Directors Report of Dutron Polymers Ltd.

Mar 31, 2025

Your Directors are pleased to present the 44^th Annual Report along with the audited financial statements of the Company
for the financial year ended on 31^st March, 2025.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2024-25 is summarized below:

Particulars	2024-25 ('' in Lakh)	2023-24 ('' in Lakh)
Profit before Depreciation & Taxation	466.81	468.25
Depreciation	113.83	110.80
Provision for Taxation	(81.98)	(112.76)
Exceptional Items	-	-
Net Profit after Tax	272.36	244.68
Proposed Dividend	90.00	90.00
Transfer to General Reserve	50.00	50.00

FINANCIAL PERFORMANCE

During the financial year 2024-25, the Company experienced a moderate decline in turnover, primarily attributed to lower
finished goods pricing caused by softened raw material costs. However, there has been no reduction in business volume,
indicating that the demand for the Company''s products remained stable. Consequently, the Company witnessed a slight
dip in net profit as compared to the previous financial year. Your Directors are optimistic about performance recovery in
the upcoming year.

DIVIDEND

Your Directors are pleased to recommend a final dividend of '' 1.50 per equity share of 10 each (15%) for the financial
year ended 31^st March, 2025. This dividend, subject to approval by shareholders at the Annual General Meeting, will be
paid to eligible shareholders. Members are requested to refer to Note 9 of the AGM Notice for additional details.

INSURANCE

All assets of the Company including buildings, plant & machinery, and inventories are adequately insured against
foreseeable risks.

DIRECTORATE

In accordance with the provisions of Section 152 of the Companies Act, 2013, Shri Alpesh B Patel (DIN: 00226723) will
be liable for retire by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for reappointment.
The Board recommends his reappointment.

SECRETARIAL STANDARDS

The Directors confirm that the Company has complied with the applicable Secretarial Standards (SS-1 and SS-2) issued
by the Institute of Company Secretaries of India relating to Board Meetings and General Meetings.

FORMAL EVALUATION STATEMENT

Pursuant to Section 134(3)(p) of the Companies Act, 2013, the Company has carried out an annual performance
evaluation of the Board, its Committees, and the individual Directors. The framework includes criteria such as strategic
inputs, contribution to discussions, independence of judgment, commitment, and leadership. The evaluation process was
carried out in a fair and transparent manner.

AUDITORS

M/s Krutesh Patel & Associates, Chartered Accountants, (Firm Registration No. 100865W), continue as the Statutory
Auditors of the Company. Their term is valid until the conclusion of the 46th Annual General Meeting. The requirement for
ratification of their appointment at each AGM has been dispensed with pursuant to the Companies (Amendment) Act,
2017.

AUDITORS’ REPORT

The observations made in the Auditor''s Report for the financial year 2024-25 are self-explanatory and do not call for any
further comments.

SECRETARIAL AUDIT REPORT

In accordance with Section 204 of the Companies Act, 2013, the Board has appointed Ms. Jolly Krutesh Patel, Practicing
Company Secretary (CP No. 21010), to conduct the Secretarial Audit for the year. The report in Form MR-3 is annexed
herewith as Annexure - B. The report does not contain any adverse observations or qualifications requiring Board''s
explanation.

DIRECTORS’ RESPONSIBILITY STATEMENT

In accordance with Section 134(3)(c) of the Companies Act, 2013, your Directors confirm:

a) That in the preparation of the annual accounts, the applicable accounting standards were followed and there were no
material departures;

b) That such accounting policies were selected and applied consistently and judgments and estimates made were
reasonable and prudent;

c) That proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with
applicable laws;

d) That the annual accounts have been prepared on a going concern basis;

e) That internal financial controls were laid down and found to be adequate and effective;

f) That proper systems have been devised to ensure compliance with applicable laws and that such systems were
adequate and operating effectively.

COST RECORDS

As per Section 148(1) of the Companies Act, 2013, the Company is required to maintain cost records and the same have
been duly maintained and audited by a qualified Cost Accountant.

PARTICULARS OF EMPLOYEES

There were no employees during the year drawing remuneration in excess of the prescribed limits under Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

RISK MANAGEMENT

The Company has implemented a structured risk management policy to identify and mitigate strategic, operational,
financial, and compliance risks. The Risk Management Committee evaluates and monitors the risk mitigation strategies.

RELATED PARTY TRANSACTIONS

All related party transactions entered during the year were in the ordinary course of business and on an arm''s length
basis. The Company has not entered into any material transactions with related parties. The policy on dealing with related
party transactions is available on the Company''s website at: http://dutronindia.com/wp-content/uploads/Policy-on-
Related-Party-Transactions.pdf. Members may also refer Note No. 33 to the Standalone Financial Statements.

