The Directors have pleasure in presenting the 30th Annual Report of
 the Company and the Audited Financial Statements for the year ended
 31st March, 2012.
 
 1.  FINANCIAL RESULTS                             (Rs. in lacs)
 
                                     Year ended         Year ended
                                     31.03.2012         31.03.2011
 
 Sales and Other Income (incl. 
 Excise Duty)                          75627.03          58471.24
 
 Profit prior to Finance charges 
 & Depreciation, amortization 
 and impairment                         5116.58           3627.58
 
 Less : Finance charges                   36.12            184.11
 
 Depreciation                           1263.85            820.57
 
 Profit before Taxation                 3816.61           2622.90
 
 Less: Provision for Taxation:
 
 Current Tax                            1334.74            930.14
 
 Deferred Tax                           (172.81)           (89.76)
 
 Less : Income Tax adjustment
 for earlier years                        (0.02)             0.11
 
 Profit after Tax                       2654.70           1782.41
 
 Balance carried to Balance Sheet       2654.70           1782.41
 
 2.  MANAGEMENT DISCUSSION & ANALYSIS
 
 OVERALL PERFORMANCE
 
 During the year under review your Company has recorded gross turnover
 of Rs.756.27 crores (as against Rs.584.71 crores in 2010-11) recording
 a growth of 29.34%.
 
 The Company has achieved profit before tax of Rs 38.16 crore as against
 Rs 26.23 crore, and net profit of Rs 26.55 crore as against Rs 17.82
 crore in the previous year. During the year, the Durgapur bottling
 plant of the Company was closed down based on the Government directive
 to relocate for which the company has incurred Rs 2.85 crore towards
 Employees Separation scheme. The assets of the molasses distillery have
 been impaired based on its realizable value and a loss of Rs 3.48 crore
 has been charged to the accounts.
 
 Better working capital management and ploughing back of profits has
 reduced the interest cost during the year. The company is almost debts
 free now.
 
 Earning per equity share is Rs.33.15 as compared to Rs.22.26 per share
 in previous year.
 
 REVIEW OF DIVISIONAL PERFORMANCES Alcohol and Bottling:
 
 The molasses distillery operated only for few days in the year with
 small quantity of local molasses available in the State of West Bengal.
 Pursuant to discontinuation of the molasses transportation cost
 reimbursement policy by the State Government and operation of the
 Distillery becoming un-viable, it was planned to convert the molasses
 distillery into multi feed distillery subject to the approval of the
 State Government. Pending such approval the machineries are lying idle
 and un-utilized for more than a year.  The assets of the molasses plant
 which will not be used on conversion have been impaired at its
 realizable value.
 
 The grain distillery operated at 110% of the capacity and with
 efficient purchase of raw material and reduction in overhead, the
 margins improved during the year. Further storage capacity has been
 built up at Noorpur for storing grains which will reduce the storage
 cost as well as the wastage. Investment has also been made in the
 distillery by enhancing the capacity of the turbines to generate more
 cheap power. The Company could not obtain CDM benefits due to non
 availability of rice husk within the state.
 
 After abolition of Privilege area by the State Government in the
 Country Spirit segment, the production capacity was enhanced by setting
 up a new bottling plant, with two bottling lines, at Panagarh in West
 Bengal. Further capacity expansion at Panagarh is under process and
 will be completed in financial year 2012-13. The bottling plant at
 Durgapur was closed during the year and the workmen were given a
 separation scheme which costed Rs 2.85 cr to the company.
 
 On IMFL, your Company has suffered due to increase in the duties and
 taxes in the state of West Bengal, the demand in the regular segment
 has declined. Margins are declining due to high input cost and unable
 to increase the prices due to stiff competition. New brands viz.,
 ''Jubilation'' Rum, ''Leonov'' luxury Vodka in Bengal and Benjamin''
 brandy in Orissa was launched but could not achieve the desired volume
 due to stiff competition. Widespread market promotions are being held
 to re-build the position in the market.
 
 Marine:
 
 The Marine Division has performed well during the year. To increase
 export of value added products the Company has modernised its plant
 with new IQF Machines and other freezing equipment.
 
 The Shrimp Feed trading business has recorded a growth of 26% in value
 and has a market share of 48% in West Bengal. Aqua Shops have
 been opened by the company for providing one window service to the
 farmers in terms of supply of feed, medicine, technology, finance,
 training etc. More such aqua shops are being planned to provide service
 to the farmers in the State of West Bengal.
 
 IFB ROYAL Retail Brand of frozen Marine Products are now
 available in major METROS in the country, sale recorded a growth of 33%
 in value. The Company is in the process of developing more value added
 products for the Retail Consumers in the country.
 
 OPPORTUNITIES & CHALLENGES:
 
 The current accounting year will again be another year of tough
 challenges. The bumper sugarcane production in Uttar Pradesh will
 reduce the spirit cost during the year leading to lower margins on sale
 of spirit from the distillery. Setting up of new distilleries in
 neighboring states and new bottling plants in West Bengal is likely to
 bring about stiff challenge in future. The increase in Excise Duty in
 Country liquor segment is likely to reduce the margins in the current
 year.
 
