Dear Members,
 
 It is with great pleasure that I present to you the 41st Annual Report
 of your Company, Aries Agro Limited.
 
 2010-11, the year under review in this Report, was extremely uncertain
 for the agri-business sector. Delayed, excessive and staggered rains
 had signifcantly caused shifts in the agricultural season and impacted
 our growth especially in the second half of the year. In addition,
 there was additional pressure on inputs costs as a result of spiraling
 raw material and processing costs as well as infationary trends in fuel
 and interest rates. Despite this turbulent environment, efforts of the
 entire Aries team have enabled your Company to record satisfactory
 revenue growth of 13% over the previous fnancial year. The year also
 saw us taking constructive steps to manage costs at all fronts and
 minimize the impact of infationary trends on our product pricing. Our
 Year-on-Year profitability growth as a result of these measures stands
 at 18 %.
 
 The year under review saw 3 extremely significant platforms recognizing
 your Company''s innovative products and practices.
 
 We were one amongst 10 Agri business companies selected by the United
 States Government to showcase agricultural innovation and its impact at
 the Indo US Agri Expo held in Mumbai on 7th November, 2010. We were
 also privileged to showcase our products and our Krishi Vigyan Vahans
 (KVVs). 3 of our best farmers personally met the US President, Mr.
 Barack Obama during his visit to Mumbai. Mr. Barack Obama and the US
 Agricultural Department and team of experts spent a good amount of time
 interacting with Aries and our customers. We were also part of the US
 India Round Table Conference where we contributed by sharing our
 product innovations especially chelated micronutrients, with the USAID
 
 We were also recognized by the Trailblazers Brand Innovator Award
 2010as the Best Brand in the Agricultural Inputs category by Milagrow.
 The Trailblazers Brand Innovator Awards are unique awards that
 recognize innovation and differentiation amongst SMEs in India. Our
 citation for the award specifcally recognized the fact that we have
 accomplished building 76 brands over the past 4 decades with the next
 to no-expenditure on mass media advertising. The award recognizes our
 untiring efforts at the feld level using knowledge sharing and farmers
 training as the primary platform in creating demand.
 
 The third recognition came to us during the year when the Crown Prince
 of Fujairah, His Highness Sheikh Mohammed Bin
 
 Hamad Al Sharqi agreed to personally inaugurate our second production
 belt at M/s.Amarak Chemicals FZC''s factory in Fujairah. We were also
 proud to have with us the Counsel General of India to the UAE, Mr.
 Sanjay Verma, personally present during the inauguration event. The
 presence of the ruler of Fujairah, his entire team and the presence of
 the Government of India showed the belief that these institutions value
 our contribution to the economy of the region and potential of our
 investment overseas.
 
 2010-11 saw the launch of 6 numbers of products including 4 Plant
 Protection Chemicals and 2 Specialty Plant Nutrients. Our products are
 currently being sold in 1,90,000  villages across 22 Indian states and
 also in Australia, Pakistan, Oman, Nepal and Bangladesh. We have also
 scaled up our global sourcing to include 7 countries ensuring that our
 customers have the best in class products at their door step.
 
 Your company''s wide product range matches the world''s best and biggest
 plant nutrition companies. This vast range of cost-effective, world
 class products serves as a major differentiator as it provides Aries
 farmers with the widest choice of customized plant nutrients,
 tailor-made for his crop and soil specifc needs. Our efforts to further
 enhance this brand portfolio will continue with further research and
 development at our own R&D labs and by working with Agricultural
 Universities and Research Institutions.
 
 Your company''s overseas factories are now fully operational for the
 production of Chelates, Soluble Boron and Sulphur Bentonite.  The UAE
 team is confdent that they are fully prepared to meet the demand for
 Aries in India and the growing needs of our global customers.
 
 The outlook for the year 2011-12 seems positive. This will certainly
 have a benefcial impact on your company''s growth and profitability.  The
 Company has also added additional 10 products during the year 2011-12
 including 1 Soil Conditioner, 4 Specialty Plant Nutrients, 2 Plant
 Protection Chemicals, 1 Plant Hormone and 2 products specifcally for
 Apple and Stone Fruits.
 
 I would like to thank each one of you personally for your confdence in
 Aries. Together, we will ensure that your company grows further in the
 year ahead.
 
 Sincerely,
 
 Dr Jimmy Mirchandani
 
 Chairman & Managing Director