The Directors have pleasure in presenting 23rd Annual Report together
 with the Audited Accounts of the Company for the year ended 31st March
 2012.
 
                                                 (Rs. in Lakhs)
 
 FINANCIAL RESULTS                       2011-12       2010-11
 
 Sales and Other Income                  8711.25      10739.19
 
 Profit before Depreciation, Interest 
 & Tax                                    398.63        349.68
 
 Less: Interest                           213.51        216.91
 
 Profit before Depreciation & Tax         185.12        132.77
 
 Less: Depreciation                       143.70         56.76
 
 Profit before Tax                         41.42         76.01 
 
 Less: Provision for current Tax            8.10         14.14
 
 Deferred Tax                              19.57          7.98 
 
 Add: Excess provision written back        (0.11)        (8.18)
 
 Net Profit, transferred to Balance 
 Sheet                                     13.86         62.07
 
 Ba1ance brought forward from previous
 year                                     214.01        151.94
 
 Total Balance carried to Reserve & 
 Surplus                                  227.87        214.01
 
 CORPORATE OVERVIEW
 
 The turnover of the Company during the year under review has fallen to
 Rs. 8711.25 lakh as compared to Rs. 10739.19 lakh in the immediately
 preceding year registering a decline of 1 8.88% The profit before tax
 of your Company also has decreased from Rs. 76.01 lakh in the FY
 2010-11 to Rs. 41.42 lakh in the FY 2011-12 registering a decrease of
 45.51%. The de- clines in the business turnover and profitability have
 occurred owing to the volatile foreign exchange market resulting in the
 steep increase in the exchange rates of U.S. Dollar. The international
 prices of crude palm oil also increased. Your Company is making every
 possible effort to preserve the financial health of the Company and all
 round containment of costs including focusing on the products on which
 the margins are better.
 
 DIVIDEND
 
 The Company desires to conserve its resources for further
 restructurings. The Directors regret their inability to recommend any
 dividend for the year under review.
 
 RESEARCH & DEVELOPMENT
 
 Your Company continued to adopt innovative measures in consultation
 with industry experts and other allies on a regular basis to provide
 superior quality products at competitive cost to its customers and
 bring in better efficiencies at its Plant
 
 RURAL AND SOCIAL DEVELOPMENT SERVICE
 
 In continuity of its belief in the qualitative improvement of the
 community in the surrounding tribal areas, your Company continues to
 support various social/developmental work and cultural programmes
 conducted by the local population including the tribals.
 
 CORPORATE GOVERNANCE
 
 Pursuant to Clause 49 of the Listing Agreement with the Stock
 Exchanges, a Management Discussion and Analysis, Corporate Governance
 Report and Auditors'' Certificate regarding compliance of conditions of
 Corporate Governance are attached to this report and made a part of the
 Annual Report.
 
 DIRECTORS
 
 During the year, Mr. Arup Roy, Director resigned from his post with
 effect from 21st October 2011. Your Company expresses its sincere
 appreciation and gratitude for his valuable contributions and services
 during his association with the Company.
 
 Mr. Vijoy Prakash and Mr. J.S. Mishra will retire by rotation at the
 ensuing Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required under Section 217 (2AA) of the Companies Act, 1956, your
 Directors, to the best of their knowledge and belief, confirm that:
 
 i) In the preparation of the Annual Accounts, the applicable accounting
 standards have been followed and that no material departures have been
 made from the same.
 
 ii) The Company has selected such accounting policies, 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 as at the end of the financial year and of the profit of
 the Company for that period.
 
 iii) The Directors have 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 frauds and other
 irregularities.
 
 iv) The Company has prepared the attached annual Statement of Accounts
 for the year ended 31st March, 2012 on a going concern basis.
 
 AUDITORS
 
 Messrs. Lihala & Company, Chartered Accountants, Statutory Auditors,
 will retire as Auditors of the Company at the forthcoming Annual
 General Meeting and being eligible, offer themselves for reappointment.
 
 The notes to the accounts referred to in the Auditors'' Report are
 self-explanatory and therefore, do not call for any further comments.
 
 PARTICULARS OF EMPLOYEES, CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
 AND FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Particulars of employees in accordance with the provisions of Section
 217 (2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules, 1975, as amended, are not given, as
 none of the employees qualifies for such disclosure.
 
 Particulars in regard to Conservation of Energy, Technology Absorption,
 etc., required under the Companies (Disclosure of Particulars of the
 Report of Board of Directors) Rules, 1988 are set out in a separate
 Annexure attached to this report and forms part of it. During the year
 under review, we have procured the raw materials (crude palm oil/palm
 kernels etc.) on High Sea Sale Basis besides direct imports. The
 details of foreign exchange earnings and outgo are furnished in the
 Annexure to Directors'' Report.
 
 APPRECIATION
 
 Your Directors gratefully acknowledge the unwavering support given by
 the customers, sup- pliers, shareholders, employees, the Central
 Government and the State Government, banks and all other stakeholders
 and look forward to their continued support and encouragement in
 future. The Directors will endeavor to make the investment in the
 Company rewarding in near future.
 
                                  On behalf of the Board of Directors
 
                                                   Amit Kumar Agarwal 
                                                             Director
 
                                                       Rajesh Agarwal 
                                                    Managing Director
 
 Place: Mihijam-815 354 (Jharkhand) 
 Date : 29th May, 2012