The Members
 J. L. Morison (India) Limited
 
 The Directors'' have pleasure in presenting the 76th Annual Report and
 Statement of Accounts of the Company for the financial year ended on
 31s''March, 2011.
 
 Financial Highlights
 
                                                       (Rs. in Lakhs)
 
                                                    2010-11   2009-10
 
 (a) Sales & Other Income                         10,209.48  8,325.53
 
 (b) Cost of Sales                                 9,986.53  8,015.82
 
 (c) Gross Profit                                    222.95    309.71
 
 (d) Interest                                        132.58    192.24
 
 (e) Depreciation                                     83.31     86.86
 
 (f) Profit before tax and prior
     period adjustments                                7.06     30.61
 
 (g) Provision for Taxation                            6.23      9.10 
 
 (h) Prior period adjustment                              -     51.57 
 
 (I) Net Profit after Tax                              0.83     73.08 
 
 (j) Balance brought forward
     from Previous Year                               55.28         -
 
 (k) Dividend                                         13.65     13.65
 
 (I) Dividend Tax                                      2.21      2.32
 
 (m) Transfer to General Reserve                          -      1.83
 
 (n) Transfer to P & L account                        40.25     55.28
 
 Dividend
 
 Considering the financial position of the Company, your Directors
 recommend a dividend of Re. 1/-(10%) per share (Previous year-Re.
 1/-(10%) per share).
 
 Performance
 
 The year under review, is a year of consolidation for the Company. The
 partnerships with leading brands, divisionalisation and with clear
 focus on the expanded portfolio has proved to be a good exercise which
 resulted into increase in turnover growth as compared to previous
 year''s levels.
 
 The Company also introduced air fresheners, under its own brand: Fresh
 Valley, in five fragrances. This incurred product development costs,
 which we should more than recover next year, as the initial market
 response is encouraging.
 
 Zero Gravity is further being extended into other personal care and
 grooming products and Baby range products have also extended into
 ancillary products such as teether, feeding cups, brushes etc to build
 a strong and sustainable own brand business.
 
 During the year the sales of EMOFORM the toothpaste for sensitive teeth
 and gum care, recorded a good growth. This division has further
 extended to cater the need of dentist requirement by introducing the
 brand such as Flexi- Gel, Linkage, Impression Paste and Resto etc.
 
 The Coty range of products such as Playboy men''s and Women''s range
 products are growing steadily.
 
 Public Deposits
 
 During the year ended 31st March 2011, the Company has not accepted or
 renewed any public deposits.
 
 Cost Audit
 
 The Company has made an application to the Central Government for
 seeking exemption from appointment of cost auditor for the financial
 years 2009-10, 2010-11 and 2011-12 and the same is pending with the
 Central Government.
 
 Particulars of Conservation of Energy, Technology Absorption & Foreign
 Exchange Earnings and Outgo
 
 In view of the nature of activities currently being carried out by the
 Company, your director have nothing to report as required under the
 Companies ( Disclosure of particulars in the Report of Board Directors)
 Rules, 1988 with respect to conservation of energy, technology
 absorption respectively are not applicable to the Company.
 
 During the Financial year 2010-11, total foreign exchange used and
 earned was Rs. 4,547.17 Lakhs (previous year Rs.  3,693.83 Lakhs) and
 Rs. 163.20 lakhs (previous year Rs. Nil) respectively.
 
 Particulars of Employees
 
 During the year there were no employees in respect of whom information
 under section 217(2A) of the Companies Act, 1956 is required to be
 given in the Director''s Report.
 
 Directors
 
 Mr. Varunn Mody, Executive Director of the Company resigned from such
 post w.e.f 15.01.2011, however he continues as Non-Executive Director
 of the Company.
 
 Mr. D.L. Lyon, independent director of the company resigned from the
 Directorship of the Company w.e.f. 29.10.2010. The Board places its
 gratitude towards him for valuable guidelines extended by him during
 his tenure as Director of the Company.
 
 Lt. Gen. (Retd.) K.S. Brar and Mr. Varunn Mody, Directors of the
 Company retire by rotation and being eligible, offer themselves for
 re-appointment.
 
 Your directors recommend for the reappointment of Lt. Gen.  (Retd.)
 K.S. Brar and Mr. Varunn Mody as Directors of the Company.
 
 Auditors
 
 M/s. Haribhakti & Co., Chartered Accountants, Statutory Auditors of the
 Company holds office as such upto the conclusion of the ensuing Annual
 General Meeting and being eligible, offer themselves for reappointment.
 They have also confirmed that their re-appointment, if made, will be in
 accordance with the provision of section 224 (1B) of the CompaniesAct,
 1956.
 
 Your directors recommend the reappointment of M/s.  Haribhakti & Co.,
 Chartered Accountants, as Statutory Auditors of the Company to hold
 office as such from the conclusion of ensuing Annual General Meeting
 till the conclusion of next Annual General Meeting and to audit
 financial accounts of the Company for the year 2011 -12.
 
 Stock Exchanges
 
 The Company''s shares are listed at Bombay Stock Exchange Limited, The
 Calcutta Stock Exchange Association Limited and the Bangalore Stock
 Exchange and the Annual Listing Fees for the year 2011-12 has been paid
 to all the stock exchanges.
 
 Secretarial Compliance Certificate
 
 As required under Section 383Aof the Companies Act, 1956, Secretarial
 Compliance Certificate received from M/s. Manish Ghia & Associates,
 Practicing Company Secretaries, Mumbai for the financial year 2010 -11
 is annexed herewith and forms part of this Annual Report.
 
 Corporate Governance
 
 As required under Clause 49 of the Listing Agreements entered into with
 various stock exchanges, Management Discussion & Analysis and Report on
 Corporate Governance are annexed herewith and form part of this Report.
 
 Directors'' Responsibility Statement
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956, and on the basis of the information placed, the Directors of
 the Company would like to state that:
 
 I.  the applicable accounting standards have been followed and wherever
 required, proper explanations relating to material departures have been
 given;
 
 II.  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 period;
 
 III.  proper and sufficient care has been taken 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.  the Accounts have been prepared on a going concern basis.
 
 Acknowledgement
 
 Your Directors acknowledge the support given by the Shareholders,
 Bankers, Trade Partners and Employees and look forward for their
 continued support.
 
                          For and on behalf of the Board of Directors
 
 Place: Mumbai                                              R. N.Mody
 Date : 25th May,2011                                        Chairman
 
 Registered Office:
 Rasoi Court,
 20, Sir R N Mukherjee Road,