Asian Paints Money Control

Balance Sheet of Asian ------------------- in Rs. Cr.
-------------------
Paints
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital 95.92 95.92 95.92 95.92 95.92
Equity Share Capital 95.92 95.92 95.92 95.92 95.92
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 526.36 648.16 832.58 998.55 1,461.30
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 622.28 744.08 928.50 1,094.47 1,557.22
Secured Loans 31.88 66.90 36.70 24.59 25.59
Unsecured Loans 40.70 40.70 40.70 40.70 40.70
Total Debt 72.58 107.60 77.40 65.29 66.29
Total Liabilities 694.86 851.68 1,005.90 1,159.76 1,623.51
Application Of Funds
Gross Block 736.14 806.20 937.89 1,116.93 1,194.39
Less: Accum. Depreciation 435.71 471.29 509.06 494.02 486.93
Net Block 300.43 334.91 428.83 622.91 707.46
Capital Work in Progress 5.87 16.31 136.25 164.64 380.72
Investments 274.55 334.39 422.88 234.77 703.69
Inventories 348.79 434.07 538.97 546.71 763.14
Sundry Debtors 185.11 235.96 251.90 311.02 331.43
Cash and Bank Balance 28.17 42.47 41.33 128.05 28.58
Total Current Assets 562.07 712.50 832.20 985.78 1,123.15
Loans and Advances 123.87 156.69 203.00 186.37 241.68
Fixed Deposits 0.21 0.02 0.02 0.21 0.02
Total CA, Loans & Advances 686.15 869.21 1,035.22 1,172.36 1,364.85
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 489.11 649.00 850.79 849.08 1,229.04
Provisions 107.29 54.15 166.49 185.84 304.17
Total CL & Provisions 596.40 703.15 1,017.28 1,034.92 1,533.21
Net Current Assets 89.75 166.06 17.94 137.44 -168.36
Miscellaneous Expenses 24.26 0.00 0.00 0.00 0.00
Total Assets 694.86 851.67 1,005.90 1,159.76 1,623.51
Contingent Liabilities 187.26 180.22 222.05 356.87 223.80

Book Value (Rs) 64.88 77.57 96.80 114.10 162.35
Balance Sheet of Asian ------------------- in Rs. Cr. -------------------

Paints
Sources Of Funds
Reserves 347.01 346.37 412.43 435.62 476.30
Networth 411.20 410.56 476.62 531.54 572.22
Secured Loans 163.46 76.29 64.16 22.92 28.37
Unsecured Loans 44.80 15.08 19.97 28.54 36.68
Total Debt 208.26 91.37 84.13 51.46 65.05
Total Liabilities 619.46 501.93 560.75 583.00 637.27
Gross Block 544.83 595.88 617.53 651.19 712.70
Net Block 372.41 381.92 361.53 340.54 311.23
Investments 44.07 63.34 147.69 242.48 258.43
Inventories 198.91 155.95 206.90 211.49 330.79
Sundry Debtors 121.65 118.96 119.88 137.92 148.96
Total Current Assets 332.03 294.95 352.88 373.63 500.53
Fixed Deposits 0.37 2.09 1.09 0.33 0.26
Total CA, Loans & Advances 451.08 437.63 439.49 464.62 597.46
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 124.11 229.04 292.26 386.06 430.68
Provisions 138.64 161.83 102.51 88.50 111.70
Total CL & Provisions 262.75 390.87 394.77 474.56 542.38
Net Current Assets 188.33 46.76 44.72 -9.94 55.08
Total Assets 619.44 501.93 560.76 583.00 637.27

Book Value (Rs) 64.06 63.96 74.26 55.42 59.66
Profit & Loss account of ------------------- in Rs. Cr. -------------------

