms. Pooja P. Niphadkar as a Company Secretary and Compliance Officer with effect from May 28, 2015.

Directors' Responsibiiity Statement

In compliance of Section 134(3)(c) and 134(5) of the Companies Act, 2013, the Directors hereby confirm:

a. that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. that we have selected such 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 and of the profit and loss of the company for that period;

c. that proper and sufficient care has been taken 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 fraud and other irregularities;

d. that the annual accounts have been prepared on a going concern basis; and

e. that proper internal financial controls were laid down and that such internal financial controls are adequate and were operating effectively.

f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

Audit Committee

The Company in compliance with Section 177 of the Companies Act, 2013, read with applicable provisions thereof and Clause 49 of the Listing Agreement reconstituted Audit Committee. It comprises of three Non-Executive and Independent Directors, viz; Shri. Prakash M. Kale, Shri. Rajendra M. Desai and Shri. Kulinkant N. Manek.

The Chairman of the Committee is Shri. Rajendra M. Desai.

The terms of reference of the Audit Committee are in accordance with the provisions of Section 177 of the Companies Act, 2013 and Clause 49 of the Listing Agreement pertaining to Corporate Governance Norms. In the meeting of the Board of Directors of the Company held on May 28, 2014, the Board of Directors aligned the terms of reference and scope and functioning of the Audit Committee with the new requirements of the Companies Act, 2013 and Listing Agreement norms.

The Company Secretary acts as Secretary to the Committee.

Adequacy of interna! Financiai Controis

The Company has adequate system of internal controls to ensure that all the assets of the Company are safeguarded and are productive. Necessary checks and balances are in place to ensure that transactions are adequately authorized and reported correctly. The Internal Auditor of the Company conduct Audits of various departments to ensure that the necessary controls are in place. The Audit Committee of the Board reviews these and the Company, when needed, takes corrective actions. Related Party Transactions

In compliance with the requirements of the Companies Act, 2013 and Listing Agreement, your Company has formulated a Policy on Related Party Transactions which is also available on the website of the Company at http://www.iavsvnth.com/ pdf/Re!ated party transaction oolicv.odf. Further all the Related Party Transactions during the year were done in the ordinary course of business and were on arm's length basis within the meaning of the Companies Act, 2013. The disclosure of Related Party Transactions as required under the Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 annexed to the Directors' Report (Annexure - 5).

Material Related Party Transactions within the meaning of Clause 49 of the Listing Agreement with BSE Ltd. i.e. transactions exceeding ten percent of the annual consolidated turnover as per the last audited financial statements, were entered during the year by the Company, for which approval of the shareholders of the Company is sought at the ensuing AGM.

Vigil Mechanism/Whistie Blower Policy

In compliance with the provisions of Section 177 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, Company has formulated and adopted a whistle blower policy which will enable all the employees, directors and other stakeholder to raise and report their genuine concerns. The Company has uploaded the Whistle Blower Policy/ Vigil Mechanism Policy on the website of the Company.

The web link of the Policy is http://www.iaysynthdyestuff.com/pdf/Whistle Blower Policy.pdf. There were are no personnel who were denied access to access to Audit Committee during the Financial Year 2014-15.

Prevention of Sexua! Harassment at Workpiace

The Company has in place a Policy on prevention, prohibition and redressal of sexual harassment at work place in line with the requirements of the sexual harassment of Women at Workplace [Prevention, Prohibition & Redressal] Act, 2013 (the "Act") and Rules made there under constituted an Internal Complaints Committee (ICC).

The Company has zero tolerance towards sexual harassment and values dignity of individuals and strives to provide a safe and respectable work environment for all its employees. The Company is committed to providing an environment which is free of discrimination, intimidation and abuse.

During the financial year 2014-15, the Company has not received any complaint from any employee during the financial year 2014-15.

Risk Management Committee

Every Company's activities are exposed to various risk and concerns associated such as market risks, risk of changes in monetary policy. The Company has to identify such risks and take actions to mitigate the same. With a view of the same though not mandatory company a good governance practice formulated a Risk Management Committee.

The Risk Management Committee had proposed a Risk Management Policy for the Company to the Board of Directors, which was later adopted by the Board at its meeting. The Policy entails a process of management of risks associated with the business of the Company.

