Directors Report of Dhunseri Ventures Ltd.

Mar 31, 2025

Your Directors are pleased to present the 109^th Annual Report of your Company together with the Audited Financial Statements for
the year ended March 31, 2025.

Financial Results

Particulars	2024-2025	2023-2024
Turnover and other income	39,983.97	50,155.07
Profit before interest and depreciation	8,217.98	21,531.01
Interest	386.90	657.34
Profit before depreciation	7,831.08	20,873.67
Provision for depreciation	303.46	180.45
Profit before exceptional item and tax	7,527.61	20,693.22
Exceptional Item	-	-
Profit before tax	7,527.61	20,693.22
Provision for tax
- Current tax [(Includes income tax reversal for earlier years amounting to H17.02 Lakhs (31 March 2024-H382.19 Lakhs)]	2,693.37	3,448.91
- Deferred tax	(1,247.28)	564.04
Profit after tax	6,081.52	16,680.27
Profit/(Loss) for the year	6,081.52	16,680.27
Opening Balance of Retained Earnings (Surplus in Statement of Profit and Loss)	1,20,166.16	98,756.49
Profit/(Loss) for the year	6,081.52	16,680.27
Other Comprehensive Income	1.23	(7.86)
Total Comprehensive Income for the Year	6,082.75	16,672.41
Transfer within equity- Gain on sale of equity shares designated as FVOCI-transfer to retained earnings (net of tax)	20,320.68	6,488.50
Dividends paid	(1,751.24)	(1,751.24)
Closing Balance in Retained Earnings	1,44,818.35	1,20,166.16

Operations

The income of your Company during the year under review
comprised of mainly income/revenue from trading activities,
investments, royalty and dividend from Joint Ventures.

Material changes and commitments affecting financial
position of the Company

There are no material changes and commitment affecting
financial position of your Company, which has occurred between
end of the financial year of your Company i.e. March 31, 2025
and the date of this Report.

Dividend

Your Directors have recommended a dividend @ H5.00/- (Previous
Year @ H5.00/-) per equity share of H10/- each for the year ended
March 31, 2025 subject to the approval of the shareholders at
the ensuing Annual General Meeting (AGM).

Transfer to Reserves

During the year under review, your Company has not transferred
any amount to the General Reserve and entire amount of profit
for the year forms part of the Retained Earnings.

Directors and Key Managerial Personnel

During the FY 2024-25, Mr. Mrigank Dhanuka (M.Dhanuka)
(DIN:00005666), the Vice-Chairman of the Company was reÂ¬
designated from Non-Executive Director to Whole-Time Director
of the Company for a period of two years w.e.f May 01, 2024
based on the approval of the Board at its meeting held on
May 24, 2024, and of the shareholders at the 108^th AGM of
the Company. Later, vide a letter dated February 07, 2025, Mr.
M.Dhanuka has resigned from the post of Vice-Chairman in the
capacity of Whole-Time Director of the Company with immediate
effect due to his personal reason. Further, he has been appointed
as an Advisor to the Board of the Company at the Board Meeting
held on February 07, 2025.

Mrs. Bharati Dhanuka (B.Dhanuka) (DIN:02397650), was
appointed as an Additional Director of the Company in the
capacity of Non-Executive Director at the Board Meeting held on
February 07, 2025, subject to the approval of the shareholders.
The Company had obtained the said approval of the shareholders
by passing resolution through postal ballot on April 10, 2025
and accordingly, she was designated as a Non-Executive & NonÂ¬
Independent Director of the Company w.e.f. April 10, 2025.

Mr. Rajiv Kumar Sharma (R.K.Sharma) (DIN:05197101) was
re-designated as the Non-Executive Director of the Company
w.e.f. April 01, 2024, based on the approval of the Board at its
meeting held on November 07, 2023 and his employment was
transferred to WOS of the Company, Dhunseri Poly Films Pvt.
Ltd., in view of his full time involvement in the WOS to manage
its business affairs efficiently.

Mr. Joginder Pal Kundra (J.P.Kundra) (DIN:00004228) and
Dr. Basudeb Sen (B.Sen) (DIN:00056861), ceased to be the
Independent Directors of the Company due to the completion
of their tenure of two consecutive terms of five years each at the
108^th AGM held on August 20, 2024.

Further, Prof. Ashoke Kumar Dutta (A.K.Dutta) (DIN:00045170)
and Mr. Bharat Bajoria (B.Bajoria) (DIN:00109241), were
appointed as the Additional Directors in the capacity of
Independent Directors at the Board Meeting held on May 24,
2024. The Board had considered their integrity, expertise and
experience for their appointment. Subsequently, they were
appointed as the Independent Directors of the Company by
passing special resolution at the 108^th AGM held on August 20,
2024 for a period of five years w.e.f. August 20, 2024.

Mr. R.K.Sharma (DIN:05197101) retires by rotation and being
eligible offers himself for re-appointment.

Declaration from Independent Directors on an Annual
Basis

Pursuant to the provisions of Section 149 of the Companies Act, 2013
(''the Act'') and Regulation 25(8) of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations,
2015, ("the Listing Regulations"), the Independent Directors have
given declarations that they meet the criteria of independence as
provided in Section 149(6) of the Act and Rules framed thereunder
and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015.

The Independent Directors have also declared that they have
registered their name with the data bank maintained by the Indian
Institute of Corporate Affairs as required under the provisions
of Section 150 of the Act read with Rule 6(1) of Companies
(Appointment and Qualification of Directors) Rules, 2014.

In the opinion of the Board, the Independent Directors possess
the requisite expertise and experience and are persons of high
integrity and repute. They fulfill the conditions specified in the
Act as well as the Rules made thereunder and are Independent
of the management.

Policy on Directors'' Appointment and Remuneration

The policy of your Company on Directors'' appointment and

remuneration, including the criteria for determining qualifications,
positive attributes, Independence of a Director and other matters,
as required under sub-section (3) of Section 178 of the Companies
Act, 2013, is available at our website at https://aspetindia.com/
wp-content/uploads/2014/10/TERMS-AND-CONDITIONS-OF-
APPOINTMENT-OF-INDEPENDENT-DIRECTOR1.pdf

We affirm that the remuneration paid to the Directors is as per the
terms laid out in the Nomination and Remuneration Policy of your
Company.

Directors'' Responsibility Statement Pursuant to Section
134(5) of the Companies Act, 2013

Pursuant to the requirement under Section 134(5) of the
Companies Act, 2013, with respect to Directors'' Responsibility
Statement, it is hereby confirmed:

(a) That in the preparation of the annual accounts, the
applicable accounting standards aligned with IND AS had
been followed along with proper explanation relating to
material departures, if any;

(b) That the Directors had selected such accounting policies
aligned as per IND AS and applied them consistently, made
judgements 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 FY and of the profit and loss of
the Company for that period;

(c) That 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
fraud and other irregularities;

(d) That the Directors prepared the annual accounts on a going
concern basis;

(e) That the Directors, had laid down Internal FinancialControls
for the Company and that such Internal Financial Controls
are adequate and were operating effectively; and

(f) That the Directors had devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.

Holding, Subsidiaries and Joint Ventures:

I. Holding Company:

Dhunseri Investments Ltd. continues to be the Holding
Company of your Company. During the year under
review, Dhunseri Investments Ltd and Naga Dhunseri
Group Limited (NDGL), the Promoter Group Companies
had entered into a inter-se Share Purchase/Share Sale
Agreement respectively, pursuant to which 30,78,759
shares (consisting of 8.79% of the total paid up share
capital of the Company) held by NDGL was bought by
Dhunseri Investments Ltd., resulting in an increase in
the holding from 56.44% to 65.23% of the equity share
capital of the Company as on March 31, 2025. There has
been no change in the shareholding of the Promoter and
Promoter Group due to the said inter-se transfer.

II. Subsidiary Companies:

A. Dhunseri Infrastructure Ltd. (DIL), Wholly-Owned
Subsidiary (WOS)

Dhunseri Infrastructure Ltd. (DIL) continues to be the
WOS of the Company. The Company is considering various
options towards utilisation of the Property. Further, steps
are being taken for the de-notification of the areas.

Your Board feels that once the area is de-notified, there
would be ample opportunities for utilising the land. Your
Board will take a decision as soon as the aforesaid changes
are made and finalise in the best interest of your Company.

B. Dhunseri Poly Films Pvt. Ltd. (DPFPL), Wholly-Owned
Subsidiary (WOS)

BOPET Manufacturing Plant of your Company''s Wholly-
Owned Subsidiary, Dhunseri Poly Films Pvt. Ltd. (DPFPL) at
Panagarh, West Bengal is operating successfully catering
to the demand of the product in India with special focus
on Eastern India. DPFPL has started exporting its product
successfully, in many parts of the world including its
neighbouring countries. DPFPL focuses to continue to
grow its exports in the future.

DPFPL''s project in Jammu is progressing as per the
plan, although there was some temporary disruption of
activities due to geo-political situation, however, now the

project activities have restarted. Management is targeting
to start its operation of first line of BOPP production
tentatively from the quarter of April-June 2026, while
second line is expected to start its operation from the first
quarter of FY 2027.

C. Twelve Cupcakes Pte. Ltd. (TCPL), Subsidiary

Your Company now holds 81.83% of the equity share capital
in Twelve Cupcakes Pte. Ltd. as on March 31, 2025.

During the Financial Year, Twelve Cupcakes Pte. Ltd (TCPL),
material unlisted subsidiary of the Company based in
Singapore on September 04, 2024 and as informed in the
Audit and Board Meeting of your Company held on May 24,
2023, converted the Debentures held by Mr. C.K.Dhanuka
and Mr. M.Dhanuka, @ SGD 100 each in the said subsidiary
Company into the Equity Shares of the said subsidiary
Company @SGD 1 each, as per the terms and conditions
of the issued Debentures. Consequently, the percentage of
shareholding of your Company in TCPL has been reduced by
6.86% i.e from 88.68% to 81.83%.

D. DVL USA INC., Wholly-Owned Subsidiary (Ceased as a
subsidiary w.e.f October 08, 2025)

DVL USA INC. incorporated in United States (U.S) for
exploration and expansion of the Cupcake Business in the
U.S. Market, has ceased to be subsidiary of your Company.

During the year, the Company entered into a Share
Purchase Agreement for the sale of 4,66,000 shares
(80.83% of the equity share capital) held by the Company
in DVL USA INC. to Dhunseri Overseas Private Limited
(DOPL), a Group Company at a total consideration of USD
4,660,000 (INR equivalent to approximately H39.74 Crores)
and retained the remaining 1,10,500 shares (19.17% of
the equity share capital) of DVL USA INC., as approved by
the Audit Committee and the Board of Directors at their
respective meetings held on October 08, 2024.

Further, after the execution of aforementioned
agreement, there has been an additional infusion of
funds by DOPL in DVL USA INC. due to which the holding
percentage of the Company in DVL USA INC. has been
reduced from 19.17% to 16.33 %.

III. Associate Companies:

A. IVL Dhunseri Petrochem Industries Pvt. Ltd.

Your Company continues to hold 50% of the equity share
capital in IVL Dhunseri Petrochem Industries Pvt. Ltd. and
the balance 50% stake is held by Indorama group.

B. IVL Dhunseri Polyester Company S.A.E.

Your Company continues to hold 50% stake in IVL Dhunseri
Polyester Company S.A.E and the balance 50% stake is
held by Indorama group.

Information about the Financial Performance/Financial
Position of the Subsidiaries, Associate or Joint Venture

A separate statement containing the salient features of Financial
Statements of all Subsidiaries, Associates or Joint Ventures of
your Company forms a part of Consolidated Financial Statements
in compliance with Section 129 and other applicable provisions,
if any, of the Companies Act, 2013. Shareholders desirous of
obtaining the report and accounts of your Company''s subsidiaries
may obtain the same upon request. It is also available on the
website of your Company www.aspetindia.com. Members may
send an advance request at the e-mail id-investors@aspetindia.
com for an electronic inspection of the aforesaid documents.

As required under the Companies Act, 2013 and the Listing
Regulations, the Audited Consolidated Financial Statements
of your Company are also attached and forms part of your
Company''s Annual Report.

Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings/Outgo

There are no particulars in regard to the conservation of energy,
technology absorption as prescribed under Section 134(3)(m) of
the Companies Act, 2013 read with the Companies (Accounts)
Rules, 2014.

The Foreign exchange outflow in the FY 2024-25 is H926.86
lakhs. Further, inflow in foreign exchange in the FY 2024-25 is
H4,818.39 lakhs.

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the
Companies Act, 2013, the Annual Return as on March 31, 2025
is available on the Company''s website at http://aspetindia.com/
stock-exchange-disclosure/annual-return/.

Corporate Social Responsibility (CSR)

Corporate Social Responsibility Committee was reconstituted on
August 12,2024 with Mr. C.K.Dhanuka, as the Chairperson, Prof.
A.K.Dutta and Mrs. A.Kanoria as the members.

The Corporate Social Responsibility Policy of your Company is
available on the Company''s website at https://aspetindia.com/
wp-content/uploads/2024/06/FINAL-CSR-Policy.pdf .

Your Company carries out CSR activities through Dhanuka
Dhunseri Foundation (DDF) or any other implementing agency as
the CSR Committee and the Board decides.

The Annual Report on CSR activities in accordance with the
Companies (Corporate Social Responsibility Policy) Rules, 2014,
is attached as "Annexure-A" to this Report.

Details Relating to Remuneration to Directors, Key
Managerial Personnel and Employees

The information required under Section 197 of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, is
attached as "Annexure-B" to this Report.

The statement containing names of top ten employees in terms
of remuneration drawn and the particulars of employees as
required under Section 197(12) of the Act read with Rule 5(2)
and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is provided in a separate
annexure forming part of this Report. Further, the Report and the
accounts are being sent to the Members excluding the aforesaid
Annexure. In terms of Section 136 of the Act, the said annexure
is open for inspection and any Member interested in obtaining
a copy of the same may write to the Company Secretary at
[email protected].

The financial statements of Dhunseri Poly Films Pvt. Ltd. and
Twelve Cupcakes Pte Ltd., material subsidiaries, are available on
the website of the Company.

M/s B S R & Co. LLP, Chartered Accountants (Registration No.
101248W/W-100022) were appointed as the Auditors of the
Company for a second term of five consecutive years from the
conclusion of 106^th Annual General Meeting till the conclusion of
111^th Annual General Meeting as approved by the Members of
the Company at the 106^th Annual General Meeting.

No frauds are reported by auditors under Section 143 (12) of the
Companies Act, 2013 in Auditor''s Report.

The Auditors'' Report for the FY 2024-25 does not contain any
qualification, reservation, adverse remark or disclaimer.

The Auditors'' Report is enclosed with the financial statements in
this Annual Report.

Secretarial Auditors and Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act,
2013 read with the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, M/s Mamta Binani &
Associates, Practicing Company Secretaries were appointed as
the Secretarial Auditor of your Company for the FY 2024-25.

The Secretarial Audit Report issued by Mamta Binani & Associates,
Practicing Company Secretaries for the FY ended March 31, 2025
is attached as an "Annexure-C" to this Report.

The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.

Moreover, pursuant to the provisions of Section 204 and other
applicable provisions of the Companies Act, 2013, if any, read
with Rule 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, and Regulation 24A and
other applicable provisions of the Listing Regulations, the Audit
Committee and Board of Directors at its meeting held on May 20,
2025 has recommended the appointment of M/s Mamta Binani &
Associates, Practicing Company Secretaries (firm registration no.
P2016WB060900), as the Secretarial Auditor of the Company for
a term of five consecutive years commencing from the conclusion
of the 109^th Annual General Meeting till the conclusion of the
114^th Annual General Meeting (i.e., for the period commencing
from April 01, 2025 till March 31, 2030).

The provisions of Cost Audit and Records as prescribed under
Section 148 of the Companies Act, 2013, is not applicable to your
Company.

Dividend Distribution Policy

The Board of Directors of your Company has adopted the Dividend
Distribution Policy as required by Regulation 43A of the Listing
Regulations and is available at our website https://aspetindia.com/
wp-content/uploads/2022/06/Dividend-Distribution-Policy-1.pdf.

Business Responsibility and Sustainability Report

Your Company has prepared the Business Responsibility and
Sustainability Report (BRSR) describing the initiatives taken
by the Board from an Environmental, Social, Governance and
Sustainability perspective.

The said BRSR is forming part of the Annual Report and is attached as
an "Annexure-E" to this Report and is also uploaded on the website
of the Company at https://aspetindia.com/investors/report-review/

Adequacy of Internal Financial Controls with reference to
Financial Statements

Your Company has in place adequate internal financial controls
as required u/s 134(5)(e) of the Companies Act, 2013. Your
Company has adopted policies and procedures for ensuring
the orderly and efficient conduct of its business, including
adherence to Company''s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records and the timely
preparation of reliable financial disclosures. During the year, such
controls were tested with reference to Financial Statements and
no material weakness in the design or operation was observed.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in
note no. 7 of the Standalone Financial Statements.

Risk Management

Your Company has reconstituted the Risk Management
Committee at its Board meeting held on August 12, 2024,
comprising of Mr. R.K.Sharma, Chairperson, Prof. A.K.Dutta and
Mr. B. Bajoria, as the members.

Your Company has established a Risk Management Policy as
approved by the Board, including identification therein of
elements of risk, if any, which in the opinion of the Board may
threaten the existence of the Company. The major mechanisms
of risk management are the Monitoring of Statutory, Legal,
Investment Compliances and the Internal Audit.

Related Party Transactions

All the contracts/arrangements/transactions entered by your
Company during the financial year with related parties were in
the ordinary course of business and on an arm''s length basis,
details of which are provided in the notes to Accounts.

None of the transactions with any of the related parties was in
conflict with the Company''s interest. Further, omnibus approval
is obtained on an yearly basis for transactions which are repetitive
in nature.

Particulars of Material Contracts/arrangements/transactions at
arm''s length basis as on March 31, 2025 with Related parties
during the year pursuant to the provisions of Section 134 (3)(h)
of the Companies Act and Rule 8(2) of the Companies (Accounts)
Rules, 2014 are given in "Annexure - D" in form AOC - 2 and the
same forms part of this Report.

Your Company has also formulated a policy on dealing with the
Related Party Transactions and necessary approval of the Audit
Committee and the Board of Directors were taken wherever
required in accordance with the Policy.

Annual evaluation of the performance of the Board, its
Committees and Individual Directors

The Independent Directors of your Company had reviewed the
performance of Non-Independent Directors and the Board as
a whole along with the performance of the Chairman of your
Company at its meeting held on March 20, 2025.

The Independent Directors well appreciated the functioning of
the Board of Directors as well as the Committees of the Board.
They were also highly satisfied with the leadership role played by
the Chairman. The Board of Directors works as a team and there
are detailed discussions at the meetings on various agenda items.
The Board is a well-diversified team consisting of persons having
expertise in the fields of Corporate & Strategic Advisory, Finance,

Law as well as professionals and industrialist. The Board through
its Committees i.e, Audit Committee, Stakeholders Relationship
Committee, Nomination and Remuneration Committee is in a
position to have its overall supervision at all these key areas.
All the Directors participate effectively without any restraint to
express their views.

The Board of Directors at its meeting held on May 20, 2025 had
evaluated the performance of the Independent Directors based
on a list of evaluation criteria for performance evaluation. The
effectiveness of the Board was discussed and evaluated based on
the evaluation criteria as well as the performance evaluation of
the Board Committees was also conducted at the same meeting.

The evaluation process focused on various aspects of the
functioning of the Board and Committees such as composition
of the Board and Committees, experience and competencies,
performance of specific duties and obligations, governance
issues, etc. The guidance note issued by SEBI on Board Evaluation
was duly considered while conducting the evaluation exercise.
Separate exercise was carried out to evaluate the performance
of Individual Directors on parameters such as qualifications,
experience, availability and attendance, constructive
contribution, knowledge and competency etc.

As an outcome of the above exercise, it was noted that the Board
as a whole is functioning as a cohesive body, which is well engaged
with different perspectives and is believed that it is the collective
effectiveness of the Board that impacts Company''s performance.
The Board Members from different backgrounds bring about
different complementarities that help Board discussions to be
rich and value adding. It was also noted that the Committees are
functioning well and besides the Committee''s terms of reference
as mandated by law, important issues are brought up and
discussed in the Committee Meetings.

Corporate Governance, Management Discussion and
Analysis Reports

Your Company has taken adequate steps to adhere to all the
stipulations laid down in Regulation 34(3) and Schedule V of
the Listing Regulations. A report on Corporate Governance and
Management Discussion and Analysis Report is included as a part
of this Report.

Certificate from the Secretarial Auditors of your Company
confirming the compliance with the conditions of Corporate
Governance as stipulated under the Listing Regulations forms
part of the Annual Report.

The details of Board Meetings, details of Audit Committee,
Stakeholders Relationship Committee, Nomination and
Remuneration Committee and Risk Management Committee
held during the FY 2024-25, Nomination and Remuneration
policy and Vigil Mechanism/Whistle Blower Policy are covered in
the Corporate Governance Report.

Environment, Health and Safety

Environment, Health and Safety are of great importance to
your Company. Your Company continuously strives to ensure
environment sustainable practices and provides a safe and
healthy workplace for its employees.

Prevention of Sexual Harassment at Workplace

As per the requirements of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act, 2013
("POSH Act") and Rules made thereunder, your Company has an
Internal Complaints Committee to address complaints pertaining
to sexual harassment in the workplace. There were neither any
outstanding complaints in the beginning / end of the year nor any
complaints were received and /or disposed off during FY 2024Â¬
25. The Committee met once during the Financial Year.

Credit Rating by Infomerics Valuation and Rating Pvt. Ltd.

A Credit rating of IVR A1 (lVR A One Plus) to Short Term Bank
facilities of the Company was assigned by Infomerics Valuation
and Rating Pvt. Ltd. and this rating continues to remain valid.

Compliance with Secretarial Standards

Your Company is in compliance with the relevant provisions of
the Secretarial Standards issued by The Institute of Company
Secretaries of India and approved by the Central Government.

General

Your Directors state that no disclosure or reporting is required
in respect of the following items as there were no transactions in
regard to the under-mentioned items during the year under review:

(a) Issue of equity shares with differential rights as to dividend,
voting or otherwise.

(b) Issue of sweat equity shares to employees of the Company/
Issue of Employees Stock Option Scheme.

The Company has not accepted any deposit from the public
and as such, no amount on account of principal or interest on
deposits from the public was outstanding as on the date of the
balance sheet.

There is no change in the nature of business of your Company
and no significant material order was passed by the Regulators or
Courts or Tribunals which would impact the going concern status
of your Company and its future operations.

During the year under review, there were no proceedings that
were filed by your Company or against your Company, which
are pending under the Insolvency and Bankruptcy Code, 2016
as amended, before National Company Law Tribunal or other
Courts.

During the year under review, there were no instances of oneÂ¬
time settlement with any Bank or Financial Institutions.