CORPORATE GOVERNANCE

The Company follows best corporate governance practices. A detailed report along with the Auditor''s Certificate on
compliance forms part of the Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report as required under Regulation 34 of the SEBI (LODR) Regulations,
2015 forms an integral part of this Report and covers key financial and operational indicators, sectoral insights,
opportunities and threats, outlook, and risk mitigation framework.

BOARD MEETINGS

During the year, 10 Board Meetings were held. Details of meetings and attendance are provided in the Corporate
Governance Report.

COMMITTEES

The Company has duly constituted the Nomination and Remuneration Committee, Audit Committee and Stakeholder
Relationship Committee in compliance with Sections 178 and 177 of the Companies Act, 2013, respectively.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Although the CSR provisions under Section 135 of the Companies Act, 2013 are not applicable, the Company supports
community welfare on a voluntary basis when suitable opportunities arise.

LOANS, GUARANTEES OR INVESTMENTS

The Company has not granted any loans, given guarantees or made investments under Section 186 of the Companies
Act, 2013 during the year.

INTERNAL FINANCIAL CONTROLS

The Company has robust internal financial controls. These controls are reviewed periodically and have been found to be
adequate and effective.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes or commitments affecting the financial position of the Company between the end of
the financial year and the date of this Report.

ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013, a copy of the Annual Return for the financial year ended 31^st
March 2024 is not available on the website of the Company due to outcome of AGM is held in abeyance by the Hon''ble
NCLT, Ahmedabad Bench.

INSOLVENCY AND VALUATION

No application has been made or is pending against the Company under the Insolvency and Bankruptcy Code, 2016. The
Company has not done any one-time settlement with any bank or financial institution.

VIGIL MECHANISM

The Company has adopted a Whistle Blower Policy for directors and employees to report concerns about unethical
behavior. The policy is available on the Company''s website at: http://dutronindia.com/wp-content/uploads/Vigil-
Mechamism-or-Whistle-Blower-Policy.pdf

INTERNAL COMPLAINTS COMMITTEE

The Company is compliant with the provisions of the Sexual Harassment of Women at Workplace Act, 2013. No
complaint was reported during the year.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

Please refer Annexure - A to this Report for details on energy conservation, technology absorption, and foreign exchange
earnings and outgo.

BUSINESS RESPONSIBILITY REPORT (BBR)

The SEBI (LODR) Regulations, 2015 mandate the inclusion of the BRR as part of the Annual Report for top 1000 listed
entities based on market capitalization. Business Responsibility Reporting is not applicable to the Company.

ACKNOWLEDGEMENTS

The Directors thank the shareholders, customers, suppliers, bankers, employees, and business partners for their
continued support and trust in the Company.

By order of the Board of Directors
Rasesh H. Patel Alpesh B. Patel

Place: Ahmedabad Managing Director Non-Executive Director

Date: 1^st August 2025 DIN: 00226388 DIN: 00226723

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Mar 31, 2024

Your directors are delighted to present the report on your company’s business and operations for the year ended on 31st March, 2024.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2023_-24 is summarized belowr

	2023-24	2022-23
	('' in Lakh)	('' in Lakh)
Profit before Depreciation & Taxation	468.25	475.11
Depreciation	110.81	116.89
Provision for Taxation	(112.76)	(100.16)
Exceptional Items	----	----
Net Profit after Tax	244.68	258.05
Proposed Dividend	90.00	84.00
Transfer to General Reserve	50.00	50.00

FINANCIAL PERFORMANCE

The Company has witnessed 10% fall in its turnover, due to reduction in material prices. There is no reduction in the volume of the business. But the price of the finished goods have come down, which has led to the fall in the turnover for the company. This has led to marginal fall in the Net Profit of the Company. Your directors expect better performance in the next year.

DIVIDEND

Your directors recommend a dividend @ 15% on 60,00,000 equity shares of 10 each for the year ended 31st March, 2024. It will be subject to the approval of members at the Annual General Meeting of the Company. Members are requested to go through Point No 8 of the Notice.

INSURANCE

All the assets of the Company, including inventories, building, plant & machinery, are adequately insured.

DIRECTORATE

Under the provisions of the Companies Act, 2013, Shri Sudip B Patel (DIN: 00226676), and Shri Mitesh C Shah (DIN: 06641167); Directors of the company retire at the ensuing Annual General Meeting of the Company and are eligible for reappointment. The Board recommends their reappointments as directors of the Company, subject to retire by rotation.

SECRETARIAL STANDARDS

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors’ and ‘General Meetings’, respectively, have been duly followed by the Company.