Risk Management is an ongoing process within the organisation. The Company has a robust risk management framework to identify, assessment, reporting and monitoring of the risk associated with the business of the Company.

The elements of risk identified by the Board as required under Section 134(3)(n) of the Companies Act, 2013, are listed under the Management Discussion and Analysis Report under the heading - Risks and Concerns (Annexure - 6).

Subsidiaries, Joint Ventures or Associate Companies

No company became or ceased to be a subsidiary, joint venture or associate company during the Financial Year 2014-15. Auditors

Statutory Auditors

The Auditors, M/s. C.J. Shah & Associates, Chartered Accountants, Mumbai having Firm Registration No. 109522W and holding valid Peer Review Certificate shall retire at the ensuing Annual General Meeting and, being eligible, offers himself for reappointment for a period of one year from the conclusion of this Annual General Meeting [AGM] till the conclusion of next AGM.

As per the requirement of Section 139 of the Companies Act, 2013, the Company has already obtained consent and a written certificate from them to the effect that their appointment, if made, would be in accordance with the conditions prescribed.

The Notes on financial statement referred to in the Auditor's Report are self-explanatory and do not call for any further comments. The Auditor's Report does not contain any qualification, reservation or adverse remark.

Cost Audit

The Cost Audit Report for the Financial Year 2013-14 was filed on due date. For the year under review the cost audit is not applicable pursuant to the amendment in Companies (Cost Records and Audit) Rules, 2014.

Secretaria! Audit

Section 204 of the Companies Act, 2013 inter-alia requires every listed company to conduct Secretarial Audit and annexe with its Directors' report, a Secretarial Auditor Report given by a Company Secretary in practice, in the prescribed form.

The Board of Directors appointed M/s. Kaushal Dalal & Associates, Practicing Company Secretaries as a Secretarial Auditor to conduct Secretarial Audit of the Company for the Financial Year 2014-15 and their report is annexed to this Directors' report. (Annexure 7). Secretarial Auditor has mentioned only one observation in its report, which is regarding non-filing of MGT-10 for intimating the change in shareholding of more then 2% in Promoter Group. In connection, with the Secretarial Auditor's observation in the report, it is clarified that the nonfiling of MGT -10 in respect of change in the shareholding position under the Promoter Group within 15 days from the date of the acquisition of the shares i.e July 25, 2014 is technical lapses and has occurred inadvertently.

Extract of Annua! Return

Extract of Annual Return of the Company in Form MGT-9 is annexed to this Report. (Annexure 8)

Significant & Material Orders passed by the Regulators or Courts.

During the Financial Year 2014-15 there were no significant or material orders passed by any Court or Regulators involving the Company.

Particulars of Loans, Guarantees or investments

There have been no loans, guarantee or investments made by Company under Section 186 of the Companies Act, 2013 during the Financial Year 2014-15.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The information regarding conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013 and Rule 8 of the Companies (Accounts) Rules, 2014 is annexed to this Report. (Annexure 9).

Deposits covered under Chapter V of the Companies Act, 2013

Your Company has not accepted any public deposits under Chapter V of Companies Act, 2013, during the Financial Year 2014-15.

K. GREEN INITIATIVES

Ministry of Corporate Affairs encourages and supports green initiatives in Corporate Governance by allowing paperless compliances by Companies through electronic mode. Your Company supports the Green Initiative and has accordingly decided to send all communications to its shareholders to their respective registered E-mail addresses. Your Company appeals to its shareholders, who are yet to register their E-mail addresses and take necessary steps for registering the same so that they can also become a part of the green initiative and contribute towards a greener environment.

L. ACKNOWLEDGEMENT AND APPRECIATION

Board of Directors acknowledges and places on record their appreciation towards its employees at all levels for their hard work, solidarity, cooperation and support.

Board also acknowledges and places on record their appreciation to Customers, Vendors, Dealers, Investors, Business Associates, Bankers, Government and Regulatory Authority and BSE Limited for their continued support.

For JAYSYNTH DYESTUFF (INDIA) LIMITED

Parag S. Kothari Chairman & Joint Managing Director Place : Mumbai DIN:00184852

Date : June 25, 2015


Mar 31, 2014

Dear Members,

The Directors are pleased to present the Twenty Ninth Annual Report and Audited Statement of Accounts for the year ended March 31, 2014.