Asian Paints
Income
Sales Turnover 2,807.06 3,389.79 4,092.36 5,042.40 5,794.09
Excise Duty 359.28 436.42 496.83 532.28 426.37
Net Sales 2,447.78 2,953.37 3,595.53 4,510.12 5,367.72
Other Income -9.40 34.38 52.29 23.86 150.61
Stock Adjustments -1.48 71.50 33.90 0.61 130.83
Total Income 2,436.90 3,059.25 3,681.72 4,534.59 5,649.16
Expenditure
Raw Materials 1,363.82 1,733.28 2,003.37 2,641.09 2,966.23
Power & Fuel Cost 27.30 33.30 35.86 45.78 47.03
Employee Cost 129.43 155.60 195.54 239.77 262.73
Other Manufacturing Expenses 25.75 31.53 39.26 40.45 52.30
Selling and Admin Expenses 518.72 620.77 771.66 939.16 1,119.89
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 2,080.27 2,588.59 3,059.94 3,916.80 4,465.59
Operating Profit 366.03 436.28 569.49 593.93 1,032.96

PBDIT 356.63 470.66 621.78 617.79 1,183.57
Interest 8.16 15.34 13.46 15.91 19.10
PBDT 348.47 455.32 608.32 601.88 1,164.47
Depreciation 45.53 45.42 43.77 57.15 60.74
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 302.94 409.90 564.55 544.73 1,103.73
Extra-ordinary items 0.91 2.12 -2.69 3.60 7.23
PBT (Post Extra-ord Items) 303.85 412.02 561.86 548.33 1,110.96
Tax 117.08 139.99 186.66 185.97 336.46
Reported Net Profit 187.81 272.05 375.20 362.36 774.50
Total Value Addition 716.43 855.31 1,056.57 1,275.71 1,499.36
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 119.90 124.70 163.06 167.86 258.98
Corporate Dividend Tax 16.82 17.77 27.72 28.53 43.33
Per share data (annualised)
Shares in issue (lakhs) 959.20 959.20 959.20 959.20 959.20
Earning Per Share (Rs) 19.58 28.36 39.12 37.78 80.74
Equity Dividend (%) 125.00 130.00 170.00 175.00 270.00
Book Value (Rs) 64.88 77.57 96.80 114.10 162.35
------------------- in Rs. Cr. -------------------

Profit & Loss account of
Asian Paints
Income
Sales Turnover 1,500.19 1,641.75 1,886.07 2,057.18 2,366.15
Excise Duty 189.98 198.11 235.20 256.55 313.87
Net Sales 1,310.21 1,443.64 1,650.87 1,800.63 2,052.28
Other Income 16.50 28.64 9.38 7.09 22.54
Stock Adjustments 10.77 -38.15 31.61 5.88 74.92
Total Income 1,337.48 1,434.13 1,691.86 1,813.60 2,149.74
Expenditure
Raw Materials 715.15 723.83 890.55 961.21 1,200.33
Power & Fuel Cost 22.13 24.40 23.02 22.83 25.44
Employee Cost 73.46 92.04 106.42 101.87 118.35
Selling and Admin Expenses 265.61 306.63 355.33 405.31 438.36
Total Expenses 1,127.93 1,193.87 1,405.98 1,530.52 1,822.47
Operating Profit 193.05 211.62 276.50 275.99 304.73

PBDIT 209.55 240.26 285.88 283.08 327.27
Interest 22.12 14.58 12.53 8.70 6.58
PBDT 187.43 225.68 273.35 274.38 320.69
Depreciation 31.58 41.78 45.13 48.01 47.61
Profit Before Tax 155.85 180.89 224.82 226.37 270.79
Extra-ordinary items -0.78 -0.50 -1.36 4.96 -0.33
PBT (Post Extra-ord Items) 155.07 180.39 223.46 231.33 270.46
Tax 49.50 66.09 81.48 83.55 96.98
Total Value Addition 412.78 470.04 515.42 569.30 622.14
Equity Dividend 44.93 57.77 70.61 81.53 91.13
Shares in issue (lakhs) 641.86 641.86 641.86 959.20 959.20
Equity Dividend (%) 70.00 90.00 110.00 85.00 95.00
Book Value (Rs) 64.06 63.96 74.26 55.42 59.66
Annual report
Directors Report Year End : Mar '10
The Directors have pleasure in presenting the 64th Annual Report of
your Company and the Audited Accounts
for the financial year ended 31st March, 2010.
(Rs. in Crores)
Asian Paints Limited Asian Paints Limited

