The Directors have pleasure in presenting this Twenty Fifth Annual
 Report on the affairs of the Company together with the Audited
 Statements of Accounts for the year ended on 31st March, 2012.
 
 FINANCIAL RESULTS:
 
                                                        (Rs in Lakhs) 
 
                                                Year ended    Year ended 
                                                31.03.2012    31.03.2011
 
 Sales for the year                               9,159.83      8,215.36
 
 Profit before Interest & finance charges,
 depreciation & taxation                          1,280.54        970.13
 
 Less: Interest & finance Charges                    63.67         29.31
 
 Operating profit before depreciation & taxation  1,216.87        940.82
 
 Less: Depreciation, amortization & impairment
 of asset                                           134.68        136.98
 
 Profit before taxation                           1,082.19        803.84
 
 Provision for taxation                             230.00        169.47
 
 Profit after taxation                              852.19        634.37
 
 Add: Balance brought forward                     7,720.66      7,377.18 
 
 Profit available for appropriation               8,572.85      8,011.55
 
 Less: Appropriation:
 
 Transfer to General Reserve                         55.00          -
 
 Interim Dividend                                   274.41        249.46
 
 Tax on Interim Dividend                             44.51         41.43
 
 Proposed Dividend                                   99.78          -
 
 Provision for Tax on Proposed Dividend              16.19          -
 
 Balance carried forward to Balance Sheet         8,082.96      7,720.66
 
 OPERATIONS:
 
 The operations of the Company have shown considerable improvement as
 compared to the previous year.  The Company has achieved a turnover of
 Rs9,159.83 Lakhs during the year under report as compared to Rs8,215.36
 Lakhs during the previous year reflecting a growth of 11.50% over the
 previous year. The profits of the Company have also shown a remarkable
 increase with the Company earning a net profit of Rs852.19 Lakhs after
 tax as compared to a net profit after tax of Rs634.37 Lakhs for the
 previous year registering an increase of 34.34%.
 
 DEPOSITS:
 
 The Company has not invited/accepted any deposit from the public during
 the year ended 31st March, 2012.  There were no unclaimed or unpaid
 deposits as on 31st March, 2012.
 
 DIVIDEND:
 
 The Board consider the payment of Interim Dividend @ Rs1.10/- per share
 (11%) has decided to recommend final dividend @ Rs0.40 per share (4%),
 thus giving a total dividend of Rs1.50 per share (15%) for the year
 under report.
 
 The dividend payout for the year under review has been formulated in
 accordance with shareholders'' aspiration and the Company''s policy to
 pay sustainable dividend linked to long term growth objectives of the
 Company to be met by internal cash accruals.
 
 SUBSIDIARY COMPANIES:
 
 In accordance with the General Circular no. 2/2011 File no.
 51/12/2007-CL-III dated 8th February, 2011 issued by the Ministry of
 Corporate Affairs, Government of India, granting general exemption to
 the companies under Section 212(8) of the Companies Act, 1956, the
 Balance Sheet, Profit and Loss Account and other Reports and statements
 of the subsidiary companies are not being attached with the Balance
 Sheet of the Company.  The Company will make available the annual
 accounts of the subsidiary companies and the related detailed
 information to any shareholder of the Company seeking such information
 at any point of time. The annual accounts of the subsidiary companies
 are also available for inspection by any shareholder at the Registered
 Office of the Company and that of the respective subsidiary companies.
 The Consolidated Financial Statements of the Company and all the
 subsidiaries duly audited by the statutory auditors of the Company are
 presented in the Annual Report of the Company. A summary of the
 financial information of the subsidiary companies is also attached to
 the Annual Report of the Company.
 
 DEMATERIALISATION:
 
 More than 97% of the shares of the Company are in dematerialized form.
 Your Directors request all the members who have not yet got their
 holdings dematerialized to do so to enable easy trading of the shares
 as the shares of the Company are compulsorily traded in dematerialized
 form.
 