1. Financial Results:

The financial results of your Company for the year ended March 31,2014 as compared to the previous year ended March 31, 2013 are summarized below:

(Rs'' in lacs)

Particulars Year ended Year ended March March 31, 2014 31, 2013

Revenue from Operations 12922.17 12246.56

Other Income 244.35 90.63

Total Income 13166.52 12337.19

Profit before extraordinary items & depreciation 1379.38 1105.01

Depreciation (93.54) (80.03)

Profit before Tax 1285.84 1024.98

Provision for Tax & Wealth Tax (379.63) (218.46)

Deferred Tax (0.00) (98.00)

Tax expenses (0.03) (6.69)

Profit after Tax 906.18 701.83

Balance Brought Forward 1920.61 1448.78

Deferred tax Liability (38.57) (30.00)

Profit available for appropriation 2788.22 2120.61

Appropriations

Proposed dividend (17.38) (0.00)

Tax on dividend (2.95) (0.00)

Transfer to general reserve (200.00) (200.00)

Balance Carried to Balance Sheet 2567.89 1920.61

2. Dividend:

Your Directors are pleased to recommend a Dividend of Rs. 0.20 (20%) per Equity Share of Rs. 1/- for the financial year 2013-14, subject to the approval of Members of the Company at the ensuing Annual General Meeting.

The dividend together with tax thereon for the year entails cash out flow of Rs. 20.33 lacs. The dividend will be paid to members whose names appear in the Register of Members as on September 06, 2014; in respect of shares held in dematerialised form, it will be paid to members whose names are furnished by National Securities Depository Limited and Central Depository Services (India) Limited, as beneficial owners as on that date.

3. Review of operations:

The Company has registered a better performance over previous year, despite of challenging macro economic conditions, high inflation and negative business sentiments prevailing across the industry.

During the year under review, revenue from operations was Rs.12,922.17 lacs as against Rs.12,246.56 lacs registered during previous accounting year. Profit before tax during the year was Rs.1285.84 lacs as against Rs.1,024.98 lacs registered during previous accounting year. Net profit after tax for the year under review was Rs. 906.18 lacs as against Rs. 701.83 lacs registering an increase of 29.12%.

4. Investment in Jaysynth (Europe) Limited:

During the year under review, the Company considered it appropriate to make investment of Rs. 5.16 crores in Jaysynth (Europe) Limited a U.K based Company, (thereby acquiring 42.55% stake in the Jaysynth (Europe) Limited), as a strategic investment to increase the market share and customer base for its products and also for deploying the available surplus funds for business opportunities. Jaysynth (Europe) Limited has its own marketing and administrative office located at Unit F-12, Building No. 46, Birdhall Lane, Cheadle Health Stockport, SK3, OXA, England, U.K.

5. Finance:

During the year under review, your Company has not borrowed any funds from any financial institution or bank; this makes your Company a zero debt Company.

6. Fixed Deposits:

Your Company has not accepted any fixed deposits from public during the year under review. Hence, it is not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

7. Directors:

Shri Prakash M. Kale and Shri Kulinkant N. Manek, Directors of the Company, retire by rotation at the ensuing Annual General Meeting under the erstwhile provisions of the Companies Act, 1956. In terms of Section 149 and any other applicable provisions of the Companies Act, 2013, Shri Prakash M. Kale and Shri Kulinkant N. Manek have offered themselves for appointment as an Independent Director for a period of five years from the date of ensuing Annual General Meeting to be held on September 19, 2014 to September 18, 2019. Further, Shri. Rajendra M. Desai and Shri. Bhavesh V. Panjuani, Directors whose period of office is subject to retirement by rotation have also offered themselves for appointment as Independent Directors for a period of five years from the date of ensuing Annual General Meeting to be held on September 19, 2014 to September 18, 2019 in terms of Section 149 and any other applicable provisions of the Companies Act, 2013. The Company has received requisite disclosures/ declarations from all Independent Directors viz, Shri Prakash M. Kale, Shri Kulinkant N. Manek, Shri. Rajendra M. Desai and Shri. Bhavesh V. Panjuani as required under the relevant provisions of Companies Act, 2013.