Group Consolidated
2009-10 2008-09 Growth 2009-10 2008-09 Growth
(%) (%)
Sales and Operating

Income (Net) 5125 4270 20 6681 5464 22
Operating Profit 1154 621 86 1368 721 90
Less: Interest 14 10 28 26
Less: Depreciation 61 57 84 75
Profit before Tax

and exceptional
item 1079 554 95 1256 620 103
Less: Exceptional
items (25) 6 (1) 1
Profit before Tax

and prior period
items 1105 548 102 1257 619 103
Add/(Less): Prior
period items (0) (2) (0) (2)
Profit before Tax 1105 546 102 1257 617 104
Less: Provision
for Taxes 330 184 373 197
Profit After Tax 775 362 114 884 420 111
Less: Minority
interest - - 48 22
Net Profit
attributable to
shareholders
of the Company 775 362 114 836 398 110
Add: Balance
brought forward
from the
previous year 230 200 230 200
1005 1066
That the Directors

recommend for
appropriation
as under:
Dividend - Interim 82 62 82 62
-Final 177 106 177 106
Tax on Dividend 44 28 44 29
Transfer to
General Reserve 102 136 163 171
Balance carried
forward to Balance
Sheet 600 230 600 230
PERFORMANCE FINANCIAL:
Net sales and operating income for the standalone entity increased to
Rs. 5,125 crores from Rs. 4,270 crores in the previous year - a growth
of 20%. The operating profit (PBDIT) increased by 86 %, from Rs. 621
crores to Rs. 1,154 crores. The profit aftertax for the current year is
Rs. 775 crores as against Rs. 362 crores in the previous year, a growth
of 114%, Exceptional item of current year includes Rs. 5.77 crores
being the write back of provision for diminution in the value of
investments in the Companys wholly owned subsidiary Asian Paints
(International) Limited, Mauritius in consequent to the buy back of
41,00,000 shares at US$ 1 per share by Asian Paints (International)
Limited.
Exceptional item of current year includes Rs. 19.69 crores being the
reversal of provision made towards dimunition in the value of
investments in the Companys wholly owned subsidiary Asian Paints
(International) Limited, Mauritius, based on managements assessment of
the fair value of its investments.
In accordance with the Accounting Standard (AS 21) and other Accounting
Standards issued by the Institute of Chartered Accountants of India as
well as Clause 32 of the Listing Agreement, Consolidated Financial
Statements presented by your Company include financial information of
all its subsidiaries. The Consolidated Financial Statements of your
Company for the year ended 31st March, 2010 include results and
financial statements of certain overseas subsidiaries of your Company
for a fifteen month period from 1st January, 2009 to 31st March, 2010,
in order to align the accounting year of those subsidiary Companies
with your Company, Thus, these figures are not comparable with the
corresponding figures for the previous year.
The Ministry of Corporate Affairs (MCA) has granted your Company,

exemption under Section 212(8) of the Companies Act, 1956, from
attaching the financial statements of the subsidiary companies in India
and abroad, both direct and indirect, to the balance sheet of your
Company for the financial year 2009-10. A statement of summarised
financials of all subsidiaries of your Company, pursuant to the
approval under Section 212(8) of the Companies Act, 1956, forms part of
this report. Additional information in respect of the annual report and
the financial statements of the subsidiary companies of your Company
will be made available to members on request. The annual accounts of
the subsidiary companies are open for inspection by the members at the
Registered Office of the Company. The accounts of individual subsidiary
companies will also be hosted on the website
DIVIDEND
Your Company, during the financial year 2009-10, declared and paid an
interim dividend of Rs.8.50 per equity share in the month of October,
2009. In addition, your Directors recommend payment of Rs. 18.50 per
equity share as the final dividend for the financial year ended 31st
March, 2010. If approved, the total dividend (interim and final
dividend) for the financial year 2009-10 will be Rs. 27 per equity
share; Rs.17.50 per equity share was paid as dividend for the previous
year.
Your Company proposes to transfer Rs.102.19 crores to the general

reserve. An amount of Rs. 600 crores is proposed to be retained in the
profit and loss account.
MANAGEMENT & DISSCUSSION
A detailed review of operations, performance and future outlook of your

Company and its businesses is given in the Management Discussion and
Analysis.
CORPORATE GOVERANANCE
Your Company is compliant with the requirements of the Clause 49 of the

Listing Agreement. Necessary disclosures have been made in this regard
in the Corporate Governance Report. A certificate from the Joint
Statutory Auditors of your Company regarding compliance with the
requirements of Corporate Governance as stipulated under Clause 49 of
the Listing Agreement is attached to this report.
As a good Corporate Governance practice, your Company had appointed Dr.