FORMAL EVALUATION STATEMENT

Formal evaluation statement u/s 134(3) (p) of the Companies Act, 2013 is attached herewith to the report. The evaluation includes evaluation of board as a whole, individual director and of every committee of the board. The evaluation framework for assessing the performance of Chairman, Directors, Board and Committees comprises, inter-alia, of the following parameters:

a. Directors bring an independent judgment on the Board’s discussions utilizing his knowledge and experience, especially on issues related to strategy, operational performance and risk management.

b. Directors contribute new ideas/insights on business issues raised by Management.

c. Directors anticipate and facilitate deliberations on new issues that Management and the Board should consider.

d. The Board / Committee meetings are conducted in a manner which facilitates open discussions and robust debate on all critical items of the agenda.

e. The Board receives adequate and timely information to enable discussions/decision making during Board meetings.

f. The Board addresses the interests of all stakeholders of the Company.

g. The Committee is delivering on the defined objectives.

h. The Committee has the right composition to deliver its objectives.

AUDITORS

M/s Krutesh Patel & Associates (FRN: 100865W), Chartered Accountants, Ahmedabad has been appointed to hold office till conclusion of 46th Annual General Meeting of the Company subject to such remuneration as decided by the Board in the 41 st Annual General Meeting of the Company. The requirement to ratify their appointment at every AGM has been removed by the Companies (Amendment) Acts, 2017.

AUDITORS’ REPORT

The observations made in the Auditors Report are self-explanatory and therefore, need not require any further comments by the Board of Directors.

SECRETARIAL AUDIT REPORT

In under Section 204 of the Companies Act, 2013, the Board has appointed Ms Jolly Krutesh Patel, Practicing Company Secretary to conduct the Secretarial Audit for the year 2023-24. The Board attaches herewith the secretarial audit report issued by practising company secretary in Annexure - B to this report. There are no remarks or comments in the said report which requires clarifications by the Board.

DIRECTOR’S RESPONSIBILITY STATEMENT

Under the requirement under section 134(3) (c) of the Companies Act, 2013, concerning Directors’ Responsibility Statement, it is at this moment confirmed that:

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

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records by the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;

e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

f) 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.

COST RECORDS

The Company is required to maintain cost records as specified by the Central Government u/s 148(1) of Companies Act, 2013 and such accounts are made and maintained by the company. The Company has also got the cost records audited by the Qualified Cost Accountants.

PARTICULARS OF EMPLOYEES

During the year, there were no employees, within the organization, who received remuneration exceeding 60, 00,000 p.a. or if employed for part of the year drawing remuneration over '' 5, 00,000 p.m. as prescribed.

RISK MANAGEMENT POLICY

Your Company has an elaborate Group Risk Management Framework, which is designed to enable risks to be identified, assessed and mitigated appropriately. The Risk Management Committee of the Company has been entrusted with the responsibility to assist the Board in (a) Overseeing and approving the Company’s enterprise-wide risk management

framework; and (b) Overseeing that all the risks that the organisation faces such as Strategic and Commercial, Safety and Operations, Compliance and Control and Financial risks have been identified and assessed, and there is an adequate risk management infrastructure in place, capable of addressing those risks.

More details on Risk Management indicating development and implementation of Risk Management policy including identification of elements of risk and their mitigation are covered in Management Discussion and Analysis section, which forms part of this Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements/ transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on an arms’ length basis.

During the year, the Company had not entered into any contract /arrangement/transaction with related parties which could be considered material by the policy of the Company on materiality of related party transactions.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board may be accessed on the Company’s website by clicking here or visit https://www.dutronindia.com/wp-content/uploads/Policv-on-Related-Partv-Transactions.pdf.

There were no materially significant related party transactions which could have potential conflict with the interest of the Company at large.

Members may refer to Note No. 33 to standalone financial statement which sets out related party disclosures under Ind AS. CORPORATE GOVERNANCE

The Company has generally implemented the procedure and adopted practices in conformity with the Code of Corporate Governance as enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. The Management Discussion & Analysis and Corporate Governance Report are made a part of the Annual Report. A Certificate from the Auditors regarding the compliance of the conditions of the Corporate Governance is given in Annexure, which is attached hereto and forms part of Directors’ Report.

NUMBER OF BOARD MEETINGS

During the year, the company had conducted a total of 10 Board Meetings. Notice for them was given properly, and a due quorum was present at the above meetings. The dates of the meetings are 3rd April, 2023; 9th May, 2023; 22nd May, 2023; 30th June, 2023; 9th August, 2023; 4th October, 2023; 19th October, 2023; 6th November, 2023; 12th January, 2024; and 13th February, 2024.

NOMINATION AND REMUNERATION COMMITTEE

The Board has formed the nomination and remuneration committee as required under section 178(1) of the Companies Act, 2013. The company has disclosed policies as required under 178(3) of the Companies Act in its Corporate Governance Statement, forming part of Directors’ Report. You can access the policy on Nomination and remuneration by clicking here or visit https://www.dutronindia.com/wp-content/uploads/Nomination-and-Remuneration-Policy.pdf.