The Company has received notices under Section 160 of Companies Act, 2013 from Members signifying their intention to propose Shri Prakash M. Kale, Shri Kulinkant N. Manek, Shri. Rajendra M. Desai and Shri. Bhavesh V. Panjuani as candidates for the office of Independent Directors at the ensuing Annual General Meeting.

As per Section 152 of the Companies Act, 2013, Shri. Nikhil S. Kothari, Director of the Company, retire by rotation at the ensuing Annual General meeting and offers for re-appointment.

Profiles of all these Directors have been given in the Notice of the ensuing Annual General Meeting of the Company.

8. Auditors:

The Company''s Auditors, M/s. C.J. Shah & Associates, Chartered Accountants, Mumbai bearing Firm Registration No.109522W retires by rotation as the Statutory Auditors of the Company.

As required under Section 139 of the Companies Act, 2013, the Company has obtained a consent and a written certificate from them to the effect that their appointment, if made, would be in accordance with the conditions prescribed under the Companies Act, 2013 and the rules made there under, as may be applicable. You are requested to re-appoint them as the Statutory Auditors of the Company for the financial year 2014-15.

9. Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgoings:

The information required under 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 annexed hereto and form part of this Report. Information regarding foreign exchange earnings and outgo is also given in the Annexure ''I'' forming part of this Report.

10. Cost Auditors:

The Board of Directors, in pursuance to the Section 148 of the Companies Act, 2013, have appointed M/s. S.D. Shenoy, Cost Accountants, as the Cost Auditors of the Company to carry out the audit of the cost accounts relating to organic and inorganic chemicals of the Company for the financial year 2014-15, subject to approval of Members and Central Government, if any. The Cost Audit Report for the financial year 2012-13 has been filed on due date. The Cost Audit Report for the financial year ended March 31, 2014 will be filed within 180 days from the end of the financial year.

11. Particulars of Employees:

There are no employees covered under Section 217(2A) of the Companies Act, 1956.

12. Director''s Responsibility Statement:

In terms of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby state that:

i. in the preparation of the annual accounts for the year ended March 31, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. such accounting policies have been selected and applied them consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company in the Balance Sheet as at March 31, 2014 and of the Profit or Loss of the Company for the year ended on that date.

iii. the proper and sufficient care has been taken 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 the fraud and other irregularities.

iv. the annual accounts have been prepared on a going concern basis.

13. Corporate Governance:

The Company is committed to compliance standards, ensuring checks and balances between the Board and Management, as well as a sustainable approach to create value for all stakeholders. As stipulated under clause 49 of the listing agreement, Report on Corporate Governance is appended to this report as Annexure ''II''. Also, Auditor''s Certificate confirming the compliance with the conditions of corporate governance is attached herewith.

14. Management Discussion and Analysis Report:

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on Management Discussion and Analysis Report is appended to this report as Annexure ''III''.

15. Industrial Relations:

The Company continued to maintain harmonious and cordial relations with employees at all levels.

16. Acknowledgments:

The Board of Directors places on record its sincere appreciation for the dedicated services rendered by employees at all levels. Your Directors also wish to place on record their grateful appreciation for assistance and support extended by Syndicate Bank, HDFC Bank Ltd. and Kotak Mahindra Bank Ltd., all shareholders, customers, suppliers, government authorities and other business associates.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Parag S. Kothari Chairman & Joint Managing Director

Mumbai : May 28, 2014


Mar 31, 2013

The Directors hereby present their Twenty Eighth Annual Report for the year ended March 31,2013.

1. Financial Results:

The financial results of your company for the year ended March 31, 2013 as compared

to the previous year ended March 31, 2012 are summarized below:

(Rs. In Lacs)

Particulars Year ended Year ended March 31. 2013 March 31, 2012

Revenue from Operation 12246.56 9172.68

Other Income 90.33 25.14

Total Income 12337.19 9197.82

Profit before extraordinary items & depreciation 1105.01 689.31

Depreciation (80.03)

Profit before Tax 1024.98 624.37

Provision for Tax & Wealth Tax (218.46) (126.57)

Deferred Tax (98.00) (41.70)

Tax expenses (6.69)

Profit after Tax 701.83 456.10

Deferred Tax Liability (30.00) (140.00)

Transfer to General Reserve (200.00) (200.00)

Preference Dividend including Dividend (1.69)

Distribution Tax

Balance Brought Forward 1448.79 1334.38

Balance Carried to Balance Sheet 1920.61 1448.79



2. Dividend :

Considering present economic environment & prevailing business opportunity, directors consider it prudent to conserve financial resources hence, do not recommend any dividend for the year ended March 31, 2013.

