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Corporate Identity Serving Diverse Industries Purpose and Values Overview by the Chairman Operational Highlights Financial Analysis Research and Technology

Safety, HealthandEnvironment Serving the Society

Directors’ Report

Management Discussion andAnalysis Report on Corporate Governance Financial Statements

For and on behalf of the Board of Directors

Mumbai

Sunil S Lalbhai

July 19, 2010

Chairman and Managing Director

provisionsoftheCompaniesAct,1956forsafeguarding

the assets of the Company and for preventing and

detecting fraud and other irregularities

iv) The attached annual accounts for the year ended March

31, 2010 were prepared on a going concern basis.

Auditors

Dalal and Shah, the Auditors of the Company, will retire

at the conclusion of the ensuing AGM. They have given

their consent to continue to act as the Auditors of the

Company for 2010-11, if reappointed.

The relevant notes forming a part of the accounts are self-

explanatory and give full information and explanation in

respect of the observations made by the Auditors in their

Report.

Acknowledgements

The Board of Directors expresses its sincere thanks to all

the customers, employees, investors, lenders, suppliers

regulatory and government authorities and stock

exchanges for their continuing support.