K R Chandratre, Practicing Company Secretary to conduct Secretarial
Audit pursuant to provisions of Section 383A of the Companies Act,
1956, for the financial year 2009-10. Dr. K R Chandratre has submitted
the Report confirming compliance by the Company with all the applicable
provisions of corporate law.
As disclosed by your Company in the Annual Report for the year 2008-09,
Technical Instruments Manufacturers (India) Limited (TIM), a 100%
subsidiary of your Company had filed an application before the Honble
Bombay High Court for its merger with your Company. The Honble Court
sanctioned the scheme of amalgamation and passed the final order on
24th July, 2009. Accordingly, TIM has ceased to carry on any operations
and has been merged with your Company effective 1st April, 2009.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year
2009-10 and there are no outstanding fixed deposits from the public as
on 31st March, 2010.
INSURANCE
All the insurable interests of your Company including inventories,

buildings, plant and machinery and liabilities under legislative
enactments are adequately insured.
SALES TAX DEFERMENT BENEFIT
Your Company continues to avail sales tax deferment benefit for the
expanded capacity at Kasna plant for which eligibility certificate for
Rs. 38.2 crores has been received. A sum of Rs. 3.2 crores has been
availed during the year 2009-10 and with this, the total amount of
deferment availed upto 31st March, 2010 is Rs. 30.6 crores.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Particulars in respect of conservation of energy and technology

absorption by the Company as per Section 217(1)(e) of the Companies
Act, 1956, are given as Annexure to this report in Form A and B,
respectively.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Details of expenditure and earnings in foreign currencies are given

under Schedule M to the financial statements.
PERSONNEL
In terms of the provisions of Section 217(2A) of the Companies Act,

1956 and the Companies (Particulars of Employees) Rules, 1975, names
and other particulars of the employees are required to be set out in
the annexure to this report. However, as per the provisions of Section
219(1)(b)(iv) of the Companies Act, 1956, the Report and Annual
Accounts of your Company sent to the shareholders do not contain the
said annexure. Any shareholder desirous of obtaining a copy of the
said annexure may write to the Company Secretary at the Registered
Office of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors

hereby confirm that:
- In preparation of the annual accounts, the applicable accounting

standards have been followed.
- The accounting policies have been selected and applied consistently

and the judgments and estimates made, are reasonable and prudent, so as
to give a true and fair view of the state of affairs of the Company as
on 31st March, 2010 and of the profit and loss of the Company for that
period.
- Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- The annual accounts have been prepared on a going concern basis.
As mentioned in the Annual Report for the year 2008-09, your Company
appointed Mr. P. M. Murty as the whole-time Director with effect from
5th March, 2009 and as Managing Director & CEO of your Company with
effect from 1st April, 2009. Mr. Ashwin Choksi, Mr. Ashwin Dani and Mr.
Abhay Vakil, were appointed as Non-Executive Chairman, Non-Executive
Vice-Chairman and Non-Executive Director, respectively, with effect
from 1st April, 2009.
During the financial year 2009-10, the Board of Directors appointed Mr.
S. Ramadorai as an Additional Director with effect from 16th September,
2009. Your Directors recommend the appointment of Mr. S. Ramadorai as a
Director of your Company at the forthcoming Annual General Meeting.
Mr. Hasit Dani, Non-Executive Director, has resigned as a Director of