3. Review of operations :

During the year under review revenue from operation is Rs.12,246.56 lacs as against Rs.9,172.68 lacs registered during previous accounting year. Net Profit during the year was a,024.98 lacs as against Rs.624.37 lacs registered during previous accounting year. Net profit after tax for the year under review was Rs.701.83 lacs as against W56.10 lacs an increase of 53.87%.

4. Finance:

During the year under review, your Company has not borrowed any funds from any financial institution or bank, this makes your Company a zero debt company.

5. Fixed Deposits:

Your Company has not accepted any fixed deposits from public during the year under review. Hence, it is not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1955.

6. Directors:

Shri Rajendra M. Desai & Shri. Bhavesh Virsen Panjuani retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, have offered themselves for re-appointment.

The Board of Directors at its meeting held on 27th May, 2013, appointed Shri Kulinkant Nathubhai Manek as an Additional Director, who will hold office as Director up to the date of the forthcoming Annual General Meeting. A notice in writing has been received from a member of the Company under Section 257 of the Companies Act, 1956 signifying his intention to propose Shri Kulinkant Nathubhai Manek as a candidate for the office of Director of the Company.

7. Particulars of Employees :

There are no employees covered under Section 217(2A) of the Companies Act, 1956.

8. Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgoings:

The information required under 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 annexed hereto and form part of this Report. Information regarding foreign exchange earnings and outgo is also given in the Annexure forming part of this Report.

9. Auditors:

The Company''s Auditors, M/s. C.J.Shah & Associates, retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

10. Director''s Responsibility Statement:

In terms of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby state that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. such accounting policies have been selected and applied them consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company in the Balance Sheet as at March 31, 2013 and of the profit or loss of the Company for the year ended on that date.

iii. the proper and sufficient care has been taken 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 the fraud and other irregularities.

iv. the annual accounts have been prepared on a going concern basis.

12. Cost Accounting Records :

Cost accounting records for the year ended March 31, 2013 were maintained as per Cost Accounting Records Rules. Subject to approval of the Central Government, the Company has appointed Mr. S. D. Shenoy, Cost Accountants, as Cost Auditors to audit the cost accounts of the Company for the financial year 2013-14. Your Company has filed the Cost Audit Report and Cost Audit Compliance Report in respect of financial year 2011-12. The Cost Audit Report for the financial year ended March 31, 2013 will be filed within 180 days from the end of the financial year.

13. Corporate Governance :

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on corporate governance practices followed by the Company together with a certificate from the Company''s auditors confirming compliance is set out in the Annexure forming part of this report.

14. Management Discussion and Analysis Report:

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on Management Discussion and Analysis Report is appended to this report.

15. Industrial Relations:

The Company continued to maintain harmonious and cordial relations with employees at all levels.

16. Acknowledgment:

The Board of Directors places on record it''s sincere appreciation for the dedicated services rendered by employees at all levels. Your Directors also wish to place on record their grateful appreciation for assistance and support extended by Syndicate Bank, and HDFC Bank Ltd., all shareholders, customers, suppliers, government authorities and other business associates.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

PARAG S. KOTHARI

Mumbai: 27th May, 2013 CHAIRMAN & MANAGING DIRECTOR


Mar 31, 2012

The Directors hereby present their Twenty Seventh Annual Report for the year ended March 31, 2012.

