UV Boards Ltd

To All members,

Your Directors have pleasure in presenting the 23rd Annual Report on the business andoperations of your company along with the Audited Statement of Accounts for the year ended31st March, 2011.

FINANCIAL RESULTS

The highlights of the financial results of the company for the year ended 31st March,2011 as compared with the previous year are given below:

The Sales net of Excise duty has been increased to Rs.3910.56 Lacs as against Rs.1795.34 lacs in previous year showing an increase by 117.81%. The operating profit for thecurrent year stood at 196.24 Lacs as against Rs. 122.15 Lacs in previous year and theprofit after Tax stood at Rs.55.35 lacs as against Rs.86.56 lacs in previous year. TheEarning per share stood at Re.0.36 as against Re. 0.57 of previous year.

DIVIDEND

In order to meet the growing financial needs of the company, your Directors want toconserve the resources for future utilization by the company. Hence your Directors do notrecommend any dividend for the financial year ended 31st March 2011.

FIXED DEPOSITS

The Company has not accepted any deposits during the year.

REPLY TO AUDITORS QUALIFICATION

There are no negative observations made by the Auditors in their report which isrequired to be replied.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors confirm:

a. that in the preparation of Annual accounts, the applicable accounting standards havebeen followed and that no material departures have been made from the same.

b. that they have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company at the end of the financial year and of theprofit or loss of the company for that period.

c. that they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act,1956 forsafeguarding the assets of your company and for preventing and detecting fraud and otherirregularities;

d. that they have prepared the annual accounts on a going concern basis.

DIRECTORS

Mr. Sivasubramanian Ramamoorthy, Director of the Company retires at the ensuing AnnualGeneral Meeting by rotation and being eligible offers himself for re-appointment.

Mr. B.L. Bengani was appointed as an Additional Director of the Company on 30thNovember, 2010 holds office up to the date of ensuing Annual General Meeting. A notice hasbeen received from a member as required under section-257 of the Companies Act, 1956signifying his intention to propose the Candidature of Mr. B.L.Bengani to hold office of aDirector.

AUDITORS

M/s. C. Ramasamy & B. Srinivasan, Chartered Accountants, the Statutory Auditor ofthe company will retire at the conclusion of ensuing Annual General Meeting, beingeligible for reappointment offers themselves for re-appointment.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)

None of the employees of your Company were drawing a remuneration exceeding Rs.60,00,000/- p.a. or Rs. 5,00,000/- p.m. or part thereof. Hence no particulars of employeesas per section 217(2A) of the Companies Act, 1956 need to be furnished.

COMPANIES (DISCLOSURES OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

During the year under review there is no material facts has been taken place withrespect to conservation of energy and technology absorption and there is no ForeignExchange earnings & out go.

R & D being an integral part of its manufacturing activities, separate account forthe expenditures incurred is not maintained under this head, hence unable to furnish thedisclosures in Form-B of the Companies (Disclosure of particulars in the report of Boardof Directors) Rules, 1988

CORPORATE GOVERNANCE

Your company has always striven to incorporate appropriate standards for good corporateGovernance. It has taken adequate steps to ensure that all the mandatory provisions ofcorporate governance as prescribed under Listing Agreement provided by the Bombay StockExchange Limited and The Madras Stock Exchange Limited are complied with.

GREEN INITIATIVE

Your Company wholly recognizes undying concern for eco friendly environment, continuedefforts and worthy contribution to make this planet a safer place. Keeping in mind thesame, your Company has pursued to certify with FSC (Forest Stewardship Council) andhopefully will get certification in the current year.

ENVIRONMENT

The Company is committed to the environment. The Company continues to upkeep effluentand chemical treatment plant. Continuous check of air and water pollution at manufacturingunit is made and monitored.

PROPOSED WHOLLY OWNED SUBSIDARY IN SINGAPORE

During the year under review, your Company proposed to acquire M/s Elementz Trading PteLimited, Singapore. Application has been submitted with RBI for approval. Upon approval,M/s Elementz Trading Pte Limited will be the Wholly Owned Subsidiary of your Company. Themain aim to acquire M/s Elementz Trading PTE Limited is to develop and facilitate thetrade in the course of import.

ACKNOWLEDGEMENT

Your Directors take this opportunity to express their appreciation for support andco-operation received from banks, financial institutions, Central and state governments,SEBI, stock exchange, vendors, valued customers and shareholders. Your directors alsoexpress their appreciation of the efforts put in by the employees of the company at alllevels.