Employees

Your Company believes that ''Employees'' are the most valuable
assets of any organization. Your Directors wish to place on record
their deep sense of appreciation for the co-operation, dedication
and committed services by all the employees of your Company
who plays a pivotal role in the growth of your Company.

Acknowledgement

The Directors wish to place on record their sincere appreciation
for the whole-hearted support received from the banks,
shareholders and all other associated with your Company. The
Board of Directors also thank the employees of your Company for
their valuable service and support during the year.

For and on behalf of
The Board of Directors

Place: Kolkata C.K.Dhanuka

Date: May 20, 2025 Executive Chairman

Mar 31, 2024

Your Directors are pleased to present the 108th Annual Report of your Company together with the Audited Financial Statements for the year ended March 31, 2024.

Financial Results

(H in Lakhs)

Particulars	2023-2024	2022-2023
Turnover and other income	50,155.07	31,493.94
Profit before interest and depreciation	21,531.01	15,933.99
Interest	657.34	509.41
Profit before depreciation	20,873.67	15,424.58
Provision for depreciation	180.45	222.12
Profit before exceptional item and tax	20,693.22	15,202.46
Exceptional Item	-	-
Profit before tax	20,693.22	15,202.46
Provision for tax
- Current tax [Includes income tax for earlier years amounting to C382.19 Lakhs (31 March 2023- C Nil)]	3,448.91	3,084.51
- Deferred tax	564.04	47.68
Profit after tax	16,680.27	12,070.27
Profit/(Loss) for the year	16,680.27	12,070.27
Opening Balance of Retained Earnings (Surplus in Statement of Profit and Loss)	98,756.49	84,853.11
Profit/(Loss) for the year	16,680.27	12,070.27
Other Comprehensive Income	(7.86)	(0.52)
Total Comprehensive Income for the Year	16,672.41	12,069.75
Transfer within equity- Gain on sale of equity shares designated as FVOCI-transfer to retained earnings (net of tax)	6,488.50	3,234.62
Dividend paid	(1,751.24)	(1,400.99)
Closing Balance in Retained Earnings	1,20,166.16	98,756.49

Operations

The income of your Company during the year under review comprised of mainly income/revenue from trading activities, investments, royalty and dividend from Joint Ventures.

Material changes and commitments affecting financial position of the Company

There are no material changes and commitment affecting financial position of your Company, which has occurred between end of the financial year of your Company i.e. March 31, 2024 and the date of this Report.

Dividend

Your Directors have recommended a dividend @ C5.00/- (Previous Year @ C5.00/-) per equity share of C10/- each for the year ended March 31, 2024 subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM).

Transfer to Reserves

During the year under review, your Company has not transferred any amount to the General Reserve and entire amount of profit for the year forms part of the Retained Earnings.

Directors and Key Managerial Personnel

During the FY 2023-24, Mr. C.K.Dhanuka (DIN:00005684) was reappointed as the Executive Chairman & Managing Director of the Company w.e.f. January 1, 2024 for a period of five years, based on the approval of the Board and Members of the Company.

Mr. R.K.Sharma (DIN:05197101) was designated as the NonExecutive Director of the Company w.e.f. April 1, 2024, based on the approval of the Board at its meeting on November 7, 2023 and his employment package was transferred to WOS of the Company, Dhunseri Poly Films Pvt. Ltd, in view of his full time involvement in the WOS to manage its business affairs efficiently.

Mr. M.Dhanuka (DIN:00005666), the Vice-Chairman of the Company, was re-designated as the Whole -Time Director of the Company for a period of two years w.e.f May 1, 2024 based on the approval of the Board at its meeting held on May 24, 2024, subject to the approval of the Members at this AGM.

Further, Mr. J.P.Kundra (DIN:00004228) and Dr. B.Sen (DIN:00056861), Independent Directors of the Company are nearing completion of their tenure of two consecutive terms of five years at this AGM. Accordingly, Prof. Ashoke Kumar Dutta (DIN:00045170) and Mr. Bharat Bajoria (DIN:00109241), being eligible are appointed as Additional Directors in the capacity of Independent Directors of the Company at their meeting held on May 24, 2024 for a term of five years'' subject to the approval of the Members in this AGM.

Mrs. A.Dhanuka (DIN:00005677) retires by rotation and being eligible offers herself for re-appointment.

Declaration from Independent Directors on an Annual Basis

Pursuant to the provisions of Section 149 of the Companies Act, 2013 (''the Act'') and Regulation 25(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("the Listing Regulations"), the Independent Directors have given declarations that they meet the criteria of independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI (LODR) Regulations.

The Independent Directors have also declared that they have registered their name with the data bank maintained by the Indian Institute of Corporate Affairs as required under the provisions of Section 150 of the Act read with Rule 6(1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are Independent of the management.

Policy on Directors'' Appointment and Remuneration

The policy of your Company on Directors'' appointment and remuneration, including the criteria for determining qualifications, positive attributes, Independence of a Director and other matters, as required under Sub-section (3) of Section 178 of the Companies Act, 2013, is available at our website at http://aspetindia.com/ wp-content/uploads/2014/10/TERMS-AND-CONDITIONS-OF-APPOINTMENT-OF-INDEPENDENT-DIRECTOR1.pdf

We affirm that the remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of your Company.

Directors'' Responsibility Statement Pursuant to Section 134(5) of the Companies Act, 2013

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(a) That in the preparation of the annual accounts, the applicable accounting standards aligned with IND AS had been followed along with proper explanation relating to material departures, if any;

(b) That the Directors had selected such accounting policies aligned as per IND AS and applied them consistently, made judgements 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 FY and of the profit and loss of the Company for that period;

(c) That 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 fraud and other irregularities;

(d) That the Directors prepared the annual accounts on a going concern basis;

(e) That the Directors had laid down Internal Financial Controls for the Company and that such Internal Financial Controls are adequate and were operating effectively; and

(f) That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Holding, Subsidiaries and Joint Ventures:

I. Holding Company:

Dhunseri Investments Ltd. continues to be the Holding Company and is holding 56.44% of the equity share capital of your Company as on March 31, 2024.

II. Subsidiary Companies:

A. Dhunseri Infrastructure Ltd. (DIL), Wholly-Owned Subsidiary (WOS)

Dhunseri Infrastructure Ltd. continues to be the WOS of the Company. The Company is considering various options towards utilisation of the Property. Further, steps are being taken for the de-notification of the areas.

Your Board feels that once the area is de-notified, there would be ample opportunities for utilising the land. Your Board will take a decision as soon as the aforesaid changes are made and finalise in the best interest of your Company.

B. Dhunseri Poly Films Pvt. Ltd. (DPFPL), Wholly-Owned Subsidiary (WOS)

Your Company''s Wholly-Owned Subsidiary, Dhunseri Poly Films Pvt. Ltd. (DPFPL) has completed setting up State of the Art -10.6 Meter Biaxally Oriented Polyester Film (BOPET) Line at Panagarh in the state of West Bengal. The commercial production has already started from the 13th of December 2023. Plant is operating at desired level and product quality has been well accepted in the market. DPFPL has also initiated export market and have successfully marketed same in few market while penetration of export market will continue to be the next year''s target.

Further, DPFPL is also in the process of setting up State of the Art - 10.4 Meter 2 Biaxally Oriented Polypropylene (BOPP) production in Jammu. Financial closure of BOPP project has been achieved in March 2024. Consent to Establish from J&K Pollution Control Board is received for the project and activities on the ground is expected to start from July/August 2024. The first BOPP line is expected to commence production from the FY 2025-26. While second line is expected to start operation from 2026-27.

C. Twelve Cupcakes Pte. Ltd. (TCPL), Subsidiary

Your Company continues to hold 88.68% of the equity share capital in Twelve Cupcakes Pte. Ltd.

Your Company has entered into a Share Purchase agreement on January 10, 2024 with TCPL for the purchase of shares of DVL USA INC. from TCPL to make it a WOS of your Company.

D. DVL USA INC., Wholly-Owned Subsidiary

DVL USA INC. incorporated in United States (U.S) for exploration and expansion of the Cupcake Business in the U.S. Market, is now a Wholly Owned Subsidiary of your Company.

DVL USA INC. has incorporated a Limited Liability Company (LLC) in the month of May, 2024 in the name and style of "Waterford Orlando, LLC" in the State of Delaware, United States of America to expand the business of the WOS in the food and beverage industry majorly in confectionery and bakery industry. DVL USA INC. is the sole member of the said LLC and accordingly, your Company has indirectly acquired 100% control in the LLC through its WOS.

DVL USA INC. will commence its retail operations through its brick and mortar locations in Central Florida before the end of the Calender Year. These stores will operate under the LLC and will pave the way for retail brand building and expansion.

IN. Associate Companies:

A. IVL Dhunseri Petrochem Industries Pvt. Ltd.

Your Company continues to hold 50% of the equity share capital in IVL Dhunseri Petrochem Industries Pvt. Ltd. and the balance 50% stake is held by Indorama group.

B. IVL Dhunseri Polyester Company S.A.E.

Your Company continues to hold 50% stake in IVL Dhunseri Polyester Company S.A.E and the balance 50% stake is held by Indorama group.

Information about the Financial Performance/Financial Position of the Subsidiaries, Associates and Joint Ventures

A separate statement containing the salient features of Financial Statements of all Subsidiaries/Associates/Joint Ventures of your Company forms a part of Consolidated Financial Statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. Shareholders desirous of obtaining the report and accounts of your Company''s subsidiaries may obtain the same upon request. It is also available on the website of your Company www.aspetindia.com. Members may send an advance request at the e-mail id-investors@aspetindia. com for an electronic inspection of the aforesaid documents.

As required under the Companies Act, 2013 and the Listing Regulations, the Audited Consolidated Financial Statements

of your Company are also attached and forms part of your Company''s Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

There are no particulars in regard to the conservation of energy, technology absorption as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014.

The Foreign exchange outflow in the FY 2023-24 is C4,012.45 Lakhs. Further, inflow in foreign exchange in the FY 2023-24 is C1,676.00 Lakhs.

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return as on March 31, 2024 is available on the Company''s website at http://aspetindia.com/ stock-exchange-disclosure/annual-return/

Corporate Social Responsibility

A Corporate Social Responsibility Committee was reconstituted on July 3, 2020 with Mr. C.K.Dhanuka, as the Chairman, Dr. B.Sen and Mrs. A.Kanoria as the members.

The Corporate Social Responsibility Policy of your Company is available in the Company''s website at https://aspetindia.com/wp-content/uploads/2024/06/FINAL-CSR-Policy.pdf

Your Company carries out CSR activities mainly through Dhanuka Dhunseri Foundation (DDF) or any other implementing agency as the CSR Committee and the Board decides.

The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014, is attached as "Annexure-A" to this Report.

Details Relating to Remuneration to Directors, Key Managerial Personnel and Employees

The information required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached as "Annexure-B" to this Report.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection and any Member interested in obtaining a copy of the same may write to the Company Secretary at [email protected]

The financial statements of Dhunseri Poly Films Pvt. Ltd. and Twelve Cupcakes Pte Ltd., material subsidiaries, are available on the website of the Company.

Auditors and Auditors'' Report Statutory Auditors

M/s B S R & Co. LLP, Chartered Accountants (Registration No. 101248W/W-100022) were appointed as the Auditors of the Company for a second term of five consecutive years from the conclusion of 106th Annual General Meeting till the conclusion of 111th Annual General Meeting being approved by the Members of the Company at the 106th Annual General Meeting.

No frauds are reported by auditors under Section 143(12) of the Companies Act, 2013 in Auditor''s Report.

The Auditors'' Report for the FY 2023-24 does not contain any qualification, reservation, adverse remark or disclaimer.

The Auditors'' Report is enclosed with the financial statements in this Annual Report.

Secretarial Auditors and Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mamta Binani & Associates, Practicing Company Secretaries was appointed as the Secretarial Auditor of your Company for the FY 2023-24.

The Secretarial Audit Report issued by Mamta Binani & Associates, Practicing Company Secretaries for the FY ended March 31, 2024 is attached as an "Annexure-C" to this Report.

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Cost Records and Cost Auditors

The provisions of Cost Audit and Records as prescribed under Section 148 of the Companies Act, 2013, are not applicable to your Company.

Dividend Distribution Policy

The Board of Directors of your Company has adopted the Dividend Distribution Policy as required by Regulation 43A of the Listing Regulations and is available at our website https://aspetindia. com/wp-content/uploads/2022/06/Dividend-Distribution-Policy-1.pdf

Business Responsibility and Sustainability Report

The Company has prepared the Business Responsibility and Sustainability Report (BRSR) describing the initiatives taken by the Board from an Environmental, Social, Governance and Sustainability perspective.

The said BRSR is forming part of the Annual Report and is attached as an "Annexure-E" to this Report and is also uploaded on the website of the Company at our website https://aspetindia. com/investors/report-review/

Adequacy of Internal Financial Controls with reference to Financial Statements

Your Company has in place adequate internal financial controls as required u/s 134(v)(e) of the Companies Act, 2013. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures. During the year, such controls were tested with reference to Financial Statements and no material weakness in the design or operation was observed.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in note no. 7 of the Standalone Financial Statements.

Risk Management

Your Company has a Risk Management Committee comprising of Mr. R.K.Sharma, Non-Executive Director, Mr. J.P.Kundra and Dr. B.Sen, Independent Directors.

Your Company has established a Risk Management Policy as approved by the Board. The major mechanisms of risk management are the Monitoring of Statutory, Legal, Investment Compliances and the Internal Audit.

Related Party Transactions

All the contracts/arrangements/transactions entered by your Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis, details of which are provided in the notes to Accounts.

None of the transactions with any of the related parties was in conflict with the Company''s interest. Further, omnibus approval is obtained on a yearly basis for transactions which are repetitive in nature.

Particulars of Materials Contracts/arrangement/transactions at arm''s length basis as on March 31, 2024 with Related parties during the year pursuant to the provisions of Section 134 (3) (h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in "Annexure - D" in form AOC - 2 and the same forms part of this Report.

Your Company has also formulated a policy on dealing with the Related Party Transactions and necessary approval of the Audit Committee and the Board of Directors were taken wherever required in accordance with the Policy.

Annual evaluation of the performance of the Board, its Committees and Individual Directors

The Independent Directors of your Company had reviewed the performance of Non-Independent Directors and the Board as a whole along with the performance of the Chairman of your Company at its meeting held on March 19, 2024.

items. The Board is a well-diversified team consisting of persons having expertise in the fields of Banking, Finance, Law as well as professionals and industrialist. The Board through its Committees i.e, Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee is in a position to have its executed overall supervision at all these key areas. All the Directors participate effectively without any restraint to express their views.

The Board of Directors at its meeting held on May 24, 2024 had evaluated the performance of the Independent Directors based on a list of evaluation criteria for performance evaluation. The effectiveness of the Board was discussed and evaluated based on the evaluation criteria as well as the performance evaluation of the Board Committees was also conducted at the same meeting.

The evaluation process focused on various aspects of the functioning of the Board and Committees such as composition of the Board and Committees, experience and competencies, performance of specific duties and obligations, governance issues, etc. The guidance note issued by SEBI on Board Evaluation was duly considered while conducting the evaluation exercise. Separate exercise was carried out to evaluate the performance of Individual Directors on parameters such as qualifications, experience, availability and attendance, constructive contribution, knowledge and competency etc.

As an outcome of the above exercise, it was noted that the Board as a whole is functioning as a cohesive body, which is well engaged with different perspectives and is believed that it is the collective effectiveness of the Board that impacts Company''s performance. The Board Members from different backgrounds bring about different complementarities that help Board discussions to be rich and value adding. It was also noted that the Committees are functioning well and besides the Committee''s terms of reference as mandated by law, important issues are brought up and discussed in the Committee Meetings.

Corporate Governance, Management Discussion and Analysis Reports

Your Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 34(3) and Schedule V of the Listing Regulations. A report on Corporate Governance and Management Discussion and Analysis Report are included as a part of this Report.

Certificate from the Secretarial Auditors of your Company confirming the compliance with the conditions of Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report.

The detail of Board Meetings, detail of meetings of Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee and Risk Management Committee held during the FY 2023-24, Nomination and Remuneration policy and Vigil Mechanism/Whistle Blower Policy are covered in the Corporate Governance Report.

Environment, Health and Safety

Environment, Health and Safety are of great importance to your Company. Your Company continuously strives to ensure environment sustainable practices and provides a safe and healthy workplace for its employees.

Prevention of Sexual Harassment at Workplace

Credit Rating by Infomerics Valuation and Rating Pvt. Ltd.

Your Directors inform that Infomerics Valuation and Rating Pvt. Ltd. had reaffirmed the credit rating of IVR A1 (IVR A One Plus) to the Short Term Bank Facilities of your Company and withdrawn the credit rating to the Long Term Bank facilities of your Company in view of no such Long Term Bank Facility of the Company.

Compliance with Secretarial Standards

Your Company is in compliance with the relevant provisions of the Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Central Government.

General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions in regard to the under-mentioned items during the year under review:

(a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

(b) Issue of sweat equity shares to employees of the Company/ Issue of Employees Stock Option Scheme.

Further, your Company has not accepted any deposits from the public. There were no outstanding balances relating to Fixed Deposits as at the beginning and end of the FY 2023-24.

There is no change in the nature of business of your Company and no significant material orders were passed by the Regulators or Courts or Tribunals which would impact the going concern status of your Company and its future operations.

During the year under review, there were no proceedings that were filed by your Company or against your Company, which are pending under the Insolvency and Bankruptcy Code, 2016 as amended, before National Company Law Tribunal or other Courts.

During the year under review, there were no instances of onetime settlement with any Bank or Financial Institutions.

Employees

Your Company believes that ''Employees'' are the most valuable assets of any organization. Your Directors wish to place on record their deep sense of appreciation for the co-operation, dedication and committed services by all the employees of your Company who plays a pivotal role in the growth of your Company.

Acknowledgement

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from the banks, shareholders and all other associated with your Company. The Board of Directors also thank the employees of your Company for their valuable service and support during the year.

For and on behalf of The Board of Directors

Place: Kolkata C.K.Dhanuka

Date: May 24, 2024 Executive Chairman

Mar 31, 2023

Your Directors are pleased to present the 107^th Annual Report of your Company together with the Audited Financial Statements for the year ended March 31, 2023.

Financial Results

Particulars	2022-2023	2021-2022
Turnover and other income	31,493.94	35,177.03
Profit before interest and depreciation	15,933.99	21,005.31
Interest	509.41	469.79
Profit before depreciation	15,424.58	20,535.52
Provision for depreciation	222.12	189.06
Profit before exceptional item and tax	15,202.46	20,346.46
Exceptional Item	-	-
Profit before tax	15,202.46	20,346.46
Provision for tax
- Current tax	3,084.51	3,610.59
- Deferred tax	47.68	(174.85)
- Adjustment for earlier years*	-	(81.64)
Profit after tax	12,070.27	16,992.36
Profit/(Loss) for the year	12,070.27	16,992.36
Opening Balance of Retained Earnings (Surplus in Statement of Profit and Loss)	84,853.11	60,469.95
Profit/(Loss) for the year	12,070.27	16,992.36
Other Comprehensive Income	(0.52)	(3.03)
Total Comprehensive Income for the Year	12,069.75	16,989.33
Transfer within equity - Gain on sale of equity shares designated as FVOCI-transfer to retained earnings (net of tax)	3,234.62	8,269.45
Dividends paid	(1,400.99)	(875.62)
Tax on dividend	-	-
Closing Balance in Retained Earnings	98,756.49	84,853.11
* Reversal of income tax for earlier years

Operations

The income of your Company during the year under review comprised of mainly income/revenue from Investment and Trading activities, Royalty and Dividend from Joint Ventures.

Global Pandemic - COVID-19

Your Company has considered the possible risk that may result from the pandemic relating to COVID-19 on the carrying amounts of assets including investments and other financial and non-financial

assets. As per the assessment carried out by the management based on the internal and external information available upto the date of approval of the financial statements, your Company does not foresee any uncertainty related to recoverability or liquidation of the assets and also about the ability of the non-financial assets to generate future economic benefits.

However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The impact of the global health pandemic may be different from that estimated as on the date of approval of the financial statements and your Company will continue to closely monitor any material changes to future economic conditions.

Material changes and commitments affecting financial position of the Company

There are no material changes and commitment affecting financial position of your Company, which has occurred between the end of the financial year of your Company i.e. March 31, 2023 and the date of this Report.

Dividend

Your Directors have recommended a dividend @ H5.00/- (Previous Year @ H4.00/-) per equity share of H10/- each for the year ended March 31, 2023 subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM).

Transfer to Reserves

During the year under review, your Company has not transferred any amount to the General Reserve and the entire amount of profit for the year forms part of the Retained Earnings.

Directors and Key Managerial Personnel (KMP)

During the FY 2022-23, there has been no change in the Board as well as there was no change in the KMP of the Company.

Mr. C.K.Dhanuka, (DIN:00005684) will be re-appointed as the Executive Chairman & Managing Director of the Company w.e.f.

January 1, 2024 for a period of five years, based on the approval of the Board at its meeting held on May 24, 2023, subject to the approval of the members at this AGM. Your directors recommend approval of his re-appointment as the Executive Chairman & Managing Director of the Company.

Mr. R.K.Sharma, (DIN:05197101) will be re-appointed as the Executive Director (Finance) of the Company w.e.f. April 1, 2024 for a period of one year, based on the approval of the Board at its meeting held on May 24, 2023, subject to the approval of the members at this AGM. Your directors recommend approval of his re-appointment as the Executive Director (Finance) of the Company.

Mr. B.Jhaver (DIN:00379111) retires by rotation and being eligible offers himself for re-appointment.

Declaration from Independent Directors on an Annual Basis

Pursuant to the provisions of Section 149 of the Companies Act, 2013 (''the Act'') and Regulation 25(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,("the Listing Regulations"), the Independent Directors have given declarations that they meet the criteria of independence as provided in Section 149(6) of the Act and Rules framed thereunder and Regulation 16(1)(b) of the SEBI (LODR) Regulations.

The Independent Directors have also declared that they have registered their name with the data bank maintained by the Indian Institute of Corporate Affairs as required under the provisions of Section 150 of the Act read with Rule 6(1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are Independent of the management.

Policy on Directors'' Appointment and Remuneration

The policy of your Company on Directors'' appointment and remuneration, including the criteria for determining qualifications, positive attributes, Independence of a Director and other matters, as required under Sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website at http://aspetindia.com/ wp-content/uploads/2014/10/TERMS-AND-CONDITIONS-OF-APPOINTMENT-OF-INDEPENDENT-DIRECTOR1.pdf

We affirm that the remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of your Company.