AUDIT COMMITTEE

The Board has constituted Audit Committee as required under section 177(1) of the Companies Act, 2013. The Composition of the same has been disclosed in Corporate Governance Report forming part of Directors’ Report. During the year, the Board has agreed to all recommendations of the audit committee.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company is a responsible corporate citizen of our country and is concerned about its social responsibility. It is not mandated u/s 135 of the Companies Act, 2013 to contribute its profit towards CSR. However, the Company will contribute voluntarily when it has substantial profit and finds a good cause to help.

INTERNAL FINANCIAL CONTROL

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitised and embedded in the business processes. An assurance on the effectiveness of internal financial controls is obtained through management reviews, control selfassessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the internal auditors during their audits. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

VIGIL MECHANISM

The Company has established a robust Vigil Mechanism and a Whistle-blower policy by provisions of the Act and Listing Regulations. The Vigil Mechanism is supervised by an ‘Ethics & Compliance Task Force’ comprising a member of the Board as the Chairperson and senior executives as members.

Protected disclosures can be made by a whistle-blower through an e-mail, or dedicated telephone line or a letter to the Task Force or the Chairman of the Audit Committee. The Vigil Mechanism and whistle-blower policy is put on the Company’s website and can be accessed by clicking here or https://www.dutronindia.com/wp-content/uploads/Vigil-Mechamism-or-Whistle-Blower-Policy.pdf.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

¦ Details relating to deposits covered under Chapter V of the Act.

¦ Issue of equity shares with differential rights as to dividend, voting or otherwise.

¦ Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except Employees’ Stock Options Plan referred to in this Report.

¦ The Company does not have any scheme of provision of money for the purchase of its shares by employees or by trustees for the benefit of employees.

¦ Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

¦ No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future.

¦ The Auditors have reported no fraud to the Audit Committee or the Board.

INTERNAL COMPLAINT COMMITTEE

The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [14 of 2013]. The company has received no complaint during the financial year.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to the above has been given to the Annexure - A to the Directors’ Report.

ACKNOWLEDGEMENTS

Your Directors express sincere thanks to Company’s customers for their trust. The Directors appreciate faith of all the employees for their commitment for the Company’s growth. Finally, the Directors express their gratitude to the shareholders constant support.

BY ORDER OF THE BOARD OF DIRECTORS

Place: Ahmedabad Date: 8th May, 2024

S. B. PATEL

Director DIN: 00226676

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Mar 31, 2018

To

The Members,

DUTRON POLYMERS LIMITED

The directors are delighted to present the report on your company’s business and operations for the year ended on 31st March, 2018.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2017-18 is summarized below:

	2017-18	2016-17
	(Rs. in Lakh)	(Rs. in Lakh)
Profit before Depreciation & Taxation	375.98	429.64
Depreciation	96.39	153.94
Provision for Taxation	98.06	92.41
Exceptional Items	---	--
Net Profit after Tax	181.53	183.29
Profit Available for Appropriation	311.91	288.27
Proposed Dividend	84.00	84.00
Transfer to General Reserve	50.00	50.00

FINANCIAL PERFORMANCE

Your Company’s total revenue has grown 11.09% compared to previous year. Net profit has declined 0.96% to Rs. 181.53 Lakh mainly due to decreased margins. Earnings per share came to Rs. 3.03 during the year review.

DIVIDEND

Your directors recommend a dividend @ 14% on 60,00,000 equity shares of Rs. 10 each for the year ended 31st March, 2018 which will be free of tax in the hands of shareholders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholders as at 31.03.2018 amounting to Rs. 7,98,06,953. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Pursuant to the provisions of the Companies Act, 2013, Shri Mitesh C. Shah and Shri Sudip B. Patel, Directors of the Company, retire at the ensuing Annual General Meeting of the Company and are eligible for reappointment. The Board recommends their reappointment as Directors of the Company.

FORMAL EVALUATION STATEMENT

Formal evaluation statement u/s 134(3)(p) of the Companies Act, 2013 is attached herewith to the report. The evaluation includes evaluation of board as a whole, individual director and of every committee of board.The evaluation framework for assessing the performance of Chairman, Directors, Board and Committees comprises, inter-alia, of the following parameters:

a. Directors bring an independent judgment on the Board’s discussions utilizing his knowledge and experience, especially on issues related to strategy, operational performance and risk management.

b. Directors contribute new ideas/insights on business issues raised by Management.

c. Directors anticipate and facilitate deliberations on new issues that Management and the Board should consider.

d. The Board / Committee meetings are conducted in a manner which facilitates open discussions and robust debate on all key items of the agenda.

e. The Board receives adequate and timely information to enable discussions/decision making during Board meetings.

f. The Board addresses interests of all stakeholders of the Company.

g. The Committee is delivering on the defined objectives.

h. The Committee has the right composition to deliver its objectives.

