The Directors are pleased to present the 48th Annual Report and the
 audited accounts for the financial year ended 31st March 2012.
 
 Financial Highlights                                   (Rs in lakhs)
 
                                          For the year      For the year
                                          ended 
                                          31.03.2012        ended 
                                                            31.03.2011
 
 Profit before Finance costs, 
 Depreciation and amortisation 
 expenses and Tax expenses                  2,387.83          1,446.98
 
 Less : Finance Costs            341.32               323.82
 
 Depreciation and amortisation 
 expenses                        459.47               455.85
 
 Tax expenses                    542.11     1,342,90  217.50    997.17
 
 Profit after tax for the 
 current year                               1,044.93            449.81
 
 Opening balance of Surplus                   224.36            246.46
 
                                            1,269.29            696.27
 
 Appropriations:
 
 Transfer to General reserve     600.00               100.00
 
 Dividend                        352.00               320.00
 
 Corporate Dividend tax           57.10      1009.10   51.91    471.91
 
 Closing balance of Surplus                   260.19            224.36
 
 Dividend
 
 Considering the profits for the current year, your Directors recommend
 a dividend of 110% (Rs 11.00 per share of Rs 10 each) for the year ended
 31st March, 2012 which, if approved at the ensuing annual general
 meeting, will be paid to those members whose names appear in the
 Register of Members of the Company as on 31.07.2012. In respect of
 shares held in dematerialised form, the dividend will be paid on the
 basis of beneficial ownership as per the details furnished by the
 Depositories for this purpose at the end of business hours as on
 23.07.2012.
 
 Operations
 
 The turnover of the Company improved from Rs 454 crores to Rs 542 crores
 during the year ended 31st March, 2012, thus registering an increase of
 19 % over that of previous year. Cattle feed sales volume improved from
 3.20 lakhs tonnes to 3.66 lakhs tonnes by recording a growth of 14 %.
 The Animal feed division generated a profit of Rs 1533.88 lakhs against
 Rs 397.73 lakhs in the previous year. The volume of cake processing
 improved from 62,000 tonnes in the previous year to 73,000 tonnes in
 the year under report. However, as a result of fall in the price of
 coconut oil by around 40 % at a time when we had around 10,000 tonnes
 of imported copra cake on hand, the profit of cake processing division
 experienced a fall in profit from Rs 481.30 lakhs in the previous year
 to Rs 291.64 lakhs during the year 2011-12. In the Dairy division, the
 volume of sale of ice cream remained more or less at the same levels
 that of previous year at 865 kl.  The profit of Dairy division for the
 year 2011-12 is Rs 96.99 lakhs, which was at Rs 145.03 lakhs in the
 previous year. The over-all profit after tax thereby improved from Rs
 449.81 lakhs in year 2010-11 to Rs 1,044.93 lakhs in the year under
 report.
 
 As a result of increase in railway freight and introduction of service
 tax on railway freight in March, 2012, the prices of major ingredients
 have gone up by around Rs 750 per tonne. We do not expect a significant
 fall in the cost of cattle feed ingredients in the immediate future. We
 have adjusted the selling prices of feed, to match the increase in
 ingredient prices. We firmly believe that the sales volume of cattle
 feed will further improve in the current financial year. We expect to
 better our performance in Animal feed division, by optimising the feed
 formulation and making suitable adjustments in the selling prices along
 with the ingredient prices.
 
 At present we are getting sufficient quantity of local copra cake at
 reasonable price. If the price of coconut oil and copra cake remains at
 this level and sufficient quantity is available in the market for
 processing, in the current year, we expect to better our performance.
 
 We are taking all steps to improve the market for ice cream. We are
 appointing new dealers in untapped areas to improve the volume of sales
 and thereby utilise more of the unused production capacity. We expect
 to improve the volume of sale of ice cream and thereby better the
 margins of Dairy division in the current year.
 
 More information relating to the operations of the Company has been
 furnished in the Management Discussion and Analysis Report, as per
 Clause 49 of the Listing Agreement.
 
 Capital Expenditure
 
 The office of Koratty Unit has been shifted to the new administrative
 building costing Rs 66 lakhs in November, 2011. A new silo for storage
 of material costing Rs 35 lakhs has been added in Irinjalakuda Unit. A
 new tailor made ERP has been implemented in all Units and an amount of
 Rs 101 lakhs has been incurred thereto including hardware.
 
 For the future development and expansion of Irinjalakuda Unit,
 negotiations for acquiring adjacent properties of around 72 Ares are at
 final stages, which may involve a capital outlay of around Rs 5.70
 crores.
 
 Awards and Recognitions
 
 The Company has won the SEA Award constituted by Solvent Extractors''
 Association of India for highest processor of coconut oil cake for the
 year 2010-11. This Award is being received by the Company for the past
 21 years consecutively since the inception of the award.
 
 Directors
 
 Shri. K. P John, Shri John Francis K. and Shri T.R. Ragulal will retire
 by rotation at the ensuing annual general meeting and being eligible,
 offer themselves for re-appointment.
 
 Directors'' Responsibility
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
 confirm that:
 
 (i) in the preparation of the annual accounts the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures.
 
 (ii) accounting policies have been selected and applied 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 of the Company for that
 year.
 
 (iii) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis.
 
 Corporate Governance
 
 Corporate Governance Report, Management Discussion and Analysis Report
 and Certificate from Auditors on Corporate Governance have been
 furnished separately and form part of this report.
 
 Auditors
 
 M/s. Varma & Varma, Chartered Accountants will retire at the
 forthcoming Annual General Meeting and are eligible for re-appointment.
 Disclosure of Particulars
 
 Information as per the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988 are given in Annexure ''A''
 forming part of this report.
 
 Particulars of employees
 
 As there are no employees who are drawing the specified remuneration,
 particulars of employees under Section 217 (2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rules, 1975 are
 not given.
 
 Acknowledgement
 
 Your Directors wish to place on record their sincere appreciation for
 the assistance and co-operation received from shareholders, bankers,
 especially ICICI Bank, Registrars and Share Transfer Agents, customers,
 distributors and suppliers. Board also acknowledge the valuable
 committed services of the executives, staff and workers of the Company.
 
 
                                          By Order of the Board 
 
                                                   Sd/-
 
 Irinjalakuda                                   M.C. Paul
 
 May 30, 2012                        Chairman and Managing Director