Dear Shareowners,
 
 The Directors have pleasure in presenting their Twenty-Fifth Annual
 Report along with the Audited Statement of Accounts of the Company for
 the year ended 31st March, 2011.
 
 (1) FINANCIAL RESULTS:
 
                                                     (Rs. In Lac)
 
 Particulars                                Current Year  Previous Year
 
 (a) Profit before Interest, Depreciation 
 and Tax                                           13229        11615
 
 (b) Less : Interest                                 294          187
 
 (c) Profit before Depreciation and Tax            12935        11428
 
 (d) Less : Depreciation                            1144         1164
 
 (e) Profit Before Tax                             11791        10264
 
 (f) Less : (i) Provision for Tax                   3940         3554
 
 (ii) Provision for deferred Tax                     100          (48)
 
 (iii) (Add) / Less : Provision of Tax for 
 earlier years                                        (4)         (40)
 
 (g) Profit After Tax                               7755         6798 
 
 (h) Balance brought forward from last year        16279        13268
 
 (i) Profit available for Appropriation            24034        20066
 
 APPROPRIATIONS :
 
 (a) Interim Dividend                               1429         2382
 
 (b) Final Dividend                                 1906            -
 
 (c) Corporate Tax on Dividend                       547          405
 
 (d) General Reserve                                1000         1000
 
 (e) Balance Carried to Balance Sheet              19152        16279
 
                                                   24034        20066
 
 (2) DIVIDEND :
 
 Your Directors are pleased to recommend a final dividend of Rs. 0.80 ps
 (40%) per share for the Financial Year 2010-2011. The Company had
 declared and paid interim dividend of Rs. 0.60 ps (30%) per share during
 the year under review. The interim dividend so paid alongwith final
 dividend, if declared, work out to above 50% (including dividend
 distribution tax) as against your Company''s policy of distribution of
 minimum of 25% of its net profit.
 
 (3) OPERATIONS :
 
 (i) Sales and Income from the operations of the Company increased
 from Rs. 52221 Lac to Rs. 54850 Lac.  
 
 (ii) Profit before depreciation and income tax for the year under
 review stood at Rs. 12935 Lac as against Rs. 11428 Lac in the previous
 year.
 
 (iii) After providing Rs. 1144 Lac for depreciation and Rs. 4036 Lac for
 income tax, deferred tax and earlier year provisions, profit after tax
 stood at Rs. 7755 Lac as against Rs. 6798 Lac achieved in the previous
 year.
 
 (4) PERFORMANCE OF DIVISIONS :
 
 Content Division
 
 During the year under review, the revenue from publications business
 was Rs. 29930 Lac as compared to previous year revenue of Rs. 27663 Lac, a
 growth of 8% on a y-o-y basis. However, with the syllabus change
 continuing in the State of Maharashtra and Gujarat from Financial Year
 2011-12, your Company expects good growth for publications segment over
 the next few years.
 
 Your Directors are pleased to inform you that due to the aggressive
 marketing drive adopted by the Subsidiary Company, considerable
 improvement is seen in the numbers of Company''s e-learning business for
 FY12. Your Company has received encouraging response for its classroom
 oriented e-learning modules in Gujarat and Maharashtra. As this
 e-learning module is gaining acceptance from student and teacher
 community in both states, your Company has accelerated its efforts on
 production and marketing. During the Financial Year 2010-11, your
 Company could sell its classroom teaching module to 487 institutions
 and is confident of increasing this number substantially by the end of
 Financial Year 2011-12 as it has completed full range of primary &
 secondary state level curriculum in the State of Maharashtra and
 Gujarat.
 
 Stationery Division
 
 During the year under review, the revenues from stationery division
 grew at 2% on a y-o-y basis at Rs. 24407 Lac as compared to the previous
 year revenue of Rs. 24012 Lac. This was lower than Company''s expectations
 mainly on account of lower exports.  However, the restructuring
 initiatives taken by your Company for domestic markets have shown
 encouraging results in Financial Year 2010-11 resulting in double digit
 growth in domestic market. Your Directors are confident of having
 promising situation with steady improvement in margins in the Financial
 Year 2011-12. Exports look bleak as competition from other markets and
 currency fluctuations are the main bottlenecks to offer better prices
 to the customers.
 
 Other Segments :
 
 The revenue of Rs. 513 Lac from other segment mainly comprises of revenue
 generation from windmills.
 
 (5) DEPOSITORY SYSTEM:
 
 As the shareholders are aware, the Company''s shares are compulsorily
 tradable in electronic form. The Company''s 97.11% of the paid up
 capital representing 231339599 equity shares are in dematerilized form
 as on 15th July, 2011. In view of the numerous advantages offered by
 the depository system, Members still holding shares in physical mode
 are advised to avail of the facility of getting the physical shares
 dematerialised on either of the depositories.
 
 (6) CORPORATE GOVERNANCE :
 
 Your Company has complied with Clause 49 of the Listing Agreement
 entered with the Stock Exchanges. A report on Corporate Governance as
 stipulated under Clause 49 of the Listing Agreement alongwith the
 Auditor''s Certificate on compliance with the Corporate Governance forms
 part of this Annual Report.
 
