The Directors have pleasure in presenting Thirty Sixth Annual Report
 together with the Audited Statement of Accounts of the Company for the
 year ended 31st March, 2012.
 
 FINANCIAL RESULTS
 
 The Performance of the Company for the financial year ended on 31
 March, 2012 is summarized below:
 
                                              (Rs. in Lacs)
 
 Particulars                        2011-12        2010-11
 
 Sales and other Income             1,65,869.42   1,30,830.07
 
 Gross Profit                          2,175.53      2,123.60
 
 Depreciation                            564.09        495.77
 
 Profit before tax                     1,611.44      1,627.83
 
 Provision for Taxation for the year    (220.00)      (410.00)
 
 Provision for Deferred Taxation 
 for the year                            (59.29)      (136.44)
 
 Income tax for earlier years (net)       (7.77)       (72.19)
 
 Profit after Taxation                 1,324.38      1,009.20
 
 Balance brought forward from 
 previous year                        10,697.83      9,688.63
 
 Amount Available for Appropriation   12,022.21     10,697.83 
 
 Transfer to General Reserve Proposed 
 Dividend on Equity Shares Tax on 
 Dividend Surplus carried to 
 Balance Sheet                        12,022.21     10,697.83
 
 DIVIDEND
 
 Your Company is exploring business opportunities for implementing the
 expansion plans of the existing businesses and few years back has
 diversified in mining and mineral based new projects which requires
 substantial capital investment, therefore it is necessary to conserve
 the funds to meet these investment opportunities, which your Board
 believes would enhance the shareholders wealth in the long term. Thus,
 your Board has not recommended any dividend for the financial year
 2011-12.
 
 OPERATIONS
 
 The overall performance of the Company showed remarkable improvement as
 compared to the previous year. The Company achieved turnover & other
 income of Rs. 1,65,869.42 Lacs with around 27% growth as compared to
 previous year however due to increased cost of raw material and other
 variable costs of Operating profit has increased only by 2.45% at Rs.
 2,175.53 Lacs and Net profit increased handsomely by 31.23% at Rs.
 1,324.38 Lacs during the year under review.
 
 Management of the Company under the direction of your Board of
 Directors is continued in achieving the targets of cutting down the
 cost of operations and getting efficiency in this areaby using better &
 alternated resources/means.
 
 BUSINESS EXPANSION & DIVERSIFICATION
 
 Mining Business
 
 On the front of newly diversified business of mining the year under
 review has remained productive one wherein after getting final approval
 of Ministry of Mines, Government of India for earlier recommended
 mining concessions, your Company has aggressively applied for various
 procedural formalities which includes prospecting work of allotted
 area, application before Ministry of Environment & Forest, submission
 of draft mining plan to Indian Bureau of Mines and various other field
 work formalities, however start of functioning from allotted mines
 needs to comply with various lengthy procedural formalities but
 
 with our sincere and aggressive efforts towards these we expect to
 complete all the formalities in a further period of one year from the
 date hereof.
 
 Further your Company is also very enthusiastic to set up mineral based
 industry in Madhya Pradesh to process minerals to be explored from its
 own mines. Land has been indentifiedattwo locations and project work
 shall startinnear future.
 
 Better profitability and turnover is expected from these activities in
 future.
 
 Real Estate Business
 
 The integrated township project named ''Active Acres'' at Kolkata
 launched few years back by Mahakosh Property Developers a partnership
 wherein your Company is a partner with major stake is continued to
 acknowledge great response from all segments which can be seen in the
 form of encouraging bookings even in the tight phase in the Real Estate
 Sector, which is a good sign of your Company''s reputation and
 sustainability which will result in good profits in the years to come.
 Further the Company has also been allotted land by the Maharashtra
 Industrial Development Corporation at Butibori Industrial Area in
 Nagpur and also acquired land near to Kolkata Leather Complex, KITP,
 Gangapur, West Bengal where also your Company is keen to set up an IT
 project under oneofits sole proprietary concern M/s Ruchi Infosystems.
 
 New Dairy Plant
 
 A new Milk processing plant with capacity to produce 30 Tons Milk
 Powder per day by processing 4 Lacs litres per day commissioned at
 Dewas (MP) is running successfully. This plant has provided great
 opportunities of exports available in Milk Powder business to your
 Company after recently lifting of ban on skimmed milk powder by the
 Govt. of India, resulting in good profits inthe yearstocome.
 
 Your Company is also planningtosetup anew dairy plant at Etah for
 better quality ofmilk powder to cater northern and north-east part of
 the Country.This plant is expected to be operational by April 2013.
 