Directors'' Responsibility Statement Pursuant to Section 134(5) of the Companies Act, 2013

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(a) That in the preparation of the annual accounts, the applicable accounting standards aligned with IND AS had been followed along with proper explanation relating to material departures, if any;

(b) That the Directors had selected such accounting policies aligned as per IND AS and applied them consistently, made judgements 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 FY and of the profit and loss of the Company for that period;

(c) That 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 fraud and other irregularities;

(d) That the Directors prepared the annual accounts on a going concern basis;

(e) That the Directors, had laid down Internal Financial Controls for the Company and that such Internal Financial Control are adequate and were operating effectively; and

(f) That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Holding, Subsidiaries and Joint Ventures:

I. Holding Company:

Dhunseri Investments Ltd. continues to be the holding company and is holding 56.44% of the equity share capital of your Company as on March 31, 2023.

II. Subsidiary Companies:

A. Dhunseri Infrastructure Ltd. (DIL), wholly-owned subsidiary (WOS)

Dhunseri Infrastructure Ltd. continues to be the WOS of the Company. The Government of India is considering certain changes in the existing rules of Special Economic Zone Act, 2005 to allow use of unutilised spaces in IT/ITES area for non-SEZ purposes. This move when implemented will free up the land area through partial de-notification.

Your Board feels that once the above changes are made, there would be ample opportunities for utilising the land. Your Board will take a decision as soon as the aforesaid changes are made and finalise in the best interest of your Company.

Further, an independent valuation was carried out and the valuation report does not show any impairment of assets.

B. Dhunseri Poly Films Pvt. Ltd. (DPFPL), wholly-owned subsidiary (WOS)

Your Company''s wholly owned subsidiary, Dhunseri Poly Films Pvt. Ltd. (DPFPL) in the process of setting up State of the Art -10.6 Meter Biaxally Oriented Polyester Film (BOPET) Line at Panagarh in the state of West Bengal. Project construction work is in the advance stage of

implementation for achieving the targeted production which is likely to commence from second quarter of FY 2023-24. Power connection is expected to be available by July, 2023 which is required for starting the trial run and operations.

Further, DPFPL is also in the process of setting up State of the Art - 10.4 Meter 2 Biaxally Oriented Polypropylene (BOPP) production Plants. The 1^st BOPP line is expected to commence production from the first quarter of FY 2025-26 in India.

C. Twelve Cupcakes Pte. Ltd. (TCPL), subsidiary

Your Company continues to hold 88.68% of the equity share capital in Twelve Cupcakes Pte. Ltd.

D. DVL USA INC., step-down subsidiary

DVL USA INC. was incorporated as a new wholly owned subsidiary of the Company in United States (U.S) for exploration and expansion of the Cupcake Business in the U.S. Market.

Your Company is holding 49% of the equity share capital in DVL USA INC.

Further, Twelve Cupcakes Pte Ltd. (subsidiary of the Company) has infused funds in DVL USA INC. and is holding 51% of the equity share capital in DVL USA INC.

III. Associate Companies:

A. IVL Dhunseri Petrochem Industries Pvt. Ltd.

Your Company continues to hold 50% of the equity share capital in IVL Dhunseri Petrochem Industries Pvt. Ltd. and the balance 50% stake is held by Indorama group.

B. IVL Dhunseri Polyester Company S.A.E.

Your Company continues to hold 50% stake in IVL Dhunseri Polyester Company S.A.E and the balance 50% stake is held by Indorama group.

Information about the Financial Performance/Financial Position of the Subsidiaries, Associate and Joint Venture

A separate statement containing the salient features of Financial Statements of all Subsidiaries/Associate/Joint Ventures of your Company forms part of consolidated Financial Statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. Shareholders desirous of obtaining the report and accounts of your Company''s subsidiaries may obtain the same upon request. It is also available on the website of your Company www.aspetindia.com. Members may send an advance request at the e-mail [email protected] for an electronic inspection of the aforesaid documents.

As required under the Companies Act, 2013 and the Listing Regulations, the Audited Consolidated Financial Statements of your Company are also attached and forms part of your Company''s Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

There are no particulars in regard to the conservation of energy, technology absorption as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014.

The Foreign exchange outgo in the FY 2022-23 is H353.56 lakhs. Further, inflow/earnings in foreign exchange in the FY 2022-23 is H9,196.24 lakhs.

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return as on March 31, 2023 is available on the Company''s website at http://aspetindia.com/ stock-exchange-disclosure/annual-return/

Corporate Social Responsibility

A Corporate Social Responsibility Committee was reconstituted on July 3, 2020 with Mr. C.K.Dhanuka, as the Chairman, Dr. B.Sen and Mrs. A.Kanoria as the members.

The Corporate Social Responsibility Policy of your Company is available in the Company''s website at http://aspetindia.com/wp-content/uploads/2021/06/Corporate-Social-Responsibility-Policy.pdf)

Your Company carries out CSR activities mainly through Dhanuka Dhunseri Foundation (DDF) or any other implementing agency as the CSR Committee and the Board decides.

The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014, is attached as "Annexure-A" to this Report.

Details Relating to Remuneration to Directors, Key Managerial Personnel and Employees

The information required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached as "Annexure-B" to this Report.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of the employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection and any Member interested in obtaining a copy of the same may write to the Company Secretary at [email protected].

The financial statements of Twelve Cupcakes Pte. Ltd. and Dhunseri Poly Films Pvt. Ltd., material subsidiaries, is available on the website of the Company.

Auditors and Auditors'' Report Statutory Auditors

M/s B S R & Co. LLP, Chartered Accountants (Registration No. 101248W/W-100022) were appointed as the Statutory Auditors of the Company for a second term of five consecutive years

from the conclusion of 106^th Annual General Meeting till the conclusion of 111^th Annual General Meeting being approved by the Members of the Company at the previous Annual General Meeting.

No frauds are reported by auditors under Section 143(12) of the Companies Act, 2013 in Auditor''s Report.

Explanation to Auditors'' Comment

The Auditors'' Qualification has been appropriately dealt with in Note No. 37 of the Notes to the standalone audited financial statements and Note No. 44 of the Notes to the consolidated audited financial statements. The Auditors'' Report is enclosed with the financial statements in this Annual Report.

Secretarial Auditors and Secretarial Audit

The Secretarial Audit Report issued by Mamta Binani & Associates, Practicing Company Secretaries for the FY ended March 31, 2023 is attached as an "Annexure-C" to this Report.

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Cost Records and Cost Auditors

The provisions of Cost Audit and Records as prescribed under Section 148 of the Companies Act, 2013, are not applicable to your Company.

Dividend Distribution Policy

The Board of Directors of your Company has adopted the Dividend Distribution Policy as required by Regulation 43A of the Listing Regulations and is available at our website http:// aspetindia.com/wp-content/uploads/2022/06/Dividend-Distribution-Policy-1.pdf

Business Responsibility and Sustainability Report

In terms of Regulation 34(2)(f) of the Listing Regulations, the requirement of submitting a business responsibility report has been discontinued after the financial year 2021-22. The Company has prepared the Business Responsibility and Sustainability Report (BRSR) describing the initiatives taken by the Board from an environmental, Social, Governance and Sustainability perspective. The Business Responsibility Policy is available at http://aspetindia.com/wp-content/uploads/2022/06/Business-Responsibility-Policy.pdf

The said BRSR is forming part of the Annual Report and is attached as an "Annexure-E" to this Report and is available at www.aspetindia.com.

Adequacy of Internal Financial Controls with reference to Financial Statements

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in note no. 7 of the Standalone Financial Statements.

Risk Management

Your Company has a Risk Management Committee comprising of Mr. R.K.Sharma, Executive Director (Finance), Mr. J.P.Kundra, Non-Executive & Independent Director and Dr. Sen, NonExecutive & Independent Director.

Related Party Transactions

All the contracts/arrangements/transactions entered by your Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis, details of which are provided in the notes to Accounts.

Particulars of Material Contracts/arrangements/transactions at arm''s length basis as on March 31, 2023 with Related parties pursuant to the provisions of Section 134 (3)(h) of the Companies Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in "Annexure - D" in form AOC-2 and the same forms part of this Report.

Your Company has also formulated a policy on dealing with the Related Party Transactions and necessary approval of the Audit Committee and the Board of Directors were taken wherever required in accordance with the Policy.

Annual evaluation of the performance of the Board, its Committees and Individual Directors

The Independent Directors of your Company had reviewed the performance of non-Independent Directors and the Board as a whole along with the performance of the Chairman of your Company at its meeting held on February 11, 2023.

there were detailed discussion at the meetings on various agenda items. The Board is a well-diversified team consisting of persons having expertise in the fields of Banking, Finance, Law as well as professionals and industrialist. The Board through its Committees i.e. Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee is in a position to have its executed overall supervision at all these key areas. All the Directors participate effectively without any restraint to express their views.

The Board of Directors at its meeting held on May 24, 2023 had evaluated the performance of the Independent Directors based on a list of evaluation criteria for performance evaluation. The effectiveness of the Board was discussed and evaluated based on the evaluation criteria as well as the performance evaluation of the Board Committees was also conducted at the same meeting.

The evaluation process focused on various aspects of the functioning of the Board and Committees such as composition of the Board and Committees, experience and competencies, performance of specific duties and obligations, governance issues, etc. The guidance note issued by SEBI on Board Evaluation was duly considered while conducting the evaluation exercise. Separate exercise was carried out to evaluate the performance of Individual Directors on parameters such as qualifications, experience, availability and attendance, constructive contribution, knowledge and competency etc.

As an outcome of the above exercise, it was noted that the Board as a whole is functioning as a cohesive body, which is well engaged with different perspectives and is believed that it is the collective effectiveness of the Board that impacts Company''s performance. The Board Members from different backgrounds bring about different complementarities that help Board discussions to be rich and value adding. It was also noted that the Committees are functioning well and besides the Committee''s terms of reference as mandated by law, important issues are brought up and discussed in the Committee Meetings.

Corporate Governance, Management Discussion and Analysis Reports

Your Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 34(3) and Schedule V of the Listing Regulations. A report on Corporate Governance and Management Discussion and Analysis Report are included as a part of this Report.

Certificate from the Secretarial Auditors of your Company confirming the compliance with the conditions of Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report.

The details of Board Meetings, details of Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee and Risk Management Committee held during the FY 2022-23, Nomination and Remuneration policy and Vigil Mechanism/Whistle Blower Policy are covered in the Corporate Governance Report.

Environment, Health and Safety

Environment, Health and Safety are of great importance to your Company. Your Company continuously strives to ensure environment sustainable practices and provides a safe and healthy workplace for its employees.

Prevention of Sexual Harassment at Workplace

Credit Rating by Infomerics Valuation and Rating Pvt. Ltd.

Your Directors inform that Infomerics Valuation and Rating Pvt. Ltd. had reaffirmed the credit rating of IVR AA- / Stable Outlook (IVR Double A Minus with Stable Outlook) rating to the LongTerm Bank facilities of your Company. Infomerics Valuation and Rating Pvt. Ltd. has assigned the credit rating of IVR A1 (IVR A One Plus) to the Short Term Bank Facilities of your Company.

Compliance with Secretarial Standards

Your Company is in compliance with the relevant provisions of the Secretarial Standard issued by The Institute of Company Secretaries of India and approved by the Central Government.

General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions in regard to the under-mentioned items during the year under review:

(a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

(b) Issue of sweat equity shares to employees of the Company/ Issue of Employees Stock Option Scheme.

Further, your Company has not accepted any deposits from the public. There were no outstanding balances relating to Fixed Deposits as at the beginning and end of the FY 2022-23.

During the year under review, there were no proceedings that were filed by your Company or against your Company, which

are pending under the Insolvency and Bankruptcy Code, 2016 as amended, before National Company Law Tribunal or other Courts.

During the year under review, there were no instances of onetime settlement with any Bank or Financial Institutions.

Employees

Your Company believes that ''employees'' are the most valuable assets of any organization. Your Directors wish to place on record their deep sense of appreciation for the co-operation, dedication and committed services by all the employees of your Company who plays a pivotal role in the growth of your Company.

Acknowledgement

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from the banks, shareholders and all other associated with your Company. The Board of Directors also thank the employees of your Company for their valuable service and support during the year.

For and on behalf of The Board of Directors

Place: Kolkata C.K.Dhanuka

Date: May 24, 2023 Executive Chairman

Mar 31, 2018

The Directors hereby present the 102^nd Annual Report of your Company together with the Audited Financial Statements for the year ended March 31, 2018.

Financial Results

(Rs. in Lakhs)

Particulars	2017-18	2016-17
Turnover and other income	96,112.09	3,659.42
Profit before interest and depreciation	4,551.15	1,514.09
Interest	139.14	8.37
Profit before depreciation	4,412.01	1,505.72
Provision for depreciation	42.94	45.22
Profit before exceptional item and tax	4,369.07	1,460.50
Exceptional Item	-	(18,266.20)
Profit before tax	4,369.07	(16,805.70)
Provision for tax
- Current tax	539.19	1,465.65
- Deferred tax	169.08	(16,065.57)
- Adjustment for earlier years	-	-
Profit after tax	3,660.80	(2,205.78)
Profit/(Loss) for the year	3,660.80	(2,205.78)
Opening Balance of Retained Earnings (Surplus in Statement of Profit and Loss)	33,828.05	37,703.05
Profit/(Loss) for the year	3,660.80	(2,205.78)
Other Comprehensive Income	(4.80)	17.97
Total Comprehensive Income for the Year	3,656.00	(2,187.81)
Dividends paid	(700.50)	(1400.99)
Tax on dividend	(142.60)	(286.20)
Closing Balance in Retained Earnings	36,640.95	33,828.05

Note: During the year there are no transfer to the General Reserve.

Operations

The income of the Company during the year under review comprised of income from sale of traded goods, export incentive, dividend income, profit on sale of investment of shares & securities, lease rental income and royalty.

Material changes and commitments affecting financial position of the Company.

There are no material changes and commitment affecting financial position of the Company which has occurred between the end of the financial year of the Company i.e. March 31, 2018 and the date of this Report.

Dividend

Your Directors have recommended a dividend @ ''3.50/- (Previous Year @ ''2.00/-) per equity share of ''10 /- each for the year ended March 31, 2018 subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM).

Directors and Key Managerial Personnel

Mr. Siddhartha Rampuria has been appointed as an Additional

Director of your Company (in the category of Independent Director as a Non-Executive Director) w.e.f. April 11, 2018 and is proposed to be appointed as an Independent Director for a term of five consecutive years at the ensuing AGM. Appropriate resolution for his appointment is being placed for the approval of the members of the Company at the ensuing AGM. The Board of Directors of the Company recommend his appointment as the Independent NonExecutive Director of your Company.

The tenure of Mr. Rajiv Kumar Sharma as the Executive Director (Finance) ceased on March 31, 2018. He was re-designated as Executive Director (Finance) & CFO w.e.f. February 12, 2016 by the Board of Directors at its meeting held on February 12, 2016. He is proposed to be re-appointed as the Executive Director (Finance) & CFO of the Company for a tenure of three years, w.e.f. April 1, 2018, liable to retire by rotation. Your Directors recommend approval of his re-appointment as the Executive Director (Finance) & CFO of the Company, liable to retire by rotation. The particulars required for his re-appointment as aforesaid are contained in the Notice for the AGM of the Company.

Declaration from Independent Directors on Annual Basis

Your Company had received the declaration of Independence u/s 149(7) of the Companies Act, 2013 from all the Independent directors of your Company specifying that they meet the criteria of independence as per Section 149(6) of the Companies Act, 2013.

Directors'' Responsibility Statement Pursuant to Section 134(5) of the Companies Act, 2013

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(a) That in the preparation of the annual accounts, the applicable accounting standards aligned with IND AS had been followed along with proper explanation relating to material departures, if any;

(b) That the Directors had selected such accounting policies aligned as per IND AS and applied them consistently, made judgements 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 FY and of the profit and loss of the Company for that period;

(c) That 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 fraud and other irregularities;

(d) That the Directors prepared the annual accounts on a going concern basis;

(e) That the Directors, had laid down Internal Financial Controls for the Company and that such Internal Financial Controls are adequate and were operating effectively; and

(f) That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Holding, Subsidiaries and Joint Ventures:

I. Holding Company:

Dhunseri Investments Limited is holding 55.79% of the equity share capital of your Company as on March 31, 2018.

II. Subsidiary Companies:

A. Dhunseri Infrastructure Limited

The Company had started developing an "Information Technology Park" at Kolkata IT Park, SEZ, Bantala. However, the said project is held up at present due to adverse market conditions.

B. Tastetaria Private Limited

Your Company has entered into a joint venture ("Agreement") on March 29, 2018 with Choicest Enterprises Limited ("CEL") of Ambuja Neotia group to collaborate with each other in the business of seffing up and operating restaurants for making and selling the well known "UNO" Brand of Chicago style deep-dish pizzas and such other business as may be decided in future. The JV Company chosen for this purpose is Tastetaria Private Limited "Tastetaria", which was formed in the year 2016 and was already pursuing such business on its own as a wholly owned subsidiary of your Company. Pursuant to the said agreement, CEL would acquire 75% of the existing share capital of Tastetaria from your Company while your Company would retain 25% of the share capital in Tastetaria.

C. Global Foods Pte. Limited

Global Foods Pte. Limited has become the subsidiary of your Company w.e.f. June 23, 2017 with the conversion of 16,000 Optionally Convertible Debentures of SGD 100 each in Global Foods Pte Limited into equity shares. Your Company has invested SGD 3,65,000 (equivalent to Rs.1.73 Crs.) in the form of 3,65,000 equity shares of SGD 1 each in Global Foods Pte. Limited during the FY 2017-18 and accordingly your Company holds 77.23% in the equity share capital of the said Company as on March 31,2018.

D. Twelve Cupcakes Pte. Limited

Twelve Cupcakes Pte. Limited is a wholly owned subsidiary of Global Foods Pte. Limited and Global Foods Pte. Limited is a subsidiary of your Company. Accordingly, Twelve Cupcakes Pte. Limited has become the step down subsidiary of your Company w.e.f. June 23, 2017. As per the requests for funding from Twelve Cupcakes Pte. Limited in view of its expansion plan, your Company has provided funds amounting to SGD 3,65,000 to Twelve Cupcakes Pte. Limited through Global Foods Pte. Limited in the FY 2017-18 as well has provided Corporate Guarantee for an amount of SGD 1.365 Mn equivalent to Rs.6.76 Crs. and acting as a guarantor in favour of Standard Chartered Bank for the loan taken by Twelve Cupcakes Pte Limited.

III. JointVenture:

A. IVL Dhunseri Petrochem Industries Private Limited (IDPIL)

At present, your Company is holding 50% of the equity share capital in IVL Dhunseri Petrochem Industries Private Limited (IDPIL). Micro Polypet Private Limited alongwith its subsidiaries, Eternity Infrabuild Private Limited and Sanchit Polymers Private Limited has been merged with IVL Dhunseri Petrochem Industries Private Limited w.e.f. December 18, 2017 in pursuance of the order passed by the Hon''ble National Company Law Tribunal, Kolkata Bench dated December 4, 2017 for approving the Scheme of Amalgamation. The appointed date in respect of the aforesaid scheme was April 1, 2016.

B. Overseas Joint Venture - Egyptian Indian Polyester Co. S.A.E. (EIPET) Restructuring

A settlement has reached between your Company, Egyptian Indian Polyester Co. S.A.E. ("EIPET") and EIPET Lenders namely Commercial International Bank (Egypt) S.A.E. ("CIB"), International Finance Corporation ("IFC"), Ahli United Bank Egypt S.A.E. ("AUBE") and Ahli United Bank B.S.C. ("AUBE") vide agreement dated April 19, 2018 for a One Time Settlement of an amount of USD 87 Million (United States Dollars Eighty Seven Million) and discharge all their respective rights and obligations in relation to the Loan Agreements, Project Funds and Share Retention Agreement (the "PFSRA") and the Security Documents executed between the parties in connection with availing financial facilities. In consideration for this settlement and release, it has been agreed to pay the Banks the Settlement amount as full payment in full satisfaction of the claims, subject to the terms and conditions of the agreement entered into amongst the parties. The full amount of USD 87 Mn (United States Dollars Eighty Seven Million) would be paid to Commercial International Bank (Egypt) S.A.E. ("CIB") acting as Security agent on behalf of the EIPET Lenders. To enable EIPET to pay the Settlement amount to the lenders, your Company through internal accruals and short term bridge financing to be raised in India, would infuse the same into EIPET. To facilitate the same, your Company would remit the said fund in the form of shareholder loan. Out of the total shareholder loan, an amount of upto USD 25 Mn would be converted into equity. In this regard, as on date, your Company has already remitted USD 8.8 Mn to EIPET.

Further, your Company has also entered into a Share Purchase Agreement on May 20, 2018 with Egyptian Petrochemicals Holding Company ("ECHEM") for the purchase of 23% stake of our joint venture Company -Egyptian Indian Polyester Company S.A.E ("EIPET") in not more than seven tranches.

Further, your Company has also proposed to purchase the entire shareholding of 39,900 (7%) shares of Engineering for Petroleum & Process Industries Company ("ENPPI") in EIPET.

Information about the Financial Performance/Financial Position of the Subsidiaries, Associate and Joint Venture

A separate statement containing the salient features of Financial Statements of all Subsidiary/Associate/Joint Ventures of your Company forms a part of consolidated Financial Statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. Shareholders who wish to have a hard copy of the full reports and accounts of the subsidiaries will be provided the same on receipt of written request from them. These documents will also be available for inspection by any shareholder at the registered office of the Company and that of the subsidiaries on any working day during business hours, except on Saturdays.

As required under the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Audited Consolidated Financial Statements of your Company are also attached and form part of the Company''s Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

There are no particulars in regard to the conservation of energy, technology absorption as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014.

The Foreign exchange outgo in the FY 2017-18 is Rs.6,896.16 Lakhs.

Further, earnings in foreign exchange in the FY 2017-18 is Rs.80,515.20 Lakhs.

Extract of Annual Return

The details forming part of the extract of the Annual Return in form MGT-9 as required under Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014 is attached as"Annexure-A" to this Report.

Corporate Social Responsibility

A Corporate Social Responsibility Committee was constituted on May 22, 2014 with Mr. P.K.Khaitan as the Chairman and Mr. C.K.Dhanuka and Dr. B.Sen as the members.

The updated Corporate Social Responsibility Policy of your Company is available in the Company''s website (weblink: http:// aspetindia.com/wp-content/uploads/2018/03/Corporate-Social-Responsibility-Policy.pdf)

Your Company carried CSR activities mainly through Dhanuka

Dhunseri Foundation (DDF).

The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014, is attached as "Annexure-B" to this Report.

Details Relating to Remuneration to Directors, Key Managerial Personnel and Employees

The information required under Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors/Employees of your Company is attached as "Annexure-C" to this Report.

Auditors and Auditors'' Report Statutory Auditors

M/s B S R & Co. LLP, Chartered Accountants (Registration No. 101248W/W-100022, the present Statutory Auditors of your Company shall hold office till the end of 106^th AGM which was approved in the AGM held on August 7, 2017.

The Auditors'' Report for the FY 2017-18 does not contain any qualification, reservation, adverse remark or disclaimer.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mamta Binani & Associates, practising Company Secretaries was appointed as the Secretarial Auditor of your Company for the FY 2017-18.