AUDITORS

M/s. Manthan M. Shah and Associates, Chartered Accountants, Ahmedabad; the statutory Auditors of the Company has been appointed to hold office till the conclusion of 41st Annual General meeting. Hence, they are not subject to reappointment at current annual general meeting in the light of Companies (Amendment) Act, 2017.

AUDITORS’ REPORT

The observations made in the Auditors Report are self-explanatory and therefore, need not require any further comments by the Board of Directors.

SECRETARIAL AUDIT REPORT

In pursuant to Section 204 of the Companies Act, 2013, the Board attaches herewith the secretarial audit report issued by practicing company secretary in Annexure A to this report. There are no remarks or comments in said report which requires clarifications by the Board.

ABSTRACTS OF ANNUAL RETURN

In pursuant to requirement of 93(3) of the Companies Act, 2013, the abstract of annual return is attached herewith in Annexure of the report in prescribed Form No. MGT - 9.

DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to requirement under section 134(3)(c) of the Companies Act, 2013, with respect to Directors’ Responsibility Statement, it is hereby confirmed that:

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

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

c) 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) the directors had prepared the annual accounts on a going concern basis;

e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

f) 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.

PARTICULARS OF EMPLOYEES

During the year, there were no employees, within the organization, who were in receipt of remuneration exceeding Rs. 60,00,000 p.a. or if employed for part of the year drawing remuneration in excess of Rs. 5,00,000 p.m. as prescribed.

RISK MANAGEMENT POLICY

The Risk management policy of the company has been discussed in detail in the Management Discussion & Analysis Report which forms part of this Directors’ Report, attached with Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There are no contracts or arrangements entered by the Company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013.

CORPORATE GOVERNANCE

The Company has generally implemented the procedure and adopted practices in conformity with the Code of Corporate Governance as enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. The Management Discussion & Analysis and Corporate Governance Report are made a part of the Annual Report. A Certificate from the Auditors regarding compliance of the conditions of the Corporate Governance is given in Annexure, which is attached hereto and forms part of Directors’ Report.

NUMBER OF BOARD MEETINGS

During the year, the company had conducted total 14 Board Meetings. Notice for them were given properly and due quorum was present at above meetings. The dates of meetings are 5th April, 2017; 27th May, 2017; 10th June, 2017; 20th June, 2017; 8th August, 2017; 21st August, 2017; 19th September, 2017; 25th September, 2017 (AGM); 1st November, 2017; 1st December, 2017; 17th January, 2018; 3rd February, 2018; 12th February, 2018 and 20th March, 2018.

NOMINATION AND REMUNERATION COMMITTEE

The Board has formed nomination and remuneration committee as required under section 178(1) of the Companies Act, 2013. The company has disclosed policies as required under 178(3) of the Companies Act in its Corporate Governance Report, forming part of Directors’ Report.

AUDIT COMMITTEE

The Board has constituted Audit Committee as required under section 177(1) of the Companies Act, 2013. The Composition of the same has been disclosed in Corporate Governance Report forming part of Directors’ Report. During the year, the Board has agreed to all recommendations of the audit committee.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company is responsible corporate citizen of our country and is concerned about its social responsibility. It is not mandated u/s 135 of the Companies Act, 2013 to contribute its profit towards CSR. However, the Company will contribute voluntarily when it has substantial profit and finds a good cause to help.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company’s valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation to all the employees for their commitment and initiative for Company’s growth. Finally, the Directors wish to express their gratitude to the Members for their trust and support.

BY ORDER OF THE BOARD OF DIRECTORS

Place : Ahmedabad S. B. PATEL

Date : 30th July, 2018 Chairman

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Mar 31, 2016

DIRECTORS’ REPORT

To

The Members,

DUTRON POLYMERS LIMITED

The directors are delighted to present the report on your company’s business and operations for the year ended on March 31, 2016.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2015-16 is summarized below:

	2015-16	2014-15
	(Rs, in Lakh)	(Rs, in Lakh)
Profit before Depreciation & Taxation	421.22	285.39
Depreciation	144.08	123.27
Provision for Taxation	81.05	76.28
Exceptional Items	---	82.90
Net Profit after Tax	196.09	168.64
Profit Available for Appropriation	258.91	211.10
Proposed Dividend	84.00	84.00
Transfer to General Reserve	50.00	50.00

FINANCIAL PERFORMANCE

Your Company has been able to achieve the highest sales revenue and profit of all time during the year under review. The Sales has grown by 32.8% compared to previous year. This exceptional jump has come mainly due to high demand from Sardar Sarovar Narmada Nigam Ltd’s irrigation scheme of Govt. of Gujarat. Your Company’s net profit has increased 16.2% to '' 196.09 Lakh. Earnings per share increased to '' 3.27during the year under review.