 (7) MANAGEMENT DISCUSSION AND ANALYSIS :
 
 As per Clause 49 of the Listing Agreement, Management Discussion and
 Analysis report forms part of this Annual Report.
 
 (8) SUBSIDIARY COMPANIES :
 
 In accordance with the general circular issued by the Ministry of
 Corporate Affairs, Government of India, the Balance Sheet, Profit and
 Loss Account and other documents of the subsidiary companies are not
 attached with the Annual Accounts of the Company. The Company will make
 available the Annual Accounts of its subsidiary companies and related
 information to any member of the Company who may be interested in
 obtaining the same. The Annual Accounts of the subsidiary companies
 will also be kept open for inspection at the Registered Office of the
 Company and at the head office of subsidiary companies. The Audited
 Consolidated Accounts and Cash Flow Statement comprising of the Company
 and its subsidiary companies forms part of this Report. The
 Consolidated Accounts have been prepared in accordance with Accounting
 Standards (AS-21), on Consolidated Financial Statements issued by
 Institute of Chartered Accountants of India.
 
 (9) NETWORTH AND BORROWING :
 
 Net worth of your Company increased to Rs. 33942 Lac against Rs.30061 Lac
 in the previous year. Your Company borrowed ECB of Rs.1685 Lac to fund
 its windmill power project of which Rs. 1158 Lac is outstanding as at
 balance sheet date which is classified as long term debt.  Further,
 your Company utilises the credit facilities from the banks and other
 short term finances for its working capital requirements only.
 
 (10) CRISIL RATING :
 
 Your Company''s short term debt programme continues to be rated by
 CRISIL as P1  (pronounced as P one Plus). This rating indicates very
 strong degree of safety with regard to timely payment of interest and
 principal on instrument.
 
 (11) DIRECTORS :
 
 Shri Mohinder Pal Bansal was appointed as Additional Director effective
 from 14th September, 2010. In terms of Section 260 of the Companies
 Act, 1956 he shall hold office upto the date of the ensuing Annual
 General Meeting. The Company has received a notice in writing from a
 member proposing his candidature for the office of Director, liable to
 retire by rotation.
 
 Shri Shivji K. Vikamsey, Shri Harakhchand R. Gala and Shri Kamlesh S.
 Vikamsey, Directors retire by rotation and being eligible, offer
 themselves for reappointment at the ensuing Annual General Meeting.
 
 (12) CORPORATE SOCIAL RESPONSIBILITY :
 
 Your Company continues to use eco friendly material for most of its
 major products catering to environmental needs and also continues with
 its corporate social responsibility initiative and donates mainly in
 areas of medical aid, education and rehabilitation programmes. For the
 Financial Year 2011, your Company donated Rs. 274 Lac. The management
 will continue to fulfill its social responsibility on an ongoing basis
 towards society in whatever best possible manner.
 
 (13) FIXED DEPOSITS :
 
 Your Company has not accepted any fixed deposits during the year
 
 (14) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO :
 
 The information as required under Section 217 (1) (e) of the Companies
 Act,1956 read with the Companies (Disclosure of Particulars in the
 Report of Directors) Rules, 1988 is given in Annexure''A'' forming part
 of this Report.
 
 (15) PARTICULARS OF EMPLOYEES :
 
 Information 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, forms part of this Report.  However, as per
 the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956,
 this Report and Accounts are being sent to all members of the Company
 excluding the Statement of Particulars of Employees under Section
 217(2A) of the Companies Act, 1956. Any Member interested in obtaining
 a copy of said statement may write to Company Secretary at the
 Registered Office of the Company.
 
 (16) DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 Your Directors hereby state :
 
 (a) that in the preparation of the Annual Accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 (b) 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 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;
 
 (c) that 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 fraud and other
 irregularities;
 
 (d) that the Directors have prepared the Annual Accounts on a going
 concern basis.
 
 (17) AUDITORS :
 
 M/s.Ghalla & Bhansali, Statutory Auditors of the Company, hold office
 until the conclusion of the ensuing Annual General Meeting and are
 eligible for reappointment. The Company has received a letter from them
 to the effect that their re-appointment, if made, would be within the
 limits prescribed under Section 224(1B) of the Companies Act, 1956.
 
 (18) GROUP :
 
 Entities, apart from Promoters and Promoter Group companies, comprising
 the ''Group'' are disclosed in the Annual Report for the purpose of SEBI
 (Substantial Acquisition of Shares & Takeover) Regulations, 1997 as
 amended upto date.
 
 (19) INDUSTRIAL RELATIONS :
 
 During the year under review, cordial and harmonious relationship
 continued between the management and employees at all levels.
 
 (20) ACKNOWLEDGEMENT :
 
 The Directors place on record their gratitude to the Central and State
 Government authorities, Bankers, Regulatory authorities and Stock
 Exchanges for their assistance and co-operation extended to the Company
 during the year. Further, the Directors place on record their sincere
 appreciation for the valuable contribution made by all the employees in
 the progress of the Company. The Directors also thank the shareholders
 for their confidence in the Company.
 
                            For and on behalf of the Board of Directors 
 
                                               sd/- 
 
 Place : Mumbai                         Shivji K. Vikamsey 
 
 Date : 28th July, 2011                     Chairman