The Secretarial Audit Report issued by Mamta Binani, practising Company Secretary for the FY ended March 31, 2018 is attached as an "Annexure-D" to this Report.

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Adequacy of Internal Financial Controls with reference to Financial Statements

Your Company has in place adequate internal financial controls as required u/s 134(v)(e) of the Companies Act, 2013. Your Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures. During the year, such controls were tested with reference to Financial Statements and no material weakness in the design or operation was observed.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

Risk Management

Your Company has established a Risk Management Policy as approved by the Board. The two major mechanisms of risk management are the Internal Audit and Monitoring of Statutory and Legal compliances.

Related PartyTransactions

All the contracts/arrangements/transactions entered by your Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. They were on similar terms as per the terms and conditions of the agreements entered into between the parties.

None of the transactions with any of the related parties was in conflict with the Company''s interest.

Particulars of Contracts or arrangement entered into with Related parties during the year pursuant to the provisions of Section 134 (3) (h) of the Companies Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in "Annexure - E" in form AOC - 2 and the same forms part of this Report.

Few related party transactions in the FY 2017-18 are subject to the approval of the shareholders at the forthcoming Annual General Meeting based on the transactions crossing the materiality threshold as per the Listing Regulations.

The necessary disclosures regarding the transactions are provided in the notes to accounts.

The Company has also formulated a policy on dealing with the Related Party Transactions and necessary approval of the Audit Committee and Board of Directors were taken wherever required in accordance with the Policy.

Formal Annual Evaluation

The Independent Directors of your Company had reviewed the performance of non-independent directors and the Board as a whole along with the performance of the Chairman of your Company at its meeting held on February 14, 2018.

The Board of Directors at its meeting held on May 21, 2018 had evaluated the performance of the Independent Directors based on a list of evaluation criteria for performance evaluation. The effectiveness of the Board was discussed and evaluated based on the evaluation criteria as well as the performance evaluation of the Board Committees was also conducted in the same meeting.

The evaluation process focused on various aspects of the functioning of the Board and Committees such as composition of the Board and Committees, experience and competencies, performance of specific duties and obligations, governance issues, etc. The guidance note issue by SEBI on Board Evaluation was duly considered while conducting the evaluation exercise. Separate exercise was carried out to evaluate the performance of individual directors on parameters such as qualifications, experience, availability and attendance, constructive contribution, knowledge and competency etc.

As an outcome of the above exercise, it was noted that the Board as a whole is functioning as a cohesive body which is well engaged with different perspectives. The Board Members from different backgrounds bring about different complementarities that help Board discussions to be rich and value adding. It was also noted that the Committees are functioning well and besides the Committee''s terms of reference as mandated by law, important issues are brought up and discussed in the Committee Meetings.

Corporate Governance, Management Discussion And Analysis Reports

Your Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 34(3) and Schedule V of the Listing Regulations. A report on Corporate Governance and Management Discussion and Analysis Reports are included as a part of this Report.

Certificate from the Statutory Auditors of the Company confirming the compliance with the conditions of Corporate Governance as stipulated under the Listing Regulations is attached to this Report.

The details of Board Meetings held during the FY 2017-18, details of Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee, Nomination and Remuneration policy and Vigil Mechanism/Whistle Blower Policy are covered in the Corporate Governance Report.

Environment, Health and Safety

Environmental, Health and Safety is of great importance to your Company. Your Company continuously strives to ensure environment sustainable practices and provide a safe and healthy workplace for its employees.

General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions in regard to the under-mentioned items during the year under review:

(a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

(b) Issue of sweat equity shares to employees of the Company/ Issue of Employees Stock Option Scheme.

Further, your Company has not accepted any deposits from the public. There were no outstanding balances relating to Fixed Deposits as at the beginning and end of the FY 2017-18.

There are no significant material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of your Company and its future operations.

Employees

Acknowledgement

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from the banks, customers, suppliers, shareholders and all others associated with your Company. The Board of Directors also thank the employees of the Company for their valuable service and support during the year.

For and on behalf of

The Board of Directors

Place: Kolkata C.K.DHANUKA

Date: May 21, 2018 Executive Chairman

Mar 31, 2017

The Directors hereby present the 101st Annual Report of your Company together with the Audited Financial Statements for the year ended March 31, 2017.

Scheme of Arrangement/Restructuring

Your Company has received the certified copy of the Court Order from the Hon''ble High Court at Calcutta on August 8, 2016 affecting the transfer of Polyethylene Terephthalate (PET) resin business of your Company to its Joint Venture Company Dhunseri Petglobal Limited (now known as IVL Dhunseri Petrochem Industries Private Limited). The said Order had been filed with the Registrar of Companies, West Bengal on August 11, 2016 and the Scheme had accordingly become effective on and from the said date. The appointed date in respect of the Scheme was April 1, 2016.

At present, your Company is carrying on the treasury operations and is doing trading business. Further, Your Company is actively exploring new areas of diversification / business.

The Audited Financial Statements for the year ended March 31,2017 has been prepared under INDAS (Indian Accounting Standards) for the first time by your Company. The Audited Financial Statements for the year ended March 31, 2016 and the opening Balance - Sheet as at April 1, 2015 have been restated in accordance with IND AS for comparative information.

Financial Results (Rs. in Lakhs)

Particulars	2016-2017	2015-2016
Turnover and other income	3,659.42	3,113.42
Profit before interest and depreciation	1,514.09	2,381.22
Interest	8.37	-
Profit before depreciation	1,505.72	2,381.22
Provision for depreciation	45.22	44.45
Profit before exceptional item and tax	1,460.50	2,336.77
Exceptional Item	(18,266.20)	-
Profit before tax	(16,805.70)	2,336.77
Provision for tax
- Current tax	1,465.65	372.50
- Deferred tax	(16,065.57)	(53.60)
- Adjustment for earlier years	_-	_-
Profit after tax from continuing operations	(2,205.78)	2,017.87
Profit before tax from discontinuing operations	-	2,513.36
Tax Expense of Discontinued Operations	-	912.28
Profit after tax from discontinued operations	-	1,601.08
Profit/(Loss) for the year	(2,205.78)	3,618.95
Opening Balance of Retained Earnings (Surplus in Statement of Profit and Loss)	37,703.05	36,267.22
Profit/(Loss) for the year	(2,205.78)	3,618.95
Other Comprehensive Income	17.97	1.36
Total Comprehensive Income for the Year	(2,187.81)	3,620.31
Deduction on account of Foreign Currency Money Item Translation	-	(93.08)
Transfer to General Reserve	-	(405.20)
Dividends paid	(1400.99)	(1400.99)
Tax on dividend	(286.20)	(285.21)
Closing Balance in Retained Earning	33,828.05	37,703.05

Note: The figures in the above result for both the years pertain to the Treasury operations.

Operations

The income of the Company during the year under review comprised of dividend income, profit on sale of investment of shares & securities, lease rental income and royalty.

No material changes and commitments have occurred after the close of the FY till the date of this Report, which affect the financial position of the Company.

Dividend

Your Directors have recommended a dividend @ Rs.2.00/-(Previous Year @ Rs.4.00/-) per equity share of Rs.10/- each for the year ended March 31, 2017 subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM).

Directors and Key Managerial Personnel

Mrs. Aruna Dhanuka has been appointed as an Additional Director of your Company w.e.f. December 9, 2016 and subsequently was appointed as the Managing Director of your Company w.e.f. February 10, 2017 for a period commencing from February 10, 2017 and terminating on January 31, 2022 subject to the approval of the members. Appropriate resolutions for her appointment are being placed for the approval of the members of the Company at the ensuing AGM. The Board of Directors of the Company recommend her appointment as the Managing Director of your Company.

Mr. Bharat Jhaver has been appointed as an Additional Director of your Company (in the category of Independent Director) w.e.f. December 9, 2016 and is proposed to be appointed as an Independent Director for a term of five consecutive years at the ensuing AGM. Appropriate resolution for his appointment is being placed for the approval of the members of the Company at the ensuing AGM. The Board of Directors of the Company recommend his appointment as the Independent Director of your Company.

Mr. Mrigank Dhanuka has released the Executive position of Managing Director of your Company w.e.f. June 10,2016 and is continuing in the Board as a Director and Vice Chairman of your Company.

Mr. Biswanath Chattopadhyay has resigned from the post of Managing Director & CEO of your Company w.e.f. September 12, 2016 in view of transfer of his services to Dhunseri Petglobal Limited (now known as IVL Dhunseri Petrochem Industries Private Limited). Your Board of Directors wish to place on record their sincerest appreciation for the contribution made by him during his tenure.

Mr. Raj Narain Bhardwaj has resigned from the office of director (in the category of Independent Director) w.e.f. September 1, 2016. Your Board of Directors wish to place on record their sincerest appreciation for the contribution made by him during his tenure.

Ms. Shraddha Mookim has resigned from the office of director (in the category of Independent Director) w.e.f. December 1, 2016. Your Board of Directors wish to place on record their sincerest appreciation for the contribution made by her during hertenure.

Mr. K.V.Balan, has resigned from the post of Company Secretary & Compliance Officer of your Company w.e.f. September 12, 2016 in view of transfer of his service to Dhunseri Petglobal Limited (now known as IVL Dhunseri Petrochem Industries Private Limited). Your Board of directors wish to place on record their sincerest appreciation for the contribution made by him during his tenure.

Ms. Simerpreet Gulati has been appointed as the Company Secretary & Compliance Officer of your Company w.e.f. September 12, 2016.

Declaration from Independent Directors on Annual Basis

Directors'' Responsibility Statement Pursuant to Section 134(5) of the Companies Act, 2013

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(a) That in the preparation of the annual accounts, the applicable accounting standards aligned with IND AS had been followed along with proper explanation relating to material departures, if any;

(b) That the Directors had selected such accounting policies aligned as per IND AS and applied them consistently, 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 FY and of the profit and loss of the Company for that period;

(c) That 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 fraud and other irregularities;

(d) That the Directors prepared the annual accounts on a going concern basis;

(e) That the Directors, had laid down Internal Financial Controls for the Company and that such Internal Financial Controls are adequate and were operating effectively; and

(f) That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Holding, Subsidiaries, Joint Ventures and Associate:

I. Holding Company:

During the FY 2016-17, Dhunseri Investments Limited has become the holding Company of your Company with a stake of 53.88% of the equity share capital of your Company as on March 31, 2017.

II. Subsidiary Companies:

A. Dhunseri Infrastructure Limited

The Company had started developing an "Information Technology Park" at Kolkata IT Park, SEZ, Bantala. However, the said project is held up at present due to adverse market conditions.

B. Tastetaria Private Limited (Company which has become subsidiary during the FY):

Tastetaria Private Limited, a Company incorporated under the provisions of the Companies Act, 2013 during the FY 2016-17, is the subsidiary of your Company. Your Company has invested in the equity share capital of Tastetaria Private Limited, a newly incorporated Company having its Registered Office at Dhunseri House, 4A, Woodburn Park, Kolkata-700020 with a business in Food & Beverages (F&B) Segment. At present, the Company holds 99.99% in the equity share capital of the said Company.

C. Egyptian Indian Polyester Company S.A.E (EIPET) [Company which has ceased to be a Subsidiary during the FY]:

Your Company has disinvested 65% of the equity holding out of the total holding of 70% in Egyptian Indian Polyester Company S.A.E. (EIPET).

III. Joint Ventures:

A. Dhunseri Petglobal Limited (DPGL) [Now known as IVL Dhunseri Petrochem Industries Private Limited (IDPIL)]

Your Company was holding 99.99% of the equity share capital of "Dhunseri Petglobal Limited" (now known as IVL Dhunseri Petrochem Industries Private Limited). Pursuant to a Scheme of Arrangement between the Company, Dhunseri Petglobal Ltd. and its respective shareholders, duly sanctioned by the Hon''ble High Court at Calcutta vide its order dated July 27, 2016, the Polyethylene Terephthalate ("PET resin") business of the Company in India have been transferred to Dhunseri Petglobal Limited w.e.f. April 1, 2016 ("the Appointed Date") being effective from August 11, 2016 (Effective Date). At present, your Company is holding 50% of the equity share capital in the said Company.

B. Micro Polypet Private Limited (MPPL)

Your Company has acquired 50% stake of Micro Polypet Private Limited (MPPL) from Indorama Ventures Global Services Limited. MPPL is engaged in the business of manufacturing PolyethyleneTerephthalate (PET) resin at its Plant at Panipat (Haryana). MPPL has further issued equity shares and Compulsorily Convertible Debentures (CCDs) to your Company during the FY 2016-17. At present, your Company is holding 50% effective control in MPPL.

IV. Associate:

Global Foods Pte Limited

Your Company has invested 32.5% in the equity share capital of a newly incorporated Company in Singapore "Global Foods Pte Limited" engaged in the business of investment in Food and Beverage (F&B) Segment during the FY 2016-17. The Company Global Foods Pte Limited has invested its entire stake in Twelve Cupcakes Pte Ltd., an existing Company in Singapore in the business of cupcakes.

Information about the Financial Performance / Financial Position of the Subsidiaries, Associate / Joint Ventures

A separate statement containing the salient features of Financial Statements of all Subsidiary/Associate/Joint Venture of your Company forms apart of consolidated Financial Statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. Shareholders who wish to have a hard copy of the full reports and accounts of the subsidiaries will be provided the same on receipt of written request from them. These documents will also be available for inspection by any shareholder at the registered office of the Company and that of the subsidiaries on any working day during business hours, except on Saturdays.

As required under the Companies Act, 2013 and Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015("Listing Regulations"), the Audited Consolidated Financial Statements of your Company are also attached and form part of the Company''s Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

There are no particulars in regard to the conservation of energy, technology absorption as prescribed under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014

The Foreign exchange outgo in the FY 2016-17 isRs.67.81 Lakhs.

Further, there are no earnings in foreign exchange in the FY 2016-17.

Extract of Annual Return

Corporate Social Responsibility

A Corporate Social Responsibility Committee was constituted on May 22, 2014 with Mr. P.K.Khaitan as the Chairman and Mr. C.K.Dhanuka and Dr. B.Sen as the members.

The updated Corporate Social Responsibility Policy of your Company is available in the Company''s website (web link: http://aspetindia.com/wp-content/uploads/2017/35/Corporate-Social-Responsibility-Policy.pdf)

Your Company carried CSR activities mainly through Dhanuka Dhunseri Foundation (DDF).

The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014, is attached as "Annexure-B" to this Report.

Details Relating to Remuneration to Directors, Key Managerial Personnel and Employees

Auditors and Auditors'' Report Statutory Auditors

M/s Lovelock & Lewes, Chartered Accountants (Registration No. 301056E), the present Statutory Auditors of your Company shall hold office till the end of 101st AGM which was approved in the AGM held on August 14, 2014.

Your Company has appointed M/s BSR&Co. LLP, Chartered Accountants (Registration No. 101248W/W-100022) as the Statutory Auditors of your Company for a period of 5 years (commencing from the conclusion of 101st AGM till the conclusion of the 106th AGM) of the Company in the Board Meeting held on May 22, 2017 subject to the members approval in the ensuing AGM.

The Auditors'' Report for the FY 2016-17 does not contain any qualification, reservation, adverse remark or disclaimer.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mamta Binani & Associates, practicing Company Secretaries has been appointed as the Secretarial Auditor of your Company for the FY 2017-18.

The Secretarial Audit Report issued by Mamta Binani, practicing Company Secretary for the FY ended March 31, 2017 is attached as an "Annexure-D" to this Report.

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Adequacy of Internal Financial Controls with Reference to Financial Statements

Your Company has in place adequate internal financial controls as required u/s 134(v)(e) of the Companies Act, 2013. Your

Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures. During the year, such controls were tested with reference to Financial Statements and no material weakness in the design or operation was observed.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

Risk Management

The requirement of Risk Management Committee not being mandatory for your Company as per the Listing Regulations, the same is discontinued as approved in the Board Meeting dated February 7, 2017. Your Company has established a Risk Management Policy which was approved by the Board during the FY 2016-17. The two major mechanisms of risk management are the Internal Audit and Monitoring of Statutory and Legal compliances.

Related Party Transactions

During the year, your Company has sold 65% of the equity shareholding out of its total holding of 70% in Egyptian Indian Polyester Company S.A.E (EIPET) for a consideration ofRs.12.62 crs. on an arm''s length basis with the approval granted by the Audit Committee and Board of Directors on March 14, 2017. All other contracts/arrangements/transactions entered with related parties during the FY were on an arm''s length basis and were in the ordinary course of business. There have been no materially significant related party transactions with the Company''s promoters, directors, the management, their subsidiaries or relatives which may have potential conflict with the interests of the Company at large. Thus, disclosure in form AOC-2 is not required.

The necessary disclosures regarding the transactions are given in the notes to accounts. The Company has also formulated a policy on dealing with the Related Party Transactions and necessary approval of the Audit Committee and Board of Directors were taken wherever required in accordance with the Policy.

Formal Annual Evaluation

The Board of Directors at its meeting held on May 22, 2017 had evaluated the performance of the Independent Directors based on a list of evaluation criteria for performance evaluation. The effectiveness of the Board was discussed and evaluated based on the evaluation criteria as well as the performance evaluation of the Board Committees was also conducted in the same meeting.

Corporate Governance, Management Discussion And Analysis Reports

Your Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 34(3) and Schedule V of the Listing Regulations. A report on Corporate Governance and Management Discussion and Analysis Reports are included as a part of this Report.

Certificate from the Statutory Auditors of the Company confirming the compliance with the conditions of Corporate Governance as stipulated under Listing Regulations is attached to this report.

The details of Board Meetings held during the FY 2016-17, details of Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee, Nomination and Remuneration policy and Vigil Mechanism /Whistle Blower Policy are covered in the Corporate Governance Report.

Environment, Health and Safety

Environmental, health and safety is of great importance to your Company. Your Company continuously strives to ensure environment sustainable practices and provide a safe and healthy workplace for its employees.

General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions in regard to the under-mentioned items during the year under review:

(a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

(b) Issue of sweat equity shares to employees of the Company/Issue of Employees Stock Option Scheme.

Further, your Company has not accepted any deposits from the public. There were no outstanding balances relating to Fixed Deposits as at the beginning and end of the FY 2016 17.

There are no significant material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of your Company and its future operations.

Employees

Acknowledgement

For and on behalf of

The Board of Directors

Place: Kolkata C.K.DHANUKA

Date: May 22, 2017 Executive Chairman

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Ninety Eight Annual Report of your Company together with the Audited Statement of Accounts for the year ended March 31, 2014.

Restructuring

Your Company has undertaken restructuring initiatives for (i) demerger of the Tea Division of your Company to Dhunseri Tea & Industries Ltd. (DTIL) (formerly known as Dhunseri Services Limited) and (ii) reorganisation of IT SEZ Division of your Company by its transfer to Dhunseri Infrastructure Limited (DID (formerly known as Dhanurveda Infrastructure Private Limited) under a Scheme of Arrangement.

In consideration of the demerger, DTIL will issue and allot to the shareholders of your Company, 1 Equity Share of Rs. 10/- each in DTIL credited as fully paid up for every 5 Equity Shares of Rs. 10/- each fully paid-up held by them in the capital of your Company. The existing 50,000 Equity shares of Rs. 10/- each in DSL shal stand cancelled upon issue and allotment of such new shares in DSL to the shareholders of your Company.

In consideration of the reorganisation, DIL will (i) issue and allot 50,00,000 Equity Shares of Rs. 10/- each credited as fully paid up in DIL to your Company and (ii) pay to your Company in cash within a period of five years from the Effective Date, in terms of the Scheme, the net asset value (book value of assets less liabilities) of the IT SEZ Division as on the Appointed Date (i.e. April 1, 2014) as reduced by the aggregate face value of the said shares to be issued and allotted to your Company.

The appointed date in respect of the Scheme being April 1, 2014, the report and accounts for the year ended March 31, 2014 contains the merged figures for all the Divisions of the Company.

The aforesaid Scheme of Arrangement has obtained the approval of the Stock Exchanges (both NSE & BSE). Further on an application being made, the Hon''ble High Court at Calcutta has ordered for holding the Company''s shareholders meeting (to be convened by Court appointed Chairman) on June 16, 2014 for their consent to the Scheme of Arrangement.

Accordingly, the Scheme is subject to approval of the requisite majorities of the members of DPTL, DTIL and DIL and sanction by the Hon''ble High Court at Calcutta and other relevant authorities.

Financial Results

2013-14 2012-13

Turnover and other income 4082.78 2,452.84

Profit before interest and depreciation 214.49 182.25

Interest 65.10 43.81

Profit before depreciation 149.39 138.44

Profit for the year 100.64 99.85

Provision for tax

-Current tax 15.15 13.06

-Deferred tax 13.71 11.80

- Adjustments of earlier years (2.93) (1.95)

Profit after tax 74.71 76.94

Amount brought forward from previous year 126.17 75.25

Amount available for appropriation 200.88 152.19

Appropriation proposed:

Transfer to General Reserve 7.49 7.70

Dividend proposed on equity shares 15.76 15.76

(Current year @ Rs.4.50/- and previous year @ Rs.4.50/- per share of Rs. 10/- each)

Tax on dividend 2.75 2.56

Balance carried to Balance Sheet 174.88 126.17

Note: The figures in the above financial results have been given on a consolidated basis (i.e. taking into account both Petrochem and Tea Divisions) for a consistent comparison with the previous year.

Dividend

Your Directors recommended a dividend @ Rs.4.50/- per equity share of Rs. 10 /- each for the year ended March 31, 2014, maintaining the last year''s rate, subject to the approval of the shareholders at the ensuing Annual General Meeting.

Performance

Petrochem Division

With the commissioning of Plant II at Haldiathe production of PET resin increased from 2,69,249 MT in 2012-13 to 4,12,038 MT in 2013-14 thus achieving more than 100% capacity utilization for both the plants taken on a combined basis.

The domestic sales volume increased from 138553 MT in 2012-13 to 172732 MT in 2013-14 i.e. an increase by 25%.

The export sales volume increased from 113087 MT in 2012- 13 to 241454 MT in 2013-14 i.e. an increase by 113%.

The margins remained under pressure in the 2nd half of the year in case of exports in view of price pressure due to competition from certain countries coupled with the decrease in the export ncentive effective September, 2013.

Further the MEG pipeline from the port to the plant for transferring imported MEG from the vessel to the MEG tank inside the Plant was commissioned in March, 2014.

The 10MW Captive Power Plant (CPP) of the Company at Haldia was commissioned in May, 2014.

The commissioning of the MEG pipeline and the 10MW CPP are expected to result in cost savings.

Tea Division

Sporadic attack of pests likes looper, helopeltis, red slug and thrips, which were evident in most of the gardens, have been controlled by timely spraying of insecticides. Irrigation was used in all four North Bank gardens and continued till first week of May, 2014 to mitigate the ill effects of drought.