DIVIDEND

Your directors recommend a dividend @ 14% on 60,00,000 equity shares of '' 10 each for the year ended 31st March, 2016 which will be free of tax in the hands of shareholders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholders as at 31st March, 2016 amounting to Rs, 7,23,92,250. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured. DIRECTORATE

Pursuant to the provisions of the Companies Act, 2013, Shri Mitesh C. Shah and Shri Sudip B. Patel, Directors of the Company, retire at the ensuing Annual General Meeting of the Company and are eligible for reappointment. The Board recommends their reappointment as Directors of the Company.

FORMAL EVALUATION STATEMENT

Formal evaluation statement u/s 134(3)(p) of the Companies Act, 2013 is attached herewith to the report. The evaluation includes evaluation of board as a whole, individual director and of every committee of board. The evaluation framework for assessing the performance of Chairman, Directors, Board and Committees comprises, inter-alia, of the following parameters:

a. Directors bring an independent judgment on the Board’s discussions utilizing his knowledge and experience especially on issues related to strategy, operational performance and risk management.

b. Directors contribute new ideas/insights on business issues raised by Management.

c. Directors anticipate and facilitate deliberations on new issues that Management and the Board should consider.

d. The Board / Committee meetings are conducted in a manner which facilitates open discussions and robust debate on all key items of the agenda.

e. The Board receives adequate and timely information to enable discussions/decision making during Board meetings.

f. The Board addresses interests of all stakeholders of the Company.

g. The Committee is delivering on the defined objectives.

h. The Committee has the right composition to deliver its objectives.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmadabad, Statutory Auditors of the Company retires at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment for 1 year, subject to the confirmation of Auditor every year. The Company has received letter from them to the effect that their re-appointment if made, would be within limits specified u/s 141(1)(g) of the Companies Act, 2013.

AUDITORS’ REPORT

The observations made in the Auditors Report are self-explanatory and therefore, need not require any further comments by the Board of Directors.

SECRETARIAL AUDIT REPORT

In pursuant to Section 204 of the Companies Act, 2013, the Board attaches herewith the secretarial audit report issued by practicing company secretary. There are no remarks or comments in said report which requires clarifications by the Board.

ABSTRACTS OF ANNUAL RETURN

In pursuant to requirement of 93(3) of the Companies Act,2013, the abstracts of annual return is attached herewith in Annexure of the report in prescribed Form No. MGT-9.

DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to requirement under section 134(3)(c) of the Companies Act, 2013, with respect to Directors’ Responsibility Statement, it is hereby confirmed that:

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

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

c) 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) the directors had prepared the annual accounts on a going concern basis;

e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

f) 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.

PARTICULARS OF EMPLOYEES

During the year, there were no employees, within the organization, who were in receipt of remuneration exceeding '' 60,00,000 p.a. or if employed for part of the year drawing remuneration in excess of '' 5,00,000 p.m, as prescribed.

RISK MANAGEMENT POLICY

The Risk management policy of the company has been discussed in detail in the Management Discussion & Analysis Report which forms part of this Directors’ Report, attached with Annual Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There are no contracts or arrangements entered by the Company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013.

CORPORATE GOVERNANCE

The Company has generally implemented the procedure and adopted practices in conformity with the Code of Corporate Governance as enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. The Management Discussion & Analysis and Corporate Governance Report are made a part of the Annual Report. A Certificate from the Auditors regarding compliance of the conditions of the Corporate Governance is given in Annexure, which is attached hereto and forms part of Directors’ Report.

NUMBER OF BOARD MEETINGS

During the year, the company had conducted total 7 Board Meetings. Notice for them were given properly and due quorum was present at above meetings. The dates of meetings are 30/05/2015, 30/06/2015, 31/07/2015, 25/09/2015, 31/ 10/2015, 20/11/2015, 30/01/2016.

NOMINATION AND REMUNERATION COMMITTEE

The Board has formed nomination and remuneration committee as required under section 178(1) of the Companies Act, 2013. The company has disclosed policies as required under 178(3) of the Companies Act in its Corporate Governance Statement, forming part of Directors’ Report.

AUDIT COMMITTEE

The Board has constituted Audit Committee as required under section 177(1) of the Companies Act, 2013. The Composition of the same has been disclosed in Corporate Governance report forming part of Directors’ Report. During the year, the Board has agreed to all recommendations of the audit committee.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company is responsible corporate citizen of our country and is concerned about its social responsibility. It is not mandated u/s 135 of the Companies Act, 2013 to contribute its profit towards CSR. However, the Company will contribute voluntarily when it has substantial profit and finds a good cause to help.

