Project related activities to develop the 525 MW Thermal Power plant at Tuticorin are fast progressing. The investor company, Trinity Infraventure Limited, has been infusing funds and has contributed Rs 1191.45 lakhs so far. Tuticorin Port Trust (presently known as "VO Chidambaranar Port Trust") have communicated to SEPC that the Ministry of Shipping, Government of India have approved the proposal of allocation of alternate land for the project. Action has been initiated to take possession of the land. Environmental clearance from the Ministry of Environment and Forest has been obtained for the project. SEPC filed a Petition during April 2010 before the Hon’ble

Tamil Nadu Electricity Regulatory Commission (TNERC) seeking its direction to pass an order directing the Tamil Nadu Electricity Board (TNEB) to act in accordance with the terms contained in the already concluded PPA (Power Purchase Agreement) with SEPC. Hearing is over and final orders are reserved in the matter. SEPC has filed an application for financial assistance which is under consideration.

Henkel India Limited achieved a turnover of Rs 553 crores for the year ending 31st December 2010 compared to     Rs 592 crores in the previous year with Profit (before exceptional items) of Rs 51.80 crores as against a Profit of Rs 57.60 crores in the previous year.

Your Company has been looking for an opportunity to disinvest its equity holdings in HIL as part of its business restructuring. M/s. Jyothy Laboratories Ltd., Mumbai (JLL), a leading FMCG player in the country, with presence in detergent for fabric care and dish-wash categories and in

household insecticides evinced interest in purchasing the equity shares of HIL held by TPL. After mutual discussions JLL offered to buy 14.90% of the equity share capital of HIL and the sale was completed on 16th March 2011. Subsequently, both Henkel AG & Co., KGaA, Germany and your Company mutually agreed to terminate the Shareholders’ Agreement entered into between them with no further liability or claim against each other. An understanding to this effect was signed on 6th April 2011.

In 2010-11 PAPL produced a total of 30,536 comprised of basic liquid resin, solid resin and formulated products. Sales during the year were Rs 327.80 crores compared to Rs 270.15 crores during the previous year. Total exports during the period were 3478 MTs compared to 3768 MT during the same period of last year.During the financial year 2010-11, PAPL earned a net profit of Rs 14.22 crores (unaudited) as against Rs 13.53 crores during the previous year.PAPL declared a dividend of 10% on the paid up equity share capital for the year 2009-10 and your Company received a dividend of Rs 136.80 lacs on its equity investment.