The current year''s protracted winter as well as pre-monsoon dry spell for almost six months may be termed as unprecedented. It has left the bushes to survive in stressful conditions in the Upper Assam where there was no irrigation facility barring small young tea areas to be covered.

Due to radiation and temperature stress, scorching of tea

leaves have been reported in small patches of some of the tea estates. However, prolonged rainless period coupled with 40Â°C temperature, 20% to 50% humidity against a normal of 50% to 90% has severely affected the bushes with virtually no leaf for plucking towards the end of April. The visual symptoms of wilting of tea leaves were also noticed in several patches. Dill and Khagorijan Tea Estates suffered more due to severe drought, as there was less rainfall since October, 2013. Your Company is considering irrigation at Dilli T.E for the coming season due to continuous drought in the area for the past two years.

The overall production has decreased from 109.12 lac kgs in the FY 2012-13 to 100.98 lac kgs in the FY 2013-14 due to sale of Bought Leaf Factories. Overall sale price increased by Rs.5.35 per kg as compared to previous year due to overall improvement in quality of teas produced.

Prospects

Petrochem Division

With the commissioning of the Pet Resin plant of the subsidiary in Egypt, the consolidated Pet Resin manufacturing capacity of your Company with its subsidiary Egyptian Indian Polyester Company S.A.E. (ElPET) has become 8,30,000 TPA.

In view of EC''s review of Antidumping and subsequent withdrawal of Antidumping duty on PET Resin, exports from your Company to Europe suffered because of withdrawal of price undertaking from February, 2014. Exports to Europe from your Company has thus stopped. Your Company is required to sell PET Resin in alternative markets and faces surmountable challenges. However with the commissioning of the Egypt plant, the supplies to Europe are being made through your Company''s subsidiary EIPET.

We are having pressure on margins in both domestic and nternational fronts. In the international front the capacity increase in certain countries has resulted in price pressure. Further this has also led to imports of PET Resin into India which has also resulted in pressure on margins in the domestic market.

The domestic PTA producers have initiated antidumping procedures against the entire polyester industry. The polyester and textile industry have represented the matter before appropriate authority and the decision thereof is in abeyance.

Going forward the FY 2014-15 will be a challengingyear in view of the increase in the market competition and price realisation.

Tea Division

The crop prospect appears to be good this year after long spel of drought broken by well-distributed and continuous rainfall from end of April, 2014. Your Company mitigated the ill effect of drought to a large extent in North Bank gardens by continuous rrigation.

Your Company''s branded teas got good response from consumers due to its quality and helped in achieving marginal increase in sale quantity as compared to previous year and it is expected that there should be at least 4-5% increase in overall sale of packet teas in Rajasthan.

The tea market is expected to remain good in the coming years especially for quality teas. Your Company''s current tea production is 10 million kgs and is expected to increase by 5-6%.

Continued emphasis is being given on manufacturing quality teas, which have yielded favourable results in some gardens. Now all the gardens have been brought under similar manufacturing process to improve the quality as well as grade mix and there should be substantial improvement in overall quality of teas to be produced by your Company in the Season 2014.

The factories have been renovated by installing new machineries with increased output. However, the production will depend on availability of green leaf at competitive price in the area.

Barring unforeseen circumstances, the performance of the Tea Division in the coming year is expected to be satisfactory.

IT SEZ Division

As was informed in the last Year''s report, the civil construction of the first phase of ''Dhunseri IT Park'' at Bantala having a built up area of 3,70,000 sq. ft., had been completed and it was ready for MEP and other Exterior works. However the work has been kept on hold and would be taken up only once some favourable response was received.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

The particulars as prescribed under Section 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are attached as an annexure to this report.

Disclosure Under Section 217(2A) of the Companies Act, 1956

In terms of the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the annexure to the Directors'' Report. Having regard to the provisions of Section 219(l)(b) (iv) of the said Act, the Annual Report excluding the aforesaid nformation is being sent to all the members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company.

Auditors

M/s Lovelock & Lewes, Chartered Accountants, are the present Statutory Auditors of your Company and shall hold office till the end of this Annual General Meeting. They have already completed the term of ten years of appointment as the Statutory auditors of your Company. Hence in terms of the Companies Act, 2013 they can now be re-appointed as auditors for another term of 3 years only (which is the transition phase). Hence M/s Lovelock & Lewes, Chartered Accountants, who retire on the conclusion of this Annual General Meeting, being eligible, offer themselves for reappointment for a period of three years.

Directors

Mr. R.K.Sharma, Director of your Company will retire at this Annual General Meeting by rotation, and being eligible, offer himself for reappointment. Your Directors recommends his reappointment as Director of your Company.

During the year Mr.B.Bajoria ceased to be a Director of your Company consequent to his resignation. Your Board of Directors wishes to place on record their sincerest appreciation for the contribution made by him during his tenure.

In terms of the requirement of the Companies Act, 2013 the ndependent Directors of the Company, namely Mr. P.K.Khaitan, Mr. J.P. Kundra, Dr. B.Sen, Mr. A. Bagaria, Mr. R.N.Bhardwaj, Mr. D.P.Jindal will be appointed for a term of five years w.e.f the date of this Annual General Meeting once the approval of the shareholders at this Annual General Meeting is obtained. All these Directors will not be liable to retire by rotation. Your Directors recommend approval of their appointment.

In view of the enactment of the Companies Act, 2013 the changes in the Independent Directors and the Directors liable to retire by rotation has been reflected in the table under the Composition of Board in the Corporate Governance report which is set out as separate annexure to this report.

Mr. C.K.Dhanuka will be re-appointed as the Executive Chairman of the Company w.e.f. January 1, 2015, based on the approva of the Board at its meeting held on May 22, 2014, subject to the approval of the members at this Annual General Meeting. Your Directors recommend approval of his reappointment as the Executive Chairman of the Company.

Fixed Deposits

The Company has not accepted any deposits from the public. There were no outstanding balances relating to FDs as at the beginning and end of the FY 2013-14.

Subsidiary Company

1) Egyptian Indian Polyester Company S.A.E (EIPET):

Production commenced in Line-1 and Line-2 of EIPET''s plant in January, 2014 and May''2014 respectively and quality product had been achieved immediately.

The cost of EIPET''s project in Egypt increased by USD 9 million, i.e. from USD 160 million to USD 169 million due to delay in implementation of the project on account of force majeure situations a number of times in Egypt.

Your Company''s share in increased project cost of EIPET of USD 9 million was USD 6.3 million. All the shareholders of EIPET have contributed towards additional equity participation.

2) Dowamara Tea Company Private Ltd. (DTCPL):

During the year your Company had sold its investment in Dowamara Tea Company Pvt. Ltd. (DTCPL), subsequent to which it had ceased to be a Wholly Owned Subsidiary (WOS) of your Company.

3) Dhunseri Tea & Industries Ltd. and Dhunseri Infrastructure Ltd.

In view of the Scheme of Arrangement, during the year ended March 31, 2014, the Company has acquired 50,000 equity shares @ Rs. 10/- each in both M/s Dhunseri Infrastructure Ltd. (formerly M/s Dhanurveda Infrastructure Pvt. Ltd.) and M/s Dhunseri Tea & Industries Ltd. (formerly M/s Dhunseri Services Ltd.) i.e. at a total cost of Rs.5,00,000/- each.

Accordingly the M/s Dhunseri Infrastructure Ltd. and M/s Dhunseri Tea & Industries Ltd. have become the Wholly Owned Subsidiaries of the Company.

4) Dhunseri Petrochem & Tea Pte Ltd. (DPTPL):

It was informed in the last report that the Company''s investment in Egyptian Indian Polyester Company S.A.E. (EIPET) would be transferred to DPTPL. However in view of the proposed restructuring, post demerger of the Tea Division of your Company, the said subsidiary along with its investment in Makandi Tea and Coffee Estates Ltd. & Kawalazi Estate Company Ltd. will be transferred to Dhunseri Tea & Industries Ltd. and the investment in EIPET will be held by your Company itself.

5) Makandi Tea and Coffee Estates Ltd. (MTCEL) & Kawalazi Estate Company Ltd. (KECL):

MTCEL which is the subsidiary of the Company, (being the subsidiary of DPTPL), accounted for a net profit after tax of USD 3.09 million during the year ended December 31, 2013. MTCEL produced 5.21 million kgs of Tea and 1.43 lac kgs of Macadamia kernel during the year ended December 31, 2013.

KECL which is the subsidiary of the Company, (being the subsidiary of DPTPL), accounted for a net profit after tax of USD 0.55 million during the year ended December 31, 2013. KECL produced 3.6 million kgs of Tea and 1.78 lac kgs of Macadamia kernel during the year ended December 31, 2013.

Subsidiary Accounts

Ministry of Corporate Affairs, in accordance with the Genera Circular issued by it, has granted exemption to the companies, from attaching the reports and accounts of the subsidiary company, subject to fulfillment of certain conditions, which amongst others include the consent of the Board of Directors for not attaching the annual accounts of the subsidiary. Accordingly, the Board of Directors of the Company, at its meeting held on May 22, 2014, has consented for not attaching the annua accounts of the subsidiaries with the accounts of the Company.

Accordingly, the Audited Statements of Accounts, the reports of Board of Directors and Auditors of the subsidiary companies have not been annexed. The annual accounts of the subsidiary companies and the related detailed information shall be made available to the shareholders of the Company and subsidiary companies seeking such information at any point of time. Shareholders who wish to have a hard copy of the full reports and accounts of the subsidiaries will be provided the same on receipt of written request from them. These documents will also be available for inspection by any shareholder at the registered office of the Company and that of the subsidiaries on any working day during business hours, except on Saturdays.

As required under the listing agreement with the stock exchanges, the audited consolidated financial statements of your Company are also attached and form a part of the Company''s annual report.

The financial year end of Egyptian Indian Polyester Company S.A.E. is 31st December. Accordingly, though the said subsidiary''s operations have commenced in the quarter ended March, 2014, the revenues derived therefrom are not included in the Consolidated Financial Statements of the Company.

Cost Audit

Your Company is under the purview of Cost Audit in respect of manufacture of Tea and Poly Ethylene Terephthalate (PET) resin. M/s Mani & Co., Cost Accountants, have been appointed as Cost Auditors of the Company.

Directors'' Responsibility Statement Pursuant to Section 217 (2AA) of the Companies Act, 1956

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

(ii) That the Directors had selected such accounting policies and applied them consistently and made judgements 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;

(iii) That the Directors took proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the Company''s assets and for preventing and detecting fraud and other irregularities;

(iv) That the Directors prepared the annual accounts on a going concern basis.

Corporate Governance and Management Discussion and Analysis Reports

Corporate Governance and Management Discussion and Analysis Reports are set out as separate annexure to this report.

Committees of Directors

The Board of Directors have aligned the existing Committee of the Board with the provisions of Companies Act, 2013 (Act). Accordingly, the Company has renamed its existing Remuneration Committee as Nomination and Remuneration Committee and have delegated to it powers as required under Section 178 of the Act. The existing Shareholders'' Grievance Committee has been renamed as "Stakeholders'' Relationship Committee".

The scope of Audit Committee has also been widened so as to bring it in accordance with the requirement of the Section 177 of the Companies Act, 2013.

The Company has also constituted a Corporate Socia Responsibility (CSR) Committee as required under Section 135 of the Companies Act, 2013.

Corporate Social Responsibility

Your Company recognises the needs and expectations of its internal and external stakeholders. It strives at fulfilling its corporate responsibilities towards community development. It has continued with its welfare activities for development in the fields of education, health, culture and other welfare measures and to improve the general standard of living.

In pursuance of the Companies Act, 2013, as mentioned above, your Company has already constituted a CSR Committee and has made its Corporate Social Responsibility Policy.

As reported in the last year''s report your Company would be routing its CSR activities through Dhanuka Dhunseri Foundation (DDF) and will contribute in accordance with the CSR policy of the Company.

DDF acts as the vehicle through which the CSR activities of the Company are carried out across the various parts of the country. DDF was formed in 1972 for various charitable objectives. It is nvolved in various philanthropic activities like building schools, colleges and girls hostel, providing free medicines through dispensaries and grants to charitable institutes.

Certifications

Petrochem Division

The Petrochem division of the Company holds quality certifications from renowned national and international agencies ike the USFDA, EC, Japanese and Canadian Food and Health Bodies and ITRC and is also ISO 9001:2008, ISO 14001: 2004, BS OHSAS 18001: 2007 and SA 8000: 2008 certified.

Tea Division

Your Directors wish to inform you that the ISO 22000:2005 certification for Hatijan Tea Estate had also been received. Accordingly all the Tea Estates of the Company with factories are ISO 22000:2005 certified.

Environment, Health and Safety

Environmental, health and safety is of great importance to your Company. Your Company continuously strives to ensure environment sustainable practices and provide a safe and healthy workplace for its employees. It aims at proper waste management and disposal to ensure healthy and safe environment.

Credit Rating by Credit Analysis & Research Ltd. (CARE)

Your Directors inform that CARE has reaffirmed the Credit rating of CARE A (Single A plus) assigned to long term bank facilities of the Company and CARE Al (CARE A One plus) assigned to short term facilities of the Company. At the same time CARE has reaffirmed the Credit rating of CARE A1 (CARE A One plus) assigned to the Short Term Debt (STD) programme (including Commercial Paper) of the Company of Rs. 100 crores. for a maturity upto six months.

Further CARE has assigned Credit rating of CARE A (Single A plus) to Non Convertible Debenture (NCD) issue of Rs. 100 crores of the Company for a maturity of 10 years.

Further at the request of your Company, CARE has withdrawn the ratings assigned to the Non-Convertible Debenture issue of Rs. 100 crores, which your Company had earlier proposed to issue.

Crisil Equities Grading

Your Directors inform that CRISIL Equities vide its Independent

Equity Research report has assigned a CRISIL IER fundamenta grade of 3/5 (pronounced three on five) to the Company. The grade indicated that the Company''s fundamentals were ''good'' relative to other listed equity securities in India. CRISIL Equities has assigned a valuation grade of 5/5 (pronounced five on five).

Employees

Your Company believes that ''employees'' are the most valuable assets of any organization. Your Directors wish to place on record their deep sense of appreciation for the co-operation, dedication and committed services by all the employees of your Company which plays a pivotal role in the growth of your Company.

Acknowledgement

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from Allahabad Bank, Axis Bank Limited, Bank of Baroda, Canara Bank, DBS Bank Limited, Deutsche Bank AG, Development Credit Bank Limited, HDFC Bank Limited, ICICI Bank Limited, IDBI Bank Limited, nternational Finance Corporation, Washington, Punjab Nationa Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited, The Ratnakar Bank Limited, UCO Bank, United Bank of India, West Bengal Industrial Development Corporation Limited, Tea Board, Haldia Development Authority, Office of the District Magistrate of East Midnapore, West Bengal Pollution Control Board, West Bengal State Electricity Board, Ministry of Environment & Forest, Government of West Bengal, Government of Assam, Government of Egypt, Governorate of Suez, General Authority for Investment and Free Zones (GAFI), Egyptian Petrochemicals Holding Company (ECHEM), Engineering for the Petroleum and Process Industries (ENPPI), Ahli United Bank (Egypt) S.A.E, Commercial International Bank (Egypt) S.A.E, Egypt, Dubai Multi Commodities Centre, the customers, suppliers, shareholders and all others associated with the Company.

For and on Behalf of The Board of Directors

Place: Kolkata C. K. Dhanuka

Date: May 22, 2014 Executive Chairman

Mar 31, 2013

The Directors have pleasure in presenting the Ninety Seventh Annual Report of your Company together with the Audited Statement of Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS (Rs.in Crs.) 2012-13 2011-12

Turnover and other income 2,452.84 2,004.53

Profit before interest and depreciation 182.25 133.26

Interest 43.81 41.22

Profit before depreciation 138.44 92.04

Profit for the year 99.85 59.03

Provision for tax

- Current tax 13.06 7.19

- Deferred tax 11.80 5.26

- Adjustments of earlier years (1.95) (2.91)

Profit after tax 76.94 49.49

Amount brought forward from previous year 75.25 49.03

Amount available for appropriation 152.19 98.52

Appropriation proposed:

Transfer to General Reserve 7.70 4.95

Dividend proposed on equity shares (Current year @ Rs. 4.50/- 15.76 15.76 and previous year @ Rs. 4.50/- per share of Rs. 10/- each)

Tax on dividend 2 .56 2.56

Balance carried to Balance Sheet 126.17 75.25

DIVIDEND

Your Directors recommended a dividend @ Rs. 4.50/- per equity share of Rs. 10 /- each for the year ended 31st March, 2013, maintaining the last year''s rate, subject to the approval of the shareholders at the ensuing Annual General Meeting.

PERFORMANCE

Petrochem Division

The PET resin Plant I at Haldia operated at 107% capacity utilisation.

Your Directors are glad to inform you that the PET resin Plant II has achieved final acceptance as per the contract with the EPC contractor and your Company declared commencement of Commercial Production from 15.11.2012. The Plant II at Haldia operated at full capacity utilization during January- March 2013. The quality of PET Resin produced in Plant II is of International standard and the product is exported to various countries.

The production of PET resin increased from 2,08,975 MT in 2011-12 to 2,69,249 MT in 2012-13.

Although the plant operated in excess of 100% capacity utilisation, the margins remained under pressure throughout the year.

Tea Division

The own crop of your Company suffered due to extreme soil moisture deficit in March resulting in poor first flush crop. Rain was received in 2nd week of April after nearly 7 months of long spell. The water table was down drastically and even all rivers & jhoras dried up. Although some improvement in weather condition appeared in May, the hope of harvesting better crop thereafter vanished due to adverse weather condition in June and remained indifferent till the end of the season.

Your Company achieved the production of 109.12 lac kg tea made. Crop was marginally lower mainly because of sale of Namsang Tea Estate and Four Bought Leaf Factories. South Bank gardens also suffered due to adverse weather condition and crop was 13% lower than previous year.

The market was selectively buoyant for quality teas. Teas from non-quality areas continued to be lower priced with preference for better teas. Your Company''s teas attracted better realisation over the auction averages.

PROSPECTS Petrochem Division

With the commissioning of the Plant II at Haldia, the Company''s total production capacity would be more than double in the FY 2013-14 in comparison to the earlier capacity of the Company of 2,00,000 TPA. The Company has optimised its existing resources, has created international sales team, strategically located in various countries and is all geared up to meet the marketing challenges to sell the added volumes coming out of the expanded capacity.

Both the PET Resin Plant I and Plant II at Haldia are expected to operate at full capacity utilisation in the coming year.

The Domestic PET resin market in India is expected to continue its double-digit growth in the coming years. The demand of FY 2012-13 was 5.85 lac tons and is expected to be 6.70 lac tons in FY 2013-14. With the commissioning of Plant II and a couple of other new capacities underway, the FY 2013-14 will be a challenging year for the PET industry. With our relationship based marketing strategy, we are confident to retain our existing customers and thrive for increase in the customer base in future.

Tea Division

The Tea gardens received some useful rain in the last week of March 2013 in South Bank gardens after a prolonged dry spell since October 2012. It was the longest dry spell recorded in this area of Assam. However, there has been continuous useful rain in April 2013. Bushes have started recovering from the effect of drought. Your Company mitigated the ill effects of drought to a large extent by continuous use of sprinkler irrigation in North Bank gardens, which was supported by some useful rain in March 2013.

Continued emphasis on manufacturing quality teas have yielded favourable response in all our gardens from our buyers. Most of the gardens have been brought under quality manufacturing process for better price realisation and it is expected that all gardens will further improve their quality in 2013.

The production at Hatijan Tea Factory has now stabilised and it is producing good quality teas in this season and will contribute to the overall profitability of your Company.

Your Company''s packet tea brands LAL GHORA and KALA GHORA continued to receive good response from consumers due to consistent quality of tea in the packets. There has been improvement in packaging which has helped in achieving marginally higher sale quantity and it is expected that there should be further increase in sale quantity in 2013-14.

Demand for good quality CTC teas is expected to remain buoyant. The demand at the auctions and private sales has resulted in better prices for your Company''s tea. Barring unforeseen adverse weather conditions, your Company is expected to strengthen its profitability in the coming years.

Your Company has sold and handed over three tea factories in Assam namely Primax Tea Factory, Sona Assam Tea Factory and Shreemoni Tea Factory.

As reported last year your Company has sold one of the tea estates namely Namsang Tea Estate. Further, the possession of the said tea estate has also been handed over.

Your Company''s current tea production is 10.91 million kg and with the acquisition of subsidiaries in Malawi, Africa (as detailed in the Subsidiaries Section), Dhunseri''s consolidated Tea production capacity will be around 22 million kg per annum.

IT-SEZ Division

The construction work of ''Dhunseri IT Park'' at Bantala is progressing gradually. In respect of the first phase having a built up area of 3,70,000 sq. ft., the civil construction has been completed and it is ready for MEP and other Exterior works, which will begin depending on market scenario.

Barring unforeseen circumstances, the Company''s performance for the coming year is expected to be satisfactory.

CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION, FOREIGN EXCHANGE EARNINGS/

OUTGO

The particulars as prescribed 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

are attached as an annexure to this report.

DISCLOSURE UNDER SEC 217(2A) OF THE COMPANIES ACT, 1956

The particulars of employees whose salary exceed the limits as prescribed under Section 217(2A) of the Companies Act, 1956 are given as an annexure to this report.

AUDITORS

M/s Lovelock & Lewes, Chartered Accountants, retire on the conclusion of this Annual General Meeting, and being eligible, offer themselves for reappointment.

DIRECTORS

Mr. J.P.Kundra, Mr. P.K.Khaitan and Dr. B.Sen, Directors of your Company will retire at this Annual General Meeting by rotation, and being eligible, offer themselves for reappointment. The Board recommends their reappointment as Directors of your Company.

FIXED DEPOSITS

The Company has not accepted any deposits from the public.

However the Companies (Acceptance of Deposits) Rules, 1975

were complied with in view of the deposits being accepted from the employees of the Company. All the Fixed Deposits (FDs) have been repaid and there is no outstanding balance relating to FDs as at the end of the FY 2012-13.

SUBSIDIARY COMPANY

1) Egyptian Indian Polyester Company S.A.E (EIPET): EIPET''s project in Egypt is progressing satisfactorily. Start up of trial run is expected to commence in September 2013 quarter.

2) Dowamara Tea Company Private Ltd. (DTCPL): Dowamara Tea factory belonging to Dowamara Tea Company Private Limited (DTCPL), which is a wholly-owned subsidiary of the Company, produced 7.87 lac kg during the year ended 31st March, 2013. DTCPL suffered a loss of Rs. 81.55 lacs during the current year.

3) Dhunseri Petrochem & Tea Pte Ltd. (DPTPL):

The Wholly Owned Subsidiary of your Company in Singapore namely Dhunseri Petrochem & Tea Pte Ltd. had been incorporated for transferring the Company''s investment in Egyptian Indian Polyester Company S.A.E.(EIPET) to DPTPL. The said transfer is under progress and would be done once all the necessary formalities are completed. During the year DPTPL has acquired 100% share capital of Makandi Tea and Coffee Estates Limited and Kawalazi Estate Company Limited, both companies based in Malawi, Africa.