1. Financial Results :

The financial results of your company for the year ended March 31, 2012 as compared to the previous year ended March 31, 2011 are summarized below:

(Rs.in Lacs)

Particulars Year ended Year ended March 31, 2012 March 31, 2011

Revenue from Operation 9172.68 9425.87

Other Income 25.14 29.97

Total Income 9197.82 9455.84

Profit before extraordinary items & depreciation 689.31 682.31

Depreciation (64.94) (48.92)

Profit for the Year 624.37 633.39

Provision for Tax & Wealth Tax (126.57) (128.63)

Excess/(Short) Provision for Tax & FBT - (0.02)

Deferred Tax (41.70) (58.00)

Profit after Tax 456.10 446.74

Deferred Tax Liability (140.00) -

Transfer to Capital Redemption Reserve - (70.00)

Transfer to General Reserve (200.00) (200.00)

Preference Dividend including Dividend Distribution Tax (1.69) -

Balance Brought Forward 1334.38 1157.64

Balance Carried to Balance Sheet 1448.79 1334.38

2. Dividend :

Considering present economic environment, Directors consider it prudent to conserve financial resources do not recommend any dividend for the year ended March 31, 2012.

3. Review of operations :

During the year under review revenue from operation is Rs. 9172.68 lacs as against Rs. 9425.87 lacs registered during previous accounting year. Net Profit during the year was Rs. 624.37 lacs as against Rs. 633.39 lacs registered during previous accounting year. Net profit after tax for the year under review was Rs. 456.10 lacs as against Rs. 446.74 lacs an increase of 2.10%.

4. Finance :

During the year under review, your Company has not borrowed any funds from any financial institution or bank this, makes your Company a zero debt company.

5. Fixed Deposits :

Your Company has not accepted any fixed deposits from public during the year under review. Hence, it is not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1955.

6. Preference Shares :

During the year under review your company redeemed 7,00,000 Preference Shares of Rs. 10/- each.

7. Directors :

Shri. Nikhil S. Kothari retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment.

The Board of Directors at its meeting held on 14,h November, 2011, appointed Shri Bhavesh V. Panjuani as an Additional Director, who will hold office as Director up to the date of the forthcoming Annual General Meeting. A notice in writing has been received from a member of the Company under Section 257 of the Companies Act, 1956 signifying his intention to propose Shri Bhavesh V. Panjuani as a candidate for the office of Director of the Company.

8. Particulars of Employees :

There are no employees covered under Section 217(2A) of the Companies Act, 1956.

9. Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgoings :

The information required under 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 annexed hereto and form part of this Report. Information regarding foreign exchange earnings and outgo is also given in the Annexure forming part of this Report.

10. Auditors :

The Company's Auditors, M/s. C. J. Shah & Associates, retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

11. Director's Responsibility Statement :

In terms of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby state that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. such accounting policies have been selected and applied them consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company in the Balance Sheet as at March 31, 2012 and of the profit or loss of the Company for the year ended on that date.

iii. the proper and sufficient care has been taken 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 the fraud and other irregularities.

iv. the annual accounts have been prepared on a going concern basis.

12. Cost Accounting Records :

Cost accounting records for the year ended March 31, 2012 were maintained as per Cost Accounting Records Rules. Subject to approval of the Central Government, the Company has appointed Mr. S. D. Shenoy, Cost Accountants, as Cost Auditors to audit the cost accounts of the Company for the financial year 2012-13. The Cost Audit Report in respect of financial year 2011-12 will be filed on or before due date i.e. 27.09.2012.

13. Corporate Governance :

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on corporate governance practices followed by the Company together with a certificate from the Company's auditors confirming compliance is set out in the Annexure forming part of this report.

14. Management Discussion and Analysis Report :

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on Management Discussion and Analysis Report is appended to this report.

15. Industrial Relations :

The Company continued to maintain harmonious and cordial relations with employees at all levels.

16. Acknowledgment :

Your Directors wish to place on record their appreciation for the contribution made by employees at all levels. Your Directors also wish to place on record their gratitude to Syndicate Bank, and HDFC Bank Ltd. for their continued support during the year. Your Directors, also wish to thank valued investors, customers, dealers, suppliers and agents for their support and faith reposed in the Company.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Parag S. Kothari

Chairman & Managing Director

Mumbai : 30th May, 2012


Mar 31, 2011

To the Members,

The Directors hereby present their Twenty Sixth Annual Report for the year ended March 31, 2011.