 DIRECTORS:
 
 As per the provisions of Section 256 of the Companies Act, 1956 and the
 Articles of Association of the Company, Mr. Manhar R. Bhansali,
 Director of the Company, retire by rotation at the forthcoming Annual
 General Meeting and, being eligible, offer themselves for
 re-appointment.  Your Directors recommend their re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956 with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 (i) that in the preparation of the annual accounts for the financial
 year ended 31st March, 2012, the applicable accounting standards had
 been followed along with proper explanation relating to material
 departures;
 
 (ii) that the directors had selected such accounting policies and
 applied them 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 the year under review;
 
 (iii) that the directors had taken proper and sufficient care for the
 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;
 
 (iv) that the directors had prepared the accounts for the financial
 year ended 31st March, 2012 on a ''going concern'' basis.
 
 AUDITORS:
 
 M/s. Pulindra Patel & Co., Chartered Accountants, hold office until the
 conclusion of the ensuing Annual General Meeting and being eligible for
 re-appointment, have furnished their eligibility certificate to the
 effect that reappointment, if made, would be within the limits
 prescribed under Section 224(1B) of the Companies Act, 1956 and that
 they are not disqualified for re-appointment within the meaning of
 Section 226 of the said Act. The Board recommends their re-appointment.
 
 REPORT ON CORPORATE GOVERNANCE:
 
 A separate report on Corporate Governance is attached to this report
 along with Statutory Auditors'' certificate on its compliance.
 
 (A) CONSERVATION OF ENERGY, (B) TECHNOLOGY ABSORPTION, (C) FOREIGN
 EXCHANGE EARNINGS AND OUTGO:
 
 Particulars as prescribed under Section 217(1)(e) of the Companies Act,
 1956 read with the Companies (Disclosure of Particulars in the Report
 of Board of Directors) Rules, 1988 are as furnished herein below:
 
 A.  CONSERVATION OF ENERGY:
 
 As the Gems & Jewellery Industry is not covered by the Schedule
 prescribed by the said Rules, disclosure of particulars on conservation
 of energy is not applicable to the Company.
 
 B.  TECHNOLOGY ABSORPTION:
 
 The particulars regarding absorption of technology are annexed in the
 prescribed Form B of the Companies
 
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988.
 
 C.  FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 The Company''s main line of business is manufacturing and exporting
 studded gold jewellery. The Company has achieved Export Turnover of
 Rs9,159.83 Lakhs during the year under report, 2011-2012, as compared to
 Rs8,215.36 Lakhs in the previous year, 2010-2011.
 
                                                        (Rs in Lakhs)
 
 Particulars                                  2011-2012     2010-2011
 
 Total Foreign Exchange
 
 Received                                      8,572.02      7,187.92
 
 Total Foreign Exchange used:
 
 i) Raw Materials                              3,345.90      2,752.44
 
 ii) Consumable Stores                            15.22          7.71
 
 iii) Capital Goods                               28.79         20.82
 
 iv) Foreign Travels                              15.83         11.10
 
 v) Others                                        19.32         26.13
 
 PARTICULARS OF EMPLOYEES:
 
 None of the employees has received remuneration/ salary exceeding the
 limit as stated in Section 217(2A) of the Companies Act, 1956 read with
 the Companies (Particulars of Employees) Rules, 1975 as amended.
 
 ACKNOWLEDGEMENTS:
 
 Your Directors take this opportunity to place on record their
 appreciation and sincere gratitude to Government of India, Government
 of Maharashtra, SEEPZ (SEZ) Authorities and the Bankers to the Company
 for their valuable support and look forward to their continued
 co-operation in the years to come.
 
 Your Directors acknowledge the support and co-operation received from
 the employees and all those who have helped in the day-to-day
 management.
 
                           For and on behalf of the Board of Directors
 
 Place: Mumbai                                      MANHAR R. BHANSALI
 
 Dated: 26th May, 2012                                        CHAIRMAN