 In addition tothis, your Companyis enthusiastically keepingawatch on
 the southern and the eastern regionsofIndia for setting up few more
 dairy plants tocover these regions whereweare sure that the
 productsofthe Company shallbetaken hand tohand.
 
 FOREIGN EXCHANGE EARNINGS
 
 Your Company remains committed toenlarge foreign exchange earnings.
 During the year under review, your Company''s earnings from
 exportofAgri-commodities onFOB basis were Rs. 8,922.57 lacs.
 
 Company is targeting other countries with additional dairy products and
 agri-commodities on opportunity basis to increase its foreign earnings.
 
 PUBLICDEPOSITS
 
 The Company has not accepted any deposits from the public during the
 year under review.
 
 INSURANCE
 
 All properties and insurable interestsofthe Company including Building
 and Plant & Machinery have been adequately insured.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees of the Company was drawing remuneration in excess
 of the limits prescribed under the provisions of section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 as amended till date.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information as per section 217(1)(e) read with Companies (Disclosures
 of Particulars in the report of Board of Directors) Rules, 1988 are
 given intheAnnexure ''A'' forming part ofthis Report.
 
 HUMAN RESOURCE & INDUSTRIAL RELATIONS
 
 Industrial relations were harmonious throughout the year.The Board
 wishesto placeonrecord their sincere appreciation tothe co- operation
 extended byall the employees inmaintaining cordial relations.
 
 CORPORATE GOVERNANCE
 
 Pursuant to clause 49 of the Listing Agreements with the Stock
 Exchanges, a Management Discussion and Analysis Report, Corporate
 Governance Report and Auditors'' certificate regarding compliance of
 conditions of Corporate Governance are made a part of the Annual
 Report.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 The Company is in compliance with various accounting and financial
 reporting requirements in respect of the financial statement for the
 period under review. Pursuant to section 217(2AA) of the Companies Act,
 1956, and in respect of the annual accounts for the period under
 review, the Directors hereby confirm that:
 
 a.  In the preparation of the annual accounts, the applicable
 accounting standards had been followed.
 
 b.  Appropriate accounting policies have been selected and applied
 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 or loss
 of the Company for that period;
 
 c.  Proper and sufficient care for 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 have been taken to the best of
 their knowledge and ability.
 
 d.  The annual accounts have been prepared on a going concern basis.
 
 DIRECTORS
 
 Mr. Kailash Chandra Shahra and Mr. Kamal Kumar Gupta, Directors of the
 Company retires by rotation in accordance with the provisions of the
 Articles of Association of the Company and being eligible offer
 themselves for reappointment.
 
 Mr. Praveen Sethia has resigned from the Directorship of the Company on
 19.04.2011. Mr. PD. Nagar has resigned from the Directorship of the
 Company on 01.01.2012. The Board appreciates the valuable services
 rendered by Mr. Praveen Sethia and Mr.  P.D. Nagar during their
 association with your Company.
 
 The Members of the Company in the Annual General Meeting held on
 30.09.2011 reappointed Mr. Manish Shahra as the Joint Managing Director
 of the Company for a period of 5 years with effect from 1 July, 2011
 and Mr. Ashok Trivedi as the Whole-time Director of the Company for
 aperiod of 5 years with effect from 1 April, 2011.
 
 Mr. Vijay Rathi was appointed as an Additional Director of the Company
 w.e.f 02.04.2012 and who holds office upto the ensuing Annual General
 Meeting. The Company has received a notice u/s 257 of the Companies
 Act, 1956 together with the requisite deposit from a shareholder and
 proposes to appoint him as a Director of the Company liable to retire
 by rotation.
 
 AUDITORS & AUDITORS REPORT
 
 The Auditors M/s. Ashok Khasgiwala & Co., Chartered Accountants, retire
 at the forthcoming Annual General Meeting and are eligible for
 re-appointment. The notes referred to by the Auditors in their Report
 are self explanatory and hence do not require any explanation.
 
 ACKNOWLEDGEMENTS
 
 The Directors wish to convey their appreciation to all of the employees
 of the Company for their enormous personal efforts as well as their
 collective contribution during the year. The Directors would also like
 to thank the shareholders, customers, suppliers, bankers, financial
 institutions and all other business associates for their continuous
 support given to the Company and their confidence in the management.
 
 For and on behalf of the 
 Board of Directors          For and on behalf of the Board of Directors
 
 (MANISH SHAHRA)                                 (SURESH CHANDRA SHAHRA)
 
 Jt. Managing Director                                Managing Director
 
 Place : Indore
 
 Dated : 3rd September, 2012