1. Financial Results :

The financial results of your company for the year ended March 31, 2011 as compared to the previous year ended March 31, 2010 are summarized below:

(Rs. in Lacs)

Particulars Year ended Year ended March 31, 2011 March 31, 2010

Gross Sales 9377.44 8641.60

Other Income 417.98 228.74

Total Income 9795.42 8870.34

Profit before extraordinary items & depreciation 682.31 655.07

Depreciation (48.92) (37.57)

Profit for the Year 633.39 617.50

Provision for Tax & Wealth Tax (128.63) (106.42)

Excess/(Short) Provision for Tax & FBT (0.02) 0.10

Deferred Tax (58.00) 79.25

Profit after Tax 446.74 590.43

Transfer to Capital Redemption Reserve (70.00) 0.00

Transfer to General Reserve (200.00) (250.00)

Balance Brought Forward 1157.63 817.20

Balance Carried to Balance Sheet 1334.37 1157.63

2. Dividend :

The Directors do not recommend any dividend for the year ended March 31, 2011 with a view to plough back the profit for the growth requirement of business.

3. Review of operations :

The Net sales for the year ended March 31, 2011 was Rs. 9377.44 lacs, with increase of 8.51%, as against Rs. 8641.60 lacs for the corresponding previous year. Operating margins were under pressure due to increase in input cost and expenses. Net profit after tax is lower as compared to previous year on account of higher tax incidence. The company is slowly consolidating its position in highly competitive business segment in which it operates.

4. Finance :

During the year under review, your Company has not borrowed any funds from any financial institution or bank.

5. Fixed Deposits :

Your Company has not accepted any fixed deposits from public during the year under review. Hence, it is not required to furnish information in respect of out standing deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1955.

6. Directors :

Shri. P.M Kale retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment.

7. Particulars of Employees :

There are no employees covered under Section 217(2A) of the Companies Act, 1956.

8. Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgoings :

The information required under 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 annexed hereto and form part of this Report. Information regarding foreign exchange earnings and outgo is also given in the Annexure forming part of this Report.

9. Auditors :

The Company's Auditors, M/s. C. J. Shah & Associates, retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

10. Director's Responsibility Statement :

In terms of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby state that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. such accounting policies have been selected and applied them consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company in the Balance Sheet as at March 31, 2011 and of the profit or loss of the Company for the year ended on that date.

iii. the proper and sufficient care has been taken 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 the fraud and other irregularities.

iv. the annual accounts have been prepared on a going concern basis.

11. Cost Accounting Records :

Cost accounting records for the year ended March 31, 2011 were maintained as per Cost Accounting Records Rules. M/s. S. D. Shenoy & Company, Cost Accountants are to be appointed as Cost Auditors of the Company with the approval of Central Government to audit the cost accounts for the year ended March 31, 2012.

12. Awards and Accolades :

Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (CHEMEXIL) has bestowed to your Company "GOLD AWARD" for outstanding export performance in 'Dyes and Dye Intermediates Panel' during 2007-2008 on 6'" January, 2011.

13. Corporate Governance :

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on corporate governance practices followed by the Company together with a certificate from the Company's auditors confirming compliance is set out in the Annexure forming part of this report.

14. Management Discussion and Analysis Report :

As per clause 49 of the listing agreement with the Stock Exchange, a separate section on Management Discussion and Analysis Report is appended to this report.

15. Industrial Relations :

The Company continued to maintain harmonious and cordial relations with employees at all levels.

16. Acknowledgment :

Your Directors wish to place on record their gratitude to the Syndicate Bank, and HDFC Bank Ltd. for their continued support during the year. Your Directors, also wish to convey their thanks to the valued customers, dealers, suppliers and agents for their co-operation during the year. Your Directors, also place on record their appreciation of the contribution made by all employees during the year under review.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Parag S. Kothari Chairman & Managing Director Mumbai : 30th May, 2011


Mar 31, 2010

The Directors hereby present their Twenty Fifth Annual Report for the year ended March 31, 2010.