4) Makandi Tea and Coffee Estates Ltd. & Kawalazi Estate Company Ltd.:

To have a global reach your Company through its Wholly Owned Subsidiary, Dhunseri Petrochem & Tea Pte Limited (DPTPL) has acquired two tea estates in Malawi, Africa owned by Makandi Tea and Coffee Estates Limited and Kawalazi Estate Company Limited by DPTPL acquiring 100% stake in those Companies. The total consideration paid by DPTPL was US$ 22 million which was funded partly by loan of US$ 12 million and the balance by equity contribution in DPTPL made by your Company, which in turn has been funded by your Company through internal accruals and proceeds from the sale of Namsang Tea Estates/ other Tea factories.

Accordingly, your Company has become the ultimate holding Company of Makandi Tea and Coffee Estates Ltd. & Kawalazi

Estate Company Ltd. (being the subsidiaries of DPTPL).

Makandi Tea and Coffee Estates Ltd. is engaged in the production of Tea, Macadamia & Coffee and Kawalazi Estate Company Ltd. in the production of Tea & Macadamia. The aforesaid two subsidiaries based in Malawi, Africa in totality produce 94.50 lac kg of Tea and 4 lac kg of Macadamia.

SUBSIDIARY ACCOUNTS

Ministry of Corporate Affairs has granted general exemption to the companies under Section 212 of the Companies Act, 1956, from attaching the reports and accounts of the subsidiary company, subject to fulfillment of certain conditions, which amongst others include the consent of the Board of Directors for not attaching the annual accounts of the subsidiary. Accordingly, the Board of Directors of the Company, at its meeting held on 14th May, 2013, has consented for not attaching the annual accounts of the subsidiaries viz, M/s Egyptian Indian Polyester Company S.A.E., Dowamara Tea Company Private Ltd., Dhunseri Petrochem & Tea Pte Ltd., Makandi Tea and Coffee Estates Ltd. and Kawalazi Estate Company Ltd. with the accounts of the Company.

Accordingly, the Audited Statements of Accounts, the reports of Board of Directors and Auditors of the subsidiary companies have not been annexed. The annual accounts of the subsidiary companies and the related detailed information shall be made available to the shareholders of the Company and subsidiary companies seeking such information at any point of time. Shareholders who wish to have a hard copy of the full reports and accounts of the subsidiaries will be provided the same on receipt of written request from them. These documents will also be available for inspection by any shareholder at the registered office of the Company and that of the subsidiaries on any working day during business hours, except on Saturdays.

As required under the listing agreement with the stock exchanges, the audited consolidated financial statements of your Company are also attached and form a part of the Company''s annual report.

COST AUDIT

Your Company is under the purview of Cost Audit as per Section

233B of the Companies Act, 1956 in respect of manufacture of

Tea and Poly Ethylene Terephthalate (PET) resin. M/s Mani & Co., Cost Accountants, have been appointed as Cost Auditors of the Company.

DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF THE COMPANIES ACT, 1956

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

(ii) That the Directors had selected such accounting policies and applied them consistently and made judgements 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;

(iii) That the Directors took proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the Company''s assets and for preventing and detecting fraud and other irregularities;

(iv) That the Directors prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORTS Corporate Governance and Management Discussion and Analysis Reports are set out as separate annexure to this report.

CORPORATE SOCIAL RESPONSIBILITY Your Company recognises that its operations impact a wide community of people and that appropriate attention to the fulfillment of its corporate responsibilities towards community development can enhance overall performance. It has continued with its welfare activities for development in the fields of education, health, culture and other welfare measures and to improve the general standard of living.

As reported in the last year''s report, your Company contributes 1% of its profits towards CSR activities, with a maximum ceiling

of Rs. 1 crore, including contributions to Dhanuka Dhunseri Foundation Trust (DDFT). As reported in the last year''s report, DDFT acts as the vehicle through which the CSR activities of the Company are carried out across the various parts of the country. The Trust was formed in 1972 for various charitable objectives. It is involved in various philanthropic activities like building schools, colleges and girls hostel, providing free medicines through dispensaries and grants to charitable institutes.

CERTIFICATIONS Petrochem division

The Petrochem division of the Company holds quality certifications from renowned national and international agencies like the USFDA, EC, Japanese and Canadian Food and Health Bodies and ITRC and is also ISO 9001:2008, ISO 14001: 2004, BS OHSAS 18001: 2007 and SA 8000:2008 certified for Plant I at Haldia.

Tea Division

Your Directors wish to inform you that the ISO 22000:2005 certification for Hatijan Tea Estate is under advanced stages and is expected to be received soon, after which all the Tea Estates of the Company with factories will be ISO 22000:2005 certified.

ENVIRONMENT, HEALTH AND SAFETY Environmental stewardship, safety and health continue to be of paramount importance. Your Company follows the practices for environmental sustainability and safety in the way of doing its daily businesses. It continuously strives to aim at energy efficiency, waste management and disposal to protect the environment from negative impacts.

Your Directors inform you that your Company has strengthened various fire safety measures including by way of: equipping itself with a state-of-the-art fire sensing system and fire station, three numbers of fire tenders equipped with full fledged fire fighting equipments, fire hydrant system, etc.

Your Directors inform you that the Department of Environment, Government of West Bengal under the directions of Ministry of Environment & Forests had issued a letter dated 11.3.2013 withdrawing Environment Clearance granted to your Company for the new PET Plant at Haldia alongwith 10 MW Power Plant (which is still under construction). Your Company preferred

an appeal against the said order in front of Hon''ble National Green Tribunal. The Hon''ble Bench upon hearing the plea from all sides, was pleased to set-aside the said withdrawal of Environment Clearance and the Authorities have been directed to consider the matter in accordance with law.

REDEMPTION OF FOREIGN CURRENCY CONVERTIBLE BONDS

Your Directors inform that in respect of the Foreign Currency Convertible Bonds (FCCBs) issued by erstwhile South Asian Petrochem Ltd. (since merged with the Company) in 2007- 08, the outstanding FCCBs amounting to US$ 7.5 million were redeemed on 22.01.2013 at a premium of 36.86% on the principal amount, i.e. US$ 10,264,598.25.

CREDIT RATING BY CREDIT ANALYSIS & RESEARCH LTD. (CARE)

Your Directors inform that CARE has reaffirmed the Credit rating of CARE A (Single A plus) assigned to long term bank facilities of the Company and CARE A1 (CARE A One plus) assigned to short term facilities of the Company. At the same time CARE has reaffirmed the Credit rating of CARE A1 (CARE A One plus) assigned to the Short Term Debt (STD) programme (including Commercial Paper) of the Company of Rs. 100 Crs. for a maturity upto six months.

Further CARE has assigned Credit rating of CARE A (Single A plus) to Non Convertible Debenture (NCD) issue of Rs. 100 Crs. of the Company for a maturity of 10 years.

EMPLOYEES

Your Company believes that ''people'' are the biggest strength for the success of any organisation. Your Directors wish to express their appreciation to all the employees for their valuable contributions, excellent team spirit, dedication, enthusiasm and commitment in achieving and sustaining excellence in all areas of the business.

ACKNOWLEDGEMENT

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from Axis Bank, Allahabad Bank, Bank of Baroda, Canara Bank, Deutsche Bank, Development Credit Bank, DBS Bank Limited, HSBC

Limited, HDFC Bank Limited, ICICI Bank Limited, IDBI Bank Limited, IndusInd Bank Limited, International Finance Corporation, Washington, Punjab National Bank, State Bank of India, Standard Chartered Bank, United Bank of India, West Bengal Industrial Development Corporation Ltd, Tea Board, Haldia Development Authority, Office of the District Magistrate of East Midnapore, West Bengal Pollution Control Board, West Bengal State Electricity Board, Ministry of Environment & Forest, Government of West Bengal, Government of Assam, Government of Egypt, Governorate of Suez, General Authority for Investment and Free Zones (GAFI), Egyptian Petrochemicals

Holding Company (ECHEM), Engineering for the Petroleum and Process Industries (ENPPI), Ahli United Bank (Egypt) S.A.E, Commercial International Bank (Egypt) S.A.E, Egypt, Dubai Multi Commodities Centre, the customers, suppliers, shareholders and all others associated with the Company.

For and on behalf of The Board of Directors

Place: Kolkata C. K. Dhanuka

Date: 28th May, 2013 Executive Chairman

Mar 31, 2012

The Directors have pleasure in presenting the Ninety Sixth Annual Report of your Company together with the Audited Statement of Accounts for the year ended 31st March 2012.

FINANCIAL RESULTS (Rs.in lacs)

2011-12 2010-11

Turnover and other income 2,00,453 1,70,306

Profit before interest and depreciation 13,326 25,115

Interest 4,122 2,589

Profit before depreciation 9,204 22,526

Profit for the year 5,903 19,412 Provision for tax

-Current tax 719 3,789

- Deferred tax 526 2,884

- Adjustments of earlier years (291) 8

Profit after tax 4,949 12,731 Amount brought forward from previous year 4,903 20,317 Amount available for appropriation 9,852 33,048 Appropriation proposed:

Transfer to General Reserve 495 26,306 Dividend proposed on equity shares (Current year @ X 4.50/- and previous year

@ X 4.50/- per share of X 10/- each) 1,576 1,577

Tax on dividend 256 262

Balance carried to Balance Sheet 7,525 4,903

Dividend

Your Directors recommended a dividend @ X 4.50/- per equity share of X 10/- each for the year ended 31st March 2012, maintaining the last year's rate, subject to the approval of the shareholders at the ensuing Annual General Meeting.

Performance

Petrochem Division

The PET plant at Haldia operated at 105% capacity utilization. The production of PET resin increased from 2,00,981 MT in 2010-11 to 2,08,975 MT in 2011-12.

Although the plant operated in excess of 100% capacity utilization the margins remained under pressure throughout the year. Further the unexpected and steep decline in the value of Indian Rupee against other foreign currencies also affected the bottom-line.

Your Directors take satisfaction to inform you that all the term loans pertaining to the first PET project of the Company have been fully repaid in the financial year 2011-12. The pledge of 53,04,700 shares in the Company held by Dhunseri Investments Ltd., provided as a security in respect of the aforesaid term loans, have since been released on 3rd April 2012.

As reported in last year's Directors' Report in respect to the unfortunate incidence of fire due to electrical short circuit in the raw materials go down at Haldia plant on 14th March 2011, your Directors wish to inform you that the claims under the "Stock Policy" towards destruction of raw materials & packing materials and reimbursement of expenses aggregating to Rs 51.82 crores have been settled by the insurance company to the tune of Rs 36.26 crores (net of salvage of Rs 5.32 crores) in the current year. The shortfall on this account amounting to Rs 10.24 crores has been charged off in the books of accounts for the year ended 31st March 2012.

Further, during the current year your Company restored to operation some fire damaged fixed assets valuing Rs 2.89 crores in the books and as on 31st March 2012 is carryingRs 9.82 crores in the books of accounts towards amount receivable from insurance company on account of loss incurred on damage/ destruction of fixed assets & spares under "Industrial All Risk" (IAR) policy. Your Company expects to receive the claim amount under IAR policy shortly.

Tea Division

Crop in Assam was affected due to early close of season due to no rain from end September 2011 till first week of April 2012 resulting in severe drought. There was increased pest activity due to very unfavorable weather condition.

The production of your Company increased from 103.03 lac kgs tea made to 134.81 lac kgs tea made mainly due to addition from new bought leaf factories. However, price realization was substantially lower due to poor market condition for medium quality teas especially from new bought leaf factories where quality parameters could not be stabilized in the first year. Orthodox market was also substantially lower by Rs 20/- due to fall in prices of orthodox teas as compared with Rs 17.16 lower for our teas.

Prospects

Petrochem Division

The existing plant is running at full capacity utilization and is expected to operate likewise in the coming year.

The project for expansion of the PET plant capacity in Haldia to 4,10,000 TPA from 2,00,000 TPA is progressing satisfactorily. Mechanical completion is expected to be achieved around middle of May 2012. Start up of trial run is expected around middle of June 2012. Delay in the project completion is due to delay in civil construction caused by heavy rains during construction.

With this the capacity of the Company's total production will increase to around 3,50,000 tonnes for the financial year 2012-13. The Company appointed marketing representatives in various international markets and is gearing up to meet marketing challenges to sell enhanced production.

As already reported in the last report, your Company plans to produce and market barrier resins using M&G's state of the art Bico PET technology, after carrying out necessary modifications in the existing plant. All the equipments for this purpose have been procured. The erection of these equipments will be done after the commissioning of the new plant. After the erection of the plant and machinery, the commissioning will be synchronized with the maintenance shutdown of the existing plant.

Tea Division

Tea garden received some useful rain in the second week of April (after prolonged drought for the past six months) and now crop prospects appears to be good from the month of May 2012 onwards. Your Company mitigated the ill effect of drought to a large extent by continuous use of sprinkler irrigation. Some gardens in South Bank also suffered this year due to less rainfall up to February 2012 where irrigation facilities are provided only for newly planted tea areas.

Continued emphasis given on manufacturing quality teas yielded favorable results in some gardens. However, all the gardens have been brought under similar manufacturing process to improve the quality as well as grade mix and there should be substantial improvement in overall quality of teas to be produced by the Company in the Season 2012.

Company's packet tea brands LAL GHORA and KALA GHORA continued to receive good response from consumers due to overall improvement in quality and also packaging which helped in achieving the targeted sale quantity and it is expected that there should be substantial increase in sale quantity in 2012-13 as the trend shows for the month of April 2012.

The tea market is expected to remain good during the year and difference in prices would be maintained for quality teas.

The Company has sold and handed over one tea factory in Assam and negotiation for another tea factory is under progress and expected to be completed shortly.

The operations of the remaining two bought leaf factories are being stabilized and is expected to achieve the targeted quantity of 3 mn kg tea made depending on availability of quality green leaf at competitive rates in the area. A new factory at Hatijan Tea Estate is being constructed having an annual capacity of 1.5 mn kg production and commercial production will start from the first week of May 2012.

Further subsequent to the end of financial year 2011-12, the Company has entered into an agreement for sale of one of the tea estates namely Namsang Tea Estate, having around 5% of the production of the Company, at a consideration of Rs 28.29 crores.

The Company's current tea production is 13.5 mn kg and is expected to reach 20 mn kg in the next 2/3 years if negotiations to acquire tea gardens abroad fructifies.

IT-SEZ Division

The construction work of 'Dhunseri IT Park' at Bantala is progressing gradually. In respect of the first phase having a built up area of 3,70,000 sq. ft., the construction is expected to be completed in the last quarter of financial year 2012-13.

Barring unforeseen circumstances, the Company's performance for the coming year is expected to be satisfactory.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

The particulars as prescribed 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 are attached as an annexure to this report.

Disclosure Under Sec 21 7(2A) of the Companies Act, 1956

The particulars of employees whose salary exceed the limits as prescribed under Section 217(2A) of the Companies Act, 1956 are given as an annexure to this report.

Auditors

M/s Lovelock & Lewes, Chartered Accountants, retire on the conclusion of this Annual General Meeting, and being eligible, offer themselves for reappointment.

Audit Report

With regard to the observations of the auditors in paragraph 4 of Auditors' Report, the relevant notes to accounts are self explanatory.

Directors

As already informed in the last report, the Central Government had accorded its approval u/s 259 of the Companies Act, 1956 to increase the maximum number of Directors of the Company from 12(Twelve) to 18 (Eighteen), subject to the condition that the increase in the number of Directors had to be effected within 19th September 2011, failing which the approval would lapse.

Since the Company has not affected the increase in the number of Directors by 19th September 2011, the approval lapsed. Hence the maximum number of directors of the Company has come down to 12(Twelve) again.

During the year Mr. S. K. Pai ceased to be a Director of the Company consequent to the withdrawal of nomination by IDBI Bank Limited following the full repayment of its term loan. The Board of Directors wish to place on record their sincerest appreciation for the contribution made by Mr. S. K. Pai during his tenure.

Further, during the year the tenure of Mr. B. K. Biyani as the Executive Director (Corporate) of the Company ended on 31st March 2012 and simultaneously he has resigned from the post of Director with effect from close of 31st March, 2012. The Board of Directors wish to place on record their sincerest appreciation for the contribution made by Mr. B. K. Biyani during his tenure. Mr. R. K. Sharma, has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. B. K. Biyani with effect from 1st April 2012. Mr. R. K. Sharma shall hold office till the term Mr. B. K. Biyani would have held office.

Mr. A. Bagaria, Mr. R. N. Bhardwaj and Mr. Y. F. Lombard, Directors of your Company will retire at this Annual General Meeting by rotation, and being eligible, offer themselves for reappointment. The Board recommends their reappointment as Directors of your Company.

The tenure of Mr. M. Dhanuka as the Vice Chairman & Executive Director has ceased on 31st March 2012. He is proposed to be reappointed as the Vice Chairman & Managing Director of the Company with effect from 1st April 2012. Your Directors recommend approval of his reappointment as the Vice Chairman & Managing Director of the Company. The particulars required for reappointment as the Vice Chairman & Managing Director are contained in the Notice for the Annual General Meeting of the Company.

The tenure of Mr. B.Chattopadhyay as the Executive Director & CEO ceased on 31st March 2012. He is proposed to be reappointed as the Managing Director & CEO of the Company with effect from 1st April 2012. Your Directors recommend approval of his reappointment as the Managing Director & CEO of the Company. The particulars required for reappointment as the Managing Director & CEO are contained in the Notice for the Annual General Meeting of the Company.

Mr. R. K. Sharma is presently the CFO of the Company. He is proposed to be appointed as the Executive Director (Finance) of the Company, liable to retire by rotation, with effect from 1st April 2012. Your Directors recommend the approval of his appointment as the Executive Director (Finance) of the Company, liable to retire by rotation. The particulars required for appointment as the Executive Director (Finance), liable to retire by rotation are contained in the Notice for the Annual General Meeting of the Company.

Mr. D.P.Jindal has been appointed as the Additional Director of your Company with effect from 2nd May, 2012. In terms of Section 260 of the Companies Act, 1956 he shall hold office only upto the date of this Annual General Meeting. The required notice pursuant to provisions of Section 257 of the Companies Act, 1956 has been received from a member proposing his appointment as a Director of your Company, liable to retire by rotation. Your Directors recommend approval of his appointment as a Director of your Company, liable to retire by rotation. The particulars required for appointment as Director are contained in the Notice for the Annual General Meeting of the Company.

Fixed Deposits

The Company has not accepted any deposits from the public. However the Companies (Acceptance of Deposits) Rules, 1975 were complied with in view of the deposits being accepted from the employees of the Company. All deposits which matured during the year were repaid.

Subsidiary Company

1) Egyptian Indian Polyester Company S.A.E (ElPET):

ElPET's project in Egypt is progressing satisfactorily. Start up of trial run is expected to be achieved by fourth quarter of financial year 2012-13.

2) Dowamara Tea Company Private Ltd. (DTCPL):

Dowamara Tea factory belonging to Dowamara Tea Company Private Limited (DTCPL), which is a wholly - owned subsidiary of the Company, produced 5.25 lac kgs during the year ended 31st March 2012. DTCPL suffered a loss ofRs 112.64 lacs during the current year.

3) Dhunseri Petrochem & Tea Pte Ltd. (DPTPL):

Your Directors wish to inform you that a wholly owned subsidiary has been incorporated in Singapore on 28th December, 2011 under the name and style of Dhunseri Petrochem & Tea Pte Ltd. for the purpose of transferring the investment of the Company in Egyptian Indian Polyester Company S.A.E.(EIPET) to the aforesaid subsidiary in Singapore.

Upon receipt of the approvals and other statutory permissions, the investment of the Company in EIPET would be transferred to DPTPL.

Subsidiary Accounts

Ministry of Corporate Affairs has granted general exemption to the companies under Section 212 of the Companies Act, 1956, from attaching the reports and accounts of the subsidiary company, subject to fulfillment of certain conditions, which amongst others include the consent of the Board of Directors for not attaching the annual accounts of the subsidiary. Accordingly, the Board of Directors of the Company, at its meeting held on 2nd May 2012, has consented for not attaching the annual accounts of the subsidiaries viz, M/s Egyptian Indian Polyester Company S.A.E. and Dowamara Tea Company Private Ltd. with the accounts of the Company.

Accordingly, the Audited Statements of Accounts, the reports of Board of Directors and Auditors of the subsidiary companies have not been annexed. The annual accounts of the subsidiary companies and the related detailed information shall be made available to the shareholders of the Company and subsidiary companies seeking such information at any point of time. Shareholders who wish to have a hard copy of the full reports and accounts of the subsidiaries will be provided the same on receipt of written request from them. These documents will also be available for inspection by any shareholder at the registered office of the Company and that of the subsidiaries on any working day during business hours, except on Saturdays.

As required under the listing agreement with the stock exchanges, the audited consolidated financial statements of your Company are also attached and form a part of the Company's annual report. However, the consolidated financial statements do not include the operations of Dhunseri Petrochem & Tea Pte Ltd. as the first financial year of the said Company will end only on 31st March 2013.

Cost Audit

Your Company is under the purview of Cost Audit as per Section 233B of the Companies Act, 1956 in respect of manufacture of Tea. Further with effect from financial year 2012-13 Poly Ethylene Terephthalate (PET) resin has also been covered for Cost Audit. M/s Mani & Co., Cost Accountants, have been appointed as Cost Auditors of the Company.

Directors' Responsibility Statement Pursuant to Section 217 (2AA) of the Companies Act, 1956 Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the annual accounts, the applicable accounting standards were followed, except as specified in Para 4 of Auditors' Report. Proper explanation relating to material departures, have been clarified in note no. 35 in the notes to accounts which is self explanatory;

(ii)That the Directors selected such accounting policies and applied them consistently except as specified in note no. 38 in notes to accounts and made judgments and estimates that were 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;

(iii)That the Directors took proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the Company's assets and for preventing and detecting fraud and other irregularities;

(iv) That the Directors prepared the annual accounts on a going concern basis.

Corporate Governance and Management Discussion and Analysis Reports

Corporate Governance and Management Discussion and Analysis Reports are set out as separate annexure to this report.

Corporate Social Responsibility

Your Company understands that the expectations of society from industry is constantly changing and is conscious of its social responsibilities. It has continued with its welfare activities for development in the fields of education, health, culture and other welfare measures and to improve the general standard of living.

Your Directors have decided that 1% of the profits of the Company would be used towards CSR activities, with a maximum ceiling of X 1 crore including contributions to Dhanuka Dhunseri Foundation Trust (DDFT). As reported in the last year's report, DDFT acts as the vehicle through which the CSR activities of the Company are carried out across the various parts of the country. The Trust was formed in 1972 for various charitable objectives. It is involved in various philanthropic activities like building schools, colleges and girls hostel, providing free medicines through dispensaries and grants to charitable institutes.