 The increased bottling capacity, once becoming fully operational will
 bring good opportunity to the Company by way of volume growth and
 market share in the Country Liquor segment.
 
 The Company is continuing its efforts to attain further efficiencies in
 fermentation and distillation, improve upon its bio-gas generation to
 reduce fuel cost, and to further improve power generation to reduce the
 cost of production. The Company is giving continuous emphasis to cut
 costs on inputs, minimise wastages and make optimal use of human
 resources on all fronts.
 
 In IMFL, the Company being a regional player in the industry faces a
 stiff competition from large Indian as well as multinational companies.
 Widespread promotion is being planned to make the newly launched
 brands, successful.
 
 The Company targets to export more value added products and with the
 favorable currency rates, expects to be a good year for export market.
 With the overall global economic growth and better demand for frozen
 sea food it expects to have better demand for its Marine products in
 the domestic market. The Company plans to focus on aggressive marketing
 of its products in order to penetrate into householders'' as well as
 retail segment in India.
 
 Human Resources:
 
 For the development of the human resources number of training programmes
 was organized during the year with outside faculties.  Employees were
 also sent to the renowned technical institutes for continuous update on
 its knowledge and skill. However, the same is not sufficient
 considering the complexity of the today''s business environment. The
 Company plans to organize more such training programmes for the overall
 development of people.. Total number of employees in the Company was
 384 as on 31st March 2012 as against 430 as on 31st March 2011.
 
 Internal Control System:
 
 The Company maintains a system of internal control designed to provide
 a high degree of assurance regarding the effectiveness and efficiency
 of operations, the adequacy of safeguards for assets, the reliability
 of financial controls, compliance with applicable laws and regulations.
 
 Cautionary Statement:
 
 Statements in the Management''s discussion and analysis describing the
 Company''s projections, expectations or predictions may be ''forward -
 looking statements'' within the meaning of applicable securities laws
 and regulations. Actual results could differ materially from those
 expressed or implied. Important factors that would make a difference to
 the Company''s operations include raw material prices, changes in
 government regulations, tax regimes and economic developments within
 the country and weather patterns.
 
 3.  DIVIDEND
 
 Your Directors have decided not to recommend any dividend for the
 financial year under review to conserve the resources for working
 capital and some capital expenditure projects.
 
 4.  DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 read with
 Articles of Association of the Company, Mr A K Nag and Mr Nandan
 Bhattacharya retire by rotation and being eligible, offer themselves
 for re-appointment.
 
 The details about their qualification, other directorships etc. as per
 Clause 49 of the Listing Agreement are provided separately and annexed
 to the notice.
 
 5.  DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF
 THE COMPANIES ACT, 1956.
 
 The Directors, having ensured through the Officer designated for the
 purpose, hereby confirm:
 
 i.  That in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 ii.  That the Directors have selected such accounting policies and
 applied them consistently and made judgements 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 of the Company for that year.
 
 iii. That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 iv. That the Directors have prepared the annual accounts on a going
 concern basis.
 
 6.  CORPORATE GOVERNANCE
 
 Pursuant to clause 49 of the Listing Agreement, a report on Corporate
 Governance and the Auditors'' Certificate in this regard form part of
 this report and are annexed herewith.
 
 7.  AUDITORS & AUDITORS'' REPORT
 
 The Auditors of the Company M/s Haribhakti & Co., Chartered Accountants
 retire at the ensuing Annual General Meeting of the Company and have
 expressed their unwillingness to be re-appointed. M/s Walker, Chandiok
 & Co., Chartered Accountants has given their consent for appointment
 and have also confirmed that their appointment, if made, would be
 within the limits prescribed under Section 224(1)(B) of the Companies
 Act, 1956.
 
 Observations made in the Auditors Reports have been adequately dealt
 with in the notes to the financial statements annexed to the Balance
 Sheet and Profit & Loss Account.
 
 8.  SUBSIDIARY
 
 The Company has no subsidiary as at the end of financial year.
 
 9.  HUMANRESOURCE
 
 The Board of Directors expresses its appreciation for sincere efforts
 made by the employees of your Company at all levels during the year and
 for their co-operation.
 
 The information required under section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rules, 1975, as
 amended, forms part of this Report.
 
 10.  ENVIRONMENT, CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Your Company has in place a system for controlling and monitoring
 pollutants at all factories in order to comply with environmental
 standards and legislation. Your Company is committed to ensuring green
 and pollution free environment as well as clean and safe workplace at
 all the plant locations.
 
 As required by the Companies (Disclosure of Particulars in the Report
 of Board of Directors) Rules, 1988 the relevant particulars are given
 in the Annexure to this report.
 
 11.  ACKNOWLEDGEMENT
 
 Your Directors express their sincere thanks and place on record their
 deep appreciation for the patronage extended by the shareholders,
 valued customers, financial institutions, bankers, government
 authorities and the investors for their continued support and
 confidence in the Company.
 
                                              On behalf of the Board
 
                               Bikram Nag               A. K. Banerjee
 
                              Joint Executive Chairman  Managing Director
 
 Kolkata, 29th May, 2012