the Company effective 3rd June, 2010. The Board places on record its
appreciation for his contribution to the Company as a Director during
his association with the Company.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Mahendra Shah, Mr. Mahendra
Choksi and Ms. Tarjani Vakil are due to retire by rotation at the
conclusion of the forthcoming Annual General Meeting and being
eligible, offer themselves for reappointment. Appropriate resolutions
for their reappointment are being placed before you for your approval
at the ensuing Annual General Meeting. The brief resume of the
aforesaid Directors and other information have been detailed in the
Notice, forming part of this report. Your Directors recommend their
reappointment as Directors of your Company.
M/s. Shah & Co., Chartered Accountants and M/s. B S R & Associates,
Chartered Accountants, Joint Auditors of your Company are due for
retirement at the ensuing Annual General Meeting and are eligible for
reappointment. Your Directors recommend their reappointment for the
ensuing year. The Statutory Auditors of your Company have submitted a
certificate to your Company that they have subjected themselves for the
peer review process of the Institute of Chartered Accountants of India
for the financial year 2009-10.
The Board of Directors at their meeting held on 25th July, 2009,

appointed Ms. Ketki Visariya as the Cost Auditor of the Company for the
financial year 2009-10 to conduct the audit of the cost records of the
Company. The Company has also received approval from the Central
Government for appointing Ms. Ketki Visariya as the Cost Auditor of
your Company for the financial year 2009-10.
Your Directors wish to place on record their appreciation of the

contribution made by employees at all levels to the continued growth
and prosperity of your Company. Your Directors also wish to place on
record their appreciation for the shareholders, dealers, consumers,
banks and other financial institutions for their continued support.
For and on behalf of the Board
Chairman
Mumbai
3rd June, 2010
Competition
Competition
Last Price Market Cap. Sales Net Profit Total Assets
(Rs. cr.)
Turnover
Asian Paints 2,664.50 25,557.83 4,270.05 361.91 1,623.51
Kansai Nerolac 1,013.85 5,463.84 1,707.41 165.50 882.80
Berger Paints 110.30 3,817.18 1,688.68 120.14 650.69
Akzo Nobel 919.95 3,388.57 947.07 159.26 992.10
Shalimar Paints 375.10 142.00 367.28 10.02 99.71
Jenson Nicholso 5.90 22.08 38.45 -3.87 -2.29
Balance Sheet ------------------- in Rs. Cr. -------------------

Asian Paints Kansai Nerolac Berger Paints Akzo Nobel Shalimar Paints
Sources Of Funds
Reserves 1,461.30 745.87 556.04 953.80 41.85
Networth 1,557.22 772.82 626.23 992.10 45.64
Secured Loans 25.59 33.53 24.41 0.00 52.13
Unsecured Loans 40.70 76.45 0.05 0.00 1.94
Total Debt 66.29 109.98 24.46 0.00 54.07
Total Liabilities 1,623.51 882.80 650.69 992.10 99.71
Gross Block 1,194.39 637.67 371.74 349.50 71.19
Net Block 707.46 289.32 185.59 138.10 32.05
Investments 703.69 401.54 170.20 960.20 0.80
Inventories 763.14 247.44 299.33 97.20 62.85
Sundry Debtors 331.43 232.37 204.73 80.80 91.81
Total Current Assets 1,123.15 520.89 530.05 191.90 168.61
Fixed Deposits 0.02 0.00 11.57 0.40 0.00
Total CA, Loans & Advances 1,364.85 574.63 592.20 288.80 179.97
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,229.04 305.45 276.31 242.10 108.17
Provisions 304.17 93.67 52.59 155.20 5.10
Total CL & Provisions 1,533.21 399.12 328.90 397.30 113.27
Net Current Assets -168.36 175.51 263.30 -108.50 66.70
Total Assets 1,623.51 882.80 650.69 992.10 99.71

Book Value (Rs) 162.35 286.80 18.07 268.93 120.54
Profit & Loss account ------------------- in Rs. Cr. -------------------