Certifications

Petrochem Division

As already informed in the last report, the Petrochem division of the Company holds quality certifications from renowned national and international agencies like the USFDA, EC, Japanese and Canadian Food and Health Bodies and ITRC and is also ISO 9001:2008, ISO 14001: 2004 and BS OHSAS 18001: 2007 certified.

Further during the year the Petrochem division of the Company has received SA 8000: 2008 certification (i.e. Certificate of Social Accountability) from TUV NORD for its plant at Haldia in respect of manufacture and sale of PET resin in International and domestic markets.

Tea Division

As informed in the last report, your Company was already having the ISO 22000:2005 certification for Dilli & Santi Tea Estates. Further during the year your Company has also received the ISO 22000:2005 certifications from DNV Business Assurance in respect of Food Safety System for the following Tea Estates:

i) Bahadur Tea Estate

ii) Bahipookri Tea Estate

iii) Bettybari Tea Estate

iv) Dhunseri Tea Estate

v) Khagorijan Tea Estate

vi) Namsang Tea Estate (agreement for sale executed)

vii) Orang Tea Estate

Awards

Your Directors have the pleasure to inform you that the following awards have been received:

Petrochem Division

Second Best Exporter Award: The Company's Petrochem division has received the second best exporter award for the year 2009-10 in the product category of Plastic Polymers by The Plastics Export Promotion Council, Mumbai.

Environment, Health and Safety

Health and safety has always been a matter of major concern and importance. Your Company continuously strives to ensure that our operations are safe. The Company recognizes the importance of managing its environmental impact. These are matters of priority and therefore caring for the environment and responsible disposal of wastes are some of the ongoing initiatives undertaken by the Company.

Utilization of Proceeds from Preferential Issue

Erstwhile SAPL had made an allotment of equity shares, warrants and FCCBs in 2007-08. Consequently, during 2007-08, erstwhile SAPL raised Rs 7,416.23 lacs by preferential allotment of equity shares and equity share warrants and Rs 7,864.00 lacs from the issue of the FCCBs. The FCCB proceeds as at 31st March 2012 (as reduced by redemption in 2009-10) is Rs 2949 lacs.

The money raised out of such issue was to be utilized for:

i) Equity participation in overseas subsidiaries

ii) Retirement of high cost borrowings

iii) Other business purposes, including working capital requirements

The amount raised by issue of equity shares, equity share warrants and FCCB's have been fully utilized towards equity participation/issue related expenses in the overseas project in Egypt.

CRISIL EQUITIES GRADING

Your Directors inform that CRISIL vide its independent equity research report dated 16th February, 2012 has assigned a CRISIL fundamental grade of 3/5 (pronounced three on five) to the Company. The grade indicated that the Company's fundamentals were 'good', relative to other listed equity securities in India. CRISIL has assigned a valuation grade of 5/5, indicating that the stock has a strong upside as compared to the market price of Rs122/- (as on 16th February, 2012). CRISIL's fair value of the Company's stock was Rs 243/-.

Credit Rating by Credit Analysis & Research Ltd. (Care)

Your Directors inform that CARE has reaffirmed the Credit rating of CARE A (Single A plus) assigned to long term bank facilities of the Company and CARE A1 (A One plus) assigned to short term facilities of the Company. At the same time CARE has reaffirmed the Credit rating of CARE A1 (A One plus) assigned to the Short Term Debt (STD) programme (including Commercial Paper) of the Company for a maturity up to six months.

Employees

Your Company believes that 'people' are the most prized asset for the success of any organization. Your Directors wish to express their appreciation to all the employees for their exemplary contributions and excellent team spirit. Their dedicated efforts, enthusiasm and commitment have played a pivotal role in the growth of the Company.

Acknowledgement

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from Axis Bank, Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, Deutsche Bank, Development Credit Bank, DBS Bank Limited, Export- Import Bank of India, HSBC Limited, HDFC Bank Limited, ICICI Bank Limited, IDBI Bank Limited, International Finance Corporation, Washington, Punjab National Bank, State Bank of India, State Bank of Travancore, Syndicate Bank, Standard Chartered Bank, United Bank of India, West Bengal Industrial Development Corporation Ltd, Tea Board, Haldia Development Authority, Office of the District Magistrate of East Midnapore, West Bengal Pollution Control Board, West Bengal State Electricity Board, Ministry of Environment & Forest, Government of West Bengal, Government of Assam, Government of Egypt, Governorate of Suez, General Authority for Investment and Free Zones (GAFI), Egyptian Petrochemicals Holding Company (ECHEM), Engineering for the Petroleum and Process Industries(ENPPI), Ahli United Bank (Egypt) S.A.E, Commercial International Bank (Egypt) S.A.E, Egypt, the customers, suppliers, shareholders and all others associated with the Company.

For and on behalf of

The Board of Directors

Place: Kolkata C. K. Dhanuka

Date: 2nd May, 2012 Executive Chairman

Mar 31, 2011

To The Members

The Directors have pleasure in presenting the Ninety Fifth Annual Report of your Company together with the Audited Statement of Accounts for the year ended 31st March 2011.

Financial results (Rs. in Lacs)

2010-11 2009-10

Turnover and other income 1,70,306 1,20,350

Profit before interest and depreciation 25,115 16,928

Interest 2,589 2,330

Profit before depreciation 22,526 14,598

Profit for the year 19,412 11,811

Provision for tax - Current tax 3,789 1,760

- Deferred tax 2,884 1,143

- Adjustments of earlier years 8 -

- Fringe benefit tax - 3

Profit after tax 12,731 8,905

Amount brought forward from previous year 20,317 849

Balance added pursuant to the scheme of arrangement - 13,087

Amount available for appropriation 33,048 22,841

Appropriation proposed: Transfer to General Reserve 26,306 890

Dividend proposed on equity shares (Current year @ Rs. 4.50/- and previous year @ Rs. 4/- per share of Rs. 10/- each) 1,577 1,401

Tax on dividend 262 233

Balance carried to Balance Sheet 4,903 20,317

Dividend

Your Directors recommended a dividend @ Rs. 4.50/- per equity share of Rs. 10/- each for the year ended 31st March 2011 as against a dividend @ Rs. 4/- per equity share of Rs. 10/- each for the year ended 31st March 2010, subject to the approval of the shareholders at the ensuing Annual General Meeting.

Performance Petrochem division

The PET plant at Haldia is operating at 100% capacity utilisation. The production of PET resin increased from 168179 MT in 2009- 10 to 200981 MT in 2010-11. Production could have been higher if the plant did not shut down due to a fire at its raw material store.

Tea division

As reported last year, the crop in Assam was affected due to incessant rain and increased pest activity. Tea production decreased from 104.77 lac kgs to 103.03 lac kgs. However, the sale price increased by Rs. 11.17 per kg as compared to previous year. Revenue increased by 5.97% i.e from Rs. 129.75 crores in 2009-10 to Rs.137.50 crores in 2010-11 in spite of a decrease in volume by 2.86%.

Prospects Petrochem division

Existing Operations: We expect to operate at full capacity utilisation for the year 2011-12. Thermax HTM Heater (coal based) has been successfully commissioned and operational from January 2011. This together with the commissioning of the captive power plant has resulted in power and fuel cost savings which is expected to continue in the coming years.

New Project: With respect to the expansion of the PET plant capacity in Haldia to 4,10,000 TPA from 2,00,000 TPA, your Company received environmental clearance from State Level Environment Impact Assessment Authority, Ministry of Environment and Forests, Government of West Bengal and consent to establish from the West Bengal Pollution Control Board. The civil construction at site started in November 2010. The plant will be on stream by April 2012.

The project cost is appraised by SBI Capital Markets Limited to be Rs. 371 crs. State Bank of India and Allahabad Bank are funding the project cost upto ECB of USD 51 million and the balance is being funded through internal accruals.

Development of Barrier Resins: Your Company has entered into an Exclusive Technology License Agreement with M&G Finanziaria S.R.L., Italy (M&G), one of the global leaders in PET bottle resin production, to produce and market barrier resins in India and Bangladesh using M&GÃs state of the art BicoPET technology. This will enable your Company to capture newer customers/products where this technology would be used for packaging. For the current year 2011-12, the Company will start seed marketing of this product. Necessary modifications in the existing plant are being carried out to produce these new chips. The plant is expected to start production of the aforesaid new chips by 1st quarter of 2012-13 after stabilisation of new plant.

Tea division

The crop prospect appears to be good at present, after a long spell of drought broken by well-distributed rainfall in April & May 2011. The Company mitigated the ill effects of drought to a large extent in the North Bank gardens through continuous irrigation.

Continued focus on manufacturing quality teas, yielded favourable results in some gardens; all other gardens will be brought under

similar manufacturing process.

Your Company's branded teas have received good response from consumers which has helped in achieving substantial increase in sale quantity as compared to previous year and a similar trend is expected to continue in 2011-12. The tea market is expected to remain good in the coming years especially for quality teas.

In the current financial year, the Company purchased four tea factories in Assam and expects to produce 40 lac kgs tea in these factories in 2011-12. These factories are being renovated by installing new machineries with increased output. The production can reach up to 60 lac kgs following the expansion in due course and depending on availability of green leaf at competitive prices in the area. Further, your Company has acquired 100% shares of Dowamara Tea Company Private Limited(DTCPL) in May 2011. DTCPL owns a tea manufacturing factory having capacity of 8 lac kgs per annum. The capacity is planned to be expanded to 15 lac kgs per annum by adding further machineries.

Further, a new factory at Hatijan tea estate is being constructed, having an annual capacity of 15 lac kgs and is expected to be operational in August 2011.

The Company's current tea production is 103 lac kgs & is expected to reach 150 lac kgs in 2011-12 and 200 lac kgs in the next 2/3 years with few more acquisitions.

IT-SEZ Division

The construction work of ÃDhunseri IT ParkÃ at Bantala is progressing satisfactorily. The first phase having a built up area of 3,70,000 sq. ft, will be delayed as compared to our earlier target of January 2012, due to unavoidable circumstances.

Barring unforeseen circumstances, the CompanyÃs performance for the coming year is expected to be satisfactory.

Conservation of energy, technology absorption, foreign exchange earnings/outgo

The particulars as prescribed 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 are attached as an annexure to this report.

Disclosure under Section 217(2A) of the Companies Act, 1956

The particulars of employees whose salary exceed the limits as prescribed under Section 217(2A) of the Companies Act, 1956 are given as an annexure to this report.

Auditors

M/s Lovelock & Lewes, Chartered Accountants, retire on the conclusion of this Annual General Meeting, and being eligible, offer themselves for reappointment.

Audit Report

With regard to the observations of the auditors in paragraph 4 of AuditorsÃ Report, the relevant notes to accounts are self explanatory.

Directors

Your Directors inform that the Central Government has accorded its approval u/s 259 of the Companies Act, 1956 to increase the total number of Directors of the Company from 12(Twelve) to 18 (Eighteen), subject to the condition that the increase in the number of Directors has to be effected within 19th September 2011, failing which the approval shall lapse.

Dr. B. Sen, Mr. B. K. Biyani and Mr. B. Bajoria, Directors of your Company will retire at this Annual General Meeting by rotation, and being eligible, offer themselves for reappointment. The Board recommends their reappointment as Directors of your Company.

Fixed deposits

The Company has not accepted any deposits from the public. However the Companies (Acceptance of Deposits) Rules, 1975 were complied with in view of the deposits being accepted from the employees of the Company. All deposits which matured during the year were either repaid or renewed, excepting the deposits from two depositors totaling to Rs. 14,000/- which were not claimed by the depositors, as at 31st March 2011, and has since been paid.

Subsidiary company

1) Egyptian Indian Polyester Company S.A.E (EIPET):

As informed in the last report, the EIPETÃs project in Egypt is being set up at Ain Sokhna. The 25th January Revolution of 2011 in Egypt, delayed the signing of the loan agreements. This has resulted in delay in the project start up date. The IFC loan agreement was signed in MayÃ11 and the loan agreements with the Egyptian lenders is expected to be signed shortly. Once the agreements are signed with the Egyptian lenders, the construction will begin at the project site and the same is expected to be completed by June 2013.

All major clearances have been received. As at 31st March 2011, an amount of Rs. 7,951 Lacs has been paid as equity contribution to M/s Egyptian Indian Polyester Company, S.A.E.

2) Dowamara Tea Company Private Ltd. (DTCPL):

As informed earlier, your Company has acquired 100% shares of Dowamara Tea Company Private Limited (DTCPL) in May 2011. Consequently, DTCPL has become a wholly-owned subsidiary of the Company.

Subsidiary Accounts

Ministry of Corporate Affairs has vide its General Circular No: 2 /2011 dated: 8th February 2011, granted general exemption to the companies under Section 212 of the Companies Act, 1956, from attaching the reports and accounts of the subsidiary company, subject to fulfillment of certain conditions, which amongst others include the consent of the Board of Directors for not attaching the annual accounts of the subsidiary. Accordingly, the Board of Directors of the Company, at its meeting held on 24th May 2011, has consented for not attaching the annual accounts of the subsidiary, M/s Egyptian Indian Polyester Company S.A.E., with the accounts of the Company.

Accordingly, the Audited Statements of Accounts, the reports of Board of Directors and Auditors of the subsidiary company have not been annexed. The annual accounts of the subsidiary company and the related detailed information shall be made available to the shareholders of the Company and subsidiary company seeking such information at any point of time. Shareholders who wish to have a hard copy of the full reports and accounts of the subsidiary will be provided the same on receipt of written request from them. These documents will also be available for inspection by any shareholder at the registered office of the Company and that of the subsidiary on any working day during business hours, except on Saturdays.

As required under the listing agreement with the stock exchanges, the audited consolidated financial statements of your Company are also attached and form a part of the CompanyÃs annual report.

Cost Audit

Your Company is under the purview of Cost Audit as per Section 233B of the Companies Act, 1956 in respect of manufacture of Tea. M/s Mani & Co., Cost Accountants, have been appointed as Cost Auditors of the Company.

Under the provisions of Section 233B of the Companies Act, 1956 the Central Government did not prescribe any cost audit in respect of manufacture of Poly Ethylene Terephthalate (PET) resin.

DirectorsÃ responsibility statement pursuant to Section 217 (2AA) of the Companies Act, 1956

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to DirectorsÃ Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the annual accounts, the applicable accounting standards were followed, except as specified in Para 4 of AuditorsÃ Report. Proper explanation relating to material departures, have been clarified in note no. 8 in the notes to accounts (Schedule 18) which is self explanatory;

(ii) That the Directors selected such accounting policies and applied them consistently except as specified in notes to accounts (Schedule 18) and made judgments and estimates that were 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;

(iii)That the Directors took proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the CompanyÃs assets and for preventing and detecting fraud and other irregularities;

(iv)That the Directors prepared the annual accounts on an Ãon- goingÃ concern basis.

Corporate Governance and Management Discussion and Analysis reports

Corporate Governance and Management Discussion and Analysis Reports are set out as separate annexure to this report.

Corporate Social Responsibility

Your Company is conscious of its social responsibilities and the environment in which it operates. It has continued with its welfare activities for development in the fields of education, culture and other welfare measures and to improve the general standard of living. The emphasis is on improvement of health, development of education, culture and sports.

Your Directors wish to inform that Dhanuka Dhunseri Foundation Trust acts as the vehicle through which the CSR activities of the Company are carried out across the various parts of the country.

The Trust was formed in 1972 for various charitable objectives. It is involved in various philanthropic activities like building schools, colleges and girls hostel, providing free medicines through dispensaries and grants to charitable institutes.

Certifications Petrochem Division

The Petrochem division of the Company holds quality certifications from renowned national and international agencies like the USFDA, EC, Japanese and Canadian Food and Health Bodies and ITRC. The Petrochem Division is ISO 9001:2008, ISO 14001: 2004 and BS OHSAS 18001: 2007 certified.

Further, the implementation of SA 8000 certification in the Petrochem division of the Company is in process and the same is expected to be received by end of July 2011.

Tea Division

The Santi and Dilli tea estates of the Tea division of the Company are ISO 22000:2005 certified. The same will also be implemented in the remaining gardens having existing factories latest by September 2011.

Awards

Your Directors have the pleasure to inform you that the following awards have been received:

Petrochem Division

Award for Best EOU: The CompanyÃs Petrochem division has received the award for the best EOU (Other than MSME: Plastic Products) for outstanding export performance for the year 2008- 09 from Export Promotion Council for EOUs & SEZs, Ministry of Commerce & Industry, Government of India.

Tea Division

Hatijan Tea Estate has surpassed the earlier record and achieved a yield of 3,806 kgs per hect, the highest yield in Assam and is eligible for the Tea Board award for the same.

Human Resources Management & Environment, Health and Safety

Health and safety of all employees has always been a matter of major concern and importance. Your Company continuously strives to ensure that our operations are safe. The Company recognises the importance of managing its environmental impact. These are matters of priority and therefore caring for the environment and responsible disposal of wastes are some of the ongoing initiatives undertaken by the Company.

There has been an unfortunate incidence of fire due to electrical short circuit in the raw material godown, at Haldia plant on 14th March 2011. However, there has been no loss of life in this incident. Raw material and other assets aggregating to Rs. 64.63 crs was lost in the fire. The stocks and other assets are adequately insured and the comprehensive insurance policies are in full force. An appropriate claim has been lodged with M/s United India nsurance Company Ltd, for reimbursement which is under its consideration. The Directors are reasonably certain about the settlement of the claim. Meanwhile, the Company has also taken appropriate steps to avoid such incidents in future.

Share Capital

During the year under review, your Company allotted 2,33,13,859 equity shares of Rs. 10/- each fully paid up to the members of erstwhile South Asian Petrochem Ltd (SAPL), pursuant to the sanction of the scheme of arrangement, comprising interalia amalgamation of South Asian Petrochem Ltd with the Company. Consequently, the share capital of the Company has increased, to comprise of 3,50,24,754 equity shares of Rs. 10/- each.

Utilisation of Proceeds from Preferential Issue

Erstwhile SAPL had made an allotment of equity shares, warrants and FCCBs in 2007-08. Consequently, during the year 2007- 08, erstwhile SAPL raised Rs. 7,416.23 Lacs by preferential allotment of equity shares and equity share warrants and Rs. 7,864 Lacs from the issue of the FCCBs.

The money raised out of such issue was to be utilised for:

i) Equity participation in overseas subsidiaries

ii) Retirement of high cost borrowings

iii) Other business purposes, including working capital requirements

The amount raised by issue of equity shares and equity share warrants have been fully utilised towards equity participation/other expenses in the overseas project in Egypt.

The net outstanding of FCCB proceeds (after meeting issue expenses) as reduced by redemption in 2009-10, is Rs. 2,517.96 Lacs which remains invested as fixed deposit with banks. The said amount will be utilised towards equity participation in the overseas project in Egypt.

Crisil Equities Grading

Your Directors inform that CRISIL Equities vide its press release dated 8th November 2010 has assigned a CRISIL IER fundamental grade of 3/5 (pronounced three on five) to the Company. The grade indicated that the Company's fundamentals were ÃgoodÃ, relative to other listed equity securities in India. CRISIL Equities has assigned a valuation grade of 5/5, indicating that the stock has a strong upside as compared to the market price of Rs. 155/- (as on 21st February, 2011). CRISILÃs one-year fair value of the CompanyÃs stock was Rs. 266/-.

Employees

Your Company believes that ÃpeopleÃ are the biggest strength for the success of any organisation. Your Directors wish to express their appreciation to all the employees for their valuable contributions, dedication and commitment, as well as their support in attaining the objectives of the Company.

Acknowledgement

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, Deutsche Bank, Development Credit Bank, Export-Import Bank of India, ICICI Bank Limited, IDBI Bank Limited, International Finance Corporation, Washington, Punjab National Bank, State Bank of ndia, State Bank of Travancore, Syndicate Bank, United Bank of ndia, West Bengal Industrial Development Corporation Ltd, Tea Board, Haldia Development Authority, Office of the District Magistrate of East Midnapore, West Bengal Pollution Control Board, West Bengal State Electricity Board, Ministry of Environment & Forest, Government of West Bengal, Government of Assam, Government of Egypt, Governorate of Suez, General Authority for Investment and Free Zones (GAFI), Egyptian Petrochemicals Holding Company (ECHEM), Engineering for the Petroleum and Process Industries(ENPPI), Ahli United Bank (Egypt) S.A.E, Commercial International Bank (Egypt) S.A.E, Egypt, the customers, suppliers, shareholders and all others associated with the Company.

For and on behalf of the Board of Directors

C. K. Dhanuka Executive Chairman

Place: Kolkata Date: 24th May 2011

Mar 31, 2010

The Directors take pleasure in presenting the ninety-fourth annual report of your Company, together with the audited statement of accounts for the year ended 31st March 2010.

Restructuring

The Scheme of Arrangement between Dhunseri Tea & Industries Limited (DTIL), DI Marketing Limited (DIML), South Asian Petrochem Limited (SAPL) and Dhunseri Polycarbonate Limited (DPL) and their respective shareholders for demerger of Jaipur Packet Factory and Investment Division (Demerged Undertaking) of DTIL to DIML and amalgamation of SAPL and DPL with DTIL was approved by the Honble High Court at Calcutta, by an order passed on 6th May 2010. The appointed date in respect of the Scheme being 1st April 2009, the report and accounts for the year ended 31st March 2010, are inclusive of the figures relating to the merged companies and exclusive of the figures relating to the demerged undertaking.

The Board will allot 2,33,13,859 equity shares of Rs. 10/- each, fully paid-up to the members of erstwhile SAPL after necessary permission from the concerned authorities are received.

The entire share capital of DPL is held by SAPL. Hence, all shares held by SAPL in the share capital of DPL have been cancelled consequent to the amalgamation and, in lieu thereof, no allotment of any new shares shall be made to any person whatsoever.

All existing shares held by the Company in DIML shall stand cancelled upon the new equity shares being issued by DIML to the Companys shareholders as on the record date for demerger shares in terms of the Scheme and until such cancellation shall continue to be held by the Company.

Pursuant to the Scheme of Arrangement, the name of the Company has been changed from Dhunseri Tea & Industries Ltd. to Dhunseri Petrochem & Tea Ltd. Further, the Company has also received the fresh certificate of incorporation in the new name from the Registrar of Companies, West Bengal.

Financial results (Rs. in lacs)

2009-10 2008-09

Turnover and other income 1,20,350 11,830

Profit before interest and depreciation 16,928 2,849

Interest 2,330 426

Profit before depreciation 14,598 2,423

Profit for the year 11,811 2,164

Provision for tax

- Current tax 1,760 252

- Deferred tax 1,143 232

- Fringe benefit tax 3 14

Profit after tax 8,905 1,666

Amount brought forward from previous year 849 976

Balance added pursuant to the Scheme of Arrangement 13,087 -

Amount available for appropriation 22,841 2,642

Appropriation proposed:

Transfer to general reserve 890 1,500

Dividend proposed on equity shares (Current year @ Rs. 4/- per share and previous year 1,401 293 @ Rs. 2.50 per share of Rs. 10/- each)

Tax on dividend 233 -

Balance carried to balance sheet 20,317 849

As mentioned earlier, SAPL merged with the Company w.e.f. 1st April 2009 and as such the figures for the year under review are not comparable with the figures in the previous year.