ACKNOWLEDGEMENTS

Your Directors take this opportunity to place on record their sense of gratitude to the customers, suppliers and business associates for their support. Your directors are also grateful to the employees for their commitment, dedication and hard work. Lastly, your directors are thankful to the members of the Company for their faith and confidence in the Company.

BY ORDER OF THE BOARD OF DIRECTORS

Place: Ahmadabad ^S. ^B. PA^TEL

Date: 30th May, 2016 Chairman

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Mar 31, 2014

Dear members,

The directors are delighted to present the report on your company''s business and operations for the year ended on March 31, 2014.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2013-14 is summarized below:

2013-14 2012-13 (Rs. in Lacs) (Rs. in Lacs)

Profit before Depreciation & Taxation 299.18 307.05

Depreciation 115.85 124.24

Provision for Taxation 58.73 67.70

Net Profit after Tax 124.60 115.11

Profit Available for Appropriation 165.63 163.66

Proposed Dividend 84.00 84.00

Transfer to General Reserve 25.00 25.00

FINANCIAL PERFORMANCE

Your Company''s performance has improved in the previous year in value terms. Growth of HDPE and PVC Pipes market in India remained suppressed during the year due to prevailing policy logjam and constantly rising prices. This resulted in lower sales volume compared to previous year. Your Company''s Sales Turnover increased by 1.8% to Rs. 8524.02 Lacs, and net profit by 8.2% to Rs. 124.60 Lacs in 2013-14.The earning per share stood at Rs. 2.08 in 2013-14.

DIVIDEND

Your directors recommend a dividend @ 14% on 60,00,000 equity shares of Rs. 10/- each for the year ended 31st March, 2014 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholder as at 31.03.2014 amounting to Rs. 5,93,79,980/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Pursuant to Article 84 of the Articles of Association of the Company read with provisions of the Companies Act, 2013, Shri Sudip B. Patel and Shri Mitesh C. Shah, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment for 3 years, subject to confirmation of Auditor every year. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 139(2) of the Companies Act, 2013.

DIRECTOR''S RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgment 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information have taken proper and sufficient care 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.

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

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

Increase in government spending on infrastructure projects, and favorable monsoon during the current year is likely to help plastic pipes market in India. Your Company is looking to consolidate its market presence in Gujarat and going for expansion of its market in other states. Your Directors are hopeful of better performance in the current year.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company''s valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation of all the employees for their commitment and initiative for Company''s growth. Finally, the Directors wish to express their gratitude to the Members for their trust and support.



By Order of the Board of Directors

Place : Ahmedabad S. B. PATEL Date : 31st May 2014 Chairman

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Mar 31, 2013

To The Members of DUTRON POLYMERS LIMITED

The directors are delighted to present the report on your company''s business and operations for the year ended on 31st March 2013.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2012-13 is summarized below:

2012-13 2011-12 (Rs. in Lacs) (Rs. in Lacs)

Profit before Depreciation & Taxation 307.05 285.51

Depreciation 124.24 131.55

Provision for Taxation 67.70 53.40

Net Profit after Tax 115.11 100.56

Profit Available for Appropriation 163.66 147.23

Proposed Dividend 84.00 72.00

Transfer to General Reserve 25.00 15.00

Your Company''s sales turnover has jumped by 35% due to aggressive marketing efforts. Net profit has grown by 14% compared to previous year. Again, rising trend of raw material prices have shrunk the margins. During the year, your Company strengthened marketing network of dealers in different regions of the country. Further, improvements in production system were made for better quality of PVC column pipes and PVC fabricated fittings.

DIVIDEND

Your directors recommend a dividend @ 14% on 60,00,000 equity shares of Rs. 10/- each for the year ended on 31st March 2013 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholders as at 31.03.2013 amounting to Rs. 5,64,56,404/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat .

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Pursuant to Article 84 of the Articles of Association of the Company read with section 256 of the Companies Act, 1956, Shri Alpesh B. Patel and Shri Praful G. Shah, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITO RS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act.1956

DIRECTOR''S RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgment 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information have taken proper and sufficient care 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.