Income
Sales Turnover 5,794.09 1,971.71 1,822.42 1,114.00 394.17
Excise Duty 426.37 156.99 135.76 73.20 28.07
Net Sales 5,367.72 1,814.72 1,686.66 1,040.80 366.10
Other Income 150.61 20.07 24.22 92.50 1.15
Stock Adjustments 130.83 47.32 10.45 -1.40 7.88
Total Income 5,649.16 1,882.11 1,721.33 1,131.90 375.13
Expenditure
Raw Materials 2,966.23 1,122.01 1,093.30 482.20 233.64
Power & Fuel Cost 47.03 26.16 17.86 5.00 3.21
Employee Cost 262.73 76.05 90.12 52.10 19.74
Selling and Admin Expenses 1,119.89 336.98 263.06 315.40 0.00
Total Expenses 4,465.59 1,597.87 1,520.78 911.00 349.03
Operating Profit 1,032.96 264.17 176.33 128.40 24.95

PBDIT 1,183.57 284.24 200.55 220.90 26.10
Interest 19.10 1.64 4.75 1.10 7.60
PBDT 1,164.47 282.60 195.80 219.80 18.50
Depreciation 60.74 44.26 26.41 21.20 3.38
Profit Before Tax 1,103.73 238.34 169.39 198.60 15.12
Extra-ordinary items 7.23 1.13 0.00 1.50 0.00
PBT (Post Extra-ord Items) 1,110.96 239.47 169.39 200.10 15.12
Tax 336.46 73.96 49.26 40.70 5.12
Total Value Addition 1,499.36 475.86 427.47 428.80 115.38
Equity Dividend 258.98 40.42 38.07 58.90 2.84
Shares in issue (lakhs) 959.20 269.46 3,460.72 368.34 37.86
Equity Dividend (%) 270.00 150.00 55.00 160.00 75.00
Book Value (Rs) 162.35 286.80 18.07 268.93 120.54

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Balance Sheet of Asian ------------------- in Rs. Cr.

12 mths 12 mths 12 mths 12 mths 12 mths

12 mths 12 mths 12 mths 12 mths 12 mths

Contingent Liabilities 187.26 180.22 222.05 356.87 223.80

Balance Sheet of Asian ------------------- in Rs. Cr. -------------------

12 mths 12 mths 12 mths 12 mths 12 mths

12 mths 12 mths 12 mths 12 mths 12 mths

Contingent Liabilities 16.32 30.30 56.47 170.76 148.83

Profit & Loss account of ------------------- in Rs. Cr. -------------------

12 mths 12 mths 12 mths 12 mths 12 mths

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 366.03 436.28 569.49 593.93 1,032.96

------------------- in Rs. Cr. -------------------

12 mths 12 mths 12 mths 12 mths 12 mths

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 193.05 211.62 276.50 275.99 304.73

for the financial year ended 31st March, 2010.

Asian Paints Limited Asian Paints Limited

Sales and Operating

Operating Profit 1154 621 86 1368 721 90

Profit before Tax

Profit before Tax

Profit before Tax 1105 546 102 1257 617 104

Profit After Tax 775 362 114 884 420 111

That the Directors

-Final 177 106 177 106

The Ministry of Corporate Affairs (MCA) has granted your Company,

Your Company proposes to transfer Rs.102.19 crores to the general

MANAGEMENT & DISSCUSSION

A detailed review of operations, performance and future outlook of your

Your Company is compliant with the requirements of the Clause 49 of the

As a good Corporate Governance practice, your Company had appointed Dr.

All the insurable interests of your Company including inventories,

SALES TAX DEFERMENT BENEFIT

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Particulars in respect of conservation of energy and technology

FOREIGN EXCHANGE EARNINGS AND OUTGO

Details of expenditure and earnings in foreign currencies are given

In terms of the provisions of Section 217(2A) of the Companies Act,

DIRECTORS RESPONSIBILITY STATEMENT

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

- In preparation of the annual accounts, the applicable accounting

- The accounting policies have been selected and applied consistently

- The annual accounts have been prepared on a going concern basis.

Mr. Hasit Dani, Non-Executive Director, has resigned as a Director of

The Board of Directors at their meeting held on 25th July, 2009,

Your Directors wish to place on record their appreciation of the

For and on behalf of the Board

3rd June, 2010

Balance Sheet ------------------- in Rs. Cr. -------------------

Contingent Liabilities 223.80 21.29 49.30 35.40 15.68

Profit & Loss account ------------------- in Rs. Cr. -------------------

Operating Profit 1,032.96 264.17 176.33 128.40 24.95

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