To the Members
 
 The Directors are pleased lo present the Nineteenth Annual Report and
 Audited Accounts for the year ended 31stMarch'' 2012.
 
 FINANCIAL RESULTS
 
                                          Current
                                             Year         Previous
                                                              Year
                                        2011-2012        2010-2011
                                          (Rs. In 
                                             Lacs)         (Rs. In 
                                                              Lacs)
 
 Gross Seles                            71.375-16        52''157.77
 
 Profit/(ioss) before Depreciation       7.014.50         6.234.03
 
 Less: Depredation                       1.229.65           694.32
 
 ProfitZ(Loss) after Depredation         5.784.85         5''539.71
 
 Proft /(Loss) before tax after
 Extraord inary items                    5''775.14         5''539.71
 
 Less: Provision for taxation            1''200.00         1''104.01
 
 Deferred tax                              465.90           442.54
 
 Profit/ (Loss) after tax                4''009.24         3''993.10
 
 Balance brought forward                 9''794.00         6''169.10
 
 Profit available fdrappropriation      13''003.31        10''162.25
 
 Appropriations
 
 -Transfer to General Reserve              105.00           100.00
 
 -Proposed Dividend                        275.97           229.98
 
 - Provision for Tax on Dividend            44.79            38.20
 
 Balance Came forward to 
 Balance Sheet                          13''457.55         9''794.08
 
 PERFORMANCE REVIEW
 
 During the year under review your Company reported an increase in Gross
 turnover by 36.84% from Rs.521.58 Crone (Previous year)to Rs.713.75
 Crore (Current year) and an increase in PBT by Rs.2.45 Crore over the
 previous year and an increase in PAT by Rs.0.96 Crore over the previous
 year. The EPS of the company is Rs.17.78/- as compared to Rs.17.36/- in
 the previous year.
 
 THE YEAR IN PERSPECTIVE
 
 During the year'' your Company strengthened its presence in both the
 bulk and the branded businesses In line with Its vision of being a 360p
 player. The I MIL segment experienced robust growth at more than 40%''
 crossing  million cases for the first time and concluding the years
 with 12.4 million cases. Your Company launched a new brand ''Nimboo1
 in the   in the Haryana market'' which within a short span of
 seven months increased your Company''s market share from 20% to 27% in
 the state. In Rajasthan also'' your Company improved its market share to
 25%'' while retaining its leadership position in the stale of Delhi'' The
  segment showed high volume growth at more than 25%'' with your
 Company widening its distribution network in the states where it
 operates.
 
 Your Company stabilized the new capacities which had been commissioned
 in the previous year and by end of fourth quarter was operating at 90%
 capacity utilization rate. The capacities across all three units at
 Behror (Rajasthan)'' Samalkha (Haryana) and Hisar (Haryana) now stand at
 84.4 million litres. This will provide strong support to   growth in
 the branded and franchise business Incoming years and keep these
 businesses insulated from any price Increases in Extra Neutral Alcohol.
 
 MATERIAL CHANGES AFTER MARCH 31ST 2012
 
 During the current year'' commending April 1. 2012. your Company entered
 into a new franchisee contract with United Spirits Ltd'' a leading
 player in the IMFL segment. The initial contract will contribute
 volumes of ~0.75 million cases per year and is expected to ramp up
 significantly going forward. Your Company also revived the bottling
 operations for Jagatjit Industries Limited In its Samalkha unit at
 Haryana following a change in the exdse policy. These arrangements
 strengthen GSL''s alliances in the franchisee bottling segment and
 contribute to sustaining high utilization of bulk alcohol chapattis
 coupled with higher margins compared to sale of bulk alcohol
 standalone.
 
 Your Company has launched a new brand French Castle in the brandy
 segment (IMFLdlvision) catering to the semi-premium market This has
 been Introduced in the states of Andhra Pradesh and Kerala. This Is In
 line with your Company''s long-term strategy of Introducing brands in
 the higher value added segments. In addition'' your Company has launched
 its flagship brand County Club’ whisky In the Delhi market.
 
 DIVIDEND
 
 Your Directors are pleased to recombinant dividend of Re. 1.20/- i.e. 12
 % per equity share of Rs. 10/- each of the Company for the year 2011-
 2012.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted or Invited deposits covered under the
 provisions of Section 58A of the Companies Act'' 1956 read with the
 Companies (Acceptance of Deposit) Rules 1975 from any person.
 DIRECTORS
 
 During the year'' Mr. Ajay K. Swarup whose period of office as Managing
 Director expired on December 1''
 
 2011 was re-appointed by the Board with effect from such date for
 another term of five years. His reappointment as Managing Director of
 the Company is proposed for the consent of members in the forthcoming
 Annual General Meeting.
 