1. FINANCIAL RESULTS:

The financial results of your company for the year ended March 31, 2010 as compared to the previous year ended March 31, 2009 are summarized below:

(Rs. in Lacs)

Particulars Year ended Year ended

March 31, 2010 March 31, 2009

Gross Sales 8641.61 8102.54

Other Income 276.59 240.13

Total Income 8918.20 8342.67

Profit before extraordinary items & depreciation 655.07 747.91

Depreciation (37.57) (21.42)

Profit for the Year 617.50 726.49

Provision for Tax (Including FBT) & Wealth Tax (106.42) (88.37)

Excess/Short Provision for Tax & FBT 0.10 1.60

Deferred Tax Assets 79.25 72.87

Profit after Tax 590.43 712.59

Transfer to General Reserve (250.00) (250.00)

Balance Brought Forward 817.20 354.61

Balance Carried to Balance Sheet 1157.63 817.20



2. DIVIDEND:

The Directors do not recommend any Dividend for the year ended March 31, 2010 with a view to plough back the profit for the growth requirement of business.

3. YEAR IN RETROSPECT:

The performance of your Company during the year under report registered an improvement over the previous year. The total sales for the period under review were Rs.8641.61 Lacs as against Rs. 8102.54 Lacs registered during the previous year. Your Company has made profit after tax of Rs. 590.43 Lacs during the year under review as against Rs.712.59 Lacs during the previous year.

During the year under review, production of Dyes, Pigments and Inks was 1705 M.T. as against 1393 M.T. during the previous year.

4. FINANCE:

During the year under review, your Company has not borrowed from any financial institution or bank.

5. FIXED DEPOSITS :

Your Company has not accepted any fixed deposits from public during deposit the year under review. Hence, it is not required to furnish information in respect of out standing deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1955.

6. DIRECTORS:

Shrt. R.M Desai retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment.

7. PARTICULARS OF EMPLOYEES:

As required under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended the names and other particulars of employees forms a part of this report. However, having regard to the provisions of Section 219(1)(b)(iv)of the said Act, the Annual Report excluding the aforesaid statement is being sent to all the members of the Company. Any member interested in obtaining the copy of this statement may write to Shri. Mangesh Patil, Chief Manager Accounts and Compliance Officer at the Registered Office of the Company.

8. CONSERVATION OF ENERGY.TECHNOLOGY.ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GOINGS:

The information required under 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 annexed hereto and form part of this Report. Information regarding foreign exchange earnings and outgo is also given in the Annexure forming part of this Report.

9. AUDITORS:

The Companys Auditors, M/s.C.J.Shah & Associates, retire at the ensuing Annual General meeting and being eligible, offer themselves for re-appointment.

10. DIRECTOR RESPONSIBILITY STATEMENT:

In terms of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby state that:

i. in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. such accounting policies have been selected and applied them consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company in the Balance Sheet as at March 31, 2010 and of the profit or loss of the Company for the year ended on that date.

iii. the proper and sufficient care has been taken 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 the fraud and other irregularities.

iv. the Annual Accounts have been prepared on a going concern basis.



11. COST ACCOUNTING RECORDS:

Cost accounting records for the year ended March 31, 2010 were maintained as per Cost Accounting Records Rules. M/s. S.D.Shenoy & Company, Cost Accountants were appointed as Cost Auditors of the Company with the approval of Central Government to audit the cost accounts for the year ended 31st March, 2010.

12. AWARDS AND ACCOLADES:

Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (CHEMEXIL) has bestowed on your Company "FIRST AWARD" under Dyes and Intermediate Panel - LSM, for the outstanding Export Performance for the year 2005-2006.

13. CORPORATE GOVERNANCE:

As per clause 49 of the Listing Agreement with the Stock Exchange, a separate Section on Corporate Governance Practices followed by the Company together with a certificate from the Companys Auditors Conforming compliance is set out in the Annexure forming part of this Report.

14. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As per clause 49 of the listing Agreement with the Stock Exchange, a separate Section on Management Discussion and Analysis Report is appended to this Report.

15. INDUSTRIAL RELATIONS:

The Company continued to maintain harmonious and cordial relations with employees at all levels.

16. ACKNOWLEDGMENT:

Your Directors wish to place on record their gratitude to the Syndicate Bank, HDFC Bank Ltd. for their continued support during the year. Your Directors, also wish to convey their thanks to the valued customers, dealers and agents for their continued patronage during the year. Your Directors, also place on record their appreciation of the appreciation of the contribution made by all employees during the year under review.



FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

PARAG S. KOTHARI

MUMBAI: 09th August, 2010 CHAIRMAN & MANAGING DIRECTOR.



 
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