The Directors are pleased to present the 63rd Annual Report of your
 Company and the Audited Statement of Accounts for the year ended 31st
 March, 2011.
 
 FINANCIAL RESULTS
 
                                                    (Rs. in lacs)
                                       Year ended      Year ended 
                                       31.03.2011      31.03.2010
 
 Sales and Other Income
 (net of Excise Duty)                    1,100.33        1,247.38
 
 Profit before Interest,
 Depreciation and Tax                       48.22           75.96
 
 Less: depreciation                         15.10           13.51
 
       Interest                              0.93            2.24
 
 Profit after Interest and Depreciation     32.19           60.21
 
 Less: Provision for Current Tax            11.10           19.00
 
 Deferred Tax                              (1.18)          (0.95)
 
 Taxation relates to earlier years         (0.15)               -
 
 Net Profit for the year                    22.42           42.16
 
 Balance brought forward from
 previous year                              62.13           48.28
 
                                            84.55           90.44 
 
 Appropriations:
 
 Proposed Dividend                              -           24.28
 
 Tax on above dividend distribution             -            4.03 
 
 Transfer to General Reserve                    -               -
 
 Balance carried Balance Sheet              84.55           62.13
 
                                            84.55           90.44
 
 DIVIDEND
 
 As resources have to be conserved for deployment in the business,
 Directors do not recommend any dividend for the year 31st March, 2011.
 
 SHARE CAPITAL
 
 In December 2009, the Company had issued 2,79,717 warrants to the
 Promoter Group in pursuance of resolution passed at the Extraordinary
 General Meeting of the Company. These warrants have been duly converted
 into Equity Shares within the stipulated period of eighteen months from
 the date of allotment
 
 OPERATIONS
 
 Personal Products Division
 
 During the financial year 2010-2011, the Company developed its own
 range of personal care products and test marketed the same. The
 Influence range of personal care products comprise body sprays, hand
 sanitizers, shampoo, body lotion, talcum powder and shower gel. The
 brand has received a good initial response and some initial orders have
 started coming in. The coming financial year brings with it a lot of
 promise in this niche segment. The company has also bagged exclusive
 marketing & distribution contracts with two leading Briitish firms to
 market their premium products in India. This fills the space of the
 premium mens grooming products category and the bath category. The
 initial response has been positive and the company aims to build
 creditability in this high growth segment.
 
 Trading Division
 
 Having established itself as one of the largest distributors in the
 South, your Company is now expected to further penetrate the market in
 high growth segments.  The Company is also planning to expand its reach
 geographically in the Tamil Nadu region which should bring in
 additional revenue.
 
 The past year has been tough year for the trading division, margins
 have been squeezed and customers loyalty has diminished. The company is
 rejuvenating the team and policies to ensure we gain new customers and
 improve margins.
 
 EMPLOYEES
 
 Motivated employees are an asset to the Company. The quality of
 manpower and productivity is being continuously monitored and enhanced
 through training and development.
 
 CONSERVATION OF ENERGY
 
 Energy consumption by the Company is not significant. In spite,
 continuous efforts are made to improve the methods and techniques of
 application.
 
 RESEARCH AND DEVELOPMENT
 
 The Company has plans to spend on Research and Development during the
 current year. The Company has already invested a little bit in R & D
 and further plans to build on this platform. Demand for natural and
 paraben free products will be focus for the R & D this year.
 
 FOREIGN EXCHANGE EARNINGS AND OUT GO
 
 There were no foreign exchange earnings during the year, as the
 customers exported the products manufactured by the Company.
 
 DIRECTORS
 
 In accordance with the provisions of Article 49 of the Articles of
 Association of the Company, Ms. Aruna B. Advani and Mrs. N. Malkani
 Nagpal - Directors of the Company, retire by rotation at the
 forthcoming Annual General Meeting and being eligible they seek
 re-appointment.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As required by Section 217(2AA) of the Companies Act, 1956, your
 Directors confirm that: -
 
 a The applicable accounting standards have been followed.
 
 b.  The accounting policies are reasonable, prudent and are
 consistently followed to give a true and fair view of the state of
 affairs of the Company.
 
 c.  Proper and sufficient care has been taken for maintenance of
 adequate accounting records, for safeguarding the assets of the Company
 and for preventing/detecting fraud and other irregularities.
 
 d.  The annual accounts have been prepared on an ongoing concern basis.
 
 AUDITORS
 
 The Companys Auditors M/s. Amarnath Kamath & Associates, Chartered
 Accountants, Bangalore, retire and are eligible for re-appointment.
 Members are also requested to authorise the Board of Directors
 inconsultation with Companys statutory auditiors to appoint Branch
 Auditors for the current year to audit the accounts of the Companys
 Branch Offices and fix their remuneration.  
 
 SECRETRIAL COMPLIANCE CERTIFICATE
 
 As per Sec. 383A of the Companies Act, 1956 the Secretrial Compliance
 Certificate obtained from Practising Comany Secterary is annexed
 herewith.
 
 PARTICULARS OF EMPLOYEES
 
 No employee is drawing remuneration of more than Rs. 2,00,000/- (Rupees
 two lakhs only) per month, requiring disclosure under Section 217(2A)
 of the Companies Act, 1956 read with the Particulars of Employees
 Rules, 1975.
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to acknowledge and place on record their
 appreciation for the excellent co-operation and support extended by the
 Customers, Suppliers, Government Agencies, Banks, Employees,
 Shareholders and look forward to their continued support.
 
                                        For and on behalf of the Board
 
                                                        DEEP A LALVANI
                                                              Chairman
 
 Bangalore 
 30th April, 2011