The Directors are pleased to present the 25th Annual Report of your
 Company together with the Audited Statement of Accounts and the
 Auditors'' Report of your company for the financial year ended, 31st
 March, 2012. The summarized financial results for the year ended 31st
 March, 2012 are as under:
 
 Financial Results:
 
                                                            (Rs. In Lacs)
 
 Particulars                               Current Year   Previous Year
                                                2011-12         2010-11
 
 Profit Before Tax & Depreciation               2921.50         1992.83
 
 Depreciation                                    150.34          142.21
 
 Profit before Tax                              2771.16         1850.62
 
 Provision for Taxation                          609.87          438.47
 
 Profit after Tax  and Depreciation             2161.28         1412.15
 
 Tax / other adjustments                           3.92           (3.10)
 
 Surplus brought forward                        2415.83         1675.63
 
 Profit available for appropriation             4581.03         3084.68
 
 Appropriations:
 
 Transferred to General Reserve                  175.00           10.00
 
 Utilised for issue of Bonus Shares                   -          365.00
 
 Proposed Dividend on Equity Share Capital       336.00          252.00
 
 Corporate Dividend Tax on Proposed Dividend      54.51           41.85
 
 Balance Carried forward from previous year     4015.52         2415.83
 
                                                4581.03         3084.68
 
 EPS Basic & Diluted- Before Extraordinary 
 Items (in Rs.)                                   12.89           12.26
 
 EPS Basic & Diluted- After Extraordinary
 Items (in Rs.)                                   12.89           12.26
 
 Review of Operation
 
 Your Company registered a turnover of Rs.13299.39 lacs during the current
 year as compared to Rs.10148.50 lacs during the corresponding previous
 year. The Profit after depreciation and tax has increased during the
 year to Rs.2161.28 lacs compared to Rs.1412.15 lacs of previous year. Your
 Directors are continuously looking for avenues for future growth of the
 Company in Lingerie industry.
 
 Dividend
 
 Your Directors are pleased to recommend an equity dividend of Rs.2 per
 equity share of face value Rs.10/- each for the year ended March 31,2012.
 
 Deposits
 
 Company has not accepted any deposits as defined under section 58A of
 the Companies Act 1956 and the rules framed there under during the year
 under review.
 
 Subsidiary
 
 Your Company does not have any subsidiary Company.
 
 Listing:
 
 Your Company''s shares are listed in the Bombay Stock Exchange Limited,
 Mumbai (BSE) and National Stock Exchange of India Limited, Mumbai (NSE)
 and the listing fees have been duly paid.
 
 Utilization of IPO Proceeds
 
 Pursuant to the provisions of Clause 43A of Listing Agreement with
 Exchanges, the utilization of net proceeds of the IPO as stated in the
 Prospectus dated March 15,2011 and aggregating Rs. 11327.50 Lacs is as
 follows:
 
                                                          (Rs. In Lacs)
 
 Particulars                           Object as per      Actual
                                       Prospectus         Utilization
 
 Amount received from Pre-IPO             2000.00 
 
 Amount received from IPO                 9327.50
 
 Utilisation of funds upto 
 March 31, 2012
 
 Setting up manufacturing facility to 
 create additional capacity as Bengaluru  2284.93            1472.65 
 
 Expenses to be incurred for Brand 
 Building                                 1800.00             684.38
 
 Brand Development Expenses                600.00               9.18
 
 Investment in Joint Venture              2500.00                  -
 
 Setting up of Exclusive Brand 
 Outlets (EBO''s)                        1412.18             107.00
 
 Setting up of Retail Store Modules
 for Shop-in-Shop                        361.00             155.14
 
 Upgradation of Design Studios             759.52                  -
 
 General Corporate Purpose                2396.16                  -
 
 Public Issue Expenses                     846.26             755.67
 
                                                          (Rs. In Lacs)
 
 Interim Utilisation of IPO Proceeds upto 31.03.2012      (Rs. In Lacs)
 Balance Unutilised amount temporarily invested in
 
 Mutual Funds                                               8143.49
 
 Balance with Banks                                            0.00
 
 Total                                                      8143.49
 
 Directors
 
 Mr. Anantharaman Mahadevan was appointed as an Additional Director of
 the Company by passing a resolution through circulation Dated 22nd
 September, 2011. In terms of Section 260 of the Company''s Act, 1956
 read with the Articles of Association of the Company, Mr. Anantharaman
 Mahadevan would hold office only upto the forthcoming Annual General
 Meeting of the Company. The Company has received notices under Section
 257 of the Companies Act, 1956 along with the requisite fees proposing
 appointment of both of them as Directors of the Company at the said
 Annual General Meeting.
 
 Mr. Sivabalan Paul Pandian director of is liable to retire by rotation
 at the ensuing Annual General Meeting of the Company and being eligible
 offers himself for re-appointment the company.
 
 Mr. Gopal Sehjpal director of is liable to retire by rotation at the
 ensuing Annual General Meeting of the Company and being eligible offers
 himself for re-appointment the company.
 
 None of the Directors of your Company is disqualified under Section
 274(l)(g) of the Companies Act, 1956.  As required by law, this
 position is also reflected in the Auditors'' Report.
 
