I have pleasure in welcoming you to the 22nd Annual General Meeting of your Company.

Performance of the Company
The Company’s performance has been discussed at length in the Directors’ Report and in the Management Discussion and Analysis Report.

Your Company’s turnover was the highest in the recent past and the net profit was Rs.395 Lakhs on account of reduction in input cost, efficient operations and better sales realization. The profit after depreciation and tax has been clocked at Rs.707 Lakhs as against Rs.375 Lakhs in the last year. The carry forwarded loss of Rs.312 Lakhs as on 31.03.2010 has been totally wiped off in this year. Since the entire losses have been wiped off, I am happy to announce that we have paid an Interim dividend of 5% to our shareholders on 09.06.2011.

The Polyisobutene (PIB) plant of your Company has an installed capacity of 22,000 TPA and it is currently operating at more than 75% of its installed capacity and your company holds the market share of about 70% of the PIB requirement.

As you are all aware, the Company’s products namely PIB is mainly consumed in lubrications and additives which cater to the automobile industry. Our product has been well received in overseas market and we are getting good response from various customer segments globally other than Automobile for our product. The automobile industry which was going through a recessionary trend for the past 2 years has shown robust growth during the year and this gives the hope for larger volume of sale of our products during the current year.

However looking at the latest economic situation in USA and Europe, the chances of sliding down of demand for our product in these regions cannot be ignored and your company will have a big challenge in the coming months in retaining the present business level which is almost 35% of the total sales in this region.

The Company is also constantly striving to identify newer applications and identified good potential in domestic market for these applications. Our share in the export market has grown by 20% compared to last year and internationally our products have stronger acceptance. We are working on further improvement, for maintaining consistent quality of the product to compete in the global market with other giant players.