Dividend

Your Directors recommended a dividend @ Rs. 4/- per equity share of Rs. 10/- each for the year ended 31st March 2010, as against the dividend @ Rs. 2.50 per equity share of Rs. 10/- each for the year ended 31st March 2009, subject to the approval of the shareholders at the ensuing Annual General Meeting.

Performance

Petrochem division

The production of PET resin of erstwhile SAPL decreased from 1,92,655 MT in 2008-09 to 1,68,179 MT in 2009-10. Th production was low owing to reduced availability of raw material. Consequently, the sales quantity of PET resin decreased.

Tea division

Production increased from 98.58 lac kgs to 104.77 lac kgs, the highest ever production achieved by the Company. The sale price increased by Rs.17/- per kg as compared with last year. Revenue increased by 23% i.e from Rs.105.84 crores in 2008-09 to Rs.129.75 crores in 2009-10.

Prospects Petrochem division

We expect that the capacity utilisation in 2010-11 will be better than that of 2009-10, resulting in improved performance. The captive power plant of 8 MW was commissioned in June 2010, and would result in savings in power and fuel costs from 2010- 11. PTA chain conveyer system has been commissioned successfully. Erection work on coal-based HTM heater from Thermax is under progress. Commissioning of this heater is expected in early September 2010, and is expected to further reduce energy cost.

Further, there is a plan to expand the plant capacity in Haldia to 4,10,000 TPA. The process of obtaining necessary clearances from the concerned authorities for the same is under progress. Financial closure is achieved for the project with the approval of ECB of USD 51 million.

Tea division

The crop in Assam was severely affected owing to incessant rain and increased pest activity. However, the Company gardens mitigated the ill effect of adverse climatic conditions to a large extent and were able to minimise crop loss with modern cultivation practices.

A continuing focus on quality yielded favourable results in some gardens; the same process was initiated in other gardens for quality improvement this season.

Barring unforeseen circumstances, the Companys performance for the coming year is expected to be satisfactory.

Conservation of energy, technology absorption, foreign exchange earnings/outgo

The particulars as prescribed 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 are attached as an annexure to this report.

Disclosure under Section 217(2A) of the Companies Act, 1956

The particulars of employees whose salary exceed the limits as prescribed under Section 217(2A) of the Companies Act, 1956, are given as an annexure to this report.

Auditors

M/s Lovelock & Lewes, Chartered Accountants, retire on the conclusion of this Annual General Meeting and, being eligible, offer themselves for reappointment.

Directors

Your Directors wish to inform you that in view of the amalgamation of erstwhile SAPL with the Company, some Directors of erstwhile SAPL were to be inducted on the Board of the Company. Consequently, the Company has made necessary application to the Central Government to increase the number of Directors to 18. The shareholders approval for the same was received through postal ballot, the results of which were declared on 27th May 2010. The approval of the Central Government is pending.

During the year, Mr. Haigreve Khaitan, Mr. Sitaram Daga, Mr. Ashok Kumar Lohia, Mr. Robindra Nath Deogun, Mr. Purushottam Lal Agarwal, Mr. Basudeo Beriwala ceased to be Directors of the Company, consequent to their resignation. The Board of Directors wishes to place on record its sincerest appreciation for the contribution made by the aforesaid Directors during their tenure.

Mr. Y.F. Lombard has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. Basudeo Beriwala. Mr. Y.F. Lombard shall hold office till the term Mr. Basudeo Beriwala would have held office, which is expiring at the ensuing Annual General Meeting. Hence, Mr. Y.F. Lombard will retire at this Annual General Meeting by rotation, and being eligible, offer himself for re-appointment. The Board recommends his re-appointment as Director of your Company.

Mr. J.P. Kundra has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. Ashok Kumar Lohia. Mr. J.P. Kundra shall hold office till the term Mr. Ashok Kumar Lohia would have held office, which is expiring at the ensuing Annual General Meeting. Hence Mr. J.P. Kundra will retire at this Annual General Meeting by rotation, and being eligible, offer himself for re-appointment. The Board recommends his re-appointment as Director of your Company.

Mr. P.K. Khaitan has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. Haigreve Khaitan. Mr. P.K. Khaitan shall hold office till the term Mr. Haigreve Khaitan would have held office, which is expiring at the ensuing Annual General Meeting. Hence, Mr. P.K. Khaitan will retire at this Annual General Meeting by rotation, and being eligible, offer himself for re-appointment. The Board recommends his re-appointment as Director of your Company.

Dr. B. Sen has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. Robindra Nath Deogun. Dr. B. Sen shall hold office till the term Mr. Robindra Nath Deogun would have held office.

Mr. Anurag Bagaria has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. Purushottam Lal Agarwal. Mr. Anurag Bagaria shall hold office till the term Mr. Purushottam Lal Agarwal would have held office.

Mr. Raj Narain Bhardwaj has been appointed as a Director of your Company in the casual vacancy created by the resignation of Mr. Sitaram Daga. Mr. Raj Narain Bhardwaj shall hold office till the term Mr. Sitaram Daga would have held office.

Mr. Sanjay Kumar Pai was the Nominee Director of IDBI Bank Ltd., on the Board of erstwhile SAPL. Mr. Sanjay Kumar Pai has been appointed as the Nominee Director of IDBI Bank Ltd on the Board of the Company. Mr. S.K. Pai has been in service and is presently the Chief General Manager in IDBI Bank Ltd.

Mr. C.K. Dhanuka was appointed as the Managing Director and CEO of the Company w.e.f. 1st January 2010, by the Board, subject to the approval of the members at this Annual General Meeting. The Board, at its meeting held on 3rd July 2010 has redesignated, Mr. C.K. Dhanuka as the Executive Chairman w.e.f. 1st July 2010. Your Directors recommend approval of his reappointment as the Executive Chairman of the Company. The particulars required for reappointment as the Executive Chairman are contained in the Notice for the Annual General Meeting.

Mr. M. Dhanuka is proposed to be appointed as the Vice Chairman & Executive Director of the Company w.e.f. 1st July 2010. Your Directors recommend approval of his appointment as the Vice Chairman & Executive Director of the Company. The particulars required for appointment as the Vice Chairman & Executive Director are contained in the Notice for the Annual General Meeting.

Mr. B.K. Biyani is proposed to be appointed as the Executive Director (Corporate) of the Company, liable to retire by rotation, w.e.f. 1st July 2010. Your Directors recommend the approval of his appointment as the Executive Director (Corporate) of the Company, liable to retire by rotation. The particulars required for appointment as the Executive Director (Corporate), liable to retire by rotation are contained in the Notice for the Annual General Meeting of the Company.

Mr. B. Chattopadhyay has been appointed as the Additional Director of your Company w.e.f. 3rd July 2010. Mr. B. Chattopadhyay was the Executive Director & CEO of erstwhile SAPL. Consequent to the amalgamation of SAPL with the Company, Mr. B. Chattopadhyay has been appointed as the Executive Director & CEO of the Company w.e.f. 1st July 2010. In terms of Section 260 of the Companies Act, 1956, he shall hold office only up to the date of this Annual General Meeting. The required notice pursuant to provisions of Section 257 of the Companies Act, 1956, has been received from a member proposing his appointment as a Director. Your Directors feel that Mr. B. Chattopadhyay, with his vast experience, shall contribute significantly to the achievement of the corporate goal of your Company. Your Directors recommend approval of his appointment as the Executive Director & CEO of the Company. The particulars required for appointment as the Executive Director & CEO are contained in the Notice for the Annual General Meeting.

Change in Chief Finance Officer

Mr. R.K. Sharma was the Senior Vice President (Finance) and Chief Finance Officer of erstwhile SAPL. Consequent to the amalgamation of SAPL with the Company, Mr. R.K. Sharma has been appointed as the Senior Vice President (Finance) and Chief Finance Officer of the Company w.e.f. 1st July 2010.

Change in Company Secretary

Mr. K.V. Balan was the Company Secretary and Compliance Officer of erstwhile SAPL. Consequent to the amalgamation of SAPL with the Company, Mr. K.V. Balan has been appointed as the Company Secretary and Compliance Officer of the Company w.e.f. 1st July 2010.

Fixed deposits

The Company has not accepted any deposits from the public. However, the Companies (Acceptance of Deposits) Rules, 1975, were complied with in view of the deposits being accepted from the employees of the Company. There are no overdue/unclaimed deposits as at 31st March 2010.

Associate Company

Madhuting Tea Private Ltd.

Pursuant to the demerger of Jaipur Packet Factory and Investment Division of the Company to DI Marketing Limited (DIML) from 1 April 2009 as part of the Scheme of Arrangement, the Companys investment in Madhuting Tea Private Ltd. has been transferredto DIML. Hence the said Company is no longer an Associate Company.

Subsidiary company

Egyptian Indian Polyester Company S.A.E. (EIPET):

Your Directors inform that, owing to additional cost towards shifting defense equipment and putting up watch towers, as a precondition to Ministry of Defense (MOD) approval, EIPET rejected the proposal and decided to shift the project to another location at Ain Sokhna, where MOD approval, for heights up to 100 m from sea-level, were available. Land Sale Contract (LSC) and Infrastructure Contracts (Infra.C) were signed for 34.84 acres of land at Ain Sokhna. Advance in respect of the same was paid and registration with the Suez Governorate was done. The site was located very near to the Ain Sokhna Port and on the Sokhna Cairo highway. Hence, the Companys Head Office, legal domicile and place for practicing its activity has been shifted from Port Said to Ain-El Sokhna City, the Economic and Industrial Zone, North- West Suez Gulf.

All major clearances, except two matters which are still pending, were received.

The revised project cost as estimated by the Company is USD 160 million which will be funded on a debt-equity ratio of 2:1. In the project, your Company will hold 70% equity.

As at 31st March 2010, an amount of Rs. 1,319 lacs was paid as an advance against equity contribution to M/s Egyptian Indian Polyester Company, S.A.E. Further, an amount of Rs. 183 lacs was paid as an advance towards expenses to M/s Egyptian Indian Polyester Company, S.A.E. In the current year, an additional amount of Rs. 1,355 lacs has been paid towards equity contribution.

The Company applied to the Central Government seeking exemption under Section 212(8) of the Companies Act, 1956, from attaching the reports and accounts of the subsidiary company. The approval for the same is expected to be received shortly. Accordingly, the audited statement of accounts, the reports of the Board of Directors and Auditors of the subsidiary company will not be annexed if such approval is received. Shareholders who wish to have a copy of the full reports and accounts of the subsidiary will be provided the same on receipt of a written request from them. These documents will also be available for inspection by any shareholder at the Registered Office of the Company on any working day during business hours, except on Saturdays.

As required under the Listing Agreement with the stock exchanges, the audited consolidated financial statements of your Company are also attached and form a part of the Companys annual report.

Promoters holding in the Company

Consequent to the merger of SAPL with the Company, the Promoters holding in the Company will be reduced from 75% to 62.61%.

Cost audit

Your Company is under the purview of cost audit as per Section 233B of the Companies Act, 1956, in respect of manufacture of tea. M/s Mani & Co., Cost Accountants, have been appointed as Cost Auditors of the Company.

Under the provisions of Section 233B of the Companies Act, 1956, the Central Government did not prescribe any cost audit in respect of manufacture of Poly Ethylene Terephthalate (PET) resin.

Directors responsibility statement

Pursuant to Section 217 (2AA) of the Companies Act,1956 Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors responsiblity statement, it is hereby confirmed:

(i) That in the preparation of the annual accounts, the applicable accounting standards were followed along with proper explanation relating to material departures, if any

(ii) That the Directors selected such accounting policies and applied them consistently, except as specified in notes to accounts (Schedule 18) and made judgements and estimates that were reasonable and prudent so as to give a true and fair view of state of affairs of the Company at the end of the financial year and profit and loss of the Company for that period.

(iii) That the Directors took proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the Companys assets and for preventing and detecting fraud and other irregularities

(iv) That the Directors prepared the annual accounts on an Ãon going concern basis

Corporate Governance and Management discussion and analysis reports

Corporate Governance and Management discussion and analysis reports are set out as a separate annexure to this Report.

Corporate social responsibility

Your Company recognises that its operations impact a wide community of stakeholders including investors, employees, customers, business associates and local communities, and that appropriate attention to the fulfillment of its corporate responsibilities can enhance overall performance. In structuring its approach to the various aspects of corporate social responsibility, the Company takes account of guidelines and statements issued by stakeholder representatives and other regulatory bodies.

Certifications

Petrochem division

Erstwhile SAPL received the ISO 9001:2008 accredition by TUV NORD certification body for manufacture and sale of PET resin in international and domestic markets.

Tea division

Implemented ISO-22000: 2005 in Santi and Dilli Tea Estates. Three other gardens namely, Bahipookri, Bettybari and Orang T.Es Ã earlier covered under ISO: 9000 Ã are now in the final stage of upgradation to ISO: 22000. Balance gardens will be covered under ISO: 22000 in 2010-11.

Santi and Dilli Tea Estates were the participants in Ethical Tea Partnership Programme during 2009-10.

Awards

Your Directors take pleasure in informing you that the following awards have been received:

Petrochem division

Award for Best EOU

Based on the outstanding export performance of erstwhile SAPL for the year 2007-08, erstwhile SAPL had been given the award of the best EOU (Non SSI Category: Plastic Products) by the Export Promotion Council for EOUs & SEZs, Ministry of Commerce & Industry, Government of India.

Export Award

Erstwhile SAPL had received the second prize for the Export Award for the years 2007-08 and 2008-09 in the product category of plastic polymers by the Plastics Export Promotion Council, Mumbai.

The National Energy Conservation Award

Erstwhile SAPL had been awarded Commendation Certificate for efforts in energy conservation in the petro chemical sector for the year 2009, by the Ministry of Power, New Delhi.

Tea division

Hatijan Tea Estate achieved a yield of 3,585 kg per hect, the highest yield in Assam, and has applied for the Tea Board Award for the same. Khagorijan and Orang Tea Estates got special appreciation from M/s. J.Thomas & Co. Private Limited for having achieved attractive prices of Rs.1,350 per kg for orthodox teas and Rs.158 per kg for CTC teas in the 2009-10 season.

Human resource management and environment, health and safety

Health and safety of all employees remains of paramount importance. Over the past few years, much work has gone into making our operations safer and managing our environment impact.

These are matters of priority and therefore, caring for the environment and responsible disposal of wastes are some of the ongoing initiatives.

Listing information

The equity shares of your Company are presently listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

The unsecured foreign currency convertible bonds (issued by erstwhile SAPL) are listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Utilisation of proceeds from preferential issue

Erstwhile SAPL had made an allotment of equity shares, warrants and FCCBs in 2007-08. Consequently, during the year 2007- 08, erstwhile SAPL raised Rs. 7,416.23 lacs by preferential allotment of equity shares and equity share warrants and Rs. 7,864.00 lacs from the issue of the FCCBs.

The money raised out of such issue was to be utilised for:

i) Equity participation in overseas subsidiaries

ii) Retirement of high cost borrowings

iii) Other business purposes including working capital requirements

Out of the net proceeds after meeting issue expenses, Rs. 1,502 lacs was utilised as an advance towards equity participation/other expenses in the overseas project in Egypt. In the current year, an additional amount of Rs. 1,355 lacs was paid towards equity contribution in the overseas project in Egypt.

The balance unutilised money remains in bank deposits.

Redemption of foreign currency convertible bonds

Your Directors inform that erstwhile SAPL (since merged with the Company), had allotted 200 zero coupon unsecured foreign currency convertible bonds (FCCBs) of USD 100,000 each for an aggregate amount of USD 20,000,000 (i.e., Rs. 7,864.00 Lacs) in 2007-08. Out of this, FCCBs amounting to USD 12,500,000 have already been bought back at a discount on the face value. Hence, bonds amounting to USD 7,500,000 are outstanding as on date.

Non-exercise of the option for conversion of convertible warrants to equity

Your Directors inform that erstwhile SAPL had issued 1,40,64,273 convertible warrants on preferential basis. The period for exercising the option for the conversion of the aforesaid convertible warrants expired on 19th June 2009. None of the allottees exercised the option for conversion.

Conversion from a 100% Export Oriented Unit (EOU) to a Domestic Tariff Area (DTA) unit

Erstwhile SAPL was a 100% EOU. Owing to better sales realisation in the domestic market, a decision was taken to convert from a 100% export oriented unit (EOU) to a domestic tariff area (DTA) unit. SAPL finally debonded from the 100% EOU scheme from 1st April 2010 (cut-off date for debonding was 16th October 2009) pursuant to the order received from Development Commissioner, Falta Special Economic Zone.

Credit Analysis & Research Ltd (CARE) rating

Your Directors inform that CARE had issued a Credit rating of CARE A to Dhunseri Tea and Industries Ltd., prior to amalgamation.

Further, CARE had issued a Credit rating of CARE A (Is) [Single A (Issuer Rating)] to erstwhile SAPL. At the same time CARE had also issued the short-term debt rating of PR1+ (PR One Plus) for the short-term debt (STD) programme (including Commercial Paper) of erstwhile SAPL for an amount of Rs. 50 crores (increased from Rs. 25 crores earlier) for a maturity up to six months.

Your Directors further wish to inform that these credit ratings were obtained in the name of erstwhile South Asian Petrochem Ltd. and Dhunseri Tea & Industries Ltd., prior to amalgamation and are

valid as on date. However, credit ratings for the merged entity will be obtained.

Employees

People continue to be the centre of your Companys winning strategy. Your Companys employees constitute the core of what we offer to our customers. Your Directors wish to acknowledge the dedication and commitment of all employees, as well as their support and valuable contributions, in achieving and sustaining excellence in all areas of the business.

Acknowledgements

The Directors wish to place on record their sincere appreciation for the whole-hearted support received from Bank of Baroda, Bank of India, Canara Bank, Deutsche Bank, Development Credit Bank, Export-Import Bank of India, ICICI Bank Limited, IDBI Bank Limited, International Finance Corporation, Washington, Punjab National Bank, State Bank of India, State Bank of Travancore, Syndicate Bank, United Bank of India, West Bengal Industrial Development Corporation Ltd., Tea Board, Haldia Development Authority, Office of the District Magistrate of East Midnapore, West Bengal Pollution Control Board, West Bengal State Electricity Board, Ministry of Environment & Forest, Government of West Bengal, Government of Assam, Government of Egypt, Governorate of Suez, General Authority for Investment and Free Zones (GAFI), Egyptian Petrochemicals Holding Company (ECHEM), Engineering for the Petroleum and Process Industries(ENPPI), Egypt, the customers, the suppliers, the shareholders and all others associated with the Company.

For and on behalf of the Board of Directors

Place: Kolkata C. K. Dhanuka

Date: 3rd July 2010 Executive Chairman

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Directors Report of Dhunseri Ventures Ltd.

Financial Results

Operations

Material changes and commitments affecting financialposition of the Company

Dividend

Transfer to Reserves

Directors and Key Managerial Personnel

Declaration from Independent Directors on an AnnualBasis

Policy on Directors'' Appointment and Remuneration

Directors'' Responsibility Statement Pursuant to Section134(5) of the Companies Act, 2013

Holding, Subsidiaries and Joint Ventures:

I. Holding Company:

II. Subsidiary Companies:

A. Dhunseri Infrastructure Ltd. (DIL), Wholly-OwnedSubsidiary (WOS)

III. Associate Companies:

A. IVL Dhunseri Petrochem Industries Pvt. Ltd.

B. IVL Dhunseri Polyester Company S.A.E.

Information about the Financial Performance/FinancialPosition of the Subsidiaries, Associate or Joint Venture

Conservation of Energy, Technology Absorption, ForeignExchange Earnings/Outgo

Annual Return

Corporate Social Responsibility (CSR)

Details Relating to Remuneration to Directors, KeyManagerial Personnel and Employees

Secretarial Auditors and Secretarial Audit

Dividend Distribution Policy

Business Responsibility and Sustainability Report

Adequacy of Internal Financial Controls with reference toFinancial Statements

Particulars of Loans, Guarantees and Investments

Risk Management

Related Party Transactions

Annual evaluation of the performance of the Board, itsCommittees and Individual Directors

Corporate Governance, Management Discussion andAnalysis Reports

Environment, Health and Safety

Prevention of Sexual Harassment at Workplace

Credit Rating by Infomerics Valuation and Rating Pvt. Ltd.

Compliance with Secretarial Standards

General

Employees

Acknowledgement

Financial Results

Operations

Material changes and commitments affecting financial position of the Company

Dividend

Transfer to Reserves

Directors and Key Managerial Personnel

Declaration from Independent Directors on an Annual Basis

Policy on Directors'' Appointment and Remuneration

Directors'' Responsibility Statement Pursuant to Section 134(5) of the Companies Act, 2013

Holding, Subsidiaries and Joint Ventures:

I. Holding Company:

II. Subsidiary Companies:

A. Dhunseri Infrastructure Ltd. (DIL), Wholly-Owned Subsidiary (WOS)

IN. Associate Companies:

A. IVL Dhunseri Petrochem Industries Pvt. Ltd.

B. IVL Dhunseri Polyester Company S.A.E.

Information about the Financial Performance/Financial Position of the Subsidiaries, Associates and Joint Ventures

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings/Outgo

Annual Return

Corporate Social Responsibility

Details Relating to Remuneration to Directors, Key Managerial Personnel and Employees

Auditors and Auditors'' Report Statutory Auditors

Secretarial Auditors and Secretarial Audit

Cost Records and Cost Auditors

Dividend Distribution Policy

Business Responsibility and Sustainability Report

Adequacy of Internal Financial Controls with reference to Financial Statements

Particulars of Loans, Guarantees and Investments

Risk Management

Related Party Transactions

Annual evaluation of the performance of the Board, its Committees and Individual Directors

Corporate Governance, Management Discussion and Analysis Reports

Environment, Health and Safety

Prevention of Sexual Harassment at Workplace

Credit Rating by Infomerics Valuation and Rating Pvt. Ltd.

Compliance with Secretarial Standards

General

Employees

Acknowledgement

Financial Results

Operations

Global Pandemic - COVID-19

Material changes and commitments affecting financial
position of the Company

Declaration from Independent Directors on an Annual
Basis

Directors'' Responsibility Statement Pursuant to Section
134(5) of the Companies Act, 2013

A. Dhunseri Infrastructure Ltd. (DIL), Wholly-Owned
Subsidiary (WOS)

Information about the Financial Performance/Financial
Position of the Subsidiaries, Associate or Joint Venture

Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings/Outgo

Details Relating to Remuneration to Directors, Key
Managerial Personnel and Employees

Adequacy of Internal Financial Controls with reference to
Financial Statements

Annual evaluation of the performance of the Board, its
Committees and Individual Directors

Corporate Governance, Management Discussion and
Analysis Reports