 Particulars of Employees
 
 There is no employee in the Company whose particulars are required to
 be given under section 217(2A) of the Companies Act, 1956 read with the
 Companies (Particulars of Employees) Rules, 1975, as amended.
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo
 
 The particulars prescribed in the Companies (Disclosure of particulars
 in the Report of Board of Directors) Rules, 1988, are furnished in
 theAnnexure-1 to this report.
 
 Corporate Governance
 
 Your Company is a follower of sound Corporate Governance Practices.
 
 A Report on the Corporate Governance, Management Discussion and
 Analysis giving details of the Company''s Business and Operating
 Results are annexed as part of this Annual Report for the information
 of shareholders. The Company has also obtained the requisite
 Certificate from Managing Director of the Company. The Managing
 Director''s declaration regarding Compliance with Company''s code of
 conduct for directors forms a part of the Report on Corporate
 Governance.
 
 The requisite Certificate from the Auditors of the Company confirming
 compliance with the conditions of Corporate Governance as stipulated
 under the aforesaid Clause 49 is attached to this Report.
 
 Directors'' Responsibility Statement
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
 Directors of the Company confirms that-
 
 - In preparation of the Annual Accounts, the applicable accounting
 standards have been followed.
 
 - The Directors had 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 statement of profit
 or loss of the company for that period.
 
 - The Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities.
 
 - The Directors had prepared the Annual Accounts on a going concern
 basis.
 
 Green Initiative
 
 The Ministry of Corporate Affairs (MCA) vide Circular No. 17/2011 dated
 21.04.2011 and Circular No.  18/2011 dated 29.04.2011 has taken a
 Green Initiative in the Corporate Governance by allowing paperless
 compliances by the companies. Your Company has decided to join the MCA
 in its environment friendly initiative.
 
 Accordingly, company adoopt to send documents such as notices of the
 General Meetings, Annual Report and other communication to its
 shareholders via electronic mode to the registered e- mail addresses of
 shareholders. To support this green initiative of the Government in
 full measure, shareholders are requested to register/update their
 latest e-mail addresses with their Depository Participant (D. P. ) with
 whom they are having Demat A/c. or send the same to the Company via
 e-mail at:- corporate@lovableindia.in. We solicit your valuable
 co-operation and support in our endeavour to contribute our bit to the
 environment.
 
 Employee Relations
 
 The Board wishes to place on record its appreciation to all the
 employees in the Company for their sustained efforts and contributions
 in the current Challenging Scenario.
 
 Transfer of Unpaid/ unclaimed Amounts to Investor Education Protection
 Fund(IEPF)
 
 During the Year, there were no amounts which remains unpaid/ Unclaimed
 For a period of 7 years and which were required to be transferred by the
 Company to the Investor Education and Protection Fund established by
 the Central Government pursuant to Section 205C of the Companies Act,
 1956.
 
 Trade Relations
 
 Your Company continued to receive unstinted support and co-operation
 from its retailers, stockiest, suppliers of goods/services, clearing
 and for-warding agents and all others associated with it. Your Board
 wishes to record its appreciation and your Company would continue to
 build and maintain strong links with its business partners.
 
 Auditors
 
 The Auditors, M/S Attar & Company, the retiring auditors of the Company,
 have conveyed their inability to seek re-appointment as the Statutory
 Auditors of the Company due to Pre-occupation. The Directors placed on
 record their appreciation of the valuable services rendered by M/s.
 Attar & Company as Auditors. In view thereof the Board has recomended,
 subject to approval of Shareholders, Vinod Kumar Jain & Co., Chartered
 Accountants, Mumbai, as the Statutory Auditors of the Company to hold
 office from the conclusion of this Annual General Meeting up to the
 conclusion of the next Annual General Meeting. Vinod Kumar Jain & Co.,
 Chartered Accountants, have informed the Company that they are eligible
 to act as the Statutory Auditors, if appointed.
 
 Cost Auditors
 
 The Central Government vide its notification dated 3rd June, 2011 under
 the Companies (Cost Accounting Record) Rules, 2011 directed the Company
 to maintain the Cost accounting record for the financial year 2011-12
 and obtain the Compliance Report from the practicing cost auditor and
 also ordered dated 24th January, 2012 and the Companies (Cost Audit
 Report) Rules, 2011 directed the Company to get the cost accounting
 record been audited by Practising Cost Auditor for the financial year
 2012-13 and submit the cost audit report with Ministry of Corporate
 Affairs.
 
 The Company has appointed Mr. Sushil Kumar Agarwal of M/s. S. K.
 Agarwal & Associates, Practising Cost Accountants as a Cost Auditor,
 for issue of Compliance Report for the financial Year 2011-12 and Cost
 Audit Report for the Financial Year2012-13.
 
 The Compliance Report for the financial year ended 31st March, 2012
 will be filed within the prescribed period.
 
 Appreciations
 
 The Directors are sincerely thankful to you - the esteemed
 shareholders, customers, business partners, financial / investment
 institutions and commercial banks for the faith reposed and valuable
 support provided by them in the Company and its Management. The
 Directors wish to place on record the co- operation extended and the
 solidarity shown by the employees.
                  
                           For and on behalf of the Board of Director 
 
                                             Lovable Lingerie Limited
 
 Place: Mumbai         L.Vinay Reddy          Lattupalli Jaipal Reddy
 
 Date: May 14, 2012   (Chairman and Managing 
                       Director)             (Whole Time Director)