 During the year Mr Shekhar Swarup was inducted In the Board as an
 additional director of the Company and has been designated as Executive
 Director. Per section 269 of the Companies Act'' 1956 read with schedule
 XIII of the Companies Act'' 1956'' the aforesaid appointment is proposed
 for the consent of members in the forthcoming Annual General Meeting.
 
 During the year Mr. S.L.Slngh'' Mr. Vlvek Gupta and Mr. Kunal Agarwal
 were also inducted In the Board as additional directors and were
 designated as Non-Executive & Independent Directors of the Company.
 They are also proposed to be regularized En the forthcoming Annual
 General Meeting. Mr Joginder Singh DhamIJa and Mr. Santosh Kumar
 Bishwal. Non-Executive & Independent Directors of the Company retire by
 rotation and being eligible offer themselves for re-appointment. The
 Board recommends their re-appointments.
 
 During the year there wereno the rchangesin the of Di rectors.
 
 CORPORATE GOVERNANCE
 
 As per requirement of Clause 49 of the Listing Agreement with the Stock
 Exchanges'' a Compliance Report on Corporate Governance has been annexed
 as part of the Annuel Report.
 
 AUDITORS
 
 M/s. B. M. Chatrath & Co.'' Chartered Accountant- Statutory Auditors of
 the Company had been appointed as Auditors at the last Annual General
 Meeting and retire at the conclusion of the forthcoming Annual General
 Meeting and being eligible'' offer themselves for re-appointment. They
 have furnished a certificate to the effect'' that the ra-appoinlment'' if
 made'' will be in accordance with section 224 (1B) of the Companies Act''
 1956.
 
 AUDITORS'' REPORT
 
 The notes on accounts appearing in the schedule and referred to in the
 Auditors Report are self-explanatory and therefore do not call for any
 further comments or explanations. There are no adverse remarks,
 qualifications in the auditor''s report
 
 PARTICULARS OF EMPLOYEES
 
 Statement pursuant to u/s 217 (2A) of the Companies Act'' 1956 read with
 the Companies (Particular of Employees) Rules'' 1975'' the name & other
 particulars of the employees are as follows :-
 
 SI. Name       Age         Dodgnaton     Gross         Qualition 
 No.                                      Remuneration
 
 1   Mr. Ajay    53         Managing       75.00000/-     PGDBiH
     KSwarup                Dircetor       P a -other   (IIM Kolkata) 
                                           Perqutes 
 
 Further Mr. Ajay K. Swarup is holding 16''29''829 equ ty share in the
 company as on 11/08/2012.
 
 CONSERVATION OF ENERGY/TECHNOLOGY ABSORPTION/RESEARCH & DEVELOPMENT
 ETC.
 
 Particulars as required under the Companies (Disclosure of particulars
 in the Report of the Board of Directors) Rules 1988 aegrvenin
 An nexu re I an d form part of   s report.
 
 PERSONNEL
 
 During the year the company employed some senior and experienced
 employees in its management and the Company also maintained good
 relations with employees at all levels. The Directors place on record
 their appreciation of the contribution made by the employees towards
 the g rowth of t he Company.
 
 Management''s discussion and analysis of financial condition and results
 of operations.
 
 Management''s Discussion and Analysis Report has been annexed & forms
 part of the Annual Report.
 
 Dl rectors Responsibility Statement (Pursuant to Section 217(ZAA)
 
 1.  In preparation of the Annuel Accounts'' the applicable Accounting
 Standards have been followed by the company.
 
 2.  Appropriate accounting policies have been selected and applied
 constantly and have made Judgments and estimates Ihatare reasonable and
 prudent so as to give a true and fair view of the State of Affairs of
 the Company as at 31st   March'' 2012 and of the Profrt of the Company
 for the year ended 31st March'' 2012.
 
 3.  Proper and sufficient care has been taken for the maintenance of
 adequate accounting records !n 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''
 
  
 The Board wishes to place on record Its appreciation for the
 wholehearted support and valuable co-operation extended to the company
 by the Central A the State Governments'' Bankers'' Suppliers'' Associates.
 Contractors'' employees and shareholders.
 
                       For and on behalf of the Board of Directors
 
                             Sd/-                Sd/-
 
 Place: New Delhi      (Dr.Bhaskar Roy)    (AjayK.Swarjp)
 
 Date: 11/08/2012    Director Finance & CFO Managing Director