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

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

With India''s Growth in agriculture and infrastructure sectors, demand for plastic pipes that is growing at a higher rate than GDP is likely to be better even for current year. And your directors are confident that your company''s strong market brand will yield even better financial results in future.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company''s valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation of all the employees for their commitment and initiative for Company''s growth. Finally, the Directors wish to express their gratitude to the Members fortheir trust and support. By Order of the Board of Directors

Place : Ahmedabad S. B. PATEL

Date : 31st May 2013 Chairman

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Mar 31, 2012

The Members,

DUTRON POLYMERS LIMITED

The directors are delighted to present the report on your company's business and operations for the year ended March 31,2012.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2011-12 is summarised below:

2011-12 2010-11 (Rs.in Lacs) (Rs.in Lacs)

Profit before Depreciation &Taxation 285.51 302.20

Depreciation 131.55 119.41

Provision for Taxation 53.40 44.20

Net Profit after Tax 100.56 138.59

Profit Available for Appropriation 147.23 185.63

Proposed Dividend 72.00 72.00

Transfer to General Reserve 15.00 55.00

Your company's sales turnover has reduced by 10.3%. Consistent increase in prices of raw material through out the year, and major foreign exchange rate fluctuations brought profitability further down to Rs. 100.56 Lacs. CPVC pipes business however, has shown sales growth compared to previous year.

During the year, several changes were made to enhance product quality- embossing of brand name in the socket of PVC Pipes, and better processing techniques for higher impact strength of Submersible Column Pipes. Few automation measures in manufacturing plants were also taken to reduce human interference. All these improvements were made in order to have trouble free production process, and better product quality.

DIVIDEND

Your directors recommend a dividend @ 12% on 60,00,000 equity shares of Rs. 10/- each for the year ended March 31, 2012 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholder as at 31.03.2012 amounting to Rs. 7,16,15,967/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 197*5, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Persuant to Article 84 of the Articles of Association of the Company read with section 256 of the Companies Act, 1956, Shri Alpeshbhai B. Patel and Shri Prafulbhai G. Shah, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act.1956

DIRECTOR'S RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgement 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information, have taken proper and sufficient care 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.

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

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

As pipes market cater to India's infrastructure sectors like Agriculture, Government's water supply schemes, and Building & Construction; the growth of the company will largely depend on country's growth on these sectors. Better monsoon, higher government spending, and good economical situation during the current year will give growth of plastic pipes market in the country. With encouraging signs from expansion of company's distributor network, and few good macro economic situations, your directors are confident to provide company's growth in the current year.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company's valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation of all the employees for their commitment and initiative for Company's growth. Finally, the Directors wish to express their gratitude to the Members for their trust and support.

By Order of the Board of Directors

Place : Ahmedabad S. B. PATEL Date :31st May 2012 Chairman

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Mar 31, 2010

The Directors have pleasure in presenting the 29th Annual Report "together with the Audited Statements of Accounts of the Company for the year ended on 31 st March 2010.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2009-2010 is summarised below:

2009-10 2008-09 (Rs. in Lacs) (Rs. in Lacs)

Profit before Depreciation & Taxation 538.03 236.48

Depreciation 84.66 82.03

Provision for Taxation 89.45 51.25

Fring Benefit Tax 0.06 0.47

(Excess)/Short Provision for Taxation (Earlier years) (0.11) 0

Net Profit after Tax 166.98 102.73

Profit Available for Appropriation 196.99 126.23

Proposed Dividend 90.00 66.00

Transfer to General Reserve 45.00 19.00

The company has given another Outstanding performance during 2009-10 across all its products and financial indicators. Our expansion into CPVC pipes manufacturing has also given desired returns; inspite of growing competition in that field. Our HDPE and RPVC pipes have also shown steady growth in business. Indias HDPE /PVC/CPVC pipes and fittings market demand has grown in 2009-10 by over 20% and Outran is in the line with this; and even has expanded its market penetration.

Dutron has achieved turnover of Rs. 53.26 crore from its goods and services, an increase of 24%; and net profit of Rs. 1.67 crore, an increase of 62.5%.These numbers speak of strength of Dutron in product quality, marketing and sound managment practices.

DIVIDEND

Your directors recommend a dividend of 15% on 60,00,000 equity shares of Rs. 10/- each for the year ended March 31, 2010 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors as at 31.03.2010 amounting to Rs. 4,19,84,208/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

Ail the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Persuant to Article 84 of the Articles of Association of the Company read with section 256 of the Companies Act, 1956, Shri Prafulbhai G. Shah and Shri Alpeshbhai B. Patel, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act. 1956

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgement 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information, have taken proper and sufficient care 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.

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

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

We are earring out addition of PVC pipe manufacturing capacity by increasing production lines as well as ancilliaries. We will focus on increasing efficiency and expansion of market presence. With Indias economic recovery, Dutron will continue its growth in the current year.

ACKNOWLEDGEMENTS

Your Directors are grateful to all the stakeholders for their trust in the Company and continuous support. Your Directors also take this opportunity to express their special appreciation for committed services by the employees of the Company.

By Order of the Board of Directors

Ahmedabad S. B. PATEL

May 29,2010 Chairman